Company: PBR
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001292814-25-002053
Chunk: 37

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 37
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 are identical as the Company has
no potentially dilutive shares.

| 26. | Financial risk management |

The Company is exposed to a variety of risks arising from
its operations, such as price risk (related to crude oil and oil products prices), foreign exchange rates risk, interest rates risk, credit
risk and liquidity risk. Corporate risk management is part of the Company’s commitment to act ethically and comply with the legal
and regulatory requirements of the countries where it operates.

The Company presents a sensitivity analysis for the period
of one year, except for operations with commodity derivatives, for which a three-month period is applied, due to the short-term nature
of these transactions.

| 47 |

| This interim financial information should be read together with the Company’s audited annual financial statements(Expressed in millions of reais, unless otherwise indicated) |

The effects of derivative financial instruments and hedge accounting
are set out as follows:

26.1 Statement of income

| Consolidated                                       
 Gains/ (losses) recognized in the period           |              |              |
|                                                    | Jan-Mar/2025 | Jan-Mar/2024 |
| Exchange rate risk                                 |              |              |
| Cross-currency Swap CDI x Dollar - Note 26.4.1 (b) |          162 |           -5 |
| Other derivatives                                  |           -1 |            − |
| Cash flow hedge on exports - Note 26.4.1 (a)       |       -4,228 |       -3,452 |
| Interest rate risk                                 |              |              |
| Swap IPCA X CDI - 26.4.1 (b)                       |           68 |         -100 |
| Recognized in Net finance income (expense)         |       -3,999 |       -3,557 |
| Price risk (commodity derivatives)                 |              |              |
| Recognized in other income and expenses            |           10 |           25 |
| Total                                              |       -3,989 |       -3,532 |

The effects on the statement of income of derivative financial
instruments reflect both outstanding transactions as well as transactions closed during the period.

26.2 Statement of comprehensive income

| Consolidated                                 
 Gains/ (losses) recognized in the period     |              |              |
|                                              | Jan-Mar/2025 | Jan-Mar/2024 |
| Hedge accounting                             |              |              |
| Cash flow hedge on exports -