Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 113

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 113
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 the company will seek to operate preferably in partnership with large companies in the sector, with the goal of decarbonizing operations, integrating the low-carbon solutions portfolio, and capturing market opportunities in Brazil. For bioproducts, including the ethanol, biodiesel and biomethane chains, we will seek to enter into these activities preferably through minority strategic partnerships or shared control with relevant players in the segment.
 

Annual Report and Form 20-F 2024 |
Financing
 The Business Plan 2025-29 financeability study resulted in the consolidation of a more efficient capital structure, with greater flexibility and low leverage in challenging scenarios.
 The gross debt limit was revised to US$75 billion in Business Plan 2025-29, with debt converging to US$65 billion, following an analysis of the most appropriate capital structure for the company, which adheres to minimizing the cost of capital, cash flow risks and efficient cash and liquidity management. The increase in the debt ceiling considers robust leverage metrics, even in scenarios of low Brent prices, in addition to providing greater flexibility in relation to the growing relevance of leases in gross debt.
 Robust free cash flow allows for solid dividend estimates, projecting US$45-55 billion in ordinary dividends in the base case, with flexibility for extraordinary payments.
 
 <img alt="" src="form20f_072.jpg"/>
 
 (1) Includes contingent and deferred payments and divestments.
 (2) Borrowings, net of amortization.
 (3) Total CAPEX.
 (4) Includes extraordinary dividends declared on November 21, 2024.
 (5) Increases in leasings mainly due to amounts included in operating cash flow and investment cash flow in the previous plan.
 

Annual Report and Form 20-F 2024 |

The main assumptions for financing the Strategic Plan are:
 
ASSUMPTIONS
 
                  2025                    2029
----------------------------------------------
Brent (US$/barrel)                   83     68
Nominal exchange rate (R$/US$)      5.0    5.1
Diesel Crackspread (US$/barrel)      22     19
Gasolina Crackspread (US$/barrel)    14     12
 
It should be noted that the Business Plan 2025-29 considers, among the assumptions for financeability: (i) the generation of cash flow exceeding investments and financial obligations; (ii) minimum cash of US$6 billion; (iii) gross debt reference