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 FPSOs, supporting future growth.

• Exported an average of 675,000 barrels per day in 2025, reaching a record 999,000 barrels per day in Q4.

• Expanded domestic sales of byproducts, with aviation fuel sales up 6% and diesel up 5.2%.

• Advanced in renewable fuels, including SAF and green diesel, and entered solar energy via joint venture.

Financial highlights

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

• Refinery utilization factor at 91%, with 68% of output as high-value derivatives.

• Gross debt rose to $69.8B, with net debt at $60.6B by year-end.

Outlook and guidance

• Focus remains on capital discipline, operational efficiency, and production growth, with further ramp-up of new platforms and reduced field decline rates.

• Strategic plan for 2026–2030 prioritizes investment in exploration, production, and efficiency, with earlier-than-expected production from P-84 and P-85.

• Capex for 2025 reached $20.3B, 22.2% higher than 2024 and above business plan projections.