Petroleo Brasileiro Sa · BMFBOVESPA:PETR3
Petroleo Brasileiro Sa — Petrobras - Petroleo Brasileiro — Investor Presentation (November 2025)
163 slides from Petroleo Brasileiro Sa's investor presentation, Nov 28, 2025
Slide 1: Slide 1
Slide 2: Disclaimer
By receiving these materials and/or attending this presentation, you agree to be bound by the following terms and conditions and acknowledge the statements below Neither the Company nor any of its affiliates, directors, officers, agents or employees shall be de have any liability whatsoever for any
Slide 3: Agenda
Agenda 1. Introduction 2. Financial Strategy 3. Exploration and Production 4, Refining, Transportation and Marketing 5. Natural Gas and Low Carbon Energies 6. Engineering, Technology and Innovation 7. Environmental, Social and Governance,
Slide 4: Introduction
INTRODUCTION
Slide 5: Our purpose
OUR purpose To provide energy that — me || : il ensures prosperity ‘ ' inan ethical, fair, safe ) | TAAL and competitive manner.
Slide 6: Vision
VISION To be the best diversified and integrated energy company in value generation, building a more sustainable world, reconciling the focus on oil and gas with diversification into low carbon businesses (including petrochemicals, fertilizers and biofuels), sustainability, safety, respect for the e
Slide 7: Our values
Our * : Care for people Integrity o Sustainability Innovation Commitment to P. and Brazil a) a te enPolnae 4q
Slide 8: ‘reducing.our emissions and maintaining
‘reducing.our emissions and maintaining our relevance in Brazil's energy mix, with a “growing share:of renewable sources. In , doing so, we ensure P energy that ae aa c drives sustai ——- rity and
Slide 9: We reaffirm our key choices
We reaffirm our key choices Focus on oil and gas, with economic and environmental resilience Replenishment of oil and gas reserves, creating value for society and shareholders Expansion of the industrial facilities, monetizing domestic oil and with increased supply of low carbon products Ambition to
Slide 10: Our choices lead to growth
Oil and gas production Diesel, lubricants, fertilizers, and LPG production Sustainable fuels Demands for domestic industry eee Our choices lead to growth Ihe sella Value for all stakeholders (+) Energy security and social welfare © Reliance on imports @ Resources for the national economy Just energy
Slide 11: Brazil's energy mix will continue to be much more renewable than the global mix
Brazil's energy mix will continue to be much more renewable than the global mix Energy Mix Profile BRAZIL WORLD I Coal Boo BB Natural Gas © Renewables BB others Fossil fuels will continue to be necessary, both globally and in Brazil. 2023 2050 2023 2050 Source: AIE (WEO 2024) and Petrobras a
Slide 12: Our growth reflects the ambition to sustain our relevance in Brazil's energy supply
Our growth reflects the ambition to sustain our relevance in Brazil's energy supply O.6EJ 2022 1’ 2030 e060 yy D 27 Exajoules (p Exports Notes: ~ In 2030, Petrobras’ total portfolio of low-carbon projects will represent 19% (0.2 E) of energy supply. Oil and oil products wll all be sold on the domest
Slide 13: The challenge for the five-year period is a lower oil price environment
The challenge for the five-year period is a lower oil price environment 2026-2030 ASSUMPTIONS Brent Prices US$/bbl 2024 2025° @ BP2025-29 “Average up to 10/31/2025
Slide 14: Streamlining to grow, generate results, and ensure financial sustainability
Streamlining to grow, generate results, and ensure financial sustainability Management focused on operational efficiency and capital discipline, allowing us to deliver more with fewer resources Resilient cash flow, with Brent breakeven of US$ 59/bbl in 2026 Project optimization Average annual reduct
Slide 15: Growth that is resilient to low prices
ip in Growth that is resilient to low-price ‘ajump ingrowth +12% 411% insets fo 46% in 1 year aa in 10 years 2025 27 2.4* * Due to increased operational efficiency and higher production deliveries over the year, the current oll production forecast for 2025 is around 2.4 milion bpd, with an expectati
Slide 16: Responsibility for capex execution
Responsibility for capex execution Each extra unit of oil, gas, or fuels we produce increases revenue and taxes. By accelerating project operations, we bring revenue forward. This growth strategy will translate into long-term dividends. Viviane de Castro Salles (CENPES)
Slide 17: Commitment to a Just Energy Transition
Commitment to a Just Energy Transition Investments in the energy transition will be more focused on bioproducts over this five-year period, especially ethanol, biodiesel ,and biomethane, in addition to diesel with renewable content (Diesel R5), SAF and biobunker W
Slide 18: Sharing results with society
Sharing results with society Ensuring access to energy is critical for promoting the well-being of Brazilian society Our investments have the potential to generate and sustain 311,000 direct and indirect jobs We will generate dividends for private and government shareholders 3 Our investments repres
Slide 19: Financial Strategy
FINANCIAL STRATEGY
Slide 20: Amid challenges and opportunities, we look to the future
+ Decline in international prices > high returns and fast cash generation © Key Drivers > + Value generation through investments, while preserving the dividend policy and debt levels Amid challenges and opportunities, we look to the future CAPITAL DISCIPLINE Optimization of expenditures and enhanced
Slide 21: We reduced our Brent breakeven for neutral net debt
We reduced our Brent breakeven for neutral net debt Brent breakeven* US$/bbI -18 = 48 | | Production Leases Other 2026 2030 ations with nonet debt addlton
Slide 22: Our portfolio of investment opportunities
Our portfolio of investment opportunities amounts to USS 109 billion Under Implementation 69 Total Portfolio @3 577s 16 42 78 I Exploration & Production IB Refining, Transportation and Marketing WB Gas & Low Under Evaluation (ig EP aU Carbon Energies 9 I Corporate Note: Projections subject to variat
Slide 23: Total Portfolio: Business Plan 2025-29 vs 2026-30
Total Portfolio: Business Plan 2025-29 vs 2026-30 USS billion 111 6 1 109 ay — 7 Under Under Implementation Implementation Under Under Evaluation [ram Evaluation 13 BP Period K Inflation NewProjects Project Others* ep 2025-29 Adjustment reassessments 2026-30 “includes assumption of lower project exe
Slide 24: More than 75% of investments under implementation allocated to E&P
More than 75% of investments under implementation allocated to E&P Capex Under Implementation of US$ 91 billion 21.0 19.4 os 205 6 Os 12 13 > ie 40 re 1614 14S 26 on"? 148 15.4 144 ' are 2026 2027 2028 2029 2030 Cash Capex* 16.9 17.2 17.1 12.6 Eis um Hattie Production ll ond Marketing TW coven energ
Slide 25: Capex evolution driven by more value-accretive projects
+ Progress in the construction of Bizios FPSOs + Growth in Sépia 2 and Atapu 2 + Advances in Raia projects, Marlim revamps, and the Integrated Parque das Baleias + Resumption of construction of RNEST Train2 + Focus maintained on Biizios, with progress in FPSO construction + Progress in Sépia 2 and A
Slide 26: Portfolio Under Implementation
Portfolio Under Implementation We reaffirm our commitment to capital discipline and efficient resource allocatior Under | Implementation 69 ASSUMPTIONS - Gross debt limit of USS 75 billion + Self- funding: investments supported by operating cash flow generation - Preservation of Dividend Policy Lowe
Slide 27: Reinforced governance and flexibility in investments
Reinforced governance and flexibility in investments to adapt to different scenarios Main sanctioned projects generate more than US$ 12 billion in free cash flow by 2030 Portfolio Under Implementation USS billion 19.4 21.0 20.5 = al ~a 16.1 ae 6 5 ; 13H ieee ~_| mmm implementation Target 131 (US$ 91
Slide 28: Governance for assessing new projects and financial viability
Governance for assessing new projects and financial viability Our portfolio of opportunities amounts to US$ 109 billion: USS 81 billion Projects with budgets approved in the plan, even if not yet sanctioned. US$ 10 billion Projects amounting to US$ 10 billion will have their TOTAL IMPLEMENTATION 91
Slide 29: Major pre-salt projects: focus on execution with cost reduction
Major pre-salt projects: focus on Execution with cost reduction A Capex Nominal fs 5 full life wi Nes Capacity gp 2025-29 Petrobras | te USS billion Buzios 6 (P-78) 180 52 89% Ofthe fol ists 5‘ | = rojects, three retain the Buzios 7 (Alm. Tamandaré) 225 2.2 89% Br 2025-30 ohe bdget in the 2026— - -2
Slide 30: High-return portfolio
High-return portfolio IRR - AVERAGE INTERNAL RATE OF RETURN (US$ IN REAL TERMS) % as ® 1g, Transportation and Gas & Low Carbon Exploration & Production Marketing Energies 30
Slide 31: Manageable operating expenses: levers for opex optimization
Manageable operating expenses: levers for opex optimization OPEX Base year 2024 USS billion Corporate View USS 65 billion Managerial View USS 65 billion One-off events Depreciation Lease expenses " Does not consider leases in capex Operating expenses US$ 2.3 billion | MANAGEABLE OPERATING L EXPENSES
Slide 32: Focus on operating expense efficiency enables us to grow with productivity
Focus on operating expense efficiency enables us to grow with productivity Manageable Operating Expenses Manageable Operating Expenses USS billion USS/bbt 27.6 27.2 2023 2024 2025 2026 2027 2028 2029 2030 2024 «2025 «2026 «= 2027S 2028S 2029S 2030 — BP 25-29 (uss billion) — BP 25-29 (uss/obi) -—- BP
Slide 33: Search for efficiency in expenditures
Search for efficiency in expenditures, preserving operational safety and asset reliability RTM + Renegotiations in routine and revitalization services G&LCE * Negotiations to reduce gas transportation tariffs E&P + Cost reductionin non-producing platforms (structure, processes and workforce) * Cost
Slide 34: Total Portfolio: Sources and Uses of Cash
Total Portfolio Sources and Uses of Cash USS billion Cash flow from Investments Operating cash flow aftertaxesand (Ea) judicial deposits? Dividends New Projects Leasings Net amortization Earn-outs® Sources Uses Includes cash surplus atthe beginning ofthe period. 2 includes contingent and deferred pa
Slide 35: Leasing optimization
Leasing optimization Expenditure Categorization USS billion 2027 2029 mFPSO @ Capex/Opex* Decommissioning ™ SG&A *CAPEX accounts for approximately 60% of this category.
Slide 36: Efficient and flexible capital structure
Efficient and flexible capital structure in challenging scenarios enables the maintenance of the dividend policy US$ 75 billion debt limit reaffirmed a GROSS DEBT 6 USS billion BB Leasings Il Financial Debt 2019 2020 2021 2022 2023 «2024 «2025 «2026 «2027 2028) 2029-2030 % of FPSO leases 61% 57% 54%
Slide 37: Value-driven management
Value-driven management We have a unique portfolio, which we will continue to manage efficiently to deliver strong, value-accretive, growth and to increase the country’s energy supply, providing benefits to society and our shareholders We are bringing more resiliency to the company, enablingusto kee
Slide 38: Exploration & Production
EXPLORATION & PRODUCTION
Slide 39: Delivering growing production
Delivering growing . We remain focused [> race tin on value generation Replenishing reserves ———> andexploring new Maximizing value frontiers focusing on profitable assets ft Contributing to the —> increase of natural gas supply Fostering capital discipline and cost optimization Decarbonizing our po
Slide 40: Our portfolio has double resilience to generate value
Our portfolio has double resilience to generate value in challenging pricing scenarios Our strategy envisage high-return capital investments that are only approved with positive NPV in robust scenarios resilience resilience 15 Kg CO;e / boe US$25/bbl Competitive Brent for prospective over the breake
Slide 41: Solid even in low Brent price scenarios
And it is solid even in low Brent prices scenarios i) 0 © uss25/bbt uss22/bbI uss50/pbt @ average =» @ ~60% | ~92% » of portfolio of CAPEX of CAPEX Notes: Breakeven Brent: Brent level that generates zero NPY. only considers E&P projects and does not consider the cost of capital of pastinvestments. F
Slide 42: We will continue with significant investments in E&P
We will continue with significant investments in E&P USS bn Postponements and optimizations in projects Pre-FiDs under evaluation Improvementin the execution of projects USS billion Note: Projections subject to variation of +/- 5%. @ Pre-salt @ Post-salt @ Exploration @ Others
Slide 43: Different maturity levels for the projects in the portfolio
We have different maturity levels for the projects in the portfolio CATEGORY DEFINITION SANCTIONED Capex with expenditures approved in governance Capex awaiting approval by Governance. They UNSANCTIONED may or may not have undergone financing! analysis CURRENT Maintenance and integrity recovery proj
Slide 44: 2025 was an unprecedented year for our production
2025 was an 3) Oerstloperateatr Smee unprecedented year for Pre-salt own; 2.56 | Pre-salt operated: 3,88 our production Peak FPSO Mal. | Bazios field production operated g FPSO Alm. production of 3 Tamandaré | 200 Mbpd of | 1MMbpd 8 (Buzios, 225] production J = Peak Mbpd) FPSO Alm. = roduction P-78
Slide 45: Upward trend over the next five years
And we will continue on an upward trend over the next five years TOTAL PRODUCTION million boed | Petrobras Work Interest (WI) | with varation of +/- 4% eos 45 46 4q aq 47 4 34 33 31 3.2 EK — 2 2026 2027 2028 2029 2030 MEOil mMCommercial gas me Non-commercial gas ~@®-Commercial oil and gas “@*Total o
Slide 46: Significant gains compared to the previous business plan
We achieved significant gains compared to the previous business plan OIL PRODUCTION (+) 230 MILLION BARRELS million bpd | Petrobras Work Interest (WI) I with variation of +/- 4% ¢ jans Outlook 2026-2029 27 2.6 2.6 2.6 ‘ 2 i Better reservoir management 2.4 + Improvedefficiency in well “ a 25 25 25 co
Slide 47: A robust process to build our production curve
We have a robust process to build our production curve ..and we will work to mitigate risks and ensure that our results continue to exceed expectations ee aes Year7 Year 2 Year 3 Year 4 Year 5 Risk Tunnel Reservoir risks Schedule risks + Operational efficiency* We simulate thousands of scenarios tha
Slide 48: Growing gas supply
Growing gas supply with production optimization and new projects 2024 *Gas availability (Brazil GAS SUPPLY* million m?/d New and complementary projects, Higher aveibility in and exploratory initiatives Santos Basin 49 55 Projects start up 2025 2026 «= 2027,-—Ss«2028.«S 2029S 2030 2031 2032 2033 2034
Slide 49: Extremely competitive costs, top quartile of the industry
We operate with extremely competitive costs, within the top quartile of the industry LIFTING COSTS EXPENSES NOT RELATED TO PRODUCTION USS/boe USS billion 6.0 6.2 <6.0 19 nh = 2024 Qutlook Average 2026-30 2024 Outlook Average 2026-30 2025 2025 OPTIMIZATION INITIATIVES OPTIMIZATION INITIATIVES + Opera
Slide 50: Outstanding results on reserves replacement
In recent years, we have achieved outstanding results on reserves replacement while maintaining low costs RESILIENT assets and STRONG reserves replenishment MAJORS INTEGRATED EUROPEAN @NOCs @ PETROBRAS Organic Reserve Replacement Index (average 5 years, %)
Slide 51: Long-term production outlook and reserves incorporation
The increase in long-term production outlook is the result of our strategic program to incorporate reserves a) Continuous effort to increase the recovery factor of already discovered assets + Management and optimization of reservoir (eg: complementary + Higher operational efficiency due to improved
Slide 52: South and Southeast
14 South and Southeast margins (35%) 11 others (27.5%) Arncavosn @ \, O orrsnoreeasis £2. onswone esis 52
Slide 53: Drilling Morpho and moving on to Mae de Ouro
We already started drilling Morpho and will move on to drilling Mae de Ouro We plan to drill 15wellsin the Equatorial Margit MORPHO: priLLinG ONGOING This is the first of a commitment to drill eight wells in Amapa deepwaters Amapa Deep Waters MAE DE OURO DRILLING FOR EXPLORATION OPPORTUNITIES IN POT
Slide 54: Exploratory wells in Santos and Campos Basins
We will drill 11 exploratory =: wells in the Southeast : 6 in Santos Basin and 5 in Campos Basin crop Magn Sul ewan Campos Basin Jaspe _& SantosBasin + We will drillan exploratory well next to Marlim Sul, envisaging operational synergies + We will evaluate the exploratory potential of Campos Basin i
Slide 55: Performance to replenish our exploratory portfolio
erformance to replenish our explo: C:) Cs Equatorial ™ vs Margin é We acquired 10 blocks @WIPB 50% Toutstbeds G55 To and Principe © We acquired block4 4 Campos We acquired 2 blocks: cone @ WIPB 100% and the other @ 60% ‘Total: 7 blocks Z Pelotas _.- aie @Q- 55 “blocs ch signing scheduled for 11/28/2
Slide 56: Diversification of the exploratory portfolio
Diversification of the exploratory portfolio in search of new frontiers Colombia Largest Discovery of VGIP in the country (higher than 6 Tcf) 1 block and 1 Discovery appraisal program Drillings and Formation tests still planned Operator Wi PB 44.40% 4 Sao Tomé and Principe Exploratory frontier with
Slide 57: Extending the life cycle of our assets
We work to extend the life cycle of our assets until exhaustion of alternatives to the sustainable disposal of systems Ensuring maximum lifetime for systems or reusing them in other fields can generate even more value for our business DEVELOPMENT RAMP UP PLATEAU MATURE DECOMMISSIONING MATURE FIELDS
Slide 58: Onshore assets: resumption of onshore activities
Onshore assets: new rigs contracts enabled the resumption of onshore activities Urucu, Solim6es Basin + 2new drilling rigs (OC) + Start of drilling of 2 onshore exploratory wells New wells in Bahia (O} + May/25: drilling of well 7-TQ- 240D-BA in the Taquipe field + 3new drilling rigs and 10 addition
Slide 59: Campos Basin: new units in mature fields
Tataruga KK Sudoeste de Hh in production BH Frstotnanze es Ba - (e) Campos Basin: New units strengthen our presence in mature fields After five decades of production, it remains relevant and continues to add value to our future results PRESENT 17 operating 15 billion boed 4 units Cumulative producti
Slide 60: Pre-salt represents around 80% of our production
Pre-salt represents around 80% of our production Fields such as Buzios, Mero, Tupi, Iracema, Atapu, Itapu, Sépia, Berbigdo, and Sapinhod account for the majority of our production rs Tupi/Iracerna
Slide 61: Significantly replenished reserves keeping costs low
In recent years, we've significantly replenished our reserves, keeping costs low Assets in the industry's first quartile for production efficiency and low CO, emissions ne Atapu ~168 mboed Total Production 7.8 kgCO,e/boe GHG index New FPSO in 2029, reaching the field's full design capacity of 375, t
Slide 62: Mero
Mero PIONEERING AND TECHNOLOGICAL ‘ . : EVOLUTION The field has increased its share in our portfolio and is ; - - Project undergoing selection of expected to maintain this trend alternatives with potential to in the coming years reserves addition MERO Extension 0 HISEP® Technological Mero 3, first o
Slide 63: Tupi: first ultra-deepwater giant field
First ultra-deepwater giant field has completed 16 years of operation [o} | i & ou :—7 + 1,072 Mboed Current operated production + + 16 Wells by 2030 12 producers and 4 injectors Production efficienc Solomon's 1° Increased production potential and gas supply, production efficiency and water injectio
Slide 64: Buzios
Buzios Largest offshore asset worldwide keeps delivering significant results and will continue overcoming challenges over the medium and long term * Does not include FPSO with undergoing comissioning fn, | - 12FPSOs fair + ~90 wells by 2030 + Daily record 1 MMbpd October 29, 2025 » 8th OTC Award Tec
Slide 65: Refining, Transportation and Marketing
REFINING, TRANSPORTATION AND MARKETING
Slide 66: Monetize oil reserves, optimizing our assets
Monetize oil reserves, optimizing our assets and securing the market for the future Our focus areas Resilient Competitive Refining - Logistics System Expansion and High Quality Products Biorefining Fertilizers and Petrochemicals Lowcarbon products laces npadienal ‘maintenance of supply Portfolio div
Slide 67: Our current Refining System
HIGH QUALITY PRODUCTS Our current Refining System Bmbpd Tombed 88 mbpd 434mbpd Oirmia © Fazmipd 259 mbpd 206 mpd 57 mb © rotmopd Processing Capacity (distillation feedstock) 1,813 Mbpd* * Reference feedstock 67
Slide 68: Our Refining System in 2030
HIGH QUALITY PRODUCTS Our Refining System in 2030 Oil processing capacity (distillation feedstock) +320 Mbpd RNEST: 172 Mbpd + Refinery Revamps: 148 Mbpd Mbpd 2,133 1,813 Additional distillation capacity over the plan is equivalent to the production of +1 REDUC and + 1 RECAP: Current 2025" 2026-30 2
Slide 69: Additional processing capacity schedule
HIGH QUALITY PRODUCTS Additional 320 Mbpd in processing capacity Distillation feedstock - project start-up schedule RNEST » SNOx 427Mbpd e RNEST - Revamp 1* Train RNEST - 2"Train Distillation RNEST-2"'Train Complete +15Mbpd e +50 Mbpd +80 Mbpd Revamps Distillation Revamps Distillation +45 Mbpd (37 M
Slide 70: S10 Diesel production capacity
$10 Diesel Pi roduction Capacity*: +307 Mbpd™* inthe plan's horizon Quality Improvement: 173 Mbp. exchange of $500 for S10) Additional Volume 134 Mbpd = +78 Mbpd in 2031+ Total +385 mbpd ‘$10 Diesel: HIGH QUALITY PRODUCTS Strong growth in S10 diesel production capacity Capture of voluntary market un
Slide 71: S10 diesel project start-up schedule
HIGH QUALITY PRODUCTS Additional 307 Mbpd in S10 diesel production capacity Project start-up schedule* RNEST —Revamp 1**Train +6Mbpd © RNEST «2° Train REPLAN - HOT “eB Mbps @ +63 Mbpd REFINO BOAVENTURA - HCC + HDT REVAP - Revamp HOT Biel Ls +41 Mbpd ee. Distillation REDUC and RPBC « Revamps Distilla
Slide 72: RNEST and Boaventura capture growing diesel market
HIGH QUALITY PRODUCTS RNEST and Boaventura Refining competitive to capture growing domestic diesel market Total capex of the projects equals around one year of EBITDA for the seqment DIESEL A Imports © producers Petrobras Sale 2oz0 2028 «20250292030 2035040 Notes: Petrobras data for historical recor
Slide 73: Resilient Refining
RESILIENT REFINING RefTOP: higher operational efficiency of refineries The cumulative gains in operational and energy efficiency and carbon reduction in Refining already amount to US$1 billion NEW INVESTMENTS US$ 1 billion planned over the five-year period for more than 150 projects in the Refining
Slide 74: Scheduled Maintenance Stoppages 2026
RESILIENT REFINING Scheduled Maintenance Stoppages 2026 Units CRUDE/FCC/HOT 197 heat exchangers, 141 vessels, 27 towers, 4 furnaces, 11 reactors 3,300 workers RPBC Units ALKYL/HOT 14Sheat exchangers, 141 vessels, 21 towers, 8 furnaces, 7 reactors 3,500 workers REPLAN Units CRUDE/HOT 191 heat exchang
Slide 75: Solar start-up schedule
Start-up Unit State Capacity 2025 REGAP MG 10 MWac 2026 REPLAN SP 20 MWe RNEST 12 MW, BOAVENTURA HE Capacity: 56 MWac Investment: USS 80 MM
Slide 76: Biorefining
BIOREFINING Capex in Bioproducts add value to the refining system Bioproducts are natural alternatives for decarbonizing the transportation segments DEDICATED PLANTS COPROCESSING DRIVERS SBC AND HVO PRODUCTION SAF PRODUCTION Potential of up to44 Mbpd Until 1.3 Mbpd + Immediate positioning ALREADY IM
Slide 77: Competitive Logistics
COMPETITIVE LOGISTICS Expansion of logistics infrastructure and Petrobras market footprint Expansion of the fleet of Expansion of presence in ships and vessels Midwest Expansion and maintenance of logistics infrastructure Renewal and expansion of the New investment cycle in pipeline Optimization of
Slide 78: Competitive Logistics: Mar Aberto
COMPETITIVE LOGISTICS "Mar Aberto”: investments to ensure the logistics of our operations Renewal and expansion projects of the Petrobras System fleet, an important driver for the Just Energy Transition Construction of 20 cabotage vessels and 18 barges 8 Gas carriers © 4Handy2 4 Medium Range 1~MR1 I
Slide 79: Expansion of operations in the Midwest
COMPETITIVE LOGISTICS Expansion of operations in the Midwest Evaluation of new infrastructure projects aimed at increasing the capacity to supply oil products in the Midwest region » New pipeline connecting REPLAN to the Midwest region » New land distribution terminals + Increased rail transport cap
Slide 80: Expanding direct fuel sales
COMPETITIVE LOGISTICS To be the best alternative for customers by expanding direct fuel sales Logistics investments to expand presence in this market Getting closer to Agribusiness and to country’s DIESEL SALES POINTS interior for direct sales to large consumers in the Midwest region, in the states
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Slide 163: Signatures
Fernando Sabbi Melgarejo Fernando Sabbi Melgarejo SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: November 27, 2025 PETRÓLEO BRASILEIRO S.A–PETRO
Petrobras - Petroleo Brasileiro — Investor Presentation (November 2025) on 6ix