Slide 1: Results Presentation 4Q25 - 2025
BRAV3 | Results Presentation 4Q25 - 2025
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: 4Q25 & 2025 Highlights | A year marked by evolution in all fronts
4Q25 & 2025 Highlights | A year marked by evolution in all fronts 81 kboe/d US$ 2.1 billion US$ 806 mi Record production 2025 Net Revenues 2025 Adj. EBITDA in 2025: + 46% YoY +9% YoY +21% YoY US$ 14.9 US$ 1.09 billion 2.16x net debt/ebitda Lifting cost¹ -15% YoY Cash position in 2025 (or 2.13x in R$
Slide 4: Operations Highlights
Operations Se Highlights
Slide 5: Brava's production summary | Evolution on track with record production in 2025
Brava’s production summary | Evolution on track with record production in 2025 Historical production evolution (Brava work interest | kboe/d) 81 Onshore +46% 56 YoY 1 Potiguar 49 +13% 2 Recôncavo YoY 8 29 +69% 1 25 Downstream 19 YoY infrastructure Offshore 2020 2021 2022 2023 2024 2025 3 Atlanta (80
Slide 6: Papa-Terra Evolution: from uncertainty to free cash flow generation
Offshore | Papa-Terra Evolution: from uncertainty to free cash flow generation Production evolution since take over (Dec/22) Lifting Cost | Quarterly – Yearly (USD/boe) Quarterly & Yearly (kboe/d | 100% WI) 19 19 17 17 17 13 13 13 14 36,8 13 14 35,0 33,4 35,0 31,1 30,1 30,5 32,3 10 27,2 28,7 22,3 21
Slide 7: Atlanta & Papa-Terra Integrated Drilling Campaign
Offshore | Atlanta & Papa-Terra Integrated Drilling Campaign ✓ Mar/26: Arrival of the drilling rig at Papa-Terra. ✓ Mar/26 – Sep/26: Drilling of Papa-Terra wells. ✓ Sep/26: Arrival of the PLSV boat to start the connection of the first 2 wells of the Campaign. ✓ 4Q26: First oil of Papa-Terra wells, P
Slide 8: 1st Independent non-US Company to be awarded by OTC
Offshore | 1st Independent non-US Company to be awarded by OTC ✓ The award recognizes the development of Atlanta Field Definitive production System and positioned Brava as the 1st independent Brazilian Company to implement a deepwater production system from conception to 1st oil. ✓ Recognition of Br
Slide 9: Potiguar Update
Onshore | Potiguar Update Historical + Outlook for Oil Production and Steam Injection at the Potiguar Cluster 10 10 1010 10 10 9 9 10 ✓ Production should return to levels 9 9 9 8 8 8 8 9 8 observed pre-audit after resuming the 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 steam injection capacity, 8 8 ✓ ANP Audit
Slide 10: Onshore Efficiency | Integrated Operation Center + Drone Inspection Project
Onshore Efficiency | Integrated Operation Center + Drone Inspection Project Potiguar Integrated Operation Center ✓ Reducing the number of control rooms from 21 in separate regions to a single integrated operation center supported by drone inspection. ✓ Lower operating costs. ✓ Faster well monitoring
Slide 11: 4Q25 & 2025 Financial Highlights
4Q25 & 2025 Financial Highlights 11
Slide 12: 2025 Net Revenues | Revenue Growth Despite Lower Brent Prices
2025 Net Revenues | Revenue Growth Despite Lower Brent Prices Net Revenues | Quarter & Year historical results 2025 Net revenues breakdown (Million) (R$ MM) R$ US$ R$ 11.623 R$ 10.096 R$ 5.393 R$ 11.623 R$ 3.685 (R$2.827) R$ 2.874 R$ 3.142 R$ 3.059 R$ 2.548 R$ 5.372 $1.900 $2.079 $491 $555 $561 $472
Slide 13: Adjusted EBITDA | Record EBITDA, Margin Expansion and FCO in 2025
Adjusted EBITDA | Record EBITDA, Margin Expansion and FCO in 2025 Quarterly view 2025 Adjusted EBITDA Breakdown (R$MM & US$MM) (R$MM) R$ US$ R$ 4.508 R$ 1.919 R$ 4.508 (R$ 16) R$ 3.508 R$ 2.606 R$ 1.330 R$ 1.300 R$ 1.070 R$ 808 $667 $806 $183 $235 $239 $150 Eb itda Offshore Eb itda Onshore + D ownst
Slide 14: 2025 Lifting Cost | Lowest Annual Lifting Cost with robust YoY evolution
2025 Lifting Cost | Lowest Annual Lifting Cost with robust YoY evolution Brava Lifting Cost (US$ / boe ) Charter cost 22,6 ✓ Offshore: -17% YoY supported by record production. 1,9 20,0 20,0 19,5 ▪ Papa-Terra and Atlanta below US$22/boe and US$15/boe in 2,1 17,5 17,4 17,3 17,5 2,7 2,0 4Q25, respectiv
Slide 15: Capex 4Q25 | Fifth consecutive quarter with reduction in capex
Capex 4Q25 | Fifth consecutive quarter with reduction in capex Quarter Breakdown ✓ 2024 - Heavy investment phase (US$ MM) ✓ 2025 - Normalization phase ✓ 2026 – Growth 952 ✓ 2027 – Normalized Capex Capex breakdown per asset | 2025 (%) 5 Atlanta Atlanta (80%) Offshore (ex Atlanta) Papa-Terra 292 Onsho
Slide 16: Capital Structure | Rapid Deleveraging Through Operational Execution
Capital Structure | Rapid Deleveraging Through Operational Execution ✓ Robust liquidity: US$1,086 MM in cash and equivalents + US$79MM in oil & oil products inventory (at cost). Cash position and indebtedness | End of 2025 Financial de-leverage (US$ MM) Net debt vs. LTM leverage ✓ Net leverage down
Slide 17: Strong liquidity + Liability management playbook + FCFE = Robust Capital Structure
Strong liquidity + Liability management playbook + FCFE = Robust Capital Structure Cash Flow 4Q25 | Another quarter with positive FCF (US$ MM) Operating Investing Financing ✓ US$ 37MM of FCFE in 4Q25. 7.000 94 823 6.500 (58) 74 ✓ Papa-terra generated cash for the 3rd 6.000 111 5.965 139 5.978 5.773
Slide 18: Hedge Strategy | Protecting Downside While Preserving Upsides
Hedge Strategy | Protecting Downside While Preserving Upsides Current Hedge Position NDFs Collars 75 75 75 73 76 7.000 6.800 80,0 65 65 6.600 6.400 5.000 64 64 64 63 70 6.200 70,0 6.000 5.800 4.500 60 5.600 5.400 60,0 4.000 5.200 5.000 64 64 67 65 3.300 4.800 4.600 63 50,0 3.500 50 4.400 2.975 4.200
Slide 19: Next steps for 2026
Next steps for 2026 I. Production stabilization aligned with safe operations. II. Ongoing deleverage process, transferring value from debt to equity. III. Papa Terra and Atlanta drilling campaign execution on time and on budget. IV. Asset portfolio active management, focusing on unlocking value to s
Slide 20: Q&A
Q&A