PBR

Petrobras 2Q26 Financial Performance Summary

Business Context and Reporting Period

This Form 6-K filing covers the second quarter of 2026 (ended June 30, 2026) for Petrobras (Petróleo Brasileiro S.A.). The reporting period reflects strong operational performance driven by the ramp-up of production systems, the start-up of the P-79 platform in the Búzios field, and efficiency gains. Total production increased by 3.4% compared to the prior quarter. The company reported one of its highest quarterly financial results in its time series, supported by higher Brent crude prices and increased oil product output.

Key Financial Metrics

Capital Expenditures (Capex): Total Capex for 2Q26 was US$ 5.3 billion (US$ 4.6 billion on a cash basis). Exploration & Production (E&P) accounted for US$ 4.3 billion, while Refining, Transportation, and Marketing (RTM) accounted for US$ 0.67 billion.

Material Changes vs. Prior Period

• Revenue Growth: Sales revenues surged 42.8% quarter-over-quarter (QoQ) and 59.8% year-over-year (YoY), driven by higher Brent prices (averaging US$ 104.52/bbl in 2Q26 vs. US$ 80.61/bbl in 1Q26) and increased export volumes.
• Profitability: Net income excluding one-off events rose 144% QoQ to US$ 11.1 billion. Adjusted EBITDA excluding one-off events increased 70% QoQ to US$ 20.0 billion.
• Operational Efficiency: Refining utilization reached a record 101.2%, increasing oil product output by 5.6% QoQ. Lifting costs in the E&P segment decreased to US$ 6.33/boe (6.3% lower QoQ), aided by higher Pre-Salt production volumes.
• Debt Reduction: Net debt decreased 2.7% QoQ to US$ 60.4 billion, and the Net Debt/LTM Adjusted EBITDA ratio improved to 1.14x from 1.43x.

Guidance, Outlook, and Risks

Management Commentary: Management highlighted that operational records in 2Q26 led to record financial results. The company utilized strong cash generation to fund investments (US$ 4.6 billion), amortize debt principal and interest (US$ 2.9 billion), amortize lease liabilities (US$ 2.7 billion), and remunerate shareholders (US$ 1.5 billion in dividends).

Outlook: Figures reported for 3Q26 onwards are estimates or targets. The company continues to execute major pre-salt projects, including the Atapu and Sépia fields, and the Marlim Revitalization project.

Risks and Contingencies:

• One-off Events: Reported net income included a negative impact of US$ 1.0 billion from one-off events, primarily due to export taxes on crude oil and diesel (US$ 0.97 billion) and losses on legal proceedings (US$ 0.35 billion).
• Working Capital: Operating cash flow was negatively impacted by US$ 3.2 billion in working capital effects, mainly due to higher accounts receivable related to the fuel subsidy program.
• Forward-Looking Statements: The filing includes standard disclaimers that future results may differ from expectations due to economic conditions, industry performance, and other uncertainties.

Investor Verification Checklist

• One-off Event Impact: Verify the sustainability of the US$ 11.1 billion net income by reviewing the reconciliation of one-off events, specifically the US$ 0.97 billion export tax expense and legal losses.
• Working Capital Trends: Monitor the US$ 3.2 billion negative working capital impact, particularly the US$ 1.9 billion increase in receivables linked to the fuel subsidy program, to assess future cash flow volatility.
• Capex Execution: Confirm the progress of major projects (P-79, Atapu, Sépia) against the US$ 5.3 billion Capex spend to ensure future production targets are met.
• Debt Maturity Profile: Review the weighted average maturity of debt (11.9 years) and the leverage ratio (1.14x) to assess refinancing risks and interest rate exposure.
• Refining Margins: Analyze the sustainability of the record 101.2% refining utilization rate and the impact of inventory turnover effects on gross profit.