Enauta Participações S A : Earnings Report 3Q22

EARNINGS RELEASE

Third Quarter of 2022

CONFERENCE CALL

Portuguese

(simultaneous English translation) November 11, 2022

11:00 AM (Brasília time) 9:00AM (New York time))

ht/atps://enauta.zoom.us/webinar/regist er/WN_eaAbmblrTRiQ-2MvKSod3w

ENAUTA PARTICIPAÇÕES S.A.

Av Almirante Barroso, nº52, Sala 1301 - Centro

Rio de Janeiro - RJ | Cep: 20031-918

Telephone: [phone]

www.enauta.com.br

EARNINGS RELEASE | THIRD QUARTER OF 2022
Enauta reports 3Q22 results	1

Rio de Janeiro, November 10th, 2022 - Enauta Participações S.A. (B3: ENAT3) announces its results for the third quarter of 2022. Except where indicated otherwise, the financial and operating data in this release are presented in accordance with International Financial Reporting Standards ("IFRS") and the accounting practices adopted in Brazil ("BR GAAP"), as described in the financial section of this release.

	Main Figures			3Q22		3Q21		∆%			9M22		9M21		∆%
	Net Revenue - R$ million				166.8			588.3			-71.6%				1,518.2			1,118.4			35.8%
	EBITDAX¹ - R$ million				46.7			438.8			-89.4%				969.6			1,666.4			-41.8%
	Adjusted EBITDAX2- R$ million				-			-			-				969.6			845.1			14.8%
	EBITDAX Margin				28.0%			74.6%			-46.6p.p.				63.9%			149.0%			-85.1p.p.
	Net Income (Loss) - R$ million				18.9			134.0			-85.9%				201.3			753.9			-73.3%
	Adjusted Net Income (Loss) - R$				-			-			-				201.3			194.6			3.5%
	million
	Net Cash2 - R$ million				1,431.3			2,244.1			-36.2%				1,431.3			2,244.1			-36.2%
	Realized CAPEX - US$ million				91.0			3.2			2,743.8%				337.0			16.7			1,918.0%
	Total Production (thousand boe)				901.2			1,996.4			-54.9%				4,271.3			4,633.8			-7.8%
	Oil Production (thousand bbl)				278.0			1,214.6			-77.1%				2,142.6			2,106.5			1.7%
	Gas Production (thousand boe)				623.2			781.8			-20.3%				2,128.7			2,527.3			-15.8%

1. EBITDAX: earnings before taxes and social contributions, net financial results, and amortization expenses, plus exploration expenses with dry or sub-commercial wells. Non-GAAP information unaudited by independent auditors.
2. Adjusted indicators, excluding the non-recurring effect of R$821.3 million in 9M21, referring to the fair value of 50% additional working interest in the Atlanta Field, and the impact on net income is restricted to the deferred IR/CS effect.
3. Net Cash: cash balance (including cash and cash equivalents and marketable securities), less total loans and financing.

KEY FACTS

• Scheduled downtime of FPSO Petrojarl I has been concluded, without accidents and no technical impediments for the unit's re-certification, making feasible a continued operating cash generation.
• Start of the drilling campaign for the 4th well and the first two wells in the Atlanta SD.
• New Atlanta oil sales agreement with Shell.
• 36% revenue growth in 9M22.
• Solid cash position1 totaling USD287 million2 in 3Q22.
• EBITDAX of R$970 million in 9M22, including impact of non-recurring costs from Manati in 3Q22
• Investments in Atlanta's Full Development System of USD285 million in 9M22, according to schedule and budget.
• Reduction in Atlanta's FPSO chartering costs of US$ 150 thousand/day as of September 2022 compared to 2Q22.
• ENAT3 entry to B3's IBRX 100 index.
• First Brazilian company and independent oil producer nominated as a finalist for the ANP
  Technological Innovation Award.
• Enauta receives the Great Place to Work seal.

¹Cash, cash equivalents and marketable securities.

²R$1.6 billion converted to USD on September 30, 2022.

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EARNINGS RELEASE | THIRD QUARTER OF 2022

Message from Management

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The second half of 2022 saw relevant operational advances in the Atlanta Field. The third quarter reflects Enauta's decision and execution of its long-term strategy to invest in production continuity and avoid gaps during the transition from the Early Production System (EPS) and Full Development System (FDS) of the Atlanta Field. Although the period's results have been affected, the scheduled downtime was key to the life extension of the FPSO, thus, making feasible a continued cash generation. We remain focused on ramping up our operating efficiency, also assuring the Company's financial sustainability through its growth journey.

At the EPS, Petrojarl I's scheduled downtime played a relevant role to revamp the FPSO, with longer-lasting repairs and an increased number of inspections and equipment replacements, besides the commissioning of a new water treatment plant. Such work makes us confident, technically speaking, concerning the re-certification to extend the producing unit contract. On November 9th, 2022, the Company initiated the drilling campaign of three new wells. The first well will replace the well halted on October 26 and should be connected to the FPSO in 1Q23. When these three wells resume production, the Field's total production capacity should surpass 20 thousand barrels of oil/day. It is worth noting that besides accelerating production, this new well will provide Atlanta with stability gains and operational flexibility to the production system.

We diligently advanced the FDS implementation schedule concerning terms and budget. Currently, the FPSO Atlanta lies on the DryDock World shipyard in Dubai for scheduled adjustments. In 3Q22, the Company concluded the demolition of modules to be replaced due to Atlanta oil characteristics, and during the first weeks of October, the unit debuted in a dry dock. The Steering Committee, which gathers CEOs of key participating companies, will hold its third quarterly meeting in December. Additionally, the "Steakholders Committee" was created, to also follow the project's evolution, ensuring a balanced focus on the FDS implementation. An important milestone in October was the conclusion of the engineering phase, with the completion of an extensive Peer Review, seeking more robustness in the following phases, adhering to best practices, to diligently promote the project's execution.

From the business point of view, we highlight the renewal of the agreement to sell 100% of Atlanta oil produced in EPS for Shell.

Two relevant achievements were also seen in the third quarter. First, in September, Enauta adhered to IBrX-100, an index that represents the average stock performance of 100 most tradeable assets, with high representativeness in the Brazilian stock market. This achievement reinforces our commitment to sustainable value creation. Second, Enauta received the Great Place To Work (GPTW) seal, an important recognition of our main asset, our people.

Supported by our human capital, our sound fundamentals, and a positive price scenario, we have been actively pursuing opportunities and resources to finance our investment needs and enhance our capital structure, as well as business opportunities that foster our portfolio diversification, including asset acquisition, and M&A.

Environmental, Social & Governance (ESG)

We keep working on sustaining our social, environmental, and governance guidelines. We are proud to announce that Enauta is a finalist for the ANP Award for Technological Innovation 2022 in the category IV- Project(s) developed by an Accredited Institution and/or Brazilian Company, in collaboration with the Oil Company, in the specific thematic area "Reduction of Environmental Impacts and Renewable Energies" for the selection of the Costa Norte Project

• Development of a Methodology for Understanding Coastal Processes and Definition of the Vulnerability of Mangrove Forests in the basins. The project's main objective is to develop

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EARNINGS RELEASE | THIRD QUARTER OF 2022
methodologies to determine the vulnerability of mangrove forests to oil spills in the Brazilian
Equatorial Margin.	3

In September, we inaugurated the 'Oceano Sem Fronteiras' (Boundless Ocean) exhibition, of which Enauta is a master sponsor. This exhibition is on display at AquaRio; this educational experience will receive by December more than 100 public schools and will raise awareness about threats, as well as solutions for the sustainable use of sea resources and its biodiversity.

Enauta participated as a sponsor of Rio Oil & Gas ESG Arena, a space concerned with discussing the role of industry and its responsibility towards current society's needs. Our representatives spoke about ocean decarbonization potential practices integration and ESG KPIs in the oil & gas sector.

During 3Q22, we carried out the Atlanta Field's Social Communication Project annual campaign. After two years without face-to-face meetings due to the COVID-19 pandemic, it was possible to resume meetings with fishing settlements and association representatives in the Atlanta Field's Influence Area. These meetings are essential to update leaders on the Field's activities, as well as strengthen Enauta's relationship with stakeholders.

Sector Performance

In 2H2022, oil prices sustained a three-digit upward trend. In 3Q22, Brent recorded an average of USD98/barrel, lower than the USD114/barrel recorded in the prior quarter. Despite Brent's price downturn, this commodity has been sustaining a high level in the historical comparison. For 4Q22, market projections signal Brent's average price at USD101/barrel (source: a consensus of market intelligence companies' conglomerate), ending 2022 at USD104/barrel. A favorable price scenario has been supported by a tight supply and demand environment in the international market.

Despite a supposedly demand weakened by the global economic slowdown in 3Q22, production cuts by Opec (Organization of the Petroleum Exporting Countries) have been upholding the pressure over prices. The commodity price impacted byproducts prices, especially diesel and gasoline, contributing to high energy inflation, primarily in the European Union, whose demand remains high due to Russia-related sanctions. In France, for instance, strikes broke out with higher inflation. In the USA, President Joe Biden announced the release of strategic oil reserves as a way to refrain prices.

As far as natural gas is concerned, a solid global demand continues to pressure prices. This scenario can aggravate with an exceptionally harsh winter in the northern hemisphere and new supply shocks. Global competition for LNG remains fierce and can be heightened with China resuming demand. We still see a structural convergence between oil and natural gas price dynamics, which benefits both commodities' producers and exporters. This scenariotends to favor Brazil, with an advanced opening of the gas market.

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EARNINGS RELEASE | THIRD QUARTER OF 2022

Assets Portfolio

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Operating Performance

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