Company: PBR
Filing Date: 2025-11-17
Form Type: 6-K
Source: 0001292814-25-004008
Chunk: 9

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-17
Form: 6-K
Chunk 9
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,960 million increase), mainly due to the proceeds in the domestic
banking market, in the amount of US$ 1,686 million; proceeds in international capital markets (global notes), in the amount of US$ 1,962
million, with maturities in 2030 and 2036; 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 September 30, 2025, Net Debt increased by
13.0% (US$ 6,813 million), reaching US$ 59,053 million, compared to US$ 52,240 million as of December 31, 2024, due to
a US$ 10,400 million increase in gross debt, partially offset by the US$ 3,587 million increase in adjusted cash and cash equivalents
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 results from co-participation agreements in bid areas.

LTM Adjusted EBITDA represents an alternative to the Company's
operating cash generation. This measure is used to calculate the metric Net Debt/LTM Adjusted EBITDA, to support management’s assessment
of liquidity and leverage.

Adjusted EBITDA and Net cash provided by operating activities – OCF

| US$ million                                              | Jan-Sep/2025 | Jan-Sep/2024 | Change (%) |
| Net income                                               |       16,805 |       10,371 |       62.0 |
| Net finance income (expense)                             |       -3,034 |        9,089 |          - |
| Income taxes                                             |        6