PetroReconcavo (RECV3) posted net income of R$ 202.7 mn in the second quarter of 2026 (2Q26), up 64% compared to 1Q26. In the period, the company reported net revenue of R$ 807.9 mn and EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 396.1 mn, with a margin of 49.0%.
Compared to 2Q25, profit fell 15.0%, while net revenue was virtually flat, edging up 0.2%. In the first half of 2026 (1H26), net income totaled R$ 326.5 mn, down 30.0% versus 1H25, and net revenue came to R$ 1.49 bn, a 10.5% decline on the same basis of comparison. EBITDA for the half was R$ 706.4 mn, 11.4% lower than a year earlier.
In 2Q26, average gross production reached 24.1 thousand barrels of oil equivalent per day, a decrease of 1.1% versus 1Q26 and 11.9% compared to 2Q25, with stability in the Potiguar Asset and a 2.2% drop in the Bahia Asset. The average realized oil price, excluding NDF hedges, was US$ 93.57 per barrel, equivalent to 90% of the average Dated Brent of US$ 103.85 per barrel, while average lifting cost was US$ 16.80 per barrel of oil equivalent.
Net financial result was positive at R$ 10.8 mn in the quarter, reversing a financial loss of R$ 1.0 mn in 1Q26, influenced by mark-to-market of derivatives and exchange rate variation. Adjusting for exchange effects from the mark-to-market of hedge structures and debt swaps, adjusted net income was R$ 104.6 mn in 2Q26 and R$ 138.0 mn in 1H26.
PetroReconcavo’s Net Debt stood at R$ 1.36 bn on June 30, 2026, down 14% from December 2025, equivalent to 1.01x EBITDA for the last 12 months. The company generated free cash flow of R$ 74.0 mn in 2Q26 and R$ 154.1 mn in the half year, maintaining a cash position of R$ 1.62 bn, including cash, cash equivalents and financial investments.
On shareholder distributions, the board of directors approved on August 6 the payment of Interest on Equity (JCP) of R$ 0.34 per share, totaling R$ 100 mn, with record date on August 17, 2026 and payment scheduled for August 27. On May 28, the company had already paid another R$ 100 mn in JCP, also equivalent to R$ 0.34 per share, and remains in effect the approval of R$ 300 mn in dividends to be paid in three annual installments between 2026 and 2028, with R$ 100 mn in December 2026.
