1Q26
1
Executive Summary
The largest independent Oil and Gas producer in Brazil
M&A Timeline
PRIO generates value in producing fields through cost reduction and
production revitalization
Unparalleled expertise in redeveloping fields
Experienced technical team - Qualification as an A-Operator granted by ANP
Well positioned to attract capital (Governance level "Novo Mercado")
Management extremely focused on capital discipline and improving operating costs
Great potential for synergies, which makes PRIO more competitive when compared to peers
Unique M&A track-record with additional opportunities available on the market
Production (kboe/d)
Reserves (MMbbl)
3
Executive Summary
Valente Cluster
Bravo Cluster
Albacora Leste
Peregrino¹
CAMPOS BASIN
PRIO's Working Interest | 100% / 100% | 100% | 90% | 80% | - |
Production 1Q26 (kboe/d) * | 32.7 | 15.8 | 26.4 | 80.3 | 155.4 |
2026 1P Reserves (MMbbl) | 232.5 | 35.6 | 273.4 | 215.8 | 757.3 |
CAPEX per well | US$ 51.0 - 51.3 MM | US$ 24.8 MM US$ 63.3 MM | US$ 17.5 MM | - | |
Abandonment Forecast (1P) | 2052 | 2035 | 2049 | 2038 | - |
PRIO
* Production corresponding to PRIO's stake in the assets.
Includes 100% of
Peregrino
¹ On November 11, 2025, PRIO completed the acquisition of 40% interest and operation of the field, consolidating a total 80% stake in the consortium with Equinor. The closing of the remaining 20% is expected to be concluded in 2026.
FIXED PLATFORM | PEREGRINO | ||||||
FPSO VALENTE | FPSO FORTE | FPSO BRAVO | POLVO A | FPSO PEREGRINO | PLATAFORM A,B AND C | HUNTER ǪUEEN | GENESIS (MPSV) |
4
PRIO Assets
Other Fields States
Itaipu
Wahoo
Frade
Albacora Leste
Tubarão
Martelo
Santos Basin
Polvo
Campos Basin
Peregrino
ESG
Evolution in Emissions Intensity
12% reduction in relative emissions¹ in 1Q26 vs. 1Q25, reaching an average of 24.3 KgCO₂e/boe², reflecting the continuous improvement in operational efficiency and the extension of the fields' useful life.
Creation of Instituto PRIO in 2025, a non-profit organization established to expand the Company's commitment to socio-environmental projects across three strategic pillars: Environmental Education, Biodiversity and Climate, and Blue Economy.
(kgCO2e/boe²)
PRIO CO2 Emissions vs. O&G Peers in the Campos Basin
Investment of approximately R$ 130 million in recent years under the I PRIO brand to support more than 100 sports and cultural projects, including the creation of Impulso I PRI and the acceleration of social initiatives through corporate volunteering.
Significant reduction in the Total Recordable Incident Rate (TRIR), which ended 2025 at 0.72 compared to 1.59 in 2024, positioning the Company in line with the international industry benchmark.
¹ Scope 1 and 2 emissions.
² The information for 2026 refers to the partial inventory, which has not yet been certified and may undergo minor changes.
5
Upstream Intensity CO2 (kgCO2/boe)
Company A 15
21
Company C 28
Company D 31
Company E 57
Company F 67
Company G 73
Source: Rystad Energy, as of 2022
Value Creation StrategyStategy
Value creation in producing fields
Production
Redevelopment
production
aiming
at increased
Increased operational efficiency
In-field development
Drilling campaigns
Creation of production clusters through tieback
PRIO's Daily Production (kboe/d)
Reservoir
Meticulous reservoir management extending the asset's economic life
Use of E.O.R. (Enhanced Oil Recovery) techniques
Polvo's estimated
decommisioning Timeline (1P)
Cost
Cost rationalization techniques
Operational synergies capture
Contract renegotiations
Fields' Operational Costs - USD MM
Polvo
Frade
Tubarão Martelo
Albacora Leste
2023
2022
159
73
97
46
167
54
49
240
102
85
60
7
Track-Record of Value Creation
Experience with accretive field acquisitions and assets redevelopment
Acquisition of 100% of Frade Field from Inpex,
Acquisition of the remaining
Acquisition of 40% of Peregrino and Pitangola
Fields
Acquisition of operation and 60% of Peregrino and Pitangola Fields
Closing of the 40% interest and execution of the agreement for the remaining 20%
Production
Chevron and Petrobras Acquisition of 52%
Acquisition of
Acquisition of 90% of Albacora Leste Field from
5% of the Tubarão Martelo Field
Production added:
38 kbpd
to be added:
60 kbpd
Acquisition of 60% of Polvo Field from BP Acquisition price: USD 135 MM
Acquisition of the remaining 40% of Polvo Field from Maersk
USD 34mm
letter of credit provided by Maersk to PRIO for the acquisition
Added
Acquisition of 10% of Manati Field
Purchase of 100% of Brasoil do Brasil, owner of 10% of Manati Field for USD 37mm
Added Production:
2,7 kboepd
from Chevron for USD 450 MM
Acquisition of INPEX for USD 60
MM, owner of 18% of the field
Acquisition of 30% from Petrobras for USD 100 MM
Added Production:
19 kbpd
Added 1P
Acquisition of the FPSO OSX-3
and Farm-in of the Tubarão Martelo Field of Dommo Energia Acquisition price: USD 140MM
Added Production: 7 kbpd
Added 1P Reserves:
30 MMbbl
35.7% of Wahoo Field and 60% of Itaipu Field from BP
Acquisition of 28,6% of Wahoo Field from Total
Added 1P Reserves: 81 MMbbl
Petrobras
Acquisition price: USD 1,9 bn +
earn-outs
Production to be added:
30 kbpd
Added 1P Reserves: 244 MMboe
2022
from Dommo Energia
1P reserve added:
1.7 MMbbl
2023
Added 1P Reserves:
122.9 MMbbl
2024
2025
Added Production: 7,2 kbpd
Added 1P Reserves: 5 MMbbl
2014
Production:
4,8 kbpd
Added 1P Reserves: 3,4 MMbbl
2015
Added 1P Reserves: 3 MMboe
2017
Reserves:
60 MMbbl
2018
2019
2020
2020 2021
8
Delivering Growth
Growth through acquisitions, reserve replacement above annual production, and greater representation in the country's overall production
Oil Production Ranking in Brazil (Ex-Petrobras)
Reserve Replacement Ratio*
Source: ANP Production Bulletin by incumbent operator considering the 1Q26 average production in kboe/d
ft
*RRR = Added reserves (D&M Report)/Company's annual production
US$/bbl added
Reserves
January/2026 D&M Report shows increase in Company's reserves
Reserves Increase (bbl)
10
Lifting Cost Evolution
Continuous lifting cost reduction over the years
Lifting cost PRIO (US$/bbl)
Brent vs. Lifting Cost (US$/bbl)
Lifting cost reduction is the best protection
against oil price volatility
The lifting cost in 1Q26 returned to single-digit levels, reflecting the optimization of operating costs at the Peregrino field following PRIO's assumption of operations in nov/2025, and the start-up of Wahoo in mar/2026, with the consequent dilution of the Valente cluster's costs.
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Valente Cluster100% PRIO
Operational Efficiency
Average production of 32.7 kbpd in 1Q26, a 4% increase compared to 4Q25, reflecting the start-up of Wahoo production. Compared to 1Q25,
production decreased by 14%, due to decline at Frade.
Wahoo's first oil on March 18 through the first producing well. The second and third wells were connected throughout March and April, with the fourth well expected in the coming days.
13
Bravo Cluster100% PRIO
Operational Efficiency
Average production of 15.8 kbpd in 1Q26, a 46% increase compared to 1Q25, reflecting the resumption of the TBMT-10H and TBMT-4H wells following workovers completed in June 2025. Compared to 4Q25, production increased by 7%, driven by the start-up of POL-GY and Well-B wells in December and February, respectively.
The OGX-44HP well, in Tubarão Martelo, is temporarily shut in due to a BCS failure, with restart expected in May.15
Albacora Leste Field90% PRIO
Operational Efficiency
Average production of 26.4 kbpd (net PRIO) in 1Q26, up 5% and 21% compared to 4Q25 and 1Q25, respectively, driven by improved operational stability.
Record operational efficiency of 95.4% in the quarter, the highest level ever recorded for the asset.17
Peregrino Field 80% PRIO¹
(1) On 11/11/2025, PRIO completed the acquisition of 40% interest and operation of the field, consolidating a total 80% stake in the consortium with Equinor. The closing of the remaining 20% is expected to be concluded in mid-2026.
Operational Efficiency
1ft
Average production of 80.3 kbpd (net PRIO) in 1Q26, up 110% compared to 1Q25, driven by the acquisition of an additional 40% stake and the assumption of operatorship of the asset in November 2025. Compared to 4Q25, production increased by 43%, reflecting production normalization following the FPSO Peregrino's resumption in October and the acquisition closing in November.
Completion of the HAP Project (Flotel) in January and start of production from well C-2 in February.
Peregrino Acquisition Asset Map
On November 11, PRIO completed the acquisition of | 40% |
interest and operation of the field, consolidating a total | 80% |
stake in the consortium with Equinor, that remains with | 20% |
interest. |
This transaction added approximately 40,000 barrels per day to the Company's production, increasing total production to more than 150,000 barrels per day.
PRIO has a signed agreement with Equinor for the acquisition of the remaining 20%, which is expected to be completed in 2026, following the necessary regulatory approvals.
20
Funding
the ExpansionFunding
Debt Duration (years)
Amortization Schedule (US$ MM)
Average Debt Cost
Reduction in the average cost of debt vs. 4Q25, reflecting the decline in SOFR on bilateral financings indexed to floating rates; debentures and bonds were not impacted as they bear fixed remuneration.
22
Cash Variations
Net Debt Variations (US$ MM)
Working Capital
Increase in receivables; more than 50% already converted into cash in April.
CAPEX
Wahoo development, comprising subsea construction and well drilling, as well as drilling at Polvo and maintenance at ABL.
Share Buyback
Repurchase of 5.5 million
shares in the quarter.
23
Leverage
Net Debt (Cash) / Adjusted EBITDA (US$ MM)
*For purposes of calculating the financial covenants, the EBITDA used considers the effects of IFRS 16, as defined in the respective financing agreements, as well as the LTM EBITDA related to the 40% interest in the Peregrino field acquired in November 2025.
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Praia de Botafogo, 370
22250-040 Rio de Janeiro - RJ, Brasil
Investor Relations
+55 21 3721 2135
2
5
ri@prio3.com.br ri.prio3.com.br
Annex: Income Statement
(US$ thousands)
26 *Adjusted EBITDA is calculated similarly to EBITDA, excluding the line with non-recurring effects "Other Revenues and Expenses".
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PRIO SA published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 20:43 UTC.
