Petroleo Brasileiro Sa · BMFBOVESPA:PETR3
Petroleo Brasileiro Sa — Petrobras - Petroleo Brasileiro — 4Q25 Earnings Presentation
44 slides from Petroleo Brasileiro Sa's earnings presentation, Mar 6, 2026
Slide 1: Performance Report 4Q25
Performance Report 4Q25 Ldij PETROBRAS
Slide 2: Table of Contents
Table of Contents Highlights 2025 Main items Consolidated results One-off events Capex Liquidity and capital resources Debt metrics Results by business segment Exploration and Production Refining, Transportation and Marketing Gas and Low Carbon Energies Reconciliation of Adjusted EBITDA Exhibits Fin
Slide 3: Disclaimer
Disclaimer This report may contain forward-looking statements about future events. Such forecasts reflect only the expectations of the company’s management about future economic conditions, as well as the company’s industry, performance and financial results, among others. The terms “anticipates’, "
Slide 4: Highlights - 2025
Highlights - 2025 EBITDA NET INCOME __ US$ billion USS billion +161% 2024 2025 2024 2025 Adjusted EBITDA 1 Netincome Wi Adjusted EBITDA excluding one-off events 1 Net income excluding one-offevents "2025 results confirm the consistency of our strategy, based on capital discipline, production growth
Slide 5: Main items
Ma ems Table 1—Main items USS million Variation (%) 4Q25X 2025X 49242024 Soles revenues 25508 25477 20815 99195 ATG 05 TAA) Gross prot Tose T1217 9965 «2as9 5972 GS) 8508) Operating expenses (5,330) (3,241) (7,196) (16,346) (19,096) 645 (25.9) (14.4) Consolidated net income (sslaiBUGBET® 25e5 G27 (a
Slide 6: Consolidated results
Consolidated results In 2025, we delivered solid financial results, even in the face of a challenging backdrop, marked by a 14% drop in Brent prices compared to the previous year, This performance was mainly driven by excellent operational results, especially the 11% increase in total oil and gas pr
Slide 7: One-off events
One-off events Table 2— One-off events USS million Variation (4) 4Q25X 4Q24 025% 2024 Net income (loss) 2915 6,053 (2,766) 19,720 7,605 (51.8) = 1593) One-off events aca) 799 Gee0) 2505 70m) Ga) One-off events tat donot atfec Adjusted EBITOA (2,974) 1,425 (6,166) 3,553. (11,576) - (51.8) = Impairmen
Slide 8: One-off events commentary
In management's view, the one-off events presented above, although related to the Company's business, were highlighted as complementary information for a better understanding and evaluation of our performance, Such items do not necessarily occur in all periods and shall be disclosed when relevant. a
Slide 9: Capex
Capex Table 3~Total Capex Variation) USS milton Exploration Frodction 51254670 4699 70713912874 Production Development 57285718 5836 12955 vase 03 __(@s)__189 Exploration ©5470 3051968 101s 476 Tees 959 Oma ESP Tea 757-2095 01S SSCS) tia Teccpanalots 765 60s 5822851788267 SO Gas & Low Carbon Energie
Slide 10: Reconciliation of total Capex and cash Capex
The following charts present the reconciliation between total Capex and cash Capex far 4Q25 and full- year 2025. Chart 1 - Reconciliation of total Capex vs. cash Capex ~ 4925 TOTAL CAPEX vs. CASH CAPEX USS billion m=. 9 a — 8 -03 63 Total Signature Leases —Geolagyand Contractual _ Materials for Othe
Slide 11: Capex in Refining and Gas segments
In the Refining, Transportation and Marketing segment, Capex totaled USS 0.76 billion in 4Q25, representing a 26.7% increase compared to 3025. Highlights include investments in the Abreu e Lima Refinery and the Boaventura Refining project. In the Gas and Low-Carbon Energies segment, investments amou
Slide 12: Projects in execution
Projectin exeetion ohh roduction system 20s 180,000 30 51 aasom production syst iwels ated ana 1 complete Project in execution phase wih ¥ production system ad 2027 225,000 23 65 ecamy omen siete: wells drilled and completed. Project in execution Bozios 10 Sasa with roduction system P82 2087 225,000
Slide 13: Liquidity and capital resources
Liquidity and capital resources Table USS milion and capital resources Adjusted cash and cash equivalents at the beginning of period 11,658 9,501 14881-8071 _17,902 minmiuftesolmoretarsmonnvatthenegnnngot pened 424) (2505) (ian | 4000) 175) Cash and cash equivalents at the beginning of period 896469
Slide 14: Cash and cash equivalents and use of cash
As of December 31, 2025, cash and cash equivalents totaled US$ 6.5 billion, while adjusted cash and cash equivalents amounted to USS 9.2 bi In 2025, cash generated by operating activities reached US$ 36.0 billion and free cash flow totaled US$ 16.5 billion, This level of cash generation, along with
Slide 15: Debt metrics
Debt metrics ‘As of December 31, 2025, gross debt reached US$ 698 billion, representing an increase of 15.7% compared to December 31, 2024, mainly due to the start-up of the leased FPSOs Almirante Tamandaré (Bizios 7) and Alexandre de Gusmao (Mero 4), which resulted in the recognition of US$ 3.7 bil
Slide 16: Results by business segment: Exploration and Production
Results by business segment Exploration and Production Table 7— EGP results Vantin 009 serra Ws) T5757 Tes S9SH7 easIS BO) 70 cro of Ses a559__7a9e _H1S15 5605 96) (ea) O17) pratngpens iy Os aa S05) OO 1598) GB) Operating income (loss) 49 7.902 3150 26010 28054 (395) 498 (7.3) Net income (loss) attr
Slide 17: E&P operating income and lifting costs
Operating income in 4Q25 was US$4.7 billion, 39.5% lower than in 3Q25. Besides lower revenues, this effect was mainly driven by increased expenses in 4Q25, resulting from impairment losses and higher exploration expenses due to studies and evaluations of new areas, in addition to the write-off of we
Slide 18: Refining, Transportation and Marketing
Refining, Transportation and Marketing Table 8 - RTM results Variation (4) (1) USS million a Salesrevenues 22298 22083 19291 84165 85281 10-156 Gross profit 24071613 149864408445 482607 (0.1) Operating expenses G2 57) _39)_—G573) Ges 6008 Operating income (loss) 1196-856 5892867 518838714010.) Net i
Slide 19: Refining cost per barrel
The refining cost per barrel in 4Q25 was 12.8% higher compared to 3Q25, due to higher expenditures ‘on materials and services related to maintenance and conservation (+6.8%), and to the reduction in refinery throughput in the period (-5.1%), mainly as a result of the scheduled shutdown of REVAP duri
Slide 20: Gas and Low Carbon Energies
Gas and Low Carbon Energies Table 9- G&LCE results USS mittion Sales revenues 2389 22702557 86959518 S266) Gross profit iva 997038604487 27703 AO) Operating expenses (G04) (68) (040) 3485) G44 B)09) Operating income (loss) ao sO 38S 9807.4 (60.0) Net income (loss) attributable to the Sectietatidee S
Slide 21: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA EBITDA is an indicator calculated as the net income for the period plus taxes on profit, net financial result, depreciation and amortization. Petrobras announces EBITDA, as authorized by CVM Resolution No. 156, of June 2022, In order to reflect the management view r
Slide 22: Exhibits: Income statement - Consolidated
Exhibits Financial statements Table 11 - Income statement - Consolidated USS milton 4925-3925 2025 Sales revenues 2360825477 20815 8919S 91,416 Costof sales (92,766) (12,260) (10,852) (46,736) (45.444) Gross profit tose 217 9983 42.459 45,972 Selling expenses (1.462) _(1360)—_(7,080)_(5,198) (4,874)
Slide 23: Statement of financial position - Consolidated
Table 12 - Statement of financial position ~ Consolidated ASSETS -USS milion 1231 Current assets Cashand cash equivalents 3a Financial investments 4.265 Trade and other receivables, net 3,566 Taventories 6710 Income taxes an Other taxes recoverable 1555 Prepayments 468 361 Assets classified as held
Slide 24: Finance debt and shareholders' equity
Finance debt 24,255 20,596 Lease ability 35315 23.607 Income taxes 576 550 Deferredincome tanes 6354 1470 Employee benefits 15367 10672 Provision for legal proceedings 3.250 2855 Provision for decommissioning costs 25,565 24507 Other non-current Habilities wns 1620 Shareholders’ equity 75651 59350 [
Slide 25: Statement of cash flow - Consolidated
Table 13 - Statement of cash flow ~ Consolidated Cash flows from operating activities Net income (loss) for the period 2915 6055 (2,766) 19,720 _7,605 ‘Adjustments for: Pension and medical benefits 452448380 .747———2.984 Results of equity-accounted investments a7 68) 323 52 627 Depreciation, depleti
Slide 26: Cash flow from investing and financing activities
Financial compensation from co-participation agreements = - = 355 397 Divestment (investment) in Financial investments G70 784 (108) Dividends received 3 80 Ei Net cash used in investing activities (6546) (4765) (271) (15,639) _ (13.369) ‘Cash flows from financing activities Changes innnon-controlli
Slide 27: Net revenues by products
Table 14—Net revenues by products USS milion nS Diese 700 71076436 26870 27Se 0.8) 88 Al Gasoline 3204 = 3,084 = 3,274 «12,325 (12,692 39 2.1) (29) Liquid pelea ga PO) es sn i663 Sees) 8072 Jet fuel W178 20414224518 59 32 (2.1) Waphiha 3s 40791001 Go) Ges 5 Fue! oil (including bunker fuel) nn ee en
Slide 28: Cost of Sales by Nature
Table 15 ~ Cost of Sales by Nature (1) USS million Raw material, products for resale, 4924 2025 2024 Variation (%) 4Q25X 4024 4Q25x 3025 2025 x 2024 Rawmateral oder, sea) (Gans) Gash) 2AM) BSE) AB TRA Aaqustionsndudnginpons) 200) Goon Gara) (ama Cewa 50S?) Crude oil (1,792) (2,043) (2,323) (7,717) (
Slide 29: Operating expenses
Table 16~ Operating expenses Variation (%) 4Q25X 2025 4g24___2024 (1991) 1.861) (1,520) (7,136) (6719) 70 HO US$ million ‘Selling, General and Administrative Expenses Selling expenses (1462) (1360) (1.090) (519 (487) 75 SAB Materials, third-party services freight,rentandother elated (1,243) (1,103)
Slide 30: Financial results
Table 17 - Financial results Variation (%) 4Q25X 2025 540242024 come 434414434 1.490—1,954 48 = en Tacome from financial investments USS million Financ anon 3243163820807 252M) 278) Other finance income mo 98ST 7B CTO) Finance expenses G14 1.119) _(.072)_4319) 695) 25-70 (27-6) Interest on finance d
Slide 31: Consolidated income by business segment - 2025
Financial information by business segment Table 18 - Consolidated income by business segment - 2025 corporate USS milion RT™ andother —ELIMIN businesses Sales revenues 59557 84.165 8.695338 _(63540) Intersegments 59,305 1,079 3,151 5 (63,540) SI Third partes 232 650865544535 = 995 Cost ofsales (eaoe
Slide 32: Consolidated income by business segment - 2024
Table 19 - Consolidated income by business segment - 2024 15$ milion ESP ELIMIN, TOTAL businesses Sales revenues 60516 85281 9.518 319 (64218) 1416 Tatersegments 6020810352969 6 (64218) 5 Third parties 308 84.245 6549 33 = sate Cost of sales (24825) (78836) 505 (294) «65540 (45,448) Gross profit 356
Slide 33: Quarterly consolidated income by business segment - 4Q25
Table 20 - Quarterly consolidated income by business segment - 4025 1S$ million ESP ELIMIN. TOTAL businesses Sales revenues 14329-22298 2,389 94 (15502) Intersegments 14274 Ed 950 1 (15,502) - Third parties 55 22021 1.439 3 = 23,608 Cost of sales (7446) (19891) (1.215) (as) 15872 _ (12,766) Gross pr
Slide 34: Quarterly consolidated income by business segment - 3Q25
Table 21 - Quarterly consolidated income by business segment 3925 milton esp andother EUMIN. TOTAL businesses Sales revenues 1573722083 2,270 87 (16,700) 23.477 Intersegments 15675 256787 116,700) = Third parties 62827 1,503 86 = a7 Cost of sales (7.178) (20470) (1.351) 79) 16818 (12,260) Gross prof
Slide 35: Other income and expenses by segment - 2025
Table 22 - Other income and expenses by segment ~ 2025 Corporate USS million ESP RTM GGLCE andother ELIMIN, TOTAL businesses stopage Tecan eosin a ere ea eee ai Ween Variable compensation programs () GIO) = 1.360) Pension and medical benefits retirees = = = 0317 = 01317) Tosses with legal, administr
Slide 36: Other income and expenses by segment - 4Q25
Table 24 - Other income and expenses by segment - 4025 Corporate USS million ESP RTM GSLCE_ another ELIMIN. TOTAL businesses ‘Stoppages forasset maintenance and pre ai i Pm - es ‘operating expenses Gains (losses) with legal, administrative and = arbitration proceedings fey ee 6) ua oy Variable compe
Slide 37: Consolidated assets by business segment
Table 26 - Consolidated assets by business segment ~ 12.31.2025, Corporate US$ million G&LCE andother _ELIMIN. businesses Total assets 15571531891 S671 52892 (3,532) 222,537 Current assets 249560 +356 ~—~—«*16620~—«3SS2) «25,448 ‘Non-current assets 1529122511315 ‘15972 = _ 196889 {Long-term receivab
Slide 38: Reconciliation of Adjusted EBITDA by segment - 2025
Table 28 - Reconciliation of Adjusted EBITDA by business segment - 2025, Corporate USS million ESP RTM —-GSLCE_andotherELIMIN. TOTAL businesses Netincome (loss) VRS 1743 303, 45 404 19,720 Net finance income = - = 04) a) Income taxes 8843 978 133 (3.084) 205 7,075 Depreciation, depletion and amortiz
Slide 39: Reconciliation of Adjusted EBITDA by segment - 4Q25
Table 30 - Reconciliation of Adjusted EBITDA by business segment - 4025 Corporate USS million ESP RTM GSLCE_ another ELIMIN. TOTAL businesses Netincome (loss) 5008576 1T (ISS) 2458S Net finance expense = = = 2300 = 2300 income taxes 1605407 31 is) 80 Depreciation, depletion and amortization 31707202
Slide 40: Glossary
Glossary A Adjusted cash and cash equivalents: Sum of cash and cash equivalents and financial investments in securities in domestic and international markets that have high liquidity, ie, convertible into cash in 3 months, even if maturity is longer than 12 months, held for the purpose of complying
Slide 41: Glossary: Exploration & Production, Free cash flow
E Exploration & Production (E&P): The segment covers the exploration, development and production of crude oil, NGL and natural gas in Brazil and abroad, with the main aim of supplying our domestic refineries. This segment also operates through partnerships with other companies, including interests i
Slide 42: Glossary: Exploration, Others, Leverage
») Exploration (EXP) Exploration projects aim to incorporate oil and gas reserves in a resilient way, from an economical and carbon emission perspective, generating value in the long-term. They are classified into types such as: Geological Interpretation Regional Studies, Black, Discovery Appraisal,
Slide 43: Glossary: Net Debt
N Net Debt: Gross debt less adjusted cash and cash equivalents. Net debt is not a measure defined in the IFRS Accounting Standards and should not be considered in isolation or as a substitute for total long- term debt calculated in accordance with IFRS Accounting Standards. Our calculation of net de
Slide 44: 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: March 5, 2026 PETRÓLEO BRASILEIRO S.A–PETROBRAS
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