Company: PBR
Filing Date: 2025-11-17
Form Type: 6-K
Source: 0001292814-25-004008
Chunk: 16

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-17
Form: 6-K
Chunk 16
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 occurred ahead of schedule in August 2025, making power available to meet the Capacity Reserve Auction contract held in 2021.
In Jan-Sep/2025, Petrobras thermal availability sales decreased by 39.8% compared to Jan-Sep/2024, due to the expiration of contracts.
In the same period, energy sales increased by 60.2% due to a less favorable hydrological scenario and through the capture of opportunities
with spot prices. The start-up of Ibirité (198 MW) and Termorio (922 MW) thermal power plants occurred ahead of schedule in August
2025, making power available to meet the Capacity Reserve Auction contract held in 2021.

On the natural gas supply side, domestic gas production
in Jan-Sep/2025 grew 13.3% due to availability of gas from the Rota 3 gas pipeline and the operation of the Itaboraí gas processing
unit. As a result of the increased supply of domestic production, there was a decrease in natural gas imports.

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GLOSSARY

ACL -Ambiente de Contratação Livre (Free contracting market) in the electricity system.

ACR -Ambiente de Contratação Regulada (Regulated contracting market) in the electricity system.

Adjusted Cash and Cash Equivalents -Sum of
cash and cash equivalents, government bonds, bank deposit certificates and time deposits with maturities of more than 3 months from the
date of acquisition, considering the expected realization of those financial investments in the short-term. This measure is not defined
under the IFRS Accounting Standards and should not be considered in isolation or as a substitute for cash and cash equivalents computed
in accordance with the IFRS Accounting Standards. It may not be comparable to adjusted cash and cash equivalents of other companies. However,
management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management and uses this
measure in the calculation of Net Debt.

Adjusted EBITDANet income plus net finance income
(expense); income taxes; depreciation, depletion and amortization; results in equity-accounted investments; impairment; results on disposal/write-offs
of assets; and results from co-participation agreements in bid areas. Adjusted EBITDA is not a measure defined by the IFRS Accounting
Standards and it is possible that it may not be comparable to similar measures reported by other companies. However, management believes
that it is an appropriate supplemental measure to assess our liquidity and supports leverage