Q4 2025 Petroleo Brasileiro SA Petrobras Earnings Call

March 6, 2026

[music].

And cash for our results the fourth key for this year, it's a pleasure to be with you. This event will be presented in Portuguese with simultaneous translation into English and the links to both languages can be found on our website.

The Investor Relations website.

Also like to say that all participants will be able to watch the broadcast online as listeners get after the introduction there will be a Q&A session as usual.

And you can send your questions to our email.

With us today, we have my dad schembri odd at the present of Petrobras, Alberta, PSU, the presence of gas and energy on behalf of Angelica Laurino, our executive director of energy transition interest and ability <unk> executive director of corporate subject.

Clutch luster.

Director of logistics, and Fernando them off ratio, the financial executive director of Investor relationships, where none of our rosy.

Invest in director of Engineering technology, and innovation and have regular director of governance and compliance Sylvia on Joe's director of exploration and production and William Francesc, <unk> director of industrial processes and products.

So now I will give the floor to our presence among the schembri art for her initial.

Considerations.

Okay.

Ladies and gentlemen.

Good morning.

It's a pleasure to be with you to present our results for 2025.

And for the.

Fourth Q of the same year.

We're 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.

And we keep saying that.

Having said that.

Let's now.

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

Production growth and 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.

Or in our facilities.

If our beds in our facilities and at first I would like to remind you that the brand had did not help us the oil prices have had they plummeted, but it was the growth of our production.

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

Achieving and.

Surpassing our goals has been a constant thing at the company in terms of refining capacity and platform protection and the 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 fueled platforms.

Surpassed.

B operated production milestone of 1 million barrels per day in October 2025, and therefore.

It's.

A goal that was surpassed before the deadline the to peer as semi field also reached a 1 million barrels per day.

And we're proud to say that this happened in.

And at December 31st 2025.

Showing that the Petrobras team is a.

24, <unk>, hence on 24, seven we're repeating into Peter Sema, the a historical milestone read breached in 2019.

Yes.

When it comes to <unk>.

Renewable energy.

We should pay attention to this feed it was a declining fields a huge field that that have been declining since 2019 that was able to go.

Go back to production levels.

Making petrobras crowd.

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

We are proud of having surpassed 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.

With a full focus on.

Safety operational excellence and capital discipline with the recent example of this.

<unk> approach was a Z conclusion, the completion of the anchoring of P. 79 P. 79. It was the latest platform to arrive in Brazil.

In the last few days of this year.

And after arriving at was anchored.

Ana 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.

E 79 is already moored and soon.

We'll 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 our refineries below the intended price.

Okay.

And.

With that we've been.

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

Petrobras is constant search for excellence.

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

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 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 a record breaking.

Production levels record breaking exporting levels and.

Nonetheless.

We guaranteed a record breaking level of reserve replacement our.

Reserve replacement of 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 675000 barrels exported per day in a year.

And 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.

New markets.

When a referred to almost a 1 million barrels exported and the fourth quarter of 2025, I'm proud to say that it was all most because it was 999000 barrels per day.

We almost hit the one 1 billion Mark 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 a 92% with almost 70% of the production being comprised by diesel to gasoline and a Q a V at which are our highest added value byproducts.

Which contributed hugely to value generation into our sales.

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 the hour.

<unk> valuable products as I said.

We sold 1.747 million barrels per day worth of byproducts in the internal market.

One point of 43% higher than the same year. The same period of the previous year and that was triggered that was fostered by gasoline and QE V that accounted for 70, 574% of our sales the sales of Q E V aviation.

Fuel saw an increase of 6% in the year, reaching.

The best performance level of the last six years, we keep on expanding the S. 10 diesel production a height of value added a diesel and we have been advancing in the production of renewable client it fuels our diesel.

Many 5% to 10% of renewable content is a reality.

That's being in Creasing Lee accepted by our market.

We started by predict producing a sustainable aviation fuel.

SaaS at the <unk>.

<unk>, she is and <unk> refineries at President Bernard Gees, we.

Started.

The.

Contracts for the construction of this first plant dedicated to.

The production of S. A F and Green diesel in addition to that we for the first time delivered in 'twenty 'twenty five a bunker with the renewable client dead to the Asian market.

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

Bye.

Offering a bunker or navigation fuel with a 24% content of renewable fuel and the Asian market. Its a good amount of money with all of the batches, having haven't been sold quickly at high levels and the gas market.

We also had great news the second module of the Balkan Thura complex a 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 and.

The inflexible Madhu.

<unk>.

This is what a free market looks like.

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

Petrobras is as their main.

Natural gas provider in Brazil.

Rules still have a big gross opportunities with value generation moving forward, we've been able to combine.

High quality portfolio with high returns with an administration strategy based on discipline in capital increased.

Operational efficiency Petrobras.

Is imbued with a strong purpose switches.

To make this company increasingly bigger growing along with Brazil, delivering to Brazilian society and it fits investors be they are 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, I want to thank you all for your trust and I reiterate that Petrobras is commitment is towards an even better future for the company and for Brazil before retina.

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 and thank you for your presence and now I'll give the floor to our.

CFO Fernando Mail Derecho, who will have the honor to.

Disclose on our behalf.

<unk> financial results, which were all very proud of thank you.

Your markdown for Europe.

Introduction.

I want to.

Great all of the directors and everybody that's watching us on this webcast.

Which discloses the results of the fourth Q.

Of 2025 and the ear.

And closing for 'twenty 'twenty five as presents Mazda said, we had an unprecedented growth in the oil and gas.

Production of the company, which reinforces the quality of our assets as well as our capacity to have a strong cash flow generation, even in a face of a 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 branch and turning 25 was $69 per barrel, a 14% drop compared to 'twenty, 'twenty, four 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 our resilience and 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 project step boosted production, our adjusted EBITDA reached a $42.5 billion without considering exclusive event.

Hence 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 steer 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.

Low.

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 Brent which demonstrates that our result is.

<unk> sustained to buy quality assets with high returns and rapid cash generation.

This slide shows how we delivered these results even though there was this drop in brand in 2025, we have recorded a growth in the sales of derivatives in the domestic market totaling one 7 million barrels per day.

I wish to highlight the five 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.

Percent of the production being comprised of higher value added derivatives, such as diesel gasoline and QA V. 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.

The reduction of emissions and to our logistical optimization. This result is aligned with our commitment to sustainability and environmental responsibility.

A key factor for the carbon offsetting.

Brent.

<unk> is what we achieved a 2025, we exceeded our target. So we have an X-ray of this 11% increase of our production in 2025.

Production of the pre sold had a vital role in these results who is your still delivers more than expected. We have productivity levels that are very high in October 2025.

The camera platforms reached a record of 1 million barrels of oil a day, a betterment array as you know.

Is now the platform with a highest production in Brazil with over 240 barrels a day.

The platform reached a record of instant flow rate up to 170000.

<unk> thousand barrels a day, we have no records at a similar level production level worldwide and Mary hit another record $650 million.

Barrels and we increased our operating efficiency everywhere between 'twenty 'twenty four and 2025 rate reached an increase in efficiency of about four percentage points and this represents additional production of 100000 barrels of oil a day.

This efficiency gains is equivalent to.

A startup.

New production like they were Ria Qatari initial bharti oilfield in other words, we're delivering a new platform production platform with just this efficiency increase so that means more oil with a same assets with that result, we want more.

We are committed to doing more with less.

So and that is for everyone here all the officers here.

Our employees, that's why we have programs for operating efficiency and also to reduce losses that can be avoided. This stolz. Our teams have reached a new efficient operating efficiency level at Petrobras next lease.

From the beginning of our management.

We have put efforts into changing the <unk>.

Dave here of what was filed in our investment in the previous years until 2020, we we.

Invested about 70% of our Capex and now recently changed in 2024 and 2025, our focus was on a profitable production increase our investment impact much more than the deliveries of 2025.

And that means our long term commitment for example, the tie in 77 oil wells that was a historical milestone before the top number it was 57, so we over.

And more than double what we had.

Before we also reduced the risk of delays and increase the likelihood of anticipation and this is something that we've already discussed it before about anticipation isn't forecast up anticipations. This is crucial for us to reach our production growth on our business plan next please.

This is why <unk>.

84% of our investment risk.

Allocated in exploration and production as we can see so 11% in a R.

Our T M and 2% in low carbon energy in other words 17 billion in E N G with the best portfolio in the World.

We'd also like to stress that the cost of our execution projects are Amy we're in control of that.

We should know that obese anticipation of project that it sounds like what ways.

Four.

We've always avoided as we can see on the table a full life capex of our current business plan projects are slightly lower than the same period in 2025 29.

Next.

All of this slide.

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

So and that's between December at December 31, 2025, and the replacement rate was 175%, even considering our record production in 2025.

And that ratio between.

Probable reserve and the production is.

A little above what we expect above what our peers are.

So we have low cost.

And this will be our remain our priority.

Between December on December 31st 2025, we had $69 8 billion that our gross debt.

We should highlight that over 60% of our debt in fact, 62% comps from leasing platforms also.

<unk> and probes.

The best part of our debt in 2025.

The Amarante Pillaret recorded $2 6 billion of debt and the other shadow Cosmos, another one 4 billion.

Oh, sorry, $1 1 billion.

So on our webcast, we should remind you that these new leasing has told us lead to production generating assets in other words it generates income that.

Two additional platforms added 270 barrels a day in capacity only four Petro garage. When you look at our financial that we're still working our and our Tech management, along 2025, we want the lowest debt profile.

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 lapping.

Liability management operations in quarter, four with some free banking.

Prepayments in banking, so we had reductions in our debt.

2025 to 2026 and our.

And.

Yes.

The next phase.

This quarter the board of directors approved.

Hey.

Detailed report for the payout of 1.81, Balan or <unk> 62.

<unk> per share that put paid into similar installments in may and June this strategy is to generate value.

And to conciliate investment in high yield projects.

And 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 everything that is produced in this company every platform refinery power plant.

Laboratory for every social project generates.

Consequences for many layer.

Layers of society, we want a short summary that.

That can cascade down on Brazilian economy. So if we start with investment in 2025, as we mentioned we invested over 20 million, increasing an increase of 22%.

Through 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.

Jobs 300000 jobs as about 5% of Brazilian investment. Another example is 277 billion real that's what we paid including tax royalties and special interest too.

Government state and local governments, we also distributed 45 billion and dividends of 17.6 billion for the controlling group and we also allocated 2 billion approximately in social environmental investment sponsorships and donations. These are some examples of our multiply.

In fact in Brazil finally.

I'd now like to stress that we have high quality projects that will deliver growth both growth and profitability of the entire Brazilian society as well as our shareholders will enjoy long term for all these benefits I'd also like to stress that we focus on executing our business.

This plan from 2026 to 30, 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 wont.

Results and also economic development for this country.

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

So all the <unk>.

Top management is here all the.

The access 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 NGF J P. Morgan Rodolfo can you hear us can you can you.

You can you May proceed.

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 earnings in further detail of our quarter.

Four 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 any 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. So how is petrobras preparing to work in this moment of uncertainty and also highly volatile prices.

So now I'd like to hear from you from Pretto crosses top management.

How you see.

Your supply.

Your supply situation.

Do you have any prospect.

Any strategy about prices.

Can you give.

<unk> 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.

Concerns that I 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 and refining and finance yes.

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.

So if it's $85 per barrel would need to be prepared if it's 55 whitney to be equally prepared.

I 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 and the company delivered its results.

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.

Keith or stick to our internal policy, which remains solid.

We look at the.

Oil and derivative pricings without transferring this volatility is the Brazilian domestic market and this is something we've been doing.

Several times last year, we delivered a great result in terms of prices.

So.

When Petro bras looks at it international.

<unk> 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, so theres less 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 policies.

Fluctuations, there's no discussions on this matter.

S for Ross, we will have a an explanation in further details.

In a minute, but we really need to keep exporting.

What we need to export.

Refiner or N port, what we need importing our refineries still have a growing processing capacity.

Our manager William.

Officer, William will talk about that and our cash.

It's still on our focus.

We're really concerned about ensuring that this company remains resilient that we respect our capital discipline and debt, we reduce costs, we're talking about $85 a few years ago, It was $59 and now.

Now those that mentioned 55 next year.

So we are indeed.

Working hard.

And checking all these variables.

And we want to ensure that the company.

Remains absolutely prepared.

Space any scenarios that might.

Come up.

Along 2026 and 2027 I'll now.

Give the floor to <unk>.

Another director.

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

I'd also like to remind you that when it comes to exploration and production and <unk>.

Connection between oil wells.

We are insuring.

Increasingly greater production.

And our.

Target is to have increasingly more oil wells and also to optimize our production and extraction of R. A T.

Deposits, everyone is working hard and together to deliver these results. So can you explain a little more about this.

<unk> market.

Schlosser, yes. Thank you. Thank you president.

Mr premises precedent, yes.

Anthony has this strategic plan. So we are indeed prepared for a Brent Brent range that is quite wide.

When you consider the short and that in a long term now in the short run.

Our situation is highly unexpected I think we've never had such a scenario.

So well see reaching that export $6 million to $8 million in oil and an additional five in petroleum products. This region will be closed of course. This has a huge impact we take snapshots.

Different times 10 days ago for instance, what people said they were talking about.

50, a barrel or a surplus of four 5 million barrels available so.

And then it all changed so we have different focus is at different points there.

There are also consequences to this when we have for example.

Brent.

So the first is when you.

We don't no longer have this production of oil and.

Petroleum products that it's as though that market froze oil.

Oil was not being paid and we have two or three days without oil trading that was the initial impact.

So we know that we know how that works and the market is now expected to change pricing or adapt to the new pricing we have many.

<unk> that were trapped there there's also a.

Set of chips that are unloading so 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.

As for our oils is that this means a favorable netback to petro draw. So we have.

Greater margins.

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

All of our flows go towards India, Europe, and other areas silver outside of this.

Area, which is a good position.

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.

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 and the companies are more or less.

Working with the 5%.

Of their own fleets and a 95%.

With other contracts and Petrobras is with a in a much better position in oil exploration, we have more than 30%.

Of.

Of right.

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

Doesn't even reached 10% so we're very well positioned in that regard.

So for.

That's what I would have to say about the oil.

When it comes to our refined products.

Petrobras is having no difficulty at meeting.

<unk>.

Our goals.

We work with.

<unk> a business plan that we optimize all of our assets and we have very robust assets for that bofa of terminals refineries pipelines, so we optimize that and we optimize.

The more attractive.

Thanks for importing.

Our products and where we've been able to meet our goals.

And the imports.

Are in line with our plans.

And gas are we in gasoline we are exporting it in LNG. We're also exporting it we've talked to the market and.

Okay.

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

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

And we'll 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.

So this is our perspective.

When it comes to our 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.

Every day is a different day, we do a constant assessment and obviously.

Oh.

We.

Use of the best netback opportunities be they are.

Related to oil exporting or a more profitable imports. So this is.

So these are the details of the short term planning.

Oh, you covered basically everything along with our president in terms of.

Refining were already using the logistic planning for the Bruce Q and the idea is that we ended the year with 91% of foot and FUT anvil.

The first SKU with 95 or with a very good use of the refined products or we have a few scheduled downtime, especially in our four refineries of this year and re plan will be revamped and expanded but.

With the monitoring of the units, we are able if necessary to extend the campaign period of refineries increasing the production of.

The refined.

Refined products and if necessary. We're also going to do that so we're working in a synergy with the logistics and.

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 references strategic planning there are no changes in that regard.

We are.

Seeking efficiency also reducing our balanced Brent to 59 as we said.

And all of these optimizations are being looking to have by the directors and they can be reverted into good operational results for the company.

Well I'm talking about pricing.

The business strategy of Petrobras was created.

For times like these where theres a huge volatility as are we are seeing in the market a huge volatility come.

Coming from unexpected M facts and this is why it was created for the business strategy of Petrobras provides this robustness to the company when it comes to conducting its business. Thank you Mark Duff 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.

Yeah, and a Yang from HSBC.

You have the floor.

Good afternoon, Thank you for the opportunity.

First I want to congratulate you on the greater transparency of information and my first my question is at the oil price is much higher than the brands that you have in your budget. The wonder 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.

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 but the final investment decision could be postponed.

What are which are these projects are in a more advanced approval stage.

And does that includes bras Kim for instance, thank you.

Okay.

Thank you for your question.

Great to see.

Hey, you again are a priority.

Is.

Capital discipline as usual, we'll always be very careful in all of our all of our decisions. It's something very recent the entire road is still assessing its fully effects and no. One is fully a clear as to what is going to happen in the new Brent.

Price levels or <unk>, or even if that applies to the short or long term.

What we've discussed before.

Including with you and your team.

Is that a 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 and obviously if there is additional revenue.

We'll take care of investments.

Then.

Well.

Take care of the debt or we want to converge to 65 billion in five years and if there is a cash surplus are we'll try to anticipated 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.

Cash flow levels are too high.

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

Based on our.

26 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.

Odyssey does not transfer volatility to the domestic domestic market, but the president also said that it works in scenarios of a.

Hi, oil and low oil price scenarios since a brand has reached the levels above 90 today for how long can be company maintain its.

Unaltered prices before that starts are harming its refining margin in other words.

Should we always expect the refining margin to be positive and 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.

Oh, well start the answer and then Schlosser will helped me.

With the rest of the answer of your sentence says something interesting if.

This.

Our assumption remains like this so I think that right now what we're asking ourselves is what is the trend what is it that the tendency or what will that look like.

A few days from now is that a momentary as pike.

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, but if this volatility is really this high and if the price of Sam is really that high it will certainly require a quicker.

<unk> responses then it would require if this ascent where slower but 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 is strategy to be the customer's best alternative and we're constantly.

Analyzing the international market prices and we have to look at our position.

Our exploration and production has been producing oil significantly there has been an increase in refineries as William said.

Our performance is a world class and.

Yeah.

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, but that does not work. It doesn't work for the company doesn't work for society in General.

So basically.

What we support in terms of our commercial strategy is to guarantee that and as the president put it very well.

The thing is we're talking about snapshots.

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

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

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

And which is comprised in the strategy.

It's analyzed on a daily basis.

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

You asked me, we have not adjusted at the diesel prices M. In 300 days, even though there is a.

An environment that's a.

Full of conflicts around the world So given that volatility the most important factor here is time.

Yeah.

Thank you Magda and Schlosser Bruno Thank you for your question.

The next question comes from Bruno Amorim from Goldman Sachs.

The floor Bruno.

Good afternoon everybody.

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

Is along the lines of production.

Like to hear your take on the Optionality for us.

Anticipations in the.

The operations of platforms is there a possibility of advancing them to 2026 I mean.

What are the conversations with suppliers are like Oh, So that's more encompassing question. If there is an anticipation.

<unk> 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.

I'm.

Trying to anticipate.

For 2026.

We don't consider that any other anticipation is possible for the silhouette of these platforms. The P 80, we'll sell a Huawei in August P. 82 in September N. P 83 in February of next year, what we are looking.

Looking at is the anticipation of ramp up ramp up of P. 78 N. P. 79, four P 78, I talked about we talked about the mooring record of P 79, but this week, we are hit a record of the first injection of gas at <unk> 78.

The shortest time, we reach them 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 a one interconnected well to be 78 and by stabilizing the gas injection will ask for.

Approval for our second well and so on and so forth so for 2026 or a campaign.

Is to accelerate the ramp up of the current platforms.

Thank you Renata and thank you Bruno for your question.

Give me one second Eduardo just a reminder, bruno.

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

In a scenario.

We're we're able we've been able to significantly reduce the decline in the production of the large fields. So.

Sure.

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

If you look at the production numbers from last year, we were able to reduce the decline of our fields from 'twenty to 'twenty four till today from 12% to 4% per year, if we were at 12%.

We would be adding.

Adding platforms with no effects on production increase.

Yeah.

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 hour.

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 as the new platforms really lead to a an increased production so add four.

Percent.

Of decline per year, more or less in the pre salt platforms of 180000, each represent a significant production increase for 2026. In addition to the sail away of P. 80 in August it should take it two to three months.

To arrive in Brazil so.

In <unk> by November it will be more and that also.

Ensures that.

By the beginning of 'twenty 27, we will have additional support to our production. So we have two large platforms that will go into production this year with changing the production levels of Brazil and <unk>.

Another two.

We're at the beginning of 'twenty two a seven well that will also go into production also changing the production levels of Brazil in the beginning of 2027.

Thank you Magda.

We will now go onto our next question.

That's Monique graco at how would we be at a lower do Hello, everyone. Thank you for taking my question.

I'll resume.

You're on the topic of our.

S trade strategy so.

Sure.

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

So it's really interesting.

To see how can ensure greater allocation of your production. So my question is.

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

Argue evaluating a weekly every 15 days can you tell me more about how.

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

So can you give me more details about this process.

In order to be able to design the structure that you need to have before you decide your next move thank you.

Hello, Monique. Thank you for your question.

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

In the process.

So 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.

So what do we do we have our technical team working on this art domestic market commercialization, our fort market commercialization teams. These people. They talk daily every day, we write reports so again may have follow up daily follow up.

Reports.

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 written.

And forwarded to everyone to a group a special group with our president.

And the commercialization of logistics and finance.

Officers, so we get that information every day.

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

This crisis. So we do this much more frequently last week for instance, we had a discussion with the.

Uh huh.

Executive directors.

About the scenario the pricing scenario, so when they have more disruption.

And the horizon, that's that means more frequent meetings and also everything gets 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 we have daily meetings and even when the need arises. It can we have more participation from the exam.

Executive suite, and also and 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.

Now rashes Cardoso X B you May proceed.

Yes. Thank you. Thank you for taking my question.

I have a single question.

So let me now.

Now I'll discuss your current crisis situations.

In the foreign market we.

C limits shut in oil production in the middle East and it crack spread of some products abroad.

So my question is.

And your physical operation per Se and Petrobras in Brazil, what are the consequences. What are the effects that you feel in terms of L. G P.

Or the <unk>.

King.

Liquefied.

Gas.

L a.

O N G O or what do you get from the oil.

Not getting from the middle East how willing to adapt to go refineries in other words, a physically speaking how has your operation or.

Or how has been your operations being 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 have some.

Waves of absorbing that.

Fluctuation, but how about what happened 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 fair specific oil.

Used for lubricants.

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, Saudi Arabia for instance, they have two logistic systems that prevailing system they get out of the hormones.

The Strait of Hormuz, but also from the Red Sea, that's an alternative route.

In terms of inventory.

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

With Archie layer.

We have a very long term contract with Saudi Arabia.

So.

This type of oil.

It is something that is.

That we can rely on.

In our planning.

Also includes optimized scenario with the greatest profitability when you look at our and yield when you look at our progression lit in their models.

We have the following a more interesting imports.

And we May change. This every day if that situation changes dramatically. So we have many opportunities many alternatives and this is something that were checking every day.

A new opportunity of Rices in oil production or petroleum products, we will make the best of that in <unk>.

Tap into that opportunity. So if you haven't ships for instance that are sent to the U S. But then we have a new opportunity in Africa with a b.

Much greater cashback netback so.

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.

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

Have a good position market position may have the imports.

Coming from our distributors. So this is our current.

Scenarios.

And the president of our precedent has discussed widely about seeking operating excellence. So if 2025, we have an indicator.

With Plaid is achieved and this has been the best results we ever had in Petrobras is history, considering what we plan to do this is the best.

<unk>, we've ever had so.

The difference between what we plan and what we achieved.

This we 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 rashes next question Tasso Vasconcellos.

Tasso.

Your question you May proceed. Thank you we do thank you everyone.

For taking my question.

I'd like to explore a new topic.

Based on some news that we saw earlier, it's about your questions about G. Four in Ras Cam. So what are you expecting what is the outcome of the discussions is there any timeline and in addition.

Braskem shareholders.

You see the equalization of the debt at that company with some capital injection. Good Petrobras participate in that process of injecting capital in any way.

So it is not possible what are the other options you've been discussing how could petrobras contribute at some sort of a loan or any other possibility and now one.

Hello, Bob.

To this point.

Point, there's discussion about extra ordinary 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.

The answer and I'll turn it over or Fernandez to continue I think this is for AR is up to Fernando really to answer. This question anyway at Bras Cam we have a corporate issue at stake what's going on there is a.

Related party and we have a shareholders agreement with them. So we.

In other words, our partner will have.

Yeah.

Preponderance of administration in other words.

If there's an agreement between E share holder of brass Cam with EG for.

Magda Chambriard: To the market, but 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. 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.

It represents the banks. So this is pending approval by the C E D.

Commit.

Committee.

C E commitment committee.

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

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

Postponed to a months.

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

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

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

With EG for.

In other words, we can better address the synergies.

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

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

It's analyzed on a daily basis.

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

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

Magda Chambriard: If you ask me, we have not adjusted the diesel prices in 300 days, even though there is a 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. 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?

If?

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

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

An environment. That's, uh,

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 system and brass Cam to benefit both Petrobras and Bruce can.

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

In addition to our share holders whether it's.

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

Government or private shareholders and Brazilian society at large can you Katina melco ratio.

The next question comes from Bruno Amirm from Goldman Sachs.

You have the floor, Bruno.

Magda Chambriard: 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?

Right well still about Bruce can.

Good afternoon, everybody.

We should remember that.

With the in our government instances we approved.

Thank you for taking my question and uh, congratulations on this solid delivery throughout the years, especially in on the production side, my question.

Prevailing right or just giving up.

Right at first choice, where everything we approved.

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

So.

Thanks, if theres nothing new things will be as if this has already been decided and as the president said.

Petro chemistry is one of Petrobras. This interest we see synergies in that so we are placing our chips on this project.

Magda Chambriard: 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. 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.

But we cannot speak on behalf of the company.

If money will be invested or not from that company to Petrobras. So we will do that.

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.

I think that generates value to Petrobras this share holders.

This is the logic behind it all but everything will be communicated in a timely manner.

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

S C. A D E proves this.

These proposals are approved.

And what we are having now is the shareholders' agreement so.

We made a weight now for.

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

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

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.

The situation and they still have a.

Perspective on lower prices so we.

Considered this and we have a.

Magda Chambriard: 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 one 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. 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.

Uh huh.

Yeah.

Basis, Capex a target cap.

But this week, uh, we, uh, hit a, uh, record of the first injection of gas at P-78. The shortest time. We reached that 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.

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 our new brand.

in order for us.

Nothing will change A&D conduction of our projects. The branch that we are testing. It is still at $50. This does not change we need long term resilience that will not change at all our governance.

To, uh, proceed with the other, uh, wells. We have, 1. Intercessors. So, for 2026, our campaign.

Magda Chambriard: Thank you, Renata, and thank you, Bruno, for your question. 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.

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

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

Instances at levels, we also have greater return or any new investment. So we're trying to optimize.

Oh, um, give me one second, Eduardo. Just a reminder, Bruno.

Or to achieve the greatest return on investment.

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

And with if its.

In a scenario.

Gets to 110.

So we need to.

Yeah.

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

Levels that we expect and then we.

We are also evaluating how feasible those projects are.

Magda Chambriard: 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. 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.

That's a new governance level higher here and then if they also see if there's a surplus and cash every quarter. This is.

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

Calculated.

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

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

From 2024 till today, from 12:00 to 4:00, percent per year. If we were at 12%, uh, we would be, um, adding platforms with no effects on production increase.

But it's too early to say anything about that at the practice of evaluating surplus S. R.

So if we're better able to manage our fields and optimize our gas injection projects, as well as our water injection projects, our

Strategic agenda is irritant, but this is the best thing Petrobras can do.

To discuss our extraordinary dividends.

Thank you Margaret Hernando and tough so now.

Last question of our webcast by Gabrielle Barra City Gabrielle you May proceed.

Magda Chambriard: At 4% of decline per year, more or less, in the pre-salt, two 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 two to three months to arrive in Brazil. In, by November, it will be moored. That also ensures that-

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%...

um,

Hello, Hello, Petrobras Hello, Ms resident Hello.

Officers well Mike.

Yes. It is about this situation.

Higher oil prices in the equatorial margin.

This is a very important topic in my opinion.

of of decline per year more or less, the pre-sold to platforms of 180,000. Each represent a significant production increase for 2026 in addition to the sale 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

There was.

ensures that

Claudio Romeo Schlosser: 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. We're changing the production levels of Brazil, another 2, where 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. 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, 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.

Magda Chambriard: 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. We're changing the production levels of Brazil, another 2, where 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. 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, 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.

The issue of the leaks that's already been.

So now can you tell me about your timeline.

In your exploration schedule.

by the beginning of 2027, we'll have additional support to our production. So we have 2 large platforms that will go into production. This year, the changing the production levels of Brazil and

So when we have the first pick.

<unk>.

Sure.

The projects in the region.

And can you.

Another 2, uh, for the beginning of 2027 will, they'll also go into production. Also changing the production levels of Brazil, in the beginning of 2027.

Also in a higher oil price scenario can you and fair enough.

Thank you, Magda.

As Fernando mentioned that wont change your long term perspective March I believe.

Now do you are you considering any short term hedging.

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

I'll resume.

Two.

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

your, the topic of

Our, uh, trade strategy. So, uh,

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

So it's really interesting.

Hum.

Okay.

Uh, to see how can ensure greater allocation of your production. So my question is,

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

Claudio Romeo Schlosser: 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. 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?

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

Now, a similar question regarding 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?

That's a longstanding rationale.

That we still.

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

Considered to be valid and hedging cost nowadays would probably be <unk>.

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

Huge.

Yeah.

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

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.

I'm talking about the equatorial margin.

Sylvia good afternoon, Gabrielle about the equatorial margin.

We can say that we made a great achievement.

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

In the process.

Having obtained a license we are now drilling we've advanced.

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

We are now.

Introducing the implemented B O P and in very few days, we will go back to production and we expect to reach the reservoir interval.

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.

Claudio Romeo Schlosser: 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. We have follow-up daily follow-up reports, like 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. 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, the 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.

In the second quarter of turning 26.

When we acquired these blocks.

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

Two.

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.

Reservoirs are very similar to what we find in the Ah.

So what do we do? We have our technical team working on this. Our 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 opportunity, cost to our clients.

Santos Basin, and the post salt and we are any assessment of what we're gonna do is highly result dependent.

So for this well.

The results of a single well do not allow us.

To assess the exploration president Mark that you're supposed to say that in the campus basin. We came to the first discovery after nine wells and 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.

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 of logistics and finance uh, 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.

Claudio Romeo Schlosser: Last week, for instance, we had a discussion with the executive directors about the scenario, the present scenario. When we have more disruption in the horizon, that means more frequent meetings. 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. 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. Regis Cardoso, XP, you may proceed. Regis. Thank you. Thank you for taking my question. I have a single question.

We are performing and next and exploratory assessment there is a huge potential the equatorial margin is not there by itself, it's aligned with major discoveries that were.

Much more frequently last week. For instance, we had a discussion with the, uh,

Executive directors.

About the scenario, or the present scenario. So, we have—when we have more disruption,

Better occurred in Africa back in 2010, and 2012 and their equivalents to the discoveries of Guyana.

um,

Our oil system will assess if there's a general a generator is equivalent to of the la Luna a generator of Venezuela, and the efficiency of the oil system and if the migration generation that were adequate so that we can achieve the accumulation that we expect to achieve but the.

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,

Our results only makes sense after the discovery and once the discovery occurs the exploratory assessment and then only can rethink about the production system that will be adequate.

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

But let's a route for this Ah well, which is the world's most famous well.

Everybody asked me about it my even as the janitor asked me Oh, what about our O L. So yeah. That's a route for yet another discovery.

I think your answer was really good. Shloer, thank you for your question. Uh, Monique thank you now. Register dozo XP. You may proceed reges.

Thank you. Thank you for taking my question.

I have a single question.

Claudio Romeo Schlosser: 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 widespread of some products abroad. My question is, 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 or the importing of liquefied gas, LNG or what do 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? 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.

Thank you Sylvia and Fernando.

So, let me

Thank you for your answers. Thank you Bahar for your.

Now discuss your uh current crisis situation.

Question. This is the end of our.

Q&A session.

If you have any additional questions.

They send them to our RNA team will be happy to answer your questions I will now give the floor to the Petrobras President's Magadan Schembri are for her final comments about the 20 to 25 results.

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

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

We are very proud of the results we're delivering.

or the importing of, uh,

Liquid fee.

Petrobras is extremely proud of its integrated work and.

Uh gas.

The delivery capacity.

The Petrobras 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.

U l n g 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, a 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.

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 of the company is a stronger cash generator or.

Claudio Romeo Schlosser: 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, I'll focus on some other details. There are some operations like we import a very specific oil used for lubricants. That oil, we have that from the Red Sea. We have a ship in the Red Sea, they get out from the other side. Saudi Arabia, for instance, they have two logistic systems. The prevailing system, they get out of the Strait of Hormuz, 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, we're really.

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.

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

Processes are solid our.

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

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

there are some operations, like

We are committed to providing the best possible production.

We import a very specific oil.

Used for lubricants.

By our pre Salt Giants, we've just made an important discovery in the Iran 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.

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.

<unk> emerging with a beautiful flame.

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

Produced by gas and condensate.

In terms of inventory.

Our long 2025.

We made five discoveries.

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

Claudio Romeo Schlosser: 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, and our planning also includes an 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 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, but then we have a new opportunity in Africa with a much greater cashback, netback.

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

Would argue last.

And we are considering all of them along with the complementary development project for two P. Buzzi OS and for the fields in general both from the pre salt and the campus basin.

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

so,

This type of oil.

Is that something that we can rely on?

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

And our planning.

And.

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

Find the best possible markets for our products in the World. This is what we're doing and that will keep on doing and.

We have the following: a more interesting import.

This is how we should look at Petrobras.

Petrobras.

And.

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

Yeah.

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

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

Any final words.

Well to wrap up thank you mark that thanks, everybody.

Claudio Romeo Schlosser: That depends on what happens on different days. As for the supply and the planning of supply, from a short-term perspective, we're looking at April, let's say we're good. We have a good position, market position. We have the imports coming from our distributors, 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, 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, that's a very relevant indicator.

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,

It's great to be with you.

And to the investors we are.

Constantly available to ask to answer your questions.

Supply, and the planning of supply, we're talking from a short-term perspective.

Over the phone or in person as a take home message I want to say that.

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

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.

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

scenario.

That is why.

Our.

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

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 Petrobras process history. Considering what we planned to do, this is the best.

Capital discipline.

Results we've ever had. So

Operational efficiency in all of our processes.

And the search for production increase thank you.

Claudio Romeo Schlosser: 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. I'd like to explore a new topic based on some news that we saw earlier. It's about your question is about IG4 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?

Thank you Fernando.

Once again, thank you for your attention.

The difference between what we plan and what we achieved—uh, 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.

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, Schlass. Then, Rajes. Next question, Tasso Vez.

Tasso, your question—you may proceed. Thank you. I think you would do. Thank you, everyone. Thank you for taking my questions.

[music].

I'd like to explore a new topic.

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

Okay.

[music].

Okay.

Hum.

[music].

How about the Brass Cam shareholders? Do you see the equalization of the debt at that company? With some capital injection? Could Petrobras or Brass participate in that process of injecting capital in any way?

Hum.

Claudio Romeo Schlosser: 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. 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. We, 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 IG4 who represents the banks. This is pending approval by the CADE committee. This hasn't happened yet.

[music].

So any if that is not possible, what are the other options you've been discussing? How could petrol brass contribute as some sort of a loan or any other possibility? And now, uh, 1 uh, 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. 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 cam, 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

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,

who represents the banks. So this is pending approval by the ca d, uh, commit committee.

Cade commit committee.

Claudio Romeo Schlosser: 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 IG4 Capital. In other words, we can better address the synergies with Petrobras between Braskem and Petrobras. 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.

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.

With eg4.

In other words, we can better address the synergies.

With the petrol 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, risk cam 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.

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

Claudio Romeo Schlosser: Can you continue, Mel Gorejo? 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. If there's nothing new, things will be as is. This has already been decided. As the president said, petrochemistry is one of Petrobras's 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.

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

Scam.

We should remember that.

With the, in our government instances, we approved uh uh prevailing. Right for just giving up uh the right of first choice for everything we approved.

So,

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

Prochem is 1 of Petra process interest. 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 Petro brass. So, we will do everything that generates value to Petro brasses shareholders. This is the logic behind it all, but everything will be communicated in a timely manner. As soon as CAD approves, this

Claudio Romeo Schlosser: What we are having now is the shareholders' agreement. We need to wait. For dividends. 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. We need to be flexible enough to add new projects, start working on new projects. 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.

Uh, these proposals are approved.

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

We need a wait now for

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, uh, situation, and they still have a—a perspective on other crises. So we

considered this and we, uh, have a uh,

Um, basis capex. A Target.

Capex. In other words, we need to be flexible enough to add new projects and 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.

Claudio Romeo Schlosser: That will not change. 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.

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 our governance uh, 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's—if 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 here. And then if they're 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

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

Claudio Romeo Schlosser: It's too early to say anything about that. 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. Now, can you tell me about your timeline in your exploration schedule? So when we have the first figures for the projects in the region. Also, in a higher oil price scenario, can you...

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

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

our strategic agenda is written. This is the best thing Petra brass can do.

To discuss our extraordinary dividends.

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

Hello. Hello, Peter brass. Hello uh Ms president. Hello.

uh,

Officers. Well, my question is about this situation of—

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

In your exploration schedule.

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

for uh,

the projects in the region.

Claudio Romeo Schlosser: As Fernando mentioned, that won't change your long-term perspective much, I believe. Now, 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.

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

Now do you are you 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.

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, Silvia. 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. We expect to reach the reservoir interval in Q2 2026.

So I'll talk about the Hedge. Uh, 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.

Uh, that's a long-standing rationale, uh, that we are still, uh, considered to be valid. The hedging cost nowadays would, uh, probably be huge.

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

I'm talking about the Equatorial Margin. Sylvia, good afternoon. Gabriel, about the Equatorial Margin, we can say that we have made a great achievement, having obtained our license. We are now drilling, we've advanced, and we are now introducing and implementing the BOP. 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 7 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 Santos Basin, in the post-salt, and 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 9 wells.

In the second quarter of 2026.

When we acquired these blocks, 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 a big potential. It's different from our other pre-sold Fields. It's uh,

Reservoirs are a very similar to what we find in the uh, census 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,

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, and 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, and 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 Magda uses to say that in the uh Compass Basin. We came to the first discovery after 9. Well, 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 ex 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.

Magda Chambriard: Once the discovery occurs, the exploratory assessment, 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 asked 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, Barra, for your question. This is the end of our Q&A session. If you have any additional questions, please send them to our IR 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.

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.

Everybody asked me about it, uh, even the janitor asked me. Uh, what about row? So yeah, let's, uh, root 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 our I team will be, uh, happy to answer your questions. I will now give the floor to the patch of brass presidents. Magda SRI, for her, final comments about the 2025 results.

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. 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. This is what we're 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. 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 for delivering.

Petrobras is extremely proud of its integrated work and

The the delivery capacity of the petrol brass team.

Of 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

Processes are solid. Our

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

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.

Magda Chambriard: Along 2025, we made five 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?

With a beautiful flame, uh, produced by gas and condensate.

Along 20205.

We made 5 discovery.

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

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

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 uh, Petra bras 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.

Any final words.

Magda Chambriard: 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. 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.

Well to wrap up. Thank you, Mark that. Thanks everybody.

It's great to be with you.

and to the investors, we are

constantly available to ask to answer your questions.

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

A, a wrong strategy in a commodity, uh, company.

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 3 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.

Thank you for Fernando.

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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