Petroreconcavo (RECV3) investor relations material

Executive summary

• Net revenue for Q3 2025 was R$786 million, down 2% sequentially; year-to-date net revenue reached R$2.5 billion, up 1% year-over-year.

• EBITDA for Q3 was R$350 million, a 6% sequential decrease, with a 44.5% margin; year-to-date EBITDA was R$1.1 billion, down 7% year-over-year.

• Net income for Q3 was R$122 million, down 49% from Q2; year-to-date net income was R$588 million, up 45% year-over-year.

• Average production in Q3 was 26,400 boe/day, down 3% sequentially; year-to-date average was 27,000 boe/day, up 2–3% year-over-year.

• Major milestones included the acquisition of 50% of midstream assets, completion of a water injection project, and the first horizontal well.

Financial highlights

• Adjusted net income for Q3 was R$69 million, down 50% sequentially; 9M25 adjusted net income was R$345 million, down 31% year-over-year.

• Net debt stood at R$1.5 billion, with a Net Debt/EBITDA ratio of 1.00x.

• Free cash flow in Q3 was R$38 million, excluding midstream asset acquisition; total CapEx in Q3 was R$569 million, mainly for reserves and midstream.

• EBITDA margin for Q3 was 44.5%.

• Lifting cost increased to US$15.52/boe, up 12% sequentially and 13% year-over-year.

Outlook and guidance

• CapEx for reserve development is expected to decrease by about 15% in Q4, with a conservative approach planned for 2026.

• Water injection and reservoir repressurization in the Tiê field are expected to stabilize and potentially increase production.

• Enhanced oil hedge strategy for 2026, with 35% of oil and 89% of gas production hedged.

• Focus on project maturation, cost control, and operational flexibility in response to macroeconomic conditions.

• New logistics and commercialization routes aim to reduce oil sales discounts and open new markets.