Brava Energia (BRAV3) posted a net loss of R$ 156 mi (US$ 30 mi) in 3Q26, versus a profit of R$ 121 mi in 3Q25. The result was affected by a non-cash financial expense of R$ 1,197 mi, tied to the mark-to-market of oil hedge contracts (protection against price swings). The 42% rise in Brent between June 30 and September 30, from US$ 72.9 to US$ 103.5 per barrel, was the main factor.
Net revenue totaled R$ 3,388 mi (US$ 660 mi), up 11% from 3Q25 and down 6% from 2Q26. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding IFRS 16 effects) was R$ 1,584 mi (US$ 308 mi), up 22% from 3Q25. In 9M26, Adjusted EBITDA was R$ 4,987 mi (US$ 969 mi), up 48% in dollar terms from 9M25. The Adjusted EBITDA margin was 46.8%, versus 42.5% a year earlier. The financial result was negative by R$ 1,406 mi.
Average production was 82.4 thousand boe/day (barrels of oil equivalent per day), up 1% from 2Q26 and down 10% from 3Q25. The average oil sales price was US$ 93.0 per barrel, up 50% from 3Q25. Lifting cost (extraction cost) was US$ 13.4 per boe, down 18% from 2Q26. The EBITDA margin of the Offshore segment reached a record 71.5%, and that of Onshore was 47.8%.
The company ended the quarter with cash of R$ 4,791 mi (US$ 925 mi) and net debt of R$ 7,578 mi (US$ 1,463 mi). Considering acquisition commitments of R$ 911 mi, consolidated net debt was R$ 8,489 mi (US$ 1,639 mi). Leverage stood at 2.0x, versus 2.3x in 3Q25, and the average cost of debt at 8.07% per year. Capex (investments) was R$ 664 mi in the quarter. Operating cash generation was R$ 730 mi, or R$ 1,133 mi before the R$ 403 mi disbursement on the oil hedge.
Fitch raised Brava's global rating to BB and its national rating to AA+(bra). S&P raised its national rating to brAA. The ATL-9H and ATL-10H wells, in Atlanta, are expected to start production in 2Q27, with drilling begun in November 2026.
