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Prio (PRIO3) investor relations material
Prio Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record operational efficiency at Albacora Leste (91.1% in 3Q25) and resumed Peregrino production in October, with output exceeding 100,000 barrels/day post-shutdown.
Advanced Wahoo field with installation licenses, subsea construction, and drilling progress; first oil targeted for March–April 2026.
Issued US$700 million in bonds and repurchased a significant portion of 2026 Senior Notes, strengthening capital structure.
Maintained focus on safety, efficiency, and value creation, with expanded ESG and community initiatives.
Financial highlights
Total revenue reached US$607 million in Q3, up 22% year-over-year, with 8.8 million barrels sold.
Adjusted EBITDA (ex-IFRS 16) was US$320 million, down 2% year-over-year; margin declined to 57%.
Net income (ex-IFRS 16) was US$92 million, a 44% decrease year-over-year, impacted by higher costs and financial expenses.
Lifting cost rose to US$17.4/bbl, up 77% year-over-year, mainly due to Peregrino shutdowns.
Cash position at quarter-end was US$1.77 billion (BRL 1.7 billion), rising to over BRL 2 billion post-quarter.
Outlook and guidance
Peregrino operator transfer (40% stake) expected by February 2026, with regulatory approvals in place.
First oil from Wahoo targeted for March–April 2026; production expected to exceed 150,000 barrels/day after Peregrino and Wahoo ramp up.
Focus for the next 6–8 months on operational execution, efficiency, and cost reduction; M&A opportunities remain under review.
Anticipate Peregrino operator transfer impact?
Wahoo first oil timeline and progress update?
Lifting cost mitigation strategy for 3Q25 rise?
Prospects for Peregrino closing anticipation
Albacora Leste compression system resolution plan
Leverage curve impact on share buyback timing
Peregrino closing: Update on downtime reimbursement
Share buyback restart: What leverage level?
Albacora Leste: Compression system redundancy plan
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Frequently asked questions
Prio S.A. is an oil and gas company focused on the acquisition, revitalization, and production of mature offshore oil fields. It operates in Brazil’s Campos Basin and manages assets from exploration through production. The company is headquartered in Rio de Janeiro, Brazil, and its shares are listed on the B3.
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