PBR

Petrobras Form 6-K Summary: Q1 2026

Business Context and Reporting Period

This Form 6-K reports the interim financial information for Petróleo Brasileiro S.A. – Petrobras for the three-month period ended March 31, 2026. The filing includes unaudited consolidated and parent company financial statements prepared in accordance with IFRS (CPC 21 / IAS 34). The financial statements were approved by the Board of Directors on May 11, 2026, and reviewed by KPMG Auditores Independentes Ltda.

Key Financial Metrics (Consolidated)

All figures are in Brazilian Reais (R$) millions, unless otherwise noted.

Material Changes vs. Prior Period

• Revenue Stability: Consolidated sales revenues remained relatively flat at R$ 123.7 billion compared to R$ 123.1 billion in Q1 2025. Export revenues increased significantly to R$ 41.1 billion (from R$ 32.1 billion), offset by a decrease in domestic market revenues to R$ 82.6 billion (from R$ 91.1 billion).
• Profitability Decline: Net income attributable to shareholders decreased by approximately 7.2% to R$ 32.7 billion. This was driven by higher production taxes (including a new export tax) and increased selling expenses.
• Impairment Reversals: The company recognized a net impairment reversal of R$ 2.2 billion, primarily due to the resumption of the Nitrogen Fertilizer Unit (UFN-III) project, contrasting with impairment losses of R$ 0.3 billion in the prior year.
• Debt Profile: Total consolidated finance debt increased to R$ 143.7 billion. The company repaid R$ 3.2 billion in principal and raised R$ 6.9 billion in new financing during the quarter.
• Segment Performance: The Exploration & Production (E&P) segment generated R$ 25.4 billion in net income, while Refining, Transportation & Marketing (RT&M) generated R$ 12.1 billion.

Guidance, Outlook, Risks, and Unusual Items

• New Taxation: On March 12, 2026, Provisional Measure No. 1,340 established an Export Tax (IE) on crude oil (12%) and road-use diesel (50%). Petrobras recognized R$ 639 million in expenses related to this tax in Q1 2026.
• Diesel Subsidy Program: The company adhered to a government subsidy program for road-use diesel, recognizing R$ 672 million in net revenue from the program in Q1 2026.
• Legal Proceedings:
  • Netherlands Class Action: The District Court of Rotterdam rejected allegations against Petrobras regarding shareholder damages under Brazilian and Argentine law, though appeals regarding bondholders remain pending.
  • Argentina: Criminal proceedings regarding alleged fraudulent securities offers were dismissed due to statute of limitations; appeals are pending.
• Subsequent Events:
  • Acquired 50% interest in Tartaruga Verde and Espadarte (Module III) fields for US$ 450 million (April 2026).
  • Acquired the ring-fence of the Argonauta field for R$ 700 million (April 2026).
  • Approved interim interest on capital of R$ 9.0 billion (R$ 0.70 per share) for Q1 2026 (May 2026).
• Risk Management: The company maintains a cash flow hedge for future exports, with a cumulative loss of R$ 18.8 billion recognized in equity as of March 31, 2026.

Investor Verification Checklist

• Export Tax Impact: Verify the long-term impact of the new 12% crude oil and 50% diesel export tax on future margins and pricing strategies.
• Dividend Policy: Confirm the payment schedule for the approved R$ 9.0 billion interim interest on capital and the R$ 8.1 billion complementary dividends for 2025.
• Legal Contingencies: Monitor the status of the Netherlands class action appeal and the Argentina criminal case dismissal appeal, as these could result in significant future liabilities.
• Capital Allocation: Review the execution of the US$ 450 million acquisition of Tartaruga Verde/Espadarte and the R$ 700 million Argonauta field acquisition.
• Debt Maturity: Assess the liquidity profile given the R$ 143.7 billion debt balance and the average maturity of 11.33 years.