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Brava Energia
Brava Energia (BRAV3) investor relations material
Brava Energia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record production of 92,000 boe/d in 3Q25, up 7% quarter-over-quarter and 77.5% year-over-year, with both onshore and offshore segments contributing to growth.
Net revenues reached BRL 3.06 billion (US$561 million), up 39.4% year-over-year and 1.2% sequentially, despite a 9% drop in Brent prices and 14% FX depreciation year-to-date.
Adjusted EBITDA hit a record US$238 million (R$1,299.6 million), up 78.7% year-over-year, with a margin of 42.5%.
Free cash flow was robust at US$96 million, supporting deleveraging and a strong cash position of US$1.09 billion.
Streamlined management and completed integration of Enel Energy, focusing on operational optimization and cultural consolidation post-merger.
Financial highlights
Lifting cost reached a historical low of US$13.3/boe, down 11.5% sequentially and 25.8% year-over-year; offshore at US$11.0/boe, the lowest since the merger.
Net debt/EBITDA improved to 2.3x (USD), down from 3.4x at the year's start, with net debt reduced by 17.2% sequentially.
CapEx decreased 19% QoQ, with onshore CapEx down 31–34% and most 2025 CapEx shifted forward from 2026.
Net income for 3Q25 was R$120.7 million (US$22.2 million), impacted by non-cash financial expenses; adjusted net income was R$681.3 million (US$125.0 million).
Strong liquidity with US$1.09 billion in cash and equivalents, plus US$138 million in oil inventory.
Outlook and guidance
Focus remains on free cash flow generation, deleveraging, and operational efficiency through 2026, with significant CapEx for four new wells (two each at Atlanta and Papa-Terra).
No major production increases expected in 2025; production gains anticipated in late 2026 and 2027 as new wells come online.
Onshore EOR projects to continue, including nitrogen and polymer pilot projects.
Dividend policy remains at 25% payout of net income, with future increases or share buybacks to be considered post-2027 when leverage is further reduced.
Ongoing investments in Atlanta Phase 2 and new wells in Papa-Terra expected to support future production increases.
Brava's Capex strategy for growth vs. cash
Impact of recent liability management on debt cost
Key drivers for offshore lifting cost variations
What is the impact of accurate BSW data reporting for Atlanta?
Onshore production recovery post-ANP audit plan?
Deleveraging pace and dividend policy outlook for 2027?
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Next Brava Energia earnings date
Q4 202511 Mar, 2026
Brava Energia
Next Brava Energia earnings date
Q4 202511 Mar, 2026
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