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PBR鈥檚 1H-25 results show a sharp rebound in bottom-line profitability despite softer top-line trends. Sales revenue fell 11% YoY to US$42.1 bn, driven by lower diesel, gasoline and export volumes/prices. Cost discipline and a 7% decline in cost of sales limited the gross-margin erosion (48% vs. 51%), but the key swing factor was a US$4.2 bn FX gain that turned net finance income positive (US$2.8 bn vs. a US$8.8 bn loss in 1H-24).

Net income jumped 140% YoY to US$10.8 bn (EPS US$0.83) and quarterly net income reached US$4.8 bn. Operating cash flow contracted 13% to US$16.0 bn, while capex rose 39% to US$8.0 bn, trimming free cash flow. Cash & equivalents nonetheless doubled to US$7.0 bn, aided by stronger BRL translation.

Balance-sheet expansion reflects growth capex and currency effects. Total assets climbed 19% to US$215 bn, with PP&E up 20% to US$163.6 bn. Net debt (finance debt minus cash) inched up to ~US$18.8 bn. Deferred tax liabilities (+US$6.1 bn) and decommissioning provisions (+US$3.5 bn) drove a 16% rise in total liabilities. Equity improved 24% to US$73.6 bn after earnings and FX-hedge OCI gains.

Capital returns moderated. Petrobras paid US$4.6 bn in dividends in 1H-25 (vs. US$10.6 bn YoY) and booked a further US$3.5 bn for future payments. Pension/health-care obligations grew to US$13.3 bn (+16%).

PBR 6-K (H1 2025): earnings surge driven by FX gains, lower finance costs. Consolidated net income reached R$ 62.1 bn, almost triple H1 2024鈥檚 R$ 21.3 bn, lifting EPS to R$ 4.80 from R$ 1.63. Revenue was broadly flat at R$ 242.3 bn (+1%), while gross profit slipped 3.6% to R$ 117.4 bn as upstream volumes offset softer refining margins.

Operating expenses fell 1% YoY to R$ 43.9 bn, but the key swing factor was net finance income of R$ 16.2 bn versus a R$ 46.0 bn loss last year, reflecting a stronger real and hedge gains. Effective tax rate rose to 30.7% (H1 24: 32.6%). Resulting parent-company retained earnings increased to R$ 50.4 bn, growing equity to R$ 399.2 bn.

Cash flow from operations held at R$ 91.8 bn (-2%). Higher capex (PP&E and intangibles) of R$ 46.5 bn (+59%) and lease repayments drove a R$ 46.9 bn financing outflow, yet cash & equivalents still almost doubled to R$ 38.2 bn. Net debt declined: current + non-current financial debt fell to R$ 320.8 bn from R$ 373.5 bn, while lease liabilities were broadly stable.

Balance-sheet quality improved with non-current debt down 48% YoY at the parent level and liquidity strengthened, but provisions for decommissioning (+R$ 4.1 bn) and deferred tax liabilities (+R$ 32.4 bn) climbed. Capex acceleration signals continued investment in pre-salt projects and refining upgrades.

On 7 Aug 2025, Petrobras (PBR) filed a Form 6-K announcing that its Board of Directors added a new 鈥淧ositioning in Distribution鈥� pillar to the company鈥檚 Strategic Plan for the Downstream, Gas & Energy and Low-Carbon segments. The approved framework commits Petrobras to operate only in profitable distribution businesses and partnerships while observing existing contracts.

Positioning drivers include:

• Entering and expanding in LPG distribution
• Integration with other Petrobras operations in Brazil and abroad
• Offering low-carbon energy solutions to customers

Petr贸leo Brasileiro S.A. 鈥� Petrobras filed a Form 6-K solely to update investors on the timing of its 2Q25 earnings webcast. The presentation will occur on 8 Aug 2025 at 11:15 a.m. Bras铆lia time (10:15 a.m. NY / 3:15 p.m. London). It will be delivered in Portuguese with simultaneous English translation and streamed via the company鈥檚 investor-relations website. No financial results, guidance, or operational data are included in this filing; it is limited to logistical details for the forthcoming results release.

Petr贸leo Brasileiro S.A. 鈥� Petrobras (PBR) reports that Brazil鈥檚 oil regulator ANP has approved the Production Individualization Agreement (AIP) for the Jubarte Pre-Salt Shared Reservoir in the Campos Basin. The unitization aligns ownership interests where the reservoir extends beyond concession boundaries and becomes effective 01-Aug-2025.

• Petrobras will hold 97.250% of the unitized reservoir; the remaining 2.750% is split among Shell (0.430%), ONGC (0.232%), Brava (0.198%) and the Brazilian Federal Government via PPSA (1.890%).
• The AIP sets rules for joint development, production operations and future revenue sharing.
• Parties must negotiate financial compensation covering historical costs and production up to the effective date.

Regulatory clearance removes legal uncertainty, affirms Petrobras鈥� dominant stake and paves the way for coordinated development of a high-quality pre-salt asset, potentially accelerating future production and cash generation.

Petrobras (PBR) filed a Form 6-K announcing the Board鈥檚 election of Ang茅lica Garcia Cobas Laureano as Chief Energy Transition and Sustainability Officer, with a mandate running to 13 April 2027. Laureano brings 45 years of sector experience, 37 of them at Petrobras, including senior roles in Materials, Downstream, Gas & Energy and as president of Gaspetro and the Bolivia-Brazil pipeline operator. All governance, compliance and integrity reviews were completed prior to the appointment. Following her election, Petrobras鈥� nine-member Executive Board now comprises five women and four men, the first female majority in the company鈥檚 history and a rare milestone among global oil-and-gas majors.