PETROBRAS - PETROLEO BRASILEIRO SA SEC Filings

Petrobras (PBR) reports that from January to September 2025 it paid a total of R$ 199.6 billion in taxes and government take in Brazil. This includes R$ 132.3 billion in taxes from its own operations, R$ 46.9 billion in government take, and R$ 20.4 billion in taxes withheld from third parties.

Federal-related payments reached R$ 114.8 billion, combining R$ 67.9 billion in federal taxes and R$ 46.9 billion in government take, representing about 5.5% of total federal tax collection, with cumulative amounts described as stable versus the prior year. States received R$ 83.3 billion, about 13.6% of total ICMS and 7.6% higher than the same period in 2024, mainly driven by higher sales of gasoline, diesel and LPG under single-phase ICMS. Municipalities received R$ 1.5 billion in ISS, taxes withheld from third parties and IPTU. Over the last four quarters, Petrobras reports R$ 267.6 billion paid in taxes and government take, and notes that it accounts for more than 10% of ICMS collections in 20 Brazilian states.

Petrobras reported mixed nine-month 2025 results, with higher profit but weaker operating metrics. Sales revenues were US$ 65,587 million, down 7.1% from US$ 70,601 million a year earlier, as lower Brent prices reduced margins across segments. Net income attributable to shareholders rose to US$ 16,735 million from US$ 10,308 million, mainly driven by a swing to US$ 3,034 million in net finance income, helped by a stronger Brazilian real.

Adjusted EBITDA declined 5.5% to US$ 31,416 million and free cash flow fell to US$ 12,948 million from US$ 19,552 million as capex increased 28.6% to US$ 14,006 million, focused on pre-salt projects. Net cash provided by operating activities decreased 13.1% to US$ 25,885 million. Net debt rose 13.0% to US$ 59,053 million and gross debt 17.2% to US$ 70,711 million, while the Net Debt/LTM Adjusted EBITDA ratio moved to 1.53 from 1.29.

Operationally, total production grew 8.4% to 2,950 mboed, supported by new FPSOs in the Santos and Campos basins. Refining and gas and low carbon segments saw lower gross profit due to weaker international margins and lower natural gas prices, despite slightly higher domestic sales volumes and higher domestic gas supply.

Petróleo Brasileiro S.A. – Petrobras reports a new oil discovery in the post-salt section of Brazil’s Campos Basin, in the Sudoeste de Tartaruga Verde block. An exploratory well, 4-BRSA-1403D-RJS, about 108 km off the coast of Campos dos Goytacazes at 734 meters water depth, confirmed an oil-bearing interval using logs, gas shows, and fluid samples. These samples will be analyzed in laboratories to better understand the reservoir and fluid characteristics, which will support further evaluation of the block’s production potential. Petrobras operates this block with 100% participation under a production-sharing contract managed by Pré-Sal Petróleo S.A. (PPSA).

Petrobras (PBR) clarified media reports, stating its Business Plan 2026–2030 remains under review and approval. The Board of Directors, which is responsible for approval, will evaluate the proposed plan at a meeting scheduled for 11/27/2025.

Once the drafting and approval process is concluded, the plan will be promptly disclosed to the market, according to the company’s investor relations update.

Petrobras (PBR) reported stronger year-to-date results. For the nine months ended September 30, 2025, sales revenues were $65.6 billion versus $70.6 billion a year ago, while net income rose to $16.8 billion from $10.4 billion. In Q3 2025, revenue was $23.5 billion (slightly above Q3 2024) and net income reached $6.1 billion. The earnings improvement was supported by lower finance expenses and significant foreign exchange gains, which turned net finance from a loss last year to income this year.

Cash and cash equivalents increased to $9.0 billion from $3.3 billion at year-end 2024. Operating cash flow was $25.9 billion, funding $12.9 billion of capital additions and $6.6 billion in dividends. Total finance debt rose compared to year-end, and lease liabilities increased as new production assets came online. Equity climbed to $79.9 billion, helped by profits and hedge-related other comprehensive income. Decommissioning obligations increased to $30.4 billion. Petrobras settled the EIG dispute for $283 million, ending that litigation, and received favorable developments in certain legal matters abroad.

Petróleo Brasileiro S.A. – Petrobras furnished a Form 6‑K with interim results through September 30, 2025. Consolidated Q3 2025 sales revenues were R$127,906 million, gross profit R$61,117 million, and net income R$32,847 million. Year‑to‑date, sales revenues reached R$370,178 million and net income R$94,952 million. Diluted earnings per share for ordinary and preferred shares were R$2.54 in Q3 and R$7.34 for Jan–Sep 2025.

Operating cash flow for Jan–Sep was R$145,417 million, with investing cash flow of R$(50,737) million and financing cash flow of R$(64,532) million. Cash and cash equivalents ended at R$47,675 million. The company paid R$37,127 million in dividends during the period and recorded net finance income of R$17,483 million. By segment for Jan–Sep, Exploration & Production contributed strongly to earnings, with consolidated depreciation, depletion and amortization totaling R$62,317 million.

Petrobras (PBR) reported stronger 3Q25 operating performance. Adjusted EBITDA was $11.7 billion (up 26.9% vs 2Q25) and, excluding one-off events, reached $12.0 billion. Net income was $6.0 billion and $5.2 billion excluding one-offs, supported by higher production and exports and modestly higher Brent.

Sales revenues were $23.5 billion. Operating cash flow was $9.9 billion and free cash flow was $5.0 billion. Capex totaled $5.5 billion, mainly in pre-salt FPSOs at Búzios, Atapu and Sépia. Gross debt stood at $70.7 billion and net debt at $59.1 billion, with net debt/LTM Adjusted EBITDA at 1.53x. The company issued $2.0 billion in global notes due 2030 and 2036.

Operationally, oil, NGL and gas output averaged 3.14 million boed, up 8% sequentially. FPSO Almirante Tamandaré hit its 225 Mbpd design peak in August and reached 270 Mbpd in October. Refining utilization was 94% with strong diesel and jet margins; oil exports set a record at 814 Mbpd. The board approved R$12.2 billion in dividends related to 3Q25, and taxes paid totaled R$68 billion in the quarter.

Petrobras (PBR) furnished a Form 6‑K detailing strong 3Q25 operations and results. Total oil and gas production set a record at 3.14 MM boed, driven by higher efficiency and new systems. Operationally, FPSO Almirante Tamandaré exceeded its nominal capacity and later had its capacity approved to 270 mbpd, while P‑78 arrived at Búzios with start‑up targeted for 4Q25. The company also began drilling the Morpho well off Amapá on October 20.

Cash generation improved despite a softer Brent backdrop. Operating cash flow reached US$ 9.9 billion (+31% vs 2Q25), free cash flow was US$ 5.0 billion (+44%), adjusted EBITDA excluding one‑offs was US$ 12.0 billion (+17%), and net income excluding one‑offs was US$ 5.2 billion (+28%).

Sales momentum continued: domestic oil product sales rose 5% quarter‑over‑quarter, diesel grew 12% vs 2Q25 and 6% vs 3Q24, and oil exports were 814 mbpd, with combined exports surpassing 1 MM bbl/day. 3Q25 CAPEX was US$ 5.5 billion, and two US$ 1 billion bonds were issued (2030 and 2036 maturities). The board declared R$ 12.2 billion in 3Q25 dividends (R$ 0.94/share), record date 12/22/2025, with installments on 02/20/26 and 03/20/26.

Petrobras approved interim dividends of R$ 12.16 billion, equal to R$ 0.94320755 per common and preferred share, as an advance on 2025 shareholder remuneration based on the September 30, 2025 balance sheet.

The payment will occur in two installments: R$ 0.47160378 per share on February 20, 2026 and R$ 0.47160377 per share on March 20, 2026. Record dates are December 22, 2025 for shares on B3 and December 26, 2025 for ADRs on the NYSE; Petrobras shares trade ex-rights on B3 starting December 23, 2025. ADR holders receive payments as of February 27, 2026 and March 27, 2026.

The company states this is in line with its policy to distribute 45% of free cash flow when gross debt is at or below the maximum level in its Strategic Plan and notes the distribution does not compromise its financial sustainability. The form of distribution (dividends and/or interest on equity) will be defined by December 11, 2025. Installment values will be updated by the Selic rate from December 31, 2025 until each payment, and any interest on equity would be subject to income tax under current law. The amount will be deducted from the remuneration to be approved at the 2026 AGM for fiscal year 2025.