Q4 2025 Petroleo Brasileiro SA Petrobras Earnings Call

March 6, 2026

Speaker #1: Webcast for our results, the fourth Q for this year. It's a pleasure to be with you. This event will be presented in Portuguese with a simultaneous translation into English.

Fernando Melgarejo: Foi pra testar o inglês, é isso?

Eduardo de Nardi Ros: Webcast for our results, the Q4 for this year. It's a pleasure to be with you. This event will be presented in Portuguese with a simultaneous translation into English, and the links to both languages can be found on our website, the investor relations website. I'd also like to say that all participants will be able to watch the broadcast online as listeners, and after the introduction, there'll be a Q&A session as usual, and you can send your questions to our email. With us today, we have Magda Chambriard, the President of Petrobras. Alvaro Tupiaçu, the President of Gas and Energy, on behalf of Angélica Laureano, our Executive Officer for Energy Transition and Sustainability. Clarice Coppetti, Executive Officer for Corporate Matters. Carlos Schlosser, Director of Logistics. Fernando Melgarejo, the Financial Executive Director of Investor Relations. Renata Baruzzi, Executive Officer, Engineering, Technology and Innovation.

Speaker #1: And the links to both languages can be found on our Relations website. I'd also like to say that all participants will be able to watch the broadcast online, as listeners, and after the introduction there'll be a Q&A session, as usual.

Speaker #1: And you can send your questions to email. With us today, we have Magda, our PETROBRAS. Alberto Piazzu, the President of Gas and Energy. On behalf of Angelica Loriano, our Executive Director of Energy Transition and Sustainability.

Magda Chambriard: Webcast for our results, the Q4 for this year. It's a pleasure to be with you. This event will be presented in Portuguese with a simultaneous translation into English, and the links to both languages can be found on our website, the investor relations website. I'd also like to say that all participants will be able to watch the broadcast online as listeners, and after the introduction, there'll be a Q&A session as usual, and you can send your questions to our email. With us today, we have Magda Chambriard, the President of Petrobras. Alvaro Tupiaçu, the President of Gas and Energy, on behalf of Angélica Laureano, our Executive Officer for Energy Transition and Sustainability. Clarice Coppetti, Executive Officer for Corporate Matters. Carlos Schlosser, Director of Logistics. Fernando Melgarejo, the Financial Executive Director of Investor Relations. Renata Baruzzi, Executive Officer, Engineering, Technology and Innovation.

College Lobster.

Magda Chambriard: Kai Wagner, Director of Governance and Compliance. Silvia Anjos, Director of Exploration and Production. William França, Director of Industrial Processes and Products. Now I will give the floor to our President, Magda Chambriard, for her initial considerations. Ladies and gentlemen, good morning. It's a pleasure to be with you to present our results for 2025 and for the Q4 of the same year. We are extremely proud of our results, and that's why I say, and I repeat, that if you place your bets against Petrobras, you're going to lose. We keep saying that. Having said that, let's now start out by saying that 2025, as you saw, was an unprecedented year in terms of the production growth in Petrobras.

Eduardo de Nardi Ros: Kai Wagner, Director of Governance and Compliance. Silvia Anjos, Director of Exploration and Production. William França, Director of Industrial Processes and Products. Now I will give the floor to our President, Magda Chambriard, for her initial considerations.

Magda Chambriard: Ladies and gentlemen, good morning. It's a pleasure to be with you to present our results for 2025 and for the Q4 of the same year. We are extremely proud of our results, and that's why I say, and I repeat, that if you place your bets against Petrobras, you're going to lose. We keep saying that.

It's a pleasure to be with you to present our results for 2025 and for the, uh, fourth quarter of the same year.

And for the, uh, Q4 of the same year.

We are extremely proud of our results, and that's why I say:

And I repeat that: if you place your bets against Petrobras, you're going to lose.

Magda Chambriard: Having said that, let's now start out by saying that 2025, as you saw, was an unprecedented year in terms of the production growth in Petrobras. As you could see, over the course of the quarters, there was a constant increase in production, which is the result of a technical, secure, well-executed job done by our teams. Which work in an absolutely integrated manner, guaranteeing efficiency and the best possible use of our ore in our facilities, of our beds in our facilities. First, I'd like to remind you that the brand did not help us. The oil prices had, they plummeted. It was the growth of our production that allowed us to mitigate this drop in production. There was a big drop in the oil prices. We delivered an additional 11% in terms of production in 2025 when compared to 2024.

And we keep saying that.

Having said that?

Let's now.

start out by saying that a 2025 as you saw was an unprecedented year in terms of the

start out by saying that at 2025 as you saw was an unprecedented year in terms of the

Magda Chambriard: As you could see, over the course of the quarters, there was a constant increase in production, which is the result of a technical, secure, well-executed job done by our teams. Which work in an absolutely integrated manner, guaranteeing efficiency and the best possible use of our ore in our facilities, of our beds in our facilities. First, I'd like to remind you that the brand did not help us. The oil prices had, they plummeted. It was the growth of our production that allowed us to mitigate this drop in production. There was a big drop in the oil prices. We delivered an additional 11% in terms of production in 2025 when compared to 2024.

Production growth in Petrobras, as you could see over the course of the quarters, there was a constant increase in production, which is the result of a technically secure, well-executed job done by our teams.

Production growth in Petrobras. As you could see over the course of the quarters, there was a constant increase in production, which is the result of a technically secure, well-executed job done by our teams.

Which work in an absolutely integrated manner, guaranteeing efficiency.

and the best possible use of our

Or in our facilities.

That allowed us to mitigate this job in production. That was a big drop in the oil prices, but we delivered an additional 11% in terms of production in 2025, when compared to 2024.

Magda Chambriard: Achieving and surpassing our goals has been a constant thing at the company in terms of refining capacity, platform production, and oil exploration goals or goals around the allocation of new products to new markets. I want to highlight a few of our records. The Búzios field platforms surpassed the operated production milestone of 1 million barrels per day in October 2025. Therefore, it's a goal that was surpassed before the deadline. The Tupã-Iraçemá field also reached 1 million barrels per day, and we're proud to say that this happened on 31 December 2025. Showing that the Petrobras team is hands-on 24/7. We're repeating in Tupã-Iraçemá the historical milestone we reached in 2019. When it comes to non-renewable energy, we should pay attention to this feat.

Achieving and surpassing our goals has been a constant thing at the company in terms of refining capacity, platform production, and oil exploration goals, or goals around the allocation of new products to new markets. So, I want to highlight a few of our records.

The booze use field platforms.

Surpassed.

The operated production milestone of 1 million barrels per day is expected in October 2025, and therefore, it's

the operated production, milestone of 1 million barrels per day, in October 2025, and therefore, its

A goal that was surpassed before the deadline, the TOPI SEMA field also reached the 1 million barrels per day, and we're proud to say that this happened on December 31, 2025.

A goal that was surpassed before the deadline—the Tiara SEMA field also reached the 1 million barrels per day mark, and we're proud to say that this happened on December 31, 2025.

showing that the uh patch of brass team is a 24 is hands on 24/7. We're repeating into Peter simma. The historical Milestone we've reached in 2019

Showing that the Petrobras team is at 24, is heads. On 24/7, we're repeating into Peter Simma. The historical milestone we've reached in 2019.

Magda Chambriard: It was a declining field, a huge field that had been declining since 2019, that was able to go back to production levels, making Petrobras proud. To have two oil fields that produce more than 1 million barrels per day in the pre-salt sector. More oil means more cash flow, more investment capacity, more taxes, and more dividends. We are proud of having surpassed these goals. We've been working hard to achieve them and to surpass other goals, and we'll move forward, accelerating deliveries whenever we have the opportunity, with a full focus on safety, operational excellence, and capital discipline. A recent example of this efficient approach was the completion of the anchoring of P-79. P-79 was the latest platform to arrive in Brazil, in the last few days of this year.

When it comes to non-renewable energy, uh, we should pay attention to this field. It was a declining field, a huge field that had been declining since 2019 that, uh, was able to, uh, go back to production levels.

When it comes to non-renewable energy, uh, we should pay attention to this field. It was a declining field, a huge field that—that has been declining since 2019—that, uh, was able to, uh, go back to production levels.

Making petrol breast proud.

Making petrol breast crowd.

To have two oil fields that produce more than 1 million barrels per day in the pre-salt sector—and more oil means more cash flow, more investment capacity, more taxes, and more dividends.

Pass to these goals. We've been working hard to achieve them, and to surpass other goals, and we'll move forward, accelerating deliveries whenever we have the opportunity.

We are proud of having surpassed these goals. We've been working hard to achieve them, and to surpass other goals, and will move forward, accelerating deliveries whenever we have the opportunity.

With the full focus on.

Safety, operational excellence, and capital discipline. A recent example of this.

An efficient approach was the conclusion; the completion of the anchoring of P-79. P-79 was the latest platform to arrive in Brazil.

Magda Chambriard: After arriving, it was anchored in a record-breaking period of 12 days, with 26 anchoring systems connected, once again proving that we operate with excellence, planning, integration across the teams in everything we do. P-79 is already moored, soon it will start to operate. If we look at 2025, I need to highlight that we delivered our facilities before the deadlines. We delivered the contracts for refineries below the intended price. With that, every day, we've been producing more, we've been producing better with fewer resources. This is Petrobras' constant search for excellence. We used to say that tomorrow needs to be better than today undoubtedly has been better than yesterday. We also had great news about our oil and gas reserves.

In the last few days of this year, and after arriving, it was anchored.

once again, proving

Integration across the teams.

And everything we do, page 79, is already medium and soon.

if we look at 2025,

I need to highlight that we delivered our

Facilities. Uh, before the deadlines, we delivered.

the uh,

and,

Every day, we've been producing more; we've been producing better with fewer resources, and this is

We used to say that tomorrow needs to be better than today, and today, undoubtedly, has been better than yesterday.

Magda Chambriard: In 2025, we incorporated 1.7 billion oil barrels, which allowed us to achieve the highest number of proven reserves at the company for the last 10 years. We're proud of this milestone, especially because last year we achieved record-breaking production levels, record-breaking exporting levels. Nonetheless, we guaranteed a record-breaking level of reserve replacement. Our reserve replacement level and our generation of proven reserves and production have been much higher than those of our peers across the industry. In 2025, as I said, in terms of oil exportation, exporting, it was 675,000 barrels exported per day in a year.

We also had great news about our oil and gas reserves in 2025. We incorporated 1.7 billion.

Oil barrels, which allowed us to achieve the, uh, highest number of proven reserves at the company for the last 10 years. We're proud of this milestone, especially because last year, we achieved record-breaking production levels and record-breaking exporting levels, and

Oil barrels, which allowed us to achieve the highest number of proven reserves at the company for the last 10 years. We're proud of this milestone, especially because last year we achieved record-breaking production levels, record-breaking exporting levels, and

Nonetheless, we guarantee a record-breaking level of reserve replacement. Our

Nonetheless, uh, we guaranteed a record-breaking level of reserve replacement. Our

Reserve replacement level, and our generation of proven reserves and, uh, production.

have been much higher than those of our peers across the industry in 2025. As I said, in terms of oil exportation—exporting—uh, it was 675,000 barrels exported per day in a year.

Magda Chambriard: In the last quarter of the year, the average was of almost 1 million barrels per day, which is the result of our logistic efficiency in relieving our platforms and of a continuous work towards developing new markets. When I refer to almost 1 million barrels exported in the Q4 2025, I'm proud to say that it was almost because it was 999,000 barrels per day. We almost hit the 1 million mark, developing new markets, logistic efficiency to allow for these exporting levels, new high-quality products sent to the market. Refineries achieving a utilization factor of 92% with almost 70% of the production being comprised by diesel, gasoline, and QAV, which are our highest added value byproducts, which contributed hugely to value generation and to our sales.

And the last quarter of the year, the average was almost 1 million barrels per day, which is the result of our logistic efficiency in, uh, relieving our platforms and of continuous work towards developing new markets.

In the last quarter of the year, the average was almost 1 million barrels per day, which is the result of our logistic efficiency in, uh, relieving our platforms and of a continuous work towards developing new markets.

When I refer to almost 1 million barrels exported in the fourth quarter of 2025, I’m proud to say that it was almost, because it was 999,000 barrels per day.

When I refer to almost 1 million barrels being exported in the fourth quarter of 2025, I'm proud to say that it was almost, because it was 999,000 barrels per day.

Magda Chambriard: You can see that in spite of the drop in the oil prices, we delivered robust results. With the production, with the drop in production mitigated by the increased production and by the excellent performance of our refineries and by, the expansion of the markets to our most valuable products. As I said, we sold 1,747,000 barrels per day worth of byproducts in the internal market. 1.43% higher than, the same year, the same period of the previous year. That was fostered by gasoline and QAV that accounted for 74% of our sales. The sales of QAV aviation fuel saw an increase of 6% in the year, reaching the best performance level of the last 6 years.

With the drop in production, mitigated by the increased production and by the excellent performance of our refineries and by the expansion of the markets for our most valuable products. As I said,

We sold 1,747,000 bellows per day worth of byproducts in the internal market.

Reaching.

43,000 higher than, uh, the same year, uh, the same period of the previous year. And that was fostered by gasoline and QAV that accounted for 75-74% of our sales. The sales of QAV aviation fuel saw an increase of 6% in the year, reaching

Magda Chambriard: We keep on expanding the S10 diesel production, a high value-added diesel. We've been advancing in the production of renewable content fuels. Our diesel containing 5% to 10% of renewable content is a reality that's being increasingly accepted by our market. We started by producing a Sustainable Aviation Fuel, SAF, at the Duque de Caxias and Henrique Lage refineries. At Presidente Bernardes, we started the contracts for the construction of this first plant dedicated to the production of SAF and green diesel. In addition to that, we, for the first time, delivered in 2025, a bunker with a renewable content to the Asian market.

The best performance level of the last 6 years. We keep on expanding the S10, diesel production, a high value, added Diesel, and we've been advancing in the production of, uh, renewable content fuels, our diesel containing 5 to 10% of renewable. Content is a reality that's being increasingly, uh, accepted by our Market. We started by prod producing, a sustainable aviation fuel, uh, staff at the

Duke Cashiers and Enrique Refineries at President Bernardi's. Uh, we

Started.

the uh,

Magda Chambriard: I've had the possibility to tell you that in the previous quarter, but we're making good money by offering bunker or navigation fuel with a 24% content of renewable fuel in the Asian market. It's a good amount of money with all of the batches having been sold quickly at high levels. In the gas market, we also had great news. The second module of the Boaventura complex unit for processing natural gas started to operate last year, increasing the total processing capacity of the unit to 21 million cubic meters per day. We reached the milestone of 6.6 million cubic meters per day in terms of gas volume contracted in the inflexible modality. This is what a free market looks like. Doubling the client database of Petrobras while still keeping our excellent service levels.

I've had the possibility to tell you that in the previous quarter, but we're making good money.

Offering bunker or navigation fuel with a 24% content of renewable fuel in the Asian market. It's a good amount of money, with all of the batches having been sold quickly at high levels in the gas market. We also had great news: the second module of the above Ventura complex unit for processing natural gas started to operate last year, increasing the total processing capacity of the unit to 21 million cubic meters per day.

We reached the milestone of 6.6 million cubic meters per day.

This is what a free market looks like.

Magda Chambriard: This means that Brazilian companies keep on believing and betting that Petrobras is their main natural gas provider in Brazil. We will still have big growth opportunities with value generation moving forward. We've been able to combine a high-quality portfolio with high returns, with an administration strategy based on discipline and capital, increased operational efficiency. Petrobras is imbued with a strong purpose, which is to make this company increasingly bigger, growing along with Brazil, delivering to Brazilian society and its investors, be they state-owned or private, the best the company has to offer. We are building a company that is profitable, increasingly diversified, and prepared to lead a just energy transition, as well as prepared to fight the volatility of such an unstable oil market as the one that we are now facing, generating return for our shareholders and wealth and development for Brazil.

And doubling the client database of Petrobras while still keeping our excellent service levels. This means that Brazilian companies keep on believing and betting that Petrobras is their main

We will still have a big growth opportunity with value generation moving forward. We've been able to combine, uh, a high-quality portfolio with high returns, with an administration strategy based on discipline and capital increased.

is imbued with the, uh, strong purpose, which is

To make this company, increasingly bigger, growing along with Brazil, delivering to Brazilian society and its investors, be they state-owned or private, the best the company has to offer.

We are building a company that is.

Profitable, increasingly diversified, and prepared to lead a just energy transition.

As well as prepared.

To fight the volatility.

Of.

Magda Chambriard: I wanna thank you all for your trust. I reiterate that Petrobras' commitment is towards an even better future for the company and for Brazil. Before wrapping up, I want to say it again. If you place your bets against Petrobras, you're certainly going to lose. I'm proud to say that. Thank you for your presence. Now I'll give the floor to our CFO, Fernando Melgarejo, who will have the honor to disclose on our behalf the financial results, which we're all very proud of. Thank you. Thank you, Magda, for your introduction. I wanna greet all of the directors and everybody that's watching us on this webcast, which discloses the results of the Q4 of 2025 and the year-end closing for 2025.

Return for our shareholders, and wealth and development for Brazil. I want to thank you all for your trust, and I reiterate that, uh, Petrobras' commitment is towards an even, uh, better future for the company and for Brazil. Before wrapping up, I want to say it again: if you place your bets against Petrobras, you're certainly going to lose. I'm proud to say that. Thank you for your presence. And now I'll give the floor to our

Return for our shareholders and wealth and development for Brazil. I want to thank you all for your trust, and I reiterate that, uh, Petrobras's commitment is towards an even, uh, better future for the company and for Brazil. Before wrapping up, I want to say it again: if you place your bets against Petrobras, you're certainly going to lose. I'm proud to say that. Thank you for your presence. And now I'll give the floor to our...

CFO Fernando Melgarejo, who will have the honor.

To.

Disclose.

On our behalf.

Fernando Melgarejo: Thank you. Thank you, Magda, for your introduction. I wanna greet all of the directors and everybody that's watching us on this webcast, which discloses the results of the Q4 of 2025 and the year-end closing for 2025.

The financial results, which we are all very proud of. Thank you. Thank you for your

The financial results, which we're all very proud of. Thank you. Thank you for your

I want to.

Good morning to all of the directors and everybody that's watching us on this webcast.

Magda Chambriard: As President Magda said, we had an unprecedented growth in the oil and gas production in the company, which reinforces the quality of our assets as well as our capacity to have a strong cash flow generation, even in face of challenging scenarios. Let's see how this reflected in our financial results in the next slide. First, let's talk about the external environment. The average Brent in 2025 was $69 per barrel, a 14% drop compared to 2024, and well below our expectations. These are factors that, by their nature, are outside of our control. What we can and should manage is our resilience in the most diverse scenarios. For that, we demonstrated the company's management capacity to extract the maximum potential from our assets. Later, we'll talk about the management levers and projects that boosted production.

Fernando Melgarejo: As President Magda said, we had an unprecedented growth in the oil and gas production in the company, which reinforces the quality of our assets as well as our capacity to have a strong cash flow generation, even in face of challenging scenarios. Let's see how this reflected in our financial results in the next slide. First, let's talk about the external environment. The average Brent in 2025 was $69 per barrel, a 14% drop compared to 2024, and well below our expectations. These are factors that, by their nature, are outside of our control. What we can and should manage is our resilience in the most diverse scenarios. For that, we demonstrated the company's management capacity to extract the maximum potential from our assets. Later, we'll talk about the management levers and projects that boosted production.

Let's talk about the external environment. The average Brent in 2025 was $69 per barrel, a 14% drop compared to 2024, and well below our expectations.

Magda Chambriard: Our adjusted EBITDA reached $42.5 billion without considering exclusive events. The amount is $43.8 billion, which is in line with the previous year. Net income reached $19.6 billion. Without exclusive events, it's at $18.1 billion. Here, we left out gains from exchange rate variations and other factors that do not have a cash effect. In other quarters, exchange rate variation negatively impacted the balance sheet. This time, the impact was positive on the corporate result, reflecting the appreciation of the real against the dollar. Finally, in terms of operating cash flow, even though we are facing a scenario of a plummet in the Brent, we generated $36 billion in operating cash during the year, maintaining the results at the same level as last year, challenged by a 14% drop in Brent.

Fernando Melgarejo: Our adjusted EBITDA reached $42.5 billion without considering exclusive events. The amount is $43.8 billion, which is in line with the previous year. Net income reached $19.6 billion. Without exclusive events, it's at $18.1 billion. Here, we left out gains from exchange rate variations and other factors that do not have a cash effect. In other quarters, exchange rate variation negatively impacted the balance sheet. This time, the impact was positive on the corporate result, reflecting the appreciation of the real against the dollar. Finally, in terms of operating cash flow, even though we are facing a scenario of a plummet in the Brent, we generated $36 billion in operating cash during the year, maintaining the results at the same level as last year, challenged by a 14% drop in Brent.

For that, we demonstrated the company's management capacity to extract the maximum potential from our assets. Later, we'll talk about the management levers and projects that boosted production—our adjusted a bit. Reached the 42.5%, the amount is $43.8 billion, which is in line with the previous year. Net income reached $19.6 billion, without exclusive events. It's

For that, we demonstrated the company's management capacity to extract the maximum potential from our assets. Later, we'll talk about the management levers and projects that boosted production. Our adjusted EBIT reached the 42.5% exclusive events. The amount is $43.8 billion, which is in line with the previous year. Net income reached $19.6 billion without exclusive events. It's

At $18.1 billion here, we, uh, left out gains from exchange rate variations and other factors that do not have a cash effect. In other quarters, exchange rate variation negatively impacted the balance sheet. This time, the impact was positive on the corporate result, reflecting the appreciation of the real against the dollar.

Finally, in terms of operating cash flow,

Magda Chambriard: Which demonstrates that our result is robust, sustained by quality assets with high returns and rapid cash generation. This slide shows how we delivered these results, even though there was this drop in Brent. In 2025, we recorded a growth in the sales of derivatives in the domestic market, totaling 1.7 million barrels per day. I wish to highlight the 5.2% increase in diesel sales, a result that reinforces our competitiveness and capacity to meet the demand of the Brazilian market with profitability. We achieved a refinery utilization factor of 91%, with 68% of the production being comprised of higher value-added derivatives such as diesel, gasoline, and QAV.

Fernando Melgarejo: Which demonstrates that our result is robust, sustained by quality assets with high returns and rapid cash generation. This slide shows how we delivered these results, even though there was this drop in Brent. In 2025, we recorded a growth in the sales of derivatives in the domestic market, totaling 1.7 million barrels per day. I wish to highlight the 5.2% increase in diesel sales, a result that reinforces our competitiveness and capacity to meet the demand of the Brazilian market with profitability. We achieved a refinery utilization factor of 91%, with 68% of the production being comprised of higher value-added derivatives such as diesel, gasoline, and QAV.

Even though we are facing a scenario of a plummet in the brand, we generated $36 billion in operating cash during the year. Maintaining the results at the same level as last year, challenged by a 14% drop in brand, demonstrates that our result is robust, sustained by quality assets with high returns and rapid cash generation.

Magda Chambriard: Another important aspect is that 70% of the oil processed in our refineries came from the pre-salt, which contributed to the generation of higher value derivatives, reduction of emissions, and to our logistical optimization. This result is aligned with our commitment to sustainability and environmental responsibility.

Fernando Melgarejo: Another important aspect is that 70% of the oil processed in our refineries came from the pre-salt, which contributed to the generation of higher value derivatives, reduction of emissions, and to our logistical optimization. This result is aligned with our commitment to sustainability and environmental responsibility.

This slide shows how we delivered these results. Even though there was this drop in brand in 2025, we recorded a growth in the sales of derivatives in the domestic market, totaling 1.7 million barrels per day. I wish to highlight the 52% increase in diesel sales, a result that reinforces our competitiveness and capacity to meet the demand of the Brazilian market with profitability. We achieved a refinery utilization factor of 91%, with 68% of the production being comprised of higher value-added derivatives such as diesel, gasoline, and QAV. Another important aspect is that 70% of the oil processed in our refineries came from the pre-salt, which contributed to the generation of higher value derivatives and the reduction of emissions.

And to our, uh, logistical optimization. This result is aligned with our commitment to sustainability and environmental responsibility.

Fernando Melgarejo: A key factor for offsetting Brent falls is what we achieved in 2025. We exceeded our target. We have an X-ray of this 11% increase of our production in 2025, and the new production of the pre-salt had a vital role in these results. Búzios still delivers more than expected with productivity levels that are very high. In October 2025, Camboa platforms reached a record of 1 million barrels of oil a day. The Tamandaré, as you know, is now the platform with the highest production in Brazil, with over 240 barrels a day. The platform reached a record of instant flow rate of 270,000 barrels a day. We have no records of a similar level, production level worldwide.

The combo platforms reached a record of 1 million barrels of oil a day in the Tundra. As you know, it is now the platform with the highest production in Brazil, with over 200,240 barrels a day.

Fernando Melgarejo: In Mero, we hit another record, 650 million barrels, and we increased our operating efficiency everywhere. Between 2024 and 2025, we reached an increase in efficiency of about 4 percentage points, and this represents additional production of 100,000 barrels of oil a day. This efficiency gains is equivalent to a startup, a new production like the Maria Quitéria and the Jubarte oil field. In other words, we're delivering a new platform, production platform with just this efficiency increase. That means more oil with the same assets. With that result, we want more. We are committed to doing more with less. That is for everyone here, all the officers here and our employees. That's why we have programs for operating efficiency and also to reduce losses that can be avoided.

Record of instant flow rate up to 170 million barrels a day. We have no records of a similar production level worldwide. Tomorrow, we hit another record: 650 million.

Barrels, and we increased our operating efficiency everywhere between 2024 and 2025. We reached an increase in efficiency of about 4 percentage points, and this represents additional production of 100,000 barrels of oil a day.

A startup, a new production like the Maria criteria in their Shabati oil field. In other words, we're delivering a new production platform with just this efficiency increase. So that means more oil with the same assets, and with that result. We want more, we are committed to doing more with less.

So, that is for everyone here—all the officers here.

Fernando Melgarejo: These goals, our teams have reached a new efficient operating efficiency level at Petrobras. Next, please. From the beginning of our management, we have put efforts into changing the behavior of what was found in our investment. In the previous years, until 2023, we invested about 70% of our CapEx, and now we recently changed. In 2024 and 2025, our focus was on a profitable production increase. Our investment impacts much more than the deliveries of 2025, and that means our long-term commitment. For example, the tie-in of 77 oil wells, that was a historical milestone. Before the top number was 57. We more than doubled what we had before.

Our employees—that's why we have programs for operating efficiency and also to reduce losses that can be avoided. This

Goals are, teams have reached a new, efficient operating efficiency level at Petrobras next, please.

from the beginning of our management.

Uh, invested about 70% but of our capex and now recently changed in 2024 and 2020 5. Our Focus was on a profitable production, increase our investment impacts much more than the deliveries of 2025, and that means our long, uh, term commitment. For example, the tie in of 777 oil wells, that was a historical Milestone, but before the top number was 57. So we over

Fernando Melgarejo: We also reduced the risk of delays and increased the likelihood of anticipation. This is something we've already discussed it before about anticipations and forecasts of anticipations. This is crucial for us to reach our production growth on our business plan. Next, please. This is why 84% of our investment was allocated in exploration and production, as we can see. 11% in RTM and 2% in low carbon energy. In other words, BRL 17 billion in E&P with the best portfolio in the world. We'd also like to stress that the cost of our execution projects. We're in control of that. We should know that all these anticipation of project, that is something I've always worked for. We've always avoided, as we can see on the table, a full live CapEx of our current business plan.

We've more than doubled what we had before. We also reduced the risk of delays and increased the likelihood of anticipation. And this is something we've already discussed before—about anticipations and forecasts of anticipations. This is crucial for us to reach our production growth on our business plan. Next, please.

We're more than doubled what we had before. We also reduced the risk of delays and increased the likelihood of anticipation. And this is something that we've already discussed before, about anticipations and forecasts of anticipations. This is crucial for us to reach our production growth on our business plan. Next, please.

This is why 84% of our investment.

Was allocated in Exploration and Production, as we can see, so 11% in.

A RTM and 2% in low carbon energy. In other words, $17 billion in ENT with the best portfolio in the world.

Was allocated in Exploration and Production, as we can see. So, 11% in RTM and 2% in Low Carbon Energy. In other words, $17 billion in INTP, with the best portfolio in the world.

With, also, like the stress that the cost of our execution projects are in, we're in control of that.

Fernando Melgarejo: Projects are slightly lower than the same period in 2025, 2029. Next. Now, on this slide, we have great news that we announced at the beginning of the year about our reserves. We added 1.7 additional reserve barrels. That led us to have the highest reserves volume in the last 10 years. That's between 21 December 2025, and the replacement rate was 175%. Even considering a record production in 2025. The ratio between probable reserve and the production is above what we expect. Above what our peers are. We have low cost, and this will remain our priority. On 31 December 2025, we had BRL 69.8 billion that are gross debt.

We should know that all this anticipation of projects is something we've always, uh, worked for. We've always avoided it. As we can see on the table, a full-life Catholic—of our current business plan, projects are slightly lower than the same period in 2025–29.

Next.

No on this slide.

We have great news that we announced at the beginning of the year about our reserves. We added 1.7 additional reserved barrels, and that led us to have the highest reserves volume in the last 10 years.

December, or December 25, 2120. And the replacement rate was 175% if you consider a record production in 2025,

So, and that's between December, oh, December 21 to 25. The replacement rate was 175% if you consider a record production in 2025,

and the ratio between,

And the ratio between a probable reserve and the production is, uh, below—above what we expect, above what our peers are.

A probable reserve and the production is uh, below above what we expect above, what our peers are.

So, we have low cost.

So we have low cost in this will be our remain, our priority.

And this will be our remain, our priority.

Between, uh, December on December 31st 2025. We had 69.8 billion that are gross debt

Between, uh, December—on December 31st, 2025, we had $69.8 billion that are gross debt.

Fernando Melgarejo: We should highlight that over 60% of our debt, in fact, 62% comes from leasing. Platforms also, ships and probes, that's part of our debt. In 2025, the Almirante Tamandaré recorded $2.6 billion in debt and the Alexandre de Gusmão another $0.4 billion. Sorry, $1.1 billion. On our webcast, we should remind you that these new leasing installments lead to production-generating assets. In other words, it generates income. The two additional platforms added 270 barrels a day in capacity only for Petrobras. When you look at our financial debt, we're still working our, on our debt management. Along 2025, we were the lowest debt profile.

We should highlight that over 60% of our debt. In fact, 62% comes from leasing the platforms. Also, uh, ships and probes.

That's part of our debt in 2025,

The almirante tabare recorded 2.6 billion in debt in the election of Guzman and other point, uh, 4 billion.

Recorded 2.6 billion in debt in the election and other point 4 billion.

Uh, sorry 1.1 billion.

Sorry, 1.1 billion.

So on our webcast, we should remind you that these new leasing installments lead to production generating Assets. In other words, it generates income the 2 additional platforms added to 170 barrels a day in capacity, only for petrol grass. When you look at our financial debt,

Fernando Melgarejo: I also like to highlight very successful market, capital market operations that took place in December with our bonds that became more attractive and also liability management operations in Q4 with some free banking payments in banking. We had reductions in our debt from 2025 to 2026 in our... Next, please. This quarter, the board of directors approved a detailed report for the payout of 1.81 billion BRL 0.62 per share that were paid in two similar installments in May and June. This strategy is to generate value and to conciliate investment in high-yield projects. Then we can remunerate shareholders in a competitive fashion. With regard to what Petrobras is giving back to society, it cannot be held in a single slide.

We're still working our and our debt management along 2025, we want the lowest debt profile.

So on our webcast, we should remind you that these new leasing installments lead to production generating Assets. In other words, it generates income the 2 additional platforms added 270 barrels a day incapacity only 4 progress. When you look at our financial debt, we're still working our and our debt management along 20205, we want the lowest debt profile.

And I also like to highlight very successful Market, Capital market operations, that took place in December, with our bonds that became more attractive and also liability management operations in quarter, 4 with some free banking, uh, free payments in banking. So we had a reductions in our debt from 2025 to 2026 and

And I also like to highlight very successful Market, Capital market operations, that took place in, uh, December with our bonds, that became more attractive and also liability management operations in quarter, 4, with some free banking, uh, prepayments in banking. So we had a reductions in our debt from 2025 to 2026 in.

our, and

And next, please.

This quarter.

The board of directors approved.

This quarter, the board of directors approved.

A uh detailed report for the paying out of 1.81 billion, rails 62 cents per share that will paid in 2, similar installments in May and June this strategy is to generate value and to reconciliate investment and high yield projects.

a uh detailed report for the pay out of 1.81 billion rails 62 cents per share that will paid in 2 similar installments in May and June this strategy is to generate value and reconciliate investment in a high yield projects

And then, we can remunerate shareholders in a competitive fashion.

With regard to, uh, what petrol bras is giving back to society.

Fernando Melgarejo: Everything that is produced in this company, every platform, refinery, power plant, laboratory, for every social project generates consequences for many layers of society. We want a short summary that can cascade down on Brazilian economy. We start with the investment. In 2025, as we mentioned, we invested over BRL 20 million, increasing an increase of 22% with regard to 2024. We're committed to speeding up everything that we can to generate return to our investors and to society. This investment led to over 300,000 jobs. That's about 5% of Brazilian investment. Another example is BRL 277 billion. That's what we paid, including tax royalties and special interest to government, state, and local governments.

With regard to, uh, what petrol bras is giving back to society. It cannot be held in a single life. Everything that is produced in this company in every platform, Refinery power plan, uh,

It cannot be held in a single slide. Everything that is produced in this company, in every platform—refinery, power plant.

laboratory for every social project generates

Consequences for many, uh, layers of society. We want a short summary

that can Cascade down on Brazilian economy. So we start with the investment in 2025. As we mentioned, we invested over 20 million increasing, uh, an increase of 22%, uh, with regards to 2024, we're committed to speeding up everything that we can to generate uh, return to our investors. And to society, this investment led to

Fernando Melgarejo: We also distributed $45 billion in dividends, $17.6 billion for the controlling group. We also allocated $2 billion approximately in social environmental investments, sponsorships, and donations. These are some examples of our multiplying effect in Brazil. Finally, I'd now like to stress that we have high-quality projects that will deliver growth, both growth and profitability. The entire Brazilian society, as well as our shareholders, will enjoy long-term all these benefits. I'd also like to stress that we focus on executing our business plan from 2026 to 2030. We have three fronts. First, capital discipline. Number two, greater production, and number three, higher efficiency levels. This is what we will keep seeking throughout 2026. We want results and also economic development for this country. This is the end of my presentation. Thank you. All the top management is here.

Uh, over 300, uh, jobs—300,000 jobs. That's about 5% of Brazilian investment. Another example is 277 billion reais. That's what we paid, including tax, royalties, and special interests, uh, to government, state, and local governments. We also distributed 45 billion in dividends—17.6 billion for the controlling group—and we also allocated 2 billion approximately in social, environmental investment sponsorships, and don't...

Donations. These are some examples of our multiplying uh, effects in result, finally?

6, we want.

I'd now like to stress that we have high-quality projects that will deliver both growth and profitability. The entire Brazilian society, as well as our shareholders, will enjoy the long-term benefits of all these initiatives. I'd also like to stress that we are focused on executing our business plan from 2026 to 2030. We have three fronts: first, capital discipline; number two, greater production; and number three, higher efficiency levels. This is what we will keep seeking throughout 2026. We want...

Fernando Melgarejo: This is the end of my presentation. Thank you. All the top management is here. All the directors, officers are here to answer your questions. Eduardo.

Results and also economic development for this country.

So this is the end of my presentation. Thank you. Uh,

so, all the

Fernando Melgarejo: All the directors, officers are here to answer your questions. Eduardo. Thank you, Magda and Fernando. We will now start our Q&A session. The first question comes from Rodolfo Angele of JP Morgan. Rodolfo, can you hear us? You may proceed with your question. Hello, everyone. Thank you. Can you hear me? I hope so, right? Right. Good. I think every analyst is entitled to a single question. I'd like to discuss some of your earnings in further detail of Q4. As I cannot ask a long question, I'll just ask about your current scenario. In other words, what's going on in the oil and gas industry, considering the conflict in the Middle East? We've had questions by our clients on how the situation is, especially with regard to fuel.

Eduardo de Nardi Ros: Thank you, Magda and Fernando. We will now start our Q&A session. The first question comes from Rodolfo Angele of JP Morgan. Rodolfo, can you hear us? You may proceed with your question.

Top management is here all the, uh, directors officers are here to answer your questions Eduardo.

Top management is here; all the directors and officers are here to answer your questions, Eduardo.

Thank you, Magda and Fernando.

We will now start our Q&A session.

The first question comes from JP Morgan. Rodolfo, can you hear us? Can you? Uh, you may proceed.

The first question comes from Roo ngf JP Morgan. Rodulfo. Can you hear us? Can you uh you can you may proceed.

Rodolfo Angele: Hello, everyone. Thank you. Can you hear me? I hope so, right? Right. Good. I think every analyst is entitled to a single question. I'd like to discuss some of your earnings in further detail of Q4. As I cannot ask a long question, I'll just ask about your current scenario. In other words, what's going on in the oil and gas industry, considering the conflict in the Middle East? We've had questions by our clients on how the situation is, especially with regard to fuel.

With your question. Hello everyone. Thank you. Can you hear me? I hope so. Right.

Right. Good. So

I think every analyst is entitled to a single question. I'd like to discuss some of your, uh, earnings in further detail of Quarter 4. But as I cannot—I cannot ask a long question—I'll just ask about your current...

Is entitled to a single question. I'd like to discuss some of your uh earnings in further detail of a quarter uh 4. But as I cannot, I cannot ask a long question. I'll just ask about your current

Scenario. In other words, what's going on in the oil and gas industry considering the conflict in the Middle East?

We've had questions by our clients on how

we've had questions by our clients on how

Fernando Melgarejo: How is Petrobras preparing to work in this moment of uncertainty and also highly volatile prices? Now I'd like to hear from you, from Petrobras' top management, how you see your supply situation. Do you have any prospects, any strategy about prices? Can you give us your views? Is there anything going on in exports? Is it possible to increase the use of refineries in the short run? These are some of my concerns that I can ask of you, especially short-term concerns. Thank you. I'll start by answering the question, and then I'll ask the other officers to also give their answers in refining and finance. Yes, undoubtedly, this is a high geopolitical instability. At this moment, we want to make sure that the company is ready for any situation, anything that may happen.

Rodolfo Angele: How is Petrobras preparing to work in this moment of uncertainty and also highly volatile prices? Now I'd like to hear from you, from Petrobras' top management, how you see your supply situation. Do you have any prospects, any strategy about prices? Can you give us your views? Is there anything going on in exports? Is it possible to increase the use of refineries in the short run? These are some of my concerns that I can ask of you, especially short-term concerns. Thank you.

the situation is especially with regard to fuel. So how is Patrick Ross preparing to work in this moment of uncertainty and also highly volatile prices.

So, now I'd like to hear from you, from, uh, Petrobras's top management.

So now I'd like to hear from you, from, uh, Petrobras's top management.

How you see?

Your uh, Supply.

Your supply situation.

Do you have any prospects?

any strategy about prices,

Can you?

Give us your views.

Is there anything going on in exports?

Is it possible to increase the use of refineries in the short run?

so, these are some of my

Uh, concerns that I can ask of you.

Especially short-term concerns.

Thank you.

Magda Chambriard: I'll start by answering the question, and then I'll ask the other officers to also give their answers in refining and finance. Yes, undoubtedly, this is a high geopolitical instability. At this moment, we want to make sure that the company is ready for any situation, anything that may happen.

Thank you.

I'll start by answering the question, and then I'll ask the other officers to also give their answers in refining and finance.

I'll start by answering the question, and then I'll ask the other officers to also give their answers regarding refining and finance.

Yes, undoubtedly. This is a high geopolitical instability. So at this moment, we want to make sure that the company is ready for any situation. Anything that may happen.

Yes, undoubtedly. This is a time of high geopolitical instability. So at this moment, we want to make sure that the company is ready for any situation—anything that may happen.

Fernando Melgarejo: If it's $85 per barrel, we need to be prepared. If it's 55, we need to be equally prepared. I'd just like to remind you that we started last year with a oil price that was higher than $80, and we finished the year with less than $60, so that was $59. The company delivered its results and showed that it has remained resilient and faced this price variation accordingly. At the beginning of the year, this volatility was again very high as a result of the war. We still keep or stick to our internal policy, which remains solid. We looked at the oil and derivative pricings without transferring this volatility to the Brazilian domestic market. This is something we've been doing several times. Last year, we delivered a great result in terms of prices.

Magda Chambriard: If it's $85 per barrel, we need to be prepared. If it's 55, we need to be equally prepared. I'd just like to remind you that we started last year with a oil price that was higher than $80, and we finished the year with less than $60, so that was $59. The company delivered its results and showed that it has remained resilient and faced this price variation accordingly. At the beginning of the year, this volatility was again very high as a result of the war. We still keep or stick to our internal policy, which remains solid. We looked at the oil and derivative pricings without transferring this volatility to the Brazilian domestic market. This is something we've been doing several times. Last year, we delivered a great result in terms of prices.

So, if it's $85 per barrel, we need to be prepared. If it's $55, we need to be equally prepared.

So if it's 85 US dollars per barrel need to be prepared. If it's 55, we need to be equally prepared.

I just like to remind you that we started last year.

With a oil price, that was higher than $80. Uh, and we finished the year with less than $60. So that was 59 and the company delivered, its results.

With an oil price that was higher than $80, and we finished the year with less than $60—so that was $59—and the company delivered its results.

and so, it has remained resilient.

and so that it has remained resilient.

and faced this price variation accordingly.

At the beginning of the year, this volatility was, again, very high as a result of the war.

but we still uh keep or sick time, internal policy which remains solid

we looked at the, uh,

Oil and derivative pricings without transferring this volatility, to the Brazilian domestic market. And this is something we've been doing uh, several times. Last year we delivered, a great result in terms of prices,

Oil and derivative pricing without transferring this. Volatility, the Brazilian domestic market, and this is something we've been doing, uh, several times last year. We delivered a great result in terms of prices.

Fernando Melgarejo: When Petrobras looks at international qualities and the appreciation of its products, it also considering its own space, in other words, how it is in the Brazilian market. This is not a concern anymore. This is unequivocal. I've had many similar questions this week. This was okay when the price of oil decreased. Will this also work when prices increase exponentially as we see it now? Yes, it will. We have no price internal policy of price fluctuations. There's no discussions on this matter. As for routes, we will have an explanation in further details in a minute, but we really need to keep exporting what we need to export. Our refiner or import what we need importing. Our refineries still have a growing processing capacity. Our manager, William, Officer William, will talk about that. Our cash is still on our focus.

so,

When Petrobras looks at international qualities and the

So, when Petrobras looks at international qualities and the

Appreciation of its products. It is also considering its own space. In other words, how it is,

Appreciation of its products. It also considering its own space. In other words how it is,

Markets. This is not a concern anymore. This is an equivocal.

In the Brazilian market, this is not a concern anymore. This is equivocal.

I've had many similar questions this week, so this was okay when the price of oil decreased will, this also, uh, work when prices increase exponentially as we see it now? Yes, it will.

I've had many similar questions this week, so this was okay when the price of oil decreased. Will this also, uh, work when prices increase exponentially, as we see it now? Yes, it will.

We have no price, internal policy of price fluctuations. There's no discussions on this matter.

As for, uh, routes, we will have an explanation in further detail.

In a minute. But we really need to keep exporting what we need to export, or refine or import. What we need to import in our refineries still have a growing processing capacity or, uh, manager William.

processing capacity or uh, manager William

William França da Silva: Our cash is still on our focus. We're really concerned about ensuring that this company remains resilient, that we respect our capital discipline, and that we reduce costs. We're talking about $85. A few years ago, it was $59, now there are those that mention $55 next year. We are indeed, working hard and checking all these variables on, and we want to ensure that the company remains absolutely prepared to face any scenarios that might come up along 2026 and 2027.

Officer William will talk about that and our cash.

Officer William will talk about that in our cash.

Is still uh, on our Focus.

It is still, uh, on our focus.

Fernando Melgarejo: We're really concerned about ensuring that this company remains resilient, that we respect our capital discipline, and that we reduce costs. We're talking about $85. A few years ago, it was $59, now there are those that mention $55 next year. We are indeed, working hard and checking all these variables on, and we want to ensure that the company remains absolutely prepared to face any scenarios that might come up along 2026 and 2027. I'll now give the floor to another director. The second one will be Franz, who will talk about the performance of our refineries. I'd also like to remind you that when it comes to exploration, production, and connection between oil wells, we are ensuring increasingly greater production. Our target is to have increasingly more oil wells and also to optimize our.

But really concerned about ensuring that this company remains resilient, that we respect our capital discipline, and that we reduce costs.

We are really concerned about ensuring that this company remains resilient, that we respect our capital discipline, and that we reduce costs.

We're talking about 85 dollars a few years ago, it was 59.

We're talking about $85; a few years ago, it was $159.

And now, there are those that mentioned 55 next year.

And now, there are those that mention 55 next year,

So, we are indeed, uh, working hard.

So we are indeed uh, working hard.

And checking all these variables. Or, and we want to ensure that the company.

And checking all these variables, or—and we want to ensure that the company.

Remains absolutely prepared.

To face any scenarios that might, uh, come up.

Magda Chambriard: I'll now give the floor to another director. The second one will be Franz, who will talk about the performance of our refineries. I'd also like to remind you that when it comes to exploration, production, and connection between oil wells, we are ensuring increasingly greater production. Our target is to have increasingly more oil wells and also to optimize our-- The production and extraction of our deposits. Everyone is working hard and together to deliver these results. Can you explain a little more about this global market, Schlosser?

Along 2026 and 2027. I'll now, uh, give the floor to

Along, 2026 and 2027. I'll now, uh, give the floor to

Another director.

And the second one will be France, who will talk about the performance of our refineries.

And the second one will be France. We will talk about the performance of our refineries.

I'd also like to remind you that when it comes to exploration production and uh connection between oil wells.

We are ensuring.

Increasingly greater production.

and,

in our,

Fernando Melgarejo: The production and extraction of our deposits. Everyone is working hard and together to deliver these results. Can you explain a little more about this global market, Schlosser? Yes. Thank you. Thank you, President. Mrs. President. Yes, the company has this strategic plan, so we are indeed prepared for a range, Brent range that is quite wide when you consider the short and that in the long term. From now in the short run, our situation is highly unexpected. I think we've never had such a scenario. The regions that export 16 million in oil and an additional 5 in petroleum products, this region will be closed. Of course, this has a huge impact. We take snapshots at different times.

Target is to have increasingly more oil wells and also to optimize our the production and extraction of our

Target is to have increasingly more oil wells and also to optimize our dep the production and extraction of our

Claudio Schlosser: Yes. Thank you. Thank you, President. Mrs. President. Yes, the company has this strategic plan, so we are indeed prepared for a range, Brent range that is quite wide when you consider the short and that in the long term. From now in the short run, our situation is highly unexpected. I think we've never had such a scenario. The regions that export 16 million in oil and an additional 5 in petroleum products, this region will be closed. Of course, this has a huge impact. We take snapshots at different times.

Deposits. Everyone is working hard and together to deliver these results. So, can you explain a little more about this, uh, Global, uh, Market SLO? Yes, thank you. Thank you, President.

Mr. Mrs. President yes, the company has this strategic plan so we are indeed prepared for a rank rent range. That is quite wide.

Mr. Mrs. President yes, the company has this strategic plan. So we are indeed prepared for a brand brand range that is quite wide.

when you consider the short and that in the long term,

When you consider the short and that in a long time,

Now, in the short run, our situation is highly unexpected. I think we've never had such a scenario.

Fernando Melgarejo: Ten days ago, for instance, what people said, they were talking about $50 a barrel or a surplus of 4 or 5 million barrels available. It all changed. We have different focuses at different points. There are also consequences to this. When we have, for example, Brent. The first is when you don't no longer have this production of oil and petroleum products. It's as though the market froze. Oil was not being paid, and we have 2 or 3 days without oil trading. That was the initial impact. We know that, we know how that works, and the market is now expected to change prices or adapt to the new pricing. We have many ships that were trapped.

Claudio Schlosser: Ten days ago, for instance, what people said, they were talking about $50 a barrel or a surplus of 4 or 5 million barrels available. It all changed. We have different focuses at different points. There are also consequences to this. When we have, for example, Brent. The first is when you don't no longer have this production of oil and petroleum products. It's as though the market froze. Oil was not being paid, and we have 2 or 3 days without oil trading. That was the initial impact. We know that, we know how that works, and the market is now expected to change prices or adapt to the new pricing. We have many ships that were trapped.

So, uh, the reaching that export 16 million in oil in an additional 5 in petroleum products, this region will be closed, of course, this has a huge impact. We take snapshots at different times, 10 days ago, for instance, what people said they were talking about, uh,

50 a barrel or a surplus of 4 or 5 million, uh, barrels available. So

So, uh, the region that export 16 million in oil in an additional 5 in petroleum products, this region will be closed, of course, this has a huge impact, we take snapshots at different times, 10 days ago, for instance, what people said they were talking about uh 50 a barrel or a surplus of 4 or 5 million, uh, barrels available. So

And then it all changed. So we have different focuses at different points.

There are also consequences to this when we have, for example, uh,

Bread.

Brent.

So, the first is, when you...

so, the first is, when you

We don't no longer have this production of oil and, uh, petroleum products. But it's as though the market froze; oil was not being paid. And we had two or three days without oil trading—that was the initial impact.

Fernando Melgarejo: There's also a set of ships that are unloading, shipping or freight values are now adjusting. In the short run, let's look at our snapshot again. Our current snapshot is when, as for our oils, is that this means a favorable netback to Petrobras. We have greater margins. When it comes to oil, I would also add the fact that the markets that we supply, they're outside of the conflict region. We're not in the Gulf region or any other region where there's a conflict. All of our flows go towards India, Europe, and other areas. We're outside of this area, which is a good position for the company. If you look at the oil, we're looking at a more interesting netback for the company in terms of shipping.

Claudio Schlosser: There's also a set of ships that are unloading, shipping or freight values are now adjusting. In the short run, let's look at our snapshot again. Our current snapshot is when, as for our oils, is that this means a favorable netback to Petrobras. We have greater margins. When it comes to oil, I would also add the fact that the markets that we supply, they're outside of the conflict region. We're not in the Gulf region or any other region where there's a conflict. All of our flows go towards India, Europe, and other areas. We're outside of this area, which is a good position for the company. If you look at the oil, we're looking at a more interesting netback for the company in terms of shipping.

So, we know that, we know how that works. And the market is now expected to change prices or adapt to the new pricing. We have many ships that were trapped. There, there's also, uh,

Set of ships that are unloading. So, uh, shipping or Freight values are now adjusting. So, in the short run, let's look at our snapshot again, our current snapshot is when uh, at 4:00 oils is that this means a, uh, favorable net back to progress. So we have

Set of ships that are unloading. So, uh, shipping or a freight values, are now adjusting. So, in the short run, let's look at our snapshot again. Our current snapshot is when, uh, that's for our oils is that this means a, uh, favorable net back to Petro grass. So we have

Greater margins.

greater margins.

So, when it comes to the oil, I would also add the fact that the markets that, uh, we supply—they're outside of the conflict region. We're not in the Gulf region or any other region where there's a conflict.

We're not in the Gulf region or any other region where there's a conflict.

All of our, um,

All of our um, flows, go towards India, Europe and other areas. So we're outside of this.

Flows go towards India, Europe, and other areas, so we're outside of this.

area, uh, which is a

good position for the company.

If you look at the oil, uh, we're looking at a more interesting netback for the company in terms of, uh, shipping.

If you look at the oil, uh, we're looking at a more interesting net back for the company in terms of, uh, shipping.

Fernando Melgarejo: If you compare Petrobras with other companies in the world, when it comes to freight, Petrobras is also in a privileged position. If you look at the international market, the companies are more or less working with 5% of their own fleets and 95% with other contracts. Petrobras is in a much better position. In oil exploration, we have more than 30%.

Claudio Schlosser: If you compare Petrobras with other companies in the world, when it comes to freight, Petrobras is also in a privileged position. If you look at the international market, the companies are more or less working with 5% of their own fleets and 95% with other contracts. Petrobras is in a much better position. In oil exploration, we have more than 30%.

If you compare Patch of Grass with other companies in the world, uh, when it comes to freight, um,

If you compare Petrobras with other companies in the world, uh, when it comes to freight, um,

Petros is also in a privileged position.

If you look at the international market, the companies are, uh, more or less, um, working with the 5% of their own fleets and a 95% in with other contracts and petrobras is with a, uh, in a much better position in oil, exploration, we have more than 30%.

Magda Chambriard: Of rate allocated to long-term contracts, which is also an advantage. The market average doesn't even reach 10%, we're very well-positioned in that regard. That's what I would have to say about oil. When it comes to refined products, Petrobras is having no difficulty meeting its goals. We work with an optimized business plan. We optimize all of our assets, and we have very robust assets for that, be they terminals, refineries, pipelines. We optimize that, and we optimize the more attractive export, importing of products. We've been able to meet our goals, and the imports are in line with our plans. In gas, in gasoline, we are exporting it. In LNG, we are also exporting it.

Claudio Schlosser: Of rate allocated to long-term contracts, which is also an advantage. The market average doesn't even reach 10%, we're very well-positioned in that regard. That's what I would have to say about oil. When it comes to refined products, Petrobras is having no difficulty meeting its goals. We work with an optimized business plan. We optimize all of our assets, and we have very robust assets for that, be they terminals, refineries, pipelines. We optimize that, and we optimize the more attractive export, importing of products. We've been able to meet our goals, and the imports are in line with our plans. In gas, in gasoline, we are exporting it. In LNG, we are also exporting it.

Of of of rate.

Allocated to long-term contracts, which is also an advantage and the market average.

It doesn't even reach 10%, so we're very well positioned in that regard.

Doesn't even reach 10%. So, we're very well positioned in that regard.

So for, uh,

That's what I would have to say about the oil. Uh, when it comes to refined products,

So, for uh, that's what I would have to say about the, about oil. Uh, when it comes to refined products,

petrobras is having no difficulty, uh, meeting its

Now, Petra is having no difficulty meeting its—

Goals, we work with.

Um, not optimized, uh, business plan. We optimize all of our assets, and we have very robust assets for that—be they terminals, refineries, uh, pipelines. So we optimize that and we optimize, uh, the more attractive—

That makes more importing.

An optimized, uh, business plan. We optimize all of our assets, and we have very robust assets for that—be they terminals, refineries, uh, pipelines. So we optimize that, and we optimize, uh, the more attractive, uh, mix for importing.

Products and we we've been able to meet our goals.

Uh, products and we we've been able to meet our goals.

And the Imports.

Are in line with our plans.

Magda Chambriard: We talked to the market, and there's a relevant level of importing being carried out by distributors. The vessels that were coming towards Brazil are still coming to Brazil, and will get here. If you look at the entire scenario, the business plan of Petrobras and the other players is in line with our previous plans. I'd also like to say that when it comes to supply, in terms of supply, Petrobras is committed to its clients. In Brazil, Petrobras is not the only player in the supply side. We have other relevant players in Brazil. This is our perspective when it comes to products and refined products. The long-term perspective, as I said, is well-covered by the strategic planning, and the short-term view has to be done on a snapshot by snapshot basis.

Claudio Schlosser: We talked to the market, and there's a relevant level of importing being carried out by distributors. The vessels that were coming towards Brazil are still coming to Brazil, and will get here. If you look at the entire scenario, the business plan of Petrobras and the other players is in line with our previous plans. I'd also like to say that when it comes to supply, in terms of supply, Petrobras is committed to its clients. In Brazil, Petrobras is not the only player in the supply side. We have other relevant players in Brazil. This is our perspective when it comes to products and refined products. The long-term perspective, as I said, is well-covered by the strategic planning, and the short-term view has to be done on a snapshot by snapshot basis.

Um, in gas, uh, we—in gasoline—we are exporting it in, uh, LNG. Uh, we are also exporting it. Uh, we talked to the market and

Um, in gas, uh we in gasoline, we are exporting it in uh LNG. Uh, we are all also exporting it. Uh, we talked to the market and

There's a relevant level of importing being carried out by distributors.

And the vessels that, uh, were coming towards Brazil are still coming to Brazil.

And the vessels that uh, were coming towards, Brazil are still coming to Brazil.

And we'll get here. If you look at the entire scenario, the uh, business plan of Petra brass and the other players

Then we'll get here. If you look at the entire scenario, the, uh, business plan of Petrobras and the other players—

Is in line with our previous plans. I'd also like to say that, um, when it comes to supply, in terms of Supply Petra, breast is committed to its clients in Brazil. Petra is not the only, uh, player in the supply side. Uh, we have other relevant players in Brazil.

Is in line with our previous plans. And I would also like to say that, um, when it comes to supply, in terms of supply, Petrobras is committed to its clients in Brazil. Petrobras is not the only, uh, player on the supply side. Uh, we have other relevant players in Brazil.

So, this is our perspective.

When it comes to, uh, products and refined products.

Magda Chambriard: Every day is a different day. We do a constant assessment, and obviously, we make use of the best netback opportunities, be they related to oil exporting or a more profitable imports. These are the details of the short-term planning. Well, we covered basically everything along with our president. In terms of refining, we're already using the logistic planning for Q1. The idea is that we end the year with 91% of foot in our FUT, and we'll close Q1 with 95, with a very good use of refined products. We have a few scheduled downtimes, especially in 4 refineries this year. replan will be revamped and expanded.

When it comes to, uh, products and refined products, the long-term perspective, as I said, is well covered by the strategic planning, and the, uh, short-term view, uh, has to be done on a snapshot by snapshot basis. Um, every day is a different day. Uh, we, uh, do a constant assessment and, obviously, uh,

The long-term perspective, as I said, is well covered by the strategic planning, and the short-term view, uh, has to be done on a snapshot-by-snapshot basis. Um, every day is a different day. Uh, we, uh, do a constant assessment, and, obviously, uh,

We?

Back-back opportunities, be they related to oil exporting or a more profitable imports. So this is

Make use of the best netback opportunities, be they related to oil exporting or a more profitable imports. So this is—

These are the details of the short-term planning.

Magda Chambriard: With the monitoring of the units, we are able, if necessary, to extend the campaign period of refineries, increasing the production of the refined products. If necessary, we're also going to do that. We're working in a synergy with the logistics and commercialization area. As we said, we've had an increase in the utilization factor, which is very good. It's a benchmark from a global perspective. I would say the biggest reference is strategic planning. There are no changes in that regard. We are seeking efficiency, also reducing our balance Brent to 59, as we said. All of these optimizations are being looked into by the directors, and they can be reverted into good operational results for the company. Well, I'm talking about pricing.

Probably covered basically everything, along with our president, in terms of refining. We're already using the logistic planning for the first queue. And the idea is that we ended the year with 91% of foot in FUT and will, uh, close the first queue at 95, with a very good use of refined products. We have a few, uh, scheduled downtimes, especially in four refineries this year, and we plan—will be revamped and expanded. But, uh,

Probably we covered basically everything along with our president. In terms of refining, we're already using the logistic planning for the first queue, and the idea is that we end the year with 91% of foot in the, uh, FUT, and will, uh, close the first queue at 95, with a very good use of refined products. We have a few, uh, scheduled downtimes, especially for refineries, uh, this year. And we plan they will be revamped and expanded. But, uh,

Claudio Schlosser: With the monitoring of the units, we are able, if necessary, to extend the campaign period of refineries, increasing the production of the refined products. If necessary, we're also going to do that. We're working in a synergy with the logistics and commercialization area. As we said, we've had an increase in the utilization factor, which is very good. It's a benchmark from a global perspective. I would say the biggest reference is strategic planning. There are no changes in that regard. We are seeking efficiency, also reducing our balance Brent to 59, as we said. All of these optimizations are being looked into by the directors, and they can be reverted into good operational results for the company.

We are able, um, if necessary, to, uh, extend the campaign period of refineries increasing the production of, of the, uh, refined products. And if necessary, we're also going to do that. So we're working in synergy with the logistics and, uh, commercialization area.

And as we said, we've had an increase in the utilization factor.

with the monitoring of the units, we are able, um, if necessary to, uh, extend the campaign period of refineries increasing, the production of of the, uh, refined products. And if necessary, we're also going to do that. So, we're working in a Synergy with the logistics and, uh, commercialization area. And as we said, we've had an increase in the utilization Factor.

Which is very good. It's a benchmark.

From a Global Perspective.

I would say the biggest reference is strategic planning. There are no changes in that regard.

We are.

Seeking efficiency, also reducing our balance brand to 59. As we said,

And all of these optimizations are being looked into by the, uh, directors and can be, uh, reverted into good operational results for the company.

And all of these optimizations are being looked into by the directors, and they can be, uh, reverted into good operational results for the company.

Claudio Schlosser: Well, I'm talking about pricing. The business strategy of Petrobras was created for times like these, where there is a huge volatility, as we are seeing in the market. A huge volatility coming from unexpected facts, and this is what it was created for. The business strategy of Petrobras provides this robustness to the company when it comes to conducting its business.

Magda Chambriard: The business strategy of Petrobras was created for times like these, where there is a huge volatility, as we are seeing in the market. A huge volatility coming from unexpected facts, and this is what it was created for. The business strategy of Petrobras provides this robustness to the company when it comes to conducting its business. Thank you, Magda, Fernando, Schlosser, Emilia. Before we take the next question, I forgot to say, let's limit the number of questions to one question per analyst, please. Lilyanna Yang from HSBC, you have the floor. Good afternoon. Thank you for the opportunity. First, I wanna congratulate you on the greater transparency of information. My question is, the oil price is much higher than the Brent that you have in your budget, the one that outlines the investment plans.

Oh, I'm talking about, uh, pricing.

Well, I'm talking about, uh, pricing.

The, uh, business strategy of Petrobras was created, uh, for, uh, times like these where there is a huge volatility, as we are seeing in the market—a huge volatility, um, coming from unexpected, um, facts. And this is what it was created for.

Eduardo de Nardi Ros: Thank you, Magda, Fernando, Schlosser, Emilia. Before we take the next question, I forgot to say, let's limit the number of questions to one question per analyst, please. Lilyanna Yang from HSBC, you have the floor.

The business strategy of Petrobras provides this robustness to the company when it comes to conducting its business. Thank you. Fernando Schlasser, Emilia, before we take the next question.

The, uh, business strategy of petrol browse was created, uh, for uh, times like these where there is a huge volatility as we are seeing in the market, a huge volatility, um, coming from an expected, um, facts. And this is what it was created for the business strategy of petrobras provides this robustness to the company when it comes to conducting its business. Thank you, markdown. Fernando schlasser Emilia. Before we take the next question.

I forgot to say,

Let's limit the number of questions to one question per analyst, please.

Let's limit the number of questions to one question per analyst, please?

From HSBC.

You have the floor.

Lilyanna Yang: Good afternoon. Thank you for the opportunity. First, I wanna congratulate you on the greater transparency of information. My question is, the oil price is much higher than the Brent that you have in your budget, the one that outlines the investment plans.

Good afternoon, thank you for the opportunity.

Magda Chambriard: If the oil prices are still high like that, can you tell us what is the priority allocation of the cash flow that would be generated in excess of the budget for the first half? Just to give you a hint of what I'm looking at is what are the investment projects out of the $10 billion that have not been approved or the ones that you said that you want to approve that, but the final investment decision could be postponed? What or which of these projects are in a more advanced approval stage? Does that includes Braskem, for instance? Thank you. Thank you for your question. Great to hear you again. Our priority is capital discipline as usual. We'll always be very careful in all of our decisions.

Lilyanna Yang: If the oil prices are still high like that, can you tell us what is the priority allocation of the cash flow that would be generated in excess of the budget for the first half? Just to give you a hint of what I'm looking at is what are the investment projects out of the $10 billion that have not been approved or the ones that you said that you want to approve that, but the final investment decision could be postponed? What or which of these projects are in a more advanced approval stage? Does that includes Braskem, for instance? Thank you.

First, I want to congratulate you on the greater transparency of information and, uh, my first, my question is the oil price is much higher than the brand that you have in your budget. The 1 that outlines the investment plans, if the oil prices are still high like that, can you tell us? What is the priority allocation of the cash flow that would be, um, generated in excess of the budget for the first half? Uh, just to give you a hint of what I'm looking at is, uh, what are the investment projects out of the 10 billion dollars that have not been approved? Or the ones that you said that you want to approve that but but the final investment decision could be postponed. Um, what which of these projects are in a more advanced uh approval stage.

And does that include brass cam, for instance? Thank you.

And does that include Brasscam, for instance? Thank you.

Magda Chambriard: Thank you for your question. Great to hear you again. Our priority is capital discipline as usual. We'll always be very careful in all of our decisions. It's something very recent. The entire world is still assessing its full effects. No one is fully clear as to what is gonna happen, the new Brent price levels or and/or even if that applies to the short or long term.

Thank you for your question.

Great to, uh, to hear you again our priority.

Great to, uh, to hear you again. Our priority.

Is.

Magda Chambriard: It's something very recent. The entire world is still assessing its full effects. No one is fully clear as to what is gonna happen, the new Brent price levels or and/or even if that applies to the short or long term. What we've discussed before, including with you and your team, is that we always focus on the scheduled investments, both in terms of our base CapEx, our target CapEx, and our CapEx under assessment. This is our focus. Obviously, if there is additional revenue, we'll take care of investments, then we'll take care of the debt. We want to converge to $65 billion in 5 years. If there is a cash surplus, we'll try to anticipate it according to our capital discipline that we've been discussing.

Magda Chambriard: What we've discussed before, including with you and your team, is that we always focus on the scheduled investments, both in terms of our base CapEx, our target CapEx, and our CapEx under assessment. This is our focus. Obviously, if there is additional revenue, we'll take care of investments, then we'll take care of the debt. We want to converge to $65 billion in 5 years. If there is a cash surplus, we'll try to anticipate it according to our capital discipline that we've been discussing.

Capital discipline as usual. Will always be very careful in all of our of our decisions. It's something very recent the entire road is still assessing, its fully effects. No 1. Uh, is fully clear as to what is going to happen, the new, uh, brand, uh, price levels or and or even if that applies to the short or long term.

Capital discipline as usual. Will always be very careful in all of our of our decisions. It's something very recent the entire road is still assessing, its fully facts. No 1. Uh, is fully clear as to what is going to happen, the new, uh, brand, uh, price levels or, and or even if that applies to the short or long term.

What we've discussed before. Um,

Including with you and your team.

Including you and your team.

Meant, this is our focus and, obviously, if there is additional revenue.

We always focus on the scheduled investments, both in terms of our base capex, our target capex, and our capex and their assessment. This is our focus, and obviously, if there is additional revenue,

we'll take care of Investments then, uh, we'll

Magda Chambriard: Our rationale is still the same when it comes to elevated unnecessary cash levels. If we understand that our cash flow levels are too high, we would love to distribute extraordinary dividends, as long as we're sure that there will be no impact on the financability of our declared projects based on our 2026 to 2030 strategic plan. Thank you. Thank you for your question. Now the next question comes from Bruno Montanari from Morgan Stanley. Bruno, you have the floor. Good afternoon, and thanks for taking my question. Going back to the first subject about the prices, just to confirm if I understand you correctly, it's very clear that the policy does not transfer volatility to the domestic market. The president also said that it works in scenarios of high oil and low oil price scenarios.

Uh, take care of the debt. We want to converge to $65 billion in 5 years. And if there is a cash surplus, uh, we will try to anticipate it according to our capital discipline that we've been discussing.

We'll take care of investments, then we'll take care of the debt. We want to converge to $65 billion in 5 years, and if there is a cash surplus, we will try to anticipate it according to our capital discipline that we've been discussing.

So our rationale is still the same when it comes to elevated, unnecessary cash levels. If we understand that, our—

So our rationale is still the same when it comes to elevated, unnecessary, uh, cash levels. If we understand that, our—

Cash flow levels are too high.

We would love to distribute extraordinary dividends as long as we're sure that there will be no impact on the financial ability of our declared projects.

based on our

26th to 2030 strategic plan.

Lilyanna Yang: Thank you.

26th to 2030 strategic plan.

Eduardo de Nardi Ros: Thank you for your question. Now the next question comes from Bruno Montanari from Morgan Stanley. Bruno, you have the floor.

Thank you, thank you for your question. Now, the next question comes from Bruno Montanari, from Morgan Stanley. Bruno, you have the floor.

Bruno Montanari: Good afternoon, and thanks for taking my question. Going back to the first subject about the prices, just to confirm if I understand you correctly, it's very clear that the policy does not transfer volatility to the domestic market. The president also said that it works in scenarios of high oil and low oil price scenarios.

Good afternoon and thanks for taking my question.

Going back to the first subject about the crisis, just to confirm if I understand you correctly.

Going back to the first subject about the prices, just to confirm if I understand you correctly.

It's very clear.

uh, that the, uh,

Magda Chambriard: Since the Brent has reached the levels above 90 today, for how long can the company maintain its unaltered prices before that starts harming its refining margin? In other words, should we always expect the refining margin to be positive in scenarios where this margin is challenged? Is this the moment where you make the decision to adjust the prices, assuming that the prices will remain like that for weeks or months? I'd just like to understand if that's the correct way to look at the policy. Thank you. Thank you for your question. We'll start the answer, then Schlosser will help me with the rest of the answer. Your sentence says something interesting, if this assumption remains like this. I think that right now what we're asking ourselves is, what's the trend? What's the tendency?

Bruno Montanari: Since the Brent has reached the levels above 90 today, for how long can the company maintain its unaltered prices before that starts harming its refining margin? In other words, should we always expect the refining margin to be positive in scenarios where this margin is challenged? Is this the moment where you make the decision to adjust the prices, assuming that the prices will remain like that for weeks or months? I'd just like to understand if that's the correct way to look at the policy. Thank you.

Policy does not transfer volatility to the domestic market. But, uh, the President also said that it works in scenarios of, uh, high oil and low oil price scenarios. Since Brent has, uh, reached the level of $90 today, for how long can the company maintain its—

Uh, that the, uh, policy does not transfer volatility to the domestic market. But, uh, the President also said that it works in scenarios of, uh, high oil and low oil price scenarios. Since Brent has, uh, reached levels above $90 today, for how long can the company maintain its

Unaltered prices before that starts harming its refining margin. In other words,

Should we always expect the refining margin to be positive in scenarios where this margin is challenged?

Magda Chambriard: Thank you for your question. We'll start the answer, then Schlosser will help me with the rest of the answer. Your sentence says something interesting, if this assumption remains like this. I think that right now what we're asking ourselves is, what's the trend? What's the tendency?

Is this the moment where you make the decision to, uh, adjust the prices, assuming that the prices will remain like that for weeks or months? I'd just like to understand if that's the correct way, uh, to look at the policy. Thank you.

Thank you for your question.

I will start the answer and then, uh, Shloer will, uh, help me.

Uh, well, uh, I'll start the answer, and then, uh, Shloer will, uh, help me.

With the rest of the answer. Um, your sentence says something interesting. If

With the rest of the answer—um, your sentence says something interesting. If

Magda Chambriard: What will that look like a few days from now? Is that a momentary hike? Have we changed our rules unnecessarily, or is that a more persistent change that has to be faced? I would say that as of now, this question remains unanswered. If this volatility is really this high, and if the price ascent is really that high, it will certainly require quicker responses than it would require if this ascent were slower. As you said yourself, as of now, we are not sure about anything, let alone this, about this assumption. Thank you. I think I agree with you. As you said very well, it's part of Petrobras' strategy to be the customer's best alternative. We're constantly analyzing the international market prices, and we have to look at our position.

This, uh, assumption remains like this. So I think that right now, what we're asking ourselves is what's a trend, what's it—the tendency—uh, what will that look like, um, a few days from now? Is that a momentary spike? Um, have we changed our, uh, rules? Uh,

This, uh, assumption remains like this. So, I think that right now what we're asking ourselves is: what's a trend, what's it—the tendency—uh, what will that look like, um, a few days from now? Is that a momentary hike? Um, have we changed our, uh, rules, uh,

Unnecessarily, or is that a more persistent change that has to be fixed? I would say that, as of now, this question remains unanswered. But if, if this volatility is really this high, and if the price ascent is really that high, it will certainly require, uh, quicker responses than it would require if this ascent were slower. But, as you said yourself,

Unnecessarily or, is that a more persistent change? That has to be faced? I would say that, as of now, this question remains unanswered. But if, if this volatility is really this high and if the price is sent is really that high, it will certainly require, uh, quicker responses than it would require. If this is sent were slower. But as you said yourself,

As of now, uh, we are not sure about anything let alone this about this assumption.

As of now, uh, we are not sure about anything—let alone about this assumption.

Claudio Schlosser: Thank you. I think I agree with you. As you said very well, it's part of Petrobras' strategy to be the customer's best alternative. We're constantly analyzing the international market prices, and we have to look at our position.

Magda Chambriard: Our exploration and production has been producing oil significantly. There has been an increase in refineries. As William said, our performance is world-class. The main principle is not to transfer volatility. In the past, for instance, a readjustment or readjustments were happening on a daily basis. If anything happened in the market, that would get immediately transferred to the market. That does not work. It doesn't work for the company, it doesn't work for society in general. Basically what we support in terms of commercial strategy is to guarantee that. As the president put it very well, the thing is we're talking about snapshots. In 10 days, we're talking about a completely different scenario. We're talking about $1 billion in oil floating around the world.

Claudio Schlosser: Our exploration and production has been producing oil significantly. There has been an increase in refineries. As William said, our performance is world-class. The main principle is not to transfer volatility. In the past, for instance, a readjustment or readjustments were happening on a daily basis. If anything happened in the market, that would get immediately transferred to the market. That does not work. It doesn't work for the company, it doesn't work for society in general. Basically what we support in terms of commercial strategy is to guarantee that. As the president put it very well, the thing is we're talking about snapshots. In 10 days, we're talking about a completely different scenario. We're talking about $1 billion in oil floating around the world.

Uh, thank you. Uh, I think I agree with you. Um, as you said very well, it's part of Petra Russ's strategy uh to be the customer's best alternative and we're constantly uh analyzing the international market prices and we have to look at our position. Um, our expiration and production have has been uh producing oil significantly. There has been an increase in refineries as William said, our performance is uh, world class and um,

The main principle is not to transfer volatility from the past. For instance, readjustments are happening on a daily basis.

The main principle is not to transfer volatility from the past, for instance. Readjustment or readjustments are happening on a daily basis.

If anything happened in the market, that would get immediately transferred to the market, but that does not work. It doesn't work for the company; it doesn't work for society in general.

If anything happened in the market, that would get immediately transferred to the market, but that does not work. It doesn't work for the company, it doesn't work for society in general.

As the president put it very well, um, the thing is we're talking about snapshots.

So, um, basically what we support in terms of commercial strategy is the guarantee that, and as the President put it very well, um, the thing is we're talking about snapshots.

In 10 days, we're talking about a completely different scenario. We're talking about 1 a billion in oil floating on, uh,

In 10 days, we're talking about a completely different scenario. We're talking about $1 billion in oil floating on, uh,

Magda Chambriard: As I said, the strategy was created to take these aspects into account. Evidently, as you said, another variable that's part of the business strategy is financiability, which is comprised in the strategy. It's analyzed on a daily basis from a technical standpoint, and that's how we position ourselves. If you ask me, we have not adjusted the Diesel prices in 300 days, even though there is an environment that's full of conflict around the world. Given that volatility, the most important factor here is time. Thank you, Magda and Schlosser. Bruno, thank you for your question. The next question comes from Bruno Amorim from Goldman Sachs. You have the floor, Bruno. Good afternoon, everybody. Thank you for taking my question, and congratulations on the solid deliveries throughout the year, especially on the production side.

Claudio Schlosser: As I said, the strategy was created to take these aspects into account. Evidently, as you said, another variable that's part of the business strategy is financiability, which is comprised in the strategy. It's analyzed on a daily basis from a technical standpoint, and that's how we position ourselves. If you ask me, we have not adjusted the Diesel prices in 300 days, even though there is an environment that's full of conflict around the world. Given that volatility, the most important factor here is time.

Around the world. So, as I said, the strategy was created.

Uh, to take these aspects into account. But evidently, as you said, another variable that's part of the business strategy is financial ability.

Which is, uh, comprised in the strategy.

It's analyzed on a daily basis.

It’s analyzed on a daily basis.

From a technical standpoint, and that's how we position ourselves.

From a technical standpoint—and that's how we position ourselves.

If?

You ask me uh we have not adjusted at the diesel prices in 300 days. Even though there's a uh

300 days, even though there's a, uh,

An environment. That's, uh,

There are conflicts all around the world. So, given that volatility, the most important factor here is time.

There are conflicts around the world. So, given that volatility, the most important factor here is time.

Eduardo de Nardi Ros: Thank you, Magda and Schlosser. Bruno, thank you for your question. The next question comes from Bruno Amorim from Goldman Sachs. You have the floor, Bruno.

Thank you, Magda and schlasser Bruno. Thank you for your question.

The next question comes from Bruno Amirm from Goldman Sachs.

The next question comes from Bruno MRm from Goldman Sachs.

You have the floor, Bruno.

Bruno Amorim: Good afternoon, everybody. Thank you for taking my question, and congratulations on the solid deliveries throughout the year, especially on the production side. My question is along the lines of production. I'd like to hear your take on the optionalities for anticipations and the operations of platforms. Is there a possibility of advancing them to 2026? I mean, what are the conversations with suppliers like? That's a more encompassing question, if there's an anticipation being considered in terms of anticipating the operations of platforms. Thank you.

Good afternoon, everybody.

Magda Chambriard: My question is along the lines of production. I'd like to hear your take on the optionalities for anticipations and the operations of platforms. Is there a possibility of advancing them to 2026? I mean, what are the conversations with suppliers like? That's a more encompassing question, if there's an anticipation being considered in terms of anticipating the operations of platforms. Thank you. Hi, Bruno. Good afternoon. Thank you for your question. As we always say, we're always trying to anticipate. For 2026, we don't consider that any other anticipation is possible for the sail away of these platforms. The P-80 will sail away in August, P-82 in September, and P-83 in February of next year.

Thank you for taking my question, and congratulations on the solid deliveries throughout the year, especially on the production side. My question—

Is along the lines of production. I'd like to uh, hear Take on the optionality for um,

It's along the lines of production. I'd like to, uh, hear your take on the optionality for, um,

anticipation and the, uh,

Renata Baruzzi: Hi, Bruno. Good afternoon. Thank you for your question. As we always say, we're always trying to anticipate. For 2026, we don't consider that any other anticipation is possible for the sail away of these platforms. The P-80 will sail away in August, P-82 in September, and P-83 in February of next year.

Anticipation and the, uh, operations of platforms? Is there a possibility of advancing them to 2026? I mean, um, what are the conversations with suppliers? Uh, like, uh, so that's a more encompassing question. If there's an anticipation, um, being considered in terms of anticipating the operations of platforms. Thank you. Hi, Brno. Good afternoon. Thank you for your question.

Operations of platforms, is there a possibility of advancing them to 2026? I mean, um, what are the conversations with suppliers? Uh, like, uh, so that's a more encompassing question. If there's an anticipation, um, being considered in terms of anticipating the operations of platforms. Thank you. Hi, Brno. Good afternoon. Thank you for your question.

As we always say, we're always, uh, trying to anticipate.

Magda Chambriard: What we are looking at is the anticipation of ramp up of P-78 and P-79. For P-78, we talked about the mooring record of P-79, but this week, we hit a record of the first injection of gas at P-78. The shortest time we reached with our own platforms had been with P-66. At 79 days, we were able to anticipate the injection by quite a bit, and that's fundamental in order for us to proceed with the other wells. We have 1 interconnected well to P-78, and by stabilizing the gas injection, we'll ask for approval for a second well and so on and so forth. For 2026, our campaign is to accelerate the ramp up of the current platforms. Thank you, Renata, and thank you, Bruno, for your question.

Renata Baruzzi: What we are looking at is the anticipation of ramp up of P-78 and P-79. For P-78, we talked about the mooring record of P-79, but this week, we hit a record of the first injection of gas at P-78. The shortest time we reached with our own platforms had been with P-66. At 79 days, we were able to anticipate the injection by quite a bit, and that's fundamental in order for us to proceed with the other wells. We have 1 interconnected well to P-78, and by stabilizing the gas injection, we'll ask for approval for a second well and so on and so forth. For 2026, our campaign is to accelerate the ramp up of the current platforms.

For 2026. Uh we don't consider that. Any other anticipation is possible for the uh, silhouette of these platforms. The p80 will Sailor a away in August p, 82 in September and P, 83 in February of next year. What we are, uh, looking at is, uh, the anticipation of ramp up, ramp up of P, 78 and P 79 for p 78. I talked about, we talked about the uh, Mooring record of p79.

But this week uh we uh hit a uh record of the first injection of gas at p78. The shortest time. We reached the with our own platforms had been with peace 666 at 79 days. We were able to anticipate the injection by quite a bit and that's fundamental

But this week uh we uh hit a uh record of the first injection of gas at P 78. The shortest time we reached with our own platforms had been with peace 66 at 79 days. We were able to anticipate the injection by quite a bit and that's fundamental

in order for us to uh proceed with the other uh Wells we have 1 interactive. Well b78 and by stabilizing the gas injection will ask for um approval for a second. Well and so on and so forth. So for a 2026, our campaign,

In order for us to uh, proceed with the other uh Wells, we have 1, intercessors. So for a 2026, our campaign.

Is to accelerate the ramp up of the current platforms.

Eduardo de Nardi Ros: Thank you, Renata, and thank you, Bruno, for your question.

It is to accelerate the ramp-up of the current platforms.

Thank you, Renata, and thank you, Bruno, for your question.

Magda Chambriard: Give me one second, Eduardo. Just a reminder, Bruno, we're talking about two large platforms that will go into production in a scenario where we've been able to significantly reduce the decline in the production of the large fields. Our reserves have allowed us to reduce the decline in production. You've seen that if you look at the production numbers from last year. We're able to reduce the decline of our fields from 2024 till today, from 12 to 4% per year. If we were at 12%, we would be adding platforms with no effects on production increase.

Oh, give me 1 second, Eduardo. Just a reminder, Bruno.

We're talking about two large platforms, uh, that will go into production.

We're talking about two large platforms that will go into production.

In a scenario.

Where we're able, we've been able to significantly reduce, uh, the decline in the production of the large fields. So our

Where we’re able to, we’ve been able to significantly reduce, uh, the decline in the production of the large fields. So, our—

Reserves that have allowed us to reduce the decline in production, and you've seen that.

Um, if you look at the, uh, production numbers from last year, we're able to reduce, uh, the decline of our fields from 2024 till today, from 12% to 4% per year. If we were at 12%, uh, we would be, um, adding platforms with no effects on production increase.

Magda Chambriard: If we're better able to manage our fields and optimize our gas injection projects, as Renata said, our water injection projects, our complementary development projects, and so on and so forth, if we do that, we're able to keep the fields with the minimum amount of decline, so that the new platforms really lead to an increased production. At 4%. Of decline per year, more or less. The pre-salt, 2 platforms of 180,000 each represent a significant production increase for 2026. In addition to the sail away of P-80 in August, it should take it 2 to 3 months to arrive in Brazil.

so if we're better able to manage our fields and optimize our gas injection projects, as we're not as said our water injection projects, our

so if we are better able to manage our fields and optimize our gas injection projects, as we're not as said our water injection projects, our

Complimentary development projects, and so on and so forth. If we do that, we're able to keep the, uh, fields with the minimum amount of decline, so that the new platforms really, uh, lead to, uh, an increased production. So, at 4%—

Complimentary development projects and so on and so forth. If we do that, we're able to keep the, uh, fields with the minimum amount of decline, so that the new platforms really, uh, lead to, uh, an increased production. So at 4%

Fernando Melgarejo: Of decline per year, more or less. The pre-salt, 2 platforms of 180,000 each represent a significant production increase for 2026. In addition to the sail away of P-80 in August, it should take it 2 to 3 months to arrive in Brazil. By November it will be moored, and that also ensures that by the beginning of 2027, we'll have additional support to our production. We have 2 large platforms that will go into production this year, but changing the production levels of Brazil. Another 2 for the beginning of 2027, they will also go into production, also changing the production levels of Brazil in the beginning of 2027. Thank you, Magda. We will now go on to our next question.

um,

Magda Chambriard: By November it will be moored, and that also ensures that by the beginning of 2027, we'll have additional support to our production. We have 2 large platforms that will go into production this year, but changing the production levels of Brazil. Another 2 for the beginning of 2027, they will also go into production, also changing the production levels of Brazil in the beginning of 2027.

Of decline per year, more or less in the pre-salt to, uh, platforms of 180,000 each represent a significant production increase for 2026 in addition to the sail away of P 80 in August, it should take it to, uh, to 3 months to arrive in Brazil. So, um, in by November, it will, uh, be more and um, that also

Two, uh, to three months to arrive in Brazil. So, um, by November, it will, uh, be more, and, um, that also...

ensures that

By the beginning of 2027, we'll have additional support for our production. So we have two large platforms that will go into production. This year, we're changing the production levels of Brazil and

By the beginning of 2027, we'll have additional support to our production. So, we have two large platforms that will go into production. This year, the changing the production levels of Brazil and

Eduardo de Nardi Ros: Thank you, Magda. We will now go on to our next question. That's Monique Greco, Itaú BBA.

Another two, uh, for the beginning of 2027. Well, they'll also go into production. Also, changing the production levels of Brazil in the beginning of 2027.

Thank you, Magda.

Fernando Melgarejo: That's Monique Greco, Itaú BBA. Hello, Edu. Hello, everyone. Thank you for taking my question. I'll resume the topic of our trade strategy. When you discussed how you're dealing with volatility in the short run, so it's really interesting to see how it can ensure greater allocation of your production. My question is now a similar question to your commercial strategy. How are you running your commercial strategy? Are you meeting every day? Are you evaluating it weekly, every 15 days? Can you tell me more about how you've been building this answer to a question that remains unanswered. Can you give me more details about this process in order to build, to design the structure that you need to have before you decide your next move? Thank you. Hello, Monique. Thank you for your question.

Monique Greco: Hello, Edu. Hello, everyone. Thank you for taking my question. I'll resume the topic of our trade strategy. When you discussed how you're dealing with volatility in the short run, so it's really interesting to see how it can ensure greater allocation of your production. My question is now a similar question to your commercial strategy. How are you running your commercial strategy? Are you meeting every day? Are you evaluating it weekly, every 15 days? Can you tell me more about how you've been building this answer to a question that remains unanswered. Can you give me more details about this process in order to build, to design the structure that you need to have before you decide your next move? Thank you.

We will now go on to our next question. That's, um, Monique Greco, it. Hello. Hello, everyone. Thank you for taking my question.

We will now go on to our next question. That's, um, Monique Greco. Hello. Hello. Hello, everyone. Thank you for taking my question.

I'll resume.

your, the topic of our

your, the topic of

Trade strategy. So

uh,

Our, uh, trade strategy. So, uh,

When you discussed how you were dealing with volatility in the short run.

When you discussed how you're dealing with volatility in the short run,

So it's really interesting, uh, to see how you can ensure greater allocation of your production. So my question is,

Now, a similar question regarding your commercial strategy. So, how are you running your commercial strategy? Are you meeting every day?

Now, a similar question to your commercial strategy. So, how are you running your commercial strategy? Are you meeting every day?

Are you evaluating it weekly? Every 15 days? Can you tell me more about how?

You you've been building this answer to a question that remains unanswered.

So, uh, can you give me more details about this process?

Claudio Schlosser: Hello, Monique. Thank you for your question. I'll start by discussing our process, telling you about our process, how the whole company is involved in the process. As we said, our commercial strategy, it has this goal of being the best option for our clients. That's what we want to be. We have to have a strong position. That's what our commercial strategy aims at. What do we do? We have our technical team working on this, our domestic market commercialization, our foreign market commercialization teams. These people, they talk daily. Every day we write reports. Again, we have follow-up daily follow-up reports, like on Brent or even the exchange rate to the US dollar of our petroleum products or derivatives. It's all part of what we call our alternative cost to our clients.

In order to build, to design the structure that you need to have before you decide your next move. Thank you.

Hello, Monique. Thank you for your question.

Fernando Melgarejo: I'll start by discussing our process, telling you about our process, how the whole company is involved in the process. As we said, our commercial strategy, it has this goal of being the best option for our clients. That's what we want to be. We have to have a strong position. That's what our commercial strategy aims at. What do we do? We have our technical team working on this, our domestic market commercialization, our foreign market commercialization teams. These people, they talk daily. Every day we write reports. Again, we have follow-up daily follow-up reports, like on Brent or even the exchange rate to the US dollar of our petroleum products or derivatives. It's all part of what we call our alternative cost to our clients.

I'll start by discussing our process, telling you about our process, and how the whole company is involved.

In the process.

So, as we said, our commercial strategy, it—

It has this goal of being the best option for our clients. That's what we want to be. We have to have a strong position; that's what our commercial strategy aims at.

It has this goal of being the best option for our clients. That's what we want to be. We have to have a strong position—that's what our commercial strategy aims at.

Fernando Melgarejo: This is a daily analysis, and reports are written and forwarded to everyone, to a group, a special group with a president and the commercialization, logistics, and finance officers. We get that information every day. This is also something we do with our officers. Our top management analyzes the scenarios, moments of crisis. We do this much more frequently. Last week, for instance, we had a discussion with the executive directors about the scenario, or the present scenario. When we have more disruption in the horizon, that means more frequent meetings. Also everything is presented to the board of directors. Our board of directors is also aware of all the conditions and what is being done in our commercial strategy.

Claudio Schlosser: This is a daily analysis, and reports are written and forwarded to everyone, to a group, a special group with a president and the commercialization, logistics, and finance officers. We get that information every day. This is also something we do with our officers. Our top management analyzes the scenarios, moments of crisis. We do this much more frequently. Last week, for instance, we had a discussion with the executive directors about the scenario, or the present scenario. When we have more disruption in the horizon, that means more frequent meetings. Also everything is presented to the board of directors. Our board of directors is also aware of all the conditions and what is being done in our commercial strategy.

So what do we do? We have our technical team working on it. These are domestic market commercialization, our foreign market commercialization teams—these people, they talk daily, every day. We write reports. So again, we have follow-up, uh, daily follow-up reports, uh, on Brent, or even the exchange rate to the dollar of our petroleum products or derivatives. It's all part of what we call our alternative cost to our clients.

So what do we do? We have our technical team working on—these are domestic market commercialization, our Ford Market commercialization teams. These people, they talk daily, every day, we write reports. So again, we have follow-up, uh, daily follow-up reports, uh, brand or even the exchange rate to the dollar of our petroleum products or derivatives. It's all part of what we call our alternative cost to our clients.

This is a daily analysis, and reports are written and forwarded to everyone in a special group with a president and the commercialization, logistics, and finance officers. So we get that information every day.

This is a daily analysis, and reports are written and forwarded to everyone, to a group, a special group with a President and the commercialization, logistics, and finance officers. So we get that information every day.

And this is also something we do with our, uh, officers, our top management, analyzes the scenarios.

And this is also something we do with our, uh, officers, our top management—analyzing the scenarios.

Moments of crisis. So, uh, we did this much more frequently last week. For instance, we had a discussion with the, uh,

Moments of crisis. So, uh, we do this much more frequently. Last week, for instance, we had a discussion with the, uh,

executive directors.

Executive directors.

So, we have, when we have more disruption,

About the scenario, or the pricing scenario—so, when we have more disruption,

um,

In the Horizon, that means more frequent meetings, and also everything is presented to the board of directors. Our board of directors is also aware of all the conditions and, uh, what is being done.

in our,

Fernando Melgarejo: We have daily meetings, and even, when the need arises, we have more participation from the executive suite and also even the board of directors. I don't know if I answered your question. I think your answer was really good, Schlosser. Thank you for your question, Monique. Thank you, Schlosser. Now, Regis Cardoso, XP, you may proceed. Regis. Thank you. Thank you for taking my question. I have a single question. Let me now discuss your current crisis situation. In the foreign market, we see limits shut in oil production in the Middle East and a price spread of some products abroad. My question is, in your physical operation, per se, in Petrobras in Brazil, what are the consequences?

Claudio Schlosser: We have daily meetings, and even, when the need arises, we have more participation from the executive suite and also even the board of directors. I don't know if I answered your question.

Commercial strategy. So, we have daily meetings and even, uh, when the need arises, we can have more participation from the, uh, Executive Suite and also even the Board of Directors. I don't know if I answered your question.

In our commercial strategy, so we have daily meetings, and even—uh, when the need arises, we can have more participation from the, uh, Executive Suite, and also even the Board of Directors. I don't know if I answered your question.

Magda Chambriard: I think your answer was really good, Schlosser.

Eduardo de Nardi Ros: Thank you for your question, Monique. Thank you, Schlosser. Now, Regis Cardoso, XP, you may proceed. Regis.

Regis Cardoso: Thank you. Thank you for taking my question. I have a single question. Let me now discuss your current crisis situation. In the foreign market, we see limits shut in oil production in the Middle East and a price spread of some products abroad. My question is, in your physical operation, per se, in Petrobras in Brazil, what are the consequences?

I think your answer was really good. Shloer, thank you for your question. Uh, Monique, thank you. Now registered, dozo XP. You may proceed, Reges.

Thank you. Thank you for taking my question.

I have a single question.

So, let me

Now, discuss your, uh, current crisis situation.

In the foreign market, we see limits shut in oil production in the Middle East and crack spread of some products abroad. So my question is,

In the foreign market, we see limits being set on oil production in the Middle East and the crack spread of some products abroad. So my question is,

Fernando Melgarejo: What are the effects that you feel in terms of LPG or the importing of liquefied gas, LNG, or what you get from the oil that you are not getting from the Middle East? How will you adapt your refineries? In other words, physically speaking, how has your operation or how have been your operations been affected? Maybe gasoline is less critical, but tell me about your day-to-day operations and how you're adapting and how you believe this will change or evolve over time. I know that you also have some ways of absorbing that fluctuation. What will happen with your stocks over time? Okay, I'll try to be less repetitive, and I'll focus on some other details. There are some operations like we import a very specific oil used for lubricants.

In your physical operation, per se, in Petrobras in Brazil, what are the consequences? What are the effects that you feel in terms of LPG?

In your physical operation, per se, in Petros in Brazil, what are the consequences? What are the effects that you feel in terms of LGP?

or the importing of, uh,

Liquid fine. Uh,

Liquid fee.

gas.

A gas.

L, uh,

LNG, or what you get from the oil that you are not getting from the Middle East. How will you adapt your refineries? In other words, physically speaking, how has your, uh, operation?

LNG, or what you get from the oil that you are not getting from the Middle East—how will you adapt your refineries? In other words, physically speaking, how has your, uh, operation?

Or how have your operations been affected, or maybe gasoline is less critical? But tell me about your day-to-day operations.

Or how have your operations been affected? Or maybe gasoline is less critical. But tell me about your day-to-day operations.

And how you're adapting, and how you believe this will change or evolve over time. Because I know that you also need to have some, uh,

And how you're adapting, and how you believe this will change or evolve over time. Because I know that you also have some, uh,

Ways of absorbing that.

Claudio Schlosser: Okay, I'll try to be less repetitive, and I'll focus on some other details. There are some operations like we import a very specific oil used for lubricants.

Ways of absorbing that, uh, fluctuation, but how—what happened with your stocks over time?

Uh, fluctuation. But how, what happened with your stocks over time?

Okay, I'll try to be less repetitive, and I'll focus on, uh, some other details.

there are some operations, like

We import a very specific oil.

Used for lubricants.

Fernando Melgarejo: That oil we have, we have that from the Red Sea. We have a ship in the Red Sea, and they get out from the other side. Saudi Arabia, for instance, they have two logistic systems. The prevailing system, they get out of the Hormuz, this Strait of Hormuz, but also from the Red Sea. That's an alternative route. In terms of inventory, in oil, we have a guaranteed provision. We have a significant supply of oil with a significant inventory. With Argyle, we have a very long-term contract with Saudi Arabia. This type of oil is something that is that we can rely on. Our planning also includes an optimized scenario with the greatest profitability.

Claudio Schlosser: That oil we have, we have that from the Red Sea. We have a ship in the Red Sea, and they get out from the other side. Saudi Arabia, for instance, they have two logistic systems. The prevailing system, they get out of the Hormuz, this Strait of Hormuz, but also from the Red Sea. That's an alternative route. In terms of inventory, in oil, we have a guaranteed provision. We have a significant supply of oil with a significant inventory. With Argyle, we have a very long-term contract with Saudi Arabia. This type of oil is something that is that we can rely on. Our planning also includes an optimized scenario with the greatest profitability.

that oil, we have

We have that from the Red Sea, so we have a ship in the Red Sea and they get out from the other side. So, Saudi Arabia, for instance, they have two logistic systems, the prevailing system—they get out of the Hormuz.

We have that from the Red Sea, so we have a ship in the Red Sea and they get out from the other side. So, Saudi Arabia, for instance, they have two logistic systems—the prevailing system, they get out of the Hormuz.

This is a trait of performance, but also from the Red Sea; that's an alternative route.

This is a trait of performance, but also from the Red Sea, that's an alternative route.

In terms of inventory.

In oil, we have a guaranteed provision. We have a significant supply of oil with a significant inventory, and we're really

with Argy land.

Would argue last.

We have a very long-term contract with Saudi Arabia,

so,

This type of oil.

Is something that is, uh, that we can rely on.

Is that something that is, uh, that we can rely on?

And our planning.

Fernando Melgarejo: When you look at our end yield, when you look at our progression linear models, we have the following more interesting imports. We may change this every day if the situation changes dramatically. We have many opportunities, many alternatives, and this is something we're checking every day. If a new opportunity arises in oil production or petroleum products, we will make the best of that and tap into that opportunity. If you have ships, for instance, that are sent to the US, we have a new opportunity in Africa with a much greater cashback netback. That depends on what happens on different days. As for the supply and the planning of supply, in a short term, from a short-term perspective, we're looking at April, let's say we're good.

Claudio Schlosser: When you look at our end yield, when you look at our progression linear models, we have the following more interesting imports. We may change this every day if the situation changes dramatically. We have many opportunities, many alternatives, and this is something we're checking every day. If a new opportunity arises in oil production or petroleum products, we will make the best of that and tap into that opportunity. If you have ships, for instance, that are sent to the US, we have a new opportunity in Africa with a much greater cashback netback. That depends on what happens on different days. As for the supply and the planning of supply, in a short term, from a short-term perspective, we're looking at April, let's say we're good.

Also included is the optimized scenario with the greatest profitability. When you look at our end yield, when you look at our progression linear models.

Also, this includes the optimized scenario with the greatest profitability. When you look at our end yield, when you look at our progression linear models.

We have the following, more interesting imports.

And we may change this every day if the situation changes too dramatically. So we have many opportunities, many alternatives, and this is something we're checking every day. If a new opportunity arises in oil production or petroleum products, we will make the best of that. And

And we may change this every day if that situation changes dramatically. So we have many opportunities, many alternatives, and this is something we're checking every day. If a new opportunity arises in oil production or petroleum products, we will make the best of that. And

Tap into that opportunity. So, if you have ships, for instance, that are sent to the US, but then we have a new opportunity in Africa with a much greater cash back, net back. So,

That depends on what happens on different days as for the supply and the planning of Supply. We're talking in a short term from a short term perspective.

That depends on what happens on different days, as for the supply and the planning of supply. We're talking from a short-term perspective.

Fernando Melgarejo: We have a good position, market position. We have the imports coming from our distributors, so this is our current scenario. The president, our president has discussed widely about seeking operating excellence. In 2025, we have an indicator that was planned and what was achieved, and this has been the best results we've ever had in Petrobras' history. Considering what we plan to do, this is the best results we've ever had. The difference between what we plan and what we achieved, this, we've achieved the best results, and that's a very relevant indicator. It means that we are highly efficient, and that means a great result. Thank you, Schloss, then Regis. Next question, Tasso Vasconcellos. Tasso, your question. You may proceed. Thank you, Redu. Thank you, everyone. Thank you for taking my question.

Claudio Schlosser: We have a good position, market position. We have the imports coming from our distributors, so this is our current scenario. The president, our president has discussed widely about seeking operating excellence. In 2025, we have an indicator that was planned and what was achieved, and this has been the best results we've ever had in Petrobras' history. Considering what we plan to do, this is the best results we've ever had. The difference between what we plan and what we achieved, this, we've achieved the best results, and that's a very relevant indicator. It means that we are highly efficient, and that means a great result.

And we're looking at April. Let's say we're good.

And we're looking at April, let's say we're good.

Uh, coming from our distributors. So, this is our current—

We have a good market position. We may have imports coming from our distributors. So this is our current situation.

scenario.

And the president, our president, has discussed widely about seeking operating excellence. So in 2025, we have an indicator that was planned and what was achieved, and this has been the best results we've ever had in process history. Considering what we planned to do, this is the best.

And the president, our president, has discussed widely about seeking operating excellence. So, in 2025, we have an indicator that was planned and what was achieved, and this has been the best results we've ever had in process history. Considering what we planned to do, this is the best.

Results we've ever had. So

Eduardo de Nardi Ros: Thank you, Schloss, then Regis. Next question, Tasso Vasconcellos. Tasso, your question. You may proceed.

The difference between what we plan and what we achieved, uh, this, uh—We've achieved the best results, and that's a very relevant indicator. It means that we are highly efficient, and that means a great result.

The difference between what we plan and what we achieved—uh, this, uh, we've achieved the best results, and that's a very relevant indicator. It means that we are highly efficient, and that means a great result.

Thank you, Slas. Then, Rajes, next question. Taso, vez.

Taso.

Tasso.

Tasso Vasconcellos: Thank you, Redu. Thank you, everyone. Thank you for taking my question.

Your question. You may proceed. Thank you. Thank you, everyone. Thank you for taking my questions.

Your question? You may proceed. What do you think you would do? Thank you, everyone. Thank you for taking my question.

Fernando Melgarejo: I'd like to explore a new topic based on some news that we saw earlier. Your question is about G4 and Braskem. What are you expecting? What is the outcome of the discussions? Is there any timeline? In addition, how about the Braskem shareholders, do you see the equalization of the debt at that company with some capital injection? Could Petrobras participate in that process of injecting capital in any way? If that is not possible, what are the other options you've been discussing? How could Petrobras contribute as some sort of a loan or any other possibility? Now, one follow-up to this point. This discussion about extraordinary, is this decision to be taken just by the end of the year, or can that be evaluated throughout the year considering our current scenario? Thank you.

Tasso Vasconcellos: I'd like to explore a new topic based on some news that we saw earlier. Your question is about G4 and Braskem. What are you expecting? What is the outcome of the discussions? Is there any timeline? In addition, how about the Braskem shareholders, do you see the equalization of the debt at that company with some capital injection? Could Petrobras participate in that process of injecting capital in any way? If that is not possible, what are the other options you've been discussing? How could Petrobras contribute as some sort of a loan or any other possibility? Now, one follow-up to this point. This discussion about extraordinary, is this decision to be taken just by the end of the year, or can that be evaluated throughout the year considering our current scenario? Thank you.

I'd like to explore a new topic.

Based on some news that we saw earlier—it's about your questions about G4 and Brasscam. So what are you expecting? What is the outcome of the discussion? Is there any timeline? And in addition,

Based on some news that we we saw earlier. It's about your questions about G4 and Brass cam. So what are you expecting? What is the outcome of the discussion? Is there any timeline? And in addition

How about the brass cam shareholders? Do you see the equalization of the debt at that company? With some Capital injection? Good Patrol brass participate in that process of injecting capital in any way.

How about the brass game shareholders? Do you see the equalization of the debt at that company? With some Capital injection? Good Patrol brass participate in that process of injecting capital in any way.

So any, that is not possible. What are the other options you've been discussing? How could Petrobras contribute, as some sort of a loan or any other possibility? And now, one follow-up,

So, if that is not possible, what are the other options you've been discussing? How could Petrobras contribute, as some sort of a loan or any other possibility? And now, uh, one follow-up.

Fernando Melgarejo: Okay, I'll start the answer, and I'll turn it over for Fernando to continue. I think this is for, it's up to Fernando really to answer this question. Anyway, at Braskem, we have a corporate issue at stake. What's going on? There's a related party, and we have a shareholders agreement with them. In other words, our partner will have the preponderance of administration. In other words, if there's an agreement between the shareholder of Braskem with EG4, who represents the banks. This is pending approval by the CADE committee. This hasn't happened yet. The latest news is that this would be postponed to a month. This phase is absolutely necessary for us to have a new shareholders agreement with EG4. In other words, we can better address the synergies with the Petrobras between Braskem and Petrobras.

Magda Chambriard: Okay, I'll start the answer, and I'll turn it over for Fernando to continue. I think this is for, it's up to Fernando really to answer this question. Anyway, at Braskem, we have a corporate issue at stake. What's going on? There's a related party, and we have a shareholders agreement with them. In other words, our partner will have the preponderance of administration. In other words, if there's an agreement between the shareholder of Braskem with EG4, who represents the banks. This is pending approval by the CADE committee. This hasn't happened yet. The latest news is that this would be postponed to a month. This phase is absolutely necessary for us to have a new shareholders agreement with EG4. In other words, we can better address the synergies with the Petrobras between Braskem and Petrobras.

To this point, this discussion about extraordinary is this decision to be taken just by the end of the year or can that be evaluated throughout the year considering our current scenario? Thank you. Okay. I'll start the answer and I'll turn it over for Fernando to continue. I think this is for uh is up to for another really, to answer this question anyway, at Brass camp, we have a corporate issue.

To this point, this discussion about extraordinary is this decision to be taken just by the end of the year or can that be evaluated throughout the year considering our current scenario? Thank you. Okay. I'll start the answer and I'll turn it over for Fernando to continue. I think this is for uh is up to Fernando really to answer this question anyway at Brass camp. We have a corporate issue at stake. What's going on? There's a related party and we have a shareholders agreement with them. So we

That states what's going on. There's a related party, and we have a shareholders' agreement with them. So, we—

in other words, our partner will have, uh, the

Preponderance of administration. In other words.

if there's an agreement between the shareholder of brass cam with eg4,

If there's an agreement between the shareholder of BRASSCAM with EG4,

Who represents the banks. So this is pending approval by the CAD, uh, committee.

Who represents the banks. So, this is pending approval by the CAD, uh, committee.

C, d e commitment committee.

Cade commit committee.

And this hasn't happened yet. And the latest news is that this would be—

And this hasn't happened yet. And the latest news is that this would be

postponed to a month.

This stage is absolutely necessary for us to have a new shareholders’ agreement.

This stage is absolutely necessary for us to have a new shareholders agreement.

With eg4.

In other words, we can better address the synergies.

Fernando Melgarejo: In other words, today, we know these synergies are not being used the way they should. Ultimately, Braskem is leaving money on the table as these synergies are not used with a company as large as Petrobras. We believe this will be solved in the near future, and we will finally be able to enter into that new agreement with a new partner. The point is to maximize the synergy between the Petrobras system and Braskem to benefit both Petrobras and Braskem, in addition to our shareholders, whether government or private shareholders, and Brazilian society at large. Can you continue, Mel Correia? Right. Well, still about Braskem, we should remember that in our government instances, we approved prevailing, right, we're just giving up the right of first choice for everything we approved. Things.

Magda Chambriard: In other words, today, we know these synergies are not being used the way they should. Ultimately, Braskem is leaving money on the table as these synergies are not used with a company as large as Petrobras. We believe this will be solved in the near future, and we will finally be able to enter into that new agreement with a new partner. The point is to maximize the synergy between the Petrobras system and Braskem to benefit both Petrobras and Braskem, in addition to our shareholders, whether government or private shareholders, and Brazilian society at large. Can you continue, Mel Correia?

With the Petrobras, between Petrobras CAM and Petrobras. In other words, today we know the synergies are not being, uh, used the way they should.

With the Petrobras brass, between brass Cam and Patrol brass. In other words, today we know the synergies are not being, uh, used the way they should.

Ultimately, Press Cam is leaving money on the table, as these synergies are not used with a company as large as Petrobras.

Ultimately, Breastcam is leaving money on the table, as these synergies are not used with a company as large as Petrobras.

We believe this will be solved in the next in the near future.

We believe this will be solved in the near future.

And we will finally be able to enter into that new agreement with a new partner.

And the point is to maximize the synergy between the Petrobras brush system and Brush Hem to benefit both Patrol Plus and Brush Cam.

And the point is to maximize the synergy between the petrol brush system and BrushCam to benefit both Petrol and BrushCam.

In addition to our shareholders—whether, uh, government or private shareholders—and Brazilian society at large, can you continue, male? Gio.

Fernando Melgarejo: Right. Well, still about Braskem, we should remember that in our government instances, we approved prevailing, right, we're just giving up the right of first choice for everything we approved. Things.

In addition to our shareholders, whether, uh, government or private shareholders, and Brazilian society at large, can you continue on, Melgarejo?

Right. Well, still about the scam.

Right. Well, still about risk scam.

We should remember that.

Write a first choice for everything we approved.

With the, you know, government instances, we approved uh uh prevailing right for just giving up uh the right of first choice for everything we approved.

So,

so,

Fernando Melgarejo: If there's nothing new, things will be as is. This has already been decided. As the president said, petrochemistry is one of Petrobras' interests. We see synergies in that. We are placing our chips on this project. We cannot speak on behalf of the company if money will be invested or not from that company to Petrobras. We will do everything that generates value to Petrobras' shareholders. This is the logic behind it all. Everything will be communicated in a timely manner as soon as CADE approves this, these proposals are approved. What we are having now is the shareholders agreement. We need to wait. Now, for dividends.

Things—if there's nothing new, things will be as is. This has already been decided, and as the president said,

Things. If there's nothing new, things will be as is. This has already been decided, and as the President said,

HOCH chemistry is one of Petrobras's interests. We see synergies in that. So we are, uh, placing our chips on this project, but we cannot speak on behalf of the company.

Prochem is one of Petros's interests. We see synergies in that. So, we are, uh, placing our chips on this project, but we cannot speak on behalf of the company.

If, uh, money will be invested or not, from that company to progress. So, we will do everything that generates value to Petrobras' shareholders. This is the logic behind it all, but everything will be communicated in a timely manner. As soon as CAD approves, this

If, uh, money will be invested or not, from that company to progress. So, we will do everything that generates value to Petrobras shareholders. This is the logic behind it all, but everything will be communicated in a timely manner. As soon as CAD approves, this—

Uh, these proposals are approved.

And what we are having now is the shareholders agreement. So

Having now is the shareholders agreement. So

we need to wait now for

Fernando Melgarejo: As for your question on dividends, when we were planning our strategy, it was, and it still is, of course, we need to be really careful about the foreign political situation. They still have a perspective on lower prices. We considered this, and we have a basis CapEx, a target CapEx. In other words, we need to be flexible enough to add new projects, start working on new projects. In other words, our focus is on the execution of the projects we already have to begin with. With a new Brent, nothing will change in the conduction of our projects, the Brent that we are testing. They're still at $50. This does not change. We need long-term resilience. That will not change.

Dividends, as for your question on dividends when we were planning our strategy.

Dividends—as for your question on dividends when we were planning our strategy.

It was, and it still is, of course. Uh, so we need to be really careful about the foreign political.

It was and it still is, of course. Uh, so we need to be really careful about the foreign political, uh, situation and they still have a, a prospective on a lower prices. So, we

Uh, situation, and they still have a, a perspective on our price. So we—

Consider this. And we have a, uh,

Um, basis capex. A Target.

Capex. In other words, we need to be flexible in that to add new projects. Start working on new projects. In other words, our focus is on the execution of the projects we already have to begin with and with a new brand.

Capex. In other words, we need to be flexible enough to add new projects start working on new projects. In other words, our focus is on the execution of the projects we already have to begin with and with a new brand.

Fernando Melgarejo: In all our governance instances or levels, we also have greater return for any new investment. We're trying to optimize or to achieve the greatest return on investment. If it gets to 110, we need to have the levels that we expect. We are also evaluating how feasible those projects are. That's a new governance level here. If they also see if there's a surplus in cash every quarter, this is calculated. We not necessarily have payouts next month or in the next quarter or next year. It's too early to be able to state anything. If we have surplus cash, of course, we'd love to pay that out, as long as it does not impact our long-term sustainability. It's too early to say anything about that.

Nothing will change in the conduction of our projects, the branch that we are testing it, there's still at 50 dollars, this does not change. We need long-term resilience that will not change and all governance uh instances or levels. We also have greater return for any new investment. So we're trying to optimize

Nothing will change in the conduction of our projects. The brands that we are testing, they're still at $50; this does not change. We need long-term resilience that will not change in all our governance instances or levels. We also have greater return for any new investment. So, we're trying to optimize.

Uh, or to achieve the greatest, uh, return on investment.

And if it gets to 110, it gets to 110.

And with if it's, it gets to 110.

So we, we, we need to have the

levels that we expect, and then

we are also evaluating how feasible those projects are.

That's a new governance level here. And then, if they also see if there's a surplus in cash every quarter, this is

That's a new governance level here. And then, if they also see if there's a surplus in cash every quarter, this is—

calculated.

and we not necessarily have payouts next month or in the next quarter or next year, it's too early to

and with that, we may not necessarily have payouts next month, or in the next quarter, or next year. It's too early to—

Be able to state anything. If we have surplus cash, of course, we'd love to pay that out.

As long as it does not impact our long-term sustainability.

To be able to state anything, if we have surplus cash, of course we'd love to pay that out, as long as it does not impact our long-term sustainability.

Fernando Melgarejo: The practice of evaluating surplus as our strategic agenda is written. This is the best thing Petrobras can do to discuss our extraordinary dividends. Thank you, Magda, Fernando, and Tasso. The last question of our webcast by Gabriel Barra of Citi. Gabriel, you may proceed. Hello. Hello, Petrobras. Hello, Ms. President. Hello, officers. Well, my question is about this situation of higher oil prices and the equatorial margin. This is a very important topic, in my opinion. There was the issue of the leaks that's already been solved. Can you tell me about your timeline in your exploration schedule? When we have the first figures for the projects in the region. Can you also, in a higher oil price scenario, as Fernando mentioned, that won't change your long-term perspective much, I believe. Do you...

Fernando Melgarejo: The practice of evaluating surplus as our strategic agenda is written. This is the best thing Petrobras can do to discuss our extraordinary dividends.

But it's too early to say anything about that, and the practice of evaluating surpluses is—

but it's too early to say anything about that and the practice of evaluating Surplus as

The strategic agenda is written. This is the best thing Petrobras can do.

Are strategic. The agenda is written. This is the best thing Petrobras can do.

To discuss our extraordinary dividends.

Eduardo de Nardi Ros: Thank you, Magda, Fernando, and Tasso. The last question of our webcast by Gabriel Barra of Citi. Gabriel, you may proceed.

Thank you, Ma Fernando and Taso. Now, the last question of our webcast by Gabrielle Bar of Citi. Gabrielle, you may proceed.

Thank you, Ma Fernando and taso. Now the last question of our webcast by Gabrielle bar of City Gabrielle, you may proceed.

Gabriel Barra: Hello. Hello, Petrobras. Hello, Ms. President. Hello, officers. Well, my question is about this situation of higher oil prices and the equatorial margin. This is a very important topic, in my opinion. There was the issue of the leaks that's already been solved. Can you tell me about your timeline in your exploration schedule? When we have the first figures for the projects in the region. Can you also, in a higher oil price scenario, as Fernando mentioned, that won't change your long-term perspective much, I believe. Do you...

Hello. Hello, Petrobras. Hello, uh, Ms. President. Hello.

Hello. Hello. Petrobras. Hello, uh, Ms. President. Hello, uh,

uh,

Officers. Well, my question is about this situation of

Uh, higher oil prices and the equatorial margin.

Uh, higher oil prices in the Equatorial Margin.

This is a very important topic, in my opinion.

there was

the issue of the leaks.

That's already been.

Solved. Now, can you tell me about your timeline?

In your exploration schedule.

so, when we have the first, uh, figures,

So, when we have the first, uh, figures,

for uh,

the projects in the region.

And can you?

Also, in a higher oil price scenario, can you enter as in to mention that won't change your long-term perspective? Much, I believe.

Fernando Melgarejo: Are you considering any short-term hedging to, as we have a more stressed oil scenario? We don't talk much about hedging for Petrobras. Other companies do this more often. Maybe can you talk about all these points? Thank you.

Gabriel Barra: Are you considering any short-term hedging to, as we have a more stressed oil scenario? We don't talk much about hedging for Petrobras. Other companies do this more often. Maybe can you talk about all these points? Thank you.

Do you are you considering any short-term hedging?

Now do you are we considering any short-term hedging?

To.

As we have a more stressed oil scenario. We don't talk much about hedging for Progress. Other companies do this more often, so maybe can you talk about all these points? Thank you.

As we have a more stressed oil scenario, we don't talk much about hedging for pro bras other companies do this more often, so maybe can you talk about all these points? Thank you.

Magda Chambriard: I'll talk about the hedge. We have no hedge strategy being assessed. So far we haven't had any strategies for hedging, and our opinion is that we shouldn't apply any hedging to the oil prices. That's longstanding rationale that we still consider to be valid. The hedging cost nowadays would probably be huge. To apply hedging to the amount of oil that we produce would be unfeasible. Talking about the Equatorial Margin, Sylvia. Good afternoon, Gabriel. About the Equatorial Margin, we can say that we made a great achievement having obtained our license. We are now drilling. We've advanced. We are now implementing the BOP, and in very few days we'll go back to production, and we expect to reach the reservoir interval in Q2 2026.

Fernando Melgarejo: I'll talk about the hedge. We have no hedge strategy being assessed. So far we haven't had any strategies for hedging, and our opinion is that we shouldn't apply any hedging to the oil prices. That's longstanding rationale that we still consider to be valid. The hedging cost nowadays would probably be huge. To apply hedging to the amount of oil that we produce would be unfeasible. Talking about the Equatorial Margin, Sylvia.

So, I'll talk about the hedge. Uh, we have no hedge strategy being assessed.

Uh so far we haven't had any strategies uh for hedging. And our opinion is that we shouldn't apply any hedging to the oil prices.

So far, we haven't had any strategies for hedging, and our opinion is that we shouldn't apply any hedging to the oil prices.

That's uh,

Plan, the hatching cost nowadays would, uh, probably be—

The long-standing rationale that we are still, uh, considered to be valid—the hedging cost nowadays would, uh, probably be huge.

Huge.

And to apply hedging to the amount of oil that we produce would be unfeasible.

Sylvia Maria Couto dos Anjos: Good afternoon, Gabriel. About the Equatorial Margin, we can say that we made a great achievement having obtained our license. We are now drilling. We've advanced. We are now implementing the BOP, and in very few days we'll go back to production, and we expect to reach the reservoir interval in Q2 2026.

I'm talking about the equatorial margin uh Sylvia good afternoon, Gabrielle about the equatorial margin, we can say that. Uh, we made a great achievement. Uh, have an obtained. Our license. We are now drilling. We've Advanced, uh, we are now

Um, introducing the implemented Bop and in very few days, we'll go back to production and we expect to reach the reservoir interval.

I'm talking about the equatorial margin uh Sylvia good afternoon, Gabriel about the equatorial margin, we can say that uh we made a great achievement. Uh, have an obtained. Our license. We are now drilling. We've Advanced, uh, we are now. Um, introducing the implementing the bop and in very few days, we'll go back to production and we expect to reach the reservoir interval.

Magda Chambriard: When we acquired these blocks, we entered into a minimum exploration commitment. We have to drill this well, plus another seven to ensure that we're adequately exploring the region. Just to reiterate, the Equatorial Margin has a big potential. It's different from our other pre-salt fields. Its reservoirs are very similar to what we find in the Campos Basin in the post-salt, and we, any assessment of what we're gonna do is highly result dependent. For this well, the results of a single well do not allow us to assess the exploration. President Magda uses to say that in the Campos Basin, we came to the first discovery after nine wells.

Sylvia Maria Couto dos Anjos: When we acquired these blocks, we entered into a minimum exploration commitment. We have to drill this well, plus another seven to ensure that we're adequately exploring the region. Just to reiterate, the Equatorial Margin has a big potential. It's different from our other pre-salt fields. Its reservoirs are very similar to what we find in the Campos Basin in the post-salt, and we, any assessment of what we're gonna do is highly result dependent. For this well, the results of a single well do not allow us to assess the exploration. President Magda uses to say that in the Campos Basin, we came to the first discovery after nine wells.

In the second quarter of 2026.

Of the second quarter of 2026.

When we acquired these blocks.

When we acquired these blocks, we, uh, entered into a minimum exploration commitment; we have to drill this well plus another seven.

We entered into a minimum exploration commitment, we have to drill this well, plus another 7.

To.

Ensure that we're adequately exploring the region.

Just to reiterate, the Equatorial Margin has big potential. It's different from our other pre-sold fields. It's, uh,

Just to reiterate, the Equatorial Margin has a big potential. It's different from our other pre-sold fields. It's, uh,

reservoirs that are very similar to what we find in the, uh, centers Basin in the post salt. And we, uh, any assessment of what we're going to do is highly resolved dependent. So, for this, well,

Reservoirs are very similar to what we find in the, uh, Campos Basin in the post-salt. And we, uh, any assessment of what we're going to do is highly reservoir-dependent. So for this, well,

The results of a single, well, do not allow us.

The results of a single well do not allow us.

Magda Chambriard: Here we're going to assess the oil system, the results of a well, whether it produces oil or not, that does not indicate that we are performing an exploratory assessment. There is a huge potential. The Equatorial Margin is not there by itself. It's aligned with major discoveries that occurred in Africa back in 2010 and 2012. They're equivalent to the discoveries of Guyana. Our oil system will assess if this generator is equivalent to the La Luna generator of Venezuela and the efficiency of the oil system. If the migration generation were adequate so that we can achieve the accumulation that we expect to achieve. The results only make sense after the discovery.

Sylvia Maria Couto dos Anjos: Here we're going to assess the oil system, the results of a well, whether it produces oil or not, that does not indicate that we are performing an exploratory assessment. There is a huge potential. The Equatorial Margin is not there by itself. It's aligned with major discoveries that occurred in Africa back in 2010 and 2012. They're equivalent to the discoveries of Guyana. Our oil system will assess if this generator is equivalent to the La Luna generator of Venezuela and the efficiency of the oil system. If the migration generation were adequate so that we can achieve the accumulation that we expect to achieve. The results only make sense after the discovery.

To assess, uh, the expiration present Mark that uses to say that in the uh composer space in, we came to the first discovery after 9, Wells. And here, we're going to assess the oil system. The results of a well whether it produces oil or not, uh, that does not indicate that we are uh, performing an next an exploratory. Uh, assessment, there is a huge potential

The equatorial margin is not there by itself. It's aligned with major discoveries that uh, where

To assess uh the expiration present Mark that uses to say that in the uh Compass Basin. We came to the first discovery after 9 Wells. And here, we're going to assess the oil system. The results of well, whether it produces oil or not, uh, that does not indicate that we are, uh, performing an next, an exploratory. Uh, assessment there is a huge potential. The equatorial margin is not there by itself. It's aligned with major discoveries that, uh, were

That occurred in Africa, back in 2010 and 2012 and they're equivalent to the discoveries of Guyana.

That occurred in Africa, back in 2010 and 2012, and they're equivalent to the discoveries of Guyana.

Magda Chambriard: Once the discovery occurs, the exploratory assessment, and then only can we think about the production system that will be adequate. Let's root for this well, which is the world's most famous well. Everybody asks me about it. Even the janitor asks me, "What about our well?" Yeah, let's root for yet another discovery. Thank you, Silvia and Fernando. Thank you for your answers. Thank you, Baja, for your question. This is the end of our Q&A session. If you have any additional questions, please send them to our R&I team. We'll be happy to answer your questions. I will now give the floor to the Petrobras President, Magda Chambriard, for her final comments about the 2025 results. We are very proud of the results we're delivering.

Sylvia Maria Couto dos Anjos: Once the discovery occurs, the exploratory assessment, and then only can we think about the production system that will be adequate. Let's root for this well, which is the world's most famous well. Everybody asks me about it. Even the janitor asks me, "What about our well?" Yeah, let's root for yet another discovery.

our oil system will assess if this Jenner generator is equivalent to the Luna uh generator of Venezuela and the efficiency of the oil system and if the migration generation were adequate so that we can achieve the accumulation that we expect to achieve but the results only make sense after the discovery and once the discovery occurs the exploratory,

Assessment and then only can we think about the production system that will be adequate.

Our oil system will assess if this Jenner generator is equivalent to the Luna uh generator of Venezuela and the efficiency of the oil system and if the migration generation were adequate so that we can achieve the accumulation that we expect to achieve but the results only make sense after the discovery and once the discovery occurs the exploratory assessment and then only can we think about the production system that will be adequate.

But, uh, let's root for this, uh, well, which is the world's most famous well.

But let's root for this, uh, well, which is the world's most famous—well,

Eduardo de Nardi Ros: Thank you, Silvia and Fernando. Thank you for your answers. Thank you, Baja, for your question. This is the end of our Q&A session. If you have any additional questions, please send them to our R&I team. We'll be happy to answer your questions. I will now give the floor to the Petrobras President, Magda Chambriard, for her final comments about the 2025 results.

Everybody asked me about it. My even the janitor asked me. Uh what about row? So yeah, let's uh route for yet another discovery.

Thank you Sylvia and Fernando.

Thank you for your answers. Thank you, Baja for your, uh, question. This is the end of our

Q&A session.

If you have any additional questions, uh, please send them to our RI team. We'll be, uh, happy to answer your questions. I will now give the floor to Petrobras President Magda Chambriard for her final comments about the 2025 results.

If you have any additional questions, uh, please send them to our team. Our I team will be, uh, happy to answer your questions. I will now give the floor to the Petrobras President, Magda Chambriard, for her final comments about the 2025 results.

Eduardo de Nardi Ros: We are very proud of the results we're delivering. Petrobras is extremely proud of its integrated work and the delivery capacity of the Petrobras team. Over the course of 2025, we became Latin America's biggest company, which required a lot of work, a lot of effort, dedication, and a lot of purpose. To turn this company into Latin America's biggest company. We've been able to do that, so let's maintain our mission and purpose. The company is a strong cash generator. Our processes are solid. Our procedures have proven correct and effective, and this is what we are going to keep chasing.

Magda Chambriard: Petrobras is extremely proud of its integrated work and the delivery capacity of the Petrobras team. Over the course of 2025, we became Latin America's biggest company, which required a lot of work, a lot of effort, dedication, and a lot of purpose. To turn this company into Latin America's biggest company. We've been able to do that, so let's maintain our mission and purpose. The company is a strong cash generator. Our processes are solid. Our procedures have proven correct and effective, and this is what we are going to keep chasing. We are committed to providing the best possible production by our pre-salt giants. We've just made an important discovery in the Aram reservoir. It hasn't been tested yet, but we've seen a beautiful flame indicating that that's yet another pre-salt reservoir that's emerging with a beautiful flame produced by gas and condensate.

We are very proud of the results we are delivering.

Petra. Brass is extremely proud of, its integrated work. And

uh, petrol brass is extremely proud of, its integrated work and

Capacity of the patch of brass team.

the delivery capacity of the Petra team,

Over the course of 2025. We became Latin America's biggest company which required a lot of work, a lot of efforts dedication and a lot of purpose.

To turn this company into Latin America's biggest company. We've been able to do that. So let's maintain our mission and purpose. Uh, the company is a stronger cash generator, our

To turn this company into Latin America’s biggest company—we’ve been able to do that. So let's maintain our mission and purpose. Uh, the company is a stronger cash generator, our

Processes are solid. Our

Eduardo de Nardi Ros: We are committed to providing the best possible production by our pre-salt giants. We've just made an important discovery in the Aram reservoir. It hasn't been tested yet, but we've seen a beautiful flame indicating that that's yet another pre-salt reservoir that's emerging with a beautiful flame produced by gas and condensate.

Procedures have proven, correct, and effective and this is what we're going to keep chasing.

Procedures have proven correct and effective, and this is what we're going to keep chasing.

Magda Chambriard: Along 2025, we made 5 discoveries, not as big as the pre-salt. I would say that they're mid-sized discoveries that will require development efforts on our part, and we are considering all of them along with a complementary development project for 2P Búzios and for the fields in general, both from the pre-salt and the Campos Basin. With capital discipline and with the certainty that producing is not enough, we need to produce, add value to our refineries, and find the best possible markets for our products in the world. This is what we're doing, and that we'll keep on doing. This is how we should like look at Petrobras and understand that this team is really committed to delivering what they promised. Let's keep doing this. Thank you very much. Thank you. Fernando, any final words? Well, to wrap up, thank you, Marta.

We are committed to providing the best possible production, uh, by our pre-salt Giants, we've just made an important Discovery in the aurum. Uh, Reservoir it hasn't been tested yet, but we've seen a beautiful flame indicating that that's yet another. Uh, pre- salt Reservoir, that's emerging with a beautiful flame, uh, produced by gas and condensed it.

Giants. We've just made an important Discovery in the aurum. Uh, Reservoir it hasn't been tested yet, but we've seen a beautiful flame indicating that, that's yet another pre-salt Reservoir that's emerging with a beautiful flame, uh, produced by gas and condens it.

Along 2025 we made 5 discovery.

Along 2025, we made five discoveries.

Not as big as the pre-salt. I would say that their midsize discoveries that will require development efforts on our part.

Not as big as the pre-salt. I would say that they're midsize discoveries that will require development efforts on our part.

And we are considering all of them along with a uh complimentary development project for 2p booze and for the fields in general, both from the pre-salt and the compass basin

And we are considering all of them along with a complimentary development project for 2p booze and for the fields in general, both from the pre-salt and the compass basin

with capital discipline and with the certainty that producing is not enough, we need to produce at Value to our refineries

With capital discipline, and with the certainty that producing is not enough, we need to produce at value to our refineries.

and,

Magda Chambriard: This is what we're doing, and that we'll keep on doing. This is how we should like look at Petrobras and understand that this team is really committed to delivering what they promised. Let's keep doing this. Thank you very much. Thank you. Fernando, any final words?

Find the best possible markets for our products in the world. This is what we're doing, and that will keep on doing, and this is how we should, like, look at, uh, Petros and—

Find the best possible markets for our products in the world. This is what we're doing and that will keep on doing, and this is how we should, like, look at Petrobras and—

Understand that this team is really committed to delivering what they promised.

So let's keep doing this. Thank you very much. Thank you. Fernando.

Fernando Melgarejo: Well, to wrap up, thank you, Marta. Thanks, everybody. It's great to be with you. To the investors, we are constantly available to answer your questions over the phone or in person. As a take-home message, I wanna say that a wrong strategy in a commodity company at a time of high volatility may bring about huge difficulties for the future of the company. That is why our administration principles are based on three important pillars, regardless of the price of Brent, whether it's going up or down, which is capital discipline, operational efficiency in all of our processes, and the search for production increase. Thank you.

Any final words.

Magda Chambriard: Thanks, everybody. It's great to be with you. To the investors, we are constantly available to answer your questions over the phone or in person. As a take-home message, I wanna say that a wrong strategy in a commodity company at a time of high volatility may bring about huge difficulties for the future of the company. That is why our administration principles are based on three important pillars, regardless of the price of Brent, whether it's going up or down, which is capital discipline, operational efficiency in all of our processes, and the search for production increase. Thank you. Thank you, Fernando. Once again, thank you for your attention. This presentation will be available on our investor relations website soon, and the audio track will also be available to you. Thank you.

About the wrap-up. Thank you, markdown. Thanks everybody.

About the wrap-up. Thank you, Ma. Thanks, everybody.

It's great to be with you.

and to the investors, we are

Constantly available to answer your questions.

Constantly available to ask, to answer your questions.

Over the phone or in person as a tickle message, I want to say that.

A, a wrong strategy in a commodity company.

At a time of high volatility may bring about huge difficulties for the future of the company.

At a time of high volatility may bring about a huge difficulties for the future of the company.

That is why our

that is why our

Administration principles are based on 3 important pillars, regardless of the price of brand, whether it's going up or down which is

Administration principles are based on three important pillars, regardless of the price of brand, whether it's going up or down, which is:

Capital discipline.

Operational efficiency in all of our processes.

And the search for production increase. Thank you.

Eduardo de Nardi Ros: Thank you, Fernando. Once again, thank you for your attention. This presentation will be available on our investor relations website soon, and the audio track will also be available to you. Thank you. Have a great day, and see you in the next webcast.

Thank you for Fernando.

Thank you for now.

Once again, thank you for your attention.

This presentation will be available on our

Magda Chambriard: Have a great day, and see you in the next webcast.

Investor relations website soon. And the audio track will also be available to you. Thank you have a great day and see you in the next webcast.

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