Thank you, Doris. Good morning, everybody.

As always, it is a great pleasure to join you to talk about our results, this time the results of the second quarter of 2026. Of course, we need to talk about what happened after the end of the last quarter, including the approval by the superintendent of the Brazilian antitrust authority for the combination of business between OceanPact and CBO.

On July 27th, the transaction was approved without any restrictions, and now third parties have 15 business days to appeal or for the antitrust authority to review the case. We're moving towards the closing of the deal soon.

Also, in late July, as we communicated to the market, we acquired Docas Brasil, a shipyard here in Rio de Janeiro in São Gonçalo. It is a shipyard where we usually dock our vessels.

CBO does the same. This acquisition will allow us to have greater control and faster works done on the vessels in a safer way as well.

That will help us in our utilization rate ultimately. Now, without further ado, let's talk about the quarter's results.

Let's go to the next slide. We had an increase in our average net daily rate to 225,000 Brazilian reals per day, a 27% increase year-on-year.

Our net revenue came to 736 million, up by 45% year-on-year. Our adjusted EBITDA came to 256 million, 84% higher year-on-year, and a net profit of 56 million.

Now I'll turn it over to Haroldo, and he is going to give you more color on the vessel segment.

Thank you very much, Flavio. Good morning, everybody.

I'm going to give you an overview of the main highlights, the operating highlights in 2Q 2026. Starting with our utilization map, we finished the second quarter with 76% utilization rate, significant growth quarter-on-quarter.

We believe that this number will grow until the end of the year with the mobilization of vessels to cater to our contracts. In orange on the map, you can see three vessels being mobilized into new contracts with Meros and Timbébas and Rochedo de São Paulo.

We also had maintenance with Parcel das Feiticeiras, Batejeiro, Macaé, and Santana. In blue, you can see docking movements with Fernando de Noronha, Jim O'Brien, Macaé, and Rochedo de São Pedro.

In yellow, Tinharé and Ilha das Flechas didn't have any contract. We made the decision to sell those two vessels, and the negotiations are moving forward.

That's why we see on the map that both vessels appear in white starting in July. At the end of the year, we intend to finish the year with a 78% utilization rate.

Now let me give you more details about this utilization rate of 76%. We can see that days without any contract had a 6% impact, mobilizations 7 percentage points, docking 4, and the operating downtime stood at 7 percentage points due to the maintenance downtime that I mentioned earlier.

Now on the right-hand side of the slide, you can see the days utilized year-on-year. We went from 1,763 to 1,600 days due to a higher number of mobilizations and days without any contract.

Now when it comes to the average daily rate, it grew from 177 in 2Q 2025 to 225 in 2Q 2026, 27% more due to new contracts with Petrobras, for example, with Mosteiro starting in 2025 and also Parcel dos Reis, Mandolins, and Timbébas, and also Rochedo de São Paulo that started operations in 2026. Now let's take a look at the results of the vessel segment.

First I'd like to highlight that we had a partnership with a foreign vessel here in Brazil, which gave us a net revenue of 38 million in 2Q 2026. We can see that if we exclude this partnership, the net revenue came to 361 million, 15% more year-on-year due to an increase in the daily rates, as I said on the previous slide.

On the right-hand side, you can see that the EBITDA for this quarter came to 151 million from 82 million, and the EBITDA margin went from 26% to 42%. Now I'd like to turn it over to Adriano Ranieri to talk about the services segment.

Hello. Thank you, Haroldo, and good morning, everybody.

Now I'm going to present to you the services 2Q 2026 numbers, starting with Subsea and Geosciences with 301 million in net revenue, more than twice as much as 2Q 2025. Now the highlights behind this growth include the revenue from mobilization from the decommissioning of Trident and Baía de Camamu and higher productivity in the mooring line inspection services.

In geosciences, the highlights are the project of the geophysical survey in deep waters for Petrobras Colombia and also more activities in our environmental monitoring program for Petrobras Brazil. We worked with two vessels in the project this quarter.

The oil spill response unit had net revenue of 51 million, 38% more year-on-year. This growth came from the offshore department with new contracts for specialty equipment for emergency response and also the port department.

Now the consulting, logistics, and other departments, our revenue stood at 46 million, 32% more year-on-year. This growth was driven by the logistics department and new contracts with OceanPact Tech, our startup company, if you remember, for the development of unmanned self-driving vehicles.

Now the services revenue had a consolidated revenue of 396 million, 88% higher year-on-year. Our EBITDA came to 105 million reals, 84% more, with a margin of 26%.

That margin level came from the decommissioning projects and geoscience as well, because they involve vessels. Thank you.

I'd like to turn it over to Eduardo now.

Thank you, Adriano. Good morning, everybody.

It is a pleasure to join you once more to talk about the 2Q 2026 results. Our consolidated net revenue came to 736 million Brazilian reals in the quarter, 38% more year-on-year.

Now our EBITDA stood at 256 million in the quarter, 84% more year-on-year, and our EBITDA margin grew from 27% to 37% year-on-year. Next slide.

Now let me give you some color on our costs. They stood at 414 million in 2Q 2026.

If we use comparable basis, the growth was 21% year-on-year. Now as for our SG&A expenses, they came to 66 million in the quarter, accounting for 9% of our consolidated revenue.

Our CapEx came to 198 million in the quarter, and 116 million out of this number referred to mobilizations and also the growth of the company. Now let's talk about our capital structure and our financial position.

Our cash at the end of the quarter was 364 million, and this higher consumption of cash in the quarter is due to the increase in revenue. As you increase your revenue, you automatically have higher payables, and it is also related to the advance payment of debenture 5.

We captured funds below the payment of debenture 5, and we also had to deliver the corporate income tax return, and that happened in July. Starting in the third quarter, we will be able to consume the credits, the tax that is retained by our clients.

Now let me give you some color about our net debt-over-EBITDA ratio. It stood at 1.91 times, which is a very good number in our opinion.

It is under the threshold that was established by the company. Now about our backlog: the backlog was stable.

There was a natural consumption in our backlog as contracts were performed, and we had an addition, the pull-out contract, and we had a few other contracts as well for vessels and services. That took us to the total of 550 million in backlog.

Now as for sustainability and innovation, we published the fourth sustainability report. This time, however, we talked about the impact caused by our activities, but also we presented the changes in global scenarios and how they can create risks and opportunities for our business.

As we call it, it is the double materiality. What we mean by this is looking at what we do and looking at the risks and opportunities caused by our activities.

All of that is reflected on our sustainability report. Now wind-assisted ship propulsion: this is a sail that helps us save fuel.

It is the first time that we use it for oil recovery. You probably have seen this in large vessels.

Vale uses something similar to this, and this sail was developed with a foreign partner, and the tests were very successful with a 10% average reduction in fuel. That's a lot, and in some situations it can be as high as 30 or 40% in specific situations, but in one month we can get as much as 10% reduction.

Another project that I would like to highlight is an ocean forecasting project for extreme events. We are doing this in a 3D way, understanding the currents.

This is funded by the RD&I resources according to the concession contracts the oil companies have to invest those funds, and we are a partner for many of those companies, and this project is one of them. Now let's talk about the acquisition that I mentioned right in the beginning of the presentation, the acquisition of Docas Brasil.

This is a picture of the floating dock. It is like a vessel that goes down, our vessel comes in, and then it floats back to the surface, and the vessel to be serviced can receive the dry docking maintenance services like that.

It is more flexible because it can also be used as a vessel elevator. You can elevate the vessel and slide it into the land.

We have three spots for three vessels in this shipyard to provide the maintenance services on land, and we also have three spots, floating spots. It was an opportunity that we identified, and we believed it is very important because by doing so we can have control over the maintenance works.

They will be faster, they will be better, and they will end up in higher utilization rates for our fleet. Here are some highlights about the transaction.

I'm not going to go into the details, but one thing that is important to mention is that this new unit is going to be led by the founder, Carlos, a naval engineer. He was the one that came up with this idea, and he will be in charge of the operation, and we are also going to provide services to third parties.

It is not going to be exclusive to us. We want to ensure optimal utilization of the shipyard, we are going to continue providing services to other companies in the shipyard.

Next slide. My closing remarks.

I believe that the most important event in the quarter for the company was the combination of OceanPact's and CBO's businesses. The debenture holder general meeting approved a change in our maximum leverage level from 2.5 to 3x, and then after December 2027, it should go down to 2.75.

Also, we changed the limit for dividend payout above the statutory minimum. If we are under 2.5 in our net debt-to-EBITDA ratio, we can distribute 100% dividends if that's what we want to do.

Also, the superintendent's office of the Brazilian antitrust authority approved the combination of the businesses without any restriction on July 27th. That's it.

We're ready to take your questions. Thank you.

Hello, good morning. Thank you for taking my question.

I have two. The first one is about the sale of Ilha de Tinharé and Ilha das Flechas vessels.

If you can talk about why you decided to do that, and also the amount of the sale, that would be helpful. The second question is, what are the potential demands from Petrobras contracts?

For example, SEAPs 1 and 2, Albacora. If you could draw a timeline of potential bids with Petrobras, that would be very helpful as well.

Thank you, Monique. About the sale of the smaller vessels, well, I believe that that is part of our strategy.

It has been so for a while. We try to have vessels that will give us good opportunities, that will be on demand, and we are selling two of the smallest vessels that we have.

I don't think we can mention the prices. We are not selling them because someone offered to pay a good price.

That was not the case. It could be, but it's not.

We want to focus on vessels that are higher in volume, in size. Every 2.5 years or every 5 years, we have to dock the vessels, and we need to make a lot of investments in those dockings.

We're going to prefer to do that, to make those investments, to have bigger vessels than to maintain the smaller vessels. When we identified good opportunities, we're going to seize them.

That was the reason. Now about the Petrobras RFIs, there's apparent demand for decommissioning projects.

We are paying close attention to that. In the EPCIs, well, there's secondary demand.

We adapted Parcel dos Meros for decommissioning services, for example, collection of lines and also launching lines in shallow waters. In those larger projects, we are going to use supply boats to support the large companies, for example, Saipem, Technip, and whoever wins those bids.

Thank you.

Good morning, Flávio and Haroldo. Thank you for taking my questions.

I had a few. First, how confident are you in your cash generation ability in the second half of the year considering your expected results?

We believe that CapEx should start going down. I would like to know your opinion about that, especially when it comes to cash generation.

Now the second question is about the rationale behind the acquisition of the shipyard. I'd like to know if you are foreseeing more maintenance after the merger, or is it just because you want to have better control of the maintenance work in your vessels?

Do you think that you're going to see more contracts coming in? I'd like to know if the acquisition was strategic more than anything.

Also, if you can give us more information

I'm sorry, Falanga, somebody talked over you. Can you repeat the last question?

Yes, absolutely. I'd like to know more about the synergy that you have been capturing.

I'd like to know if there was any evolution about that.

I'm going to address the second and third questions, and Haroldo is going to answer the question about cash generation. About synergies: well, we have not disclosed anything about synergies, but of course we used all this time through which we were waiting for the antitrust authority approval to study what is possible.

We took a deep dive into the company's, into the CBO's best practices. As we said, from the very beginning, we have complementary competencies between the two companies, and I believe that there's a lot to learn from each side.

About the acquisition of the shipyard: well, CBO already has a shipyard, and we believe that it has always been an advantage for them. However, their shipyard is a floating one.

It cannot bring the vessels to land. The opportunity to acquire Docas Brasil came up, and over 50% of the company's stake was owned by private equity funds.

They had already finished their term, their ownership term, and they started looking for companies to buy their their stake. There was another company that had a similar dock, and the company was sold and the dock disappeared.

We did not want that to happen with Docas Brasil. We wanted to have full control of the maintenance works, and by doing that, costs can decrease.

We can provide vessels with faster maintenance work, and the utilization rate will grow as a consequence. The CBO team really liked our suggestion of buying Docas Brasil, and of course we had their approval to do it because, according to our agreement, we cannot change the regular course of business, but they approved it, and everybody was very happy about it.

As for CapEx and cash generation, what I can do is just give you an overview. Our CapEx for upgrades We don't foresee any major investments that expenditure can actually go down in comparison with the first half of the year, but there are new opportunities coming out.

We are investing in ROVs for pull-out projects, and we are also going to upgrade Feiticeiras to collect lines in deeper waters, which is the contract that I mentioned worth 450 million with Petrobras. Eduardo can give you more color on that.

Thank you, Falanga. During the presentation, I told you that in the first half of the year, we had that issue of working capital.

What happened is that we started ramping up operations. If you look at 4Q 2025 and 2Q 2026 numbers, you're going to see significant increases.

Of course, after some point, you are not going to have additional needs for CapEx. Also taxes: Petrobras pays income tax and social contribution tax on top of our payment, and we need to wait for the income tax return to be filed, and that happens in late July so that we can start using credits, tax credits.

In the second half of the year, we are going to start consuming those credits for PIS and COFINS taxes. From a CapEx standpoint, that's exactly what Flavio said.

We invested a lot in the first half of the year. In the second half, we will invest also.

Of course, we're going to pay for the acquisition of Docas Brasil, and also there's a pull-out project that is leaded us to invest in Parcel das Feiticeiras so that it is fully ready to cater to that contract, the pull-out contract. There are opportunities coming up for Feiticeiras and Meros for line services and also decommissioning services.

That is a very interesting market. We're very excited about it, about the opportunities that are coming up and that are really materializing for us now.

Thank you.

Hello. Good morning, Flavio, the entire OceanPact team.

I have two follow-up questions. The first one is about Meros and Trident and what you're doing now with Feiticeiras.

It seems to me that it is an interesting solution, especially for unlocking contracts with Petrobras for shallow waters. Do you think there's an opportunity for you to adapt other vessels as well, especially for 2027?

Do you think there will be more opportunities like those? Also, that solution has a interesting cost in comparison with using a PSV for shallow waters.

Is that Petrobras' mindset about this? Have you been talking to them?

Are you trying to start a new niche, adapting vessels into mini PSVs, if you will? I would like to know if there's a potential for developing that market further.

About the decommissioning services, do you think you will be able to adapt the AHTSs, maybe the CBO ones? Do you think there's a market for those services with this type of vessel, with maybe an AHTS with an ROV?

Another question about the merger. I'd like to know more about the synergies.

I'm sure you are already working with integration. I'd like to know what you're doing exactly in terms of studies that can expedite the integration of the two companies and also the synergies.

Thank you.

Okay. Let me go bit by bit.

Yes, we are very happy about the initial results coming from the adaptation to Meros, putting RDSs on it with the wheels and doing everything that we need to do to collect the lines from the bottom of the sea, and then we pull the lines, and we wrap them around the reels and bring them to land. That's how decommissioning works.

That solution for shallow waters with a vessel of this size of about 100 meters with a capacity of 80 people and appropriate stability for that type of service with two reels of 250 tons of lines collected from the sea and also a crane with a 150 capacity. We already have the vessel to be upgraded to be able to do that type of service, and Feiticeiras will also be able to do that.

It is going to look very similar to Meros. We're going to have very similar vessels, two vessels that can do that.

We also have the normal RSV that can do the preparation work. As Adriano said in his presentation, we had a very good result in the services segment this quarter because we mobilized vessels for Trident.

Now in the third quarter, that is not going to be so evident because we're going to use other vessels to prepare the work with the vessels and the lines. Our agreement is based on the number of lines collected from the sea.

We're going to have productivity gains. Instead of using Meros or Feiticeiras, we can use Batejeiro, Abrolhos, and other smaller vessels that can anticipate part of the work.

That kit with different vessels and our expertise in the vessel and logistic departments, I believe that we are extremely competitive. We can bring a number of advantages to Petrobras.

We understood what Trident's demand was, what Petrobras's demand was. We suggested a few options, and they are also, of course, very knowledgeable about this.

We talked to them extensively about the solutions, the options ahead, including with external consultants. We got to that decision jointly as a group.

To address your question, I think Petrobras will like it, and we will be able to compete with that kit in other opportunities as well. I don't think that we're going to start having vessels like that.

Having two is good enough, I believe, for us to cater to the market, especially if we can optimize the works with that pre-work, a part that does not require a specialized vessel. It's what we call a spaghetti.

There's a spaghetti of lines at the bottom of the sea. We need to understand how that works and where we can start pulling the lines, which lines are clean, where there's oil.

It requires a lot of engineering work. Now let me address another part of your question.

Although I don't think we can turn an AHTS into a pure decommissioning vessel, we can put ROVs on AHTSs. Petrobras has been doing that.

CBO already has a vessel that looks exactly like that with a third-party ROV, of course, but we are interested in exploring those possibilities. The AHTSs will be more efficient if they had their own ROVs.

Yes, we are interested in that. Now about integration: I answered Falanga's question previously about that.

We hired Gradus for the PMI work. It was very good.

It is now almost finished. That phase is almost concluded.

With their help, we are also going to develop a zero-based budget for 2027 and also late 2026. We want to capture all opportunities in an organized, well-planned way so that on the day of the closing, everybody knows what to do, what their position will be, who their bosses are.

We get along great with CBO people. The integration with the future directors, Marcos Tinti, for example, and Marcelo, they are great.

Our relationship with them is fantastic. They're very collaborative, and we are on the very same page about where we want to go with the company.

We're talking about everything that can be talked about at this stage. Everybody's excited.

We can't wait for the final approval.

That's great. Thank you.

Thank you. Thank you, everybody.

I'd just like to go back to Falanga's question. I didn't talk about the results.

I talked about the working capital and CapEx, but not about the results. When it comes to the third quarter, we expect to see a lower EBITDA than in the second quarter.

There are some one-offs about the second quarter, as Adriano mentioned: decommissioning of Meros for Trident, which had significant revenue attached to it, and also there were other one-off events. Obviously, when the Trident contract really starts, we needed to get all things prepared, for example, collecting the lines.

We believe that the third quarter will post numbers in line with the third quarter of last year, therefore lower than the second quarter 2026. The services segment is usually the one that's more volatile.

I believe that decommissioning services will evolve, and we believe that for the fourth quarter, the numbers will be higher, maybe standing between the second and the third quarter numbers. I just wanted to give you a flavor of what we are thinking about the results for the coming quarters.

That's it. I'd like to turn it back to Flavio for his closing remarks.

Thank you, Eduardo. Thank you, everybody.

We are all looking forward to the final approval and the integration. It's going to be great for us, for the clients, for our employees, suppliers.

I think it's going to be wonderful. We're very excited.

Thank you very much, and see you next time.