Brava Energia (BRAV3) posted a net loss of R$ 156 million (US$ 30 million) in 3Q26, compared with a profit of R$ 121 million in 3Q25. The result was affected by a non-cash financial expense of R$ 1,197 million, 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 million (US$ 660 million), 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 million (US$ 308 million), up 22% from 3Q25. The Adjusted EBITDA margin was 46.8%, compared with 42.5% a year earlier. The financial result was negative at R$ 1,406 million.
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 selling 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 company ended the quarter with cash of R$ 4,791 million (US$ 925 million) and net debt of R$ 7,578 million (US$ 1,463 million). Considering acquisition commitments of R$ 911 million, consolidated net debt was R$ 8,489 million. Leverage was 2.0x and the average cost of debt was 8.07% per year. Capex (investments) was R$ 664 million in the quarter. Operating cash generation was R$ 730 million, or R$ 1,133 million before the R$ 403 million disbursement on the oil hedge.
Fitch upgraded Brava's global rating to BB and its national rating to AA+(bra). S&P upgraded the national rating to brAA. The ATL-9H and ATL-10H wells, in Atlanta, are expected to start production in the first half of 2027.
