Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q1 2026 Earnings Presentation
19 slides from Brava Energia Sa's earnings presentation, May 7, 2026
Slide 1: BRAV3 | Results Presentation 1Q26
BRAV3 | Results Presentation 1Q26
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: 1Q26 Highlights | Evolution in all fronts: strategy, finance and operations
1Q26 Highlights | Evolution in all fronts: strategy, finance and operations 80 kboe/d US$ 596 mi US$ 310 mi average production 1Q26 Net Revenues 1Q26 Adj. EBITDA in april: + 5% vs 1Q26 +26% QoQ +2x QoQ US$ 14.2 US$ 1.08 billion 1.8x net debt/ebitda Lifting cost¹ -3% QoQ Cash position in 1Q26 versus
Slide 4: Brava's Summary | Operation on track and Reserves update
Brava’s Summary | Operation on track and Reserves update Historical production evolution (Brava work interest | kboe/d) 81 80 76 +5% Onshore +46% YoY 1 Potiguar 56 49 2 Recôncavo 8 1 29 Downstream 25 19 infrastructure Offshore 3 Atlanta (80%) 2020 2021 2022 2023 2024 2025 1Q26 APR 26 4 Papa-Terra (6
Slide 5: ESG Highlights | Transparency, Integrity, and Responsibility
ESG Highlights | Transparency, Integrity, and Responsibility Environment and Safety Environmental Offshore emissions restoration intensity (Scope 1) • Safety as a core value 169.2 18.7 hectares kgCO²e/boe • Integrated Management System • Real-time operational monitoring GHG emissions Gold Seal • Cli
Slide 6: Operations Highlights
Operations oe Highlights
Slide 7: 1Q26 starting in a high note
1Q26 starting in a high note ✓ April display a production recovery trend, registering the best month production of 2026. Total production – Onshore & Offshore Oil & Gas production (Brava WI | kboe/d) (Brava work interest | kboe/d) 2025 2025 Oil Gas 92 92 86 86 7 4 +5% 80 80 8 77 76 77 76 7 71 8 71 7
Slide 8: Offshore | Integrated Drilling Campaign On Track
Offshore | Integrated Drilling Campaign On Track 4Q26: Drilling, Completion and Connection of Papa-Terra wells. ✓ Mar/26: Beginning of drilling at Papa-Terra. ✓ Apr/26: Completed drilling of Phase 1 and 2 of PPT 52 and Phase 1, 2 and 3 of PPT 53 (of 5 Phases + Completion). ✓ Aug/26: Arrival of the P
Slide 9: Onshore | Potiguar resumption evolution
Onshore | Potiguar resumption evolution 85 Facilities Production Return Projection 8000 Steam (tons/day) Boe/d 7.000 7000 INSTALLATIONS PENDING 81 COMPLETED 4 SUBMISSION 5.000 6000 5% 3.000 5000 30 PENDING APPROVAL 1.274 35% 4000 1.000 APPROVED 51 INSTALLATIONS 270 60% 3000 5.976 6.092 5.617 5.657 -
Slide 10: 1Q26 Financial Highlights
1Q26 Financial Highlights 10
Slide 11: 1Q26 Net Revenues | Record high figures boosted by oil prices and efficiency
1Q26 Net Revenues | Record high figures boosted by oil prices and efficiency Net Revenues | Quarter historical results 1Q26 Net revenues breakdown (Million) (R$ Million) R$ US$ 1.184 R$ 3.142 R$ 3.059 R$ 3.135 R$ 2.874 3.135 R$ 2.548 842 (662) 1.772 $491 $555 $561 $472 $596 1Q25 2Q25 3Q25 4Q25 1Q26
Slide 12: 1Q26 EBITDA | Record EBITDA, Strong Margin expansion and FCO
1Q26 EBITDA | Record EBITDA, Strong Margin expansion and FCO Quarterly evolution 1Q26 Adjusted EBITDA Breakdown (R$MM & US$MM) (R$MM) R$ US$ 1.628 R$ 1.628 323 65 40 R$ 1.330 R$ 1.300 1.200 R$ 1.070 R$ 808 $235 $239 $310 $183 $150 Eb itda Offshore Eb itda Onshore + D ownstream Corp. Brava 2T25 Ebitd
Slide 13: 1Q26 Lifting Cost | Stable figures before production ramp up during 2S26
1Q26 Lifting Cost | Stable figures before production rump up during 2S26 Brava Lifting Cost (US$ / boe ) Charter cost ✓ Offshore: -11% QoQ supported by better production across the portfolio. 22,6 1,9 20,0 20,0 ▪ Papa-Terra and Atlanta below US$21/boe and US$16/boe in 1Q26, 2,1 17,5 17,4 17,3 2,7 16
Slide 14: Capex 1Q26 | Sixth consecutive quarter with reduction in capex
Capex 1Q26 | Sixth consecutive quarter with reduction in capex Quarter Breakdown Capex breakdown (US$ MM) per asset | 1Q26 (%) 292 283 Atlanta (80%) Offshore (ex Atlanta) Atlanta (80%) Onshore + Downstream Papa-Terra 222 Corp. 34% Potiguar 156 Recôncavo 157 20% Others 156 72 151 134 72 113 105 45 43
Slide 15: Capital Structure | Rapid Deleveraging Through Operational Execution
Capital Structure | Rapid Deleveraging Through Operational Execution ✓ Robust liquidity: US$1,080 MM in cash and equivalents + US$83MM in oil & oil products inventory (at cost). Cash position and indebtedness | End of 1Q26 Financial de-leverage (US$ MM) Net debt vs. LTM leverage Net Debt (U$$ MM) +
Slide 16: Robust Capital Structure on display throughout the cycles
Robust Capital Structure on display throughout the cycles Cash Flow 1Q26 (US$ MM) ✓ FCF reached US$ 78MM in 1Q26 ex 7.500 Operating Investing Financing 815 portfolio obligations. 7.000 929 93 (58) (350) ✓ NTE stake in Papa-Terra contributed 6.500 6.419 6.317 (300) with R$93MM FCO to Brava. (523) (23
Slide 17: Hedge Snapshot
Hedge Snapshot Current Hedge Position NDFs Collars 75 75 77 5.000 64 65 64 65 63 70 7.000 73 80,0 6.800 6.600 4.500 6.400 6.200 70,0 60 6.000 5.800 4.000 5.600 5.400 60,0 3.300 50 5.200 5.000 64 67 67 3.500 2.975 4.800 4.600 63 50,0 3.000 4.400 4.200 2.339 40 4.000 3.800 40,0 2.500 2.025 3.600 3.400
Slide 18: Next steps for 2026 | Reaffirming the main goals for the year
Next steps for 2026 | Reaffirming the main goals for the year I. Production stabilization aligned with safe operations. II. Cost of debt reduction. III. Ongoing deleverage process, transferring value from debt to equity. IV. Papa Terra and Atlanta drilling campaign execution on time and on budget. V
Slide 19: Q&A
Q&A