SEC Form 6-K filed by Petroleo Brasileiro S.A. Petrobras

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of November, 2025

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

B3: PETR3 (ON) | PETR4 (PN)

NYSE: PBR (ON) | PBRA (PN)

www.petrobras.com.br/ir

[email protected]

+ 55 21 3224-1510

Disclaimer

This presentation contains some financial indicators that are not recognized by GAAP or the IFRS Accounting Standards. The indicators presented herein do not have standardized meanings and may not be comparable to indicators with a similar description used by others. We provide these indicators because we use them as measures of company performance and liquidity; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with the IFRS Accounting Standards. See definitions of Adjusted EBITDA, LTM Adjusted EBITDA, Adjusted Cash and Cash Equivalents, Net Debt, Gross Debt, Free Cash Flow, and Leverage in the Glossary and their reconciliations in the sections Liquidity and Capital Resources, Reconciliation of LTM Adjusted EBITDA, Net Debt/LTM Adjusted EBITDA Metrics and Consolidated Debt.

TABLE OF CONTENTS

CONSOLIDATED RESULTS

The main functional currency of the Petrobras Group (the “Company”) is the Brazilian real, which is the functional currency of the parent company and its Brazilian subsidiaries. As the presentation currency of the Petrobras Group is the U.S. dollar, the results of operations in Brazilian reais are translated into U.S. dollars using the average exchange rates prevailing on a monthly basis.

Key Financial Information

Sales Revenues

Sales revenues were US$ 65,587 million for the period Jan-Sep/2025, a 7.1% decrease (US$ 5,014 million) when compared to US$ 70,601 million for the period Jan-Sep/2024, mainly due to:

Cost of Sales

Cost of sales was US$ 33,970 million for the period Jan-Sep/2025, representing a 1.9% decrease (US$ 642 million) compared to US$ 34,612 million in Jan-Sep/2024. This reduction was mainly driven by a US$ 1,210 million decrease in crude oil acquisitions, and a US$ 626 million decrease in production taxes, mainly reflecting the lower average Brent crude prices. These effects were partially offset by a US$ 1,380 million increase in depreciation, depletion and amortization during the period, mainly resulting from: (i) the start-up of the FPSOs Maria Quitéria (Jubarte field, Campos basin) and Marechal Duque de Caxias (Mero field, Santos basin) in October 2024; Almirante Tamandaré (Búzios field, Santos basin) in February 2025; and Alexandre de Gusmão (Mero field, Campos basin) in May 2025; and (ii) an increase in depreciation of capitalized decommissioning costs, reflecting higher production and greater asset values in Jan-Sep/2025 compared to Jan-Sep/2024.

Income (Expenses)

Selling expenses were US$ 3,736 million for the period Jan-Sep/2025, an 1.5% decrease (US$ 58 million) compared to US$ 3,794 million for the period Jan-Sep/2024, mainly due to lower logistical expenses related to natural gas transportation.

Exploration costs were US$ 746 million for the period Jan-Sep/2025, a 4.3% increase (US$ 31 million) compared to US$ 715 million for the period Jan-Sep/2024, mainly due to a write-off of exploration expenditures related to blocks C-M-753 and C-M-789 in the Campos Basin, following management assessment that determined the projects were not economically feasible, leading to the decision to discontinue their development.

Other taxes were US$ 399 million for the period Jan-Sep/2025, a 65.1% decrease (US$ 744 million) compared to US$ 1,143 million for the period Jan-Sep/2024, mainly due to enrollment to the tax settlement program in Jun/24, which enabled the resolution of significant legal disputes concerning the taxation of remittances abroad involving chartering of vessels or platforms and their respective service contracts.

Net finance income (expense)

Net finance income amounted to US$ 3,034 million for the period Jan-Sep/2025, representing an increase of US$ 12,123 million compared to a net finance expense of US$ 9,089 million recorded in the same period of 2024, mainly due to a foreign exchange gain - Real x U.S. dollar of US$ 6,282 million in Jan-Sep/2025, as compared to a US$ 3,747 million loss in Jan-Sep/2024 reflecting a 14.1% appreciation of the real/US$ exchange rate in Jan-Sep/2025 (09/30/2025: R$ 5.32/US$, 12/31/2024: R$ 6.19/US$) compared to a 12.5% depreciation in Jan-Sep/2024 (09/30/2024: R$ 5.45/US$, 12/31/2023: R$ 4.84/US$).

Income taxes

Income tax was an expense of US$ 6,995 million in Jan-Sep/2025, compared to an expense of US$ 4,325 million in Jan-Sep/2024. The increase was mainly due to higher net income before income taxes (US$ 23,800 million of income in Jan-Sep/2025 compared to a US$ 14,696 million income in Jan-Sep/2024), resulting in nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) of US$ 8,091 million in Jan-Sep/2025 compared to a US$ 4,996 million in Jan-Sep/2024.

Net Income attributable to shareholders of Petrobras

Net income attributable to shareholders of Petrobras was US$ 16,735 million for the period Jan-Sep/2025, a US$ 6,427 million increase compared to a net income attributable to shareholders of Petrobras of US$ 10,308 million for the period Jan-Sep/2024, as explained above, mainly due to higher net finance income (US$ 3,034 million of income in Jan-Sep/2025 compared to US$ 9,089 million of expenses in Jan-Sep/2024) and lower expenses (US$ 11,016 million of expenses in Jan-Sep/2025 compared to US$ 11,900 million of expenses in Jan-Sep/2024), partially offset by lower gross profit (US$ 31,617 million in Jan-Sep/2025 compared to US$ 35,989 million in Jan-Sep/2024) and higher income taxes expenses (US$ 6,995 million of expenses in Jan-Sep/2025 compared to US$ 4,325 million of expenses in Jan-Sep/2024).

CAPITAL EXPENDITURES (CAPEX)

(1) In Jan-Sep/2024, there is US$ 21 million of signature bonuses related to the Pelotas Blocks.

In line with our Business Plan, our Capital Expenditures were primarily directed toward investment projects which Management believes are most profitable, relating to oil and gas production.

In Jan-Sep/2025, Capital Expenditures in the E&P segment totaled US$ 11,894 million, representing 85.0% of the CAPEX of the Company, a 31.7% increase when compared to US$ 9,034 million in Jan-Sep/2024, mainly due to the development of large projects in the pre-salt layer of the Santos Basin, especially in the Búzios, Atapu and Sepia Fields. CAPEX in Jan-Sep/2025 were mainly concentrated on: (i) the development of production in the pre-salt layer of the Santos Basin (US$ 6.5 billion); (ii) the development of production in the pre-salt and post-salt layers of the Campos Basin (US$ 2.7 billion); and (iii) exploratory investments (US$ 1.3 billion).

LIQUIDITY AND CAPITAL RESOURCES

(1) Free Cash Flow (FCF) is in accordance with the new Shareholder Remuneration Policy (“Policy”), approved in July 2023, which is the result of the equation: FCF = net cash provided by operating activities less the sum of acquisition of PP&E and intangible assets and acquisition of equity interests.

As of September 30, 2025, Cash and cash equivalents amounted to US$ 8,964 million and Adjusted Cash and Cash Equivalents totaled US$ 11,658 million.

In the nine-month period ended September 30, 2025, we had net cash provided by operating activities of US$ 25,885 million and positive Free Cash Flow of US$ 12,948 million. This level of cash generation, together with proceeds from disposal of assets (divestments) of US$ 554 million, financial compensation from co-participation agreements of US$ 355 million, dividends received of US$ 105 million, divestment in marketable securities of US$ 2,830 million and proceeds from finance debt of US$ 5,315 million, were allocated to: (a) debt prepayments and payments of principal and interest due in the period of US$ 3,287 million; (b) repayment of lease liability of US$ 6,783 million; (c) dividends paid to shareholders of Petrobras of US$ 6,618 million; and (d) acquisition of PP&E and intangibles assets of US$ 12,933 million.

In the nine-month period ended September 30, 2025, the Company repaid several finance debts, in the amount of US$ 3,287 million, mainly consisting of: (i) US$ 1,898 million in the banking market; (ii) US$ 905 million in the capital markets; (iii) US$ 377 million to export credit agencies; (iv) US$ 74 million to development banks; and (v) US$ 33 million to others.

In the nine-month period ended September 30, 2025, the Company raised US$ 5,315 million, mainly consisting of: (i) public offering of debentures, in the amount of USS$ 516 million, with maturities in 2035, 2040, and 2045; (ii) proceeds in the domestic banking market, in the amount of US$ 1,686 million; (iii) proceeds in the international capital markets (global notes), in the amount of US$ 1,962 million, with maturities in 2030 and 2036; and (iv) proceeds in the international banking market, in the amount of US$ 1,122 million.

CONSOLIDATED DEBT

As of September 30, 2025, the Company has maintained its liability management strategy to improve the debt profile and to adapt to the maturity terms of the Company’s long-term investments.

Gross Debt increased by 17.2% (US$ 10,400 million) to US$ 70,711 million as of September 30, 2025 from US$ 60,311 million as of December 31, 2024, due to: (i) higher lease liabilities in the period (a US$ 5,440 million increase), primarily driven by the start-up of the leased FPSO Alexandre de Gusmão (Mero 4), the start-up of the leased FPSO Almirante Tamandaré (Búzios 7), and the extension of the FPSO Cidade de Angra dos Reis agreement through 2030; and to (ii) higher finance debt (a US$ 4,960 million increase), mainly due to the proceeds in the domestic banking market, in the amount of US$ 1,686 million; proceeds in international capital markets (global notes), in the amount of US$ 1,962 million, with maturities in 2030 and 2036; and proceeds in the international banking market, in the amount of US$ 1,122 million. Gross Debt was maintained lower than the maximum level of US$ 75,000 million, with convergence to the level of US$ 65,000 million defined in the 2025-2029 Business Plan, mainly due to debt prepayments and scheduled repayments.

As of September 30, 2025, Net Debt increased by 13.0% (US$ 6,813 million), reaching US$ 59,053 million, compared to US$ 52,240 million as of December 31, 2024, due to a US$ 10,400 million increase in gross debt, partially offset by the US$ 3,587 million increase in adjusted cash and cash equivalents in the period.

RECONCILIATION OF ADJUSTED EBITDA, LTM ADJUSTED EBITDA AND NET DEBT/LTM ADJUSTED EBITDA METRICS

LTM Adjusted EBITDA reflects the sum of the last twelve months of Adjusted EBITDA, which is computed by using the net income before net finance income (expense), income taxes, depreciation, depletion and amortization adjusted by items not considered part of the Company’s primary business, which include results in equity-accounted investments, results on disposal and write-offs of assets, impairment and results from co-participation agreements in bid areas.

LTM Adjusted EBITDA represents an alternative to the Company's operating cash generation. This measure is used to calculate the metric Net Debt/LTM Adjusted EBITDA, to support management’s assessment of liquidity and leverage.

Adjusted EBITDA and Net cash provided by operating activities – OCF

LTM Adjusted EBITDA and LTM Net cash provided by operating activities – OCF

Adjusted Cash and Cash Equivalents, Gross Debt, Net Debt, Net Cash provided by Operating Activities (LTM OCF), LTM Adjusted EBITDA, Gross Debt Net of Cash and Cash Equivalents/LTM OCF and Net Debt/LTM Adjusted EBITDA Metrics

The Net Debt/LTM Adjusted EBITDA metric is an important metric that supports our management in assessing the liquidity and leverage of Petrobras Group. This ratio is an important measure for management to assess the Company’s ability to pay off its debt, mainly because our Business Plan 2025-2029 defines US$ 75 billion as the maximum level for our Gross Debt, with convergence to the level of US$ 65 billion.

The following table presents the reconciliation of these metrics to the most directly comparable measures derived from the IFRS Accounting Standards captions:

RESULTS BY OPERATING BUSINESS SEGMENTS

Exploration and Production (E&P)

Financial information

^[1]

In the period Jan-Sep/2025, the gross profit for the E&P segment was US$ 24,632 million, a decrease of 13.0% compared to the period Jan-Sep/2024, mainly due to the reduction in sales revenues which reflect lower Brent prices, higher costs primarily due to increased expenses with the start of operations of Route 3, subsea interventions and platform maintenance, as well as higher depreciation due to the increase in capitalized decommissioning costs, which occurred in December 2024. These effects were partially offset by increased crude oil and LNG production during the period.

Operating income was US$ 21,291 million in the Jan-Sep/2025 period, a decrease of 14.5% compared to the period Jan-Sep/2024, mainly due to the lower gross profit. Operating expenses showed minimal variation throughout the period, with the main changes being an increase in expenses related to the provision for cost and volume equalization, following the approval of the Jubarte Production Individualization Agreement, offset by a reduction in tax expenses resulting from the agreement on taxes related to remittances abroad associated with contracts for vessels, platforms, and other chartering services, which occurred in the previous period.

In the period Jan-Sep/2025, the production taxes were US$ 8,141 million, a decrease of 7.1% compared to the period from Jan-Sep/2024 caused primarily by the lower prices.

Operational information

Production of crude oil, NGL and natural gas was 2,950 mboed in the period Jan-Sep/2025, representing an increase of 8.4% compared to Jan-Sep/2024, mainly due to: (i) the ramp-up of FPSO Maria Quitéria in the Jubarte field, FPSO Anita Garibaldi in Marlim and FPSO Anna Nery, both in Marlim and Voador fields, and of the FPSO Alexandre de Gusmão in Mero field, in addition  to; (ii) the achievement of the design capacity of the FPSO Almirante Tamandaré in the Búzios field; (iii) maintenance of the production peak, followed by an increase in production capacity, of the FPSO Marechal Duque de Caxias in Mero field; (iv) maintenance of peak production of the FPSO Sepetiba in Mero field; (v) new wells from complementary projects in the Campos and Santos Basins; (vi) lower volumes of losses due to maintenance shutdowns; (vii) higher operational efficiency in Santos Basin; and, (viii) higher NGL production due to the start-up of the UPGN at the Boaventura Energy Complex / Route 3. These factors were partially offset by declining potential in mature fields.

Refining, Transportation and Marketing

Financial information

In the period Jan-Sep/2025, Refining, Transportation and Marketing gross profit was US$ 914 million lower than in the period Jan-Sep/2024 mainly due to a decrease in international margins of gasoline and to lower Brent prices, since the realized inventory was previously purchased at higher prices, in contrast to the effect of the Brent price appreciation during the period Jan-Sep/2024. The decrease in operating income for the period Jan-Sep/2025 mainly reflects the reduction in gross profit.

The average refining cost in the period Jan-Sep/2025 was US$ 2.85/bbl, 5.6% higher than in the period Jan-Sep/2024, mainly due to an increase in maintenance expenses and revitalization activities in our refineries, partially offset by a relatively devalued local currency in 2025 reducing the costs in U.S. dollar terms. The unit cost increase was also impacted by a slight reduction in the volume of oil processed.

Operational information

(1) Changes presented in percentage points.

Domestic sales in the period Jan-Sep/2025 were 1,738 mbbl/d, an increase of 1.8% compared to the period Jan-Sep/2024.

Diesel sales volume rose by 6.4% in Jan-Sep/2025 compared to Jan-Sep/2024, mainly influenced by a decrease in imports by third parties, increase in industrial activity as well as soybean and corn harvests. Gasoline sales volume grew 1.5% between periods mainly due to the increase in total demand for Otto cycle fuels and a higher share of gasoline compared to ethanol.

Total oil products output for the period Jan-Sep/2025 was 1,743 mbbl/d, representing a 1.6% decrease compared to Jan-Sep/2024. In the first nine months of 2025 the utilization factor of our refineries was 1 percentage point lower than in the corresponding period of the previous year, with impacts of the scheduled turnaround at the Abreu e Lima Refinery - located in northeastern Brazil - in the first quarter, and Alberto Pasqualini Refinery - located in the southern region of Brazil - which experienced stoppages in 2025.

Gas and Low Carbon Energies 

Financial information

In Jan-Sep/2025, the sales revenues reduction in relation to Jan-Sep/2024 was due to the lower average natural gas sales prices due to the decrease in the Brent price, the lower volume of natural gas sold to non-thermoelectric segment, the entry of new agents in this market and the expiration of thermal availability contracts.

The lower operating profit in Jan-Sep/2025 compared to Jan-Sep/2024 is mainly due to the lower gross profit, as expenses remained stable.

Operational information

(1) Effective as of August 2025, according to the First Capacity Reserve Auction held in 2021.

The start-up of Ibirité and Termorio thermal power plants occurred ahead of schedule in August 2025, making power available to meet the Capacity Reserve Auction contract held in 2021. In Jan-Sep/2025, Petrobras thermal availability sales decreased by 39.8% compared to Jan-Sep/2024, due to the expiration of contracts. In the same period, energy sales increased by 60.2% due to a less favorable hydrological scenario and through the capture of opportunities with spot prices. The start-up of Ibirité (198 MW) and Termorio (922 MW) thermal power plants occurred ahead of schedule in August 2025, making power available to meet the Capacity Reserve Auction contract held in 2021.

On the natural gas supply side, domestic gas production in Jan-Sep/2025 grew 13.3% due to availability of gas from the Rota 3 gas pipeline and the operation of the Itaboraí gas processing unit. As a result of the increased supply of domestic production, there was a decrease in natural gas imports.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 17, 2025

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer