Q4 2025 Petroleo Brasileiro SA Petrobras Earnings Call

Okay.

Thanks.

[music].

And cash for our results the fourth key for this year, it's a pleasure to be with you. This event.

It will be presented in Portuguese with simultaneous translation into English and the links to both languages can be found on our website.

<unk> Investor Relations website.

I'd also like to say that all participants will be able to watch the broadcast online as listeners. It after the introduction there will be a Q&A session as usual and.

And you can send your questions to our email.

With us today, we have my dad schembri odd at the present of Petrobras Albert appear Sue 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.

Called Schlosser.

Rector logistics Fernando Macquarie show, the financial Executive director of Investor relationships Burnett about Rosie.

Invest and 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 France that director of industrial processes and products.

So now I will give the floor to our president smugglers 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 are extremely proud of our results and that's why I say.

Speaker #1: Oil price scenarios. Since Brent has reached levels above $90 today, for how long can the company maintain its unaltered prices before that starts harming its refining margin?

Speaker #1: You need to have before you decide your next move. Thank you. Hello, Monique. Thank you for your question. I'll start by saying the company is involved in the process.

And I repeat.

That if you place your bets against Petrobras, you're going to lose.

And we keep saying that.

Speaker #1: In other words, should we always expect the refining margin to be positive in scenarios where this margin is challenged? Is this the moment where you make the decision to adjust the prices, assuming that the prices will remain like that for weeks or months?

Having said that.

Let's now.

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

Speaker #1: 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.

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.

Speaker #1: 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, our domestic market commercialization, our foreign market commercialization teams.

Speaker #1: I'd just like to understand if that's the correct way to look at the policy. Thank you. Thank you for your question.

Which work in an absolutely integrated manner guaranteeing efficiency.

Speaker #1: These people, they talk daily. Every day we write reports. So again, we have follow-up, daily follow-up reports, on Brent, or even the exchange rate to the dollar of our petroleum products, or derivatives.

Speaker #2: I will

Speaker #1: You started the answer, and then Schlosser will help me with the rest of the answer. Your sentence says something interesting: if this assumption remains like this.

And the best possible use of our.

Or in our facilities.

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

Speaker #1: It's all part of what we call our alternative cost to our clients. This is a daily analysis, and reports are written and forwarded to everyone in a group, a special group with a president and the commercialization, logistics, and finance officers.

Speaker #1: So, I think that right now what we're asking ourselves is: What's the trend? What's the tendency? What will that look like a few days from now?

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.

Speaker #1: So we get that information every day, and this is also something we do with our officers. Our top management analyzes the scenarios, moments of crisis, so we do this.

Achieving and.

Surpassing our goals a has been a constant thing at the company in terms of refining capacity at 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.

Speaker #1: Much more frequently. Last week, for instance, we had a discussion with the executive directors about the scenario, or the pricing scenario. So, when we have more disruption on the horizon, that means more frequent meetings, and also, everything is presented to the Board of Directors.

The bruise us fueled platforms.

Surpassed.

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

Speaker #1: 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, we can have more participation from the executive suite, and also even the board of directors.

It's.

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

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

In December 31st 2025.

Speaker #1: 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.

Showing that the Petrobras team is a.

24 is hence on 24, seven we're repeating into Peter Sema, the a historical milestone we reached in 2019.

Speaker #1: Now, Regis Cardozo, XP, you may proceed. Regis: Thank you. Thank you for taking my question. I have a single question. So, let me now discuss your current crisis situation.

Yes.

When it comes to you.

In renewable energy.

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

Speaker #1: In the foreign market, we see limits shut in, oil production in the Middle East, and it has spread some products abroad. So my question is, in your physical operation, per se, in Petrobras in Brazil, what are the consequences?

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 and more dividends.

Speaker #1: What are the effects that you feel in terms of LPG, or the importing of liquefied gas—LNG—or, or what do you get from the oil that you are not getting from the Middle East?

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.

Speaker #1: How will you adapt your refineries? In other words, physically speaking, how has your operation—or how have your operations—been affected? Or maybe gasoline is less critical, but tell me about your day-to-day operations.

With a full focus on.

Safety operational excellence and capital discipline.

Speaker #1: And how you're adapting, and how you believe this will change or evolve over time, because I know that you also need to have some ways of absorbing that fluctuation. But what will happen with your stocks over time?

A recent example of this.

Fishing approach was the conclusion the completion of the anchoring of P. 79 piece of it in <unk> why is the latest platform to arrive in Brazil.

Speaker #1: Okay, I'll try to be less repetitive, and I'll focus on some other details. There are some operations like, we import a very specific oil used for lubricants— that oil, we have that from the Red Sea.

And 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.

We operate.

With excellence planning.

Speaker #1: 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.

Integration across the teams.

And everything we do.

E 79 is already moored and soon.

Speaker #1: The prevailing system, they get out of the Hormuz, this, this Strait of Hormuz, but also from the Red Sea. That's an alternative route. In terms of inventory, in oil, we have a guaranteed provision.

We'll start to operate.

If we look at 2025.

I need to highlight that we delivered our.

Facilities before the deadlines, we delivered.

Speaker #1: We have a significant supply of oil, with a significant inventory, and we're really—I would argue—less. We have a very long-term contract with Saudi Arabia.

The.

Contracts for our refineries below the intended price.

And.

With that we have been.

Speaker #1: So, this type of oil is something that we can rely on. And our planning also includes an optimized scenario with the greatest profitability.

Everyday 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.

Speaker #1: When you look at our end yield, when you look at our progression linear models, we have the following—a more i-i-interesting imports. And we may change this every day if that situation changes dramatically.

We also had great news about our oil and gas reserves in 2025, we incorporated one 7 billion.

Speaker #1: So, we have many opportunities, many alternatives, and this is something we're checking every day. If a new opportunity arises in oil production or petroleum products, we will make the best of that and tap into that opportunity.

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.

Speaker #1: 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, netback.

Production levels record breaking exporting levels and.

Speaker #1: So, that depends on what happens on different days. As for the supply and the planning of supply, we're talking from a short-term perspective.

Nonetheless.

We guaranteed a record breaking level of.

Of reserve replacement in our.

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

Speaker #1: And we're looking at April. Let's say we're good, have a good position, market position. We have the imports coming from our distributors. So this is our current scenario.

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.

Speaker #1: And the president, our president, has discussed widely about seeking operating excellence. So, in 2025, we have an indicator that was planned, but was achieved.

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.

Speaker #1: And this has been the best results we've ever had in Petrobras's history, considering what we plan to do. This is the best results we've ever had.

Speaker #1: So, the difference between what we plan and what we achieved—this, we've achieved the best results. And that's a very relevant indicator. It means that we are highly efficient, and that means great results.

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 almost because it was 999000 barrels per day.

Speaker #1: Thank you, Schloss and Regis. Next question. Tasso Basconcellos—Tasso, your question. You may proceed. Thank you, Radu. Thank you, everyone. Thank you for taking my question.

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 a.

Speaker #1: I'd like to explore a new topic. Based on some news, that we, we saw earlier. I-it's about your questions about G4 and BRASCAM. So what are you expecting?

Send it to the market refineries, achieving a utilization factor of 92% with almost 70% of the production being comprised by diesel gasoline and a Q a V at which are our highest added value byproducts.

Speaker #1: What is the outcome of the discussions? Is there any timeline? And in addition, how about the BRASCAM shareholders? Do you see the equalization of the debt at that company with some capital injection?

Which contributed hugely to value generation into our sales.

Speaker #1: Could Petrobras participate in that process of injecting capital in any way? So, any of that is not possible. What are the other options you've been discussing?

You can see that in spite of the drop in the oil prices, we delivered robust results.

Speaker #1: How could PETROBRAS contribute as some sort of loan or any other possibility? And 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?

With the production of with the drop in production mitigated by the increased production.

By the excellent performance of our refineries and by the expansion of the market our most valuable products as I said.

We sold $1 million 747000 barrels per day worth of byproducts in the internal market.

Speaker #1: Thank you. Okay, I'll start the answer, and then I'll turn it over to Fernando to continue. I think this is really for Fernando to answer those questions anyway.

One point of 43% higher than the same year the same period of the previous year.

Speaker #1: At BRASCAM, 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 a the preponderance of administration.

And that was triggered that was fostered by gasoline and QE feed 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.

Best performance level of the last six years, we keep on expanding the S 10 diesel production a high value added a diesel and we've been advancing in the production of.

Speaker #1: In other words, if there's an agreement between the shareholder of Braskem with EG4, who represents the banks, this is pending approval by the CAD commit committee.

Renewable quantitate fuels, our diesel containing 5% to 10% of renewable content is a reality.

Speaker #1: CADE commitment committee. And this hasn't happened yet, and the latest news is that this would be postponed by a month. This phase is absolutely necessary for us to have a new shareholders' agreement with EG4.

Being an creasing Lee accepted by our market.

We started by product producing a sustainable aviation fuel.

SaaS at the.

Doug could you get she is and then Ricky longyi refineries at President Bernardo.

We.

Started.

The.

Speaker #1: In other words, we can better address the synergies with Petrobras between Braskem and Petrobras. In other words, today we know the synergies are not being used the way they should.

Contracts for the construction of this first plant dedicated to the.

The production of S. A F and Green diesel in addition to that we.

For the first time delivered in 2025, a bunker with renewable client in to the Asian market.

Speaker #1: Ultimately, BRASCAM is leaving money on the table as these synergies are not used with a company as large as PETROBRAS. We believe this will be solved in the next in the near future.

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

Bye.

Offering 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 havent been installed quickly at high levels and the gas.

Speaker #1: 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 Braskem to benefit both Petrobras and Braskem.

Market. We also had great news the second module.

Speaker #1: In addition to our shareholders, whether government or private shareholders, and Brazilian society at large. Can you continue on, Melgarejo? Right. Well, still about BRASCAM, we should remember that with the in our government instances, we approved a, prevailing right.

Above and thorough 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.

Speaker #1: We're just giving up the right of first choice for everything we approved. So, if there's nothing new, things will be as is. This has already been decided, and as the president said, petrochemistry is one of Petrobras' interests.

Gas volume.

Contracted and.

The inflexible.

Modality.

This is what free market looks like.

Yeah.

Doubling the <unk>.

Speaker #1: We see synergies in that. So we are placing our chips on this project. But we cannot speak on behalf of the company if money will be invested or not from that company to PETROBRAS.

Client database of Petrobras, while still keeping our excellent service levels.

This means that Brazilian companies keep on.

Believing and bedding that Petrobras.

Petrobras is their main.

Speaker #1: So, we will do everything that generates value to Petrobras's shareholders. This is the logic behind it all. But everything will be communicated in a timely manner as soon as CADE approves this, and these proposals are approved.

Natural gas provider in Brazil.

We'll still have a big growth 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.

Speaker #1: And what we are having now is the shareholders' agreement. So we need to wait now for dividends. As for your question on dividends, when we were planning our strategy, it was—and it still is, of course—so we need to be really careful.

Operational efficiency Petrobras.

Is imbued with the arrows strong purpose switches.

To make this company increasingly bigger growing along with Brazil, delivering to Brazilian society and its investors be they stay.

Speaker #1: About the fourth and political situation, and they still have a perspective on lower prices. So we considered this, and we have a basis CAPEX, a target CAPEX.

The 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.

Speaker #1: 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.

As well as prepared.

To fight the volatility.

Speaker #1: To begin with, and with a new brand, nothing will change in the conduction of our projects. The branch that we are testing—it is still at 50.

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.

Speaker #1: This does not change. We need long-term resilience. That will not change. And in all our governance instances, at all levels, we also have greater return for any new investment.

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, but for right now.

Speaker #1: So we're trying to optimize or to achieve the greatest, return on investment. And with if it's gets to 110, so we, we, we need to have the levels that we expect.

Want to say it again, if you place your bets against Petrobras, you're certainly going to lose I'm proud to say that thank you for your presence and now I'll give the floor to our.

Speaker #1: And then we are also evaluating how feasible this projects are. That's a new governance level here. And then if they're also see if there's a surplus in cash every quarter, this is calculated.

CFO Fernando Malaga, Rachel who will have the honor to.

Disclose on our behalf the financial results, which were all very proud of thank you. Thank you Mark there for your.

Speaker #1: And we're not necessarily going to have payouts next month, or in the next quarter, or next year. It's too early to be able to state anything.

Introduction.

One of them.

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

Speaker #1: 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. But it's too early to say anything about that.

Which discloses the results of the fourth Q of 2025 and the <unk>.

Sure.

Speaker #1: And the practice of evaluating surplus as our strategic agenda is written. This is the best thing Petrobras can do to discuss our extraordinary dividends.

In closing for 275 as presents Mazda said, we had an unprecedented growth in the oil and gas.

Production in the company, which reinforces the quality of our assets as well as our capacity to have a strong cash flow generation, even in the face of a challenging scenario. So let's see how this reflected in our <unk>.

Speaker #1: Thank you, Magda Fernando, and Tasso now that last question of our webcast by, Gabriel Barra of CITI. Gabriel, you may proceed. Hello, hello, PETROBRAS.

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.

Speaker #1: Hello, Ms. President. Hello, officers. Well, my question is about this situation of higher oil prices in the equatorial margin. This is a very important topic, in my opinion.

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 projects that boosted production, our adjusted EBITDA reached a $42.5 billion without considering exclusive.

Speaker #1: 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 will we have the first figures for the projects in the region? And also, in a higher oil price scenario, can you—and as Fernando mentioned, that won't change your long-term perspective much, I believe.

The amount is $43 8 billion, which is in line with the previous year net income reached $19.6 billion without exclusive events. It's.

At $18 1 billion here, we left out gains from exchange rate variations and other factors that do not have a cash effect in other quarters exchange rate variation negatively impacted the balance sheet. This time the impact was positive on the corporate result, reflecting the appreciation.

Speaker #1: 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 PETROBRAS, other companies do this more often.

Nation of the real against the dollar.

Finally in terms of operating cash flow.

Speaker #1: So maybe can you talk about all these points? Thank you. So, I'll talk about the hedge. We have no hedge strategy being assessed so far.

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 robust.

Sustained to buy quality assets with high returns and rapid cash generation.

Speaker #1: We haven't had any strategies for hedging. And I'm of opinion is that we shouldn't apply any hedging to the oil prices. That's long-standing rationale that we still consider to be valid.

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

Speaker #1: The hedging cost nowadays would 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.

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.

Speaker #1: 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.

<unk> 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.

Speaker #1: We are now introducing the implementing the BOP and in very few days we'll go back to production and we expect to reach the reservoir interval in the second quarter of 2026.

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

Speaker #1: When we acquired these blocks, we entered into a minimum exploration commitment. We have to drill this well, plus another seven, to ensure that we're adequately exploring the region.

A key factor for the carbon offsetting.

<unk> is what we achieved in 2025, we exceeded our target. So we have an X-ray of this 11% increase of our production in 2025 and the production of that pre sold had a vital role in these results was you still delivers more than expected.

Speaker #1: Just to reiterate, the Equatorial Margin has big potential. It's different from our other pre-salt fields. Its reservoirs are very similar to what we find in the Campos Basin in the post-salt.

Productivity levels that are very high in October 2025.

Speaker #1: And any assessment of what we're going to do is highly result-dependent. So, for this well, the results of a single well do not allow us to assess the exploration present.

Camera platforms reached a record of 1 million barrels of oil a day at that time under act as you know is now the platform with the highest production in Brazil with over 240 barrels a day.

Speaker #1: Magda used to say that in the Campos 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.

Platform reached a record of instant flow rate up to 170000.

After barrels a day, we happen to know our records at a similar level production level worldwide and narrow we hit another record 650 million.

Speaker #1: 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.

Barrels increased RF operating efficiency everywhere between 'twenty 'twenty four and 2025, we reached an increase inefficiency of about four percentage points and this represents additional production of 100.

Speaker #1: 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.

<unk> thousand barrels of oil a day.

This efficiency gain is equivalent to.

A startup.

New production like debit Ria Qatari additional party oilfield in other words, we're delivering a new platform production platform with just this efficiency increase so that means more oil with less safe assets. It with that result, we want more.

Speaker #1: 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.

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.

Speaker #1: But let's root for this well, which is the world's most famous well. Everybody asked me about it. My even the janitor asked me, what about ROL?

Our teams have reached a new efficient operating efficiency level at Petrobras next phase.

Speaker #1: So, yeah, let's root for yet another discovery. Thank you, Sylvia and Fernando. Thank you for your answers. Thank you, Baja, for your question. This is the end of our Q&A session.

From the beginning of our management.

We have put efforts into changing b.

Dave here of what was filed in our investment in the previous years until 2023, we.

Speaker #1: If you have any additional questions, please send them to our R&I team. We'll be happy to answer your questions. I will now give the floor to the PETROBRAS presidents, Magda Chambriard, for her final comments about the 2025 results.

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.

Speaker #1: We are very proud of the results we're delivering. PETROBRAS is extremely proud of its integrated work. And the delivery capacity of the PETROBRAS team over the course of 2025, we became Latin America's biggest company which required a lot of work, a lot of efforts, dedication, and a lot of purpose to turn this company into Latin America's biggest company.

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.

Speaker #1: We've been able to do that, so let's maintain our mission and purpose. The company is a strong cash generator. Our processes are solid. Our procedures have proven correct and effective, and this is what we're going to keep chasing.

This is why.

84% of our investment base.

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

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.

Speaker #1: We are committed to providing the best possible production by our pre-salt giants. We've just made an important discovery in the RAM reservoir. It hasn't been tested yet, but we've seen beautiful flame indicating that that's yet another pre-salt reservoir that's emerging with a beautiful flame produced by gas incandescent.

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

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

Worked for wheat.

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 2020 529.

Speaker #1: 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.

Next.

On 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.

Speaker #1: And we are considering all of them along with a complementary development project for 2P Buzios. 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.

So and Thats 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 that production is.

Speaker #1: We need to produce added value to our refineries and find the best possible markets for our products in the world. This is what we're doing.

Hello above what we expected above what our peers are.

So we have low cost.

And this will be our remain our priority.

Speaker #1: And that will keep on doing, and this is how we should look at PETROBRAS and understand that this team is really committed to delivering what they promised.

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% comes from leasing platforms also.

Speaker #1: So let's keep doing this. Thank you very much. Thank you, Fernando. Any final words? Well, to wrap up, thank you, Magda. Thanks, everybody. It's great to be with you.

Shapes and probes.

The best part of our debt in 2025.

The Amarante Pillaret recorded $2 6 billion in debt and the other side with smoke another one four.

Speaker #1: And to the investors, we are constantly available to answer your questions, over the phone or in person. As a take-home message, I want to say that a wrong strategy in a commodity company at a time of high volatility may bring about huge difficulties.

4 billion.

And sorry, $1 1 billion.

So on our webcast, we should remind you that these new leasing is 12 months to.

<unk> production generating assets in other words it generates income.

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 or in our debt management.

Speaker #1: For the future of the company. That is why our administration principles are based on three important pillars, regardless of the price of the brand, whether it's going up or down, which are capital discipline, operational efficiency in all of our processes, and the search for production increase.

Along 2025, we want the lowest debt profile.

And I also like to highlight a very successful market capital market operations that took place in December with our bonds that became more attractive and also.

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

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

2025 to 2026 and our.

Speaker #1: 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.

And.

And next week.

This quarter the board of directors approved.

Okay.

Detailed report for the paying out of 1.81 billion <unk> 62 cents per share paid in two similar installments in May and June.

The strategy is to generate value.

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 it may singles like everything that is produced in this company that bought it 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 we can to generate a return to our investors and to society. This.

Estimate led to.

Over 300.

Jobs 300000 jobs, that's 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 and social environmental investment sponsorships and donations. These are some examples of our multiply.

In fact in Brazil, finally, alright.

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. All these benefits I'd also like to stress that we focus on executing our business.

Plan from 2026 to 30, we have three fronts first capital discipline number two greater production and number three.

Our efficiency levels. This is what we will keep seeking throughout 2026, we.

Won't.

Results and also economic development for this country.

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

So all the.

Top management is here all the directors.

Directors officers are here to answer your questions Eduardo.

Thank you Maher and Fernando.

We will now start our Q&A session.

The first question comes from Rodolfo and J F. J P. Morgan Rodolfo can you hear us can you can 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 and I'd like to discuss some of your earnings in further detail of our quarter.

But as I cannot I cannot ask.

Long question I'll, just ask about your current.

Scenario in other words, what's going on Andy oil and gas industry, considering the complex in the middle East.

We've had questions by our clients.

How.

The situation is especially with regard to fuel so how is petrobras preparing to work in this moment uncertainty and also highly volatile prices.

So now I'd like to hear from you from Petrobras.

Petrobras is top management.

How you see.

You're a supply.

Your supply situation.

Do you have any prospects.

Any strategy about prices.

Kenny.

Give us your views.

Is there anything going on in <unk>.

Exports.

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

So these are some of my.

Concerns.

I can ask of you.

Especially short term concerns.

Thank you.

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 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, we need to be equally prepared.

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

With a oil price that was higher than $80.

And we finished the year with less than $60. So that was $59 and the company delivered its results.

And.

So that has remained resilient.

And faced this.

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 pricing without transferring best Volatilities of 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 Petrobras looks at international qualities and.

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 this was okay. When the price of oil decreased will this also.

Work when prices increase exponentially as we see it now yes.

Well.

We have no price internal policies.

Fluctuations, there's no discussions on this matter.

S. Four routes, we will have a an explanation in further details.

In a minute, but we really need to keep export thing.

What we need to export.

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

Our manager William.

Opposite William will talk about that and our cash.

It's still on our focus.

We're really concerned.

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.

You 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.

If the floor too.

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.

Market.

Schlosser, yes. Thank you. Thank you president.

Mr Mendez President yes.

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

When you consider the short and that in the 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 $68 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.

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

50, a barrel or a surplus of four or 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.

Don't no longer have this production of oil and.

Petroleum products that is still 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.

Set of chips that are unloading so shipping or are afraid values are now adjusting so in the short run let's look at our snapshot again, our current snapshot is when.

For our oil is that this means a favorable netback to petro draw. So we have.

Greater margins.

So when it comes to oil our.

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 was a conflict.

All of our.

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

Area, which is a kit.

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%.

Their own fleets and a 95%.

And 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 refined products.

Petrobras is having no difficulty meeting its.

Our goals we work with.

And optimized our business plan are we optimize all of our assets and we have very robust assets for that b. They are 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.

Or in line with our plans.

And gas are we in gasoline we are exporting it.

In our LNG.

There are also exporting it we talked to the market and.

Yeah.

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

And the 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.

Also I have 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.

We make.

Make use of the best netback opportunities be they.

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

So these are the details of the short term planning.

Oh, he 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, where 95 with a very good use of the refined products that we have a few scheduled downtime, especially in our four refineries. This year and we plan will be revamped and expanded but.

With the monitoring of the units we are able.

If necessary to.

And the campaign period of refineries, increasing the production of.

The.

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 the 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 brand 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.

Talking about our pricing.

The business strategy of Petrobras was created.

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

Coming from unexpected facts and this is 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.

Number of questions to one question per analyst. Please.

Yeah, Andy Yeung 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 one that outlines the investment plans. If the oil prices are still high like that can you tell us what is the priority allocation of the cash flow that would be <unk>.

<unk> 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'd 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.

Yeah.

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 decisions, it's something very recent.

Payroll is still assessing its fully effects and no. One is fully clear as to what is going to happen at the new Brent price levels or <unk> or even if not a place of 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 are both in terms of our base Capex our target Capex.

And our Capex syndrome or assessment this is our focus and.

Obviously, if there is additional revenue.

We'll take care of investments there.

Then.

We'll take.

Take care of the debt or we wont.

Two converge 265 billion in five years.

And if there is a cash surplus will 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.

Impacts on the financial ability of our declared projects.

Yeah.

Based on our.

26 to 2030 strategic plan.

Okay.

Thank you. Thank you for your question now the next question comes from Bruno.

It's an area for Morgan Stanley Bruno you have the floor.

Good afternoon.

Thanks for taking my question.

Going back to the first subject about the prices.

Just to confirm if I understand you correctly.

It's very clear.

That the policy.

Policy does not transfer volatile.

Turning to the domestic domestic market, but.

The President also.

So sad that it works in scenarios of.

Oh, hi, oil and low oil price scenarios since.

So Brant has reached the levels above 90 today for a hub.

A lot can be company maintain its.

[noise] unaltered prices before that.

Starts are harming its refining margin.

The words.

Should we always.

So expect the refining margin to be positive.

In scenarios, where this.

Margin is challenged.

Is this the moment, where you make the decision to adjust.

Adjusted 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 I'll start.

The answer and then Shlomi.

Sure well helped me.

With the rest of the answer of your sentence says.

Something interesting.

If.

This.

Our assumption.

Remain select is so I think that right now what we're asking.

And ourselves is what is the trend what is it that the tendency.

What will that look like a few days from now is that a momentary as hike have we changed our rules Oh.

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 sand is really that high it will certainly require a quicker.

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. It 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.

F.

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

In an environment, that's Uh huh.

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.

Floor Bruno.

Good afternoon, everybody. Thank.

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 is for.

Anticipations in the operations.

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 of it.

Encompassing question, if there is 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.

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 and 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 P 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 about 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.

Oh.

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.

Our.

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 platforms with no effects on production increase.

So if we are better able to manage our fields and optimize our gas injection projects as Bernardo 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 as the new platforms really lead to a an increased production so at four.

At present.

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 to two.

Three months to arrive in Brazil. So.

In 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, but changing the production levels of Brazil and <unk>.

Another two four.

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.

Okay.

Thank you Magda, we will now go onto our next question.

That's Monique Graco in Tel Aviv, Yeah, Hello, where do Hello, everyone. Thank you for taking my question.

I'll resume.

Your topic hip or.

Trade strategy so.

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

So it's really interesting.

To see how can ensure greater allocation if 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 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.

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 fourth market commercialization teams. These people. They talk daily every day, we write reports so again may have follow up daily follow up reports.

Brent or even the exchange rate to the dollar of our petroleum products or derivatives. It's all part of what we call our tentative cost to our clients.

This is a daily analysis and reports I read here.

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 <unk>.

Uh huh.

Executive directors.

About the scenario or the pricing scenario. So we have when they have more disruption.

<unk>.

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 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.

Thank you for taking my question.

I have a single question.

So let me now.

Now I'll discuss your current crisis situation.

And the foreign market.

C limits shut in oil production in the Middle East and then a 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 importing of.

They quit fight.

Gas.

L a.

O N G O what we 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 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.

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 fort lubricants.

The oil we have.

Well.

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 the 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.

Significant inventory and where 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 Lindner marbles.

We have the following a more interesting imports and.

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.

New opportunity of Rices in oil production or a petroleum products, we will make the best of that and.

Into that opportunity. So if you have ships for instance that are sent to the U S. But then we have a new opportunity in Africa with a.

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 <unk>.

Scenario.

The president of our precedent has discussed widely about seeking operating excellence. So in 2025, we have an indicator that was planned it but this 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.

Results, we've ever had so.

The difference between what we planned 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 Sloths, then rashes next question Tasso Vasconcellos.

Tassos.

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

You for taking my question.

I'd like to explore a new topic.

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 and is there any timeline and in addition.

Brass Cameron 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 if that 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, 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 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. It you have a shareholders agreement with them. So we.

In other words, our partner will have.

Preponderance of administration in other words.

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

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

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

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

Commit committee.

C E commitment committee.

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

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

[noise] postponed to a months.

This space is absolutely necessary.

For us to have a new shareholders' agreement.

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

With E G four.

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 not being used the way they should.

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.

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

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

Which is, uh, comprised in the strategy.

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

It's analyzed on a daily basis.

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

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

If?

And the point is to maximize the synergy between the Petrobras system and breast Cam to benefit both Petrobras and Bruce can.

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

In addition to our share holders.

An environment. That's, uh,

Weather.

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

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

Right well still about risk can.

We should remember that.

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

With the government instances we approved.

Prevailing right or just giving up.

The next question comes from Bruno Mrm from Goldman Sachs.

You have the floor, Bruno.

Right at first choice, where everything we approved.

Good afternoon, everybody.

So.

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

Race throughout the year, especially on the production side. My question.

Petro chemistry is one at Petrobras. This interest we see synergies in that so we are let's see our chips on this project, but we cannot speak on behalf of the company.

Is along the lines of production. I'd like to uh here take on the optional for um

Yep.

Money will be invested or not from that company to Petro draw. So we will do.

Anticipations and the, uh, operations of platforms? Is there a possibility of advancing them to 2026? I mean, uh,

Everything that generates value to Petrobras the share holders. This is the logic behind it all but everything will be communicated in a timely manner and S. E T. He proves this.

These proposals are approved.

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.

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

As we always say, we're always, uh,

We made a weight now for.

Trying to anticipate.

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

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

Situation and they still have a.

That perspective on a lower prices so we.

Considered this and we have a.

Basis Capex a target.

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

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.

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.

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

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

In order for us to, uh, proceed with the, uh, their, uh, wells, we have one inter-well to P-78. And by stabilizing the gas injection, we will ask for, um, approval for a second well, and so on and so forth. So, for 2026, our campaign,

Or to achieve the greatest return on investment.

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

And with if it.

Gets to 100, and then 10.

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

So we need to.

Yeah.

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

Levels that we expect and then.

We are also evaluating how feasible those projects are.

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

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

Calculated.

In a scenario where we're able, we've been able to significantly reduce the decline in the production of the large fields, so our—

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

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

It would 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.

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

<unk> strategic.

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

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

To discuss our extraordinary dividends.

Thank you Marta Coronado and tough so now the <unk>.

Last question of our web cast by Gabrielle.

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

<unk> of Citi. Gabrielle you May proceed.

Yeah.

Hello, Hello, Petrobras Hello, Ms resident Hello.

Uh huh.

Officers well my question is about this situation.

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,

Higher oil prices in the equatorial margin.

This is a very important topic in my opinion.

There was.

The issue of the leaks that's already been.

Of decline per year, more or less, and 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.

So now can you tell me about your timeline.

In your exploration schedule.

Months to arrive in Brazil. So, um, by November it will, uh, be more, and um, that also—

ensures that

So when we have the first pickers.

The projects there.

The region.

And can you.

Also in a higher oil price scenario can you.

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

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

Now do you are you considering any short term hedging.

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

Two.

Thank you, Magda.

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

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

Hum.

I'll resume.

Okay.

your, the topic of our

Okay.

Uh, trade strategy. So, uh,

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

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

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.

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

That's a longstanding rationale.

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

That we are still considered to be valid and hedging cost nowadays would probably be.

Huge.

Yeah.

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

I'm talking about the equatorial margin.

Sylvia good afternoon, Gabrielle about the equatorial margin.

We can say that we made a great achievement.

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

We are now.

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

In the process.

In the second quarter of 2026 when.

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.

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

For us that are very similar to what we find in the.

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 tomorrow, 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.

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.

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

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

Our oil system will assess if there's generally a generator is equivalent to 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 results only makes sense. After the discovery and once the discovery occurs the exploratory assessment and then only can read.

About the production system that will be adequate.

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

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

Thank you Sylvia and Fernando.

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

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 smugglers schembri are for her final comments about the 20 to 25 results.

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

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

Petrobras is extremely proud of its integrated work and.

The delivery capacity.

The Petrobras team.

Over the course of 235, but 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 of the company is a stronger cash generator or.

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.

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

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.

Emerging with a beautiful flame.

Produced by gas and condensate.

Along 2025.

We made five discoveries.

Not as big as the pre Salt I would say that they are mid sized discoveries that will require development efforts on our part.

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.

With capital discipline and with the certainty that are 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.

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

This is how we should like look at Petrobras.

Petrobras.

And.

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

Yeah.

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.

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

Capital discipline.

Operational efficiency in all of our processes.

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

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 have a great day and see you in the next webcast.

[music].

Okay.

[music].

Okay.

Hum.

[music].

Hum.

[music].

Yeah.

<unk>.

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

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

Magda Chambriard: You can see that in spite of the drop in the oil prices, we delivered robust results. With the production, with the drop in production mitigated by the increased production and by the excellent performance of our refineries and by the expansion of the markets to our most valuable products. As I said, we sold 1,747,000 barrels per day worth of byproducts in the internal market, 1.43% higher than the same year, the same period of the previous year. That was sponsored by gasoline and QAV that accounted for 75%, 74% of our sales. The sales of QAV aviation fuel saw an increase of 6% in the year, reaching the best performance level of the last 6 years.

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

Magda Chambriard: I've had the possibility to tell you that in the previous quarter, but we're making good money by offering bunker or navigation fuel with a 24% content of renewable fuel in the Asian market. It's a good amount of money with all of the batches having been sold quickly at high levels. In the gas market, we also had great news. The second module of the Boaventura Energy 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 in the inflexible modality. This is what a free market looks like, doubling the client database of Petrobras while still keeping our excellent service levels.

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

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

Magda Chambriard: As President Magda said, we had an unprecedented growth in the oil and gas production in the company, which reinforces the quality of our assets, as well as our capacity to have a strong cash flow generation, even in face of challenging scenarios. Let's see how this reflected in our financial results in the next slide. First, let's talk about the external environment. The average Brent in 2025 was $69 per barrel, a 14% drop compared to 2024, and well below our expectations.

Fernando Melgarejo: These are factors that, by their nature, are outside of our control. What we can and should manage is our resilience in the most diverse scenarios. For that, we demonstrated the company's management capacity to extract the maximum potential from our assets. Later, we'll talk about the management levers and projects that boosted production. Our adjusted EBITDA reached $42.5 billion without considering exclusive events. The amount is $43.8 billion, which is in line with the previous year. Net income reached $19.6 billion. Without exclusive events, it's at $18.1 billion. Here, we left out gains from exchange rate variations and other factors that do not have a cash effect. In other quarters, exchange rate variation negatively impacted the balance sheet. This time, the impact was positive on the corporate result, reflecting the appreciation of the real against the dollar.

Fernando Melgarejo: Finally, in terms of operating cash flow, even though we are facing a scenario of a plummet in the Brent, we generated $36 billion in operating cash during the year, maintaining the results at the same level as last year, challenged by a 14% drop in Brent, which demonstrates that our result is robust, sustained by quality assets with high returns and rapid cash generation. This slide shows how we delivered these results, even though there was this drop in Brent. In 2025, we recorded a growth in the sales of derivatives in the domestic market, totaling 1.7 million barrels per day. I wish to highlight the 5.2% increase in diesel sales, a result that reinforces our competitiveness and capacity to meet the demand of the Brazilian market with profitability.

Fernando Melgarejo: We achieved a refinery utilization factor of 91%, with 68% of the production being comprised of higher value-added derivatives such as diesel, gasoline, and QAV. Another important aspect is that 70% of the oil processed in our refineries came from the pre-salt, which contributed to the generation of higher value derivatives, reduction of emissions, and to our logistical optimization. This result is aligned with our commitment to sustainability and environmental responsibility. A key factor for offsetting Brent falls is what we achieved in 2025. We exceeded our target. We have an X-ray of this 11% increase of our production in 2025, and the new production of the pre-salt had a vital role in these results. Búzios still delivers more than expected with productivity levels that are very high.

Fernando Melgarejo: In October 2025, the Búzios platforms reached a record of 1 million barrels of oil a day. The Tamandaré, as you know, is now the platform with the highest production in Brazil, with over 240 barrels a day. The platform reached a record of instant flow rate of 270,000 barrels a day. We have no records of a similar level, production level worldwide. In Mero, we hit another record, 650 million barrels, and we increased our operating efficiency everywhere. Between 2024 and 2025, we reached an increase in efficiency of about 4 percentage points, and this represents additional production of 100,000 barrels of oil a day. This efficiency gains is equivalent to a startup, a new production like the Juruá-Urucu-Araracanga in the Javari oil field.

Fernando Melgarejo: In other words, we're delivering a new platform, production platform with just this efficiency increase. That means more oil with the same assets. With that result, we want more. We are committed to doing more with less. That is for everyone here, all the officers here and our employees. That's why we have programs for operating efficiency and also to reduce losses that can be avoided. These goals, our teams have reached a new efficient operating efficiency level at Petrobras. Next, please. From the beginning of our management, we have put efforts into changing the behavior of what was found in our investment in the previous years. Until 2023, we invested about 70% of what, of our CapEx, now we recently changed in 2024 and 2025. Our focus was on a profitable production increase.

Fernando Melgarejo: Our investment impacts much more than the deliveries of 2025. That means our long-term commitment. For example, the tie-in of 77 oil wells. That was a historical milestone. Before, the top number was 57, so we more than doubled what we had before. We also reduced the risk of delays and increased the likelihood of anticipation. This is something we've already discussed before about anticipations and forecasts of anticipations. This is crucial for us to reach our production growth on our business plan. Next, please. This is why 84% of our investment was allocated in exploration and production, as we can see. Eleven percent in RTM and 2% in low carbon energy. In other words, $17 billion in E&P with the best portfolio in the world.

Fernando Melgarejo: We'd also like to stress that the cost of our execution projects are in... We're in control of that. We should know that all these anticipation of projects, that is something I've always worked for. We've always avoided, as we can see on the table, a full live CapEx of our current business plan. Projects are slightly lower than the same period in 2025/2029. Next. Now, on this slide, we have great news that we announced at the beginning of the year about our reserves. We added 1.7 additional reserve barrels, that led us to have the highest reserves volume in the last 10 years. That's between December or December 2021, 2025, and the replacement rate was 175%, even considering a record production in 2025.

Fernando Melgarejo: The ratio between probable reserve and the production is above what we expect, above what our peers are. We have low cost, and this will remain our priority. On 31 December 2025, we had $69.8 billion that are gross debt. We should highlight that over 60% of our debt, in fact, 62% comes from leasing. Platforms also, ships and probes, that's part of our debt. In 2025, the Almirante Tamandaré recorded $2.6 billion in debt and the Alexandre de Gusmão another $0.4 billion. Sorry, $1.1 billion. On our webcast, we should remind you that these new leasing installments lead to production-generating assets. In other words, it generates income.

Fernando Melgarejo: The 2 additional platforms added 270 barrels a day in capacity only for Petrobras. When you look at our financial debt, we're still working on our debt management. Along 2025, we won 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 liability management operations in Q4 with some free banking prepayments in banking. We had reductions in our debt from 2025 to 2026 in our... Next, please. This quarter, the board of directors approved a detailed report for the payout of BRL 1.81 billion, BRL 0.62 per share that were paid in 2 similar installments in May and June.

Fernando Melgarejo: This strategy is to generate value to conciliate investment in high-yield projects. 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 layers of society. We want a short summary that can cascade down on Brazilian economy. We start with investment. In 2025, as we mentioned, we invested over $20 million, increasing an increase of 22% with regard to 2024. We're committed to speeding up everything that we can to generate return to our investors and to society. This investment led to over 300,000 jobs.

Fernando Melgarejo: That is about 5% of Brazilian investment. Another example is BRL 277 billion. That's what we paid, including tax royalties and special interest, to government, state, and local governments. We also distributed BRL 45 billion in dividends, BRL 17.6 billion for the controlling group. We also allocated BRL 2 billion approximately in social environmental investment, sponsorships, and donations. These are some examples of our multiplying effect in results. Finally, I'd now like to stress that we have high-quality projects that will deliver growth, both growth and profitability. The entire Brazilian society, as well as our shareholders, will enjoy long-term all these benefits. I'd also like to stress that we focus on executing our business plan from 2026 to 2030. We have three fronts. First, capital discipline. Number two, greater production, and number three, higher efficiency levels.

Fernando Melgarejo: This is what we will keep seeking throughout 2026. We want results and also economic development for this country. This is the end of my presentation. Thank you. All the top management is here. All the directors, officers are here to answer your questions. Eduardo. Thank you, Magda and Fernando. We will now start our Q&A session. The first question comes from Rodolfo Angele of JP Morgan. Rodolfo, can you hear us? Can you? You may proceed with your question. Hello, everyone. Thank you. Can you hear me? I hope so, right? Right. Good. I think every analyst is entitled to a single question. I'd like to discuss some of your earnings in further detail of Q4. As I cannot ask a long question, I'll just ask about your current scenario.

Fernando Melgarejo: In other words, what's going on in the oil and gas industry, considering the conflict in the Middle East? We've had questions by our clients on how the situation is, especially with regard to fuel. How is Petrobras preparing to work in this moment of uncertainty and also highly volatile prices? Now I'd like to hear from you, from Petrobras' top management, how you see your supply situation. Do you have any prospect, any strategy about prices? Can you give us your views? Is there anything going on in exports? Is it possible to increase the use of refineries in the short run? These are some of my concerns that I can ask of you, especially short-term concerns. Thank you. Thank you.

Fernando Melgarejo: I'll start by answering the question, and then I'll ask the other officers to also give their answers in refining and finance. Yes, undoubtedly, this is a high geopolitical instability. At this moment, we want to make sure that the company is ready for any situation, anything that may happen. If it's $85 per barrel, we need to be prepared. If it's 55, we need to be equally prepared. I'd just like to remind you that we started last year with a oil price that was higher than $80, and we finished the year with less than $60, so that was $59. The company delivered its results and showed that it has remained resilient and faced this price variation accordingly. At the beginning of the year, this volatility was again very high as a result of the war.

Fernando Melgarejo: We still keep or stick to our internal policy, which remains solid. We looked at the oil and derivative prices without transferring this volatility to the Brazilian domestic market. This is something we've been doing several times. Last year, we delivered a great result in terms of prices. When Petrobras looks at international qualities and the appreciation of its products, and also considering its own space, in other words, how it is in the Brazilian market, this is not a concern anymore. This is unequivocal. I've had many similar questions this week. This was okay when the price of oil decreased. Will this also work when prices increase exponentially as we see it now? Yes, it will. We have no price internal policy of price fluctuations. There's no discussions on this matter.

Fernando Melgarejo: As for routes, we will have an explanation in further details in a minute. We really need to keep exporting what we need to export. Our refiner will import what we need importing. Our refineries still have a growing processing capacity. Our manager, William, Officer William, will talk about that. Our cash is still on our focus. We're really concerned about ensuring that this company remains resilient, that we respect our capital discipline, and that we reduce costs. We're talking about $85. A few years ago, it was $59. Now, there are those that mention $55 next year. We are indeed working hard and checking all these variables on. We want to ensure that the company remains absolutely prepared to face any scenarios that might come up along 2026 and 2027.

Fernando Melgarejo: I'll now give the floor to another director. The second one will be Francois, who will talk about the performance of our refineries. I'd also like to remind you that when it comes to exploration, production, and connection between oil wells, we are ensuring increasingly greater production. Our target is to have increasingly more oil wells and also to optimize the production and extraction of our deposits. Everyone is working hard and together to deliver these results. Can you explain a little more about this global market, Schlosser? Yes. Thank you. Thank you, President. Mrs. President. Yes, the company has this strategic plan, so we are indeed prepared for a range, Brent range that is quite wide when you consider the short and that in the long term.

Fernando Melgarejo: Now, in the short run, our situation is highly unexpected. I think we've never had such a scenario. The regions that export 16 million in oil and an additional 5 in petroleum products, this region will be closed. Of course, this has a huge impact. We take snapshots at different times. 10 days ago, for instance, what people said, they were talking about $50 a barrel or a surplus of 4 or 5 million barrels available. It all changed. We have different focuses at different points. There are also consequences to this. When we have, for example, Brent. The first is when you don't no longer have this production of oil and petroleum products. It's as though the market froze. Oil was not being paid, and we have 2 or 3 days without oil trading.

Fernando Melgarejo: That was the initial impact. We know that. We know how that works. The market is now expected to change prices or adapt to the new pricing. We have many ships that were trapped there. There's also a set of ships that are unloading, so shipping or freight values are now adjusting. In the short run, let's look at our snapshot again. Our current snapshot is when, as for our oils, is that this means a favorable netback to Petrobras, so we have greater margins. When it comes to oil, I would also add the fact that the markets that we supply, they're outside of the conflict region. We're not in the Gulf region or any other region where there's a conflict. All of our flows go towards India, Europe, and other areas.

Fernando Melgarejo: We're outside of this area, which is a good position for the company. If you look at the oil, we're looking at a more interesting netback for the company in terms of shipping. If you compare Petrobras with other companies in the world, when it comes to freight, Petrobras is also in a privileged position. If you look at the international market, the companies are more or less working with 5% of their own fleets and 95% with other contracts. Petrobras is with a in a much better position. In oil exploration, we have more than 30% of rate allocated to long-term contracts, which is also an advantage. The market average

Magda Chambriard: Doesn't even reach 10%, so we're very well-positioned in that regard. That's what I would have to say about oil. When it comes to refined products, Petrobras is having no difficulty at meeting its goals. We work with an optimized business plan. We optimize all of our assets, and we have very robust assets for that, be they terminals, refineries, and pipelines. We optimize that, and we optimize the more attractive export, importing of products. We've been able to meet our goals, and the imports are in line with our plans. In gas, in gasoline, we are exporting it. In LNG, we are also exporting it. We talked to the market, and there's a relevant level of importing being carried out by distributors.

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

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

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

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

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

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

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

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

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

Magda Chambriard: Our exploration and production has been producing oil significantly. There has been an increase in refineries, as William said. Our performance is world-class. The main principle is not to transfer volatility. In the past, for instance, a readjustment or readjustments were happening on a daily basis. If anything happened in the market, that would get immediately transferred to the market, 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.

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

Magda Chambriard: My question is along the lines of production. I'd like to hear your take on the optionalities for anticipations and the operations of platforms. Is there a possibility of advancing them to 2026? I mean, what are the conversations with suppliers like? That's a more encompassing question. If there is 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.

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

Magda Chambriard: Give me one second, Eduardo. Just a reminder, Bruno, we're talking about two large platforms that will go into production in a scenario where we've been able to significantly reduce the decline in the production of the large fields. Our reserves have allowed us to reduce the decline in production. You've seen that, if you look at the production numbers from last year. We're able to reduce the decline of our fields from 2024 till today, from 12% to 4% per year.

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

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

Fernando Melgarejo: 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. 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?

Fernando Melgarejo: 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? 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.

Fernando Melgarejo: Again, 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, logistics, and finance officers. We get that information every day. This is also something we do with our officers. Our top management analyzes the scenarios, moments of crisis. We do this much more frequently. Last week, for instance, we had a discussion with the executive directors about the scenario or the present scenario. We have-- When we have more disruption in the horizon, that means more frequent meetings.

Fernando Melgarejo: Also everything is presented to the board of directors. Our board of directors is also aware of all the conditions and what is being done in our commercial strategy. We have daily meetings, and even when the need arises, we have more participation from the executive suite and also even the board of directors. I don't know if I answered your question. I think your answer was really good, Schlosser. Thank you for your question. Monique, thank you. Schlosser. Now, Regis Cardoso, XB, you may proceed. Regis. Thank you. Thank you for taking my question. I have a single question. Let me now discuss your current crisis situation. In the foreign market, we see limits shut in oil production in the Middle East and a crack spread of some products abroad.

Fernando Melgarejo: 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 you get from the oil that you are not getting from the Middle East? How will you adapt your refineries? In other words, physically speaking, how has your operation or how have been your operations been affected? Maybe gasoline is less critical, but tell me about your day-to-day operations and how you're adapting and how you believe this will change or evolve over time. I know that you also have some ways of absorbing that fluctuation. What will happen with your stocks over time? Okay, I'll try to be less repetitive, and I'll focus on some other details.

Fernando Melgarejo: There are some operations like we import a very specific oil used for lubricants. The oil we have, we have that from the Red Sea. We have a ship in the Red Sea, and they get out from the other side. Saudi Arabia, for instance, they have two logistic systems. The prevailing system, they get out of the Hormuz, this Strait of Hormuz, also from the Red Sea. That's an alternative route. In terms of inventory, in oil, we have a guaranteed provision. We have a significant supply of oil with a significant inventory. With Arguile, 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.

Fernando Melgarejo: 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, then we have a new opportunity in Africa with a much greater cashback, netback. That depends on what happens on different days. As for the supply and the planning of supply, from a short-term perspective, and we're looking at April, let's say we're good.

Fernando Melgarejo: We have a good position, market position. We have the imports coming from our distributors. This is our current scenario. The 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, we've achieved the best results, and that's a very relevant indicator. It means that we are highly efficient. That means a great result. Thank you, Schloss and Regis. Next question, Tasso Vasconcellos. Tasso, your question. You may proceed. Thank you, Vidu. Thank you, everyone. Thank you for taking my question.

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

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

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

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

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

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

Fernando Melgarejo: The practice of evaluating surplus as our strategic agenda is written. This is the best thing Petrobras can do to discuss our extraordinary dividends. Thank you, Magda, Fernando, and Tasso. Now 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 and your exploration schedule? When we have the first figures for the projects in the region. Can you also, in a higher oil price scenario, as Fernando mentioned, that won't change your long-term perspective much, I believe. Now, do you?

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

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

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 we any assessment of what we're gonna do is highly result dependent. For this well, the results of a single well do not allow us to assess the exploration. President Magda uses to say that in the Campos Basin, we came to the first discovery after 9 wells.

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.

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

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

Magda Chambriard: We are very proud of the results we're delivering. Petrobras is extremely proud of its integrated work and the delivery capacity of the Petrobras team. Over the course of 2025, we became Latin America's biggest company, which required a lot of work, a lot of effort, dedication, and a lot of purpose to turn this company into Latin America's biggest company. We've been able to do that. 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.

Magda Chambriard: 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. Along 2025, we made 5 discoveries, not as big as the pre-salt. I would say that they're mid-sized discoveries that will require development efforts on our part. 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.

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

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