Company: PBR
Filing Date: 2025-08-22
Form Type: 6-K
Source: 0001292814-25-003142
Chunk: 7

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-08-22
Form: 6-K
Chunk 7
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As of June 30, 2025, the Company has maintained
its liability management strategy to improve the debt profile and to adapt to the maturity terms of the Company’s long-term investments.

Gross Debt increased 12.9% (US$ 7,753 million) to US$ 68,064
million as of June 30, 2025 from US$ 60,311 million as of December 31, 2024, due to: (i) higher lease liabilities in the period (a
US$ 5,124 million increase), primarily driven by the start-up of the leased FPSO Alexandre de Gusmão (Mero 4), the start-up
of the leased FPSO Almirante Tamandaré (Búzios 7) and the extension of the FPSO Cidade de Angra dos Reis agreement through
2030; and to (ii) higher finance debt (a US$ 2,629 million increase), mainly due to the proceeds in the domestic banking market,
in the amount of US$ 1,417 million, and proceeds in the international banking market, in the amount of US$ 1,122 million. Gross
Debt was maintained lower than the maximum level of US$ 75,000 million, with convergence to the level of US$ 65,000 million
defined in the 2025-2029 Business Plan, mainly due to debt prepayments and scheduled repayments.

As of June 30, 2025, Net Debt increased by 12.1% (US$ 6,323
million), reaching US$ 58,563 million, compared to US$ 52,240 million as of December 31, 2024, mainly due to a US$ 5,124
million increase in lease liabilities in the period.

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RECONCILIATION OF ADJUSTED EBITDA, LTM ADJUSTED EBITDA AND NET
DEBT/LTM ADJUSTED EBITDA METRICS

LTM Adjusted EBITDA reflects the sum of the last twelve months
of Adjusted EBITDA, which is computed by using the net income before net finance income (expense), income taxes, depreciation, depletion
and amortization adjusted by items not considered part of the Company’s primary business, which include results in equity-accounted
investments, results on disposal and write-offs of assets, impairment and