Brava Energia S A S/Adr

Boa tarde a todos! Sejam bem-vindos à conferência de resultados da Brava Energia, referente ao segundo trimestre de 2026. A apresentação e os comentários sobre os resultados serão apresentados pelo diretor-presidente, Richard Kovacs, e pelos demais membros da diretoria estatutária. Destacamos que a ferramenta de tradução simultânea está disponível na plataforma. Para acessar, basta clicar no botão Interpretation na parte inferior da tela e escolher o idioma de preferência. This conference is being recorded and will be available on the company's website for investors, ri.bravenergia.com, as well as the presentation displayed here. We inform that all participants will be only listening to the conference during the presentation, and then we will start the Q&A session when more instructions are provided. Before proceeding, We would like to emphasize that the prospective statements are based on the beliefs and assumptions of the administration of Brave Energy and the current information available to the company. These statements can involve risks and uncertainties, given that they concern future events and therefore depend on circumstances that may or may not occur. Investors, analysts and journalists must take into account that events related to the macroeconomic environment, segments and other factors that can make the results materially different from those expressed in the respective prospective statements. We will start the presentation by passing the floor to Mr. Richard Kovacs. Please, Mr. Richard, you may proceed.

Good afternoon, everyone. Welcome to the second quarter of BRAVA's results call. I will start the presentation with the highlight slide. The second quarter was marked by a very positive combination of operational evolution and strong financial performance. We achieved an average production of 82,000 equivalent barrels, an increase of 8% in relation to the previous quarter, already exceeding the average recorded in 2025. This result mainly reflects the greatest contribution of offshore assets, combined with the gradual return of the production of the Potiguar Basin. In the financial sector, we recorded historical revenue and adjusted EBITDA records, driven by the largest volume of sales, best prices and strong performance in the downstream segment, which reached a historical margin in the quarter. We also continue to advance in our value generation agenda. The second quarter of 2026 marked the fifth consecutive quarter of the company's liquid debt reduction, accompanied by a continuous reduction in the cost of the debt. These marks add to the operational efficiency of our assets and the excellent execution of the drilling campaign, our main vector of organic growth for the coming quarters. In cost efficiency, we concluded in July the first phase of the BRAVA Efficient project, S A S A S A S A S A S A S A S A S A S A S A S A S A S A Now, moving on to operational highlights. This quarter demonstrated Brava's ability to simultaneously execute growth initiatives, increase efficiency and operational transformation. We have evolved in production stabilization. We have advanced in the offshore drilling campaign and we have inaugurated the Potiguar Integrated Operations Center, which represents a new level of control and management of onshore assets. As mentioned in the highlights, our average production reached 82,000 equivalent barrels per day in the quarter, maintaining the observed recovery trajectory since the beginning of the year. Growth was sustained mainly by offshore assets, with highlights for Atlanta, Papaterra and Parque das Conchas, adding to the gradual return of normalized levels of onshore production, with an increase in production in the Potiguar Basin. Thank you, Richard. Good afternoon.

I will be bringing here now some highlights from the Office of Operations Offshore. I will talk a little bit about the operation, but I will also bring some points related to our drilling campaign in Papaterra and also in Atlanta. Well, in terms of operation, we had a fairly stable quarter, both Papaterra and Atlanta, and also Peruá, with a very regular production. In Atlanta, we signed the so-called Final Completion, which means that we recognize the completeness of Topside. This is highlighted by the final commissioning of the two deckborders and the steam turbine as well. S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S Vindo para a Papaterra agora, a Papaterra também manteve a eficiência que a gente vinha observando nos últimos meses. Lembrando que a gente está em parada de produção programada em Papaterra, que começou no último dia 29. A parada está indo super bem, muito alinhada com o que a gente planejou. S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S Bom, ainda falando de Papa Terra, e aí eu vou migrar um pouquinho para a campanha de poços, o desafio que a gente tem lá S A S A S A S A S A S A S A S A S A S S S S S S S S S S S S S S S S O O O O O O O O O O E por último, talvez mais importante, que é uma atividade que está acontecendo nessa parada, é a substituição dos trocadores de calor. Isso permite a operação dos poços 52 e 53, mas também mitiga um ponto importante de eficiência de Papa Terra. A S S S S S S S S S S S S S S S S Well, entering a little more of the campaign, the timeline that appears there on the screen, we, in March 26, arrived here, the Quasterista unit, Lone Star, arrived, and we, remembering a little bit, I already said in the last call, we made this perforation in battelada. It means that we perforated some phases in 52 and 53 for logistics optimization, equipment use, so today we have four perforated phases in PPT 53, and we went there, put the Christmas tree, made the temporary abandonment, and in 52 we have already completed the perforation phase and also completed the lower completion phase. We are now moving to the higher completion of this well, also absolutely in line with what we planned. S S S S S S S S S S S S S S S S S S S S S S Bom, a gente tem aí a previsão de primeiro óleo agora no segundo semestre, esse ano ainda a gente começa a produzir tanto 52 como 53, enquanto que em Atlanta a gente tem a previsão de início de produção no início, no primeiro semestre do ano que vem. Agora em outubro de 26 a sonda sai de Papa Terra e começa a operar lá em Atlanta. Well, guys, I'll stay here. Naturally, I'm available to answer your questions, as usual, and I'll pass the floor to Jorge Boeri, who will bring the highlights of the Onshore Operations Department. Thank you and see you soon.

Thank you, Travassos. The polo-potiguar disinterested process is coming to an end, and as the chart shows, production is slowly returning. In addition to production returning, it is important to mention the increase in steam injection. In the month of July, we reached the same level of vapor injection that we had before the interdiction. As I told you before, the vapor is to heat the heavy oil reservoir, improve the fluidity of the oil and, consequently, increase production. It is not an automatic process, it takes time, but as it happened before, the reservoir responds favorably. In Potiguar we are starting the drilling of our first exploration well in the Sañazo field, with the main objective of increasing the production of gas in the field that corresponds to the production of 50% of the gas of the Potiguar people. We also have a secondary objective of oil production. So, we are going to save the results of the tests for the next few months. Our IBA projects continue to mature. After the success of the nitrogen injection pilot, we signed a risk contract with our supplier. We pay for the increased yield produced. We also signed a contract for the Organic Recovery project, which should start later, depending on the processes of the pandemic. Next month we should be starting and that pilot is going to start in the field of Canto do Amaro. And depending on the results in the field of Amaro, we will also extend a pilot in Bahia. We are in the final process of signing a contract with a polymer supplier to start our polymer injection project in a crystal salt field. Going to Bahia, we have stability in production throughout the year. Now we are about to start selling gas in the field of Socorro. I take a field that is isolated. So, from the beginning of its production history, in 1958, that field produces gas and oil. The gas and oil are separated. The oil is sold by cart and the gas is re-injected. Now we are going to re-inject only a parcel of that gas and we are going to sell, like LGN, about 100,000 cubic meters a day of gas. S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S Otro campo de mudanza en la bahía es un campo de selliz, donde estamos finalizando obras necesarias para maximizar el aprovechamiento de la formación pitanga. We have estimated to be able to finish this in the last quarter of the year and it will also allow a growth in production and sales of CX gases, in addition to being able to have better information about the pitanga formation to understand the real potential of it. In Bahia, the two substations of Reconca and GeoVentura continue to advance according to the plan and will begin to operate at the end of the year, with the consequent reduction of costs and improving the reliability of the electricity system. In our industrial asset of Guamaré, we continue to work to expand our operational capacity and reliability. We are finishing very important works, such as the construction of a new tank of 45,000 cubic meters of capacity, the fourth stage of oil treatment. We continue to advance in the construction of our electro center and the stage of oil discharge with Bitrens. In the month of June, we carried out the maintenance stop scheduled in our UPGN. The same was done in the scheduled times and costs, and what is even more important, without any type of safety event. This stop will generate conditions of robustness and reliability in our gas treatment process. A very important fact was that in the month of July we broke our production and sales record of KAB, taking advantage of the excellent spreads. Let's go to the next slide, please. Last month in Mossoró we opened our integrated operations center, UCOI, in the town of Potiguar. UCOI represents a substantial change in the way in which we operate our land fields. It is an unprecedented water division in Brazil. in the same collaborative environment, all technical disciplines are united together with the logistics area. This greatly favors the efficiency in the utilization of resources. All areas that require services are together or that provide a resource. So, everyone looks with clarity where it is at priority, at greater need. And since they are all in joint rooms, that is, the plant, duct, P P P P P P P P P S A S A S A S A S A S A S A S A S A S A S A S A S A S A de un jeito más planejado. Estamos mudando el sistema de comunicación también, dejando las bellas radios que solo ofrecen servicios de voz, pasando a un sistema de voz y datos, un sistema de Starlink, y eso también obviamente va a llegar todas las condiciones para que toda esta nueva forma de operar el campo sea viable. No mes de septembro, vamos a estar inaugurando nuestro COI de Bahía con exactamente el mismo concepto que hicimos en el Geogrande Unorche, con el mismo objetivo, ¿no? Melhorar fuertemente la eficiencia de los recursos, la velocidad de detección de los desvíos, la resolución eficiente de los problemas y la padronización de nuestras operaciones y nuestros procesos productivos, lo que redundará en una melhora importante en nuestra aseguranza en procesos también. Thank you, I am available for questions in the Q&A and now I will pass the word to our CFO, Luis Carvalho.

Thank you, Goeri. Now we are going to talk a little about the financial part and show how the operational and commercial evolution of the quarter has translated into a consistent value generation for the company. Starting with revenue, we ended the quarter with a record result of US$712 million, a growth of approximately 15% in relation to the previous quarter and also in annual comparison. Esse desempenho reflete três fatores principais. O primeiro deles foi a melhora no ambiente de preços, impulsionada por um fortalecimento do branch ao longo do período. O segundo fator foi o aumento dos volumes comercializados, especialmente em Parque das Conchas e Papaterra. E por fim, a gente continuou avançando na monetização do nosso portfólio, capturando melhores condições comerciais. It is also worth highlighting the balanced contribution of our acting fronts, with relevant participation in offshore, onshore and downstream operations. Moving on to EBITDA, we achieved a record result, totaling US$351 million in the quarter. This result reinforces the resilience and diversification of our portfolio, in addition to the operational discipline that we have implemented throughout the company. The offshore segment continued to be the main generator of results, but the onshore operations also represented very solid margins. At the same time, we maintained a positive operational cash generation in all segments, even in a quarter marked by the increase in investments related to the drilling campaign. This point is particularly important because it demonstrates our current capacity to finance organic growth, preserving the company's capital discipline. In relation to the lifting cost, we continue to observe consistent performance. In offshore operations, the registered increase in the quarter is mainly related to the recognition of costs incurred in previous periods in BC-10 and Papaterra. In the offshore, the costs remained practically stable. In general, we continue to be confident in the trend of reducing costs over the next few quarters, as production increases and we continue to capture scale and operational efficiency gains. In the second quarter, we started a new cycle of investments directly associated with the integrated drilling campaign. The investments totaled 151 million dollars, concentrated mainly in Atlanta and Papaterra. It is important to highlight that this dynamic does not represent a change in our financial discipline. On the contrary, we are allocating capital on projects with high returns and great potential for value generation for shareholders. The history of Atlanta is a good example of this. Our goal is to anticipate investments to capture relevant growth in production and cash generation in the next few years. Regarding capital structure, we continue to advance consistently in our unblocking process. We ended the quarter with a cash position of US$ 965 million and a 1.97x leverage. This was the fifth consecutive quarter of a consolidated liquid debt reduction, reflecting the combination of operational growth, cash generation and an active management of passive finances. S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S In relation to HED, we believe that the main point to be highlighted is that most of the negative impact has already been recognized throughout the second quarter. At the same time, the remaining exposure is significantly lower and continues to decrease over the next few periods. Our strategy remains based on a prudent approach, combining cash flow protection, financial flexibility and preservation of the exposure to the potential of oil valuation in a scenario that proved challenging from a macro point of view, added to a concentration of investments throughout the year of 2026. It is also worth noting that all structures were implemented without the need for a call for margin. Por fim, quando a gente olha para o restante de 2026, a gente acredita que a Brava está entrando em uma nova fase. A gente concluiu um processo importante de estabilização operacional e ajuste da estrutura de capital da companhia com um balanço mais equilibrado e a gente está agora totalmente focado na próxima etapa da nossa trajetória de crescimento. A gente tem quatro prioridades muito claras. The first is to conclude the process of integration and alignment with Eco Petrol. The second is to continue increasing operational efficiency and reducing the cost of debt. The third is to maintain the capital discipline and accelerate the unbalancing of the balance. And finally, to safely execute and within the schedule the integrated drilling campaign in Papaterra and Atlanta. In summary, Bravo is investing today to expand production, reduce costs, strengthen cash generation and capture a new growth cycle from 2027. The combination of quality assets, operational excellence and financial discipline makes us very competitive in relation to the company's future. All this reinforces our conviction that we are building a company that is increasingly efficient, resilient, capturing growth opportunities in the coming years and prepared to generate value, even in more adverse oil scenarios. Now, before I close, I would like to thank all the Brava employees. Over the past few years, our teams have faced a period of profound transformation, integration and numerous operational challenges, and they have done and are doing so with enormous resilience, commitment and spirit of ownership. The results we present today are the result of dedication, competence and tireless work of each one of the people who are part of the company. Thank you very much to all of you for helping to build BRAVA every day.

With that, we can move on to Q&A.

Iniciaremos agora a sessão de perguntas e respostas.

Caso deseje fazer alguma pergunta, por favor clique no ícone de Q&A que aparece na parte inferior de sua tela e digite a sua pergunta. Para fazer perguntas através do microfone, clique nesse mesmo ícone e digite seu nome e empresa, ou clique em levantar a mão.

Nossa primeira pergunta vem do Sr. Gabriel Barra do CIT. Sr. Gabriel, o seu áudio está liberado.

Luiz, team Brava, thank you for taking more questions.

I have two here on my side. I think the first point, inevitably, I think there has to be this question, which is this change of control. I think at this point, Luiz, I don't know how much you can help us, but now that the process is being completed, with Eco Petrol now really taking control of the company, O que que vão ser agora os próximos passos aqui nessa nesse processo de mudança né como que vai como que tá sendo até se você puder dividir aqui com a gente como tá sendo as conversas com o petróleo esse já tem alguma alguma discussão do processo de transição se S A S A S A S A S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S

Okay. Thank you, Barra. It's good to talk to you. Well, let's try to get both here. About the transition process here now with Eco Petrol, as announced there in the relevant fact, in the editorial, Yesterday there was the auction, basically it was executed successfully, and now we are waiting for August 17 for the financial liquidation, where the shares will be transferred, in fact, to Ecopetrol. From there, we will actually start to have some kind of interaction a little more structured with them, given that until then, for issues, I would say, S A S A S A S A S A S A But from the point of view of what we have today here, the drilling campaign continues to follow. Travassos will talk a little about it here. There is absolutely no change. The company's strategy does not change from the point of view of seeking more efficiency, reducing leverage, reducing the cost of debt. I'm not anticipating any radical change in the short and medium-term strategy. Talking about the habitat of NTE and Weston, NTE, as you know, S A S S S S S S S S S S S S S S S S S S S S S S S A S A S A S A S A S Nomeação dos árbitros e tal. A gente não sabe nem de fato qual é o pleito, vamos dizer assim. Depois da Corte Arbitral instalada, você tem todo um processo de quais são as alegações e tal. Então, para a gente ainda é muito cedo para fazer qualquer comentário aqui. É isso. Obrigado, Luís.

Our next question comes from Mr. Bruno Montanari from Morgan Stanley. Mr. Bruno, your audio is free.

Good afternoon, guys. Thank you for taking my questions. I'll ask a question about Onshore's strategy and another about Capex and production. Onshore, correct me if I'm wrong, but we had the impression that the company was migrating a little more to IOAR, secondary and tertiary recuperation, do que necessariamente fazer muitas novas perfurações. Só que agora com um controlador talvez que tenha um pouco mais de foco e até experiência em campos maduros onshore, vocês acham que isso poderia direcionar mais capex para crescimento barra perfuração nos ativos onshore da companhia? E a segunda pergunta, se vocês conseguirem dar uma atualização S A S A S A S A S A S

Thank you, Montanari.

We know that Ecopetrol has a well-developed experience and know-how in the onshore. So, we will certainly take a look at his experience in the management of the onshore fields. Our focus continues to be on the IOR projects and secondary recovery, but for next year we have planned a drilling campaign in our fields, both in Rio Grande do Norte and in the Bahia. consider that we gave up that drilling campaign to be able to have an operational cash flow in the year 2026 according to the current of the campaign that we have of offshore drilling, which consumes a lot of capex. So, for sure, the onshore will be enhanced with the arrival of Ecopetrol, because we know that they are differentiated in the know-how they have of this type of field, which are ours. They also have a lot of experience in the steam projects that we are developing. So I think we are going to add many things together.

Just going to the second one here, but taking a look at what Boeri just said. Obviously, when we do an analysis here, Bruno, we have a graph here that shows the returns of the projects and the payback. S A S A S A S A S A S A S A S A S Gerenciar, vamos dizer assim, o ritmo desses investimentos aqui. E aí a gente vai, obviamente, discutir um pouco dessa estratégia com a Eco Petrol. Como o Vairi falou, tem bastante para a gente absorver deles. Do ponto de vista de CAPEX, vocês viram o nível de desembolso que a gente teve agora no seguro trimestre. S A S A S A S A S A S A S A S A S A S A S S S S S S S S S S S S S S A S S A S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S that we start to have a stronger cash generation perspective in 2027, not only due to a reduction in CAPEX, given the end of the four-post drilling campaign, but also because our production tends to grow. That is, we will add four production posts that should take our production to higher levels than we are seeing today. Our next question comes from Mr. Tasso Vasconcelos from UBS. Mr. Tasso, your audio is free.

Boa tarde, Luiz, Travassos, Boeri, duas aqui do meu lado também. Primeiro, começar com Atlanta. Acho que eu queria pegar um update mais geral de vocês, agora que já passou um tempinho aqui no novo sistema. Inicialmente, uma expectativa de que o campo pudesse produzir Algo acima de 40 mil barrigias ali, mas a produção parece ter se estabilizado mais próximo dos 30 mil barrigias. Então, eu queria ouvir um pouquinho de vocês, o que tem saído conforme o esperado inicialmente, onde que vocês tiveram mais desafios e qual que é o nível de produção que a gente pode esperar para esse campo daqui em diante, com os dois novos poços previstos para entrar em operação, vis-à-vis a curva de declínio esperada daqui para frente. E uma segunda pergunta, aproveitar o time da conclusão do Diogo com Eco Petrol, para fazer a mesma pergunta que eu tinha feito para eles. Quando vocês olham os últimos anos da companhia sobre a atual gestão, Quais que vocês diriam terem sido as principais entregas, os principais projetos, onde acreditam ter tido mais sucesso e, obviamente, onde tiveram mais desafios? E quando vocês olham daqui para frente, talvez um, dois anos mais, mais à frente, onde vocês gostariam de ver o foco da companhia? Continuar com essa trajetória de reduzir endividamento, maximizar a geração de caixa, aumentar a remuneração dos acionistas, maximizar a produção? Vou ficar com essas duas aqui. Obrigado.

I'll start by talking about Atlanta. Well, Atlanta, I think we've finally reached the moment of stabilizing that unit. It's super common, a unit at the beginning of production, the post-commissioning challenges, where we have some instability in our processes. e a gente superou isso ao longo do ano passado, do primeiro semestre desse ano, e a gente finalmente chegou a um ponto em que a gente considera a operação estável, tanto no que diz respeito a Topside, como também no que diz respeito ao sistema submarino, que é um sistema submarino inédito, como vocês que conhecem o projeto muito bem. Bom, o que a gente espera de Atlanta, a gente espera, com esses dois novos postos, maximizar a capacidade do ativo, é aí que a gente quer chegar. We don't have a certain level of production, but we expect the maximization of this asset. And the work we do now is precisely so that, with the entry of these wells, we don't have a new instability, because new wells arrive, new mass balance, new oil-gas ratio, so we have a preparation of the plant, we are prepared so that we have the consumers ready, the production system ready, the pollen system ready, as it is to do O R O F I N G So that's what we expect from Atlanta. Naturally, this is in the short term. In the medium-long term, we have here at Brava a team that takes care of this near future and a team that takes care of it in the distant future. So we look beyond these two new spots, new opportunities for Atlanta. So we are running our opportunities here, always trying to maximize the capacity of the asset. That's what we have for Atlanta.

I'll take the second one, Tasso. Thank you for the question. And obviously I'll leave Boeri and Travassos to add here on the side of onshore and offshore, but from a delivery point of view, I think there was first, on the operational side, as Travassos well put it here, a greater stabilization of our production, not only in Atlanta, but in Papaterra, A long time ago it was a big topic when we met the investors and now it's no longer a focus of attention, the production is also very stable. I think obviously if we look at a period a little bit back, I think the main delivery was obviously the first oil of the Atlanta project, a pioneer project, let's say, of an independent company here in Brazil. And I think that the whole process of integration here, at the end of the day, Brava did two years of life last week. So there is a whole dynamic here of culture integration, process integration, which is still a great focus here of the board. And we obviously try to permeate this throughout the company. S S S S S S S S S S S S S S S S S S S S S A S A S A S A S A S A S A S Obviously, we have a very big opportunity, and especially now with Ecopetrol as the company's controller, to reduce the cost of debt. I say this a lot, the cost of debt that the company has, in fact, does not match the risk profile today, remembering that a large part of the debt that the company raised S A S S A S S A S S S S S S S S S S S S S S S S S S S S S S S S S S S Eventualmente com 1 bilhão de dólares ou próximo de 1 bilhão de dólares em caixa com uma alavancagem que saiu de acima de três vezes dívida líquida e bíndita para baixo de duas vezes. Então assim tem uma série de oportunidades obviamente para a gente ainda otimizar a estrutura de capital da companhia e reduzir obviamente pagamento de juros. A gente vem reduzindo a dívida líquida da companhia mas eu acho que esse é um trabalho que a gente não vai conseguir resolver isso em um ano dado. S S S S S S S S S S S S S S S S S S E continuar em busca de otimizar a companhia, seja do ponto de vista de custo, seja do ponto de vista de custo de dívida. Então, eu acho que é isso. E aí, obviamente, olhando mais no médio e longo prazo, vai ter uma discussão do ponto de vista estratégico, como eu comentei na pergunta do Barra, com a Eco Petrol. Lembrando que, de novo, A Brava, regardless of having a new controller, is a company that has a governance that has limitations, for example, from the point of view of indebtedness. The covenants of our debentures, for example, of some debts, if we exceed two and a half times, we cannot take new debts. So this, in one way or another, S A S A S A S A S A S A S A S A

S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A A S A S A S A S A S A S A S A S A S A S A S

We are focused on the drilling campaign of the four wells. This year is a delivery period. We went there, made an investment, made a very good bet on these wells. The results so far are excellent, very aligned with everything we imagined. So, focus on delivery. Our next question comes from Mr. Leonardo Marcondes

Opa, boa tarde, Luiz Travasco Eri.

Acho que esse é um call um pouco diferente, né, porque as perguntas mais legais aqui não tem muitas respostas, né, com a entrada da Ecopetrol no curto prazo. But if you could do two on my side here, with this certain normalization of oil prices, I would like to understand a little bit how you are looking at the hedge strategy, right? So you can see that you can see and Luiz agreed well in the comments that there was no new hedge, but looking forward, if we imagine a normalization in the oil level in the S A S A S A S A S A S A

Thank you, Leo. Hold your anxiety, because at the right moment we will share with you more of the strategy. I understand, let's say, this frustration of having such an important event like this, and we still haven't been able to share everything, but again, soon we will come with more details. Talking about HED, it's exactly what you said, we didn't do anything new. Just to remind you, our decision to do HED was a prudent decision, given the macro scenario that was designed at the end of last year and the beginning of this year, which was consensual, S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S Looking ahead, once our leverage gets closer to the ideal level, which I think for an independent company of our size should be below or close to one and a half times the liquid debt, there is no need for us to make additional hedges. You can do something tactical, but the reading is that you don't need to have a policy de rede estrutural para você ter o mínimo da produção travada ou coisa que o valha. Você pode fazer alguma coisa um pouco mais tática, dependendo do que você está vendo no mercado, de oportunidade, mas a tendência é que conforme a gente vá se aproximando do nível de alavancagem ou da estrutura de capital que a gente entenda como ideal, que a gente não tenha mais proteções de rede no nosso balanço. E aí, como vocês podem, a gente divulga isso, for the next periods, for the next trimesters, we have a level of protection that is much lower than what we had in the first semester of this year. So that's basically it. Talking a little bit about downstream, I understand that you asked about the crack, about the products from the refinery, but I will also talk a little bit about Atlanta and the other fields. O que a gente tem visto hoje, em função até dos eventos geopolíticos, é que o petróleo tem se demonstrado mais volátil, como vocês acompanham, mas os cracks têm se comportado, eu diria, de maneira bastante mais saudáveis do que a gente esperava também no início do ano. Se você pegar os contratos mais de curto prazo, eles estão em níveis, eu diria, bastante saudáveis, tanto o MGO quanto S A S A S A S A S A S A So, there is an expectation, obviously, that there will be a normalization as time goes by, but if we look at the last months, the curve was also with this tendency, let's say, of retreat, and as the contracts were being rolled, basically, the cracks were staying in healthier levels. So, the reading is that there is a space here, in maintaining the geopolitical scenario that we have seen today, of having better cracks, not only in the downstream here, in QAV, in diesel, in MGO, but also in our products. And then, I think just to close here, when you talk about the HED question, a lot of people only look at Brent, which is obviously the main reference, Our next question comes from Mr. Vicente Falanga from Bradesco BBI.

Mr. Vicente, your audio is free.

Thank you, Luiz Travassos Boeri. I just had one. Talk a little bit more about Papaterra, which I think is the company's next operational trigger. If you could give a little more detail about the timeline of the implementation, drilling and opening of the wells. Good afternoon, Vicente. Yes, talking a little bit about the Papaterra timeline,

In fact, we come from a very positive trajectory, in a super structured plan. I'll start by talking about the campaign, giving a little more context to what I said in the presentation. As I said, we are there with the well 52, PPT 52, 53, well 52, with the five perforated phases and the lower completion carried out. This means that we have had the opportunity to verify the potential productivity of this well, and the good news is that it is very in line with everything nava. A gente foi lá, fez toda a perfuração horizontal, navegou dentro do reservatório e os indicadores que a gente tem é de uma produtividade muito boa. Isso é uma ótima notícia, isso também traz um bom sinal para o Papa Terra 53, que a gente brevemente começa a quinta fase de perfuração. Bom, em termos de potencial de produção, o que eu posso dizer é o seguinte, a gente vai ter em cada um desses dois poços, os melhores poços que a gente tem em Papa Terra. So, we have an expectation to bring a relevant production for this type of asset, for this type of field. Speaking of trajectory, what do we imagine in Papaterra? We see a trend of asset recovery, A gente tem uma campanha de OMS prevista para iniciar em dezembro desse ano. Então, a gente vai estar lá colocando uma OMS que vai ficar seis meses, onde a gente espera dar um upgrade, eu diria assim, no que diz respeito à confiabilidade. A gente vem, paulatinamente, recuperando sistemas de Papa Terra, recuperando geradores, recuperando compressores, recuperando os consumidores de gás, trazendo ali a duplicidade dos equipamentos. We are now making an important change, also as I mentioned, Vicente, one of the great defenders of PAPATERRA was the heating system. We tried to change the equipment, we put new equipment and we tried the efficiency again. So this time what we did, in addition to putting new equipment, We replaced, we changed the project for more robust equipment. And then I would say that the great offender of the land-based productivity is eliminated now, from this return of the land. I mentioned, we are in a production stop, it started on July 29th, and one of the activities of this stop is the replacement of these heat exchangers. Speaking now in a longer aspect, from a slightly more distant point of view, we have Papa Terra in the present, in which we have this recovery of integrity, in which we have the completeness of these wells, this production, and we have a Papa Terra do Futuro program, in which we are looking around and looking for new opportunities, and they exist. As Luiz brought, we have nothing planned for FID next year, we are still in the study phase, But we see a lot of potential in this asset to be delivered yet and then finally raise the recovery factor, which today is around 3% for higher levels than this. I think that's basically it. I don't know if I answered your question. In terms of reliability and operative resilience of the asset, it has shown itself in the results that we have shown. We have an operational efficiency of 86% today as a goal. We have reached 90%. Our next question comes from Mr. Yuri Pereira from Santander. Mr. Yuri, your audio is free.

Boa tarde, muito obrigado. Pelo que a gente tem de interação com os investidores, uma das principais preocupações com relação ao ecopetrol S A S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S A S A S A S A S A S

Okay, I'll get some public information here, because Ecopetrol reported the result recently. In fact, there is a concern, again, public news, some declarations of interlocutors of the Colombian government, of Ecopetrol itself, on the issue of sustainability of production. And Brava, in this context, not only because of the control, we understand that Ecopetrol will have the possibility not only to book the reserves that Brava can contribute, but also the consolidated production. So, taking the latest public data, I think that Ecopetrol delivered a production close to 700 thousand barrels, we are producing S A S A S A S A S A S A S A of your question about CAPEX, how much could be done more and how can this compromise the initiatives of the Ability Management. Remember that maybe in Longshore we have a little more flexibility in accelerating and slowing down investments because of the dynamics of the industry. While in the offshore, it requires a time of preparation, of hiring, of critical equipment, of availability of probes, of ships, that we would hardly, for example, be able to do something for 2027. I think it is very unlikely that this will materialize. And as I answered in a previous question, I don't remember now who did it, S A S A S A S A S If our leverage is above 2.5x, the company cannot contract new debts. So, Capex can eventually be accelerated at a certain moment, but there is a limit to that. In other words, you can't just think that Capex will double or stay at a level S A S S S S S S S S S S S S S S S S S S S S S S S A S A S A S A S A S S A S S So I think there are still some optimizations to be made. As I said, our bond will be pre-payable from the beginning of next year, in February of next year. So there is a possibility, yes, that we are studying some discussions that we will possibly have with Eco Petrol as points of opportunity to maybe make a tender on one part of the bond. But then you have to see if there is a market, if there is not, what is the horizon, the preparation that we need to execute. S A S A S A S A S A S A S A S A Our next question comes from Mr. Rodrigo Almeida from BTG Pactual. Mr. Rodrigo, your audio is free.

Boa tarde a todos. Eu queria só talvez fazer dois follow-ups aqui. Um deles vai no CAPEX e talvez aqui para o Luiz. Não sei se dá para a gente imaginar ou talvez tentar montar aqui junto. E eu não sei se também o que eu estou pensando aqui vai ser de fato o que vai acontecer. Mas assim, o desembolso de caixa para a campanha offshore, como é que ele vai se dar aí ao longo dos próximos trimestres? Eu acho que eu até perguntei um pouco disso no último call. Talvez vocês tenham uma visão um pouquinho melhor agora, né? S S S S S S S S S S S S S S S S S S S S E aí o segundo flop que eu queria era falar um pouco mais de Papaterra. A gente falou um pouco aqui sobre a campanha atual. Eu queria tentar explorar um pouco mais com vocês dois upsides em Papaterra. O primeiro deles é relacionado à precificação do óleo. Se a gente consegue vislumbrar aqui algum tipo, principalmente com a produção maior, se a gente consegue vislumbrar algum tipo de melhoria no desconto de Papaterra. S A S A S A S A S A S A S A S A S

S A S S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S A S

Well, I'm going to... As Luís, as you like numbers, I like operations, I'm going to bring some colors that I think Rodrigo will be perfect for you to understand this CAPEX dynamic. We said here that we mobilized the PLSV now, on July 15th. So the great cost, the great CAPEX of the activity, it comes mainly from the diaries of this equipment. We are there with the probe, with the Lone Star and now with the PLSV. So we can have in line, as Luís said, with a small increase here here in this second semester is due to the mobilization of the PSV. We also said here that Papa Terra delivers the two wells now in the second semester, so we mobilize this for Atlanta. And we said that Atlanta, we have the first oil there in the first semester of next year, it is a little more displaced towards the end of the first semester of next year. So the CAPEX distribution is a little in this line. We will have a very aligned CAPEX in these quarters, because in our contractual form here, although we have important equipment to receive, but these disbursements have already been happening over time. So we will have a very constant CAPEX, I would say, which is absolutely Alinhado com o que a gente estabeleceu, com o que a gente orçou, falando em CAPEX.

And the second question about the PAPA Terra pricing, yes, we obviously don't open any details of the contracts that we sign with our counterparts. First of all, there are terms of confidentiality and obviously it is strategic for the company, so it doesn't make much sense for us to talk contract to contract, but obviously we are in incessant search, the trading team here, the commercial team is within my board, de todo mundo tem meta aqui para melhorar, vamos dizer assim, a precificação dos nossos contratos. Então, a Papa Terra não é diferente disso. A gente vem trabalhando internamente em algumas ações para tentar, obviamente, ter mais flexibilidade S A S A S A S A S A S A S A S A S A S A

So yes, primarization is on the radar, it remains on our radar. It will also happen in the first half of next year. We are already preparing for this primarization in talks with Alter Ocean, so this is more than awake, it is closed. S S S S S S S S S S S S S S S S S S S S S

Our next question comes from Mr. Enzo Souze from XP. Mr. Enzo, your audio is free.

Good afternoon, Luiz Travassos Boeri, how are you?

Thank you for taking my question. I think we've already gone through the main topics, but I wanted to take the opportunity to ask a quick question about the export tax. I think the market, in general, was a little surprised by the continuity of the rate and I wanted to understand a little better what the basic scenario is that you are working from now on. Thank you.

S A S A S A S A S A S A S A S A S A S A S S A S A S A S A S A S A S A S A S A S A S A S And then, from the way it is in the report of the act, it can be revised any day. So, it's a scenario that we can't make a very assertive prediction, even to plan when this tax could eventually be suspended by the bodies. So we are working here in a conservative way, I would say, using this export tax continuously until 2027. But again, it is much more an assumption here of our internal modeling for the effect of programming, from the point of view of cash disbursement, of how our leverage is with this tax, than something that we have Perfeito. Obrigado.

Without further questions, we conclude this conference. We thank everyone for their participation and have a good afternoon.