Good morning, everyone. We're going to start our webinar from the first quarter 2026.

We're just going to give them a little more time so people can come into the room, and we're going to start. Good morning, everyone.

We are now going to start our webinar from the first quarter, the earnings call from the first quarter of 2026. I am Marília Nogueira, and Firmo is going to do the presentation, and we're going to have a Q&A session with the executive board.

This is being transmitted through the internet, and it's going to be in the company's site later on. Please send your questions to the Q&A session so that I can read them at the end of the presentation.

I would like to say that all of the declarations made during this conference that have to do with the company's perspectives and operational and financial results have to do with PetroReconcavo and the information that is available from the company. Future considerations involve risks and cannot be set as the standard.

Thank you, Marília. Good morning, and thank you for joining us in our presentation of the earnings of the first quarter of 2026.

The period was marked by a relevant change in the global macroeconomic scenario, especially starting in March, with the escalation of geopolitical tensions and their effect on oil prices. Throughout the quarter, we achieved significant reductions in costs and capex, and these were translated into a better financial performance.

At the operational level, the average production was 24.4 thousand barrels of oil equivalent per day, 2.5% less than the previous quarter and 11% less than in the same period of 2025, impacted by a difference in [Tié?] , which in the first quarter of 2025 produced approximately 2,000 additional barrels of oil equivalents on average.

The net revenue totaled 684 million reais, down 2% compared to the previous quarter and 20% compared to the same period last year. The impact was on the production effect and because of the fall of the dollar.

EBITDA was 310 million reais, an increase of 5% compared to the previous quarter, showing the company's cost efficiency strategy, and in the year-on-year comparison, it was a 27% drop compared to the first quarter of 2025. Net income was 184 million reais, an increase of 144% compared to the fourth quarter of 2025 due to the currency effects of the mark-to-market of debt and hedges.

In the annual comparison, profit was 46% lower, also due to the effects of market variations in exchange rates. Regarding indebtedness, we ended the period with a net debt of 1.4 billion reais, equivalent to a leverage of 1.04 times net debt over EBITDA.

Finally, we maintained a disciplined execution of the company's capex plan, with a reduction in capex compared to the previous period, which resulted in free cash generation in the amount of 80 million. As a result, reaffirming our commitment to generating value to our shareholders, we announced a distribution of 100 million reais in interest on equity, equivalent to 0.334 cents per share.

I would also like to highlight that we were included in the portfolio of B3's Great Place to Work Index, reinforcing our commitment to an inclusive work environment oriented to people's development. In April, we won the Great Place to Work certification, the second consecutive year.

Moving on to production now, the company's average production decreased by 2% compared to the fourth quarter of last year, mainly impacted by the drop in production in Miranga and [Tié?] .

The decline was mainly due to operational shutdowns, including interruptions associated to maintenance of processing units, compression systems, and electrical events, which had a significant impact on the production of the Bahia assets in the quarter. In Potiguar, production was stable in the quarterly comparison.

We maintained the disciplined execution of the company's reserve development plan, with the execution of 57 workover projects and the advancement of the 2026 drilling schedule, with the completion of three new wells in the Potiguar asset, two injectors and one producer, who is still in the completion phase. In line with the project to intensify water injection to repressurize the reservoirs, this quarter we reinforced the injections in the Potiguar asset.

In April, we had new injection wells came into operation in the Sapiatiba and [Camaçari?] and reinforcing initiatives to support the maintenance and recovery of the assets' production.

Now I'm going to give the floor to Rafael, who will continue the presentation.

Thank you, Firmo, and good morning, everyone. In the net revenue, we ended the quarter with 684 million reais, a reduction of 3% compared to the fourth quarter of '25, mainly impacted by lower natural gas revenues, that totaled 253 million reais in the first quarter, 31 million reais less than in the previous quarter, and 15 million reais of this reduction directly associated with the lower purchase of gas from third parties.

In addition, it is important to note that the average realization price of natural gas, which stood at 9.36 US dollars per MMBtu, equivalent to $56 per barrel of oil equivalent, did not reflect yet the recent rise in Brent due to the contractual pricing methodology, which provides for quarterly adjustments based on the arithmetic average of Brent prices observed in the previous three months. The last readjustment, carried out in February of this year, considered the average of the prices observed between October and December 2025, while the next readjustment, scheduled for May, will incorporate the average of the prices observed between January and March of 2026.

Therefore, there is a natural lag in the capture of oil movements, which indicates that a relevant part of the recent appreciation of Brent has not yet been reflected in the quarter's gas prices, reinforcing the expectation of greater value capture over the next few months. This drop in gas revenue was partially offset by higher oil revenue, which reached 442 million reais in the period, an increase of 51 million reais due to the improvement in [offtakes?]

in the period, partially impacted by the hedging NDF operations, with a negative financial impact of 35 million reais in the period, totaling a net oil revenue of 407 million. When analyzing the average realization price of oil, we observed a significant increase of 15%, reaching 63.4 US dollars per barrel, mainly reflecting the positive effects of the macroeconomic scenario, although mitigated by hedges and the increase of discounts associated with the spreads between ICE Brent and Dated Brent, which in March exceeded $4 per barrel, a level significantly higher than that normally observed.

It should be noted that some of the company's contracts are indexed to the ICE Brent and others to the Dated one, which benefited us in the period. Finally, in the service line, we recorded revenue related to the provision of drilling services with the PR-14 rig to third parties, contributing positively to the diversification of our revenue during this period.

We also demonstrated our oil hedging position and its impacts on the company's financial results in the quarter. For 2026, we have about 65% of the 1P oil production protected.

For 2027, this number is reduced to 37%, and in 2028, to 9%, which guarantees cash predictability, but allows us to capture upsides in the positive Brent movements. Regarding the accounting of hedges, the settlement of NDF contracts resulted in a negative impact of a 35 million reais on revenue the first quarter of 2026.

In addition, the mark-to-market of these contracts is recorded in shareholders' equity, affecting the company's results only as the contracts are settled in the future. The operations via zero-cost collar are not considered hedge accounting, and thus impact the financial results of the quarter, both by the installments that have already been settled in the first quarter, in the amount of 90 million reais, as well as by the mark-to-market of futures contracts, which also has an accounting effect recorded in the financial result of the period.

This quarter, we maintained a consistent trajectory of reducing costs and expenses, reinforcing operational discipline and a focus on efficiency. Total costs and expenses totaled 374 million reais in the first quarter, a reduction of approximately 9% compared to the fourth quarter, previous 2025.

This reduction is the result of a combination of factors. On the one hand, we observed an increase in royalties, in a direct reflection of higher reference prices of oil and natural gas in the period.

On the other hand, this impact was more than offset by a drop in costs, expenses, and other expenses, mainly associated with a reduction of expenses with services, consulting, and materials. In the quarterly view, it is important to highlight the positive evolution of the main cost component.

The lifting costs remained at the level of the previous quarter, substantially lower than the average of the first three quarters of 2025. In dollars per barrel, the indicator was impacted by the drop in production and the exchange rate, still remaining at controlled levels, compatible with our operating base.

We also recorded sequential reductions in midstream costs due to lower processing, outflow, and transportation costs, mainly driven by efficiency gains in gas processing in Rio Grande do Norte due to the acquisition of the Guamaré UTG, in addition to a significant drop in gas purchases in the quarter. Finally, it is worth mentioning that we remain focused on the sustainability of this reduction trend, combining rigor and expense control and operational efficiency.

This set of measures is essential to improve margins, increase business resilience, and strengthen long-term value creation. This efficiency and discipline are reflected in the company's EBITDA, which in the first quarter of 2026 totaled 310 million reais, a growth of 5% compared to the fourth quarter of 2025.

This progress is mainly the result of cost optimizations, which more than offset the impacts of reduced revenues and increased royalties observed in the period, allowing the EBITDA margin to advance from 41.9% to 45.3%. From a netback per barrel perspective, the average Brent in the quarter was $81 per barrel, while net revenue was $60 per barrel oil equivalent.

The net realization reflects the combined effect of the product mix, where natural gas presents a lower value per BOE than oil, especially in this quarter, due to the temporal mismatch of the quarterly price adjustment of gas contracts, as previously explained. On the oil side, the discounts applicable to sales contracts also reflected in addition to the negative impact of the NDF.

Now the break-even cash cost totaled $30.61 per barrel, generating a positive margin of 29.49 US dollars per equivalent barrel. We also highlight the significant reduction in capex as a direct reflection of our discipline in capital allocation.

In the quarter, the total net capex was 197 million reais, a reduction of 26% compared to the fourth quarter of 2025, with prioritization of projects with better returns and greater adherence to cash management. In the development of reserves, investments totaled 196 million reais and remained in line with the operational plan, more concentrated in workovers and water injection projects and operational resilience.

We have seen a reduction in drilling, with a focus on low-risk projects, while increasing the number of workover interventions, diversifying the project list, and capturing the short-term gains. In facilities, we continue to prioritize investments in water injection infrastructure and asset integrity, which are fundamental for the sustainability of the production and for the preservation of value over time.

Overall, the quarter reflected a disciplined, selective approach, consistent with our strategy of business resilience, growth with profitability, and preservation of financial flexibility. On this slide, we reinforce the company's financial strength and the low level of leverage.

We ended the quarter with a cash position of 1 billion 657 million reais, slightly above the balance recorded at the end of the fourth quarter of 2025, even after the payment of capex, interest, hedging effects, and other financial commitments. This performance was supported by strong operating cash flow, which totaled 274 million reais in the quarter, evidencing the business's recurring cash generation capacity.

In the perspective of indebtedness, we continue with a comfortable structure. Leverage ended the quarter at 1.04 times net debt to EBITDA, remaining at a low and controlled level.

The average cost of debt in US dollars remained around 6.12% per year, with a duration of close to 4.4 years, which ensures financial predictability and flexibility to go through different market scenarios. This combination of consistent cash generation, low leverage, and elongated, low-cost debt profile reinforces our ability to finance growth with capital discipline and sustain recurring shareholder returns responsibly.

Now I give the floor back to Firmo.

Thank you, Rafael. To conclude, on this last slide, we have a good consolidation of the principal message of the quarter.

The free cash generation coming, supported by discipline in capital allocation, structural cost reduction, and a more efficient investment profile. In the first quarter of 2026, we generated 80 million reais in free cash, even though we've not yet fully captured the benefits of the rise in oil prices that occurred only since February.

This result directly reflects the continuous effort to optimize our cost base, combined with a relevant reduction in capex due to the focus on projects with better financial returns. The total capex in the quarter was significantly below the level seen throughout 2025.

This higher cash generation supports our focus on remuneration to shareholders, which led to the decision to distribute 100 million reais in JCP, in line with cash generation and the preservation of the company's financial strength. We have currently a different scenario from the one projected a few months ago, and we must maintain our agility to adjust the level of investment activity in the coming months, depending on the macroeconomic scenario.

I take this opportunity to highlight a very relevant advance in our operational resilience strategy. In the sale of oil, we signed three-month amendments with Brava, starting in April, in the oil sales contracts in the Potiguar asset, that increase the predictability of volume deliveries and improve risk sharing and market upsides with buyers, to align the companies in the search for systemic efficiency in the Brazilian onshore.

Therefore, we continue to execute our strategy with technical rigor and focus on long-term value creation. We continue this strategy focusing on this long-term value creation, the combination of operational excellence and resilience, financial discipline, and balanced commercial strategy, which gives us confidence in the ability to navigate in the near future.

Thank you, and now Marília is going to conduct the Q&A session.

Thank you, Firmo. Thank you, Rafael.

We're going to start the Q&A session now, and I will ask you to send the questions through the Q&A so that I can read them. Starting, I'm going to do it according to topics.

I think it's easier to answer. This is about capex.

So, "In the fourth quarter, production had a flat production for 2026 with a more conservative capex. Considering these new prices, is the company actually checking capex for 2026?

What are the specific triggers to accelerate the progress activities?"

I think it's a question that we're all asking in the oil industry around the world. The answer for this year is no.

We will continue to maintain the original strategy that was decided on late last year. Obviously, we are reviewing the portfolio.

Sorry about that, it was an audio problem. Now it's back.

We are reviewing our portfolio for a possible implementation of change in investments. However, it has not been defined yet, and at this point, we're still maintaining implementation of our strategy.

We are trying to understand the medium- and long-term effects, especially on the future price, because today, in my opinion, it's still very uncertain. Okay.

The next question is from UBS. "The capex is lower in the quarter.

Can you give more details? Was it below the expectations, or can we expect this level of capex for the next quarters as well?"

This is a level of capex that we designed, that here we were able to design a structure of activity that was quite stable, and our expectation is to maintain this year. Then

we have a question from BTG. "We presented that we're operating with only PR-21, that is in Rio Grande do Norte.

Is there any expectation for PR-14 to continue to activate, or is it going to be activated in Q4?"

Our drilling structure, and we are proud to say that it's the best one in Brazil, it has a lot of flexibility in terms of depth, as well as the technological profile of these wells. This year, we planned conventionals, and focusing on PR-21, a little in PR-14.

Usually, this happens throughout the year, and today we have PR-14 working for an external project for third parties. The possibility of drilling with the other wells, this is evaluated.

Decisions are made throughout the year, but PR-14, there's no forecast to use it. We're still going to maintain it and waiting for this change in the drilling profile in the future.

This year, these two are being applied like we planned it.

Okay. XP is asking the priority project to deliver a growth increase.

Well, 2026 was a very important change for us. We made an adjustment so that the year would be focused on the generation in the mid-term.

What do I mean by that? That phase when the company actually buys new assets, there's always an initial phase, which we call the low-hanging fruit, and we focused on activities that generate a short-term growth.

We definitely agree, and we've been talking about this with you, the company is in a phase of thinking in the medium and long term. We're thinking about projects to manage mature fields, especially with water injection and water flooding.

These are projects that have to be seen in a longer term, not just getting more production to get more production next month. This is a change that we structured for this year in the company, and we're in effect.

In general, what we see is the development of workover and the drilling is focused on the projects, water flooding projects, also focusing on trying to get stability so that the capital that is used will have a better return compared to what we got, especially in the last two years. It is a change in perspective for a long-term perspective.

We're not only looking at this period. Our commitment this year is to try and get stabilization of the average production this year and next year.

We're 5% below what we had programmed in the first quarter because of the well-known seasonal problems of maintenance and interruptions. We believe, and we're still working to be able to, at the end of the year, to achieve the capex that we set and the average production what we planned compared to last year, and the return will be much better this year compared to last year.

This structure has not been modified yet. We're working on this, and we have several workover projects, as well as drilling projects, to be able to achieve this final objective.

All right. Now for production, Itaú is asking.

When we talk about increased production expectations with the start of these wells that were drilled. We have two injector wells that we drilled.

Basically, once again, we make our technical analysis. You drill a well, an injector well, to stabilize the production of several wells, but it's not a direct production.

It's not like when we drilled the [GA-11?] well, the next month we're already producing 1,000 barrels of oil or more.

Once again, this change that today's activity is part of a process to generate medium-term value that obviously tries to bring the management of the reservoir, the management of mature fields to the company's core activities. Of course, we continue to work on the portfolio, especially in the surface portfolio.

We're still looking for opportunities to increase production, trying to find opportunities that can bring additional production. The core of what we're doing now was decided this year, it is still being implemented, and the reason between what is invested and increase in production is not as linear as what we were talking about before.

Answering Monique, we have a workover structure and a drilling structure that focuses on the injection projects, and these injection projects are going to bring a lot of value in the future. If we look at what the company did in its 25 years of existence, what we planted for many years and what we harvested for decades was a management structure for the portfolio that made us invest a lot less for maintenance and growth of the production.

This level of investment that we have today, this model that we are using today is exactly to establish this. It's not an immediate response, it's a more long-term response.

It's just something to say that we believe in stabilization and growth in production, but it's not going to be immediate. It's not like drilling a well and then next month already having an increase in production.

The objective is exactly the same, keeping a flat production this year with less capex activity. If we stabilize that, we're going to continue doing this over the next few years, trying to get growth.

We have growth leverages, they're very interesting. Last year we tested technology, we've got other opportunities, these projects are being developed, they are there to be able to stable and gain maturity, and when we believe that these projects are ready and that they should go into our portfolio of activities, we're going to give you a better view about the capex acceleration, which obviously is more comfortable with a higher oil price.

If we see a higher oil price, especially in the medium-term horizon, we can actually accelerate these projects, but we have not changed the strategy up to now for this year. Okay.

There's a question from an investor. It's in English, but I'm going to read it in Portuguese because you have the translation.

Just so

you don't have to change the channel.

They've already answered a bit of it. It's a question from Monique, but it's important to emphasize this: "When are you planning to return to the production growth path?

After the lessons from the pilot wells from last year, what is going to happen to PetroReconcavo thinking about increased production going forward?"

Just from the change in phase is the establishment of our understanding that the phase where we bought these assets and we brought a lot of what we call the RTP, return to production, to the business, we have the responsibility of looking at this business in the same way that we looked at Remanso decades ago. Now it's time to structure projects, water flooding projects, that allow the future to be much better in terms of allocation of capital compared to now.

Equation of capital allocation to the return to quick production, it is replaced by an investment now and the return capital will be more long-term. I think that's the topic.

After we establish this, and this is a project that we see, especially this year and probably also a good part of last year, at the same time, we can also start thinking about other projects with the increased in production, let's call it that. The increased production projects are anchored to the investment that PetroReconcavo did, the investment in equipment and technology for future developments of the company.

They're going to be implemented inside the company's plan when we acquire that right level of maturity. Last year was very relevant, as it was very important to test horizontal technologies and test the deep well technologies that allowed us to check the potential of these persons, but also in terms of technical capacity of the company, the costs and all this.

This potential has a transforming potential for the company, and we can't simply continue to have mature fields and not develop them, but each of them reach their own maturity at their own speed for implementation. This is the year that everything that we experimented with last year, it is being developed this year, and it's a future where the company is able to make horizontal wells, multi-stage frac with depth to be able to reach the reservoirs, the deep gas reservoirs that we know we have in the company's portfolio.

This transforms not only the reserves, but the production of the company in the future. This is a moment that we have to talk about later on when the maturity of these projects become more well known and our decisions to manage risks and the investments when everything is decided.

At this point, we're focused on this first strategy, which is the implementation in a very disciplined manner, and the water flooding projects that are going to work on the allocation of capital in the future and will generate more value later on. Okay.

The next question is from Bradesco about the water injection project in [Tié?] .

"Is that finished, or is there more work? What is your evaluation about the asset up until now?"

Water injection project is very similar to a safety culture project. You never stop looking at them, and you have to be very humble to learn all the time with them.

In terms of investment, yes, it's fundamental investment that we made in [Tié?] in terms of construction of wells and the structure of the surface, this has been done.

There's still a few things to do, but later on, nothing too big, and the project implementation is ready, but there's still a lot of work with adjustments, refining, and understanding of the technology that we're doing in [Tié?] for this project to actually give us the results and a more controlled decline curves, the oil and water proportion much better compared to what we have today, and that's what we want in all the injection projects.

Okay. One more question from Citi: "Are you more confident about the oil price, because the oil price can become stronger for a longer time compared to what was priced at the end of 2025?"

My decades of oil and gas, I think we should run away from people who know what the future price of oil will be. Our strategy is agility and flexibility, and we were a few months ago with the expectation that we had a completely different profile for oil compared to what we see today.

In my opinion, what is the total effect in the middle and long term? Perpetual, everything that we've seen in the first months of this year, I think that all of us have agreed that this effect is not absolutely in the short term.

Definitely, there is a medium-term effect, especially when we talk about risk of the Gulf oil, that was one of the great reasons for the price of oil to change. Now if this is going to be solved in the next few months and if we're going to change the supply and demand model we're using for oil, we don't know.

We can clearly see that it's not going to be in the short term, it's probably going to be in the middle term, but that's the little I can say in my perspective about oil for later on. Apparently, what we've seen is not going to be solved quickly.

What we've seen is going to have a more long-term effect. Now how long it's going to be and the size of these effects, I would not dare to say based on what I know about the oil industry.

Our strategy, our way of working is to have our portfolio reviewed all the time, able to react to changes. One of the main protections of PetroReconcavo, that it benchmarks on the production cost of Brazil, Brazil onshore.

This is something we're not going to stop using. Now to hedge, there is an individual asking about what percentage of the production is in hedge, and what is the value per barrel?

This is in one of the slides in the presentation: 65% of the production of the reserves 1P for 2026, 37% for 2027, 9% for 2028.

The size is about 10,000 barrels a day now for 2026, and we produce about 14,000 barrels a day, and that's more or less the proportion. The average price has two different formats.

There's an NDF, where it's a fixed price, and $65 per barrel more or less, and you have those that are in the collar, where you capture a certain window, and usually there's a standard of about $60, you protect below any drops below the 60s, and the upside is it's like $70 a barrel. It's important to remember that the company produces 40% of its gas capacity, and it is a company where the oil hedging is important, but it does not determine the capacity to generate for the company gas.

It takes a lot longer to capture these price variations, but the capital structure and the hedging structure is very well thought to be able to maintain a balance to ensure predictability and at the same time allows the company to continue being an oil and gas company that captures the oil upside. Still about hedge.

Rafael has explained it a little, but there are some questions about this. This is from Bank of America.

"And we evaluate the hedging strategy currently in terms of prices, and if it is possible to renegotiate or close positions of NDF in an advance manner?" The hedging strategy is discussed a lot, especially in the financial areas here, in our board, and they were designed to think about this scenario, having a protection that is big enough against downsizings of the prices, and this is what we had a few months ago, but also allowing us to capture the upside as well.

That's how it was designed, and we actually do reviews of the hedge position periodically, according to the evolution of the scenario. I think at this point, we don't have the intention of closing any hedge contracts.

I don't see any benefits on this path. I think the idea is to continue, and as I said, most of this is treated with hedge accounting, and these are contracts that have monthly settlements.

I'm protected until 2026 in December, and then you do the settlements of the results from that month, and then this is going to affect the result of the company during this period. If this is first month, it's cashed, it's all according to my physical selling of oil.

I have to pay some value to the bank because of the hedging operation, but I receive, because I have more production, I receive a lot more than that in the physical selling of oil. The net effect is always positive in terms of cash generation for the company.

There's no temporary mismatch, and we don't have any call to margin in our contract. Everything is well structured, it will never be damaging for the company.

The opposite, it only helps the cash flow for the company. Okay.

Now about lifting cost, this is a question from Citi:

"What can we expect for the lifting cost over the next few months in 2026? Does it make sense to say that the cost in reais is what is going to be flat and it's going to be diluted by a potential increase in production?"

Our lifting cost is what we really focus on. Of course, the lifting cost per barrel is an important reference, and PetroReconcavo has this as a Brazilian benchmark in onshore, it's very relevant for us.

What we really control is the lifting cost in reais and in production. That your understanding is exactly the one that We have maintenance of the cost, and we were able to, after a joint effort, we were able to bring this cost down in the beginning of last year.

Beginning of last year we had a lot of difficulty and lots of challenges, especially in terms of operational resilience. Obviously, the idea is to continue pushing lifting costs down, maintaining this standard that we're at, and it really depends a lot on how much João and his team function will be able to extract efficiency.

Maybe I'll let him say something about that. This is exactly the case.

This part of the lifting cost, it varies and it goes up according to the production, but then most of it is fixed. When we're able to get bigger production, then we have a change in the ratio.

Would you like to comment on that?

If it's a fact, we have followed up the last three quarters, nominal values of a 10% reduction per quarter when we compare with the quarters from last year. A sequence of investment in terms of Bahia, but it's at a lower level and it's more located in capex, which is one of the things that we have invested a lot on, water injection, the integrity of the assets, but this impacts the lifting cost.

We also have benefits because of improvements in the breaking of wells year-on-year, and this has made the repair costs smaller. The repair is continuous, and our expectation is to maintain this standard and with other levels of efficiency in the repairing of wells and other efficiency for energy or something that will allow us to continue this reduction path.

We've answered all of the questions here.

You've already answered all the other questions about lifting cost. The next questions, I'm going to do them all at the same time, obviously it's about the contract, the three-month contract and the signing with Brava.

The question is: "What is the improvement of the average discount for commercialization practiced by the company that we should expect with the changes announced with this new contract of pricing with Brava? If you could give more details about this, about the signed contract."

I think that's it. The rest is just repeated.

I think this contract, of course, it is very important. What the additional has a function of starting the negotiation process and marking a term for us to be able to have a long-term contract, I think that's part of our strategy.

The objective, the fundamental objective for PetroReconcavo is to go for what we want. Remember, I came one month after PetroReconcavo had its biggest losses in terms of closing of the wells in Potiguar for 12 days.

It was something that had never happened in the company, and it took months for us to recover in terms of surface. At that moment, we made a decision, and we have been very efficient in finding alternatives for the production and alternatives that are economically positive.

This advance with Brava now, is another phase of the operational resilience that we have been defining. Every time I've been with you here, I've said that onshore was going to be one of the best for the companies work together for the systemic reduction of costs.

We still have situations in the onshore. We did not have something that brought efficiency, but we have some advances in this path.

Before, we had better outcomes so that we could reduce the risk of the spreads that the clients, businesses, refineries bring, and moving together so that we could get a level of efficiency that we wanted. Of course, there is visibility in the delivery that is extremely important for the rigs, and this is necessary.

At the same time, it also brings benefits to PetroReconcavo, and it allows PetroReconcavo to have the option that when we have this in that product that is ready, we deliver to both sides and everything that we designed. I'm very satisfied, and we have the generation of value for both companies.

The discussions are always, what do we need to do so that the total systemic costs can go down and both companies can generate value? We did this with Guamaré when we acquired it, and it was extraordinarily positive.

Even months after we joined with Guamaré, we managed to reduce the costs. The methodology is the same, it allows for reduction of cost and improvement in the selling of oil in the short term.

I don't like to talk about my history in services. You should never discuss long-term, private contracts in public.

This does not bring any value. You're going to have the opportunity of checking the quarter on quarter, there will be an improvement that you will see.

That is something we announced yesterday, and it's a contract that in the right direction. It's going to bring positive gains for both companies.

Of course, there will be an attempt from PetroReconcavo to improve the monetization of our oil in the same way that we did in the reduction of midstream costs together with Brava. This is my view.

After the long term, the objective of the two companies is going to have a better five-year view, a much better view compared to the value that is generated with Brava and PetroReconcavo. This is the work we're going to do over the next few months.

Okay. Question from Safra: "How the replacement of diesel for GNL will increase is using trucks, and is that a more attractive product to sell?"

I'm going to use the word attraction. Yes, it is more attractive, yes, but it's a pilot study, right?

GNL is already started being produced, we have started moving cargo as a pilot study with GNL, and we want to understand what will be possible. In my opinion, in terms of the gas strategy, my participation of GNL and especially in transport, in the modal of transport in Brazil, in cars in Brazil, it is transforming.

Brazil has gas, it is able to use it, and it's able to balance the dependence on diesel that we have that is now highly complicated because of environmental stress. I really believe in the entrance of GNL, the way that we're doing this, in the Brazilian transport system.

We are testing this pilot. It's very attractive, but yesterday I heard this question, I'm going to consider it attractive when we have a volume of activity that is enough for us to understand everything in terms of maintenance and cost and in terms of safety and everything that we want to do with LNG, LNG in English, GNL in Portuguese.

It's relevant for us, and we need more time to really be able to shed some light on it and show its potential. Baby steps on this project, but it is definitely very attractive, using the same word.

The next question is from Bank of America: "So what is the allocation of capital the company because of the low leverage? Would you still like to focus more on the current portfolio and the distribution of dividends?"

All of the above. Can we answer that in this way?

We're still structuring.

We did it, and the decision came out of JCP exactly where we were two years ago. We have not only a capital structure that allows the company to have a lot of flexibility in its strategy, it allows us to do a lot, the allocation of capital, stronger allocation of capital, just like the payment of dividends, that is more aggressive, as we see this year, and we also have the operational capacity to do this.

This is going to be maintained as the potential source to be able to do something that will bring value to the company for long term. Maintaining the same assumptions, flexibility is our strategy, we want to have it all the time, M&A evaluations that are coming out, midstream evaluations, also increase investment in our portfolio and other portfolios as well, JVs and farm-ins and farm-outs, and the distribution of dividends or any other kind of structure for return on investor capital.

Maintaining the same assumptions and strategy of flexibility, that is our strategy.

Okay. Bradesco sent a question, and they would like to hear your opinion, Firmo, about the probable entry of Ecopetrol in the Brazilian onshore.

"You have a lot of experience working with majors, what do you think?"

Ecopetrol was a customer of mine for several years, and I respect them very much because of its operational capacities, technical knowledge, its team as well. It is a company that definitely has the capacity to do whatever they decide to do.

There's this category. That's as much as I can say.

I can also say what I said in the acquisition when we formed Brava. Brazilian onshore every day needs E&P companies that are focused on solving the efficiency problems.

We're going to be robust onshore when we actually face the challenge of systemic transformation and the onshore efficiency. An E&P company like Ecopetrol that can participate in this market is welcome, and I always considered the coming of companies who want to solve these problems welcome.

If these efficiency problems that will demand long-term solutions, more difficult solutions like these, and we are doing it, of course, through the PetroReconcavo drive, improving the equipment, reducing the midstream costs, and improving the processing of our product. I think this search for systemic efficiency, I'm always welcoming E&P companies that know the surface well, that know the E&P very well so that we can address this.

That's my personal perspective of this question that was done. Okay.

Last question for us to close, it is from Scotiabank: "And even without a formal guidance, what is the main message that you would like the investor to take for the next two years, 2026 and 2027? Preservation of cash, production stability, preparation to start growth again?

What needs to happen operationally for this to be achieved?"

I'm going to try to simplify this. It's not easy, but I'm going to try to say what we here, together with the board, are definitely focused on.

We need to bring to the company the capacity that it has always had to provide return on capital above what we were able to do in the last two years, let's say. This is a big topic.

It's a topic of return on capital. It is a balance.

It's the return on capital and the consumption of capital through projects that are very well defined, very well carried out, in terms of development of reserves. I think this is a big topic the company has.

Trying to get short-term production and short-term growth, this competes better with a return on capital that is more structured. Now without disabling the capacity to go back to growth that the company has.

It's a structure that includes strategy, where we focus this basically over the next two years on the development of projects in an efficient manner, the water flooding projects, and the return on capital will go back to a much better level compared to what we have today. At the same time, we are also observing the development of technology, new projects, so that we can in fact go back to growing in this production, but going back to having the return on capital a better one compared to what we did in the last two years.

In general, I think this is what I can answer to this. Everything else we're doing, it depends on the cost, definitely.

This never comes out of our agenda. The only reason for the existence of companies, the mature, they operate at much lower cost compared to the others.

Otherwise, we wouldn't survive. The cost, especially the operational cost, the investment, that is very well done, with a focus on the capacity of evaluating the return on investment in a more granular manner, and being able to learn very quickly and understand what you're investing in, in a cycle, in a PDCA that is worked very fast, and at the same time bringing this capacity and still counting on the portfolio of the company and the opportunity to find new reserves.

These are the great topics. I don't know if anybody else wants to add anything.

If not, that's it. Thank you.

Thank you, everyone, and see you in the next call. Thank you.