Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 27

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 27
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 financial statements and consolidated financial statements.

| 7. | Capital Management |

The Company’s objective in its capital management
is to maintain its capital structure at an adequate level in order to continue as a going concern, maximizing value to shareholders and
investors. Its main source of funding is cash provided by its operating activities.

The financial strategy of the Business Plan 2025-2029
is focused on:

| • | cash generation greater than investments and financial 
 liabilities;                                           |

| • | Investments with high returns and only approved with                
 positive net present value in a robust scenario (Brent US$ 45/bbl); |

| • | efficient and more flexible capital structure, with 
 low leverage in challenging scenarios; and          |

| • | distribution of dividends according to the current                                
 shareholders remuneration policy, with the possibility of extraordinary payments. |

The debt target went to a ceiling of US$75 billion,
with convergence towards the level of US$65 billion.

In 2024, Petrobras achieved positive recurring
adjusted EBITDA and consistency in cash generation through Operating Cash Flow (FCO), a performance that allowed a return to society through
the payment of taxes and dividends.

Additionally, the company reduced gross debt by
US$2,289 million in 2024, remaining within the reference range stipulated in its planning. Net debt increased by US$7,542 million. In
reais, gross debt increased by 23%, while net debt increased by 49%, as shown in the table below:

|                                                                                                   |            |                    |            | Consolidated |
|                                                                                                   |            | In millions of US$ |            |              |
|                                                                                                   | 12.31.2024 |         12.31.2023 | 12.31.2024 |   12.31.2023 |
| Total debt                                                                                        |     60,311 |             62,600 |    373,467 |      303,062 |
| Cash and cash equivalents + Government securities, time deposits and certificate of bank deposits |     -8,071 |            -17,902 |    -49,978 |      -86,670 |
| Net debt                                                                                          |     52,240 |             44,698 |    323,489 |      216,392 |

| 26 |

| NOTES TO THE FINANCIAL STATEMENTSPETROBRAS(In millions of reais, unless otherwise indicated) |

The adjusted E