Prio (PRIO3) Q4 2025 earnings summary

Executive summary

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

• Closed Peregrino field acquisition ahead of schedule, resuming operations after regulatory interdiction and capturing operational synergies.

• Advanced Wahoo field development, with first oil imminent and full commissioning underway.

• Improved operational efficiency at Albacora Leste and restored capacity at Polvo and Tubarão Martelo clusters.

• Reinforced safety culture, expanded ESG 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, down 17% from 2024, with a margin of 58%.

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

• 4Q25 net loss of US$185 million, mainly due to increased D&A and FX impacts.

• Issued US$700 million in bonds and repurchased US$431 million of 2026 notes, optimizing capital structure.

Outlook and guidance

• Expects lifting costs to return to 2023 levels in 2026 as Wahoo production ramps up and Peregrino synergies are realized.

• Formal shareholder remuneration policy to be defined and disclosed in 1H26.

• Continued focus on disciplined capital allocation, operational efficiency, and sustainable growth.

• Plans to close the remaining Peregrino interest and pursue further M&A opportunities.

• Focus on operational efficiency at Albacora Leste and drilling at Frade.