Petroreconcavo Sa · BMFBOVESPA:RECV3
Petroreconcavo Sa — Investor Presentation (March 2026)
23 slides from Petroreconcavo Sa's investor presentation, March 2026
Slide 1: Institutional Presentation
Institutional Presentation Investor Relations IBOV IGPTW IDIV IDVR IBRX100 SMLL IBRA IGC IGC-NM ITAG IGCT
Slide 2: About us
About us One of the leading independent oil and gas producers in the Brazilian onshore 2025 Highlights Rio Grande do Norte Net revenue 32 concessions R$ 3.2 Bi 23 operated EBITDA 03 exploration blocks 406 producing wells R$ 1.4 Bi 3rd and 4th Debenture Issuances R$ 1.3 Bi Debt maturity extension and
Slide 3: Pioneering and a long 26-year track record
Pioneering and a long 26-year track record Strategic drivers Subsurface Management, Operational Reliability and Resilience, and IPO and Excellence in Execution Consolidation IPO and follow-on, 2026 Acquisitions of Remanso, Miranga and SPE Tiêta Beginning of Vertical (Bahia), and rig fleet expansion
Slide 4: From strategy to execution
From strategy to execution Transforming mature fields into new opportunities Remanso Cluster historical production (boe/d) 1st secondary recovery in the Remanso Cluster Initial unlock and Additional drilling and quick wins reservoir stimulation Water injection for Response to pandemic 8,000 repressu
Slide 5: Strategic Pillars
Strategic Pillars Execute with discipline today to create long-term value Robustness in Production Reliability Excellence in Execution Subsurface and Resiliency of interventions and Management drilling • Optimization of primary and • Gas & Midstream • Planning as a core value secondary reserve recov
Slide 6: 2025 reserves certification
2025 reserves certification Reserves growth driven by new projects 2025¹ 2P Reserves kboe/d (MMBOE) 182.2 Reserve Replacement 2025 2P Certification Ratio (RRR)² 1.0 x 40 Future Reserves 2025 1P Certification Development Cost³ US$ 8.4/boe 30 PV104 US$ 2.4 B 1P/2P5 Reserves Ratio 79% 20 Gas Reserves/
Slide 7: Reserve replacement with higher long-term recovery factors
Reserve replacement with higher long-term recovery factors 2P Reserves (MMBOE) and Replacement Ratio (RRR) Recovery factors with potential for expansion RRR ~ 1.0 x 2025 EUR¹ Benchmark 9.3 Oil 22% 27% 30-35% 183.8 182.6 182.2 54% 74% 85-90% (1.2) Gas (9.6) Reserve to Production (R/P) Current reserve
Slide 8: Disciplined capital allocation and reserves certification that reinforces value creation
Disciplined capital allocation and reserves certification that reinforces value creation 2P CAPEX for 5 years (US$ million) Operating Cash Flow deducted from CAPEX¹ (US$ million) 372 381 381 370 357 146 128 322 130 134 113 286 298 267 254 236 234 191 155 125 2026 2027 2028 2029 2030 Capex 2025 Capex
Slide 9: Stable production with structured pricing to capture upside and protect downside
Stable production with structured pricing to capture upside and protect downside in commodity volatility scenarios Average production (kboe/day) Natural Gas1 38.0 40% +1% Protection for the Capture the 33.0 35% 28.0 26.0 26.3 26.5 downside Upside Processed Natural Gas 30% 23.0 21.3 25% Fixed + Varia
Slide 10: Rigs and Services with a robust portfolio and efficient results
Rigs and Services with a robust portfolio and efficient results Own fleet with multidisciplinary execution capabilities Activities executed in 2025 3 Drilling rigs PR-21 - 400 HP / up to 1,200 meters PR-04 - 750 HP / up to 2,500 meters PR-14 - 1500 HP/ up to 5,000 meters 15 drilled wells including 2
Slide 11: Value creation through evolving operational resilience
Value creation through evolving operational resilience Logistical and commercial diversification, greater outflow safety and cost optimization in Rio Grande do Norte Alternative oil route UPGN Guamaré Natural gas commercialization diversification ▪ Route via Port of Pecém ▪ Acquisition of 50% of Bra
Slide 12: Financial strength and strategic capital allocation enhance shareholder returns
Financial strength and strategic capital allocation enhance shareholder returns Free Cash Generation1 (R$ Million) EBITDA (R$ Million) and EBITDA Margin (%) 50.3% 60. 0% 2,1 00 45.4% 45.7% 50. 0% 1,643 1,443 1,034 1,278 40. 0% 1,6 00 30. 0% 1,1 00 20. 0% 196 600 25 10. 0% 100 0.0 % 2023 2024 2025 20
Slide 13: Debt maturity extension and continuous cost reduction
Debt maturity extension and continuous cost reduction Debt leverage, cost and duration Debt Repayment Schedule (US$ Million) 0.69x 0.80x 1.10x 12 8.95% 10.00% 6.74% 9.00% 6.12% 10 8.00% 7.00% 296 48 8 6.00% 4.2 4.1 57 31 31 6 5.00% 4.00% 48 4 1.6 3.00% 57 75 75 75 31 2.00% 2 1.00% 4 14 14 14 0 0.00%
Slide 14: Focus on cost optimization with competitive breakeven cash cost
Focus on cost optimization with competitive breakeven cash cost Netback 2025 (US$/boe) Quarterly costs (R$ million) 15.52 Brent: US$ 69,13/bbl 69.10/boe 16.00 14.52 14.32 Net Revenue: US$ 57.94/boe 550 13.93 13.88 -10% 14.00 426 432 421 12.00 450 405 19 40 24 21 365 10.00 79 80 350 75 77 20 $ 29.79
Slide 15: Leadership team composed of specialists with complementary experience
Leadership team composed of specialists with complementary experience José Firmo CEO Troy Finney João Vitor Moreira Rafael Cunha Raphael Scudino Dennys Campos VP for Portfolio VP for VP for Finance, M&A & IR - CFO VP for People & Operational VP for Rigs Development Operations Support and Services St
Slide 16: Board of Directors composed of members with extensive experience in oil & gas and capital markets
Board of Directors composed of members with extensive experience in oi & gas and capital markets Board of Directors Advisory Committees Shareholding composition January 15, 2026 Experience in Finance Board of and Capital Markets: Directors Reference Investors Tiago Noel | Chairman Financial Other Ca
Slide 17: Socioeconomic impact
Socioeconomic impact Driving revitalization and social transformation Education Business impact 2025 Impact Learning and Growth The foundation of development 21 thousand people Directly and indirectly impacted Quality of Life 2024 21 % in the semi-arid region Health starts with water Coverage Entrep
Slide 18: Investing in PetroReconcavo: Resilience and sustainable return
Investing in PetroReconcavo: Resilience and sustainable return Strong balance sheet and capital discipline Operational excellence Strong discipline in capital and expertise allocation, delivering high Experienced and committed returns to shareholders management team, with strong Solid balance sheet
Slide 19: Investor Relations ri.petroreconcavo.com.br
Reserves Report 4Q25 Sustainability Report 2025 Earnings Release 2024 Investor Relations ri.petroreconcavo.com.br
Slide 20: ANNEXES
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Slide 21: Net revenue of R$ 3.2 billion in the year, driven by natural gas commercialization
Net revenue of R$ 3.2 billion in the year, driven by natural gas commercialization performance 2024 2025 Realized price 2024 2025 Production (kboed) 26.3 +1% 26.5 Oil (US$/boe) 73.60 -18% 60.43 Brent (US$/bbl) 80.76 -14% 69.10 Oil revenue¹: -8% impacted by macro effect, higher contractual discounts,
Slide 22: Cost evolution
Cost evolution Quartely costs (R$ million) 4Q25 vs. 3Q25 effects Lifting Cost: lower costs with well repairs and reduced operating expenses associated with asset integrity 15.52 Midstream: cost reduction after acquisition of 50% of UPGN Guamaré 16.00 14.52 14.32 550 13.93 13.88 and lower transportat
Slide 23: Governance with ethics and transparency
Governance with ethics and transparency Ensuring best practices internally and throughout the value chain Ethics and Integrity Transparency Networking • Sustainability Report • ABPIP • Integrity Program • IBP • Transparency Channel • CDP and S&P • ANP • UN Global Compact • Supplier Due Diligence • I