PetroReconcavo (RECV3) posted net income of R$ 236 million in the third quarter of 2026 (3Q26), up 16% from 2Q26. In the same period of 2025, profit had been R$ 121.9 million, representing an increase of 94%. The result was influenced by the mark-to-market (an accounting effect, with no immediate cash impact) of the currency swaps tied to the debt, which generated a gain of R$ 159.2 million. Excluding these effects, adjusted net income was about R$ 145 million.
Net revenue totaled R$ 786 million (R$ 786.3 million), down 3% from 2Q26 and flat compared to 3Q25, with lower oil revenue, partially offset by growth in natural gas and services. The quarterly decline reflects the lower average Brent price and the larger volume of hedge contracts (protection against price swings) in the NDF modality. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 360 million, down 9% from 2Q26, with a margin of 45.7%. Adjusted EBITDA, which excludes R$ 19 million in non-recurring effects, was R$ 379 million, down 4% from 2Q26 and up 8% from 3Q25, with a margin of 48.2%. The effects include a R$ 15 million write-off of expenses from the UPGN Miranga and a R$ 4 million adjustment in accounts receivable.
Average production was 23.7 thousand barrels of oil equivalent per day, down 2% from 2Q26 and 10% from 3Q25. Oil production rose 4%, while gas production fell 9% due to low uptime of the compression system at the Bahia Asset and gas depletion at the Sabiá Cluster. Average Brent was US$ 96.87 per barrel, down 7%. Investment (capex) was R$ 147 million, down 24%. Free cash flow was R$ 134 million, up 81%. Net debt was R$ 1.2 billion as of September 30, with leverage of 0.90x net debt/EBITDA, and the cash position was R$ 1.7 billion. In the first nine months of 2026, profit was R$ 563 million, down 4%, and revenue was R$ 2.3 billion, down 7%.
On August 27, the company paid R$ 100 million in JCP (Interest on Equity), or R$ 0.34 per share. For the year, JCP totals R$ 200 million, or R$ 0.68 per share. The distribution of R$ 300 million in dividends (R$ 1.02 per share) remains in effect, in three annual installments of R$ 100 million, the first in December 2026.
The company signed an oil sales contract with Brava Energia, from October 2026 to December 2030, with a minimum commitment of 50% of production. It also secured gas processing at the UTG Catu between 2028 and 2037, under a 10-year contract with Petrobras, and suspended the UPGN Miranga, an investment of about US$ 60 million.
