Petrobras reported stronger operating results for Jan–Mar/2026, with sales revenues of US$23,535 million, up 11.7% from US$21,073 million a year earlier, and net income attributable to shareholders of US$6,199 million, an increase of 3.8%.
Adjusted EBITDA rose 8.6% to US$11,349 million, supported by higher Brent prices, strong export volumes and a sharp recovery in refining margins, where segment operating income jumped to US$3,519 million from US$475 million. Free cash flow reached US$3,855 million, while net cash from operations was US$8,399 million.
Capital expenditures grew 25.6% to US$5,106 million, with US$4,463 million directed to Exploration and Production, backing a 16.1% increase in total production to 3,225 mboed. Net debt edged up to US$62,093 million, but leverage remained low, with a Net Debt/LTM Adjusted EBITDA ratio of 1.43.
Petróleo Brasileiro S.A. – Petrobras submitted its 2026 Reference Form to the Brazilian Securities and Exchange Commission (CVM) for the year ended December 31, 2025.
The document, in Portuguese, is available on both the CVM website and Petrobras' investor relations website, providing detailed information about the company for that fiscal year.
Petrobras minority holder BNDES updates its stake in the company’s preferred shares. Brazilian state development bank BNDES and its subsidiary BNDES Participações (BNDESPAR) filed Amendment No. 2 to their Schedule 13D to report recent open‑market sales of Petrobras preferred shares.
Their combined beneficial ownership fell from 1,035,458,754 to 957,806,254 preferred shares, equal to 17.59% of Petrobras’s 5,446,501,379 preferred shares outstanding as of March 31, 2026. BNDESPAR now directly holds 822,557,996 preferred shares (15.10%), while BNDES directly holds 135,248,258. The filing notes limited appointment rights attached to preferred shares, but also that BNDES and BNDESPAR are prevented from voting these shares under a 2014 Brazilian Securities Commission decision.
Petróleo Brasileiro S.A. – Petrobras reports that asset manager GQG Partners LLC has increased the total exposure of its client portfolio in Petrobras securities. According to a letter received under Brazilian disclosure rules, GQG’s client holdings now amount to 187,199,112 common shares and American Depositary Receipts (ADRs), representing approximately 5.03% of Petrobras’ common shares in issue. Crossing this threshold triggers a major-shareholder disclosure and signals that GQG-managed portfolios have become a significant holder in the company’s common equity.
Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors approved the company’s adherence to a new Brazilian federal economic subvention program for producers and importers of gasoline and road diesel oil, created by Provisional Measure 1,358.
The program is optional, and Petrobras considers participation compatible with its interests and complementary to existing subvention programs for road diesel commercialization in Brazil. Final adherence will depend on an ordinance from the Minister of Finance and related regulations. The company states that this move preserves its flexibility to maintain its current commercial strategy, which seeks to avoid passing short-term international price and exchange-rate volatility directly to the domestic market while optimizing refining asset profitability.
Petróleo Brasileiro S.A. – Petrobras has completed acquiring a 49.99% equity interest in Lightsource bp’s Brazilian subsidiaries, formalizing a strategic joint venture in onshore renewable energy and energy storage. The partnership has shared governance, with a Board of Directors equally represented by both companies, and was completed after receiving required regulatory approvals.
Lightsource bp is contributing Brazilian assets and projects, including the operating Milagres solar PV plant with 212 MWp and projects at an advanced development stage. Petrobras contributes its engineering, licensing and regulatory expertise and uses this venture to expand its solar and renewable energy presence in Brazil, aligned with its 2026–2030 Business Plan.
PETROBRAS - PETROLEO BRASILEIRO SA Chief Product Officer Da Silva William Franca reported a compensation-related adjustment to derivative awards. On May 15, 2026, he disposed of 6,840.810 phantom shares to the issuer, linked to PETR3 common shares and settled in cash under the Petrobras Performance Award Program. Following this transaction, he holds 33,418.980 phantom shares, which continue to track the PETR3 share price and are adjusted for dividends and interest on equity.
Petrobras reports that it paid R$72.4 billion in taxes and government take on a cash basis in the first quarter of 2026. This includes R$49.4 billion in taxes from its own operations, R$14.8 billion in Government Take and R$8.2 billion in taxes withheld from third parties.
Federal taxes totaled R$27.3 billion; together with Government Take, R$42.1 billion went to the federal government, about 5.4% of total federal tax revenues and 8% higher than a year earlier. State taxes reached R$29.6 billion, around 12.3% of states’ total collections and up 13.4% year over year, helped by higher ICMS fuel rates and a higher ethanol blend in gasoline.
Municipal taxes were about R$0.7 billion, an 18.3% increase, mainly tied to service contracting in oil and gas exploration and production. Government Take was R$14.8 billion, made up of R$9.7 billion in royalties, R$4.2 billion in Special Participation, R$0.7 billion in signature bonuses and roughly R$0.2 billion in area fees, down 9% versus early 2025 on lower Special Participation. Over the last four quarters, Petrobras contributed R$284.3 billion in taxes and Government Take. The quarter also saw R$5.5 million collected under a new export tax on crude oil and diesel.
PETROBRAS - PETROLEO BRASILEIRO SA Chief Corp. Affairs officer Clarice Coppetti reported a disposition to the issuer of 9,910.7200 phantom shares under the company’s performance award program. After this transaction, she holds 32,965.3800 phantom shares referenced to PETR3 common shares.
The phantom shares are cash-settled awards that mirror PETR3’s price and receive additional credited units when dividends or interest on equity are paid. A related footnote cites a PETR3 weighted average price of 52.21 BRL over the last 20 trading sessions, converted using a 4.9803 BRL per 1.00 USD exchange rate.
Petróleo Brasileiro S.A. – Petrobras uses this climate and energy transition supplement to outline how climate risks and decarbonization are embedded in its strategy and governance. The company targets net-zero operational emissions by 2050, a 30% cut in absolute operational emissions by 2030 versus 2015, elimination of routine flaring by 2030, and near-zero methane by 2030.
By 2025 Petrobras had reduced operational emissions 36% to 50 million tCO₂e and cut direct methane emissions 62% since 2015, while surpassing 80 million tonnes of CO₂ reinjected in pre-salt fields. The 2026–2030 Business Plan allocates US$13 billion to energy transition, including US$4.3 billion for operational decarbonization, US$7.9 billion for low-carbon businesses and bioproducts, and US$1.2 billion for low-carbon R&D, supported by a US$1.0 billion Decarbonization Fund and a Carbon Neutral Program that manages over 1,000 mitigation opportunities.