BRAVA Energia recorded a net profit of R$ 1 billion in Q2 2025, according to the financial statements released by the Company on Wednesday (6). The result is the best in the company’s history since its creation in August last year. Adjusted EBITDA for the period was R$ 1.3 billion, an increase of 24% compared to the previous quarter. Net revenue was R$ 3.1 billion.
In Q2 2025, BRAVA recorded growth in all financial and operating metrics. The company also renewed its quarterly production record, registering 85,900 barrels of oil equivalent per day (boe/d), 21.3% above the previous quarter – in July, the daily average already exceeded 90,900 boe.
“This quarter, we achieved our best result since BRAVA was created. The company has maintained a trajectory of improvement in key safety, operational, and financial aspects. This demonstrates the resilience of our portfolio and the success of our capital allocation strategy, with management focused on efficiency and reducing leverage,” said CEO Décio Oddone. “We are building a solid foundation to further boost the company in its value creation trajectory, while also contributing to the country’s development,” he adds.
Capex decreased in the period, confirming the second consecutive quarter with a reduction in investments. This was made possible, in particular, by the completion of the first stage of the Atlanta project, which included the drilling of two new wells, the connection of six wells to the new FPSO, and the installation of new subsea equipment.
Still on the financial side, the company reported a reduction in net debt and a strong cash position. 2Q25 ended with US$ 933 million in cash and a net debt/EBITDA ratio of 3.1x, down 0.3x compared to 1Q25. This debt reduction does not yet reflect important subsequent events, such as: i) the prepayment of the Potiguar Debenture (US$ 500 million), using funds from a new issue, with a significant reduction in cost and a better amortization profile; (ii) the prepayment of the 2nd Series Debentures of the 1st Issue (approximately US$ 125 million), a debt instrument that had the highest cost among the Company’s local debts, using cash resources; and iii) the monetization of credit linked to the financing of the FPSO Atlanta, in the amount of US$ 260 million, reducing leverage and strengthening the company’s cash position for the coming years.
Operational performance – In the second quarter of 2025, Atlanta achieved its highest quarterly production level since the field began operating, recording 36,000 boe/d. This performance was due to the completion of the connection of wells 4H and 5H during the period. Papa-Terra had its highest production volume since it was acquired by BRAVA in December 2022, registering 19,000 boe/d.
Q2 2025 also reinforces the operational consistency of the Company’s onshore assets, with stable production and the capacity to offset decline. The result, averaging 34,200 boe/d, reflects the reactivation of wells in Bahia and Rio Grande do Norte and the expansion of steam injection capacity at the Potiguar Complex, which contributes to secondary production recovery.
