# EDGAR Filing Document

**Accession Number:** 0001119639
**File Stem:** 0001292814-25-002980
**Filing Date:** 2025-8
**Character Count:** 117674
**Document Hash:** 6ffed476a092b95364ede65d62faf427
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-002980.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001292814-25-002980

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PETROBRAS - PETROLEO BRASILEIRO SA
- **CENTRAL INDEX KEY:** 0001119639
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15106
- **FILM NUMBER:** 251197028

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA REPUBLICA DO CHILE 65
- **CITY:** RIO DE JANERIO RJ BR
- **STATE:** D5
- **ZIP:** 20035-900
- **BUSINESS PHONE:** 55-21-534-4477

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA REPUBLICA DO CHILE 65
- **CITY:** RIO DE JANERIO RJ BR
- **STATE:** D5
- **ZIP:** 20035-900

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRAZILIAN PETROLEUM CORP
- **DATE OF NAME CHANGE:** 20000717

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

**For the month of August, 2025**

**Commission File Number 1-15106**

**PETRÓLEO BRASILEIRO S.A. – PETROBRAS**

(Exact name of registrant as specified in its charter)

**Brazilian Petroleum Corporation – PETROBRAS**

(Translation of Registrant's name into English)

**Avenida Henrique Valadares, 28 – 9th floor <br> 20231-030 – Rio de Janeiro, RJ<br> Federative Republic of Brazil**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

![](pbrrmf2q25usd6k_001.jpg)

![](pbrrmf2q25usd6k_002.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **[Highlights – 2Q25](#a_001)** | **[4](#a_001)** |
| [**Main items**](#a_002) | [6](#a_002) |
| **[Consolidated results](#a_003)** | **[7](#a_003)** |
| **[One-off events](#a_004)** | **[8](#a_004)** |
| **[Capex](#a_005)** | **[9](#a_005)** |
| **[Liquidity and capital resources](#a_006)** | **[12](#a_006)** |
| **[Debt indicators](#a_007)** | **[14](#a_007)** |
| **[Results by business segment](#a_008)** | **[15](#a_008)** |
| [**Exploration and Production**](#a_009) | [15](#a_009) |
| [**Refining, Transportation and Marketing**](#a_010) | [17](#a_010) |
| [**Gas and Low Carbon Energies**](#a_011) | [18](#a_011) |
| **[Reconciliation of Adjusted EBITDA](#a_012)** | **[19](#a_012)** |
| **[Exhibits](#a_013)** | **[20](#a_013)** |
| [**Financial statements**](#a_014) | [20](#a_014) |
| [**Financial information by business segment**](#a_015) | [29](#a_015) |
| **[Glossary](#a_016)** | **[38](#a_016)** |

---

 **** 

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 2 |

---

***Disclaimer***

*This report may contain forward-looking statements about future events. Such forecasts reflect only the expectations of the company's management about future economic conditions, as well as the company's industry, performance and financial results, among others. The terms "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should", as well as other similar terms, are intended to identify such forecasts, which, of course, involve risks and uncertainties foreseen or not foreseen by the company and, consequently, are not guarantees of the company's future results. Therefore, future results of the company's operations may differ from current expectations, and the reader should not rely solely on the information contained herein. The Company undertakes no obligation to update the presentations and forecasts in the light of new information or future developments. The figures reported for 3Q25 onwards are estimates or targets. Additionally, this presentation contains some financial indicators that are not recognized under BR GAAP or IFRS Accounting Standards. These indicators do not have standardized meanings and may not be comparable to indicators with a similar description used by other companies. We provide these indicators because we use them as measures of the company's performance; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS Accounting Standards. See definitions of Free Cash Flow, Adjusted EBITDA and Net Debt in the Glossary and respective reconciliations in the Liquidity and Capital Resources, Reconciliation of Adjusted EBITDA and Net Debt sections. Consolidated financial information prepared in accordance with IFRS Accounting Standards and revised by the independent auditors.*

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 3 |

---

![](pbrrmf2q25usd6k_005.jpg)

**Highlights – 2Q25**

![](pbrrmf2q25usd6k_006.jpg)

***<br> Our operational performance in the second quarter was excellent, driven by the implementation of new production systems and improved efficiency in operating fields. These factors allowed us to increase oil and gas volumes, positively impacting financial results and mitigating the impacts of the decline in Brent prices. Net income and adjusted EBITDA, excluding one-off events, remained at the same level as the previous quarter, when Brent prices were 10% higher."***

*Fernando Melgarejo, Chief Financial Officer and Investor Relations Officer*

 

***<br> Main financial highlights***

&nbsp;&nbsp;&nbsp;&nbsp;• *Consistent results: Adjusted EBITDA without one-off events of US$10.2 billion and Net income without one-off events of US$4.1 billion* 

&nbsp;&nbsp;&nbsp;&nbsp;• *Operating cash flow of US$7.5 billion and Free cash flow of US$3.4 billion* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Capex of US$4.4 billion in 2Q25, 9% higher than 1Q25, in line with the planned execution level for 2025*

 ****

***Contribution to society***

&nbsp;&nbsp;&nbsp;&nbsp;• *We paid R$66 billion in taxes to the Federal Government, states, and municipalities in 2Q25* 

&nbsp;&nbsp;&nbsp;&nbsp;• *We approved R$8.7 billion in dividends related to 2Q25 results* 

 

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 4 |

---

![](pbrrmf2q25usd6k_005.jpg)

 ****

***Main operational highlights***

&nbsp;&nbsp;&nbsp;&nbsp;• *Oil and NGL production reached 2.32 million bpd, a 5% increase compared to 1Q25, mainly due to the ramp-up of key projects and the start-up of FPSO Alexandre de Gusmão, mitigating the impacts of the decline in Brent prices* 

&nbsp;&nbsp;&nbsp;&nbsp;• *In May, we reached peak production of FPSO Marechal Duque de Caxias with only 4 producing wells* 

&nbsp;&nbsp;&nbsp;&nbsp;• *We started production of FPSO Alexandre de Gusmão in Mero field. The FPSO has a production capacity of 180 Mbpd and a gas processing capacity of 12 MM m³/day* 

&nbsp;&nbsp;&nbsp;&nbsp;• *FPSO P-78 is already on the way to Brazil, being towed to its location with crew onboard, which will enable production to start approximately two weeks earlier. Its production capacity will be 180 Mbpd, in addition to up to 7.2 MM m³/day of gas compression* 

&nbsp;&nbsp;&nbsp;&nbsp;• *We confirmed a new discovery of high-quality oil in Santos Basin pre-salt, in an exploratory well in the Aram block* 

&nbsp;&nbsp;&nbsp;&nbsp;• *We acquired 10 exploratory blocks in the Equatorial Margin and 3 in Pelotas Basin during the 5<sup>th</sup>Permanent Bidding Round by ANP. Furthermore, we manifested interest in 9 exploratory areas in Ivory Coast* 

&nbsp;&nbsp;&nbsp;&nbsp;• *In June, we signed the first contracts for the completion of Train 2 of RNEST. This significant milestone will double the refinery's nominal capacity to 260 Mbpd until 2029* 

&nbsp;&nbsp;&nbsp;&nbsp;• *We started the new HDT at REPLAN, which enabled the expansion of jet fuel production by up to 21 mbpd and S-10 diesel by up to 63 mbpd, contributing to the phase-out of S-500 diesel and allowing for the complete conversion of diesel production at REPLAN* 

&nbsp;&nbsp;&nbsp;&nbsp;• *We achieved 91% total utilization factor while maintaining yields of high-value-added oil products: 68% of total production were diesel, gasoline, and jet fuel* 

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 5 |

---

![](pbrrmf2q25usd6k_005.jpg)

**Main items**

Table 1 – Main items

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%)** | **Variation (%)** | **Variation (%)** |
| <br> **US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Sales revenues | 21037 | 21073 | 23467 | 42110 | 47235 | (0.2) | (10.4) | (10.9) |
| Gross profit | 10012 | 10388 | 11727 | 20400 | 23984 | (3.6) | (14.6) | (14.9) |
| Operating expenses | (4663) | (3112) | (5022) | (7775) | (8295) | 49.8 | (7.1) | (6.3) |
| Consolidated net income (loss) attributable to the shareholders of Petrobras | 4734 | 5974 | (344) | 10708 | 4438 | (20.8) | - | 141.3 |
| Consolidated net income (loss) without one-off events attributable to the shareholders of Petrobras (\*) | 4101 | 4029 | 5394 | 8130 | 10813 | 1.8 | (24.0) | (24.8) |
| Net cash provided by operating activities | 7531 | 8498 | 9087 | 16029 | 18473 | (11.4) | (17.1) | (13.2) |
| Free cash flow | 3445 | 4536 | 6148 | 7981 | 12695 | (24.1) | (44.0) | (37.1) |
| Adjusted EBITDA | 9242 | 10446 | 9627 | 19688 | 21754 | (11.5) | (4.0) | (9.5) |
| Adjusted EBITDA without one-off events (\*) | 10231 | 10652 | 11967 | 20883 | 24392 | (4.0) | (14.5) | (14.4) |
| Gross debt (US$ million) | 68064 | 64491 | 59630 | 68064 | 59630 | 5.5 | 14.1 | 14.1 |
| Net debt (US$ million) | 58563 | 56034 | 46160 | 58563 | 46160 | 4.5 | 26.9 | 26.9 |
| Net debt/LTM Adjusted EBITDA ratio | 1.53 | 1.45 | 0.95 | 1.53 | 0.95 | 5.5 | 61.1 | 61.1 |
| Average commercial selling rate for U.S. dollar | 5.67 | 5.84 | 5.22 | 5.76 | 5.08 | (2.9) | 8.6 | 13.4 |
| Brent crude (US$/bbl) | 67.82 | 75.66 | 84.94 | 71.74 | 84.09 | (10.4) | (20.2) | (14.7) |
| Price of basic oil products - Domestic Market (US$/bbl) | 82.96 | 86.58 | 91.34 | 84.75 | 93.70 | (4.2) | (9.2) | (9.5) |
| ROCE (Return on Capital Employed) | 6.0% | 6.5% | 9.8% | 6.0% | 9.8% | -0,5 p.p. | -3,8 p.p. | -3,8 p.p. |
| (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. | (\*) See reconciliation of net income and adjusted EBITDA without one-off events. |

---

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 6 |

---

**Consolidated results**

In 2Q25, we delivered consistent results, and higher oil production was the highlight. Adjusted EBITDA without one-off events reached US$10.2 billion in the quarter, while net income without one-off events totaled US$4.1 billion.

Adjusted EBITDA without one-off events in 2Q25 was 4% lower than 1Q25, reflecting a 10% decline in Brent prices and higher operational expenses, mainly driven by costs related to the Production Individualization Agreement<sup>1</sup> of the Jubarte Shared Reservoir. These negative effects were partially offset by a higher volume of oil sold.

Net income without one-off events was 1.8% higher compared to 1Q25. Including one-off events, reported net income totaled US$4.7 billion, a reduction of 21% compared to the 1Q25, mainly due to a lower contribution from foreign-exchange gains.

------

<sup>1</sup> The cash impacts on the company are expected for 3Q25. The reimbursement of investments made by Petrobras (amounts under negotiation) will be deducted from the final payment.

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 7 |

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**One-off events**

Table 2 – One-off events

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%)** | **Variation (%)** | **Variation (%)** |
| <br> **US$ million** | <br>**2Q25** |<br>**1Q25** |<br>**2Q24** |<br>**1H25** |<br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| **Net income (loss)** | **4757** | **5995** | **(325)** | **10752** | **4480** | **(20.7)** | **-** | **140.0** |
| **Items with one-off events** | **958** | **2948** | **(7807)** | **3906** | **(8782)** | **(67.5)** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;**Items with one-off events that do not affect Adjusted EBITDA** | **1947** | **3154** | **(5467)** | **5101** | **(6144)** | **(38.3)** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets and investments | (188) | (50) | 39 | (238) | 65 | 276 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains and losses on disposal/write-offs of assets | 14 | 57 | 124 | 71 | 286 | (75.4) | (88.7) | (75.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results from co-participation agreements in bid areas | (20) | 70 | 55 | 50 | 103 | - | - | (51.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of the tax transaction on net finance income (expense) | - | - | (2149) | - | (2149) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains/(losses) with foreign exchange variation Real x U.S. dollar (\*) | 2141 | 3077 | (3536) | 5218 | (4449) | (30.4) | - | - |
| &nbsp;&nbsp;&nbsp;**Other items with one-off events** | **(989)** | **(206)** | **(2340)** | **(1195)** | **(2638)** | **380.1** | **(57.7)** | **(54.7)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collective bargaining agreement | (214) | - | (6) | (214) | (9) | - | 3466.7 | 2277.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains/(losses) related to legal proceedings | (125) | (201) | (240) | (326) | (521) | (37.8) | (47.9) | (37.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of the tax transaction on other taxes | - | - | (790) | - | (790) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equalization of expenses - Production Individualization Agreements | (672) | (4) | (14) | (676) | (24) | 16700 | 4700 | 2716.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains/(losses) arising from actuarial review of health care plan | - | - | (1291) | - | (1291) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 22 | (1) | 1 | 21 | (3) |  |  |  |
| **Net effect of items with one-off events on IR/CSLL** | (324) | (1003) | 2071 | (1327) | 2410 | (67.7) | - | - |
| **Net income without one-off events** | **4123** | **4050** | **5411** | **8173** | **10852** | **1.8** | **(23.8)** | **(24.7)** |
| &nbsp;&nbsp;&nbsp;Shareholders of Petrobras | 4101 | 4029 | 5394 | 8130 | 10813 | 1.8 | (24.0) | (24.8) |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 22 | 21 | 17 | 43 | 39 | 4.8 | 29.4 | 10.3 |
| **Adjusted EBITDA** | **9242** | **10446** | **9627** | **19688** | **21754** | **(11.5)** | **(4.0)** | **(9.5)** |
| Items with one-off events | (989) | (206) | (2340) | (1195) | (2638) | 380.1 | (57.7) | (54.7) |
| **Adjusted EBITDA without one-off events** | **10231** | **10652** | **11967** | **20883** | **24392** | **(4.0)** | **(14.5)** | **(14.4)** |
| (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. | (\*) As of 4Q24, the line "gains/(losses) with foreign exchange variation Real x U.S. dollar" was added to the table above to calculate net income without one-off events. For comparative purposes, the periods previously disclosed were updated. |

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In management's view, the one-off events presented above, although related to the Company's business, were highlighted as complementary information for a better understanding and evaluation of the result. Such items do not necessarily occur in all periods and shall be disclosed when relevant.

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 8 |

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**Capex**

Table 3 - Capex

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%)** | **Variation (%)** | **Variation (%)** |
| <br>**US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Exploration & Production (\*) | 3722 | 3502 | 2767 | 7224 | 5239 | 6.3 | 34.5 | 37.9 |
| &nbsp;&nbsp;&nbsp;Production Development | 2784 | 2726 | 2194 | 5510 | 4021 | 2.1 | 26.9 | 37.0 |
| &nbsp;&nbsp;&nbsp;Exploration | 499 | 305 | 244 | 804 | 438 | 63.8 | 104.4 | 83.5 |
| &nbsp;&nbsp;&nbsp;Others E&P | 438 | 472 | 329 | 910 | 780 | (7.1) | 33.3 | 16.6 |
| Refining, Transportation and Marketing | 512 | 405 | 447 | 916 | 809 | 26.5 | 14.4 | 13.3 |
| Gas & Low Carbon Energies | 66 | 55 | 93 | 121 | 201 | 20.5 | (28.7) | (39.5) |
| Others | 131 | 104 | 86 | 235 | 187 | 26.7 | 53.4 | 25.8 |
| **Subtotal** | **4431** | **4065** | **3393** | **8497** | **6436** | **9.0** | **30.6** | **32.0** |
| Signature bonus | - | - | - | - | - | - | - | - |
| **Total** | **4431** | **4065** | **3393** | **8497** | **6436** | **9.0** | **30.6** | **32.0** |
| (\*) See Glossary for investment definitions |  |  |  |  |  |  |  |  |

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In the first half of the year, Capex totaled US$8.5 billion, an increase of 32.0% compared to the same period of the previous year. In 2Q25, Capex amounted to US$4.4 billion, a growth of 9.0% compared to 1Q25.

In 2Q25, Capex in the Exploration and Production segment totaled US$3.7 billion, focusing mainly on: (i) production development in the Santos Basin pre-salt area (US$1.7 billion), and the highlights were the investments in the ramp-up of FPSO Almirante Tamandaré (Búzios 7) and the progress in the construction of new FPSOs in the Búzios field (Búzios 6, 8, 9, and 11); (ii) production development in the pre-salt and post-salt areas of Campos Basin (US$0.9 billion); and (iii) exploratory investments (US$0.5 billion). Compared to 1Q25, there was an increase of 6.3% in investments, primarily driven by the progress in the construction of FPSOs for the Búzios field, in Santos Basin.

In the Refining, Transportation, and Marketing segment, 2Q25 Capex totaled US$0.5 billion, a variation of 26.5% compared to 1Q25. Among the main milestones of the quarter in Refining, the completion of the capacity expansion of RNEST's Train 1 at the end of March and the start of operation of REPLAN's diesel hydrotreater (HDT) unit in May stand out.

In the Gas and Low Carbon Energies segment, Capex in 2Q25 totaled US$0.07 billion, a variation of 20.5% compared to 1Q25. The increase was primarily driven by investments in maintenance, including scheduled and corrective shutdowns of large scale in the thermoelectric units.

Additionally, it is worth highlighting the production start-up in 2Q25 of the leased FPSO Alexandre de Gusmão (Mero 4), which resulted in the recognition of US$1.1 billion (Petrobras' share) as lease liabilities. Similarly to owned units, leased FPSOs are recognized as company assets and represent an investment effort to expand production capacity with new units. However, they are not recorded as Capex.

Finally, in April, Petrobras acquired 10 blocks in the Foz do Rio Amazonas Basin and 3 blocks in the Pelotas Basin, with the signing bonus payment scheduled for October.

The following table presents the main information on new oil and gas production systems that have already been contracted.

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 9 |

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Table 4 – Main projects

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Unit** | **Start-up** | **FPSO capacity (bbl/day)** | **Petrobras Actual Investment**<br> **(US$ bn)** | **Petrobras Total Investment**<br> **(US$ bn) <sup>(1)</sup>** | **Petrobras Stake** | **Status** |
|  Integrado Parque das Baleias (IPB)<br> FPSO Maria Quitéria<br> (Chartered unit) | 2024 | 100000 | 1.4 | 19 <sup>(4)</sup> | 100% <sup>(4)</sup> | Project in execution phase with production system in operation.<br> 5 wells drilled and completed. <sup>(2)</sup> |
|  Mero 3<br> FPSO Marechal Duque de Caxias<br> (Chartered unit) | 2024 | 180000 | 0.6 | 1 | 38.6% | Project in execution phase with production system in operation.<br> 12 wells drilled and 11 completed. |
|  Búzios 7<br> FPSO Almirante Tamandaré<br> (Chartered unit) | 2025 | 225000 | 1.6 | 2.2 | 88.99% | Project in execution phase with production system in operation.<br> 15 wells drilled and completed. |
|  Búzios 6<br> P-78<br> (Owned unit) | 2025 | 180000 | 2.8 | 5.2 | 88.99% | Project in execution. Production system is sailing to Brazil.<br> 10 wells drilled and 7 completed. |
|  Mero 4<br> FPSO Alexandre de Gusmão<br> (Chartered unit) | 2025 | 180000 | 0.4 | 1.3 | 38.6% | Project in execution phase with production system in operation.<br> 9 wells drilled and 8 completed. |
|  Búzios 8<br> P-79<br> (Owned unit) | 2026 | 180000 | 2.6 | 5.7 | 88.99% | Project in execution phase with production system under construction.<br> 11 wells drilled and 9 completed. |
|  Búzios 9<br> P-80<br> (Owned unit) | 2027 | 225000 | 1.9 | 6.3 | 88.99% | Project in execution phase with production system under construction.<br> 3 wells drilled and 2 completed. |
|  Búzios 10<br> P-82<br> (Owned unit) | 2027 | 225000 | 1.5 | 7.5 | 88.99% | Project in execution phase with production system under construction.<br> 1 well drilled. |
|  Búzios 11<br> P-83<br> (Owned unit) | 2027 | 225000 | 1.5 | 6.8 | 88.99% | Project in execution phase with production system under construction.<br> 3 wells drilled and 1 completed. |

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 10 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Raia Manta e Raia Pintada<br> FPSO Raia<br> (Non-operated project) | 2028 | 126000 | 1.1 | 27 <sup>(3)</sup> | 30% | Project in execution phase with production system under construction. |
|  Atapu 2<br> P-84 | 2029 | 225000 | 0.6 | 6.4 | 65.7% | Project in execution phase with production system under construction. |
|  Sépia 2<br> P-85 | 2030 | 225000 | 0.3 | 4.7 | 55.3% | Project in execution phase with production system under construction. |
|  (1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included.<br> (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.<br> (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production.<br> (4) Petrobras Total Investment and Petrobras Stake will be adjusted due to the approval of the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt by National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The AIP will become effective on August 01, 2025. | (1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included.<br> (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.<br> (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production.<br> (4) Petrobras Total Investment and Petrobras Stake will be adjusted due to the approval of the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt by National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The AIP will become effective on August 01, 2025. | (1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included.<br> (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.<br> (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production.<br> (4) Petrobras Total Investment and Petrobras Stake will be adjusted due to the approval of the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt by National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The AIP will become effective on August 01, 2025. | (1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included.<br> (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.<br> (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production.<br> (4) Petrobras Total Investment and Petrobras Stake will be adjusted due to the approval of the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt by National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The AIP will become effective on August 01, 2025. | (1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included.<br> (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.<br> (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production.<br> (4) Petrobras Total Investment and Petrobras Stake will be adjusted due to the approval of the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt by National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The AIP will become effective on August 01, 2025. | (1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included.<br> (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.<br> (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production.<br> (4) Petrobras Total Investment and Petrobras Stake will be adjusted due to the approval of the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt by National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The AIP will become effective on August 01, 2025. | (1) Total investment with the 2025-29+ Strategic Plan assumptions and Petrobras work interest (WI). Chartered units leases are not included.<br> (2) Production Unit for revitalization project. Refers only to new wells. The scope of the project also includes the relocation of some wells of the units being decommissioned.<br> (3) Total investiment considering Petrobras work interest (WI). It is included the FPSO, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. The contractor will also provide FPSO operation and maintenance services during the first year from the start of production.<br> (4) Petrobras Total Investment and Petrobras Stake will be adjusted due to the approval of the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt by National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The AIP will become effective on August 01, 2025. |

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 11 |

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![](pbrrmf2q25usd6k_010.jpg)

**Liquidity and capital resources**

Table 5 - Liquidity and capital resources

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2Q25** | **1Q25** | **2Q24** | **1H25** | **1H24** |
| **Adjusted cash and cash equivalents at the beginning of period** | **8457** | **8071** | **18192** | **8071** | **17902** |
| Government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the beginning of period | (3762) | (4800) | (6645) | (4800) | (5175) |
| **Cash and cash equivalents at the beginning of period** | **4695** | **3271** | **11547** | **3271** | **12727** |
| **Net cash provided by operating activities** | **7531** | **8498** | **9087** | **16029** | **18473** |
| **Net cash (used in) provided by investing activities** | **(2561)** | **(1767)** | **(2032)** | **(4328)** | **(5356)** |
| &nbsp;&nbsp;&nbsp;Acquisition of PP&E and intangible assets | (4084) | (3962) | (2934) | (8046) | (5772) |
| &nbsp;&nbsp;&nbsp;Acquisition of equity interests | (2) | - | (5) | (2) | (6) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of assets - Divestment | 16 | 463 | 197 | 479 | 766 |
| &nbsp;&nbsp;&nbsp;Financial compensation from co-participation agreements | - | 355 | - | 355 | 397 |
| &nbsp;&nbsp;&nbsp;Divestment (investment) in marketable securities | 1491 | 1370 | 670 | 2861 | (805) |
| &nbsp;&nbsp;&nbsp;Dividends received | 18 | 7 | 40 | 25 | 64 |
| **(=) Net cash provided by operating and investing activities** | **4970** | **6731** | **7055** | **11701** | **13117** |
| **Net cash used in financing activities** | **(2729)** | **(5432)** | **(10371)** | **(8161)** | **(17539)** |
| &nbsp;&nbsp;&nbsp;Changes in non-controlling interest | 118 | 39 | 32 | 157 | 125 |
| &nbsp;&nbsp;&nbsp;Net financings | 1138 | (469) | (1147) | 669 | (2746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from finance debt | 2572 | 500 | 565 | 3072 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments | (1434) | (969) | (1712) | (2403) | (3313) |
| &nbsp;&nbsp;&nbsp;Repayment of lease liability | (2274) | (2094) | (1965) | (4368) | (3883) |
| &nbsp;&nbsp;&nbsp;Dividends paid to shareholders of Petrobras | (1706) | (2882) | (7123) | (4588) | (10578) |
| &nbsp;&nbsp;&nbsp;Share repurchase program | - | - | (148) | - | (380) |
| &nbsp;&nbsp;&nbsp;Dividends paid to non-controlling interests | (5) | (26) | (20) | (31) | (77) |
| Effect of exchange rate changes on cash and cash equivalents | 60 | 125 | (347) | 185 | (421) |
| **Cash and cash equivalents at the end of period** | **6996** | **4695** | **7884** | **6996** | **7884** |
| Government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the end of period | 2505 | 3762 | 5586 | 2505 | 5586 |
| **Adjusted cash and cash equivalents at the end of period** | **9501** | **8457** | **13470** | **9501** | **13470** |
| **Reconciliation of Free Cash Flow** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 7531 | 8498 | 9087 | 16029 | 18473 |
| &nbsp;&nbsp;&nbsp;Acquisition of PP&E and intangible assets | (4084) | (3962) | (2934) | (8046) | (5772) |
| &nbsp;&nbsp;&nbsp;Acquisition of equity interests | (2) | - | (5) | (2) | (6) |
| **Free cash flow (\*)** | **3445** | **4536** | **6148** | **7981** | **12695** |
| (\*) Free cash flow (FCF) is in accordance with the new Shareholder Remuneration Policy ("Policy") approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | (\*) Free cash flow (FCF) is in accordance with the new Shareholder Remuneration Policy ("Policy") approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | (\*) Free cash flow (FCF) is in accordance with the new Shareholder Remuneration Policy ("Policy") approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | (\*) Free cash flow (FCF) is in accordance with the new Shareholder Remuneration Policy ("Policy") approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | (\*) Free cash flow (FCF) is in accordance with the new Shareholder Remuneration Policy ("Policy") approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | (\*) Free cash flow (FCF) is in accordance with the new Shareholder Remuneration Policy ("Policy") approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. |

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 12 |

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![](pbrrmf2q25usd6k_010.jpg)

As of June 30, 2025, cash and cash equivalents totaled US$7.0 billion, while adjusted cash and cash equivalents totaled US$9.5 billion.

In 2Q25, funds generated by operating activities reached US$7.5 billion and free cash flow was positive at US$3.4 billion. Additionally, during the period, the Company borrowed US$2.6 billion.

The decrease in operating cash flow in 2Q25 compared to 1Q25 is mainly explained by: (i) the absence, in 2Q25, of the PIS/COFINS tax credits used in 1Q25 arising from the adherence to the tax program in 2024; (ii) higher operating expenses, particularly selling expenses, due to the increase in oil export volumes; and (iii) disbursements related to the variable compensation program — traditionally settled in the second quarter, after the approval of the financial statements at the Annual Shareholders Meeting. These impacts were partially offset by lower Income Tax and Social Contribution payments in 2Q25.

The operational cash generation, combined with the financing activities carried out in 2Q25, was primarily used to: (a) fund investments (US$4.1 billion), (b) amortize lease liabilities (US$2.3 billion), (c) remunerate shareholders (US$1.7 billion), and (d) amortize principal and interest due during the period (US$1.4 billion).

In 2Q25, the company paid off various loans and financial debts amounting to US$1.4 billion, and raised US$2.6 billion, notably through: (a) a public offering of debentures in the amount of US$0.5 billion, with maturities in 2035, 2040, and 2045; (b) funding from the domestic banking market totaling US$0.9 billion; and (c) funding from the international banking market in the amount of US$1.1 billion.

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 13 |

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**Debt indicators**

As of June 30, 2025, gross debt reached US$68.1 billion, representing an increase of 5.5% compared to March 31, 2025, mainly due to the funding activities carried out during 2Q25, totaling US$2.6 billion, and the start-up of the leased FPSO Alexandre de Gusmão (Mero 4), which led to the recognition of US$1.1 billion (Petrobras' share) in the company's debt.

The weighted average maturity of outstanding debt shifted from 12.19 years on March 31, 2025, to 11.92 years on June 30, 2025, while the average interest rate changed from 6.9% per year to 6.8% per year during the same period.

The gross debt/Adjusted EBITDA ratio was 1.78x on June 30, 2025, compared to 1.67x on March 31, 2025.

The net debt reached US$58.6 billion on June 30, 2025, an increase of 4.5% compared to March 31, 2025.

Table 6 – Debt indicators

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| | | | | |
|:---|:---|:---|:---|:---|
| **US$ million** | **06.30.2025** | **03.31.2025** | **Δ %** | **06.30.2024** |
| **Financial Debt** | **25791** | **23833** | **8.2** | **26321** |
| &nbsp;&nbsp;&nbsp;Capital Markets | 15461 | 14557 | 6.2 | 16554 |
| &nbsp;&nbsp;&nbsp;Banking Market | 8299 | 7247 | 14.5 | 7327 |
| &nbsp;&nbsp;&nbsp;Development banks | 556 | 538 | 3.3 | 585 |
| &nbsp;&nbsp;&nbsp;Export Credit Agencies | 1347 | 1356 | (0.7) | 1702 |
| &nbsp;&nbsp;&nbsp;Others | 128 | 135 | (5.2) | 153 |
| **Finance leases** | **42273** | **40658** | **4.0** | **33309** |
| **Gross debt** | **68064** | **64491** | **5.5** | **59630** |
| Adjusted cash and cash equivalents | 9501 | 8457 | 12.3 | 13470 |
| **Net debt** | **58563** | **56034** | **4.5** | **46160** |
| Net Debt/(Net Debt + Market Cap) - Leverage | 43% | 39% | 10.3 | 33% |
| Average interest rate (% p.a.) | 6.8 | 6.9 | (1.4) | 6.6 |
| Weighted average maturity of outstanding debt (years) | 11.92 | 12.19 | (2.2) | 11.76 |
| Net debt/LTM Adjusted EBITDA ratio | 1.53 | 1.45 | 5.5 | 0.95 |
| Gross debt/LTM Adjusted EBITDA ratio | 1.78 | 1.67 | 6.6 | 1.22 |

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 14 |

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**Results by business segment**

**Exploration and Production**

Table 7 – E&P results

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%) (\*)** | **Variation (%) (\*)** | **Variation (%) (\*)** |
| <br>**US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Sales revenues | 14404 | 15067 | 15668 | 29471 | 31745 | (4.4) | (8.1) | (7.2) |
| Gross profit | 7803 | 8270 | 9440 | 16073 | 18903 | (5.6) | (17.3) | (15.0) |
| Operating expenses | (1846) | (738) | (1551) | (2584) | (2181) | 150.1 | 19.0 | 18.5 |
| Operating income | 5957 | 7532 | 7889 | 13489 | 16722 | (20.9) | (24.5) | (19.3) |
| Net income (loss) attributable to the shareholders of Petrobras | 3974 | 4987 | 5237 | 8961 | 11083 | (20.3) | (24.1) | (19.1) |
| Adjusted EBITDA of the segment | 8970 | 9965 | 10060 | 18935 | 21242 | (10.0) | (10.8) | (10.9) |
| EBITDA margin of the segment (%) | 62 | 66 | 64 | 64 | 67 | (3.9) | (1.9) | (2.7) |
| ROCE (Return on Capital Employed) (%) | 9.2 | 10.1 | 14.2 | 9.2 | 14.2 | (0.9) | (5.0) | (5.0) |
| **Average Brent crude (US$/bbl)** | **67.82** | **75.66** | **84.94** | **71.74** | **84.09** | **(10.4)** | **(20.2)** | **(14.7)** |
| **Production taxes Brazil** | **2554** | **2800** | **2946** | **5354** | **5927** | **(8.8)** | **(13.3)** | **(9.7)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalties | 1674 | 1805 | 1838 | 3479 | 3709 | (7.3) | (8.9) | (6.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special participation | 871 | 987 | 1099 | 1858 | 2200 | (11.8) | (20.7) | (15.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention of areas | 9 | 8 | 9 | 17 | 18 | 12.5 | - | (5.6) |
| **Lifting cost Brazil (US$/boe)** | **5.96** | **6.79** | **6.05** | **6.36** | **6.05** | **(12.3)** | **(1.5)** | **5.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-salt | 3.83 | 4.45 | 3.87 | 4.13 | 3.93 | (13.9) | (0.9) | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deep and ultra-deep post-salt | 17.10 | 18.29 | 16.62 | 17.70 | 15.87 | (6.5) | 2.9 | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onshore and shallow waters | 17.52 | 16.97 | 16.83 | 17.25 | 16.58 | 3.3 | 4.1 | 4.0 |
| **Lifting cost + Leases** | **8.82** | **9.49** | **8.49** | **9.15** | **8.46** | **(7.0)** | **3.9** | **8.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-salt | 6.64 | 7.08 | 6.26 | 6.85 | 6.27 | (6.3) | 6.0 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deep and ultra-deep post-salt | 20.88 | 21.86 | 19.90 | 21.38 | 19.15 | (4.5) | 4.9 | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onshore and shallow waters | 17.52 | 16.97 | 16.83 | 17.25 | 16.58 | 3.3 | 4.1 | 4.0 |
| **Lifting cost + Production taxes** | **17.30** | **20.07** | **20.16** | **18.64** | **20.10** | **(13.8)** | **(14.2)** | **(7.3)** |
| **Lifting cost + Production taxes + Leases** | **20.16** | **22.77** | **22.61** | **21.42** | **22.51** | **(11.5)** | **(10.8)** | **(4.8)** |
| (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. | (\*) EBITDA margin and ROCE variations in percentage points. |

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In 2Q25, E&P gross profit was US$7.8 billion, a 5.6% reduction compared to 1Q25. This decrease was mainly due to lower Brent prices, partially offset by increased production during the period and lower government take.

Operating income in 2Q25 was US$6.0 billion, 20.9% lower than in 1Q25. This reduction was mainly driven by increased expenses resulting from the provision for the equalization of expenditures and volumes related to the approval of the Jubarte Production Individualization Agreement in 2Q25.

Lifting cost in 2Q25, excluding government take and leases, was US$5.96/boe, representing a 12.3% reduction compared to 1Q25 (US$6.79/boe). This reduction occurred in Pre-Salt and Post-Salt layer fields and was was driven by lower expenses due to reduced well intervention activities, as well as decreased expenses for subsea inspections, in addition to reduced logistical support costs. Increased production also contributed to the reduction in the lifting cost. Nevertheless, these effects were partially offset by the 3% appreciation of the Brazilian real against the US dollar.

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 15 |

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In Pre-salt, there was a 13.9% reduction in lifting cost, explained by lower expenses with well interventions in the Búzios field, decreased expenses for subsea inspections in the Atapu, Sapinhoá, and Sépia fields, as well as reduced logistical support costs. The increase in production also contributed, mainly due to the ramp-up of the FPSOs Almirante Tamandaré (Búzios) and Marechal Duque de Caxias (Mero), as well as the start-up of the FPSO Alexandre de Gusmão and new wells in Santos Basin. These effects were partially offset by the 3% appreciation of the Brazilian real against the US dollar.

In Post-salt, there was a 6.5% reduction in lifting cost, explained by lower expenses with well interventions and subsea inspections in the Roncador and Barracuda fields, as well as decreased logistical support costs. However, there were higher volumes of losses with maintenance shutdowns and the natural decline of the fields, alongside the 3% appreciation of the Brazilian real against the US dollar.

In Onshore and Shallow Waters, there was a 3% increase in lifting cost. This increase resulted from the gradual production resumption at Manati in 2Q25, which has higher operating unit costs, alongside the impact of the 3% appreciation of the Brazilian real against the US dollar.

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 16 |

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**Refining, Transportation and Marketing**

Table 8 - RTM results

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%) <sup>(1)</sup>** | **Variation (%) <sup>(1)</sup>** | **Variation (%) <sup>(1)</sup>** |
| <br>**US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Sales revenues | 19795 | 19989 | 22061 | 39784 | 44251 | (1.0) | (10.3) | (10.1) |
| Gross profit | 1209 | 1211 | 1504 | 2420 | 3711 | (0.2) | (19.6) | (34.8) |
| Operating expenses | (869) | (736) | (701) | (1605) | (1537) | 18.1 | 24 | 4.4 |
| Operating Income | 340 | 475 | 803 | 815 | 2174 | (28.4) | (57.7) | (62.5) |
| Net income (loss) attributable to the shareholders of Petrobras | 217 | 367 | 279 | 584 | 1054 | (40.9) | (22.2) | (44.6) |
| Adjusted EBITDA of the segment | 1080 | 1069 | 1360 | 2149 | 3354 | 1 | (20.6) | (35.9) |
| EBITDA margin of the segment (%) | 5 | 5 | 6 | 5 | 8 | - | (1) | (2) |
| ROCE (Return on Capital Employed) (%) | 0.7 | 1.2 | 4.6 | 0.7 | 4.6 | (0.5) | (3.9) | (3.9) |
| Refining cost (US$ / barrel) - Brazil | 2.96 | 2.62 | 2.63 | 2.79 | 2.63 | 13 | 12.5 | 6.1 |
| Price of basic oil products - Domestic Market (US$/bbl) | 82.96 | 86.58 | 91.34 | 84.75 | 93.70 | (4.2) | (9.2) | (9.5) |
|  (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. | (1) Changes in EBITDA and ROCE margins in percentage points. |

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RTM gross profit for 2Q25 was in line with 1Q25. Considering the impact of inventory turnover of US$322 million in 2Q25 and -US$288 million in 1Q25, gross profit would have been US$1.5 billion in 2Q25 and US$0.9 billion in 1Q25.

There was an increase in sales volumes, mainly gasoline, due to higher competitiveness compared to ethanol, and LPG, driven by the typical demand seasonality of the second quarter with lower temperatures.

Operating income in 2Q25 was lower than in 1Q25, reflecting higher sales expenses due to the increased oil exports.

The refining cost per barrel, in dollars, in 2Q25 was 13% higher than in 1Q25, mainly due to a 14% increase in absolute costs of materials and maintenance services. The resumption of activities in the RNEST refinery partially offset these effects, contributing to a 1.3% increase in refinery throughput in 2Q25.

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|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 17 |

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**Gas and Low Carbon Energies**

Table 9 – G&LCE results

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Variation (%) <sup>(1)</sup>** | **Variation (%) <sup>(1)</sup>** | **Variation (%) <sup>(1)</sup>** |
| **US$ million** | **2Q25** | **1Q25** | **2Q24** | **1H25** | **1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Sales revenues | 2176 | 1860 | 2198 | 4036 | 4620 | 17.0 | (1.0) | (12.6) |
| Gross profit | 1032 | 735 | 1102 | 1767 | 2347 | 40.4 | (6.4) | (24.7) |
| Operating expenses | (914) | (779) | (867) | (1693) | (1756) | 17.3 | 5.4 | (3.6) |
| Operating income | 118 | (44) | 235 | 74 | 591 | - | (49.8) | (87.5) |
| Net income (loss) attributable to the shareholders of Petrobras | 88 | (28) | 179 | 60 | 421 | - | (50.8) | (85.7) |
| Adjusted EBITDA of the segment | 236 | 87 | 372 | 323 | 862 | 171.3 | (36.6) | (62.5) |
| EBITDA margin of the segment (%) <sup>(1)</sup> | 11 | 5 | 17 | 8 | 19 | 6 | (6) | (11) |
| ROCE (Return on Capital Employed) (%) <sup>(1)</sup> | 1.1 | 1.8 | 8.4 | 1.1 | 8.4 | (0.7) | (7.3) | (7.3) |
| Natural gas sales price - Brazil (US$/bbl) | 58.65 | 56.75 | 63.69 | 57.73 | 65.88 | 3.3 | (7.9) | (12.4) |
| Natural gas sales price - Brazil (US$/MMBtu) | 9.89 | 9.57 | 10.74 | 9.73 | 11.11 | 3.3 | (7.9) | (12.4) |
| Fixed revenues from power auctions <sup>(2)(3)</sup> | 30 | 29 | 61 | 59 | 126 | 3.8 | (51.2) | (53.1) |
| Average electricity sales price (US$/MWh) (2)(3) | 35.71 | 40.57 | 28.11 | 37.84 | 39.93 | (12.0) | 27.1 | (5.2) |
|  (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. | (1) EBITDA margin and ROCE variations in percentage points.<br> (2) The fixed revenue from auctions takes into account the remuneration for thermal availability and inflexible electricity committed in auctions.<br> (3) For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Chamber of Electric Energy Commercialization - CCEE is issued. |

---

In 2Q25, gross profit increased by 40.4% compared to 1Q25, mainly due to: i) the increase in natural gas sales, driven by Petrobras' increased participation in the free market, offering a more competitive product portfolio and seeking to build customer loyalty; ii) the increased processing of domestic gas due to the higher supply of natural gas from the new infrastructures associated with Pre-salt Route 3; iii) the reduction in import costs, due to the higher volume of domestic gas in the supply mix, replacing imported gas.

The growth in gross profit positively impacted operating income, despite higher operating expenses.

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 18 |

---

**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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Variation (%) (\*)** | **Variation (%) (\*)** | **Variation (%) (\*)** |
| **US$ million** | **2Q25** | **1Q25** | **2Q24** | **1H25** | **1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Net income (loss) | 4757 | 5995 | (325) | 10752 | 4480 | (20.7) | - | 140.0 |
| Net finance income (expense) | (1015) | (1748) | 6869 | (2763) | 8808 | (41.9) | - | - |
| Income taxes | 1654 | 3111 | (27) | 4765 | 2120 | (46.8) | - | 124.8 |
| Depreciation, depletion <br> and amortization | 3697 | 3247 | 3138 | 6944 | 6500 | 13.9 | 17.8 | 6.8 |
| **EBITDA** | **9093** | **10605** | **9655** | **19698** | **21908** | **(14.3)** | **(5.8)** | **(10.1)** |
| Results of equity-accounted investments | (47) | (82) | 188 | (129) | 281 | (42.7) | - | - |
| Impairment of assets (reversals), net | 190 | 50 | (37) | 240 | (46) | 280.0 | - | - |
| Results on disposal/write-offs <br> of assets | (14) | (57) | (124) | (71) | (286) | (75.4) | (88.7) | (75.2) |
| Results from co-participation agreements in bid areas | 20 | (70) | (55) | (50) | (103) | - | - | (51.5) |
| **Adjusted EBITDA** | **9242** | **10446** | **9627** | **19688** | **21754** | **(11.5)** | **(4.0)** | **(9.5)** |
| **Adjusted EBITDA margin (%)** | **44** | **50** | **41** | **47** | **46** | **(6.0)** | **3.0** | **1.0** |
| (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. | (\*) EBITDA Margin variations in percentage points. |

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 19 |

---

**Exhibits**

**Financial statements**

Table 11 - Income statement - Consolidated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **US$ million** | **2Q25** | **1Q25** | **2Q24** | **1H25** | **1H24** |
| **Sales revenues** | **21037** | **21073** | **23467** | **42110** | **47235** |
| Cost of sales | (11025) | (10685) | (11740) | (21710) | (23251) |
| **Gross profit** | **10012** | **10388** | **11727** | **20400** | **23984** |
| Selling expenses | (1286) | (1090) | (1268) | (2376) | (2601) |
| General and administrative expenses | (464) | (444) | (549) | (908) | (996) |
| Exploration costs | (185) | (313) | (174) | (498) | (309) |
| Research and development expenses | (193) | (202) | (193) | (395) | (376) |
| Other taxes | (127) | (123) | (948) | (250) | (1088) |
| Impairment (losses) reversals, net | (190) | (50) | 37 | (240) | 46 |
| Other income and expenses, net | (2218) | (890) | (1927) | (3108) | (2971) |
|  | **(4663)** | **(3112)** | **(5022)** | **(7775)** | **(8295)** |
| **Operating income** | **5349** | **7276** | **6705** | **12625** | **15689** |
| Finance income | 345 | 297 | 477 | 642 | 1029 |
| Finance expenses | (1065) | (983) | (2932) | (2048) | (4004) |
| Foreign exchange gains (losses) and inflation indexation charges | 1735 | 2434 | (4414) | 4169 | (5833) |
| **Net finance income (expense)** | **1015** | **1748** | **(6869)** | **2763** | **(8808)** |
| Results of equity-accounted investments | 47 | 82 | (188) | 129 | (281) |
| **Income (loss) before income taxes** | **6411** | **9106** | **(352)** | **15517** | **6600** |
| Income taxes | (1654) | (3111) | 27 | (4765) | (2120) |
| **Net Income (loss)** | **4757** | **5995** | **(325)** | **10752** | **4480** |
| Net income (loss) attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of Petrobras | 4734 | 5974 | (344) | 10708 | 4438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 23 | 21 | 19 | 44 | 42 |

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 20 |

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Table 12 - Statement of financial position – Consolidated

---

| | | |
|:---|:---|:---|
| **ASSETS - US$ million** | **06.30.2025** | **12.31.2024** |
| **Current assets** | **24896** | **21836** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 6996 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 2505 | 4263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net | 3385 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8233 | 6710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoverable taxes | 1842 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets classified as held for sale | 521 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 1414 | 1550 |
| **Non-current assets** | **190400** | **159809** |
| &nbsp;&nbsp;&nbsp;**Long-term receivables** | **23563** | **20610** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net | 859 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 51 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Judicial deposits | 14299 | 11748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 1005 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other recoverable taxes | 4382 | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 2967 | 2501 |
| &nbsp;&nbsp;&nbsp;**Investments** | **778** | **659** |
| &nbsp;&nbsp;&nbsp;**Property, plant and equipment** | **163627** | **136285** |
| &nbsp;&nbsp;&nbsp;**Intangible assets** | **2432** | **2255** |
| **Total assets** | **215296** | **181645** |
| **LIABILITIES - US$ million** | **06.30.2025** | **12.31.2024** |
| **Current liabilities** | **32833** | **31460** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables | 6299 | 6082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance debt | 2475 | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 9270 | 8542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | 4209 | 4684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | 2028 | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for decommissioning costs | 2514 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 2739 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to assets classified as held for sale | 722 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2577 | 2205 |
| **Non-current liabilities** | **108835** | **90835** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance debt | 23316 | 20596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 33003 | 28607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 591 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 7602 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 12449 | 10672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for legal proceedings | 2890 | 2833 |

---

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 21 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for decommissioning costs | 27222 | 24507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 1762 | 1620 |
| **Shareholders' equity** | **73628** | **59350** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to the shareholders of Petrobras** | **73158** | **59106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital (net of share issuance costs) | 107101 | 107101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital reserve and capital transactions | 1145 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit reserves | 58853 | 61446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 8694 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive deficit | (102635) | (109470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to non-controlling interests** | **470** | **244** |
| **Total liabilities and shareholders' equity** | **215296** | **181645** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 22 |

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Table 13 - Statement of cash flow – Consolidated

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **US$ million** | **2Q25** | **1Q25** | **2Q24** | **1H25** | **1H24** |
| **Cash flows from operating activities** | | | | | |
| **Net income (loss) for the period** | **4757** | **5995** | **(325)** | **10752** | **4480** |
| Adjustments for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pension and medical benefits | 430 | 417 | 1702 | 847 | 2135 |
| &nbsp;&nbsp;&nbsp;Results of equity-accounted investments | (47) | (82) | 188 | (129) | 281 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 3697 | 3247 | 3138 | 6944 | 6500 |
| &nbsp;&nbsp;&nbsp;Impairment of assets (reversals), net | 190 | 50 | (37) | 240 | (46) |
| &nbsp;&nbsp;&nbsp;Inventory write down (write-back) to net realizable value | - | 7 | - | 7 | (44) |
| &nbsp;&nbsp;&nbsp;Allowance (reversals) for credit loss on trade and other receivables, net | 57 | (20) | 18 | 37 | 48 |
| &nbsp;&nbsp;&nbsp;Exploratory expenditure write-offs | - | 209 | 55 | 209 | 105 |
| &nbsp;&nbsp;&nbsp;Gain on disposal/write-offs of assets | (14) | (57) | (124) | (71) | (286) |
| &nbsp;&nbsp;&nbsp;Foreign exchange, indexation and finance charges | (1252) | (1955) | 7040 | (3207) | 8975 |
| &nbsp;&nbsp;&nbsp;Income taxes | 1654 | 3111 | (27) | 4765 | 2120 |
| &nbsp;&nbsp;&nbsp;Revision and unwinding of discount on the provision for decommissioning costs | 329 | 320 | 259 | 649 | 539 |
| &nbsp;&nbsp;&nbsp;Results from co-participation agreements in bid areas | 20 | (70) | (55) | (50) | (103) |
| &nbsp;&nbsp;&nbsp;Early termination and cash outflows revision of lease agreements | (144) | (157) | (77) | (301) | (146) |
| &nbsp;&nbsp;&nbsp;Losses with legal, administrative and arbitration proceedings, net | 125 | 201 | 240 | 326 | 521 |
| &nbsp;&nbsp;&nbsp;Equalization of expenses - Production Individualization Agreeents | 672 | 4 | 14 | 676 | 24 |
| Decrease (Increase) in assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | (50) | 172 | 855 | 122 | 1459 |
| &nbsp;&nbsp;&nbsp;Inventories | (494) | (359) | 272 | (853) | (355) |
| &nbsp;&nbsp;&nbsp;Judicial deposits | (256) | (180) | 862 | (436) | 574 |
| &nbsp;&nbsp;&nbsp;Other assets | (194) | 379 | (105) | 185 | (71) |
| Increase (Decrease) in liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade payables | 461 | (543) | (179) | (82) | 218 |
| &nbsp;&nbsp;&nbsp;Other taxes payable | (605) | 204 | (1342) | (401) | (1862) |
| &nbsp;&nbsp;&nbsp;Pension and medical benefits | (307) | (215) | (279) | (522) | (482) |
| &nbsp;&nbsp;&nbsp;Provisions for legal proceedings | (173) | (384) | (122) | (557) | (200) |
| &nbsp;&nbsp;&nbsp;Other employee benefits | (2) | 118 | (311) | 116 | (370) |
| &nbsp;&nbsp;&nbsp;Provision for decommissioning costs | (241) | (184) | (200) | (425) | (463) |
| &nbsp;&nbsp;&nbsp;Other liabilities | 29 | (60) | (275) | (31) | (357) |
| Income taxes paid | (1111) | (1670) | (2098) | (2781) | (4721) |
| **Net cash provided by operating activities** | **7531** | **8498** | **9087** | **16029** | **18473** |
| **Cash flows from investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of PP&E and intangible assets | (4084) | (3962) | (2934) | (8046) | (5772) |
| &nbsp;&nbsp;&nbsp;Acquisition of equity interests | (2) | - | (5) | (2) | (6) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of assets - Divestment | 16 | 463 | 197 | 479 | 766 |

---

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 23 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Financial compensation from co-participation agreements | - | 355 | - | 355 | 397 |
| &nbsp;&nbsp;&nbsp;Divestment (investment) in marketable securities | 1491 | 1370 | 670 | 2861 | (805) |
| &nbsp;&nbsp;&nbsp;Dividends received | 18 | 7 | 40 | 25 | 64 |
| **Net cash (used in) provided by investing activities** | **(2561)** | **(1767)** | **(2032)** | **(4328)** | **(5356)** |
| **Cash flows from financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in non-controlling interest | 118 | 39 | 32 | 157 | 125 |
| &nbsp;&nbsp;&nbsp;Financing and loans, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from finance debt | 2572 | 500 | 565 | 3072 | 567 |
| &nbsp;&nbsp;&nbsp; Repayment of principal - finance debt | (1075) | (472) | (1311) | (1547) | (2318) |
| &nbsp;&nbsp;&nbsp; Repayment of interest - finance debt | (359) | (497) | (401) | (856) | (995) |
| &nbsp;&nbsp;&nbsp; Repayment of lease liability | (2274) | (2094) | (1965) | (4368) | (3883) |
| &nbsp;&nbsp;&nbsp; Dividends paid to Shareholders of Petrobras | (1706) | (2882) | (7123) | (4588) | (10578) |
| &nbsp;&nbsp;&nbsp; Share repurchase program | - | - | (148) | - | (380) |
| &nbsp;&nbsp;&nbsp; Dividends paid to non-controlling interests | (5) | (26) | (20) | (31) | (77) |
| **Net cash used in financing activities** | **(2729)** | **(5432)** | **(10371)** | **(8161)** | **(17539)** |
| **Effect of exchange rate changes on cash and cash equivalents** | **60** | **125** | **(347)** | **185** | **(421)** |
| **Net change in cash and cash equivalents** | **2301** | **1424** | **(3663)** | **3725** | **(4843)** |
| **Cash and cash equivalents at the beginning of the period** | **4695** | **3271** | **11547** | **3271** | **12727** |
| **Cash and cash equivalents at the end of the period** | **6996** | **4695** | **7884** | **6996** | **7884** |

---

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 24 |

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Table 14 – Net revenues by products

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%)** | **Variation (%)** | **Variation (%)** |
| <br>**US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Diesel | 6183 | 6570 | 6979 | 12753 | 14055 | (5.9) | (11.4) | (9.3) |
| Gasoline | 3073 | 2964 | 3073 | 6037 | 6278 | 3.7 | - | (3.8) |
| Liquefied petroleum gas (LPG) | 884 | 733 | 793 | 1617 | 1551 | 20.6 | 11.5 | 4.3 |
| Jet fuel | 1009 | 1123 | 1147 | 2132 | 2331 | (10.2) | (12.0) | (8.5) |
| Naphtha | 425 | 410 | 483 | 835 | 910 | 3.7 | (12.0) | (8.2) |
| Fuel oil (including bunker fuel) | 132 | 165 | 233 | 297 | 577 | (20.0) | (43.3) | (48.5) |
| Other oil products | 970 | 931 | 1073 | 1901 | 2092 | 4.2 | (9.6) | (9.1) |
| **Subtotal oil products** | **12676** | **12896** | **13781** | **25572** | **27794** | **(1.7)** | **(8.0)** | **(8.0)** |
| Natural gas | 973 | 885 | 1136 | 1858 | 2458 | 9.9 | (14.3) | (24.4) |
| Crude oil | 1073 | 1405 | 1049 | 2478 | 2278 | (23.6) | 2.3 | 8.8 |
| Renewables and nitrogen products | 41 | 53 | 43 | 94 | 74 | (22.6) | (4.7) | 27.0 |
| Revenues from non-exercised rights | 54 | 48 | 121 | 102 | 261 | 12.5 | (55.4) | (60.9) |
| Electricity | 148 | 139 | 104 | 287 | 232 | 6.5 | 42.3 | 23.7 |
| Services, agency and others | 182 | 166 | 202 | 348 | 449 | 9.6 | (9.9) | (22.5) |
| **Total domestic market** | **15147** | **15592** | **16436** | **30739** | **33546** | **(2.9)** | **(7.8)** | **(8.4)** |
| Exports | 5680 | 5369 | 6746 | 11049 | 13144 | 5.8 | (15.8) | (15.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crude oil | 4452 | 3810 | 5163 | 8262 | 10074 | 16.9 | (13.8) | (18.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel oil (including bunker fuel) | 1093 | 1184 | 1126 | 2277 | 2448 | (7.7) | (2.9) | (7.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other oil products and other products | 135 | 375 | 457 | 510 | 622 | (64.0) | (70.5) | (18.0) |
| Sales abroad (\*) | 210 | 112 | 285 | 322 | 545 | 87.5 | (26.3) | (40.9) |
| **Total foreign market** | **5890** | **5481** | **7031** | **11371** | **13689** | **7.5** | **(16.2)** | **(16.9)** |
| **Total** | **21037** | **21073** | **23467** | **42110** | **47235** | **(0.2)** | **(10.4)** | **(10.9)** |
| (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. | (\*) Sales revenues from operations outside of Brazil, including trading and excluding exports. |

---

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| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 25 |

---

Table 15 – Cost of Sales by Nature **<sup>(\*)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%)** | **Variation (%)** | **Variation (%)** |
| <br>**US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| **Raw material, products for resale, materials and third-party services\*** | **(5251)** | **(5099)** | **(5369)** | **(10350)** | **(11298)** | **3.0** | **(2.2)** | **(8.4)** |
| **Acquisitions** | **(3552)** | **(3579)** | **(3863)** | **(7131)** | **(8171)** | (0.8) | (8.1) | (12.7) |
| &nbsp;&nbsp;&nbsp;Crude oil imports | (1766) | (2116) | (2543) | (3882) | (4749) | (16.5) | (30.6) | (18.3) |
| &nbsp;&nbsp;&nbsp;Oil products imports | (1586) | (1189) | (998) | (2775) | (2661) | 33.4 | 58.9 | 4.3 |
| &nbsp;&nbsp;&nbsp;Natural gas imports | (200) | (274) | (322) | (474) | (761) | (27.0) | (37.9) | (37.7) |
| **Third-party services and others** | **(1699)** | **(1520)** | **(1506)** | **(3219)** | **(3127)** | **11.8** | **12.8** | **2.9** |
| **Depreciation, depletion and amortization** | **(3004)** | **(2513)** | **(2423)** | **(5517)** | **(5072)** | **19.5** | **24.0** | **8.8** |
| **Production taxes** | **(2555)** | **(2803)** | **(2906)** | **(5358)** | **(5936)** | **(8.8)** | **(12.1)** | **(9.7)** |
| **Employee compensation** | **(431)** | **(399)** | **(601)** | **(830)** | **(1042)** | **8.0** | **(28.3)** | **(20.3)** |
| **Inventory turnover** | **216** | **129** | **(441)** | **345** | **97** | **67.4** | **-** | **255.7** |
| **Total** | **(11025)** | **(10685)** | **(11740)** | **(21710)** | **(23251)** | **3.2** | **(6.1)** | **(6.6)** |
| <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. | <sup>(\*)</sup> It Includes short-term leases. |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 26 |

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Table 16 – Operating expenses

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%)** | **Variation (%)** | **Variation (%)** |
| <br>**US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| Selling, General and Administrative Expenses | (1750) | (1534) | (1817) | (3284) | (3597) | 14.1 | (3.7) | (8.7) |
| &nbsp;&nbsp;&nbsp;Selling expenses | (1286) | (1090) | (1268) | (2376) | (2601) | 18.0 | 1.4 | (8.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials, third-party services, freight, rent and other related costs | (1071) | (895) | (1069) | (1966) | (2189) | 19.7 | 0.2 | (10.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | (171) | (169) | (166) | (340) | (339) | 1.2 | 3.0 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reversal (allowance) for expected credit losses | (14) | 4 | 2 | (10) | (8) | - | - | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation | (30) | (30) | (35) | (60) | (65) | - | (14.3) | (7.7) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (464) | (444) | (549) | (908) | (996) | 4.5 | (15.5) | (8.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation | (265) | (266) | (365) | (531) | (657) | (0.4) | (27.4) | (19.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials, third-party services, rent and other related costs | (153) | (139) | (146) | (292) | (266) | 10.1 | 4.8 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | (46) | (39) | (38) | (85) | (73) | 17.9 | 21.1 | 16.4 |
| Exploration costs | (185) | (313) | (174) | (498) | (309) | (40.9) | 6.3 | 61.2 |
| Research and Development | (193) | (202) | (193) | (395) | (376) | (4.5) | - | 5.1 |
| Other taxes | (127) | (123) | (948) | (250) | (1088) | 3.3 | (86.6) | (77.0) |
| Impairment (losses) reversals, net | (190) | (50) | 37 | (240) | 46 | 280.0 | - | - |
| Other income and expenses, net | (2218) | (890) | (1927) | (3108) | (2971) | 149.2 | 15.1 | 4.6 |
| **Total** | **(4663)** | **(3112)** | **(5022)** | **(7775)** | **(8295)** | **49.8** | **(7.1)** | **(6.3)** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 27 |

---

Table 17 – Financial results

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Variation (%)** | **Variation (%)** | **Variation (%)** |
| <br>**US$ million** | <br>**2Q25** | <br>**1Q25** | <br>**2Q24** | <br>**1H25** | <br>**1H24** | **2Q25 X 1Q25** | **2Q25 X 2Q24** | **1H25 X 1H24** |
| **Finance income** | **345** | **297** | **477** | **642** | **1029** | **16.2** | **(27.7)** | **(37.6)** |
| &nbsp;&nbsp;&nbsp;Income from investments and marketable securities (Government Bonds) | 225 | 223 | 380 | 448 | 812 | 0.9 | (40.8) | (44.8) |
| &nbsp;&nbsp;&nbsp;Other finance income | 120 | 74 | 97 | 194 | 217 | 62.2 | 23.7 | (10.6) |
| **Finance expenses** | **(1065)** | **(983)** | **(2932)** | **(2048)** | **(4004)** | **8.3** | **(63.7)** | **(48.9)** |
| &nbsp;&nbsp;&nbsp;Interest on finance debt | (517) | (466) | (519) | (983) | (1073) | 10.9 | (0.4) | (8.4) |
| &nbsp;&nbsp;&nbsp;Unwinding of discount on lease liability | (653) | (622) | (557) | (1275) | (1104) | 5.0 | 17.2 | 15.5 |
| &nbsp;&nbsp;&nbsp;Capitalized borrowing costs | 467 | 449 | 383 | 916 | 759 | 4.0 | 21.9 | 20.7 |
| &nbsp;&nbsp;&nbsp;Unwinding of discount on the provision for decommissioning costs | (329) | (319) | (258) | (648) | (530) | 3.1 | 27.5 | 22.3 |
| &nbsp;&nbsp;&nbsp;Tax settlement programs - federal taxes | - | - | (1930) | - | (1930) | - | - | - |
| &nbsp;&nbsp;&nbsp;Other finance expenses | (33) | (25) | (51) | (58) | (126) | 32.0 | (35.3) | (54.0) |
| **Foreign exchange gains (losses) and indexation charges** | **1735** | **2434** | **(4414)** | **4169** | **(5833)** | **(28.7)** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) | 2032 | 3036 | (3540) | 5068 | (4421) | (33.1) | - | - |
| &nbsp;&nbsp;&nbsp; Real x U.S. dollar | 2141 | 3077 | (3536) | 5218 | (4449) | (30.4) | - | - |
| &nbsp;&nbsp;&nbsp; Other currencies | (109) | (41) | (4) | (150) | 28 | 165.9 | 2625.0 | - |
| &nbsp;&nbsp;&nbsp;Reclassification of hedge accounting to the Statement of Income | (498) | (722) | (600) | (1220) | (1297) | (31.0) | (17.0) | (5.9) |
| &nbsp;&nbsp;&nbsp;Tax settlement programs - federal taxes | - | - | (220) | - | (220) | - | - | - |
| &nbsp;&nbsp;&nbsp;Indexation to the Selic interest rate of anticipated dividends and dividends payable | (87) | (64) | (318) | (151) | (388) | 35.9 | (72.6) | (61.1) |
| &nbsp;&nbsp;&nbsp;Recoverable taxes inflation indexation income | 101 | 58 | (145) | 159 | (96) | 74.1 | - | - |
| &nbsp;&nbsp;&nbsp;Other foreign exchange gains and indexation charges, net | 187 | 126 | 409 | 313 | 589 | 48.4 | (54.3) | (46.9) |
| **Total** | **1015** | **1748** | **(6869)** | **2763** | **(8808)** | **(41.9)** | **-** | **-** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 28 |

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**Financial information by business segment**

Table 18 - Consolidated income by business segment – 1H25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| **Sales revenues** | **29471** | **39784** | **4036** | **157** | **(31338)** | **42110** |
| &nbsp;&nbsp;&nbsp;Intersegments | 29355 | 546 | 1434 | 3 | (31338) | **-** |
| &nbsp;&nbsp;&nbsp;Third parties | 116 | 39238 | 2602 | 154 | - | **42110** |
| Cost of sales | (13398) | (37364) | (2269) | (138) | 31459 | **(21710)** |
| **Gross profit** | **16073** | **2420** | **1767** | **19** | **121** | **20400** |
| **Expenses** | **(2584)** | **(1605)** | **(1693)** | **(1893)** | **-** | **(7775)** |
| &nbsp;&nbsp;&nbsp;Selling expenses | - | (955) | (1406) | (15) | - | **(2376)** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (30) | (183) | (58) | (637) | - | **(908)** |
| &nbsp;&nbsp;&nbsp;Exploration costs | (498) | - | - | - | - | **(498)** |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (309) | (4) | (4) | (78) | - | **(395)** |
| &nbsp;&nbsp;&nbsp;Other taxes | (11) | (27) | (8) | (204) | - | **(250)** |
| &nbsp;&nbsp;&nbsp;Impairment (losses) reversals, net | (193) | (46) | (1) | - | - | **(240)** |
| &nbsp;&nbsp;&nbsp;Other income and expenses, net | (1543) | (390) | (216) | (959) | - | **(3108)** |
| **Operating income (loss)** | **13489** | **815** | **74** | **(1874)** | **121** | **12625** |
| &nbsp;&nbsp;&nbsp;Net finance income (expense) | - | - | - | 2763 | - | **2763** |
| &nbsp;&nbsp;&nbsp;Results of equity-accounted investments | 56 | 48 | 29 | (4) | - | **129** |
| **Income (loss) before income taxes** | **13545** | **863** | **103** | **885** | **121** | **15517** |
| &nbsp;&nbsp;&nbsp;Income taxes | (4585) | (279) | (25) | 165 | (41) | **(4765)** |
| **Net income (loss)** | **8960** | **584** | **78** | **1050** | **80** | **10752** |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholders of Petrobras | 8961 | 584 | 60 | 1023 | 80 | **10708** |
| &nbsp;&nbsp;&nbsp; Non-controlling interests | (1) | - | 18 | 27 | - | **44** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 29 |

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Table 19 - Consolidated income by business segment – 1H24

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| **Sales revenues** | **31745** | **44251** | **4620** | **158** | **(33539)** | **47235** |
| &nbsp;&nbsp;&nbsp;Intersegments | 31565 | 551 | 1419 | 4 | (33539) | **-** |
| &nbsp;&nbsp;&nbsp;Third parties | 180 | 43700 | 3201 | 154 | - | **47235** |
| Cost of sales | (12842) | (40540) | (2273) | (148) | 32552 | **(23251)** |
| **Gross profit** | **18903** | **3711** | **2347** | **10** | **(987)** | **23984** |
| **Expenses** | **(2181)** | **(1537)** | **(1756)** | **(2821)** | **-** | **(8295)** |
| &nbsp;&nbsp;&nbsp;Selling expenses | (1) | (1089) | (1497) | (14) | - | **(2601)** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (42) | (176) | (63) | (715) | - | **(996)** |
| &nbsp;&nbsp;&nbsp;Exploration costs | (309) | - | - | - | - | **(309)** |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (288) | (2) | - | (86) | - | **(376)** |
| &nbsp;&nbsp;&nbsp;Other taxes | (829) | (28) | (9) | (222) | - | **(1088)** |
| &nbsp;&nbsp;&nbsp;Impairment (losses) reversals, net | (4) | 37 | - | 13 | - | **46** |
| &nbsp;&nbsp;&nbsp;Other income and expenses, net | (708) | (279) | (187) | (1797) | - | **(2971)** |
| **Operating income (loss)** | **16722** | **2174** | **591** | **(2811)** | **(987)** | **15689** |
| &nbsp;&nbsp;&nbsp;Net finance income (expense) | - | - | - | (8808) | - | **(8808)** |
| &nbsp;&nbsp;&nbsp;Results of equity-accounted investments | 47 | (381) | 57 | (4) | - | **(281)** |
| **Income (loss) before income taxes** | **16769** | **1793** | **648** | **(11623)** | **(987)** | **6600** |
| &nbsp;&nbsp;&nbsp;Income taxes | (5687) | (739) | (200) | 4169 | 337 | **(2120)** |
| **Net income (loss)** | **11082** | **1054** | **448** | **(7454)** | **(650)** | **4480** |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholders of Petrobras | 11083 | 1054 | 421 | (7470) | (650) | **4438** |
| &nbsp;&nbsp;&nbsp; Non-controlling interests | (1) | - | 27 | 16 | - | **42** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 30 |

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Table 20 - Quarterly consolidated income by business segment – 2Q25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| **Sales revenues** | **14404** | **19795** | **2176** | **80** | **(15418)** | **21037** |
| &nbsp;&nbsp;&nbsp;Intersegments | 14343 | 256 | 817 | 2 | (15418) | **-** |
| &nbsp;&nbsp;&nbsp;Third parties | 61 | 19539 | 1359 | 78 | - | **21037** |
| Cost of sales | (6601) | (18586) | (1144) | (70) | 15376 | **(11025)** |
| **Gross profit** | **7803** | **1209** | **1032** | **10** | **(42)** | **10012** |
| **Expenses** | **(1846)** | **(869)** | **(914)** | **(1034)** | **-** | **(4663)** |
| &nbsp;&nbsp;&nbsp;Selling expenses | - | (518) | (751) | (17) | - | **(1286)** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (26) | (96) | (32) | (310) | - | **(464)** |
| &nbsp;&nbsp;&nbsp;Exploration costs | (185) | - | - | - | - | **(185)** |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (147) | (3) | (2) | (41) | - | **(193)** |
| &nbsp;&nbsp;&nbsp;Other taxes | (7) | (14) | (6) | (100) | - | **(127)** |
| &nbsp;&nbsp;&nbsp;Impairment (losses) reversals, net | (139) | (50) | (1) | - | - | **(190)** |
| &nbsp;&nbsp;&nbsp;Other income and expenses, net | (1342) | (188) | (122) | (566) | - | **(2218)** |
| **Operating income (loss)** | **5957** | **340** | **118** | **(1024)** | **(42)** | **5349** |
| &nbsp;&nbsp;&nbsp;Net finance income (expense) | - | - | - | 1015 | - | **1015** |
| &nbsp;&nbsp;&nbsp;Results of equity-accounted investments | 42 | (7) | 17 | (5) | - | **47** |
| **Income (loss) before income taxes** | **5999** | **333** | **135** | **(14)** | **(42)** | **6411** |
| &nbsp;&nbsp;&nbsp;Income taxes | (2025) | (116) | (39) | 512 | 14 | **(1654)** |
| **Net income (loss)** | **3974** | **217** | **96** | **498** | **(28)** | **4757** |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of Petrobras | 3974 | 217 | 88 | 483 | (28) | **4734** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | - | - | 8 | 15 | - | **23** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 31 |

---

Table 21 - Quarterly consolidated income by business segment – 1Q25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| **Sales revenues** | **15067** | **19989** | **1860** | **77** | **(15920)** | **21073** |
| &nbsp;&nbsp;&nbsp;Intersegments | 15012 | 290 | 617 | 1 | (15920) | **-** |
| &nbsp;&nbsp;&nbsp;Third parties | 55 | 19699 | 1243 | 76 | - | **21073** |
| Cost of sales | (6797) | (18778) | (1125) | (68) | 16083 | **(10685)** |
| **Gross profit** | **8270** | **1211** | **735** | **9** | **163** | **10388** |
| **Expenses** | **(738)** | **(736)** | **(779)** | **(859)** | **-** | **(3112)** |
| &nbsp;&nbsp;&nbsp;Selling expenses | - | (437) | (655) | 2 | - | **(1090)** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (4) | (87) | (26) | (327) | - | **(444)** |
| &nbsp;&nbsp;&nbsp;Exploration costs | (313) | - | - | - | - | **(313)** |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (162) | (1) | (2) | (37) | - | **(202)** |
| &nbsp;&nbsp;&nbsp;Other taxes | (4) | (13) | (2) | (104) | - | **(123)** |
| &nbsp;&nbsp;&nbsp;Impairment (losses) reversals, net | (54) | 4 | - | - | - | **(50)** |
| &nbsp;&nbsp;&nbsp;Other income and expenses, net | (201) | (202) | (94) | (393) | - | **(890)** |
| **Operating income (loss)** | **7532** | **475** | **(44)** | **(850)** | **163** | **7276** |
| &nbsp;&nbsp;&nbsp;Net finance income (expense) | - | - | - | 1748 | - | **1748** |
| &nbsp;&nbsp;&nbsp;Results of equity-accounted investments | 14 | 55 | 12 | 1 | - | **82** |
| **Income (loss) before income taxes** | **7546** | **530** | **(32)** | **899** | **163** | **9106** |
| &nbsp;&nbsp;&nbsp;Income taxes | (2560) | (163) | 14 | (347) | (55) | **(3111)** |
| **Net income (loss)** | **4986** | **367** | **(18)** | **552** | **108** | **5995** |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of Petrobras | 4987 | 367 | (28) | 540 | 108 | **5974** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | (1) | - | 10 | 12 | - | **21** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 32 |

---

Table 22 - Other income and expenses by segment – 1H25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Stoppages for asset maintenance and pre-operating expenses | (1113) | (127) | (47) | (8) | - | **(1295)** |
| Equalization of expenses - Production Individualization Agreements | (676) | - | - | - | - | **(676)** |
| Pension and medical benefits - retirees | - | - | - | (639) | - | **(639)** |
| Variable compensation programs (\*) | (271) | (138) | (31) | (155) | - | **(595)** |
| Losses with legal, administrative and arbitration proceedings | (106) | (67) | (30) | (123) | - | **(326)** |
| Collective bargaining agreement (\*\*) | (99) | (42) | (10) | (63) | - | **(214)** |
| Results from co-participation agreements in bid areas | 50 | - | - | - | - | **50** |
| Results on disposal/write-offs of assets | 14 | - | 16 | 41 | - | **71** |
| Results of non-core activities | 222 | (5) | 1 | 6 | - | **224** |
| Early termination and changes to cash flow estimates of leases | 300 | (4) | 1 | 4 | - | **301** |
| Others | 136 | (7) | (116) | (22) | - | **(9)** |
| **Total** | **(1543)** | **(390)** | **(216)** | **(959)** | **-** | **(3108)** |
| (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). |
| (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. |

---

Table 23 - Other income and expenses by segment – 1H24

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Stoppages for asset maintenance and pre-operating expenses | (1256) | (53) | (33) | (10) | - | **(1352)** |
| Equalization of expenses - Production Individualization Agreements | (24) | - | - | - | - | **(24)** |
| Pension and medical benefits - retirees | - | - | - | (1602) | - | **(1602)** |
| Variable compensation programs (\*) | (203) | (128) | (26) | (133) | - | **(490)** |
| Losses with legal, administrative and arbitration proceedings | (188) | (173) | (36) | (124) | - | **(521)** |
| Collective bargaining agreement | (1) | (6) | - | (1) | - | **(8)** |
| Results from co-participation agreements in bid areas | 103 | - | - | - | - | **103** |
| Results on disposal/write-offs of assets | 237 | 68 | 23 | (42) | - | **286** |
| Results of non-core activities | 120 | (16) | 10 | 8 | - | **122** |
| Early termination and changes to cash flow estimates of leases | 142 | 5 | 1 | (2) | - | **146** |
| Others | 362 | 24 | (126) | 109 | - | **369** |
| **Total** | **(708)** | **(279)** | **(187)** | **(1797)** | **-** | **(2971)** |
| (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 33 |

---

Table 24 - Other income and expenses by segment – 2Q25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Equalization of expenses - Production Individualization Agreements | (672) | - | - | - | - | **(672)** |
| Stoppages for asset maintenance and pre-operating expenses | (600) | (29) | (27) | (4) | - | **(660)** |
| Pension and medical benefits - retirees | - | - | - | (324) | - | **(324)** |
| Variable compensation programs (\*) | (137) | (74) | (16) | (78) | - | **(305)** |
| Collective bargaining agreement (\*\*) | (99) | (42) | (10) | (63) | - | **(214)** |
| Gains (losses) with legal, administrative and arbitration proceedings | 6 | (38) | (28) | (65) | - | **(125)** |
| Results from co-participation agreements in bid areas | (20) | - | - | - | - | **(20)** |
| Results on disposal/write-offs of assets | (18) | 1 | 14 | 17 | - | **14** |
| Results of non-core activities | 120 | 3 | - | 3 | - | **126** |
| Early termination and changes to cash flow estimates of leases | 149 | (3) | - | (2) | - | **144** |
| Others | (71) | (6) | (55) | (50) | - | **(182)** |
| **Total** | **(1342)** | **(188)** | **(122)** | **(566)** | **-** | **(2218)** |
| (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). |
| (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. | (\*\*) It includes the remaining portion of the bonus from the Collective Bargaining Agreement (ACT) 2025-2027. |

---

Table 25 - Other income and expenses by segment – 1Q25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Equalization of expenses - Production Individualization Agreements | (4) | - | - | - | - | **(4)** |
| Stoppages for asset maintenance and pre-operating expenses | (513) | (98) | (20) | (4) | - | **(635)** |
| Pension and medical benefits - retirees | - | - | - | (315) | - | **(315)** |
| Variable compensation programs (\*) | (134) | (64) | (15) | (77) | - | **(290)** |
| Collective bargaining agreement | - | - | - | - | - | **-** |
| Losses with legal, administrative and arbitration proceedings | (112) | (29) | (2) | (58) | - | **(201)** |
| Results from co-participation agreements in bid areas | 70 | - | - | - | - | **70** |
| Results on disposal/write-offs of assets | 32 | (1) | 2 | 24 | - | **57** |
| Results of non-core activities | 102 | (8) | 1 | 3 | - | **98** |
| Early termination and changes to cash flow estimates of leases | 151 | (1) | 1 | 6 | - | **157** |
| Others | 207 | (1) | (61) | 28 | - | **173** |
| **Total** | (201) | **(202)** | **(94)** | **(393)** | **-** | **(890)** |
| (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). | (\*) It comprises Profit Sharing (PLR) and Performance Award Program (PRD). |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 34 |

---

Table 26 - Consolidated assets by business segment – 06.30.2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| **Total assets** | **152193** | **31452** | **5792** | **30213** | **(4354)** | **215296** |
| &nbsp;&nbsp;&nbsp;**Current assets** | **3086** | **10172** | **487** | **15505** | **(4354)** | **24896** |
| &nbsp;&nbsp;&nbsp;**Non-current assets** | **149107** | **21280** | **5305** | **14708** | **-** | **190400** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term receivables | 8599 | 2643 | 152 | 12169 | - | **23563** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 337 | 198 | 176 | 67 | - | **778** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 138354 | 18296 | 4897 | 2080 | - | **163627** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating assets | 108932 | 16361 | 4314 | 1491 | - | **131098** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 29422 | 1935 | 583 | 589 | - | **32529** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 1817 | 143 | 80 | 392 | - | **2432** |

---

Table 27 - Consolidated assets by business segment – 12.31.2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| **Total assets** | **125551** | **27725** | **5260** | **27289** | **(4180)** | **181645** |
| &nbsp;&nbsp;&nbsp;**Current assets** | **2697** | **9017** | **379** | **13923** | **(4180)** | **21836** |
| &nbsp;&nbsp;&nbsp;**Non-current assets** | **122854** | **18708** | **4881** | **13366** | **-** | **159809** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term receivables | 7056 | 2217 | 91 | 11246 | - | **20610** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 299 | 114 | 182 | 64 | - | **659** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 113761 | 16257 | 4541 | 1726 | - | **136285** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating assets | 91895 | 14828 | 3936 | 1242 | - | **111901** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 21866 | 1429 | 605 | 484 | - | **24384** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 1738 | 120 | 67 | 330 | - | **2255** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 35 |

---

Table 28 - Reconciliation of Adjusted EBITDA by business segment – 1H25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Net income (loss) | 8960 | 584 | 78 | 1050 | 80 | **10752** |
| Net finance income (expense) | - | - | - | (2763) | - | **(2763)** |
| Income taxes | 4585 | 279 | 25 | (165) | 41 | **4765** |
| Depreciation, depletion and amortization | 5317 | 1288 | 264 | 75 | - | **6944** |
| **EBITDA** | **18862** | **2151** | **367** | **(1803)** | **121** | **19698** |
| Results of equity-accounted investments | (56) | (48) | (29) | 4 | - | **(129)** |
| Impairment of assets (reversals), net | 193 | 46 | 1 | - | - | **240** |
| Results on disposal/write-offs of assets | (14) | - | (16) | (41) | - | **(71)** |
| Results from co-participation agreements in bid areas | (50) | - | - | - | - | **(50)** |
| **Adjusted EBITDA** | **18935** | **2149** | **323** | **(1840)** | **121** | **19688** |

---

Table 29 - Reconciliation of Adjusted EBITDA by business segment – 1H24

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Net income (loss) | 11082 | 1054 | 448 | (7454) | (650) | **4480** |
| Net finance income (expense) | - | - | - | 8808 | - | **8808** |
| Income taxes | 5687 | 739 | 200 | (4169) | (337) | **2120** |
| Depreciation, depletion and amortization | 4856 | 1285 | 294 | 65 | - | **6500** |
| **EBITDA** | **21625** | **3078** | **942** | **(2750)** | **(987)** | **21908** |
| Results of equity-accounted investments | (47) | 381 | (57) | 4 | - | **281** |
| Impairment of assets (reversals), net | 4 | (37) | - | (13) | - | **(46)** |
| Results on disposal/write-offs of assets | (237) | (68) | (23) | 42 | - | **(286)** |
| Results from co-participation agreements in bid areas | (103) | - | - | - | - | **(103)** |
| **Adjusted EBITDA** | **21242** | **3354** | **862** | **(2717)** | **(987)** | **21754** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 36 |

---

Table 30 - Reconciliation of Adjusted EBITDA by business segment – 2Q25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Net income (loss) | 3974 | 217 | 96 | 498 | (28) | **4757** |
| Net finance income (expense) | - | - | - | (1015) | - | **(1015)** |
| Income taxes | 2025 | 116 | 39 | (512) | (14) | **1654** |
| Depreciation, depletion and amortization | 2836 | 691 | 131 | 39 | - | **3697** |
| **EBITDA** | **8835** | **1024** | **266** | **(990)** | **(42)** | **9093** |
| Results of equity-accounted investments | (42) | 7 | (17) | 5 | - | **(47)** |
| Impairment of assets (reversals), net | 139 | 50 | 1 | - | - | **190** |
| Results on disposal/write-offs of assets | 18 | (1) | (14) | (17) | - | **(14)** |
| Results from co-participation agreements in bid areas | 20 | - | - | - | - | **20** |
| **Adjusted EBITDA** | **8970** | **1080** | **236** | **(1002)** | **(42)** | **9242** |

---

Table 31 - Reconciliation of Adjusted EBITDA by business segment – 1Q25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **US$ million** | **E&P** | **RTM** | **G&LCE** | **CORP.** | **ELIMIN.** | **TOTAL** |
| Net income (loss) | 4986 | 367 | (18) | 552 | 108 | **5995** |
| Net finance income (expense) | - | - | - | (1748) | - | **(1748)** |
| Income taxes | 2560 | 163 | (14) | 347 | 55 | **3111** |
| Depreciation, depletion and amortization | 2481 | 597 | 133 | 36 | - | **3247** |
| **EBITDA** | **10027** | **1127** | **101** | **(813)** | **163** | **10605** |
| Results of equity-accounted investments | (14) | (55) | (12) | (1) | - | **(82)** |
| Impairment of assets (reversals), net | 54 | (4) | - | - | - | **50** |
| Results on disposal/write-offs of assets | (32) | 1 | (2) | (24) | - | **(57)** |
| Results from co-participation agreements in bid areas | (70) | - | - | - | - | **(70)** |
| **Adjusted EBITDA** | **9965** | **1069** | **87** | **(838)** | **163** | **10446** |

---

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 37 |

---

**Glossary**

A

**Adjusted cash and cash equivalents:** Sum of cash and cash equivalents and investments in securities in domestic and international markets that have high liquidity, i.e., convertible into cash within 3 months, even if maturity is longer than 12 months, held for the purpose of complying with cash commitments. 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 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.

**Adjusted EBITDA:** Adjusted EBITDA (a non-GAAP measure defined as net income plus net finance income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted investments; impairment of assets (reversals); results on disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA; and results from co-participation agreements in bid areas).

**Adjusted EBITDA margin:** Adjusted EBITDA divided by sales revenues.

**Average capital employed:** quarterly average considering inventories, intangibles and fixed assets at historical exchange rates.

C

**CAPEX – Capital Expenditure:** investments that encompasses acquisition of property, plant, and equipment, including costs with leasing, intangible assets, investments in subsidiaries and affiliates, costs with geology and geophysics and pre-operating costs.

E

**Exploration & Production (E&P): The** segment covers the exploration, development and production of crude oil, NGL and natural gas in Brazil and abroad, with the main aim of supplying our domestic refineries. This segment also operates through partnerships with other companies, including interests in foreign companies in this segment.

F

**Free cash flow:** Corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. Free cash flow is not defined under the IFRS Accounting Standards and should not be considered in isolation or as a substitute for cash and cash equivalents calculated in accordance with IFRS Accounting Standards. It may not be comparable to free cash flow of other companies, however management believes that it is an appropriate supplemental measure to assess our liquidity and supports leverage management.

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 38 |

---

G

**Gas & Low Carbon Energy (G&LCE):** The segment covers the logistics and commercialization of natural gas and electricity, the transportation and commercialization of LNG, the generation of electricity through thermoelectric plants, as well as the processing of natural gas. It also includes renewable energy businesses, low carbon services (carbon capture, utilization and storage) and the production of biodiesel and its products.

I

**Investments:** Capital expenditures based on the cost assumptions and financial methodology adopted in our Strategic Plan, which include acquisition of PP&E, including expenses with leasing, intangibles assets, investment in investees and other items that do not necessarily qualify as cash flows used in investing activities, primarily geological and geophysical expenses, pre-operating charges, purchase of property, plant and equipment on credit and borrowing costs directly attributable to works in progress.

**Investments in E&P:** In the E&P segment, investment projects are classified as: a) production development; b) exploration and c) others. See the details:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Production Development (PD)</u> 

Projects aimed at enabling the production activities of new oil or gas fields, or the revitalization of fields already in production through new production systems and/or onshore facilities.

This includes complementary development projects intended to increase the recovery factor in fields with declining production, without the installation of new production systems.

Other projects in the Production Development include: asset acquisition projects linked to new production systems; quantitative risk analysis wells in development areas; and investments in the production development of non-operated fields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exploration (EXP)</u> 

Exploration projects aim to incorporate oil and gas reserves in a resilient way, from an economical and carbon emission perspective, generating value in the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) They are classified into types such as: Geological Interpretation Regional
Studies, Block, Discovery Appraisal, Ring Fence (RF), Reservoir Data Acquisition (RDA) and Extended Well Tests (EWT). <u>Others</u> 

Projects required to implement essential infrastructure needed to enable other investment projects, as well as operations.

Examples include upgrades to operational infrastructure, scheduled shutdowns, acquisition of capital goods, IT and communications improvements, inspections and pipeline replacements due to SCC-CO<sub>2</sub>, new platforms pre-operational costs, among others.

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 39 |

---

L

**Leverage:** Ratio between the Net Debt and the sum of Net Debt and Shareholders' Equity. Leverage is not a measure defined in 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.

**Lifting Cost:** An indicator that represents the lifting cost per barrel of oil equivalent, considering the ratio between production and costs. It includes expenses for the execution and maintenance of production. Costs related to the leasing of third-party platforms, production taxes, and depreciation, depletion, and amortization are not considered in this indicator.

**Lifting Cost + Leases:** An indicator that includes costs related to the leasing of third-party platforms in the calculation of Lifting Cost. Costs related to production taxes and depreciation, depletion, and amortization are not considered.

**Lifting Cost + Production Taxes:** An indicator that includes costs related to production taxes in the calculation of Lifting Cost. Costs related to the leasing of third-party platforms and depreciation, depletion, and amortization are not considered.

**Lifting Cost + Production Taxes + Leases:** An indicator that includes costs related to the leasing of third-party platforms and production taxes in the calculation of Lifting Cost. Costs related to depreciation, depletion, and amortization are not considered.

**LTM Adjusted EBITDA:** Sum of the last 12 months (Last Twelve Months) of Adjusted EBITDA. This metric is not foreseen in the international accounting standards - IFRS Accounting Standards and it is possible that it is not comparable with similar indexes reported by other companies, however Management believes that it is supplementary information to assess liquidity and helps manage leverage. Adjusted EBITDA should be considered in conjunction with other metrics to better understand the Company's liquidity.

N

**Net Debt:** Gross debt less adjusted cash and cash equivalents. Net debt is not a measure defined in the IFRS Accounting Standards and should not be considered in isolation or as a substitute for total long-term debt calculated in accordance with IFRS Accounting Standards. Our calculation of net debt may not be comparable to the calculation of net debt by other companies, however our management believes that net debt is an appropriate supplemental measure that helps investors assess our liquidity and supports leverage management.

**Net Income by Business Segment:** The information by the company's business segment is prepared based on available financial information that is directly attributable to the segment or that can be allocated on a reasonable basis, being presented by business activities used by the Executive Board to make resource allocation decisions. and performance evaluation. When calculating segmented results, transactions with third parties, including jointly controlled and associated companies, and transfers between business segments are considered. Transactions between business segments are valued at internal transfer prices calculated based on methodologies that take into account market parameters, and these transactions are eliminated, outside the business segments, for the purpose of reconciling the segmented information with the consolidated financial statements of the company. company.

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 40 |

---

O

**Operating profit after taxes:** Adjusted EBITDA, minus DD&A of assets booked at historical exchange rates and 34% income tax rate.

R

**Refining, Transportation and Marketing (RTM):** The segment covers refining, logistics, transportation, acquisition and export of crude oil, as well as trading in oil products in Brazil and abroad. This segment also includes petrochemical operations (involving interests in petrochemical companies in Brazil) and fertilizer production.

**ROCE:** operating profit after taxes / average capital employed, both measured in US$ on a LTM basis

---

| | |
|:---|:---|
| ![](pbrrmf2q25usd6k_003.jpg) | Performance Report 2Q25 I 41 |

---

![](pbrrmf2q25usd6k_016.jpg)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 8, 2025

**PETRÓLEO BRASILEIRO S.A–PETROBRAS<br>** <br> By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer