Brava Energia S A : Results Presetantion 3Q25

BRAV3 | Results Presentation | 3Q25

3Q25 Highlights | Record Production + FCF = Deleveraging

92 kboe/d

Record production

in 3Q25: + 7% QoQ

US$ 13.3

Lifting cost¹ -12% QoQ (excl. charter cost)

US$ 561 mi

3Q25 Net Revenues

+1.2% QoQ

US$ 1.09 billion

Cash position in 3Q25 Robust FCF² of US$ 96 MM

US$ 238 mi

3Q25 Adj. EBITDA

+1.6% QoQ

2.3x net debt/ebitda (or 2.2x in R$)

versus 3.4x in 1Q25

• Record production in 3Q25, with record figures in both onshore and offshore segments;

• Lifting cost¹: Offshore at US$ 11.0

• Total Capex -19% QoQ, being onshore -34% QoQ;

• Efficiency + corporate reorganization: SG&A at US$3 per barrel in 3Q25 versus US$6 right after the merge;

• Liability mngmt.: cost of debt reduced from ~8.7% to ~8.1%;

• Monetization of Atlanta FPSO credit: US$ 260 MM + positive effects on future operating cash flow of over US$ 40 MM;

• Closing of partnership at Potiguar's gas Downstream;

• Another quarter with free cash-flow generation;

• Tax efficiency: incorporation Enauta Energia.

¹ Lifting cost measured in US$/boe. ² Does not consider accounts receivable from the partner in Papa-Terra (Nova Técnica Energy) and ABEX carried out in the period, impacted by FPSO Petrojarl. 3

Brava's production summary | Evolution on track with record production in 3Q25

Historical production evolution

Onshore

1. Potiguar

2. Recôncavo

   Downstream infrastructure

   Offshore

3. Atlanta (80%)

4. Papa-Terra (62.5%)

5. Pq. das Conchas (23%)

6. Peroá

7. Manati (45%)

(Brava work interest | kboe/d)

56

49

1 8 25 29

19

+21%

71 QoQ

2025

+7% 92

86 QoQ

2020 2021 2022 2023 2024 1Q25 2Q25 3Q25

2 7 Production breakdown per asset

(Brava work interest | kboe/d & %)

• Record production in Atlanta, Potiguar and Recôncavo in 3T25

6 86 92

5 4	3 6 8 19		12 29
	10		9
	25		25
	1Q25		2Q25

8 Pescada (35%) 71

3

4 7

8

7

12

80%

30

10

25

92 kbbl

3Q25

20%

Oil Gas

Source: ANP and Company

3Q25

4

Operations

Highlights

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Offshore | Strong ramp-up

• Atlanta Record Production: 38kboe/d (100% stake) in 3Q25, +4.3% QoQ, through 6 wells:

  1. Startup of two wells and ongoing evolution of pending commissioning activities;

  2. September marks one year without any lost-time accidents.

• Papa-Terra: 19kboe/d (100% stake) in 3Q25: best operational efficiency in 2025 since 2022.

  1. July recorded the highest average production since the takeover in 2022;

  2. Main offloading system ready: cost saving and better efficiency in offloading operations.

• Manati: strong evolution in 3Q25 and positive trend for 4Q25.

Total Offshore Production

(Brava WI | kboed)

19

2

3

2025

7

4

8

7

12

12

30

29

57

1Q25

2Q25

3Q25

88%

88%

83%

52%

% of oil

4Q24

5

37

3

6

8

52

Atlanta (80%)

Source: ANP e Company

Papa-Terra (62.5%)

Pq. das Conchas (23%)

Peroá + Manati (45%) + Pescada (35%)

FPSO Atlanta

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Offshore | Modeling and production projection for the Atlanta Field

Reservoir Model vs. Fielddata:

BSW - Excellent fit of themodel prediction vs. observed data

Produced Water BMP/ ANP vs Reservoir

BSW Water Water measured

20.000

16.000

12.000

8.000

4.000

0

jul/25 ago/25 set/25 out/25

• Predicted behavior of Atlanta BSW is consistent with observed

  updated values, providing strong reliability to the reservoir model;

• Water in Atlanta can be quantified from BSW analyses at the well inlet or by summing the discharged water, measured using operational meters installed at the outlets of the separator vessels.

• Water production reflected in ANP¹ dashboard is obtained through operational water meters and is not the metric that the company uses for modeling, valuation, and future behavior of the reservoir.

Note: National Agency of Petroleum, Natural Gas and Biofuels 7

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:

  1. Adjustments requested by the ANP are being implemented;

  2. Production should resume gradually during 4Q25, subject to ANP approval;

  3. A batch of adjustment evidences have been submitted to the agency.

     Total Onshore Production

     Potiguar

     Recôncavo

     2025

     32,4

     32,4

     7,5

     8,8

     24,8

     24,9

     24,3

     25,0

     23,6

     24,9

     24,7

     24,9

     25,2

     (Brava WI | kboed)

     34,1	33,6	34,1
     9,2	9,3	9,0

     34,1			34,2		34,2		35,0
     9,2			9,5		9,4		9,8

     	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25
     % of oil	82%	80%	79%	79%	78%	78%	77%	77%	75%

     Note: National Agency of Petroleum, Natural Gas and Biofuels

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     3Q25

     Financial Highlights

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     3Q25 Net Revenues | Delivering Results Despite Macro Headwinds

     Net Revenues | Quarter historical results

     (R$MM & US$MM)

     R$ 3.142

     R$ 2.874

     R$ 3.059

     R$ 1.950

     $334

     $491

     $554

     $561

     R$ US$
     
     

     3Q25 Net revenues breakdown

     (R$ MM)

     R$ 1.298

     R$ 3.059

     R$ 934

     (R$ 703)

     R$ 1.531

     4Q24	1Q25	2Q25	3Q25	Offshore	Onshore	Downstream	Eliminations	3Q25
     				Upstream	Upstream

     Inventory position evolution QoQ (Kbbl)

     Bunker inventory Potiguar

     Oil Inventory Papa-Terra
     
     

• Brava entered 4Q25 with a significant increase in inventory in Atlanta, Papa-Terra

Macro Aspects

Brent Average Price (US$) Avg. FX | BRL/US$

672

537

279

258

158

Oil Inventory Atlanta

2Q25 3Q25

825

and Potiguar.

• Improving revenues despite macro headwinds in 2025: average brent price and FX are down YTD 9% and 14%, respectively, while revenues are up by more than 20%.

74,7 75,7

67,9

69,1

4Q24 1Q25 2Q25 3Q25

5,84 5,85

5,67

5,45

4Q24 1Q25 2Q25 3Q25

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