Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q2 2025 Earnings Presentation
19 slides from Brava Energia Sa's earnings presentation, Aug 6, 2025
Slide 1: BRAV3 Results Presentation 2Q25
BRAV3 | Results Presentation | 2Q25
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: 2Q25 and subsequent events: Production growth to support all-time high results
2Q25 and subsequent events | Production growth to support all-time high results 86 kboe/d R$ 3.1 bi US$ 15.0 average 2Q25 Net Revenues Lifting cost (excl. charter cost) production in 2Q25 +9.3% QoQ -13% QoQ R$ 1.3 bi 91 kboe/d (US$ 235 MM) US$ 933 MM record production 2Q25 Adjusted Cash position in
Slide 4: Operations Highlights
Operations Sua Highlights
Slide 5: Brava's production summary: Evolution on track
2Q25 Brava’s production summary | Evolution on track Historical production evolution 2025 (Brava work interest | kboe/d) 86 Oil Gas Onshore 71 56 1 Potiguar 49 72 29 59 2 Recôncavo 25 44 8 19 35 1 Downstream 14 18 11 infrastructure 8 10 12 15 12 12 14 2020 2021 2022 2023 2024 1Q25 2Q25 Offshore 3 At
Slide 6: 3Q25 starting on a high note: record production in July/25
3Q25 starting in a high note: record production in July/25 ✓ Record production in 2Q25 followed by record monthly production in July/25: Onshore resilience + Offshore ramping up; ✓ Operations milestones for 3Q25: ▪ 2 wells (2H & 3H) connected to FPSO Atlanta in July; ▪ keep on improving, Atlanta, Pa
Slide 7: Offshore: Strong ramp-up
Offshore | Strong ramp-up Atlanta: 36kboe/d (100% stake) in 2Q25 with 4 wells, +53% vs.1Q25; ✓ 2 more wells connected in July/25; Papa-Terra: 19kboe/d (100% stake) in 2Q25, +40% vs.1Q25; ✓ 1S25 presented the best operational efficiency figures for the asset since the takeover in 2022; Manati: produc
Slide 8: Onshore: Focus on efficiency
Onshore | Focus on efficiency ✓ Stable production across the onshore portfolio even with reduction in Capex; ✓ Streamlining operations with number of onshore rigs down from peak of 24 to 9 by end of 2Q25; ✓ Ongoing steam injection expansion projects to support production in the coming quarters; ✓ To
Slide 9: 2Q25 Commercial & Financial Highlights
2Q25 Commercial & Financial Highlights 9
Slide 10: Trading: Portfolio strength that supports better monetization
Trading | Portfolio strength that supports better monetization ✓ Leveraging on portfolio strengths: record offload in 2Q25 of ~4 million barrels considering Atlanta, Parque das Conchas and Papa-Terra operations; ✓ Co-loading of Atlanta and Parque das Conchas production during 2Q25 servicing low-sulp
Slide 11: Net Revenues: All-time high revenues boosted by record production
2Q25 Net Revenues | All-time high revenues boosted by record production Quarter historical results 2Q25 | Net Revenues Breakdown (R$MM & US$MM) (R$MM) R$ US$ +9.3% QoQ R$ 1.378 R$ 3.142 R$ 2.874 R$ 3.142 R$ 934 (R$ 715) R$ 1.950 R$ 1.545 $491 $554 $334 4Q24 1Q25 2Q25 Offshore Onshore Downstream Elim
Slide 12: Net Revenues: Offshore production momentum
2Q25 Net Revenues | Offshore production momentum Quarter historical results Onshore vs. Offshore (R$MM) Offshore: Atlanta and Papa-Terra record production in 2Q25 Offshore Onshore + Downstream boosted the segment participation to ~50% of total revenues. +9.3% QoQ Net Revenues Net Revenues R$ 3.142 p
Slide 13: Adjusted EBITDA: All-time high EBITDA and strong margins
2Q25 Adjusted EBITDA | All-time high EBITDA and strong margins Total adjusted EBITDA rosed to record high R$1.3 billion, +24% QoQ & +5.1 p.p. reaching 42.3% margin: ✓ Offshore Adj. EBITDA at R$ 796 MM: +72% QoQ & 2,1x YoY | Offshore margin rose to 51.5% (+11.6 p.p.) supported by production momentum
Slide 14: Lifting Cost: Record quarterly production and cost discipline
2Q25 Lifting Cost | Record quarterly production and cost discipline Brava Lifting Cost Charter cost (US$ / boe ) 22,6 Best lifting cost figures since the merge supported by cost discipline 20,0 20,0 1,9 17,5 and record production figures. 17,4 2,1 2,7 1,3 2,4 ➢ Onshore: stable result supported by ef
Slide 15: Capex 2Q25: Concluding Atlanta and onshore facilities revamp campaign
Capex 2Q25 | Concluding Atlanta and onshore facilities revamp campaign Quarter Breakdown Atlanta Capex breakdown (US$ MM) Offshore (ex Atlanta) ~USD 22 MM of in 2Q25 (%) Onshore + Downstream Corp. Atlanta Capex is 283 linked to the drilling campaign 31% (Phase 2) of the next two wells. 222 Atlanta (
Slide 16: Capital Structure: Deleverage on track
Capital Structure | Deleverage on track: reduction of net debt and strong cash position ✓ 2Q25 ended with robust liquidity: US$ 933MM in cash and equivalents + US$102MM in oil & oil products inventory (at cost); ✓ The monetization of the Atlanta FPSO Receivables will support net debt deleverage and
Slide 17: Strong Liquidity + Liability management
Strong Liquidity + Liability management Cash vs. Debt Amortization Profile | end of 2Q25 Portfolio Obligations (US$ MM) (US$ MM) Assets 3Q25 4Q25 2026 2027 2028 2029 Total Cash In millions of dollars 784 Debt Instruments Peroá (WI 100%) 16 - 26 - - - 42 78 Portfolio Obligations Papa Terra (WI 62,5%)
Slide 18: Cash Flow 2Q25 and Hedge Position
Cash Flow 2Q25 (R$ MM) Operating Financing Investing ✓Operational cash flow reached R$1.6 7.000 1.609 billion supported by record production 6.500 187 (17) and cost discipline across all segments; 6.000 (138) (252) 5.500 (203) (66) (22) 37 ✓Onshore CAPEX and ABEX are set to 5.000 167 (813) reduce on
Slide 19: Next steps for 2H25
Next steps for 2H25 ✓ Focus on free cash flow generation and deleverage; ✓ Unlock synergies after liability management and adjustments in subsidiaries structure; ✓ Contracts review and cost reduction (Papa-Terra, Onshore operations and G&A); ✓ Start of Offshore Drilling Campaign in Papa-Terra and At