Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 16

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 16
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 to be a fraudulent conveyance or unenforceable
for any other reason, the holders of the Notes would not have a claim against Petrobras under the relevant guaranty and would solely have
a claim against PGF. Petrobras cannot ensure that, after providing for all prior claims, there will be sufficient assets to satisfy the
claims of the noteholders relating to any avoided portion of the relevant guaranty.

We cannot assure you that the credit ratings for the Notes will not be lowered, suspended or withdrawn by the rating agencies.

The credit ratings of the
Notes may change after issuance. Such ratings are limited in scope, and do not address all material risks relating to an investment in
the Notes, but rather reflect only the views of the rating agencies at the time the ratings are issued. An explanation of the significance
of such ratings may be obtained from the rating agencies. We cannot assure you that such credit ratings will remain in effect for any
given period of time or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies, if, in the judgment
of such rating agencies, circumstances so warrant. Any lowering, suspension or withdrawal of such ratings may have an adverse effect on
the market price and marketability of the Notes.

Risks Relating to PGF and Petrobras

PGF’s operations and debt servicing capabilities are dependent on Petrobras.

PGF’s financial position and results of operations are directly affected by Petrobras’s decisions. PGF is an indirect, wholly-owned finance subsidiary of Petrobras incorporated in the Netherlands as a private company with limited liability. PGF does not currently have any operations, revenues or assets other than those related toits primary business of raising money for the purpose of on-lending to Petrobras
and other subsidiaries of Petrobras. PGF’s ability to satisfy its obligations under the Notes will depend on payments made to PGF
by Petrobras and other subsidiaries of Petrobras under the loans made by PGF. The Notes and all debt securities issued by PGF will be
fully and unconditionally guaranteed by Petrobras. Petrobras’s financial condition and results of operations, as well as Petrobras’s
financial support of PGF, directly affect PGF’s operational results and debt servicing capabilities.

<div align='center'>S-15

USE OF PROCEEDS</div>

The net proceeds from
the sale of the Notes, after payment of the underwriting discount but before expenses, are expected to be approximately U.S.$1,962