PetroReconcavo (RECV3) reported net income of R$ 236 mn in the third quarter of 2026 (3Q26), up 16% from 2Q26. In the same period of 2025, profit had been R$ 121.9 mn. The result was influenced by mark-to-market (an accounting effect, with no immediate cash impact) of the currency swaps linked to debt, which generated a gain of R$ 159.2 mn. Excluding these effects, adjusted net income was about R$ 145 mn.
Net revenue totaled R$ 786 mn (R$ 786.3 mn), down 3% from 2Q26, with lower oil revenue, partly offset by growth in natural gas and services. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 360 mn, down 9% from 2Q26, with a margin of 45.7%. Adjusted EBITDA, which excludes R$ 19 mn in non-recurring effects, was R$ 379 mn, down 4%, with a margin of 48.2%. The effects include a R$ 15 mn write-off of expenses from the UPGN Miranga and a R$ 4 mn adjustment in accounts receivable.
Average production was 23.7 thousand barrels of oil equivalent per day, down 2% from 2Q26. Average Brent was US$ 96.87 per barrel, down 7%. Investment (capex) was R$ 147 mn, down 24%. Free cash flow was R$ 134 mn, up 81%. Net debt was R$ 1.2 bn as of September 30, with leverage of 0.90x net debt/EBITDA, and the cash position was R$ 1.7 bn. In the 9 months of 2026, profit was R$ 563 mn, down 4%, and revenue was R$ 2.3 bn, down 7%.
On August 27, the company paid R$ 100 mn in JCP (Interest on Equity), or R$ 0.34 per share. For the year, JCP totals R$ 200 mn, or R$ 0.68 per share. The distribution of R$ 300 mn in dividends (R$ 1.02 per share) remains in effect, in three annual installments of R$ 100 mn, 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 UTG Catu between 2028 and 2037 and suspended the UPGN Miranga, an investment of about US$ 60 mn.
