Company: PBR
Filing Date: 2025-11-07
Form Type: 6-K
Source: 0001292814-25-003847
Chunk: 47

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-07
Form: 6-K
Chunk 47
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, keeping all other variables
constant.

| Risk                                  |     | Probable scenario | Reasonably possible 
            scenario |
| Finance debt                          |     |                   |                     |
| CDI                                   |     |               732 |               1,025 |
| SOFR 3M (1)                           |     |               120 |                 155 |
| SOFR 6M (1)                           |     |                65 |                  77 |
| SOFR O/N (1)                          |     |                78 |                 109 |
| IPCA                                  |     |               104 |                 145 |
| TJLP                                  |     |                64 |                  90 |
| LPR 12M (2)                           |     |                14 |                  20 |
| TR                                    |     |                 5 |                   6 |
|                                       |     |             1,182 |               1,627 |
| (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 market
conditions and may enter into transactions to repurchase its own securities or those of its subsidiaries, through a variety of means,
including tender offers, make whole exercises and open market repurchases, since they are in line with the Company's liability management
strategy, in order to improve its debt repayment profile and cost of debt.

The expected cash flows of finance debt and lease
liabilities are presented in notes 23.