Financial Data and Key Metrics Changes - In 2025, adjusted EBITDA reached $42.5 billion, while net income was $19.6 billion, reflecting resilience despite a 14% drop in Brent prices compared to 2024 [19][20] - Operating cash flow remained robust at $36 billion, maintaining levels from the previous year despite challenging market conditions [20] - The average Brent price in 2025 was $69 per barrel, significantly lower than expectations [19] Business Line Data and Key Metrics Changes - Oil production increased by 11% in 2025 compared to 2024, with significant contributions from the Búzios and Tupi/Iracema fields, both surpassing 1 million barrels per day [6][7] - Refinery utilization reached 91%, with 68% of production comprising higher value-added derivatives such as diesel and gasoline [21] - Sales of derivatives in the domestic market totaled 1.7 million barrels per day, with a 52% increase in diesel sales [20][21] Market Data and Key Metrics Changes - In 2025, Petrobras exported an average of 675,000 barrels per day, with the last quarter averaging nearly 1 million barrels per day [10] - The company doubled its client database in the gas market, reaching a contracted volume of 6.6 million cubic meters per day [14] Company Strategy and Development Direction - Petrobras aims to maintain capital discipline while increasing production and operational efficiency, focusing on sustainable growth and energy transition [16][31] - The company is committed to generating value for shareholders and society, with significant investments leading to job creation and tax contributions [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the geopolitical instability affecting oil prices but emphasized the company's preparedness for various scenarios [35][36] - The company remains focused on maintaining a solid internal pricing policy to avoid transferring market volatility to the domestic market [36][38] Other Important Information - Petrobras incorporated 1.7 billion barrels of oil reserves in 2025, achieving the highest proven reserves in the last decade [9][26] - The company is advancing in the production of renewable fuels, including sustainable aviation fuel and high-value diesel [13] Q&A Session All Questions and Answers Question: Current scenario in the oil and gas industry due to Middle East conflict - Management highlighted the company's preparedness for price volatility and emphasized resilience in operations despite geopolitical instability [35][36] Question: Priority allocation of cash flow generated in excess of budget - The focus remains on capital discipline, with any surplus cash flow potentially directed towards investments or extraordinary dividends, depending on project financability [54][55] Question: Maintaining refining margins amid high oil prices - Management indicated that the internal pricing policy would remain unchanged, allowing the company to navigate high price scenarios without immediate adjustments [59][61] Question: Anticipation of platform operations for 2026 - Management confirmed that while some platforms are set to sail away in 2026, efforts are being made to accelerate the ramp-up of existing platforms [68][72] Question: Commercial strategy and response to market volatility - The commercial strategy involves daily assessments and frequent meetings among top management to adapt to changing market conditions [78][79] Question: Impact of foreign market disruptions on Petrobras operations - Management assured that the company has a robust supply chain and inventory management to mitigate risks from external disruptions [85]

Operational Highlights - Total oil and natural gas production reached a new record of 3.14 MM boed, up 7.6% from 2Q25 and 16.9% from 3Q24[9] - Total operated production reached a record of 4.54 MM boed, and pre-salt own production reached a record of 2.56 MM boed[9] - FPSO Almirante Tamandaré in Búzios achieved peak production at 225 mbpd with only 5 production wells, ahead of schedule, and surpassed 250 mbpd daily production in October[10] - P-78 arrived at the Búzios field in September 2025, with start-up expected in 4Q25[1, 10] - Diesel S10 production will expand by 76 mbpd, Jet Fuel by 20 mbpd, and Group II lubricant by 12 mbpd at the Boaventura Complex[15] - RNEST's processing capacity will reach 260 mbpd by 2029[16] - The company approved the construction of the CCS São Tomé Pilot Project in Macaé (RJ) for the capture, transport, and geological storage of up to 100 thousand tons of CO₂ per year[24] - Natural gas processing plants reached a record of 44 MMm³/d of specified gas for sale in August 2025[26] - The company advanced in the natural gas free market, reaching 6.5 MMm³/d of contracted volume, approximately 65% of the total market[27] - IBAMA approved the expansion of FPSO Almirante Tamandaré capacity from 220 to 270 mbpd, with Petrobras' share of the additional capacity being approximately 90 mbpd[60, 61] Financial Results - EBITDA excluding one-off events was US$ 12.0 billion in 3Q25, a 17% increase compared to 2Q25[34] - Net income excluding one-off events was US$ 5.2 billion in 3Q25, a 28% increase compared to 2Q25[34] - Operating Cash Flow (OCF) was US$ 9.9 billion in 3Q25, a 31% increase compared to 2Q25[34] - Free Cash Flow (FCF) was US$ 5.0 billion in 3Q25, a 44% increase compared to 2Q25[34] - Dividends for 3Q25 were R$ 12.2 billion, a 40% increase compared to 2Q25, equivalent to R$ 0.94 per share[34, 48] - Cash and cash equivalents increased by US$ 2.1 billion from June 2025 to September 2025, reaching US$ 11.6 billion[45] - The company issued two new bonds in September, due in 2030 and 2036, each amounting to US$ 1 billion[45] CAPEX - CAPEX for 3Q25 was US$ 5.5 billion, with 67.5% allocated to Production Development and 8.5% to Exploration[40] - Total CAPEX for 9M25 was US$ 14.0 billion, while cash CAPEX was US$ 12.9 billion[42]