Financials Petrobras

Equities

PETR4

BRPETRACNPR6

Integrated Oil & Gas

Market Closed - Sao Paulo Other stock markets 04:07:32 2024-09-09 pm EDT			5-day change	1st Jan Change
37.96 ^BRL	+1.09%		-2.67%	+1.93%

Sep. 09	Exxon withdraws from race to buy stake in Namibia oil block from Galp, sources say	RE
Sep. 06	Petrobras Plans Re-Entry in Fertilizer Sector, Mulls $800 Million Plant Investment, Bloomberg Reports	MT

Projected Income Statement: Petrobras

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	302,245	290,704	452,668	641,256	509,987	510,738	488,783	500,280
Change	-	-3.82%	55.71%	41.66%	-20.47%	0.15%	-4.3%	2.35%
EBITDA ¹	129,249	136,690	234,576	340,482	261,016	269,269	263,739	268,355
Change	-	5.76%	71.61%	45.15%	-23.34%	3.16%	-2.05%	1.75%
EBIT ¹	70,747	74,714	171,528	272,280	194,883	188,077	186,906	186,013
Change	-	5.61%	129.58%	58.74%	-28.43%	-3.49%	-0.62%	-0.48%
Interest Paid	-34,459	-49,584	-59,256	-19,257	-11,861	-	-22,929	-21,598
Earnings before Tax (EBT) ¹	47,242	-1,224	151,575	274,998	176,269	133,456	164,465	170,651
Change	-	-	-	81.43%	-35.9%	-24.29%	23.24%	3.76%
Net income ¹	40,137	6,179	106,668	188,328	123,920	107,361	115,021	115,550
Change	-	-84.61%	1,626.37%	76.56%	-34.2%	-13.36%	7.13%	0.46%
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	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
Net sales ¹	77,051	81,771	99,731	50,898	70,730	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	126,495	129,822	131,343	130,108
Change	-	6.13%	21.96%	-48.96%	38.96%	6.5%	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%	3.47%	2.63%	1.17%	-0.94%
EBITDA ¹	32,582	36,529	49,921	24,986	33,440	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	65,855	65,084	-	-
Change	-	12.11%	36.66%	-49.95%	33.83%	5.15%	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%	32.4%	-1.17%	-100%	-
EBIT ¹	17,597	21,584	29,309	10,011	17,970	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	48,642	49,795	48,506	50,727
Change	-	22.66%	35.79%	-65.84%	79.5%	28.28%	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%	45.73%	2.37%	-2.59%	4.58%
Charge d'intérêts ¹	-10,874	-6,590	-7,416	-6,098	-9,778	6,812	-	-	-	-13,804	2,983	-4,691	-14,843	1,490	-4,387	-1,707	-9,760	1,368	-5,310	-13,143	-3,944	-3,758	-	-
Earnings before Tax (EBT) ¹	3,429	7,545	-77,234	-3,288	-4,878	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	52,739	49,759	-	-
Change	-	120.03%	-	-95.74%	48.36%	-	-96.46%	2,178.93%	-34.54%	8.56%	49.67%	28.02%	-21.82%	-11.01%	-8.15%	-24.9%	-100%	-	-16.13%	-	-	-5.65%	-100%	-
Net income ¹	9,087	8,153	-56,518	-2,713	-1,546	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	29,783	-	-	-
Change	-	-10.28%	-	-95.2%	-43.02%	-	-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%	-	-	-100%	-	-
Announcement Date	10/24/19	2/19/20	5/14/20	7/30/20	10/28/20	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	-	-	-	-

¹BRL in Million

Estimates

Forecast Balance Sheet: Petrobras

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	317,867	328,268	265,778	224,510	227,799	260,977	248,686	211,164
Change	-	3.27%	-19.04%	-15.53%	1.46%	14.56%	-4.71%	-15.09%
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million

Estimates

Cash Flow Forecast: Petrobras

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	34,010	29,974	34,134	49,656	62,297	78,892	96,829	98,102
Change	-	-11.87%	13.88%	45.47%	25.46%	26.64%	22.74%	1.31%
Free Cash Flow (FCF) ¹	67,756	118,132	168,992	205,754	159,925	123,097	101,973	114,428
Change	-	74.35%	43.05%	21.75%	-22.27%	-23.03%	-17.16%	12.21%
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million

Estimates

Forecast Financial Ratios: Petrobras

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	42.76%	47.02%	51.82%	53.1%	51.18%	52.72%	53.96%	53.64%
EBIT Margin (%)	23.41%	25.7%	37.89%	42.46%	38.21%	36.82%	38.24%	37.18%
EBT Margin (%)	15.63%	-0.42%	33.48%	42.88%	34.56%	26.13%	33.65%	34.11%
Net margin (%)	13.28%	2.13%	23.56%	29.37%	24.3%	21.02%	23.53%	23.1%
FCF margin (%)	22.42%	40.64%	37.33%	32.09%	31.36%	24.1%	20.86%	22.87%
FCF / Net Income (%)	168.81%	1,911.91%	158.43%	109.25%	129.05%	114.66%	88.66%	99.03%
Profitability
ROA	4.49%	0.74%	10.88%	19.32%	12.29%	8.4%	9.48%	9.34%
ROE	14.02%	2.35%	30.66%	50.23%	33.54%	21.03%	22.47%	20.53%
Financial Health
Leverage (Debt/EBITDA)	2.46x	2.4x	1.13x	0.66x	0.87x	0.97x	0.94x	0.79x
Debt / Free cash flow	4.69x	2.78x	1.57x	1.09x	1.42x	2.12x	2.44x	1.85x
Capital Intensity
CAPEX / Current Assets (%)	11.25%	10.31%	7.54%	7.74%	12.22%	15.45%	19.81%	19.61%
CAPEX / EBITDA (%)	26.31%	21.93%	14.55%	14.58%	23.87%	29.3%	36.71%	36.56%
CAPEX / FCF (%)	50.19%	25.37%	20.2%	24.13%	38.95%	64.09%	94.96%	85.73%
Items per share
Cash flow per share ¹	7.801	11.35	15.57	19.58	16.56	11.97	13.72	14.06
Change	-	45.54%	37.15%	25.74%	-15.41%	-27.74%	14.64%	2.48%
Dividend per Share ¹	0.7387	0.7874	8.534	15.09	5.569	6.407	3.728	4.039
Change	-	6.6%	983.76%	76.82%	-63.09%	15.05%	-41.81%	8.35%
Book Value Per Share ¹	22.68	23.64	29.69	27.8	29.4	-	34.84	38.48
Change	-	4.24%	25.6%	-6.39%	5.77%	-	-	10.46%
EPS ¹	3.08	0.54	8.18	14.44	9.57	5.84	8.309	9.156
Change	-	-82.47%	1,414.81%	76.53%	-33.73%	-38.98%	42.29%	10.18%
Nbr of stocks (in thousands)	13,044,201	13,044,201	13,044,201	13,044,201	13,015,466	12,888,733	12,888,733	12,888,733
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-