UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private
Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of May, 2025
Commission File Number 1-15106
PETRÓLEO BRASILEIRO S.A. – PETROBRAS
(Exact name of registrant as specified in its charter)
Brazilian Petroleum Corporation – PETROBRAS
(Translation of Registrant's name into English)
Avenida Henrique Valadares, 28 – 9th floor
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
Table of Contents
 | Performance Report 1Q25 I 2 |
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", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should", as well as other similar terms, are intended to identify such forecasts, which, of course, involve risks and uncertainties foreseen or not foreseen by the company and, consequently, are not guarantees of the company's future results. Therefore, future results of the company's operations may differ from current expectations, and the reader should not rely solely on the information contained herein. The Company undertakes no obligation to update the presentations and forecasts in the light of new information or future developments. The figures reported for 2Q25 onwards are estimates or targets. Additionally, this presentation contains some financial indicators that are not recognized under BR GAAP or IFRS Accounting Standards. These indicators do not have standardized meanings and may not be comparable to indicators with a similar description used by other companies. We provide these indicators because we use them as measures of the company's performance; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS Accounting Standards. See definitions of Free Cash Flow, Adjusted EBITDA and Net Debt in the Glossary and respective reconciliations in the Liquidity and Capital Resources, Reconciliation of Adjusted EBITDA and Net Debt sections. Consolidated financial information prepared in accordance with International Accounting Standard and audited by the independent auditors.
| | Performance Report 1Q25 I 3 |
HIGHLIGHTS
“The first quarter of 2025 was marked by positive results that reflect Petrobras' strong performance. We generated a higher cash flows, mainly due to a 5% increase in production volume compared to the previous quarter. This production growth was reflected in Adjusted EBITDA, which rose 46% compared to 4Q24.”
Fernando Melgarejo, Chief Financial Officer and Investor Relations Officer
Main financial highlights
| • | Maintenance of strong cash generation with Operating Cash Flow of US$ 8.5 billion and Free Cash Flow of US$ 4.5 billion in 1Q25 |
| • | Consistent results: excluding one-off events, Adjusted EBITDA was US$ 10.7 billion and net income was US$ 4 billion |
| • | Capex of US$ 4.1 billion in 1Q25, 29.1% lower than 4Q24, reinforces the atypical level observed in the previous quarter, which was explained by the closing of the gap between the physical and financial progress of the Búzios platforms, as a response to the actions implemented in the second half of 2024 |
“We remain committed to executing our Business Plan: we invested US$ 4 billion in this first quarter of the year, which represents
22% of the annual guidance. These investments are focused on pre-salt projects, with emphasis on the Búzios and Atapu fields. We
are drilling and connecting more wells and advancing in the construction of new units that will support the growth of our production curve.
These are projects that generate value for our shareholders and will translate into revenue in the upcoming years.”
Fernando Melgarejo, Chief Financial and Investor Relations Officer
| | Performance Report 1Q25 I 4 |
HIGHLIGHTS
Contribution to society
| • | We paid R$ 65.7 billion in taxes to the Federal Government, states, and municipalities |
| • | We approved dividends of R$ 11.7 billion relative to 1Q25 results, out of which R$ 5.9 billion for the Controlling Group |
| • | Partnership between Petrobras and BNDES for the acquisistion procurement of carbon credits generated from the restoration of up to 50,000 hectares of degraded areas in the Amazon, capturing approximately 15 million tons of carbon |
Main operational highlights
| • | We reached total production of oil and natural gas of 2.77 million boe/d, an increase of 5.4% compared to Q4 2024 |
| • | We started production on FPSO Almirante Tamandaré (Búzios 7) on February 15 in the Búzios Field, in Santos Basin pre-salt. The FPSO has the potential to produce up to 225,000 barrels of oil per day (bpd) and process 12 million cubic meters of gas |
| • | We confirmed new discoveries in Campos Basin (North Brava Block), in Santos Basin (Aram and Búzios), and concluded the Cased-hole Formation Test in Colombia (Sirius-2 well) |
| • | We completed the mooring of FPSO Alexandre de Gusmão (180 kbpd) in Mero 4 |
| • | We completed the revamp on Train 1 of RNEST, which expanded processing capacity from 115,000 to 130,000 barrels of oil per day |
| • | We achieved a processing level of 73% of pre-salt oil, 200 bps above 4Q24, and 69% yield of diesel, gasoline, and jet fuel (high-value oil products) in total production volume |
| • | We started commercial operation of the 2nd module of the Natural Gas Processing Unit of the Boaventura Energy Complex, increasing total processing capacity from 10.5 to 21 million m3/day of gas |
| • | We sold, for the first time, VLSFO (Very Low Sulfur Fuel Oil) with 24% renewable content (B24) in the Asian market |
| • | We signed a contract with the Indian state-owned Bharat Petroleum Corporation Limited (BPCL) to export up to 6 million barrels of oil per year starting in 2025 (new markets for our oil exports) |
| • | We celebrated and amended contracts for the supply of natural gas in the free market, totaling a volume of 1.25 MMm³/d |
| | Performance Report 1Q25 I 5 |
HIGHLIGHTS
Table 1 – Main items
| Variation (%) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Sales revenues | 21,073 | 20,815 | 23,768 | 1.2 | (11.3) |
| Gross profit | 10,388 | 9,983 | 12,257 | 4.1 | (15.2) |
| Operating expenses | (3,112) | (7,196) | (3,273) | (56.8) | (4.9) |
| Consolidated net income (loss) attributable to the shareholders of Petrobras | 5,974 | (2,780) | 4,782 | − | 24.9 |
| Consolidated net income (loss) without one-off events attributable to the shareholders of Petrobras (*) | 4,029 | 3,083 | 5,420 | 30.7 | (25.7) |
| Net cash provided by operating activities | 8,498 | 8,204 | 9,386 | 3.6 | (9.5) |
| Free cash flow | 4,536 | 3,766 | 6,547 | 20.4 | (30.7) |
| Adjusted EBITDA | 10,446 | 7,165 | 12,127 | 45.8 | (13.9) |
| Adjusted EBITDA without one-off events (*) | 10,652 | 9,879 | 12,425 | 7.8 | (14.3) |
| Gross debt (US$ million) | 64,491 | 60,311 | 61,838 | 6.9 | 4.3 |
| Net debt (US$ million) | 56,034 | 52,240 | 43,646 | 7.3 | 28.4 |
| Net debt/LTM Adjusted EBITDA ratio | 1.45 | 1.29 | 0.86 | 12.4 | 68.6 |
| Average commercial selling rate for U.S. dollar | 5.84 | 5.84 | 4.95 | − | 18.0 |
| Brent crude (US$/bbl) | 75.66 | 74.69 | 83.24 | 1.3 | (9.1) |
| Price of basic oil products - Domestic Market (US$/bbl) | 86.58 | 83.30 | 96.13 | 3.9 | (9.9) |
| ROCE (Return on Capital Employed) | 6.5% | 7.2% | 10.4% | -0,7 p.p. | -3,9 p.p. |
| (*) See reconciliation of net income and adjusted EBITDA without one-off events. | |||||
| | Performance Report 1Q25 I 6 |
CONSOLIDATE RESULTS
In 1Q25, the Adjusted EBITDA excluding one-off events reached US$ 10.7 billion, while net income, also excluding one-off events, was US$ 4.0 billion.
Adjusted EBITDA excluding one-off events increased by 8% compared to 4Q24, mainly driven by the increase in oil production, higher oil sales in the foreign and domestic markets, and the higher diesel crack spreads.
Net income excluding one-off events increased by 30.7% compared to 4Q24. Considering one-off events, net income reached US$ 6.0 billion due to improved financial results, which was positive at US$ 1.7 billion, benefiting from a 7% appreciation of the exchange rate at the end of the period, reflecting the effects of currency variation on the debts between Petrobras and its overseas subsidiaries.
| | Performance Report 1Q25 I 7 |
ONE-OFF EVENTS
Table 2 – One-off events
| Variation (%) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Net income (loss) | 5,995 | (2,766) | 4,805 | − | 24.8 |
| Items with one-off events | 2,948 | (8,880) | (974) | − | − |
| Items with one-off events that do not affect Adjusted EBITDA |
3,154 | (6,166) | (676) | − | − |
| Impairment of assets and investments | (50) | (1,579) | 26 | (96.8) | − |
| Gains and losses on disposal/write-offs of assets | 57 | 39 | 162 | 46.2 | (64.8) |
| Results from co-participation agreements in bid areas | 70 | 156 | 48 | (55.1) | 45.8 |
| Effect of the tax transaction on net finance income (expense) | − | (13) | − | − | − |
| Discount and premium on repurchase of debt securities | − | (14) | − | − | − |
| Gains/(losses) with foreign exchange variation Real x U.S. dollar (*) | 3,077 | (4,755) | (912) | − | − |
| Other items with one-off events | (206) | (2,714) | (298) | (92.4) | (30.9) |
| Voluntary Separation Plan | − | − | (2) | − | − |
| Collective bargaining agreement | − | − | (3) | − | − |
| Amounts recovered from Lava Jato investigation | − | 22 | 5 | − | − |
| Gains/(losses) on decommissioning of returned/abandoned areas | (1) | (2,575) | (7) | (100.0) | (85.7) |
| Gains/(losses) related to legal proceedings | (201) | (188) | (281) | 6.9 | (28.5) |
| Effect of the tax transaction on other taxes | − | 14 | − | − | − |
| Equalization of expenses - Production Individualization Agreements |
(4) | 13 | (10) | − | (60.0) |
| Net effect of items with one-off events on IR/CSLL | (1,003) | 3,017 | 337 | − | − |
| Net income without one-off events | 4,050 | 3,097 | 5,442 | 30.8 | (25.6) |
| Shareholders of Petrobras | 4,029 | 3,083 | 5,420 | 30.7 | (25.7) |
| Non-controlling interests | 21 | 14 | 22 | 50.0 | (4.5) |
| Adjusted EBITDA | 10,446 | 7,165 | 12,127 | 45.8 | (13.9) |
| Items with one-off events | (206) | (2,714) | (298) | (92.4) | (30.9) |
| Adjusted EBITDA without one-off events | 10,652 | 9,879 | 12,425 | 7.8 | (14.3) |
| (*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate adjusted EBITDA and net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | |||||
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 the result. Such items do not necessarily occur in all periods and shall be disclosed when relevant.
| | Performance Report 1Q25 I 8 |
CAPEX
Table 3 - Capex
| Variation (%) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Exploration & Production (*) | 3,502 | 4,899 | 2,472 | (28.5) | 41.7 |
| Production Development | 2,726 | 3,836 | 1,827 | (28.9) | 49.2 |
| Exploration | 305 | 306 | 194 | (0.4) | 57.1 |
| Others E&P | 472 | 757 | 452 | (37.7) | 4.4 |
| Refining, Transportation and Marketing | 405 | 538 | 362 | (24.8) | 11.8 |
| Gas & Low Carbon Energies | 55 | 129 | 108 | (57.4) | (48.9) |
| Others | 104 | 163 | 101 | (36.6) | 2.4 |
| Subtotal | 4,065 | 5,729 | 3,043 | (29.0) | 33.6 |
| Signature bonus | − | 2 | − | − | − |
| Total | 4,065 | 5,731 | 3,043 | (29.1) | 33.6 |
| (*) See Glossary for investment definitions | |||||
In 1Q25, Capex totaled US$ 4.1 billion, representing a reduction of 29.1% in comparison to 4Q24 and an increase of 33.6% compared to 1Q24. 1Q25 performance reinforces the atypical nature of the investment level observed in 4Q24, which was explained by the closing of the gap between the physical and financial progress of the Búzios platforms, as a response to the actions implemented throughout the second half of 2024.
In the Exploration & Production segment, Capex totaled US$ 3.5 billion in 1Q25, a reduction of 28.5% compared to 4Q24. This decrease mainly reflects the financial advancement efforts concentrated in the previous quarter for the platforms under construction for the Búzios field, which helped mitigate the risks of delays and increased the potential for anticipations.
Compared to 1Q24, however, there was an increase of 41.7% in Capex, mainly due to progress on major pre-salt projects in Santos Basin, particularly the Búzios and Atapu fields’ new production systems.
In the Refining, Transportation and Marketing segment, Capex totaled US$ 0.4 billion in 1Q25, mainly driven by scheduled refinery shutdowns, the completion of RNEST’s Train 1 revamp, and progress on REPLAN’s middle distillates hydrotreating (HDT) project.
Additionally, it is worth highlighting the production start-up in 1Q25 of the leased FPSO Almirante Tamandaré (Búzios 7), which resulted in the recognition of US$ 2.6 billion (Petrobras’ share) as lease liabilities. The extension of the FPSO Cidade de Angra dos Reis contract until 2030 also stands out, adding US$ 0.4 billion to our indebtedness. Similarly to owned units, leased FPSOs are recognized as company assets and represent an investment effort to expand production capacity with new units. However, they are not recorded as Capex.
The following table presents the main information on new oil and gas production systems that have already been contracted.
| | Performance Report 1Q25 I 9 |
CAPEX
Table 4 – Main projects
| Unit | Start-up | FPSO capacity (bbl/day) |
Petrobras Actual Investment (US$ bn) |
Petrobras Total Investment (US$ bn) (1) |
Petrobras Stake | Status |
|
Integrado Parque das Baleias (IPB) FPSO Maria Quitéria (Chartered unit) |
2024 | 100,000 | 1.3 | 1.9 | 100% |
Project in execution phase with production system in operation. 5 wells drilled and 4 completed. (2) |
|
Mero 3 FPSO Marechal Duque de Caxias (Chartered unit) |
2024 | 180,000 | 0.5 | 1.0 | 38.6% |
Project in execution phase with production system in operation. 12 wells drilled and 11 completed. |
|
Búzios 7 FPSO Almirante Tamandaré (Chartered unit) |
2025 | 225,000 | 1.3 | 2.2 | 88.99% |
Project in execution phase with production system in operation. 15 wells drilled and 15 completed. |
|
Búzios 6 P-78 (Owned unit) |
2025 | 180,000 | 2.4 | 5.2 | 88.99% |
Project in execution phase with production system under construction. 8 wells drilled and 7 completed. |
|
Mero 4 FPSO Alexandre de Gusmão (Chartered unit) |
2025 | 180,000 | 0.3 | 1.3 | 38.6% |
Project in execution phase with production system at location. 9 wells drilled and 7 completed. |
|
Búzios 8 P-79 (Owned unit) |
2026 | 180,000 | 2.4 | 5.7 | 88.99% |
Project in execution phase with production system under construction. 11 wells drilled and 7 completed. |
|
Búzios 9 P-80 (Owned unit) |
2027 | 225,000 | 1.7 | 6.3 | 88.99% |
Project in execution phase with production system under construction. 3 wells drilled and 2 completed. |
|
Búzios 10 P-82 (Owned unit) |
2027 | 225,000 | 1.5 | 7.5 | 88.99% |
Project in execution phase with production system under construction. 1 well drilled. |
|
Búzios 11 P-83 (Owned unit) |
2027 | 225,000 | 1.2 | 6.8 | 88.99% |
Project in execution phase with production system under construction. 3 wells drilled and 1 completed. |
|
Raia Manta e Raia Pintada FPSO Raia (Non-operated project) |
2028 | 126,000 | 1.0 | 2,7 (3) | 30% | Project in execution phase with production system under construction. |
|
Atapu 2 P-84 |
2029 | 225,000 | 0.6 | 6.4 | 65.7% | Project in execution phase with production system under construction. |
|
Sépia 2 P-85 |
2030 | 225,000 | 0.2 | 4.7 | 55.3% | Project in execution phase. |
|
(1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included. (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned. (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production. | ||||||
| | Performance Report 1Q25 I 10 |
LIQUIDITY AND CAPITAL RESOURCES
Liquidity and capital resources
Table 5 - Liquidity and capital resources
| US$ million | 1Q25 | 4Q24 | 1Q24 |
| Adjusted cash and cash equivalents at the beginning of period | 8,071 | 14,881 | 17,902 |
| Government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the beginning of period (*) | (4,800) | (6,187) | (5,175) |
| Cash and cash equivalents at the beginning of period | 3,271 | 8,694 | 12,727 |
| Net cash provided by operating activities | 8,498 | 8,204 | 9,386 |
| Net cash (used in) provided by investing activities | (1,767) | (3,271) | (3,324) |
| Acquisition of PP&E and intangible assets | (3,962) | (4,429) | (2,838) |
| Acquisition of equity interests | − | (9) | (1) |
| Proceeds from disposal of assets - Divestment | 463 | 72 | 569 |
| Financial compensation from co-participation agreements | 355 | − | 397 |
| Divestment (investment) in marketable securities | 1,370 | 1,070 | (1,475) |
| Dividends received | 7 | 25 | 24 |
| (=) Net cash provided by operating and investing activities | 6,731 | 4,933 | 6,062 |
| Net cash used in financing activities | (5,432) | (9,654) | (7,168) |
| Changes in non-controlling interest | 39 | 23 | 93 |
| Net financings | (469) | (2,122) | (1,599) |
| Proceeds from finance debt | 500 | 576 | 2 |
| Repayments | (969) | (2,698) | (1,601) |
| Repayment of lease liability | (2,094) | (2,099) | (1,918) |
| Dividends paid to shareholders of Petrobras | (2,882) | (5,456) | (3,455) |
| Share repurchase program | − | − | (232) |
| Dividends paid to non-controlling interests | (26) | − | (57) |
| Effect of exchange rate changes on cash and cash equivalents | 125 | (702) | (74) |
| Cash and cash equivalents at the end of period | 4,695 | 3,271 | 11,547 |
| Government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the end of period (*) | 3,762 | 4,800 | 6,645 |
| Adjusted cash and cash equivalents at the end of period | 8,457 | 8,071 | 18,192 |
| Reconciliation of Free Cash Flow | |||
| Net cash provided by operating activities | 8,498 | 8,204 | 9,386 |
| Acquisition of PP&E and intangible assets | (3,962) | (4,429) | (2,838) |
| Acquisition of equity interests | − | (9) | (1) |
| Free cash flow (**) | 4,536 | 3,766 | 6,547 |
|
(*) Includes government bonds, bank deposit certificates and time deposits of companies classified as held for sale. (**) Free cash flow (FCF) is in accordance with the new Shareholder Remuneration Policy (“Policy”) approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | |||
| | Performance Report 1Q25 I 11 |
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2025, cash and cash equivalents totaled US$ 4.7 billion, and adjusted cash and cash equivalents totaled US$ 8.5 billion.
In 1Q25, funds generated by operating activities reached US$ 8.5 billion and free cash flow was positive at US$ 4.5 billion. Additionally, during the period, the following were recorded: redemption of securities (US$ 1.4 billion), inflows from earn-outs (US$ 0.5 billion), and financial compensation for co-participation agreements in Sépia and Atapu (US$ 0.4 billion).
The operational cash generation, combined with the inflows from securities redemptions and divestments, was used to: (a) investments (US$ 4.0 billion), (b) shareholders remuneration (US$ 2.9 billion), (c) lease liabilities amortization (US$ 2.1 billion), and (d) amortization of principal and interest due in the period (US$ 1.0 billion).
In 1Q25, the Company paid off various loans and financings amounting to US$ 1.0 billion and raised US$ 0.5 billion, notably a long-term operation of US$ 495 million in the domestic banking market.
| | Performance Report 1Q25 I 12 |
DEBT INDICATORS
As of March 31, 2025, gross debt totaled US$ 64.5 billion, representing an increase of 6.9% compared to December 31, 2024. This increase was primarily driven by the start-up of the leased FPSO Almirante Tamandaré (Búzios 7) and the extension of the FPSO Cidade de Angra dos Reis contract through 2030, which led to an increase of US$ 3.0 billion (Petrobras’ share) in the Company’s debt.
The average debt maturity shifted from 12.52 years on December 31, 2024, to 12.19 years on March 31, 2025, while the average cost increased from 6.8% per year to 6.9% per year during the same period.
The gross debt/Adjusted EBITDA ratio was 1.45x on March 31, 2025, compared to 1.29x on December 31, 2024.
As of March 31, 2025, net debt reached US$ 56.0 billion, an increase of 7.3% compared to December 31, 2024.
Table 6 – Debt indicators
| US$ million | 03.31.2025 | 12.31.2024 | Δ % | 03.31.2024 |
| Financial Debt | 23,833 | 23,162 | 2.9 | 27,738 |
| Capital Markets | 14,557 | 14,490 | 0.5 | 16,719 |
| Banking Market | 7,247 | 6,519 | 11.2 | 8,502 |
| Development banks | 538 | 508 | 5.9 | 664 |
| Export Credit Agencies | 1,356 | 1,508 | (10.1) | 1,705 |
| Others | 135 | 137 | (1.5) | 148 |
| Finance leases | 40,658 | 37,149 | 9.4 | 34,100 |
| Gross debt | 64,491 | 60,311 | 6.9 | 61,838 |
| Adjusted cash and cash equivalents | 8,457 | 8,071 | 4.8 | 18,192 |
| Net debt | 56,034 | 52,240 | 7.3 | 43,646 |
| Net Debt/(Net Debt + Market Cap) - Leverage | 39% | 39% | − | 31% |
| Average interest rate (% p.a.) | 6.9 | 6.8 | 1.5 | 6.5 |
| Weighted average maturity of outstanding debt (years) | 12.19 | 12.52 | (2.6) | 11.30 |
| Net debt/LTM Adjusted EBITDA ratio | 1.45 | 1.29 | 12.4 | 0.86 |
| Gross debt/LTM Adjusted EBITDA ratio | 1.67 | 1.49 | 11.6 | 1.22 |
| | Performance Report 1Q25 I 13 |
RESULTS BY SEGMENT
Table 7 – E&P results
| Variation (%) (*) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Sales revenues | 15,067 | 13,388 | 16,077 | 12.5 | (6.3) |
| Gross profit | 8,270 | 7,386 | 9,463 | 12.0 | (12.6) |
| Operating expenses | (738) | (4,236) | (630) | (82.6) | 17.1 |
| Operating income | 7,532 | 3,150 | 8,833 | 139.1 | (14.7) |
| Net income (loss) attributable to the shareholders of Petrobras | 4,987 | 2,094 | 5,846 | 138.2 | (14.7) |
| Adjusted EBITDA of the segment | 9,965 | 6,404 | 11,182 | 55.6 | (10.9) |
| EBITDA margin of the segment (%) | 66 | 48 | 70 | 18.3 | (3.4) |
| ROCE (Return on Capital Employed) (%) | 10.1 | 11.0 | 14.3 | (0.9) | (4.2) |
| Average Brent crude (US$/bbl) | 75.66 | 74.69 | 83.24 | 1.3 | (9.1) |
| Production taxes Brazil | 2,800 | 2,618 | 2,981 | 7.0 | (6.1) |
| Royalties | 1,805 | 1,643 | 1,871 | 9.9 | (3.5) |
| Special participation | 987 | 966 | 1,101 | 2.2 | (10.4) |
| Retention of areas | 8 | 9 | 9 | (11.1) | (11.1) |
| Lifting cost Brazil (US$/boe) | 6.79 | 6.34 | 6.04 | 7.1 | 12.5 |
| Pre-salt | 4.45 | 4.01 | 3.99 | 11.0 | 11.6 |
| Deep and ultra-deep post-salt | 18.29 | 17.52 | 15.18 | 4.4 | 20.5 |
| Onshore and shallow waters | 16.97 | 19.00 | 16.35 | (10.7) | 3.8 |
| Lifting cost + Leases | 9.49 | 9.11 | 8.42 | 4.2 | 12.7 |
| Pre-salt | 7.08 | 6.65 | 6.28 | 6.4 | 12.8 |
| Deep and ultra-deep post-salt | 21.86 | 21.56 | 18.47 | 1.4 | 18.4 |
| Onshore and shallow waters | 16.97 | 19.00 | 16.35 | (10.7) | 3.8 |
| Lifting cost + Production taxes | 20.07 | 19.21 | 20.05 | 4.5 | 0.1 |
| Lifting cost + Production taxes + Leases | 22.77 | 21.97 | 22.43 | 3.6 | 1.5 |
| (*) EBITDA margin and ROCE variations in percentage points. | |||||
In 1Q25, the gross profit of E&P was US$ 8.3 billion, an increase of 12.0% compared to 4Q24, which had a result of US$ 7.4 billion. This growth was primarily due to higher production during the period and increased Brent prices, partially offset by a higher government take (production taxes).
The operating income in 1Q25 was US$ 7.5 billion, 139.1% higher than 4Q24. This growth reflects mainly the reduction in operating expenses, particularly due to the absence of the decommissioning provision recorded in the previous quarter.
| | Performance Report 1Q25 I 14 |
RESULTS BY SEGMENT
Lifting costs reported in 1Q25, excluding production taxes and leases, were US$ 6.79/boe, representing a 7.1% increase compared to the last quarter. This increase is due to the rise in costs for services related to integrity maintenance of assets, mainly due to the intensification of well interventions in Roncador, Barracuda, and Marlim fields, as well as inspections and subsea maintenance in Búzios, Itapu, and Marlim Leste fields. Additionally, there were higher expenditures in the Búzios field related to the new seabed monitoring contract. These effects were partially offset by a lower volume of losses due to maintenance shutdowns, improved operational efficiency in the Santos Basin, the ramp-up of the FPSO Marechal Duque de Caxias, and the production start-up of the FPSO Almirante Tamandaré in February 2025.
In the Pre-salt, lifting costs increased 11.0% due to higher expenditures in Búzios related to the new seabed monitoring contract and the increase in subsea inspections in the same field and in Itapu. This increase was partially offset by higher production resulting from improved operational efficiency in the Santos Basin, the ramp-up of the FPSO Marechal Duque de Caxias, and the production start-up of the FPSO Almirante Tamandaré in February 2025.
In the Post-salt, lifting costs increased 4.4% due to higher expenditures on integrity in the Campos Basin, mainly in well interventions in Roncador, Barracuda, and Marlim fields, and in subsea inspections in Marlim Leste. This increase was partially offset by higher production resulting from the operational return of the Marlim Leste field in December 2024, which has a lower cost per barrel compared to the average of the producing fields in the Post-salt.
In the onshore and shallow water assets, lifting costs decreased 10.7%, mainly due to the lower expenditures on well interventions in the onshore assets in Bahia.
| | Performance Report 1Q25 I 15 |
RESULTS BY SEGMENT
Refining, Transportation and Marketing
Table 8 - RTM results
| Variation (%) (1) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Sales revenues | 19,989 | 19,291 | 22,190 | 3.6 | (9.9) |
| Gross profit | 1,211 | 1,498 | 2,207 | (19.2) | (45.1) |
| Operating expenses | (736) | (939) | (836) | (21.6) | (12.0) |
| Operating Income | 475 | 559 | 1,371 | (15.0) | (65.4) |
| Net income (loss) attributable to the shareholders of Petrobras | 367 | 15 | 775 | 2346.7 | (52.6) |
| Adjusted EBITDA of the segment | 1,069 | 1,500 | 1,994 | (28.7) | (46.4) |
| EBITDA margin of the segment (%) | 5 | 8 | 9 | (2) | (4) |
| ROCE (Return on Capital Employed) (%) | 1.2 | 2.5 | 5.0 | (1.3) | (3.8) |
| Refining cost (US$ / barrel) - Brazil | 2.62 | 2.48 | 2.63 | 5.6 | (0.4) |
| Price of basic oil products - Domestic Market (US$/bbl) | 86.58 | 83.30 | 96.13 | 3.9 | (9.9) |
|
(1) Changes in EBITDA and ROCE margins in percentage points.
| |||||
In 1Q25, gross profit was US$ 0.3 billion lower than in 4Q24, reflecting mainly lower margins on oil products produced for the domestic market. Considering the effect of inventory turnover of US$ 288 million in 1Q25 and US$ 383 million in 4Q24, the gross profit would have been US$ 0.8 billion in 1Q25 and US$ 1.1 billion in 4Q24.
There were lower margins on oil products in the domestic market, mainly for gasoline, in addition to a decrease in sales volume due to the typical seasonality of the first quarter, primarily impacting gasoline and LPG.
The operating income in 1Q25 was lower than in 4Q24, reflecting the reduction in gross profit, partially offset by lower operating expenses.
In 1Q25, refining costs per barrel in USD were 5.6% higher than in 4Q24, mainly due to the lower processed throughput (-6.1%) resulting from the scheduled general shutdown of RNEST.
| | Performance Report 1Q25 I 16 |
RESULTS BY SEGMENT
Table 9 – G&LCE results
| Variation (%) (1) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Sales revenues | 1,860 | 2,557 | 2,422 | (27.3) | (23.2) |
| Gross profit | 735 | 1,170 | 1,245 | (37.2) | (41.0) |
| Operating expenses | (779) | (940) | (889) | (17.1) | (12.4) |
| Operating income | (44) | 230 | 356 | − | − |
| Net income (loss) attributable to the shareholders of Petrobras | (28) | 152 | 242 | − | − |
| Adjusted EBITDA of the segment | 87 | 368 | 490 | (76.4) | (82.2) |
| EBITDA margin of the segment (%) | 5 | 14 | 20 | (10) | (16) |
| ROCE (Return on Capital Employed) (%) (2) | 1.8 | 4.2 | 9.4 | (2.4) | (7.6) |
| Natural gas sales price - Brazil (US$/bbl) | 56.75 | 57.79 | 67.88 | (1.8) | (16.4) |
| Natural gas sales price - Brazil (US$/MMBtu) | 9.57 | 9.74 | 11.45 | (1.7) | (16.4) |
| Fixed revenues from power auctions (3)(4) | 29 | 54 | 64 | (46.1) | (55.0) |
| Average electricity sales price (US$/MWh) (4) | 42.27 | 66.09 | 63.28 | (36.1) | (33.2) |
|
(1) EBITDA margin and ROCE variations in percentage points. (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions. (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. (4) Previous quarter number revised after the issuance of the final report from the Chamber of Electric Energy Commercialization - CCEE.
| |||||
In 1Q25, the gross profit of the G&LCE segment decreased 37.2% compared to 4Q24, mainly due to the accounting of revenues from contractual commitments in 4Q24, the reduction of 8 MM m³/day in the volume of natural gas sold by Petrobras, and the termination of energy contracts in the regulated market. The reduction in the volume of natural gas sales was caused by lower demand in both the thermal segment (reflecting a more balanced hydrological scenario) and the non-thermal segment (combined with a greater share of other players in this market).
The reduction in gross profit impacted the operating income, despite lower operating expenses compared to 4Q24, resulting from provisions for fines in energy contracts accounted for in that quarter and the reimbursement in 1Q25 of amounts previously paid by Petrobras in a prior year, associated with transportation service provision, as a result of the application of the regulatory account mechanism.
| | Performance Report 1Q25 I 17 |
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 regarding the formation of the company's current business results, EBITDA is also presented adjusted (Adjusted EBITDA) as a result of: results in equity-accounted investments; impairment, results with co-participation agreement in production fields and gains/losses on disposal/write-offs of assets.
Adjusted EBITDA, reflecting the sum of the last twelve months (Last Twelve Months), also represents an alternative to the company's operating cash generation. This measure is used to calculate the Gross Debt and Net Debt to Adjusted EBITDA metric, helping to evaluate the company's leverage and liquidity.
EBITDA and adjusted EBITDA are not provided for in IFRS Accounting Standards and should not serve as a basis for comparison with those disclosed by other companies and should not be considered as a substitute for any other measure calculated in accordance with IFRS Accounting Standards. These measures should be considered in conjunction with other measures and indicators for a better understanding of the company's performance and financial condition.
Table 10 - Reconciliation of Adjusted EBITDA
| Variation (%) (*) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Net income (loss) | 5,995 | (2,766) | 4,805 | − | 24.8 |
| Net finance income (expense) | (1,748) | 6,018 | 1,939 | − | − |
| Income taxes | 3,111 | (788) | 2,147 | − | 44.9 |
| Depreciation, depletion and amortization | 3,247 | 2,996 | 3,362 | 8.4 | (3.4) |
| EBITDA | 10,605 | 5,460 | 12,253 | 94.2 | (13.4) |
| Results of equity-accounted investments | (82) | 323 | 93 | − | − |
| Impairment of assets (reversals), net | 50 | 1,577 | (9) | (96.8) | − |
| Results on disposal/write-offs of assets | (57) | (39) | (162) | 46.2 | (64.8) |
| Results from co-participation agreements in bid areas | (70) | (156) | (48) | (55.1) | 45.8 |
| Adjusted EBITDA | 10,446 | 7,165 | 12,127 | 45.8 | (13.9) |
| Adjusted EBITDA margin (%) | 50 | 34 | 51 | 16.0 | (1.0) |
| (*) EBITDA Margin variations in percentage points. | |||||
| | Performance Report 1Q25 I 18 |
FINANCIAL STATEMENTS
Table 11 - Income statement - Consolidated
| US$ million | 1Q25 | 4Q24 | 1Q24 |
| Sales revenues | 21,073 | 20,815 | 23,768 |
| Cost of sales | (10,685) | (10,832) | (11,511) |
| Gross profit | 10,388 | 9,983 | 12,257 |
| Selling expenses | (1,090) | (1,080) | (1,333) |
| General and administrative expenses | (444) | (440) | (447) |
| Exploration costs | (313) | (198) | (135) |
| Research and development expenses | (202) | (218) | (183) |
| Other taxes | (123) | (108) | (140) |
| Impairment (losses) reversals, net | (50) | (1,577) | 9 |
| Other income and expenses, net | (890) | (3,575) | (1,044) |
| (3,112) | (7,196) | (3,273) | |
| Operating income | 7,276 | 2,787 | 8,984 |
| Finance income | 297 | 434 | 552 |
| Finance expenses | (983) | (1,072) | (1,072) |
| Foreign exchange gains (losses) and inflation indexation charges | 2,434 | (5,380) | (1,419) |
| Net finance income (expense) | 1,748 | (6,018) | (1,939) |
| Results of equity-accounted investments | 82 | (323) | (93) |
| Income (loss) before income taxes | 9,106 | (3,554) | 6,952 |
| Income taxes | (3,111) | 788 | (2,147) |
| Net Income (loss) | 5,995 | (2,766) | 4,805 |
| Net income (loss) attributable to: | |||
| Shareholders of Petrobras | 5,974 | (2,780) | 4,782 |
| Non-controlling interests | 21 | 14 | 23 |
| | Performance Report 1Q25 I 19 |
FINANCIAL STATEMENTS
Table 12 - Statement of financial position – Consolidated
| ASSETS - US$ million | 03.31.2025 | 12.31.2024 |
| Current assets | 21,743 | 21,836 |
| Cash and cash equivalents | 4,695 | 3,271 |
| Marketable securities | 2,974 | 4,263 |
| Trade and other receivables, net | 3,069 | 3,566 |
| Inventories | 7,450 | 6,710 |
| Recoverable taxes | 1,625 | 1,966 |
| Assets classified as held for sale | 550 | 510 |
| Other current assets | 1,380 | 1,550 |
| Non-current assets | 178,131 | 159,809 |
| Long-term receivables | 22,693 | 20,610 |
| Trade and other receivables, net | 1,011 | 1,256 |
| Marketable securities | 837 | 582 |
| Judicial deposits | 13,075 | 11,748 |
| Deferred income taxes | 983 | 922 |
| Other recoverable taxes | 4,084 | 3,601 |
| Other non-current assets | 2,703 | 2,501 |
| Investments | 728 | 659 |
| Property, plant and equipment | 152,428 | 136,285 |
| Intangible assets | 2,282 | 2,255 |
| Total assets | 199,874 | 181,645 |
| LIABILITIES - US$ million | 03.31.2025 | 12.31.2024 |
| Current liabilities | 30,273 | 31,460 |
| Trade payables | 5,445 | 6,082 |
| Finance debt | 2,763 | 2,566 |
| Lease liability | 8,841 | 8,542 |
| Taxes payable | 5,028 | 4,684 |
| Dividends payable | 14 | 2,657 |
| Provision for decommissioning costs | 2,352 | 1,696 |
| Employee benefits | 2,619 | 2,315 |
| Liabilities related to assets classified as held for sale | 776 | 713 |
| Other current liabilities | 2,435 | 2,205 |
| Non-current liabilities | 100,360 | 90,835 |
| Finance debt | 21,070 | 20,596 |
| Lease liability | 31,817 | 28,607 |
| Income taxes payable | 567 | 530 |
| Deferred income taxes | 4,800 | 1,470 |
| Employee benefits | 11,701 | 10,672 |
| Provision for legal proceedings | 2,833 | 2,833 |
| Provision for decommissioning costs | 25,909 | 24,507 |
| Other non-current liabilities | 1,663 | 1,620 |
| Shareholders' equity | 69,241 | 59,350 |
| Attributable to the shareholders of Petrobras | 68,934 | 59,106 |
| Share capital (net of share issuance costs) | 107,101 | 107,101 |
| Capital reserve and capital transactions | 1,145 | 29 |
| Profit reserves | 60,330 | 61,446 |
| Retained earnings | 5,974 | − |
| Accumulated other comprehensive deficit | (105,616) | (109,470) |
| Attributable to non-controlling interests | 307 | 244 |
| Total liabilities and shareholders' equity | 199,874 | 181,645 |
| | Performance Report 1Q25 I 20 |
FINANCIAL STATEMENTS
Table 13 - Statement of cash flow – Consolidated
| US$ million | 1Q25 | 4Q24 | 1Q24 |
| Cash flows from operating activities | |||
| Net income (loss) for the period | 5,995 | (2,766) | 4,805 |
| Adjustments for: | |||
| Pension and medical benefits | 417 | 390 | 433 |
| Results of equity-accounted investments | (82) | 323 | 93 |
| Depreciation, depletion and amortization | 3,247 | 2,996 | 3,362 |
| Impairment of assets (reversals), net | 50 | 1,577 | (9) |
| Inventory write down (write-back) to net realizable value | 7 | − | (44) |
| Allowance (reversals) for credit loss on trade and other receivables, net | (20) | 206 | 30 |
| Exploratory expenditure write-offs | 209 | 68 | 50 |
| Gain on disposal/write-offs of assets | (57) | (39) | (162) |
| Foreign exchange, indexation and finance charges | (1,955) | 6,264 | 1,935 |
| Income taxes | 3,111 | (788) | 2,147 |
| Revision and unwinding of discount on the provision for decommissioning costs | 320 | 2,803 | 280 |
| Results from co-participation agreements in bid areas | (70) | (156) | (48) |
| Early termination and cash outflows revision of lease agreements | (157) | (115) | (69) |
| Losses with legal, administrative and arbitration proceedings, net | 201 | 188 | 281 |
| Decrease (Increase) in assets | |||
| Trade and other receivables | 172 | 200 | 604 |
| Inventories | (359) | 59 | (627) |
| Judicial deposits | (180) | (185) | (288) |
| Other assets | 379 | (56) | 34 |
| Increase (Decrease) in liabilities | |||
| Trade payables | (539) | 352 | 407 |
| Other taxes payable | 204 | (667) | (520) |
| Pension and medical benefits | (215) | (243) | (203) |
| Provisions for legal proceedings | (384) | (171) | (78) |
| Other employee benefits | 118 | (209) | (59) |
| Provision for decommissioning costs | (184) | (232) | (263) |
| Other liabilities | (60) | (130) | (82) |
| Income taxes paid | (1,670) | (1,465) | (2,623) |
| Net cash provided by operating activities | 8,498 | 8,204 | 9,386 |
| Cash flows from investing activities | |||
| Acquisition of PP&E and intangible assets | (3,962) | (4,429) | (2,838) |
| Acquisition of equity interests | − | (9) | (1) |
| Proceeds from disposal of assets - Divestment | 463 | 72 | 569 |
| Financial compensation from co-participation agreements | 355 | − | 397 |
| Divestment (investment) in marketable securities | 1,370 | 1,070 | (1,475) |
| | Performance Report 1Q25 I 21 |
FINANCIAL STATEMENTS
| Dividends received | 7 | 25 | 24 |
| Net cash (used in) provided by investing activities | (1,767) | (3,271) | (3,324) |
| Cash flows from financing activities | |||
| Changes in non-controlling interest | 39 | 23 | 93 |
| Financing and loans, net: | |||
| Proceeds from finance debt | 500 | 576 | 2 |
| Repayment of principal - finance debt | (472) | (2,309) | (1,007) |
| Repayment of interest - finance debt | (497) | (389) | (594) |
| Repayment of lease liability | (2,094) | (2,099) | (1,918) |
| Dividends paid to Shareholders of Petrobras | (2,882) | (5,456) | (3,455) |
| Share repurchase program | − | − | (232) |
| Dividends paid to non-controlling interests | (26) | − | (57) |
| Net cash used in financing activities | (5,432) | (9,654) | (7,168) |
| Effect of exchange rate changes on cash and cash equivalents | 125 | (702) | (74) |
| Net change in cash and cash equivalents | 1,424 | (5,423) | (1,180) |
| Cash and cash equivalents at the beginning of the period | 3,271 | 8,694 | 12,727 |
| Cash and cash equivalents at the end of the period | 4,695 | 3,271 | 11,547 |
| | Performance Report 1Q25 I 22 |
FINANCIAL STATEMENTS
Table 14 – Net revenues by products
| Variation (%) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Diesel | 6,570 | 6,436 | 7,076 | 2.1 | (7.2) |
| Gasoline | 2,964 | 3,274 | 3,205 | (9.5) | (7.5) |
| Liquefied petroleum gas (LPG) | 733 | 766 | 758 | (4.3) | (3.3) |
| Jet fuel | 1,123 | 1,041 | 1,184 | 7.9 | (5.2) |
| Naphtha | 410 | 479 | 427 | (14.4) | (4.0) |
| Fuel oil (including bunker fuel) | 165 | 190 | 344 | (13.2) | (52.0) |
| Other oil products | 931 | 969 | 1,019 | (3.9) | (8.6) |
| Subtotal oil products | 12,896 | 13,155 | 14,013 | (2.0) | (8.0) |
| Natural gas | 885 | 1,097 | 1,322 | (19.3) | (33.1) |
| Crude oil | 1,405 | 913 | 1,229 | 53.9 | 14.3 |
| Renewables and nitrogen products | 53 | 76 | 31 | (30.3) | 71.0 |
| Revenues from non-exercised rights | 48 | 77 | 140 | (37.7) | (65.7) |
| Electricity | 139 | 235 | 128 | (40.9) | 8.6 |
| Services, agency and others | 166 | 171 | 247 | (2.9) | (32.8) |
| Total domestic market | 15,592 | 15,724 | 17,110 | (0.8) | (8.9) |
| Exports | 5,369 | 4,893 | 6,398 | 9.7 | (16.1) |
| Crude oil | 3,810 | 3,589 | 4,911 | 6.2 | (22.4) |
| Fuel oil (including bunker fuel) | 1,184 | 1,049 | 1,322 | 12.9 | (10.4) |
| Other oil products and other products | 375 | 255 | 165 | 47.1 | 127.3 |
| Sales abroad (*) | 112 | 198 | 260 | (43.4) | (56.9) |
| Total foreign market | 5,481 | 5,091 | 6,658 | 7.7 | (17.7) |
| Total | 21,073 | 20,815 | 23,768 | 1.2 | (11.3) |
| (*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | |||||
| | Performance Report 1Q25 I 23 |
FINANCIAL STATEMENTS
Table 15 – Cost of goods sold (*)
| Variation (%) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Raw material, products for resale, materials and third-party services* | (5,099) | (5,438) | (5,929) | (6.2) | (14.0) |
| Acquisitions | (3,579) | (3,973) | (4,308) | (9.9) | (16.9) |
| Crude oil imports | (2,116) | (2,323) | (2,206) | (8.9) | (4.1) |
| Oil products imports | (1,189) | (1,099) | (1,663) | 8.2 | (28.5) |
| Natural gas imports | (274) | (551) | (439) | (50.3) | (37.6) |
| Third-party services and others | (1,520) | (1,465) | (1,621) | 3.8 | (6.2) |
| Depreciation, depletion and amortization | (2,513) | (2,343) | (2,649) | 7.3 | (5.1) |
| Production taxes | (2,803) | (2,620) | (3,030) | 7.0 | (7.5) |
| Employee compensation | (399) | (411) | (441) | (2.9) | (9.5) |
| Inventory turnover | 129 | (20) | 538 | − | (76.0) |
| Total | (10,685) | (10,832) | (11,511) | (1.4) | (7.2) |
| (*) It Includes short-term leases. | |||||
Table 16 – Operating expenses
| Variation (%) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Selling, General and Administrative Expenses | (1,534) | (1,520) | (1,780) | 0.9 | (13.8) |
| Selling expenses | (1,090) | (1,080) | (1,333) | 0.9 | (18.2) |
| Materials, third-party services, freight, rent and other related costs | (895) | (889) | (1,120) | 0.7 | (20.1) |
| Depreciation, depletion and amortization | (169) | (172) | (173) | (1.7) | (2.3) |
| Reversal (allowance) for expected credit losses | 4 | 10 | (10) | (60.0) | − |
| Employee compensation | (30) | (29) | (30) | 3.4 | − |
| General and administrative expenses | (444) | (440) | (447) | 0.9 | (0.7) |
| Employee compensation | (266) | (269) | (292) | (1.1) | (8.9) |
| Materials, third-party services, rent and other related costs | (139) | (133) | (120) | 4.5 | 15.8 |
| Depreciation, depletion and amortization | (39) | (38) | (35) | 2.6 | 11.4 |
| Exploration costs | (313) | (198) | (135) | 58.1 | 131.9 |
| Research and Development | (202) | (218) | (183) | (7.3) | 10.4 |
| Other taxes | (123) | (108) | (140) | 13.9 | (12.1) |
| Impairment (losses) reversals, net | (50) | (1,577) | 9 | (96.8) | − |
| Other income and expenses, net | (890) | (3,575) | (1,044) | (75.1) | (14.8) |
| Total | (3,112) | (7,196) | (3,273) | (56.8) | (4.9) |
| | Performance Report 1Q25 I 24 |
FINANCIAL STATEMENTS
Table 17 – Financial results
| Variation (%) | |||||
| US$ million | 1Q25 | 4Q24 | 1Q24 | 1Q25 X 4Q24 | 1Q25 X 1Q24 |
| Finance income | 297 | 434 | 552 | (31.6) | (46.2) |
| Income from investments and marketable securities (Government Bonds) | 223 | 332 | 432 | (32.8) | (48.4) |
| Other finance income | 74 | 102 | 120 | (27.5) | (38.3) |
| Finance expenses | (983) | (1,072) | (1,072) | (8.3) | (8.3) |
| Interest on finance debt | (466) | (518) | (554) | (10.0) | (15.9) |
| Unwinding of discount on lease liability | (622) | (617) | (547) | 0.8 | 13.7 |
| Capitalized borrowing costs | 449 | 413 | 376 | 8.7 | 19.4 |
| Unwinding of discount on the provision for decommissioning costs | (319) | (228) | (272) | 39.9 | 17.3 |
| Tax settlement programs - federal taxes | − | 19 | − | − | − |
| Other finance expenses | (25) | (141) | (75) | (82.3) | (66.7) |
| Foreign exchange gains (losses) and indexation charges | 2,434 | (5,380) | (1,419) | − | − |
| Foreign exchange gains (losses) | 3,036 | (4,625) | (881) | − | − |
| Real x U.S. dollar | 3,077 | (4,755) | (912) | − | − |
| Other currencies | (41) | 130 | 31 | − | − |
| Reclassification of hedge accounting to the Statement of Income | (722) | (874) | (697) | (17.4) | 3.6 |
| Tax settlement programs - federal taxes | − | (32) | − | − | − |
| Indexation to the Selic interest rate of anticipated dividends and dividends payable | (64) | 88 | (70) | − | (8.6) |
| Recoverable taxes inflation indexation income | 58 | 15 | 49 | 286.7 | 18.4 |
| Other foreign exchange gains and indexation charges, net | 126 | 48 | 180 | 162.5 | (30.0) |
| Total | 1,748 | (6,018) | (1,939) | − | − |
| | Performance Report 1Q25 I 25 |
FINANCIAL STATEMENS BY SEGMENT
Financial information by business segment
Table 18 - Consolidated income by business segment – 1Q25
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Sales revenues | 15,067 | 19,989 | 1,860 | 77 | (15,920) | 21,073 |
| Intersegments | 15,012 | 290 | 617 | 1 | (15,920) | − |
| Third parties | 55 | 19,699 | 1,243 | 76 | − | 21,073 |
| Cost of sales | (6,797) | (18,778) | (1,125) | (68) | 16,083 | (10,685) |
| Gross profit | 8,270 | 1,211 | 735 | 9 | 163 | 10,388 |
| Expenses | (738) | (736) | (779) | (859) | − | (3,112) |
| Selling expenses | − | (437) | (655) | 2 | − | (1,090) |
| General and administrative expenses | (4) | (87) | (26) | (327) | − | (444) |
| Exploration costs | (313) | − | − | − | − | (313) |
| Research and development expenses | (162) | (1) | (2) | (37) | − | (202) |
| Other taxes | (4) | (13) | (2) | (104) | − | (123) |
| Impairment (losses) reversals, net | (54) | 4 | − | − | − | (50) |
| Other income and expenses, net | (201) | (202) | (94) | (393) | − | (890) |
| Operating income (loss) | 7,532 | 475 | (44) | (850) | 163 | 7,276 |
| Net finance income (expense) | − | − | − | 1,748 | − | 1,748 |
| Results of equity-accounted investments | 14 | 55 | 12 | 1 | − | 82 |
| Income (loss) before income taxes | 7,546 | 530 | (32) | 899 | 163 | 9,106 |
| Income taxes | (2,560) | (163) | 14 | (347) | (55) | (3,111) |
| Net income (loss) | 4,986 | 367 | (18) | 552 | 108 | 5,995 |
| Net income (loss) attributable to: | ||||||
| Shareholders of Petrobras | 4,987 | 367 | (28) | 540 | 108 | 5,974 |
| Non-controlling interests | (1) | − | 10 | 12 | − | 21 |
| | Performance Report 1Q25 I 26 |
FINANCIAL STATEMENS BY SEGMENT
Table 19 - Consolidated income by business segment – 1Q24
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Sales revenues | 16,077 | 22,190 | 2,422 | 78 | (16,999) | 23,768 |
| Intersegments | 15,974 | 303 | 720 | 2 | (16,999) | − |
| Third parties | 103 | 21,887 | 1,702 | 76 | − | 23,768 |
| Cost of sales | (6,614) | (19,983) | (1,177) | (74) | 16,337 | (11,511) |
| Gross profit | 9,463 | 2,207 | 1,245 | 4 | (662) | 12,257 |
| Expenses | (630) | (836) | (889) | (918) | − | (3,273) |
| Selling expenses | (1) | (551) | (768) | (13) | − | (1,333) |
| General and administrative expenses | (20) | (84) | (28) | (315) | − | (447) |
| Exploration costs | (135) | − | − | − | − | (135) |
| Research and development expenses | (139) | (2) | − | (42) | − | (183) |
| Other taxes | (20) | (7) | (5) | (108) | − | (140) |
| Impairment (losses) reversals, net | (4) | − | − | 13 | − | 9 |
| Other income and expenses, net | (311) | (192) | (88) | (453) | − | (1,044) |
| Operating income (loss) | 8,833 | 1,371 | 356 | (914) | (662) | 8,984 |
| Net finance income (expense) | − | − | − | (1,939) | − | (1,939) |
| Results of equity-accounted investments | 17 | (130) | 21 | (1) | − | (93) |
| Income (loss) before income taxes | 8,850 | 1,241 | 377 | (2,854) | (662) | 6,952 |
| Income taxes | (3,005) | (466) | (120) | 1,218 | 226 | (2,147) |
| Net income (loss) | 5,845 | 775 | 257 | (1,636) | (436) | 4,805 |
| Net income (loss) attributable to: | ||||||
| Shareholders of Petrobras | 5,846 | 775 | 242 | (1,645) | (436) | 4,782 |
| Non-controlling interests | (1) | − | 15 | 9 | − | 23 |
| | Performance Report 1Q25 I 27 |
FINANCIAL STATEMENS BY SEGMENT
Table 20 - Quarterly consolidated income by business segment – 4Q24
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Sales revenues | 13,388 | 19,291 | 2,557 | 79 | (14,500) | 20,815 |
| Intersegments | 13,333 | 258 | 908 | 1 | (14,500) | − |
| Third parties | 55 | 19,033 | 1,649 | 78 | − | 20,815 |
| Cost of sales | (6,002) | (17,793) | (1,387) | (70) | 14,420 | (10,832) |
| Gross profit | 7,386 | 1,498 | 1,170 | 9 | (80) | 9,983 |
| Expenses | (4,236) | (939) | (940) | (1,081) | − | (7,196) |
| Selling expenses | − | (359) | (728) | 7 | − | (1,080) |
| General and administrative expenses | (21) | (91) | (21) | (307) | − | (440) |
| Exploration costs | (198) | − | − | − | − | (198) |
| Research and development expenses | (178) | (2) | (2) | (36) | − | (218) |
| Other taxes | 45 | (15) | (4) | (134) | − | (108) |
| Impairment (losses) reversals, net | (1,240) | (337) | − | − | − | (1,577) |
| Other income and expenses, net | (2,644) | (135) | (185) | (611) | − | (3,575) |
| Operating income (loss) | 3,150 | 559 | 230 | (1,072) | (80) | 2,787 |
| Net finance income (expense) | − | − | − | (6,018) | − | (6,018) |
| Results of equity-accounted investments | 14 | (354) | 14 | 3 | − | (323) |
| Income (loss) before income taxes | 3,164 | 205 | 244 | (7,087) | (80) | (3,554) |
| Income taxes | (1,071) | (190) | (78) | 2,100 | 27 | 788 |
| Net income (loss) | 2,093 | 15 | 166 | (4,987) | (53) | (2,766) |
| Net income (loss) attributable to: | ||||||
| Shareholders of Petrobras | 2,094 | 15 | 152 | (4,988) | (53) | (2,780) |
| Non-controlling interests | (1) | − | 14 | 1 | − | 14 |
| | Performance Report 1Q25 I 28 |
FINANCIAL STATEMENS BY SEGMENT
Table 21 - Other income and expenses by segment – 1Q25
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Stoppages for asset maintenance and pre-operating expenses |
(513) | (98) | (20) | (4) | − | (635) |
| Pension and medical benefits - retirees | − | − | − | (315) | − | (315) |
| Variable compensation programs (*) | (134) | (64) | (15) | (77) | − | (290) |
| Losses with legal, administrative and arbitration proceedings | (112) | (29) | (2) | (58) | − | (201) |
| Losses on decommissioning of returned/abandoned areas | (2) | − | − | − | − | (2) |
| Results on disposal/write-offs of assets | 32 | (1) | 2 | 24 | − | 57 |
| Results from co-participation agreements in bid areas | 70 | − | − | − | − | 70 |
| Others | 458 | (10) | (59) | 37 | − | 426 |
| Total | (201) | (202) | (94) | (393) | − | (890) |
| (*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | ||||||
Table 22 - Other income and expenses by segment – 1Q24
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Stoppages for asset maintenance and pre-operating expenses | (607) | (26) | (15) | (4) | − | (652) |
| Pension and medical benefits - retirees | − | − | − | (309) | − | (309) |
| Variable compensation programs (*) | (104) | (68) | (13) | (70) | − | (255) |
| Losses with legal, administrative and arbitration proceedings | (84) | (96) | (4) | (97) | − | (281) |
| Losses on decommissioning of returned/abandoned areas | (8) | − | − | − | − | (8) |
| Results on disposal/write-offs of assets | 137 | 25 | 19 | (19) | − | 162 |
| Results from co-participation agreements in bid areas | 48 | − | − | − | − | 48 |
| Others | 307 | (27) | (75) | 46 | − | 251 |
| Total | (311) | (192) | (88) | (453) | − | (1,044) |
| (*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | ||||||
| | Performance Report 1Q25 I 29 |
FINANCIAL STATEMENS BY SEGMENT
Table 23 - Other income and expenses by segment – 4Q24
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Stoppages for asset maintenance and pre-operating expenses | (524) | (14) | (47) | (8) | − | (593) |
| Pension and medical benefits - retirees | − | − | − | (289) | − | (289) |
| Variable compensation programs (*) | (31) | (38) | (5) | (28) | − | (102) |
| Losses with legal, administrative and arbitration proceedings | (94) | (42) | (15) | (37) | − | (188) |
| Losses on decommissioning of returned/abandoned areas | (2,575) | − | − | − | − | (2,575) |
| Results on disposal/write-offs of assets | 55 | (4) | (5) | (7) | − | 39 |
| Results from co-participation agreements in bid areas | 156 | − | − | − | − | 156 |
| Others | 369 | (37) | (113) | (242) | − | (23) |
| Total | (2,644) | (135) | (185) | (611) | − | (3,575) |
| (*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | ||||||
Table 24 - Consolidated assets by business segment – 03.31.2025
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Total assets | 140,780 | 30,088 | 5,349 | 27,886 | (4,229) | 199,874 |
| Current assets | 2,746 | 9,671 | 304 | 13,251 | (4,229) | 21,743 |
| Non-current assets | 138,034 | 20,417 | 5,045 | 14,635 | − | 178,131 |
| Long-term receivables | 7,854 | 2,454 | 90 | 12,295 | − | 22,693 |
| Investments | 305 | 163 | 198 | 62 | − | 728 |
| Property, plant and equipment | 128,162 | 17,668 | 4,683 | 1,915 | − | 152,428 |
| Operating assets | 102,207 | 15,732 | 4,187 | 1,386 | − | 123,512 |
| Assets under construction | 25,955 | 1,936 | 496 | 529 | − | 28,916 |
| Intangible assets | 1,713 | 132 | 74 | 363 | − | 2,282 |
Table 25 - Consolidated assets by business segment – 12.31.2024
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Total assets | 125,551 | 27,725 | 5,260 | 27,289 | (4,180) | 181,645 |
| Current assets | 2,697 | 9,017 | 379 | 13,923 | (4,180) | 21,836 |
| Non-current assets | 122,854 | 18,708 | 4,881 | 13,366 | − | 159,809 |
| Long-term receivables | 7,056 | 2,217 | 91 | 11,246 | − | 20,610 |
| Investments | 299 | 114 | 182 | 64 | − | 659 |
| Property, plant and equipment | 113,761 | 16,257 | 4,541 | 1,726 | − | 136,285 |
| Operating assets | 91,895 | 14,828 | 3,936 | 1,242 | − | 111,901 |
| Assets under construction | 21,866 | 1,429 | 605 | 484 | − | 24,384 |
| Intangible assets | 1,738 | 120 | 67 | 330 | − | 2,255 |
| | Performance Report 1Q25 I 30 |
FINANCIAL STATEMENS BY SEGMENT
Table 26 - Reconciliation of Adjusted EBITDA by business segment – 1Q25
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Net income (loss) | 4,986 | 367 | (18) | 552 | 108 | 5,995 |
| Net finance income (expense) | − | − | − | (1,748) | − | (1,748) |
| Income taxes | 2,560 | 163 | (14) | 347 | 55 | 3,111 |
| Depreciation, depletion and amortization | 2,481 | 597 | 133 | 36 | − | 3,247 |
| EBITDA | 10,027 | 1,127 | 101 | (813) | 163 | 10,605 |
| Results of equity-accounted investments | (14) | (55) | (12) | (1) | − | (82) |
| Impairment of assets (reversals), net | 54 | (4) | − | − | − | 50 |
| Results on disposal/write-offs of assets | (32) | 1 | (2) | (24) | − | (57) |
| Results from co-participation agreements in bid areas | (70) | − | − | − | − | (70) |
| Adjusted EBITDA | 9,965 | 1,069 | 87 | (838) | 163 | 10,446 |
Table 27 - Reconciliation of Adjusted EBITDA by business segment – 1Q24
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Net income (loss) | 5,845 | 775 | 257 | (1,636) | (436) | 4,805 |
| Net finance income (expense) | − | − | − | 1,939 | − | 1,939 |
| Income taxes | 3,005 | 466 | 120 | (1,218) | (226) | 2,147 |
| Depreciation, depletion and amortization | 2,530 | 648 | 153 | 31 | − | 3,362 |
| EBITDA | 11,380 | 1,889 | 530 | (884) | (662) | 12,253 |
| Results of equity-accounted investments | (17) | 130 | (21) | 1 | − | 93 |
| Impairment of assets (reversals), net | 4 | − | − | (13) | − | (9) |
| Results on disposal/write-offs of assets | (137) | (25) | (19) | 19 | − | (162) |
| Results from co-participation agreements in bid areas | (48) | − | − | − | − | (48) |
| Adjusted EBITDA | 11,182 | 1,994 | 490 | (877) | (662) | 12,127 |
Table 28 - Reconciliation of Adjusted EBITDA by business segment – 4Q24
| US$ million | E&P | RTM | G&LCE | CORP. | ELIMIN. | TOTAL |
| Net income (loss) | 2,093 | 15 | 166 | (4,987) | (53) | (2,766) |
| Net finance income (expense) | − | − | − | 6,018 | − | 6,018 |
| Income taxes | 1,071 | 190 | 78 | (2,100) | (27) | (788) |
| Depreciation, depletion and amortization | 2,225 | 600 | 133 | 38 | − | 2,996 |
| EBITDA | 5,389 | 805 | 377 | (1,031) | (80) | 5,460 |
| Results of equity-accounted investments | (14) | 354 | (14) | (3) | − | 323 |
| Impairment of assets (reversals), net | 1,240 | 337 | − | − | − | 1,577 |
| Results on disposal/write-offs of assets | (55) | 4 | 5 | 7 | − | (39) |
| Results from co-participation agreements in bid areas | (156) | − | − | − | − | (156) |
| Adjusted EBITDA | 6,404 | 1,500 | 368 | (1,027) | (80) | 7,165 |
| | Performance Report 1Q25 I 31 |
GLOSSARY
Glossary
A
Adjusted cash and cash equivalents: Sum of cash and cash equivalents and investments in securities in domestic and international markets that have high liquidity, i.e., convertible into cash within 3 months, even if maturity is longer than 12 months, held for the purpose of complying with cash commitments. This measure is not defined under the IFRS Accounting Standards and should not be considered in isolation or as a substitute for cash and cash equivalents computed in accordance with IFRS Accounting Standards. It may not be comparable to adjusted cash and cash equivalents of other companies, however management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP measure defined as net income plus net finance income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted investments; impairment of assets (reversals); results on disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA; and results from co-participation agreements in bid areas).
Adjusted EBITDA margin: Adjusted EBITDA divided by sales revenues.
Average capital employed: quarterly average considering inventories, intangibles and fixed assets at historical exchange rates.
C
CAPEX – Capital Expenditure: investments that encompasses acquisition of property, plant, and equipment, including costs with leasing, intangible assets, investments in subsidiaries and affiliates, costs with geology and geophysics and pre-operating costs.
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 in foreign companies in this segment.
F
Free cash flow: Corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. Free cash flow is not defined under the IFRS Accounting Standards and should not be considered in isolation or as a substitute for cash and cash equivalents calculated in accordance with IFRS Accounting Standards. It may not be comparable to free cash flow of other companies, however management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.
| | Performance Report 1Q25 I 32 |
GLOSSARY
G
Gas & Low Carbon Energy (G&LCE): The segment covers the logistics and commercialization of natural gas and electricity, the transportation and commercialization of LNG, the generation of electricity through thermoelectric plants, as well as the processing of natural gas. It also includes renewable energy businesses, low carbon services (carbon capture, utilization and storage) and the production of biodiesel and its products.
I
Investments: Capital expenditures based on the cost assumptions and financial methodology adopted in our Strategic Plan, which include acquisition of PP&E, including expenses with leasing, intangibles assets, investment in investees and other items that do not necessarily qualify as cash flows used in investing activities, primarily geological and geophysical expenses, pre-operating charges, purchase of property, plant and equipment on credit and borrowing costs directly attributable to works in progress.
Investments in E&P: In the E&P segment, investment projects are classified as: a) production development; b) exploration and c) others. See the details:
| a) | Production Development (PD) |
Projects aimed at enabling the production activities of new oil or gas fields, or the revitalization of fields already in production through new production systems and/or onshore facilities.
This includes complementary development projects intended to increase the recovery factor in fields with declining production, without the installation of new production systems.
Other projects in the Production Development include: asset acquisition projects linked to new production systems; quantitative risk analysis wells in development areas; and investments in the production development of non-operated fields.
| b) | 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, Block, Discovery Appraisal, Ring Fence (RF), Reservoir Data Acquisition (RDA) and Extended Well Tests (EWT).
| c) | Others |
Projects required to implement essential infrastructure needed to enable other investment projects, as well as operations.
Examples include upgrades to operational infrastructure, scheduled shutdowns, acquisition of capital goods, IT and communications improvements, inspections and pipeline replacements due to SCC-CO₂, new platforms pre-operational costs, among others.
L
Leverage: Ratio between the Net Debt and the sum of Net Debt and Shareholders’ Equity. Leverage is not a measure defined in the IFRS Accounting Standards and it is possible that it may not be comparable to similar measures reported by other companies, however management believes that it is an appropriate supplemental measure to assess our liquidity.
Lifting Cost: An indicator that represents the lifting cost per barrel of oil equivalent, considering the ratio between production and costs. It includes expenses for the execution and maintenance of production. Costs related to the leasing of third-party platforms, production taxes, and depreciation, depletion, and amortization are not considered in this indicator.
Lifting Cost + Leases: An indicator that includes costs related to the leasing of third-party platforms in the calculation of Lifting Cost. Costs related to production taxes and depreciation, depletion, and amortization are not considered.
Lifting Cost + Production Taxes: An indicator that includes costs related to production taxes in the calculation of Lifting Cost. Costs related to the leasing of third-party platforms and depreciation, depletion, and amortization are not considered.
| | Performance Report 1Q25 I 33 |
GLOSSARY
Lifting Cost + Production Taxes + Leases: An indicator that includes costs related to the leasing of third-party platforms and production taxes in the calculation of Lifting Cost. Costs related to depreciation, depletion, and amortization are not considered.
LTM Adjusted EBITDA: Sum of the last 12 months (Last Twelve Months) of Adjusted EBITDA. This metric is not foreseen in the international accounting standards - IFRS Accounting Standards and it is possible that it is not comparable with similar indexes reported by other companies, however Management believes that it is supplementary information to assess liquidity and helps manage leverage. Adjusted EBITDA should be considered in conjunction with other metrics to better understand the Company's liquidity.
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 debt may not be comparable to the calculation of net debt by other companies, however our management believes that net debt is an appropriate supplemental measure that helps investors assess our liquidity and supports leverage management.
Net Income by Business Segment: The information by the company's business segment is prepared based on available financial information that is directly attributable to the segment or that can be allocated on a reasonable basis, being presented by business activities used by the Executive Board to make resource allocation decisions. and performance evaluation. When calculating segmented results, transactions with third parties, including jointly controlled and associated companies, and transfers between business segments are considered. Transactions between business segments are valued at internal transfer prices calculated based on methodologies that take into account market parameters, and these transactions are eliminated, outside the business segments, for the purpose of reconciling the segmented information with the consolidated financial statements of the company. company.
O
Operating profit after taxes: Adjusted EBITDA, minus DD&A of assets booked at historical exchange rates and 34% income tax rate.
R
Refining, Transportation and Marketing (RTM): The segment covers refining, logistics, transportation, acquisition and export of crude oil, as well as trading in oil products in Brazil and abroad. This segment also includes petrochemical operations (involving interests in petrochemical companies in Brazil) and fertilizer production.
ROCE: operating profit after taxes / average capital employed, both measured in US$ on a LTM basis
| | Performance Report 1Q25 I 34 |
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: May 12, 2025
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Fernando Sabbi Melgarejo
______________________________
Fernando Sabbi Melgarejo
Chief Financial Officer and Investor Relations Officer