Nov. 6 – Rio de Janeiro, November 5, 2025 – Brava Energia (“Brava” or “Company”) (B3: BRAV3) herein presents its results for the third quarter of 2025 (“3Q25”), presented in comparison with the pro forma¹ quarterly information for the 3Q24, considering the combined of 3R Petroleum and Enauta.
¹corresponding to the stake held by the Company in each portfolio asset. ² including inter-Company transactions.
3Q25 HIGHLIGHTS AND SUBSEQUENT EVENTS
Operational highlights: production records and efficiency
– Brava reached a new quarterly production record of 91.8 kboe/d (+6.9% Q/Q), reflecting continued efficiency gains in Atlanta and in the Recôncavo and Potiguar basins.
– Scale and operational efficiency gains in Papa-Terra: during the first nine months of 2025, the asset recorded its highest efficiency levels since its acquisition in December 2022.
– The first coastal shipping operation of oil produced in Alagoas for refining at the Potiguar Cluster reinforces vertical integration and highlights the strategic nature of the downstream infrastructure.
Financial highlights: more efficient metrics and optimization of the capital structure
– Third consecutive quarter of free cash flow generation, supported by strong operating cash flow² (US$251 million in 3Q25.
– Record net income of US$ 561 million in the 3Q25, up 1.2% Q/Q.
– Record Adjusted EBITDA of US$ 239 million, with a record margin of 42.3% (+0.2 p.p. Q/Q).
– Lifting cost³ of US$13.3/boe, the lowest in the Company’s history (-11.5% Q/Q)
- Highlight for the offshore segment, with a lifting cost of US$11.0/boe, down 21% Q/Q and 18% Y/Y
– Leverage decreased to 2.3x in USD (2.2x in BRL) in 3Q25 vs. 3.1x in USD in 2Q25, reflecting cash generation and lower net debt.
– G&A reached US$3 per barrel in 3Q25, the lowest historical level for the Company.
– Financial results reflect the capture of synergies and efficiency gains following the integration process.
Strategic and Corporate Highlights
– Governance and Corporate Structure: reorganization completed, reduction in the number of executive officers, appointment of a new CFO/IRO, and optimization of the organizational structure.
– Portfolio and Assets: sale of 50% of the gas midstream business in Rio Grande do Norte (US$56 million received), resulting in efficiency gains and cost reduction.
– Capital Markets: approval and structuring of the Level 1 ADR program (SEC registration expected in November.
– Brava ends 2025 with a simpler, stronger structure, well positioned to capture profitable growth opportunities.
To access the materials for the quarter: click here.
Brazil Energy Insight 
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