Company: PBR
Filing Date: 2025-11-07
Form Type: 6-K
Source: 0001292814-25-003833
Chunk: 20

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-07
Form: 6-K
Chunk 20
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 the quarterly adjustment linked to Brent prices and the reference exchange rate, as well as by the
competition in direct gas sales to free consumers, Petrobras has intensified its presence in the free natural gas market, maintaining
a market share compatible with its participation in E&P investments. Operating income in 3Q25 was negatively impacted by lower gross
profit compared to 2Q25. The impact of lower gross profit on operating income was partially offset by reduced operating expenses, which
include significant fixed transportation costs. Performance Report 3Q25 I 21 RECONCILIATION OF ADJUSTED EBITDA Reconciliation of Adjusted
EBITDA EBITDA is an indicator calculated as the net income for the period plus taxes on profit, net financial result, depreciation and
amortization, Petrobras announces EBITDA, as authorized by CVM Resolution No, 156, of June 2022. In order to reflect the management view
regarding the formation of the company's current business results, EBITDA is also presented adjusted (Adjusted EBITDA) as a result of:
results in equity-accounted investments; impairment, results with co-participation agreement in production fields and gains/losses on
disposal/write-offs of assets. Adjusted EBITDA, reflecting the sum of the last twelve months (Last Twelve Months), also represents an
alternative to the company's operating cash generation, This measure is used to calculate the Gross Debt and Net Debt to Adjusted EBITDA
metric, helping to evaluate the company's leverage and liquidity. EBITDA and adjusted EBITDA are not provided for in IFRS Accounting Standards
and should not serve as a basis for comparison with those disclosed by other companies and should not be considered as a substitute for
any other measure calculated in accordance with IFRS Accounting Standards. These measures should be considered in conjunction with other
measures and indicators for a better understanding of the company's performance and financial condition. Table 10 - Reconciliation of
Adjusted EBITDA Variation (%) (*) US$ million 3Q25 2Q25 3Q24 9M25 9M24 3Q25 X 2Q25 3Q25 X 3Q24 9M25 X 9M24 Net income (loss) 6,053 4,757
5,891 16,805 10,371 27.2 2.7 62.0 Net finance (income) expense (