Prio (PRIO3) investor relations material

Executive summary

• Achieved all strategic goals for 2025, including record average production of 106.4 thousand barrels per day and record sales of 37.8 million barrels, driven by Peregrino acquisition and Wahoo development.

• Completed Peregrino field acquisition ahead of schedule, now holding 80% and operatorship, significantly boosting production and capturing operational synergies.

• Advanced environmental licensing and development of the Wahoo field, with first oil imminent and multiple wells coming online in early 2026.

• Maintained operational efficiency at Albacora Leste and executed workovers in Tubarão Martelo and Polvo clusters.

• Reinforced safety culture, expanded social and environmental initiatives, and formalized plans for shareholder remuneration policy.

Financial highlights

• Total revenue reached US$2.5 billion in 2025, up 3% year-over-year, despite a 15% drop in average Brent price.

• Adjusted EBITDA (ex-IFRS 16) was US$1.4 billion, with a margin of 58%, reflecting lower Brent prices and higher costs from Peregrino.

• Net income (ex-IFRS 16) totaled US$405 million, a 77% decrease year-over-year, mainly due to non-recurring 2024 tax credits and higher D&A.

• Net debt increased to US$1.141 billion at year-end 2025, with net debt/EBITDA at 2.3x due to Peregrino acquisition and bond issuance.

• Issued US$700 million in bonds, repurchased US$431 million of 2026 notes, and extended debt maturity profile.

Outlook and guidance

• Wahoo field to deliver first oil imminently, with additional wells coming online by end of April 2026.

• Expects lifting cost to return to 2023 levels in 2026 as Wahoo ramps up and Peregrino cost optimizations continue.

• Anticipates significant deleveraging in 2026 as cost reductions and Wahoo production improve cash flow.

• Shareholder remuneration policy to be formalized in 1H26, targeting net debt/EBITDA of 1x before distributing surplus via buybacks or dividends.

• Focus on organic growth, operational efficiency, and selective M&A.