Company: PBR
Filing Date: 2025-05-28
Form Type: 6-K
Source: 0001292814-25-002246
Chunk: 7

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-05-28
Form: 6-K
Chunk 7
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 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$ 671 million increase), mainly due to thelong term proceeds raised in the domestic banking market, in the amount of US$ 495 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 March 31, 2025, Net Debt increased by 7.3%
(US$ 3,794 million), reaching US$ 56,034 million, compared to US$ 52,240 million as of December 31, 2024, mainly due to
a US$ 3,509 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 (expense) income, 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-Mar/2025 | Jan-Mar/2024 | Change (%) |
| Net income                                                           |        5,995 |        4,805 |       24.8 |
| Net finance income (expense)                                         |       -1,748 |        1,939 |          - |
| Income taxes                                                         |        3,111 |        2,147 |       44.9 |
| Depreciation, depletion