On Wednesday, August 5, 2026, Brava Energia (BRAV3) reported net income of R$ 871 million in the second quarter of 2026 (2Q26), reversing the loss from the previous quarter. In the period, net revenue reached R$ 3,598 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) ex-IFRS 16 totaled R$ 1,774 million, with a margin of 49.3%.
Compared to 2Q25, net revenue grew 14%, adjusted EBITDA rose 33% and the adjusted EBITDA margin increased by 7 percentage points. Net income, however, fell 17% on the same annual comparison basis. In US dollars, revenue reached US$ 712 million, up 28% year over year, while adjusted EBITDA came to US$ 351 million.
According to the company, 2Q26 performance was driven by the appreciation of average Brent prices in the quarter, which increased the average oil sales price to US$ 91.4 per barrel, up 23% versus 1Q26, and by higher sales volumes at Parque das Conchas and Papa-Terra. Total average production was 81.7 thousand barrels of oil equivalent per day, an 8% increase over the previous quarter, with an average gas sales price of US$ 7.2 per million BTU.
The quarter’s adjusted EBITDA reflected negative non-recurring adjustments of R$ 162 million, including R$ 77.5 million from IFRS 16 effects and R$ 88.4 million related to the asset retirement obligation (ARO). Net financial result was positive at R$ 131 million, impacted by mark-to-market gains of R$ 462 million on oil hedges and R$ 316 million on debt hedges, in addition to financial expenses of R$ 602 million on loans, debentures and leases.
Brava Energia ended 2Q26 with cash and cash equivalents of R$ 4,995 million and gross debt of R$ 12,373 million, excluding a foreign currency debenture secured by a financial investment. Net debt stood at R$ 7,378 million, while consolidated net debt, including asset acquisition obligations, totaled R$ 8,416 million. Leverage, measured as the ratio of net debt to EBITDA for the last 12 months adjusted for oil hedge effects and IFRS 16, closed the quarter at 1.97x in US dollars.
