PRIO (PRIO3) reported net income (ex-IFRS 16) of US$ 521 million in the third quarter of 2026 (3Q26), up 468% from 3Q25. In the period, total revenue was US$ 1.6 billion, an increase of 171%. The company attributes the performance to operational growth, with a 117% increase in production and 94% in sales, and to a 34% rise in Brent (the benchmark crude oil) versus 3Q25.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding non-recurring effects), calculated without the effect of IFRS 16 (the lease accounting standard), totaled US$ 1.1 billion, up 235%. The adjusted EBITDA margin was 78%, versus 57% in 3Q25. Net revenue was US$ 1.4 billion (US$ 1,369.7 million), growth of 146%. Operating income reached US$ 1.1 billion, up 213%.
Average production was 191.6 thousand barrels per day, a company record, up 11% from 2Q26. Sales totaled 17.2 million barrels, also a record. Lifting cost (extraction cost per barrel) was US$ 7.9 per barrel, down 55% from 3Q25 and 11% from 2Q26. The average discount on oil sales was US$ 7.45 per barrel, versus US$ 6.91 in 2Q26, due to higher maritime freight costs.
In other operating revenues, PRIO recognized US$ 72 million related to the insurance reimbursement for the Peregrino pipeline repair. The oil export tax, in effect since March 12, 2026, raised taxes on sales to US$ 119 million, versus US$ 9 million in 3Q25. Royalties and special participation totaled US$ 135 million, up 112%.
Net debt fell by about US$ 586 million from 2Q26, to US$ 3.46 billion, and the net debt/adjusted EBITDA ratio stood at 1.1x. The company repurchased 6.1 million shares for US$ 71 million. It repaid US$ 13 million in debt maturing in 2026 and refinanced US$ 213 million from 2027 to 2028 and 2029. In October, it acquired the Magnetita and Hematita blocks in the ANP's Permanent Offer of Production Sharing auction. The earnings conference call takes place on November 5, 2026, at 3 p.m.
