Brazil · Delayed Price · Currency is BRL Prio S.A. Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 2026 results driven by Wahoo and Peregrino, with revenue of $1.2B, EBITDA of $850M, and net income of $460M. Operational efficiency and cost reductions set new benchmarks, while guidance targets further improvements and a 1x net debt/EBITDA by 2027.
Fiscal Year 2025
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Achieved record production and completed Peregrino acquisition, driving operational and financial improvements despite lower oil prices and increased leverage. Wahoo commissioning and cost reductions set the stage for 2026, with a new shareholder remuneration policy in progress.
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Disciplined capital allocation and value creation remain central, with a new shareholder remuneration plan in development. Operationally, Peregrino integration and Wahoo’s progress drive cost reductions and production growth, while infill drilling at Frade and Albacora Leste supports sustained output. ESG and trading strategies further enhance resilience and returns.
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Q3 was impacted by a 63-day Peregrino shutdown, raising lifting costs and lowering output, but other assets performed strongly and Wahoo advanced. EBITDA was $320M, net income $92M, and cash exceeded $2B. Peregrino and Wahoo are set to boost production above 200,000 bbl/day in 2025.
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Q2 2025 saw $500M revenue and $154M net income, but operational issues at Frade and lower sales led to higher costs and inventory. Peregrino acquisition and Wahoo project advanced, with strong liquidity and extended debt maturities supporting future growth.
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Q1 2025 saw the transformative Peregrino acquisition, boosting reserves and sales but raising lifting costs. Revenue hit $700M, net income $344M, and adjusted EBITDA $446M. Integration and efficiency gains are expected to lower costs and drive rapid deleveraging.
Fiscal Year 2024
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2024 saw operational and licensing challenges, but key achievements included the Peregrino acquisition, a 28% reserve increase, and strong financials with $2.4B revenue and $1.7B net income. Wahoo drilling began in 2025, with first oil expected to drive production and lower costs.
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Q3 saw a 40% revenue drop due to lower production and Brent prices, but strong cash and low leverage were maintained. Peregrino acquisition advanced, while operational setbacks and licensing delays impacted output and costs. Wahoo and Albacora Leste improvements are key near-term priorities.
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Q2 2024 saw strong financial results with adjusted EBITDA up 60–64% year-over-year, despite production setbacks from delayed environmental licenses. Net debt/EBITDA dropped to 0.4x, and M&A remains a capital allocation priority.