Company: PBR
Filing Date: 2025-08-08
Form Type: 6-K
Source: 0001292814-25-002976
Chunk: 40

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-08-08
Form: 6-K
Chunk 40
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 use derivative financial instruments to manage interest rate risk,
except for specific situations faced by certain subsidiaries of Petrobras.

| 49 |

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 June 30,
2025. The reasonably possible scenario represents the disbursement if there is a 40% change on these rates, keeping all other variables
constant.

| Risk                                  |     | Sensitivity effect on the results | Reasonably possible 
            scenario |
| Finance debt                          |     |                                   |                     |
| CDI                                   |     |                               705 |                 987 |
| SOFR 3M (1)                           |     |                               125 |                 162 |
| SOFR 6M (1)                           |     |                                74 |                  88 |
| SOFR O/N (1)                          |     |                                78 |                 109 |
| IPCA                                  |     |                               116 |                 162 |
| TJLP                                  |     |                                65 |                  90 |
| LPR 12M (2)                           |     |                                15 |                  21 |
| TR                                    |     |                                 5 |                   6 |
|                                       |     |                             1,183 |               1,625 |
| (1) Secured Overnight Financing Rate. |     |                                   |                     |
| (2) Loan Prime Rate.                  |     |                                   |                     |

| 26.5. | Liquidity risk management |

The possibility of a shortage of cash to settle
the Company’s obligations on the agreed dates is managed by the Company. The Company mitigates its liquidity risk by defining reference
parameters for treasury management and by periodically analyzing the risks associated to the projected cash flow, quantifying its main
risks through Monte Carlo simulations. These risks include oil prices, exchange rates, gasoline and diesel international prices, among
others. In this way, the Company is able to predict cash needs for its operational continuity and for the execution of its business plan.

Management believes that its current working capital
is sufficient for the Company's present requirements. In the event that the Company presents negative net working capital, management
believes it does not compromise the Company's liquidity since Petrobras maintains revolving credit facilities contracted as a liquidity
reserve to be used in adverse scenarios (see note 23.5).

Additionally, the Company regularly assesses