Petrobras (PETR4) Q4 2025 earnings summary

Executive summary

• Achieved record oil and gas production in 2025, up 11% year-over-year, exceeding targets with efficiency gains and new platform startups, despite a 14% drop in Brent prices.

• Major milestones included first oil from P-78 in Búzios, arrival of P-79, and ramp-up of new platforms, supporting future growth.

• Expanded global market presence with record exports, averaging 765,000 barrels per day for the year and reaching 999,000 barrels per day in Q4.

• Incorporated 1.7 billion barrels in proven reserves, with a reserve replacement rate of 175%, the highest in a decade.

• Maintained robust cash flow and profitability through operational efficiency and capital discipline.

Financial highlights

• Adjusted EBITDA reached $43.8B in 2025, up 5% year-over-year; net income was $18.1B (excluding one-off events), down 6%.

• Operating cash flow was $36.0B, maintaining last year's level despite lower Brent prices.

• Sales revenues for 2025 were $89.2B, down 2.4% year-over-year; gross profit was $42.5B.

• Paid BRL 45.2B in dividends and BRL 277B in taxes and royalties.

• Domestic derivative sales grew to 1.7 million barrels per day, with diesel sales up 52%.

Outlook and guidance

• Focus remains on capital discipline, production growth, and operational efficiency for 2026-2030.

• Strategic plan is robust against oil price volatility, with no plans to transfer price volatility to the domestic market.

• Two large platforms (P-80, P-82) to begin production in 2026, with further expansions planned.

• Capex for 2025 reached $20.3B, 22.2% higher than 2024 and above the 2025-29 Business Plan projection.

• Continued investment in exploration, production, and low-carbon energy.