Brava Energia Earnings Release – 4Q25 & 2025

Rio de Janeiro, March 11, 2026 – Brava Energia (“Brava” or the “Company”) (B3: BRAV3) announces its results for the fourth quarter and full year of 2025 (“4Q25” or “2025,” respectively):.

¹corresponding to the stake held by the Company in each portfolio asset. ² including inter-Company transactions.

4Q25 & 2025 HIGHLIGHTS AND SUBSEQUENT EVENTS
Progress across all fronts of the business

Operational highlights: production and efficiency records 

– Record annual average production of 81.3 thousand boe/d in 2025, +46% YoY.

– Record of operational efficiency at Atlanta and Papa-Terra throughout 2025.

– OTC Distinguished Achievement Award for Companies: Brava received the offshore industry’s highest award for the development of the Definitive System of the Atlanta Field.

Financial highlights: progress across all metrics and strengthened capital structure 

– US$ 37 million in free cash flow generation in 4Q25.

– 1.2x reduction in the leverage ratio, reaching 2.16x at the end of 2025 vs. 3.37x in 1Q25, the third consecutive quarterly reduction.

– 15% YoY increase in Net Revenues, reaching R$ 11.6 billion (US$ 2.1 billion) in 2025.

– Adjusted EBITDA of R$ 4.5 billion or US$ 806 million (+29% YoY) and margin of 38.8% (+4.0 p.p. YoY) in 2025.

– Lowest lifting cost² level for the Company, reaching US$ 14.9/boe (-15% YoY) in 2025

•  
• Highlight for the offshore segment with a lifting cost³ of US$ 13.4 (-17% YoY) in 2025.

– G&A of US$ 3.7/boe in 2025, the lowest historical level for the Company.

Strategic and Corporate Highlights

– Progress in Papa-Terra Field arbitration: an order was issued in the context of the ongoing arbitration authorizing the Company to proceed with the necessary actions to conclude the assignment of the 37.5% interest held by the partner in the Papa-Terra Field Consortium.

– Governance: election of a new Chairman – Alexandre Cruz, CEO – Richard Kovacs, and CFO / IRO – Luiz Carvalho, ensuring greater alignment between the Company’s strategies and its stakeholders.

– Sustainability: Publication of Brava’s 1st Integrated Report.

– Capital Markets: registration with the SEC of the Level 1 ADR program.

To access the materials for the quarter: click here.