Financials Petrobras

Equities

PETR4

BRPETRACNPR6

Integrated Oil & Gas

Market Closed - Sao Paulo Other stock markets 04:07:58 2025-12-16 pm EST			5-day change	1st Jan Change
30.74 ^BRL	-3.03%		-3.52%	-15.06%

04:06pm	Sector Update: Energy Stocks Fall Late Afternoon	MT
02:59pm	Petrobras Planning to Acquire Stake in Lightsource bp Brasil	MT

Projected Income Statement: Petrobras

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	290,704	452,668	641,256	509,987	527,918	475,619	468,737	488,295
Change	-	55.71%	41.66%	-20.47%	3.52%	-9.91%	-1.45%	4.17%
EBITDA ¹	136,690	234,576	340,482	261,016	264,987	230,117	227,238	244,420
Change	-	71.61%	45.15%	-23.34%	1.52%	-13.16%	-1.25%	7.56%
EBIT ¹	74,714	171,528	272,280	194,883	192,922	148,772	139,072	152,525
Change	-	129.58%	58.74%	-28.43%	-1.01%	-22.88%	-6.52%	9.67%
Interest Paid ¹	-49,584	-59,256	-18,040	-11,861	-23,356	-14,349	-15,550	-17,535
Earnings before Tax (EBT) ¹	-1,224	151,575	274,998	176,269	64,344	154,078	112,800	123,066
Change	-	12,485.25%	81.43%	-35.9%	-63.5%	139.46%	-26.79%	9.1%
Net income ¹	6,179	106,668	188,328	123,920	43,473	105,145	76,330	87,241
Change	-	1,626.37%	76.56%	-34.2%	-64.92%	141.86%	-27.41%	14.29%
Announcement Date	2/25/21	2/24/22	3/2/23	3/8/24	2/26/25	-	-	-

¹BRL in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	75,331	83,083	110,004	121,594	134,190	136,994	180,914	170,076	158,579	132,974	111,441	124,828	134,990	117,721	122,258	129,582	120,205	123,144	115,119	125,743	126,014	110,983	116,548	117,205	-
Change	-	10.29%	32.4%	10.54%	10.36%	2.09%	32.06%	-5.99%	-6.76%	-16.15%	-16.19%	12.01%	8.14%	-12.79%	3.85%	5.99%	-7.24%	2.45%	-6.52%	9.23%	0.22%	-11.93%	5.01%	0.56%	-
EBITDA ¹	35,161	47,136	61,603	60,744	62,945	77,710	98,260	91,421	73,091	72,497	56,690	66,188	67,079	60,044	49,740	63,667	57,050	61,084	55,986	64,026	59,642	57,824	57,867	56,230	57,609
Change	-	34.06%	30.69%	-1.39%	3.62%	23.46%	26.44%	-6.96%	-20.05%	-0.81%	-21.8%	16.75%	1.35%	-10.49%	-17.16%	28%	-10.39%	7.07%	-8.35%	14.36%	-6.85%	-3.05%	0.07%	-2.83%	2.45%
EBIT ¹	23,053	32,020	46,635	44,482	46,717	61,106	81,264	74,278	55,632	57,311	40,608	49,233	48,992	43,396	33,379	47,126	39,749	42,545	28,998	42,719	37,400	31,956	33,679	32,988	-
Change	-	38.9%	45.64%	-4.62%	5.02%	30.8%	32.99%	-8.6%	-25.1%	3.02%	-29.14%	21.24%	-0.49%	-11.42%	-23.08%	41.18%	-15.65%	7.04%	-31.84%	47.32%	-12.45%	-14.56%	5.39%	-2.05%	-
Charge d'intérêts ¹	6,812	-	-	-	-13,804	-3,969	-4,691	-4,157	-5,223	-4,387	-1,707	-9,760	1,368	-5,310	-13,143	-1,561	-3,722	-4,007	-3,903	-3,776	-4,516	-	-	-	-
Earnings before Tax (EBT) ¹	77,665	2,747	62,599	40,977	44,485	66,580	85,236	66,639	59,301	54,469	40,907	-	41,074	34,448	-2,853	-	-20,524	53,635	35,082	44,364	27,735	-	-	-	-
Change	-	-96.46%	2,178.93%	-34.54%	8.56%	49.67%	28.02%	-21.82%	-11.01%	-8.15%	-24.9%	-	-	-16.13%	-108.28%	-	-	361.33%	-34.59%	26.46%	-37.48%	-	-	-	-
Net income ¹	62,324	952.7	42,577	31,142	31,504	43,357	57,397	46,096	43,341	36,463	28,264	26,625	31,169	23,700	-2,605	32,555	-16,054	35,209	25,905	32,281	17,864	-	-	-	-
Change	-	-98.47%	4,369.21%	-26.86%	1.16%	37.62%	32.38%	-19.69%	-5.98%	-15.87%	-22.49%	-5.8%	17.07%	-23.96%	-110.99%	1,349.71%	-149.31%	319.31%	-26.42%	24.61%	-44.66%	-	-	-	-
Announcement Date	2/25/21	5/14/21	8/4/21	10/28/21	2/24/22	5/5/22	7/28/22	11/3/22	3/2/23	5/11/23	8/3/23	11/9/23	3/8/24	5/14/24	8/9/24	11/7/24	2/26/25	5/12/25	8/8/25	11/6/25	-	-	-	-	-

¹BRL in Million

Estimates

Forecast Balance Sheet: Petrobras

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	328,268	265,778	224,510	227,799	304,800	313,195	310,424	305,503
Change	-	-19.04%	-15.53%	1.46%	33.8%	2.75%	-0.88%	-1.59%
Announcement Date	2/25/21	2/24/22	3/2/23	3/8/24	2/26/25	-	-	-

¹BRL in Million

Estimates

Cash Flow Forecast: Petrobras

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	29,974	34,134	49,656	62,297	85,442	93,789	93,784	97,285
Change	-	13.88%	45.47%	25.46%	37.15%	9.77%	-0%	3.73%
Free Cash Flow (FCF) ¹	118,132	168,992	205,754	159,925	136,180	83,324	64,154	71,975
Change	-	43.05%	21.75%	-22.27%	-14.85%	-38.81%	-23.01%	12.19%
Announcement Date	2/25/21	2/24/22	3/2/23	3/8/24	2/26/25	-	-	-

¹BRL in Million

Estimates

Forecast Financial Ratios: Petrobras

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	47.02%	51.82%	53.1%	51.18%	50.19%	48.38%	48.48%	50.06%
EBIT Margin (%)	25.7%	37.89%	42.46%	38.21%	36.54%	31.28%	29.67%	31.24%
EBT Margin (%)	-0.42%	33.48%	42.88%	34.56%	12.19%	32.4%	24.06%	25.2%
Net margin (%)	2.13%	23.56%	29.37%	24.3%	8.23%	22.11%	16.28%	17.87%
FCF margin (%)	40.64%	37.33%	32.09%	31.36%	25.8%	17.52%	13.69%	14.74%
FCF / Net Income (%)	1,911.91%	158.43%	109.25%	129.05%	313.25%	79.25%	84.05%	82.5%
Profitability
ROA	0.74%	10.88%	19.32%	12.29%	9.72%	7.45%	7.64%	8.11%
ROE	2.35%	30.66%	50.23%	33.54%	28.14%	27.23%	18.72%	19.07%
Financial Health
Leverage (Debt/EBITDA)	2.4x	1.13x	0.66x	0.87x	1.15x	1.36x	1.37x	1.25x
Debt / Free cash flow	2.78x	1.57x	1.09x	1.42x	2.24x	3.76x	4.84x	4.24x
Capital Intensity
CAPEX / Current Assets (%)	10.31%	7.54%	7.74%	12.22%	16.18%	19.72%	20.01%	19.92%
CAPEX / EBITDA (%)	21.93%	14.55%	14.58%	23.87%	32.24%	40.76%	41.27%	39.8%
CAPEX / FCF (%)	25.37%	20.2%	24.13%	38.95%	62.74%	112.56%	146.19%	135.17%
Items per share
Cash flow per share ¹	11.35	15.57	19.58	16.56	15.82	12.93	12.2	12.25
Change	-	37.15%	25.74%	-15.41%	-4.5%	-18.29%	-5.59%	0.43%
Dividend per Share ¹	0.7874	8.534	15.09	5.569	5.734	3.394	4.223	4.781
Change	-	983.76%	76.82%	-63.09%	2.96%	-40.82%	24.43%	13.23%
Book Value Per Share ¹	23.64	29.69	27.8	29.4	28.4	33.13	36.67	39.54
Change	-	25.6%	-6.39%	5.77%	-3.41%	16.67%	10.68%	7.82%
EPS ¹	0.54	8.18	14.44	9.57	2.84	8.566	6.045	6.635
Change	-	1,414.81%	76.53%	-33.73%	-70.32%	201.63%	-29.43%	9.76%
Nbr of stocks (in thousands)	13,044,201	13,044,201	13,044,201	13,015,466	12,888,733	12,888,733	12,888,733	12,888,733
Announcement Date	2/25/21	2/24/22	3/2/23	3/8/24	2/26/25	-	-	-