Brava Energia S A S/Adr

May 2026, an award-concert at the Oscar of the Global Oil and Gas Industry is about to change hands. For the first time, it goes to a Brazilian independent oil and gas company. Brava Energia received the 2026 OTC Outstanding Company Award for the Full Development System of Atlanta Field in the Santos Basin, an achievement that belongs to Brava, but also to the entire Brazilian industry. Atlanta is no ordinary project. It is the deepest heavy oil field in the world. Just talking about heavy oil brings a great deal of complexity. Talking about deep waters brings the need for extreme capital discipline. So for an independent company like Brava, this makes it a double challenge. Getting extremely viscous oil to flow from the seabed to the surface required solutions that had never been tested on a large scale in Brazil. Bravo managed to bring together highly experienced people with deep industry knowledge and extensive expertise along with a younger group of people that brought technology and innovation to the table. The more experienced guys listened And we arrived at this final consensus, this great achievement. The OTC award is not a brava award. It is an award for the Brazilian industry, especially for independent oil and gas companies. We know that the Brazilian market was heavily geared toward the majors, which have immense technical and financial capabilities. I think this award Good afternoon, everyone. and welcome to the conference call to discuss Brava Energia's first Q2026 earnings results. The presentation and comments about the results will be made by Brava's CFO, Luiz Carvalho, and other members of the management. There is simultaneous interpreting on the platform. To access this resource, you need to click on the interpretation button on the bottom of the screen and choose the language of your preference. This conference call is being recorded and will be available on the company's IR website ri.bravaenergia.com where you can find the presentation that we will show here. I'd like to remind you that all participants will be in personal remote during the company's presentation. Later, there will be a question and answer session when further instructions to participate will be provided. Before proceeding, we would like to inform that forward-looking statements are based on beliefs and assumptions of the Brava Energia management and on information currently available to the company. Forward-looking statements may involve risks and uncertainties as they refer to future events and therefore depend on circumstances that may or may not occur. Investors, analysts and journalists should take into account that events related to the macroeconomic environment segment and the other factors may cause results to differ materially from those expressed in the respective forward-looking statements. We will begin the presentation by giving the floor to Luis Carvalho. Please, Mr. Carvalho, you may proceed. Hello, good afternoon, everyone, and thank you for joining our earnings call. The first quarter of 2026 marked Another important step in Brava's transformation, more important than a strong quarter on its own. We believe these results underscore a structural shift within the company. Today we have a more efficient, more resilient operation with greater capacity to create value for our shareholders over business cycles. We saw operational progress, strong EBITDA growth, positive cash flow and continued deleveraging, all while maintaining capital discipline and a focus on execution. The quarter demonstrated simultaneous progress in operations, strategy, and finance. Underscoring the drama today combines operational growth with financial discipline. We posted record net revenue of $596 million and record adjusted EBITDA of $310 million, more than double the result quarter on quarter. April production already shows a significant recovery, reaching 80,000 barrels of wool equivalent per day above the target for the first quarter 26. We also continue to make progress in operating efficiency, lifting costs fell to just under $11 per barrel, one of the lowest levels in our recent history. We reduced capex by 57% compared to the previous year and generated positive free cash flow even after making significant payments from the acquired portfolio. And perhaps more importantly, we delivered our fourth consecutive quarter of deleveraging, ending the period with a net debt over EBITDA ratio of 1.8 times. Now let's talk a little about reserves and our portfolio. Over the past few years, we have built a significant diversified platform with long life reserves, and this slide clearly illustrates that evolution. We have gone from producing 19,000 barrels of all-weather equivalent per day in 2020 to approximately 80,000 barrels currently. In addition to scale, we now have a well-balanced portfolio of onshore and offshore assets with different risk profile return and cash cycles. Another important highlight was the update of our reserves certification reaching 459 million barrels of well equivalent in 1B reserves, or nearly 80% of the company's 2B reserves. This underscores that Brava not only generates cash today, but also has assets that are both relevant and sustainable for the future. The company has evolved from being merely a story of operational turnaround to becoming a natural oil and gas platform in Latin America. Turning now to ESG. At Brava, ESG is directly linked to operating efficiency, risk management and value creation. We continue to make progress on this agenda, always in close alignment with the company's financial and operational performance. Today, we have direct integration between the ESG group and various other departments across the company, strengthening governance and transparency. We have maintained low levels of offshore emissions, made progress in real-time operational monitoring, and continue to invest in safety, integrity, and training. We have also strengthened our social agenda with investments in local communities and significant progress in compliance and governance programs. For us, ESG is not just a narrative. but its execution, risk management, and operating efficiency. Turning now to some operational highlights, the operational recovery began to emerge more clearly throughout the quarter, and I will go over the key operational highlights. Starting with the production slide, April already shows a consistent pickup in production, reinforcing that we are already in the early stages of this recovery and operational stability. The period still had some one-off operational impacts observed early in the year, mainly at Atlanta and Porticoire. But the most important here is to look at the trend. April already delivered 80,000 barrels of oil equivalent daily, representing the best month of 2026 so far, and showing a recovery in production. Offshore assets continue to be the company's main driver of growth and efficiency. I'll now turn the floor to Carlos Trabasos, our offshore and I'll be back to speak about our financial highlights. Very well. Thank you very much, Luis. Good afternoon, everyone. Thank you all for being here at the call. As you can see from the slide, I'm going to focus here on our campaign, the Atlanta and Papaterra campaign, but I'd also like to highlight a few points regarding our operating results for the quarter, production results and for for Atlanta, Papaterra, and Perua, which performed very much in line with our plans. There's nothing out of the ordinary to report. But in any case, I'll be here and fully available to answer any questions you may have about these assets, okay? Very well. To talk a little about this slide, the main message I want to convey is that the campaign is going exactly as planned. I'm going to give a slightly more informal presentation, sharing some more operational details of this campaign, but looking at the timeline and milestones, I think the major event of this quarter, in addition to the start of drilling itself, was obtaining the license, which was a key milestone, and that went exactly as we had anticipated. We had already mentioned that we didn't expect any issues regarding the license given the interaction we had with IBAMA, and that was confirmed. We obtained the license without a hitch and began our drilling campaign. So, to give you some details about this campaign, as you know, we are starting with Zapaterra, so we will drill and connect the two wells in the fourth quarter of 2026 and Atlanta will follow in 2027 and we're sticking to exactly the same dates that we set back when we back when we made this investment decision so we are absolutely on track on time and on budget talking a little now about the operational side of this campaign here's the video I'm going to play in a moment which will S A S A S A S A S A S A S A means that I'm deploying certain types of equipment. You've seen the image, actually. I'll go ahead and put the video to play while I'm talking. The video has no audio. As a disclaimer, I won't be narrating the video since I will not be narrating the video. Please hold. There was a sound cut. Please hold. The Zoom screen has frozen. Please hold. Brava Energia's video conference call will resume in a couple of moments.

As expected, and then we move to the other phases.

So these images are from Papaterra 52. We completed the two phases at Papaterra 52 and moved on to Papaterra 53. We will therefore proceed through three phases at Papaterra 53, and then we'll return to S A S S A S Any questions you may have. I hope you liked it and I'd appreciate it if you could give Godoy some feedback on whether this format works so we can make adjustments for the next call. I'll hand over to Jorge Boeri to go over details on the onshore operations. Thank you very much.