Slides
Page 1
PRIO EARNINGS RELEASE 2Q26 SEASIA
Page 2
This presentation contains forward - looking statements . All statements other than statements of historical fact contained in this presentation are forward - looking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisition of equipment, expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives . Readers can identify many of these statements by looking for words such as “expects”, “believe”, “hope” and “will” and similar words or the negative thereof . Although Management believes that the expectations represented in such forward - looking statements are reasonable, there can be no assurance that such expectations will prove to be correct . By their nature, forward - looking statements require us to make assumptions and, accordingly, forward - looking statements are subject to inherent risks and uncertainties . We caution readers of this presentation not to place undue reliance on our forward - looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward - looking statements and the assumptions underlying the forward - looking statements . The following risk factors could affect our operations : the contingent resource and prospective resource evaluation reports involving a significant degree of uncertainty and being based on projections that may not prove to be accurate ; inherent risks to the exploration and production of oil and natural gas ; limited operating history as an oil and natural gas exploration and production company ; drilling and other operational hazards ; breakdown or failure of equipment or processes ; contractor or operator errors ; non - performance by third - party contractors ; labour disputes, disruptions or declines in productivity ; increases in materials or labour costs ; inability to attract sufficient labour ; requirements for significant capital investment and maintenance expenses which PetroRio may not be able to finance ; cost overruns and delays ; exposure to fluctuations in currency and commodity prices ; political and economic conditions in Brazil ; complex laws that can affect the cost, manner or feasibility of doing business ; environmental, safety and health regulation which may become stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage ; early termination, non - renewal and other similar provisions in concession contracts ; and competition . We caution that this list of factors is not exhaustive and that, when relying on forward - looking statements to make decisions, investors and others should also carefully consider other uncertainties and potential events . The forward - looking statements herein are made based on the assumption that our plans and operations will not be affected by such risks, but that, if our plans and operations are affected by such risks, the forward - looking statements may become inaccurate . The forward - looking statements contained herein are expressly qualified in their entirety by this cautionary statement . The forward - looking statements included in this presentation are made as of the date of this presentation . Except as required by applicable securities laws, we do not undertake to update such forward - looking statements . DISCLAIMER 2
Page 3
HIGHLIGHTS OF THE PERIOD 3 Completion of Wahoo’s development, reaching the 40 kbpd milestone at the field Publication of the fourth Annual Sustainability Report Total revenue of US$ 1.4 billion (184% increase vs. 2Q25) Record production of 172 thousand barrels per day and record sales of 15.3 million barrels Start - up of production of the A - 15 well, in the Isolado area, at Peregrino Repurchase of 9.3 million shares Leverage of 1.5x Net Debt/EBITDA Adjusted EBITDA (ex - IFRS 16) of US$ 879 million (218% increase vs. 2Q25) Net income (ex - IFRS 16) of US$ 413 million (169% increase vs. 2Q25) Lifting cost of US$ 8.9 per barrel
Page 4
Production ( boe /d) Cash Position (US$ MM) Net Debt (Cash) / Adjusted EBITDA Lifting Cost (US$/bbl) HIGHLIGHTS OF THE PERIOD 4
Page 5
CAMPOS BASIN ASSETS PERFORMANCE 5
Page 6
VALENTE CLUSTER (Frade & Wahoo ) 6 In Frade, a gas lift line failure in early May temporarily interrupted production of three wells . The replacement was completed in July, with production normalized . Average production of 61 . 1 kbpd in 2 Q 26 , up 87 % compared to 1 Q 26 , driven by the start - up of Wahoo's third and fourth wells in April and June, respectively, increasing the field's production to 40 kbpd .
Page 7
7 Average production of 14 . 3 kbpd in 2 Q 26 , up 30 % compared to 2 Q 25 , reflecting : ( i ) the resumption of wells TBMT - 10 H and TBMT - 4 H after workovers completed in June 2025 ; and (ii) the start - up of wells POL - GY and Well - B in December 2025 and February 2026 , respectively . BRAVO CLUSTER (Polvo & Tubarão Martelo) Compared to 1 Q 26 , production decreased by 10 % , impacted by the temporary interruption of well OGX - 44 HP due to a BCS failure at the end of March, with the workover completed in May .
Page 8
ALBACORA LESTE FIELD 8 Operational efficiency of 85 . 9 % in the quarter . Average production of 22 . 1 kbpd (net PRIO) in 2 Q 26 , a decrease of 16 % and 18 % compared to 1 Q 26 and 2 Q 25 , reflecting the interruption of well ABL - 68 due to hydrate formation in April, normalized in July, and the shutdown of some wells for 3 days in June for maintenance of the cooling system .
Page 9
PEREGRINO FIELD 9 Average production of 74 . 5 kbpd (net PRIO) in 2 Q 26 , down 7 % compared to 1 Q 26 , mainly impacted by the shutdown of well C - 26 due to a BCS failure, with workover completed in April . Progress in OPEX reduction initiatives, with the completion of the gas import pipeline repair, currently in the final stage of recommissioning, which will reduce the field's operating costs and carbon footprint . Start of the Isolado reservoir development, with the well A - 15 starting producing in May, restored the field's production to above 100 kbpd .
Page 10
*Adjusted EBITDA is calculated similarly to EBITDA, excluding the line with non - recurring effects “Other Revenues and Expenses”. FINANCIAL RESULTS (US$ thousands ) 10
Page 11
Debt Duration ( years ) Average Debt Cost Amortization Schedule (US$ MM) FUNDING 11 Full repayment of the bond maturing in 2026 , in the amount of US $ 168 . 7 million, and rollover of US $ 354 . 1 million in bilateral debt from 2027 to 2028 and 2029 . Increase in the average cost of debt due to the repayment of the bond ( 6 . 125 % p . a . ), and the increase in SOFR, impacting bilateral financing indexed to floating rates .
Page 12
Net Debt Variations (US$ MM) NET DEBT VARIATIONS Working Capital Mainly impacted by the reduction in suppliers. CAPEX Completion of Wahoo’s producing wells, drilling of wells and gas pipeline repair at Peregrino, start of Arapuçá development at Albacora Leste, and drilling of wells at Frade. Share Buyback Repurchase of 9.3 million shares in the quarter. 12
Page 13
Net Debt (Cash) / adjusted EBITDA (US$ MM) LEVERAGE 13 *For purposes of calculating the financial covenants, the EBITDA used considers the effects of IFRS 16, as defined in the res pec tive financing agreements, as well as the LTM EBITDA related to the 40% interest in the Peregrino field acquired in November 2025.
Page 14
ENVIRONMENT AND SOCIETY 141414 ¹ Scope 1 and 2 emissions ² The information for 2026 refers to the partial inventory, which has not yet been certified and may undergo minor changes. Relative Emissions : In 2 Q 26 , the Company reached average relative emissions¹ of 21 . 7 kgCO₂e /boe², 16 % and 44 % below 1 Q 26 and 4 Q 25 , respectively . Sustainability : During the quarter, PRIO published its fourth Sustainability Report, for the 2025 reporting period, prepared in accordance with the GRI Standards, including SASB disclosures and considerating the recommendations of the TCFD . Sponsorships : Through the I PRIO platform, support for sports, culture and leisure initiatives, such as the Rio Marathon, LIVE! Run and SP - Arte . Culture and Develpment : Completion of the Reação Offshore classes started in 2025 and opening of enrollment for 2026 . Safety , Health and Well - being : Modernization of FPSO Forte’s accommodations, at Albacora Leste, with the construction and renovation of living quarters and improvements to common and circulation areas . During the quarter, PRIO also held Safety D - Day, under the motto “Always on Guard”, mobilizing more than 1 , 000 employees .
Page 15
15 Closing of the remaining 20% of the Peregrino interest Continuous focus on M&A opportunities OUTLOOK Operational efficiency of Albacora Leste Shareholder remuneration policy Continuous focus on our employees and contractors’ health and safety Frade producing wells