Company: PBR
Filing Date: 2025-11-07
Form Type: 6-K
Source: 0001292814-25-003847
Chunk: 46

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-07
Form: 6-K
Chunk 46
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 other commodities |

The Company is exposed to commodity price cycles,
and it may use derivative instruments to hedge exposures related to prices of products purchased and sold to fulfill operational needs
and in specific circumstances depending on business environment analysis and assessment of whether the targets of the Business Plan are
being met.

The Company, by use of its assets, positions and
market knowledge from its operations in Brazil and abroad, may seek to optimize some of its commercial operations in the international
market, with the use of commodity derivatives to manage price risk.

The probable scenario uses market references, used
in pricing models for oil, oil products and natural gas markets, and takes into account the closing price of the asset on September 30,
2025. Therefore, no effect is considered arising from outstanding operations in this scenario. The reasonably possible scenario reflects
the potential effects on the statement of income from outstanding transactions, considering a variation in the closing price of 20%. To
simulate the most unfavorable scenarios, the variation was applied to each asset according to open transactions: price decrease for long
positions and increase for short positions.

| Financial Instruments                           | Risk                                | Probable scenario | Reasonably possible scenario |
| Derivatives not designated for hedge accounting |                                     |                   |                              |
| Crude oil and oil products - price changes      | Future and forward contracts (Swap) | −                 |                         -101 |
| Soybean oil - price changes                     | Option                              | −                 |                           -1 |
| Foreign currency - depreciation BRL x USD       | Forward contracts                   | −                 |                           -2 |
|                                                 |                                     | −                 |                         -104 |

The positions with commodity derivatives are presented
in note 26.3.

| 26.4.3. |     | Interest rate risk management |

The Company considers that interest rate risk does
not create significant exposure and, therefore, preferably does not use derivative financial instruments to manage interest rate risk,
except for specific situations faced by certain subsidiaries of Petrobras.

| 49 |

| NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSPETROBRAS(Expressed in millions of US Dollars, unless otherwise indicated) |

In this sensitivity analysis, the probable scenario
represents the amounts to be disbursed by Petrobras relating to the payment of interest on debts linked to floating rates as of September
30, 2025. The reasonably possible scenario represents the disbursement if there is a 40% change on these rates