Company: PBR
Filing Date: 2025-11-07
Form Type: 6-K
Source: 0001292814-25-003845
Chunk: 60

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-07
Form: 6-K
Chunk 60
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108 |
| TR                                                      |     |                25 |                  34 |
|                                                         |     |             6,290 |               8,656 |
| (1) It represents the Secured Overnight Financing Rate. |     |                   |                     |
| (2) Loan Prime Rate.                                    |     |                   |                     |

| 26.5 | Liquidity risk management |

The possibility of insufficient cash to meet obligations
on the scheduled dates is routinely managed by the company. Liquidity risk is also mitigated by defining benchmarks for cash and financial
investment management and by periodically analyzing the risks of projected cash flow, quantifying its main risk factors through Monte
Carlo simulations, such as oil prices, exchange rates, international gasoline and diesel prices, among others. In this way, it is possible
to assess the need for financial resources for operational continuity and the execution of the Business Plan.

| 64 |

| This interim financial information should be read together with the Company’s audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |

In this context, Petrobras' consolidated and individual
financial statements, even if they show negative net working capital, do not compromise its liquidity.

Additionally, the company maintains committed credit
lines (revolving credit facilities) contracted as a liquidity reserve in adverse situations, as per explanatory note 23.5, and regularly
assesses market conditions and may carry out repurchase transactions of its securities or those of its subsidiaries in the international
capital market, through various means, including repurchase offers, redemptions of securities and/or open market operations, provided
that they are in line with the company's liability management strategy, which aims to improve the amortization profile and the cost of
debt.

The expected cash flows from the company's financing
and lease liabilities are presented in explanatory notes 23.4 and 24, respectively.

| 26.6 | Credit risk |

Credit risk management in Petrobras aims to mitigate
risk of not collecting receivables, financial deposits or collateral from third parties or financial institutions through the analysis,
granting and management of credit, based on quantitative and qualitative parameters that are appropriate for each market segment in which
the Company operates.

As of September 30, 2025, the cash and cash equivalents
and marketable securities are not overdue and have no evidence of material credit losses for the period from January to September 2025.
These assets have equivalent fair values that do not differ significantly