On Tuesday, August 4, 2026, PRIO (PRIO3) reported net income of US$ 413 million in the second quarter of 2026 (2Q26), excluding IFRS 16 effects. In the period, the company reached total revenue of US$ 1.4 billion and net revenue of US$ 1.2 billion, driven by an 87% increase in oil sales and a 45% appreciation of Brent compared to 2Q25.
Compared with the same quarter of 2025, total revenue grew 184% and net revenue rose 160%. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), also ex-IFRS 16, totaled US$ 879 million in 2Q26, an increase of 218% versus 2Q25, reflecting a higher sales volume and lower cost per barrel sold.
PRIO’s average production in 2Q26 was 172 kbpd, an increase of 72% over 2Q25 and 11% versus 1Q26, with a record sale of 15.3 million barrels in the quarter. Lifting cost (extraction cost per barrel) was US$ 8.9/bbl, down 36% versus 2Q25 and 5% compared to 1Q26, influenced by the full operation of four wells in Wahoo and cost optimization in Peregrino.
Among the assets, Peregrino accounted for 37.5% of quarterly revenue, the Valente cluster for 35.2%, Albacora Leste for 16.2% and the Bravo cluster for 11.2%. Royalties and special participation totaled US$ 179 million, an increase of 230% over 2Q25, while the trading result was a negative US$ 104 million, 239% higher than the negative result of the previous year, due to a higher volume of offtakes in the delivered-to-customer modality.
On the financial front, PRIO ended 2Q26 with leverage of 1.5x Net Debt/Adjusted EBITDA and reduced its net debt by approximately US$ 326 million compared to 1Q26, after fully amortizing the bond issued in 2021, in the amount of US$ 168.7 million, rolling over US$ 354.1 million in bilateral debts and repurchasing 9.3 million shares. The financial result ex-IFRS 16 was a negative US$ 120 million, influenced by higher interest expense and hedge operations.
