Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q3 2025 Earnings Presentation
19 slides from Brava Energia Sa's earnings presentation, Nov 6, 2025
Slide 1: BRAV3 Results Presentation 3Q25
BRAV3 | Results Presentation | 3Q25
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: 3Q25 Highlights | Record Production + FCF = Deleveraging
3Q25 Highlights | Record Production + FCF = Deleveraging 92 kboe/d US$ 561 mi US$ 238 mi Record production 3Q25 Net Revenues 3Q25 Adj. EBITDA in 3Q25: + 7% QoQ +1.2% QoQ +1.6% QoQ US$ 13.3 US$ 1.09 billion 2.3x net debt/ebitda Lifting cost¹ -12% QoQ Cash position in 3Q25 (or 2.2x in R$) (excl. chart
Slide 4: Brava's production summary | Evolution on track with record production in 3Q25
Brava’s production summary | Evolution on track with record production in 3Q25 Historical production evolution 2025 (Brava work interest | kboe/d) +7% 92 86 QoQ Onshore +21% 71 QoQ 1 Potiguar 56 49 2 Recôncavo 8 29 1 25 Downstream 19 infrastructure Offshore 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 3
Slide 5: Operations Highlights
BRAVA Operations Highlights
Slide 6: Offshore | Strong ramp-up
Offshore | Strong ramp-up ✓ Atlanta Record Production: 38kboe/d (100% stake) in 3Q25, +4.3% QoQ, through 6 wells: I. Startup of two wells and ongoing evolution of pending commissioning activities; II. September marks one year without any lost-time accidents. ✓ Papa-Terra: 19kboe/d (100% stake) in 3Q
Slide 7: Offshore | Modeling and production projection for the Atlanta Field
Offshore | Modeling and production projection for the Atlanta Field Reservoir Model vs. Field data: Produced Water BMP / ANP vs Reservoir BSW – Excellent fit of the model prediction vs. observed data BSW Water Water measured 20.000 16.000 12.000 8.000 4.000 0 jul/25 ago/25 set/25 out/25 ✓ Predicted
Slide 8: Onshore | Proven long-term stability and efficiency
Onshore | Proven long-term stability and efficiency ✓ Record production across onshore portfolio even with reduction in Capex; ✓ Rig optimization: down from 24 to 7 by end of 3Q25; ✓ Ongoing steam injection expansion projects to support production in the coming quarters; ✓ ANP¹ audit in Potiguar: I.
Slide 9: 3Q25 Financial Highlights
3Q25 Financial Highlights 9
Slide 10: 3Q25 Net Revenues | Delivering Results Despite Macro Headwinds
3Q25 Net Revenues | Delivering Results Despite Macro Headwinds Net Revenues | Quarter historical results 3Q25 Net revenues breakdown (R$MM & US$MM) (R$ MM) R$ US$ R$ 3.142 R$ 1.298 R$ 3.059 R$ 2.874 R$ 3.059 R$ 934 R$ 1.950 (R$ 703) R$ 1.531 $491 $554 $561 $334 4Q24 1Q25 2Q25 3Q25 Offshore Onshore D
Slide 11: 3Q25 Adjusted EBITDA | Record EBITDA and Margin Expansion Driven by Offshore
3Q25 Adjusted EBITDA | Record EBITDA and Margin Expansion Driven by Offshore Quarterly view 3Q25 Adjusted EBITDA Breakdown (R$MM & US$MM) (R$MM) R$ US$ R$ 1.330 R$ 1.300 R$ 466 R$ 1.300 R$ 1.070 (R$ 1) R$ 834 R$ 505 $183 $235 $238 $87 Eb itda Offshore Eb itda Onshore + D ownstream Corp. Brava 2T25 E
Slide 12: 3Q25 Lifting Cost | Lowest Lifting Cost Since Merger
3Q25 Lifting Cost | Lowest Lifting Cost Since Merger Brava Lifting Cost (US$ / boe ) Charter cost 22,6 1,9 20,0 20,0 ➢ Offshore: -17% QoQ supported by record production: Atlanta: - 2,1 17,5 17,4 2,7 22% QoQ driven by higher production and Papa-Terra below 1,3 15,7 2,4 US$25/boe in 9M, with room to i
Slide 13: Capex 3Q25 | Concluding Atlanta and optimizing onshore investments
Capex 3Q25 | Concluding Atlanta and optimizing onshore investments Quarter Breakdown (US$ MM) Capex breakdown in 3Q25 (%) Atlanta 283 Offshore (ex Atlanta) Atlanta (80%) Onshore + Downstream ~US$ 46MM of the Atlanta capex in 2Q 8% Papa-Terra Corp. 222 and 3Q was linked Potiguar to Atlanta Phase 2. R
Slide 14: Capital Structure | Deleverage on track
Capital Structure | Deleverage on track: reduction of net debt and strong cash position ✓ Robust liquidity: US$1,085 MM in cash and equivalents + US$138MM in oil & oil products inventory (at cost); ✓ Net debt/EBITDA: 2.3x LTM (2.2x in R$) in 3Q25. Cash position and indebtedness | End of 3Q25 Financi
Slide 15: Strong liquidity + Liability management playbook = Improving debt profile
Strong liquidity + Liability management playbook = Improving debt profile Cash vs. Debt Amortization Profile end of 3Q25 (US$ MM) Cash Debt Instruments Portfolio Obligations 539 559 534 1.085 37 323 238 229 4 502 92 92 49 136 80 319 58 103 148 Cash & Equivalents¹ 2025 2026 2027 2028 2029 2030 2031 2
Slide 16: Cash Flow 3Q25 (R$ MM) | Another positive FCF quarter
Cash Flow 3Q25 (R$ MM) | Another positive FCF quarter Operating Investing Financing 1.302 31 1.397 6.500 (40) 6 5.773 6.000 260 5.678 5.500 (780) (796) 5.093 (188) (297) (167) 5.000 (48) 4.500 4.000 3.500 Caixa e FCO + Contas ABE X Capex Obriga ções do portfólio Receb imento Resultad o Amortiza çã o
Slide 17: Hedge Strategy: strong protection against oil price volatility
Hedge Strategy: strong protection against oil price volatility in the coming quarters Standard Rolling Hedge Strategy ¹ Extra Rolling Hedge ¹ Period Next 3 m 4 – 6º m 7 - 12th m 13 - 18th m If the maximum "Standard Rolling Hedge Strategy" is not sufficient (i) to avoid covenant triggers and/or % of
Slide 18: Next steps for 4Q25 and 2026
Next steps for 4Q25 and 2026 ✓ Focus on free cash flow generation and deleverage; ✓ Conclusion of negotiations for the Individualization of Jubarte Field and BC-10 (Parque das Conchas); ✓ Continue the efforts to unlock synergies after liability management and corporate reorganization; ✓ Complete adj
Slide 19: FPSO Atlanta
FPSO ATLANTA MONROVIA \ aE