Petroleo Brasileiro Sa · BMFBOVESPA:PETR3
Petroleo Brasileiro Sa — Q1 2025 Earnings Presentation
18 slides from Petroleo Brasileiro Sa's earnings presentation, May 13, 2025
Slide 1: 1Q25 Performance
1Q25 Performance — Webcast May 13, 2025
Slide 2: Disclaimer
Disclaimer — The presentation may contain forwardlooking political, economic and social developments, statements about future events that are not based receipt of governmental approvals and licenses on historical facts and are not assurances of future and our ability to obtain financing. NON-SEC COM
Slide 3: CEO's message
CEO’s message — Magda Chambriard 3
Slide 4: Operational Highlights in 1Q25
Operational Highlights in 1Q25 — FPSO Almirante Tamandaré INCREASE IN PRODUCTION BÚZIOS: PRODUCTION START-UP Total oil and natural gas production FPSO Almirante Tamandaré (Búzios 7) reached 2.77 million boed, an increase started production on February 15 at Búzios of 5.4% over the previous quarter.
Slide 5: Operational Highlights in 1Q25
Operational Highlights in 1Q25 — RNEST NEW MARKETS FOR OUR OIL Completion of the Revamp of Train 1 at RNEST, increasing the We signed a contract with the Indian state-owned refinery's processing capacity from 115 mbpd to 130 mbpd. company Bharat Petroleum Corporation Limited (BPCL) to export up to 6
Slide 6: Financial highlights 1Q25
Financial highlights 1Q25 — Fernando Melgarejo Chief Financial and Investor Relations Officer
Slide 7: Financial Highlights 1Q25
Financial Highlights 1Q25 — US$ billion R$ billion 10.7 4.0 11.7 EBITDA Net income Declared excluding one- excluding one- Dividends off events off events +8% vs. 4Q24 +31% vs. 4Q24 8.5 4.5 65.7 OCF FCF Taxes Paid +4% vs. 4Q24 +20% vs. 4Q24 7
Slide 8: Our results reflect higher volumes of oil produced and sold
Our results reflect higher volumes of oil produced and sold — EBITDA OCF US$ billion US$ billion +4% +8% 9.4 12.1 12.4 8.2 8.5 9.9 10.4 10.7 7.2 1Q24 4Q24 1Q25 1Q24 4Q24 1Q25 Adjusted Ajusted EBITDA EBITDA excluding one-off Events 8
Slide 9: In addition to the higher production, net income was impacted by the end-of-period FX
In addition to the higher production, net income was impacted by the end-of-period FX — +31% US$ billion 6.0 5.4 Net income 4.8 4.0 3.1 Net income excluding One- off Events -2.8 BRENT 83.2 74.7 75.7 (US$/bbl) DIESEL CRAKSPREAD 30.6 19.0 24.3 (US$/bbl) END OF PERIOD 5.0 6.2 5.7 EXCHANGE RATE (R$/US$)
Slide 10: CAPEX
CAPEX — 1Q25 CAPEX confirms top management messages during the disclosure of the 4Q24 results CAPEX EVOLUTION US$ billion “We will not see the same level of CAPEX in 1Q25 as in 4Q24, and it is very important that this is clear.” 5.7 Magda Chambriard 4.5 4.1 3.0 3.4 1Q24 2Q24 3Q24 4Q24 1Q25 10
Slide 11: CAPEX implemented linked with physical deliveries that support our future production
CAPEX implemented linked with physical deliveries that support our future production — 1Q24 4Q24 1Q25 1Q25 x 1Q24 2025x2024 2.0 FPSOs Investment in FPSOs 1.0 US$ billion 0.5 +100% • 5 under construction in 1Q24 x 7 under construction from 3Q24 on • Physical progress according to plan Average cumulat
Slide 12: CASH CAPEX
CASH CAPEX — 1Q25 impacted by the payment of platform construction milestones from 4Q24, due to the adequacy of the physical-financial gap of new systems CAPEX x CASH CAPEX US$ billion -0.7 1.0 -0.4 0.1 -0.1 4.1 4.0 CAPEX 1Q25 IFRS 16 Geology and Payments of 1Q25 billings Others Cash CAPEX 1Q25 geop
Slide 13: Gross debt within the Business Plan threshold
Gross debt within the Business Plan threshold — The increase in gross debt is mainly due to production start-up of FPSO Almirante Tamandaré US$ billion 75.5 63.2 62.6 64.5 Leasing 58.7 60.3 21.7 53.8 Financial Debt 47.6 44.7 41.5 56.0 23.0 52.2 Net Debt 23.8 33.8 37.1 40.7 Gross Debt 53.9 35.7 30.0
Slide 14: Commitment to distributing results
Commitment to distributing results — Maintaining gross debt within the range established in the Business Plan supports the financial sustainability of the Company DIVIDENDS 1Q25 PAYMENT ASSUMPTIONS R$ 11.7 billion 1st installment on 08/20 • Financial Sustainability of the Company R$ 0.91 per share •
Slide 15: Our contribution to society in 1Q25
Our contribution to society in 1Q25 — R$ 65.7 billion in taxes FEDERAL STATE TAXES TAXES R$ 22.6 billion R$ 26.1 billion MUNICIPAL GOVERNMENT TAXES TAKE R$ 0.6 billion R$ 16.4 billion Obs.: Cash perspective * Holding perspective 15
Slide 16: Business Plan and governance prepare Petrobras to generate value in challenging price environments
Business Plan and governance prepare Petrobras to generate value in challenging price environments — Our strategy: high-return investments that are only approved with a positive NPV in a robust scenario The projects in the Under Evaluation Portfolio remain bound to economical feasibility and on the
Slide 17: Yet, we are incorporating actions into the Business Plan to strengthen our resilience
Yet, we are incorporating actions into the Business Plan to strengthen our resilience — Minimize inflationary effects through • Ação 1 optimization of expenditures. • Ação 2 • Ação 3Our strategy remains unchanged. Mitigate the impact of lower prices on free cash flow. The next Business Plan is being
Slide 18: QUESTIONS
QUESTIONS —