GQG Partners (NYSE: PBR) discloses 3.88% Petrobras ADS ownership in 13G/A

Rhea-AI Filing Summary

GQG Partners LLC has disclosed a sizable passive stake in PETROLEO BRASILEIRO S.A. PETROBRAS through American Depositary Shares (ADS). As of the event date, GQG reports beneficial ownership of 144,189,496 ADSs, representing 3.88% of the class. It has sole power to vote 131,578,212 ADSs and sole power to dispose of 144,189,496 ADSs, with no shared voting or dispositive power.

GQG files as an investment adviser organized in Delaware and certifies that the ADSs were acquired and are held in the ordinary course of business. It also states they were not acquired and are not held to change or influence control of Petrobras, indicating a passive investment stance. The filing is an amendment to a prior Schedule 13G, updating GQG’s current ownership position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

PETROLEO BRASILEIRO S.A. PETROBRAS

(Name of Issuer)

American Depositary Shares representing Common Stock

(Title of Class of Securities)

71654V408

(CUSIP Number)

11/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 71654V408

1

Names of Reporting Persons

GQG Partners LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 131,578,212.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 144,189,496.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.88 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PETROLEO BRASILEIRO S.A. PETROBRAS
(b)	Address of issuer's principal executive offices: Avenida Republica do Chile 65, centro, Rio de Janeiro RJ, BRAZIL 20035 900
Item 2.
(a)	Name of person filing: GQG Partners LLC
(b)	Address or principal business office or, if none, residence: 350 E. Las Olas Blvd., 18th floor, Fort Lauderdale, FL 33301
(c)	Citizenship: Delaware
(d)	Title of class of securities: American Depositary Shares representing Common Stock
(e)	CUSIP No.: 71654V408
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 144189496
(b)	Percent of class: 3.88 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 131578212
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 144189496
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GQG Partners LLC

Signature:	/s/ Salvatore DiGangi
Name/Title:	Chief Compliance Officer
Date:	12/03/2025

FAQ

What stake in Petrobras (PBR) does GQG Partners report in this Schedule 13G/A?

GQG Partners LLC reports beneficial ownership of 144,189,496 American Depositary Shares of PETROLEO BRASILEIRO S.A. PETROBRAS, representing 3.88% of the class.

Is GQG Partners’ Petrobras (PBR) position reported as an active or passive investment?

GQG Partners certifies that the Petrobras ADSs were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, indicating a passive investment.

How much voting power does GQG Partners have over Petrobras (PBR) ADSs?

GQG Partners reports sole voting power over 131,578,212 Petrobras ADSs and no shared voting power.

What dispositive power does GQG Partners hold over its Petrobras (PBR) shares?

GQG Partners reports sole dispositive power over 144,189,496 Petrobras ADSs and no shared dispositive power.

Who is the reporting person in this Petrobras (PBR) Schedule 13G/A filing?

The reporting person is GQG Partners LLC, an investment adviser organized in Delaware, with its principal office at 350 E. Las Olas Blvd., 18th floor, Fort Lauderdale, FL 33301.

What type of SEC filing is this for Petrobras (PBR)?

This is an Amendment No. 3 to Schedule 13G, which reports beneficial ownership of Petrobras American Depositary Shares by GQG Partners LLC.