Petrobras reported a net profit of R$ 110.1 billion (US$ 19.6 billion) for 2025, marking a 200% increase compared to the previous year’s R$ 36.6 billion. The company achieved these results despite a 14% drop in Brent crude prices during the year.
The operational cash flow generated by regular operations reached R$ 200 billion (US$ 36 billion), supported by an 11% rise in total oil and gas production. Investments totaled R$ 112.9 billion (US$ 20.3 billion), mainly directed toward Exploration and Production projects. Petrobras paid R$ 277.6 billion in taxes, special participations, and royalties to federal, state, and municipal governments over the past year.
“The year 2025 was extraordinary in terms of production. The increase in oil and gas volumes allowed us to offset the effects of the Brent price drop and achieve robust financial results. This reflects our ability to deliver more with fewer resources, optimizing projects and anticipating operations that generate value for our shareholders and society. Our results are not just numbers: they translate into energy, wealth generation, jobs, taxes, and returns for society,” said Magda Chambriard, president of Petrobras.
Operational performance helped mitigate some of the impact from lower Brent prices through higher output levels. Total oil and natural gas production reached three million barrels of oil equivalent per day (boed). Key factors behind this growth included new or expanded FPSO units such as Almirante Tamandaré and Marechal Duque de Caxias, continued high output from FPSO Sepetiba, ramp-ups at Maria Quitéria, Anita Garibaldi, Anna Nery, Alexandre de Gusmão units, as well as improved efficiency at UN-BS and Búzios fields. Annual petroleum exports set a record at 765 thousand barrels per day.
“The results for 2025 prove the consistency of our strategy based on capital discipline, increased production, and operational efficiency. Even amid a sharp drop in Brent prices, we generated R$ 200 billion in operational cash flow during the year. We continue to show strong cash flow supported by quality projects that expand production with high returns and rapid cash generation. This solid combination creates value and ensures lasting benefits for Brazilian society and our shareholders,” stated Fernando Melgarejo, Chief Financial Officer and Investor Relations Officer.
Another factor influencing net profit was exchange rate variation due to the appreciation of the real against the dollar. Excluding this effect and other one-off events during the period, net profit was R$ 100.9 billion (US$18.1 billion). Adjusted EBITDA without exclusive events stood at R$ 244.3 billion (US$43.8 billion), aided by both increased production volumes and reduced operating expenses.
Gross debt ended the year at US$69.8 billion—mainly impacted by new charter contracts added under accounting rules—as FPSOs Almirante Tamandaré (Búzios field) and Alexandre de Gusmão (Mero field) began operations.
Investments remained within Petrobras’ previously announced guidance range (+/-10%), reflecting accelerated delivery on projects such as proprietary FPSOs for Búzios, Atapu, Sépia fields; progress in drilling campaigns; and record interconnections achieved during the year. Around 84% of total investments were allocated to Exploration & Production activities.
The Board of Directors approved submitting a proposal to distribute R$8.1 billion in shareholder remuneration for Q4-2025 at its next General Meeting; payments are scheduled for May and June 2026.
In total for the year, Petrobras distributed R$45.2 billion in dividends—R$17.6 billion went to its controlling group—and paid out R$227.6 billion in taxes across all government levels in Brazil during 2025.
Additionally, approximately R$2 billion was directed toward voluntary or mandatory social-environmental investments including sponsorships and donations last year.
Petrobras produced an average of nearly three million boed—an increase of about eleven percent from last year—exceeding its upper target limit for annual output.
The company also incorporated an additional 1.7 billion barrels of oil equivalent into reserves—the best result over ten years—with a reserve replacement ratio reaching 175%. The ratio between proven reserves versus current output now stands at twelve-and-a-half years.
New units launched included FPSO Almirante Tamandaré & P-78 (Búzios field) plus FPSO Alexandre de Gusmão (Mero field), together adding nominal capacity totaling over half-a-million barrels per day operated by Petrobras.
Export records were set both annually (765 mbpd) as well as quarterly (999 mbpd in Q4-25).
Refining utilization rates held steady at ninety-one percent throughout Petrobras’ network while diesel fuel/jet fuel/gasoline accounted for sixty-eight percent of total refined products—a reflection of strategic focus on higher-value outputs.
