Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q2 2026 Earnings Presentation
18 slides from Brava Energia Sa's earnings presentation, Aug 6, 2026
Slide 1: BRAV3 | Results Presentation 2Q26
BRAV3 | Results Presentation 2Q26
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: Record financial figures driven by operational efficiency and commercial momentum
Record financial figures driven by operational efficiency and commercial momentum 82 kboe/d US$ 712 mi US$ 351 mi average production 2Q26 Net Revenues 2Q26 Adj. EBITDA in 2Q26: +8% vs 1Q26 +20% QoQ +14% QoQ US$ 16.3 US$ 965 mi 1.97x net debt/ebitda Lifting cost¹ Cash position in 2Q26 (1.55x excludin
Slide 4: Operations Highlights
Operations oe Highlights
Slide 5: Brava Production Summary | On-track operations and operational efficiency
Brava Production Summary | On-track operations and operational efficiency Production historical evolution (Brava WI | kboe/d) 81 82 83 Oil Gas 76 Onshore 1 Potiguar 56 49 63 63 66 2 Recôncavo 61 8 29 1 25 44 Downstream 35 19 Infrastructure 14 18 11 15 15 15 18 19 Offshore 8 10 12 12 Atlanta (80%) 20
Slide 6: Integrated Drilling Campaign On Track
Integrated Drilling Campaign On Track | Indicative drilling schedule First Oil in Papa-Terra (PPT-52 and PPT-53) JAN 26 MAR 26 JUL 26 AUG 26 4Q26 Beginning of the PLSV vessel arrived drilling of wells in and First Oil in Atlanta Papa-Terra Drilling phases Beginning of the (ATL-9H and ATL-10H) conclu
Slide 7: Onshore | Potiguar ramp-up on track
Onshore | Potiguar ramp-up on track ✓ ANP audit in Potiguar: I. 84 of 85 interdicted facilities already cleared by the ANP¹. II. Phased restart of Potiguar operations progressing as planned. III. Fazenda Belém and Areia Branca resumed operations in May and June, supporting higher oil production. IV.
Slide 8: Onshore | Integrated Operations Center (IOC)
Onshore I Integrated Operations Center (IOC) ✓ IOC inaugurated in 2Q26 in the Potiguar Basin: I. Centralized monitoring: consolidation of 22 control rooms and 26 SCADA¹ systems into a single operational environment. II. Data-driven management: Enhanced analytical capabilities, optimized resource all
Slide 9: 2Q26 Financial Highlights
2Q26 Financial Highlights 9
Slide 10: 2Q26 Net Revenues | Record-high revenues driven by oil prices and efficiency
2Q26 Net Revenues | Record-high revenues driven by oil prices and efficiency Quarter historical results 2Q26 breakdown (Million) (R$ Million) R$ US$ 14% YoY 1.512 15% 3.598 QoQ R$ 3.598 R$ 3.142 R$ 3.135 1.012 (744) 1.817 $555 $596 $712 2Q25 1Q26 2Q26 Offshore Onshore Downstream Eliminations 2Q26 Up
Slide 11: 2Q26 EBITDA | All-time high, strong margin and resilient FCO across segments
2Q26 EBITDA | All-time high, strong margin and resilient FCO across segments Quarterly evolution R$ US$ 2Q26 Adjusted EBITDA Breakdown (R$MM & US$MM) (R$MM) 33% YoY 197 1.774 9% 480 ( 15 ) QoQ R$ 1.774 R$ 1.628 1.112 R$ 1.330 $310 $351 $235 Eb itda Offshore Eb itda Onshore + D ownstream Corp. Brava
Slide 12: 2Q26 Lifting Cost | Costs under control ahead of the production ramp-up in 2H26
2Q26 Lifting Cost | Costs under control ahead of the production ramp-up in 2H26 Brava Lifting Cost (US$ / boe ) Charter cost ✓ Offshore: US$18.0/boe in 2Q26, with the LTM at US$16.0/boe. 22,6 20,0 20,0 ▪ The increase in offshore figures during 2Q26 reflects the pass-through 1,9 19,0 2,1 17,5 17,4 17
Slide 13: Capex 2Q26 | New CAPEX cycle started in 2Q26
Capex 2Q26 | New CAPEX cycle started in 2Q26, linked to the drilling campaign Quarter Breakdown Capex breakdown (US$ MM) per asset | 2Q26 (%) Production ramp- 291 up starts 6 to 9 Investment 283 months after Atlanta (80%) cycle for Atlanta peak Capex Atlanta (80%) Offshore (ex Atlanta) production On
Slide 14: Capital Structure | Solid Liquidity and Continued Net Debt Reduction in 2Q26
Capital Structure | Solid Liquidity and Continued Net Debt Reduction in 2Q26 ✓ Strong liquidity position, with US$965 million in cash and cash equivalents and consolidated net debt of US$1,626 million as of 2Q26. ✓ 2Q26 marks the fifth consecutive quarter of net debt reduction, reinforcing the Compa
Slide 15: Robust liquidity maintained and net debt reduction
Robust liquidity maintained and net debt reduction Cash Flow 2Q26 (R$ MM) 7.000 Operating Investing Financing ✓ Liability mgmt.: fifth consecutive 95 quarter of net debt reduction. 6.500 763 (-) Dividends (29) 262 6.088 BRL 56 MM 6.000 ✓ 37.5% stake in Papa-Terra 5.638 (209) generated R$95 million i
Slide 16: Hedge Snapshot
Hedge Snapshot Current Hedge Position NDFs Collars 65 64 65 63 70 75 77 5.000 7.000 73 80,0 4.500 6.800 6.600 606.400 6.200 6.000 70,0 4.000 3.300 5.800 5.600 3.500 5.400 505.200 60,0 2.975 5.000 4.800 67 67 4.600 63 50,0 3.000 404.400 4.200 4.000 2.500 2.025 3.800 3.600 40,0 2.000 303.400 3.200 3.0
Slide 17: Next steps for 2026
Next steps for 2026 1 Ecopetrol 2 Operational Drilling Papa-Terra Deleveraging efficiency campaign first oil • Successfully complete • Continue stabilizing • Execute the integrated • Deliver first oil from the • Continue deleveraging the post-closing operations while drilling campaign safely, new Pa
Slide 18: Q&A
Q&A