Company: PBR
Filing Date: 2025-11-07
Form Type: 6-K
Source: 0001292814-25-003845
Chunk: 56

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-07
Form: 6-K
Chunk 56
---
 plans. A sensitivity analysis considering a US$ 10/barrel
decrease in Brent prices stress scenario, when compared to the Brent price projections in the Business Plan 2025-2029, would not indicate
a reclassification from equity to the statement of income.

A schedule of expected reclassification of cumulative
foreign exchange rate losses recognized in other comprehensive income to the statement of income as of September 30, 2025, is set out
below:

|                      |     |        |        |        |        |        |         | Consolidated |         |
|                      |     |   2025 |   2026 |   2027 |   2028 |   2029 |    2030 
 onwards |              |   Total |
| Expected realization |     | -2,527 | -9,024 | -9,616 | -6,084 | -5,334 |   1,730 |              | -30,855 |

| b) | Derivative financial instruments not designated for hedge accounting |

In September 2019, Petrobras contracted a cross-currency
swap aiming to protect against exposure arising from the 7th issuance of debentures, for IPCA x CDI operations, maturing in September
2029 and September 2034, and for CDI x U.S. Dollar operations, maturing in September 2029.

The methodology used to calculate the fair value
of this swap operation consists of calculating the future value of the operations, using rates agreed in each contract and the projections
of the interest rate curves, IPCA coupon and foreign exchange coupon, discounting to present value using the risk-free rate. Curves are
obtained from Bloomberg based on forward contracts traded in stock exchanges.

The mark-to-market is adjusted to the credit risk
of the financial institutions, which is not relevant in terms of financial volume, since the Company makes contracts with highly rated
banks.

Changes in interest rate forward curves (CDI interest
rate) may affect the Company's results, due to the market value of these swap contracts. In preparing a sensitivity analysis for these
curves, a parallel shock was estimated based on the average maturity of these swap contracts, in the scope of the Company’s Risk
Management Policy, which resulted in a 537 basis point effect on the estimated interest rate. The effect of this sensitivity analysis,
keeping all other variables constant, is shown in the following table:

| 62 |

| This interim financial