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Earnings Release 2Q26 RECV B3 LISTED NM IBOV IGPTW IDIV IDVR IBRX100 SMLL IBRA IGC IGC - NM ITAG IGCT PetroReconcavo
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DISCLAIMER This presentation may contain statements and forward-looking information related to the Company that reflect the current vision and/or expectations of the Company and its management regarding its business plan. Forward looking statements include, but are not, all statements that denote forecasting, projection, indicateor imply future results, performanceor achievements,and may contain words such as "believe,“"provide,""expect,""contemplate,""likely"or other words or expressionsof similar meaning. Such statements are subject to a number of significant risks, uncertaintiesand assumptions. We warn that several important factors can cause actual results to vary in a relevant way from the plans, objectives,expectations,estimatesand intentionsexpressedin this presentation. In no event shall the Companyor it subsidiarie,its directors,officers,representativesor employeesbe liable to any third party (includinginvestors)for decisionsor acts of investment or business made on the basis of the information and statements contained in this presentation, nor for indirect or similar consequential damages. Additionally, this presentation also contains certain financial measures that are not recognized in Brazil ("BRGAAP") or by the International Financial Reporting Standards (IFRS) issued by the InternationalAccounting Standards Board ("IASB") are not audited or reviewed by the Company's independentauditors, and does not represent cash flow for the periods presented and should not be considered as substitutesfor net income (loss) , as indicators of the Company's operating performanceand, therefore,are not substitutesfor cash flow, indicatorof our liquidityor as a basis for the distributionof dividends. EBITDA has no standardized meaning and our definitionof EBITDA may not be comparableto those used by other companies. These measures have no standardizedmeanings and may not be comparable to measures with similar securities provided by other companies. The Company providesthese measures because it uses them as a measure of performance,but these should not be consideredin isolationor as a substitutefor other financial measures that have been disclosed in accordance with BR GAAP or IFRS. The Company has no intention of providing potential stock holders with a review of forward-looking statements or analysis of differences between forward-looking statements an actual results. This presentation and its content constitute informationowned by the Company and may not be reproducedor disclosedin whole or in part withoutits prior written consent.
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3 1.01x Net Debt of R$ 1.4 billion Net Debt/EBITDA R$ 396 million EBITDA +28%1Q26 +6%2Q25 R$ 808 million Net Revenue +18%1Q26 +0.2%2Q25 24.1 kboe/day Production -1%1Q26 -12%2Q25 R$ 203 million Net Income +64%1Q26 -15%2Q25 R$ 100 million JCP approved (R$ 0.34/share) Record date: August 17, 2026 Payment: August 27, 2026 2Q26 Highlights Long-term contract signed with Brava in RN Improved oil sales price Pró-Ética Company Recognition – July 2026 1- Rio Grande do Norte state
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Greater outflow flexibility, predictability gains and efficiency in oil commercialization New long-term contract with Brava in Rio Grande do Norte Future 4 Brava Energia Port of Pecém ▪ New contract effective from Oct/2026 to Dec/2030 ▪ Minimum mutual commitment for 50% of production ▪ Enhanced operational predictability ▪ Incentives for efficiency gains and value capture across the value chain ▪ Logistics and commercial diversification ▪ Increased operational resilience in oil outflow ▪ Access to the international market ▪ New domestic routes Porto of Pecém Domestic routs International Market
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2Q26 average production 5 49 workovers completed ▪ 33 producers ▪ 14 injectors ▪ 2 water supply wells Workovers Drilling Average production (kboe/day) 26.5 25.0 24.4 24.1 2025 4Q25 1Q26 2Q26 2 wells in the Potiguar Asset ▪ 1 injector completed ▪ 1 producer drilled and completed -1%
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Focus on water injection projects to reduce decline rates . 7 fields with new water injection projects ▪ Pressure support and improved sweep efficiency ▪ Increased recovery factor ▪ Decline rate reduction Water injection volume1 ▪ Higher returns on workover and drilling investments ▪ Reserve growth and extended asset life ▪ Long-term value creation Technical Economic Sabiá da Mata + 626% Sabiá Bico de Osso Tiê + 40% + 271% Other projects at different implementation stages Water injection impacts 6 1 – Comparison of 2Q26 vs. 2Q25 average daily volume.
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287 287 210 196 174 18 (4) 3 (14) (9) 24 26 21 15 19 37 260 34 10 367 569 268 197 193 2Q25 3Q25 4Q25 1Q26 2Q26 Reserve Development Materials Inventory Other fixed and intangible assets Midstream assets (UPGN Guamaré) 111 67 41 26 21 132 159 105 135 121 44 61 64 35 32 287 287 210 196 174 2Q25 3Q25 4Q25 1Q26 2Q26 Drilling Workovers Facilities Capex execution focused on improving capital return Reserve Development: R$ Million Total Capex (R$ Million) Highlights 7 Drilling two wells completed in the Potiguar Asset, comprising one injector and one producer Facilities enhancements to asset integrity projects and expansion of water injection systems in the Potiguar and Bahia Assets Workover focus on interventions with higher efficiency and return -40% 1 – 2Q26 figures reflect the first maintenance shutdown of Guamaré UPGN following the completion of the 50% acquisition in September 2025.
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442 594 263 279 (35) (89) 14 24 684 808 88. 4 88. 6 88. 8 89 89. 2 89. 4 89. 6 89. 8 90 (100) 100 300 500 700 900 1,100 1,300 1Q26 2Q26 Net Oil Revenue Net Gas Revenue Hedge NDF Service Revenue Net revenue growth supported by higher Brent prices Net Revenue (R$ Million) 8 2Q26 +18% Natural gas: partially reflecting higher Brent prices and the impact of the Guamaré UPGN maintenance shutdown Oil: higher average Brent prices, improved refined products basket, and better commercial terms following contract amendments in the Potiguar Asset 1 - Includes hedging instruments effect. 2 – The natural gas pricing methodology is based on the arithmetic average of Brent prices observed over the three preceding months (m-4, m-3, m-2). The next price adjustment, scheduled for August 2026, will reflect the arithmetic average of Brent prices recorded in April, May, and June 2026. NDF: settlement of 546,000 barrels at an average price of US$ 64.54 Services: drilling services provided to third parties Price realization 1Q26 2Q26 1Q26 Production (kboed) 24.1 Dated Brent (US$/bbl) 103.85 ICE Brent (US$/bbl) 96.68 24.4 81.13 78.38 Dollar (R$/US$) 5.055.26 -1% +28% -4% +23% Oil¹ (US$/bbl) 79.50 Gas² (US$/MMBTU) 10.26 Average realization (US$/boe) 71.50 63.40 9.36 60.10 +25% +10% +19% Revenue changes
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9 1 - Zero Cost Collar. 2 - Non-Deliverable Forward. 3 – No impact on result. 4 – Based on the 1P reserves forecast from the 2025 Reserve Certification. Oil Hedge Oil Curve 1P Hedged4 Hedge accounting Volumes and average prices NDF R$ 89 million ZCC Recognition MTM Impacts Revenue (hedge accounting) Impacts Financial Result Fair value recognized in Shareholders' Equity³ Fair value recognized in the Financial Result R$ 50 million Settled 2Q26 2026 65% 2027 37% 2028 9% 364 184 184 546 733 733 540 546 552 552 273 273 60 60 60 69.75 69.75 69.75 64.54 62.96 62.81 63.02 63.19 63.08 63.27 64.09 64.31 - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 (100) 100 300 500 700 900 1,100 1,300 1,500 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 ZCC¹ Volume (kbbl) NDF² Volume (kbbl) Put (US$/bbl) Call (US$/bbl) NDF Average Price (US$/bbl)
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335 333 297 293 285 59 52 48 60 56 24 21 20 5 44 15 31 44 16 27 433 436 409 374 412 2Q25 3Q25 4Q25 1Q26 2Q26 Costs and Expenses Royalties Gas Purchase Other Expenses¹ Continuous reduction of operational and administrative costs and expenses 1- Other Expenses: Other Revenues (expenses), net. 2- G&A excludes depreciation. Lifting Cost: 2% higher and effect per barrel reflecting the appreciation of the Real and lower production Royalties: one-off effect from the recognition of prior-period credits Midstream: lower processing, outflow, and transportation costs Total Costs and Expenses (R$ Million) Main effects Gas purchases: one-off impact from the scheduled maintenance shutdown at the Guamaré UPGN Other expenses¹: inventory write-offs and equipments maintenance Operating and Administrative Costs and Expenses (R$ Million) 10 +10% -3% G&A²: personnel and consulting expenses reduction 196 206 178 182 186 58 50 56 57 47 80 77 63 54 52 335 333 297 293 285 13.88 15.52 14.32 15.82 16.80 - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 50 100 150 200 250 300 350 400 450 2Q25 3Q25 4Q25 1Q26 2Q26 Lifting Cost G&A² Midstream Lifting Cost (US$/BOE)
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(4.2) (4.7) (5.1) (16.8) EBITDA of R$ 396 million, 28% higher vs. 1Q26 Margin driven by improved realized prices 1- Excludes the gas purchase effects.. 11 2Q26 Netback¹ (US$/boe) Breakeven cash cost US$ 30.85 45.3% 49.0% EBITDA (R$ Million) +28% Net Revenue: US$ 71.50 G&A Royalties Midstream Lifting Cost Margin Dated Brent (US$/bbl) 103.85 +28%81.13 US$ 40.65 Margin 310 123 4 (3) (38) 396 EBITDA 1Q26 Net Revenue Royalties Costs and Expenses Gas Purchase EBITDA 2Q26
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4.2 4.1 3.7 6.74% 6.12% 6.12% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 0 2 4 6 8 10 12 31/12/2024 31/12/2025 30/06/2026 Duration (years) Dollarized average cost per year 0.80x 1.10x Robust capital structure, low leverage and extended debt maturity profile Leverage, Cost and Duration of Debt Leverage² 1- Cash Position includes Cash and Cash Equivalents and Financial Investments. 2- Leverage considering Net Debt/EBITDA of the last 12 months. 3- Includes the swap effects of the Debentures. Change in Cash Position (R$ Million) 12 1.01x Debt Amortization Schedule³ (US$ Million) 313 72 72 7257 57 31 31 31 48 48 14 14 14 2Q26 2026/2027 2028 2029 2030 2031 2032 2033 2034 2035 Cash position¹ 1st Debenture 2nd Debenture 3rd Debenture 4th Debenture 1,657 (183) (100) (6) 1,620 252 Cash Position as of 31/03/2026¹ Operating Cash Flow – Fixed Asset Disposals Capex Interest on Equity Paid Other Cash Position as of 30/06/2026¹
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100 100 100 100 100 2026 2027 2028 Dividends to be paid (fiscal year 2025)² JCP to be paid³ Paid JCP Solid cash generation with shareholder returns 13 Free Cash Flow 1 (R$ Million) Earnings distribution (R$ Million) 1- Cash Flow from Operations discounted Additions to Fixed Assets and Intangibles, excluding acquisition of GuamaréUPGN and debentures interest and swap. 2- On 12/18/2025, R$ 300 million in dividends were declared to be paid in three installments, being R$ 100 million in December 2026, R$ 100 million in December 2027 and R$ 100 million in December 2028. 3- JCP declared on 08/06/2026, to be paid on 08/27/2026. 38 14 80 74- 58 15 72 38 72 95 146 3Q25 4Q25 1Q26 2Q26 Free Cash Flow ex. Midstream Debentures interest rate and swap effetcs
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5th Sustainability Report Disclosure Social21 thousand people (BA/RN) directly and indirectly impacted by social projects (+21% vs. 2024) 75% of the municipalities with social projects, in 40 neighboring communities 40% of new hires of women in Coordination and Management (+23.5% vs. 2024) 29 women empowered to work in the energy sector by the Women in Oil and Gas project R$1 billion + in purchases with local suppliers 92% of employees are from the Northeast region 100% of reinjection of produced water, strengthening the closed-loop model of operations 150 hours training in green gas house emissions and waste management for MSEs¹ New edition of the Code of Ethics and Conduct Strengthening the culture of compliance and integrity 1H26 Highlights Education projects in the three states of operation + 12,000 students benefited from expansion to Rio Grande do Norte and Sergipe 1st and 2nd ranking Children’s Literacy Index (ICA) Municipalities of Educar Pra Valer, Mata de São João and Pojuca led literacy rates in RMS², outperforming state and national averages Pro-Ethics Company Recognition by the Office of the Comptroller General of the Union (CGU) in partnership with the Ethos Institute 1- Medium and small enterprises. 2- Salvador Metropolitan Area.14
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