Petrobras (PETR4) Q2 2026 earnings summary

Executive summary

• Achieved record operational and financial results in Q2 2026, with net income excluding one-off events reaching $11.1 billion, up 144% from 1Q26, and adjusted EBITDA excluding one-offs at $20.0 billion, up 70% sequentially.

• Total oil and natural gas production reached 3.34 MMboed, with pre-salt own production at 2.78 MMboed, and Búzios platforms surpassing 1,219 mbpd, supported by early start-up of P-79.

• Export volumes increased by 12% quarter-over-quarter, and domestic oil product supply expanded, reducing imports and achieving record throughput at Central-West hubs.

• Record refinery utilization factor of 101.2% in 2Q26, with 68% of output in higher value-added products and byproduct output up 6%.

• Recognized for innovation and governance, with 96% adherence to the Brazilian Corporate Governance Code and multiple awards.

Financial highlights

• Adjusted EBITDA (excluding one-off events) reached $20.0 billion in 2Q26, up 70% year-over-year and 8% sequentially.

• Gross profit for the quarter was $19.5 billion, the highest in company history, and gross profit for H1 2026 was $30,833 million.

• Net income attributable to shareholders was $10.4 billion in Q2 2026, up 68.2% from 1Q26 and 120.3% year-over-year; H1 2026 net income reached $16,656 million.

• Operating cash flow was $12.3 billion in Q2 2026 and $20,649 million for H1 2026, up nearly 50% sequentially.

• Paid BRL 88.6 billion in taxes and government take in Q2, up BRL 22 billion year-over-year.

Outlook and guidance

• Production remains above the top of the guidance range, with ongoing ramp-up of new production systems and efficiency gains expected to support further growth.

• Full-year cash investments projected at $16.9 billion, with flexibility to bring forward value-adding projects.

• Operating expenses and capex are tracking slightly above plan due to higher logistics and exchange rates.

• Ongoing regulatory changes and tax reforms in Brazil introduce some uncertainty, but no immediate financial impact is expected.