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Prio (PRIO3) investor relations material

Prio Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Achieved record production of 123,000–123,200 barrels per day in June/July, despite operational challenges at Frade and scheduled shutdowns.

  • Closed acquisition of 60% of Peregrino field; integration and transition progressing, with completion expected by July 2026.

  • Advanced Wahoo project: first well drilled, preliminary license obtained, and subsea installation progressing.

  • Published third annual sustainability report and launched PRIO Institute to reinforce ESG commitments.

  • Maintained strong operational efficiency at Albacora Leste (88.4–97%).

Financial highlights

  • Revenue for Q2 2025 was $500–508M, down 30% year-over-year due to Brent price drop and lower sales.

  • Adjusted EBITDA was $275–276M, a 49% decrease year-over-year; margin at 59%.

  • Net income was $154M, down 44% year-over-year.

  • Lifting cost increased to $13.8/bbl, mainly due to Peregrino's higher cost and lower Frade production.

  • Cash position at quarter-end was $870–872M, rising to $1.5–1.7B after debenture inflow.

Outlook and guidance

  • Focus on maintaining high operating efficiency at Albacora Leste and health and safety.

  • Wahoo first oil targeted for March or after installation license, with all wells to be drilled sequentially.

  • Peregrino closing expected by July 2026, with further cash outflows planned.

  • CapEx to remain elevated due to Peregrino and Wahoo development, expected to normalize post-campaign.

  • Continued pursuit of M&A opportunities, mainly in Brazil and Gulf of Mexico.

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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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