Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q1 2025 Earnings Presentation
22 slides from Brava Energia Sa's earnings presentation, May 7, 2025
Slide 1: BRAV3 | Results Presentation | 1Q25
BRAV3 | Results Presentation | 1Q25
Slide 2: Disclaimers
Disclaimers This presentation may contain forward-looking statements about future events that are not based on historical facts and are not guarantees of future results. These forward-looking statements only reflect the Company's current views and estimates of future economic circumstances, industry
Slide 3: 1Q25 and subsequent events | Strong production growth to support great results
1Q25 and subsequent events | Strong production growth to support great results 71 kboe/d R$ 2.9 bi US$ 17.3 average daily 1Q25 Net Revenues Lifting cost production in 1Q25 +47% QoQ (excl. charter cost) 82 kboe/d R$ 1.1 bi US$ 831MM average daily production in April/25: (US$ 183 MM) + 16% over 1Q25 C
Slide 4: Brava Snapshot
Brava Snapshot Historical production evolution (Brava work interest | kboe/d) 2025 Oil Gas 82 Onshore 71 1 Potiguar 56 49 2 Recôncavo 69 8 29 59 1 Mid & Downstream 25 35 44 19 infrastructure 14 18 11 15 Offshore 8 10 12 12 12 13 2020 2021 2022 2023 2024 1Q25 April / 25 3 Papa Terra (62,5%) 4 Atlanta
Slide 5: Operations Highlights
Operations Highlights 5
Slide 6: Historical Production
Historical Production Record production in April/25: Onshore resilience + Offshore ramping up; Operations milestones for 2Q25: 2 wells (2H & 3H) to be connected in Atlanta keep on improving Papa-Terra and Onshore operational efficiency Manati to resume operations by 2Q25 Production profi
Slide 7: Offshore
Offshore Atlanta Papa-Terra Peroá Parque das Conchas Manati Pescada & Ubarana 7
Slide 8: Offshore | Strong ramp-up
Offshore | Strong ramp-up Atlanta: 34kboe/d (100% stake) in Apr/25 with 4 wells, +45% vs.1Q25; Production averaged 41 kboe (100% stake) since the connection of 4H e 5H in April 13th; 2 more wells to be connected in June/25; Papa-Terra: 18kboe/d (100% stake) in Apr/25, +35% vs.1Q25; Wells reope
Slide 9: Onshore & Mid/Downstream
Onshore & Mid/Downstream Potiguar Recôncavo Resultados 3T24 9
Slide 10: Onshore | Focus on efficiency
Onshore | Focus on efficiency Steam injection capacity expansion to support production growth by 2025; Bahia ramping-up natural gas production (best quarter since 3T24); Streamlining operations with number of onshore rigs down from 24 to 18 by 1Q25 (and 8 by 3Q25); Start of new EOR pilots (w
Slide 11: 1Q25 Commercial Highlights
1Q25 Commercial Highlights 11
Slide 12: Trading | Leveraging on portfolio strengths
Trading | Leveraging on portfolio strengths Record 900 kbbls offload in Atlanta; First co-loading operations between Atlanta and Parque das Conchas servicing low-sulphur fuel oil markets; Restructuring trading of Papa Terra, Parque das Conchas and Potiguar fuel oil; New 2-year contract for c
Slide 13: 1Q25 Financial Highlights
1Q25 Financial Highlights 13
Slide 14: 1Q25 | Net Revenues
1Q25 | Net Revenues Quarter historical results¹ 1Q25 | Net Revenues Breakdown (R$MM & US$MM) (R$MM) R$ US$ +47% QoQ R$ 1,495 R$ 3,129 R$ 2,874 R$ 2,874 R$ 2,194 R$ 1,062 (840) R$ 1,950 R$ 1,158 $600 $491 $396 $334 2Q24 3Q24 4Q24 1Q25 Offshore Onshore Mid & Eliminations 1Q25 Upstream Upstream Downstr
Slide 15: 1Q25 Upstream Net Revenues | Onshore resilience + Offshore ramp up
1Q25 Upstream Net Revenues | Onshore resilience + Offshore ramp up Quarter historical results Onshore vs. Offshore (R$MM) Offshore magnitude: Atlanta and Papa-Terra still ramping up Offshore Onshore during 1Q25 with the offshore segment responding for more than 50% of the upstream revenues. +74% QoQ
Slide 16: 1Q25 Adjusted EBITDA | Efficiency and production ramp-up
1Q25 Adjusted EBITDA¹ | Efficiency and production ramp-up Total adjusted EBITDA at R$1,1 billion, 2.1x QoQ: +11.3 p.p. reaching 37.2% margin: Upstream Margin at 46% due to Offshore segment greater share QoQ; Competitive EBITDA per barrel relative to LatAm onshore¹ segment: ~US$ 35/boe in 1Q25 wi
Slide 17: Lifting Cost 1Q25 | Onshore improve and offshore ramp-up
Lifting Cost 1Q25 | Onshore improve and offshore ramp-up Brava Lifting Cost (US$ / boe ) Charter cost Greater proportion of offshore portfolio (QoQ) and not yet reflecting 22.6 full offshore capacity (where operation costs are largely fixed) 20.0 20.0 1.9 17.5 2.1 2.7 Onshore: Recôncavo delivered
Slide 18: Capex 1Q25 | Concluding Atlanta and facilities revamp campaign
Capex 1Q25 | Concluding Atlanta and facilities revamp campaign Upstream + Mid&Down Quarter Breakdown Capex breakdown in 1Q25 (%) (US$ MM) Atlanta Offshore (ex Atlanta) Onshore + Midstream 291 283 Corp. 0.1% 13% 222 29% 178 157 73 151 149 Atlanta (80%) US$ MM Papa-Terra 43 43 9% Potiguar 36 29 44 49%
Slide 19: Capital Structure
Capital Structure 1Q25 ended with robust liquidity: US$ 831MM in cash and equivalents + US$99MM in oil & oil products inventory + US$ 412MM in receivables¹; Net amortization of USD 98M in debts (considering debt pre-payment, debt issuance and acquisition earnout payment to Petrobras) Net debt/
Slide 20: Strong Liquidity
Strong Liquidity Cash vs. Debt Amortization Profile | end of 1Q25 (US$ MM) 1,342 ¹ Inventory 99 FPSO Atlanta Receivables Cash 412 Debt Instruments 773 Portfolio Obligations 76 531 333 372 831 304 698 12 98 144 23 84 84 150 310 359 53 64 154 3 34 141 Cash & Equivalents 2025 2026 2027 2028 2029 2030 2
Slide 21: Cash Flow 1Q25 (R$ MM) Hedge Position
Cash Flow 1Q25 (R$ MM) Treasury Shares Operating Financing Investing 8,000 974 Cash flow from operations reached R$974 (23) 7,000 (142) 379 million supported by production ramp-up in 167 6,000 (709) (509) Offshore 5,000 (870) 167 (424) 4,000 CAPEX was 40% lower in 1Q25 vs. 4Q24 as it 3,000 6,095
Slide 22: Next steps for 2025
Next steps for 2025 Focus moved from project implementation towards efficient operation Manati: Production to resume by May; Atlanta: 2 wells to be connected in Atlanta by June; Potiguar: improve heavier oil fields productivity throughout 2025; Production scale to support OPEX dilution in 20