UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

for the fiscal year ended December 31, 2025
Commission File Number 001-15106

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)

The Federative Republic of Brazil D5
(Jurisdiction of incorporation or organization)

Avenida Henrique Valadares, 28 - 20231-030 - Rio de Janeiro – RJ - Brazil
(Address of principal executive offices)

Fernando Sabbi Melgarejo
Chief Financial Officer and Chief Investor Relations Officer
+55 (21) 3224-2401 — dfinri@petrobras.com.br
Avenida Henrique Valadares, 28, Tower A, 18th floor - 20231-030 - Rio de Janeiro – RJ - Brazil
(Name, telephone, e-mail and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

The number of outstanding shares of each class of stock as of December 31, 2025 was:
7,442,231,382 Petrobras Common Shares, without par value
5,446,501,379 Petrobras Preferred Shares, without par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

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Disclaimer

Unless the context otherwise indicates, please consider this report the annual report of Petróleo Brasileiro S.A. – Petrobras. Unless the context otherwise requires, the terms “Petrobras,” “the Company,” “our company,” “we,” “us” and “our” refer to Petróleo Brasileiro S.A. – Petrobras and its consolidated subsidiaries, joint operations and structured entities.

Our audited consolidated financial statements, presented in U.S. dollars, included in this annual report and the financial information contained in this annual report that is derived therefrom are prepared in accordance with the IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”).

Our functional currency and the functional currency of all of our Brazilian subsidiaries is the Brazilian real and the functional currency of most of our entities that operate outside Brazil, such as Petrobras Global Finance B.V. or PGF, is the U.S. dollar. We have selected the U.S. dollar as our presentation currency to facilitate a more direct comparison to other oil and gas companies.

In this annual report, references to “real,” “reais” or “R$” are to Brazilian reais and references to “U.S. dollars” or “US$” are to United States dollars.

The information available on our website, or on any website referenced herein, is not and shall not be deemed to be incorporated by reference to this annual report.

The 2025 GHG emissions performance results presented in this annual report will be subject to third party verification, and although we do not expect significant differences, the audited results may differ from the results presented herein.

Forward-Looking Statements

This annual report includes forward-looking statements that are not based on historical facts and are not assurances of future results. The forward-looking statements contained in this annual report, which address our expected business and financial performance, among other matters, contain words such as “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “potential” and similar expressions (which are not the exclusive means of identifying such forward-looking statements).

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. There is no assurance that the expected events, trends or results will actually occur.

We have made forward-looking statements that address, among other things:

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Our forward-looking statements are not guarantees of future performance and are subject to assumptions that may prove incorrect and to risks and uncertainties that are difficult to predict. Our actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of assumptions and factors. These factors include, but are not limited to, the following:

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For additional information on factors that could cause our actual results to differ from expectations reflected in forward-looking statements, see “Risks” in this annual report.

All forward-looking statements attributed to us or a person acting on our behalf are qualified in their entirety by this cautionary statement. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

The crude oil and natural gas reserve data presented or described in this annual report are only estimates, which involve some degree of uncertainty, and our actual production, revenues and expenditures with respect to our reserves may materially differ from these estimates.

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Glossary

Glossary of Certain Terms used in this Annual Report

Unless the context indicates otherwise, the following terms are defined as follows:

ACL		Ambiente de Comercialização Livre (Free Market Environment). Market segment in which the purchase and sale of electrical energy are the subject of freely negotiated bilateral agreements, according to specific market rules and procedures.
ACR		Ambiente de Comercialização Regulado (Regulated Market Environment). Market segment in which the purchase and sale of electrical energy between selling agents and distribution agents is preceded by a bidding process, except for cases provided by law, according to specific market rules and procedures.
ADR		American Depositary Receipt.
ADS		American Depositary Share.
AIP		The Acordo de Individualização da Produção (Productions Individualization Agreement). The AIP applies in situations where the reservoirs extend beyond the areas granted or contracted, as regulated by ANP.
AMS		The AMS (Assistência Multidisciplinar de Saúde) Plan, that continues as the registered name in the Agência Nacional de Saúde (National Health Agency) in Brazil, is the official name of our health care plan.
ANA		The Agência Nacional de Águas e Saneamento Básico (National Water and Sanitation Agency).
ANEEL		The Agência Nacional de Energia Elétrica (Brazilian Electricity Regulatory Agency).
ANM		The Agência Nacional de Mineração (National Mining Agency).
ANP		The Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (Brazilian National Petroleum, Natural Gas and Biofuels Agency) is the federal agency that regulates the oil, natural gas and renewable fuels industry in Brazil.
ANPD		The Autoridade Nacional de Proteção de Dados (National Data Protection Authority).
ANTAQ		The Agência Nacional de Transportes Aquaviários (Brazilian National Agency of Waterway Transportation).

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ANVISA		The Agência Nacional de Vigilância Sanitária (Brazilian National Agency of Health Surveillance).
API GRAVITY		Standard measure of oil density developed by the American Petroleum Institute. Extra heavy oil: API < 10º; Heavy oil: 10° ≤ API < 22°; Medium oil: 22° ≤ API < 31°; Light Oil: API ≥ 31°.
APS or Saúde Petrobras		The Associação Petrobras de Saúde (Petrobras Health Association), whose trade name is Saúde Petrobras, a non-profit association that operates our supplementary health care plan (AMS) since 2021.
B3		Brasil, Bolsa, Balcão, the Brazilian Stock Exchange.
Barrels		Standard measure of crude oil volume.
Biofuel		Any fuel derived from the conversion of biomass as raw material (vegetable oils, algae material, crops or animal wastes, etc.) and/or produced through biological processes, such as fermentation and others.
BioQav		Aviation turbine fuel used to power aircraft, produced from several biomass sources in different production processes, also known as “biojet”, “biokerosine” or “SAF” (sustainable aviation fuel) and named by the ANP as “Alternative Jet Fuel”, which must be added to conventional jet fuel up to a maximum limit that varies from 10% to 50% by volume depending on the production process, as defined in ASTM (American Society for Testing and Materials) Annex D-7566 and ANP Resolution 778/2019.
BNDES		Banco Nacional de Desenvolvimento Econômico e Social (Brazilian National Development Bank).
Braskem		Braskem S.A. is currently the largest producer of thermoplastic resins in the Americas and the largest producer of polypropylene in the United States. Its production focuses on polyethylene (PE), polypropylene (PP) and polyvinylchloride (PVC) resins, in addition to basic chemical inputs such as ethylene, propylene, butadiene, benzene, toluene, chlorine, soda, and solvents, among others. Together, they make up one of the most comprehensive portfolios in the industry, by also including the green polyethylene produced from sugarcane from 100% renewable sources.
Brazilian Treasury		The Tesouro Nacional (Brazilian National Treasury) is a Secretariat of the Ministry of Finance, responsible for financial programming, accounting, management of the federal public debt, federal financial and securities assets and the Brazilian federal government’s financial relationship with states and municipalities in Brazil. The Brazilian National Treasury's mission is to seek fiscal balance through efficient, proactive and transparent management of public accounts and act in the structuring of financing channels that can make sustainable public interest policies viable, contributing to Brazil's intertemporal economic and social development.

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Brent Crude Oil		A major trading classification of light crude oil that serves as a major benchmark price for commercialization of crude oil worldwide.
BOAVENTURA or BOAVENTURA Energy Complex (formerly GASLUB)		Located in southeastern Brazil (Itaboraí, in the state of Rio de Janeiro), the BOAVENTURA Energy Complex, formerly GASLUB, is comprised of the UPGNs and other underlying utilities.
Business Plan 2026-30		Business Plan 2026-2030.
CADE		Conselho Administrativo de Defesa Econômica (Administrative Council for Economic Defense).
Câmara de Arbitragem do Mercado		An arbitration chamber governed and maintained by B3.
Capital Expenditures or CAPEX		Capital expenditures based on the cost assumptions and financial methodology adopted in our Strategic Plan, which includes acquisition of PP&E and intangible assets, acquisition of equity interests, as well as other items that do not necessarily qualify as cash flows used in investing activities, comprising geological and geophysical expenses, research and development expenses, pre-operating charges, purchase of property, plant and equipment on credit and borrowing costs directly attributable to works in progress.
Carbon Intensity in E&P		E&P GHG Emissions Intensity. GHG emissions, in terms of CO₂e, from E&P activities in relation to the total oil and gas operated production (wellhead) registered in the same period. Scope 1 and 2 GHG emissions are considered. This indicator represents the rate of GHG emissions per barrel of oil equivalent produced. It covers oil and gas exploration and production activities under operational control and is used to analyze the carbon performance of the assets in our current and future portfolio.
Carbon Intensity in Refining		Refining GHG Emissions Intensity represents GHG emissions, in terms of CO₂e, from Refining activities in relation to Complexity Weighted Tone (CWT). This indicator covers refining activities with operational control and composes the analysis of the carbon performance of the assets in our current and future portfolio.
CBA		Acordo Coletivo de Trabalho (Collective Bargaining Agreement).
CCUS		Carbon Capture, Utilization and Storage.
Central Bank of Brazil		The Banco Central do Brasil.
Central Depositária		The Central Depositária de Ativos e de Registro de Operações do Mercado, which serves as the custodian of our common and preferred shares (including those represented by ADSs) on behalf of our shareholders.
CEO		Chief Executive Officer.

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CFO		Chief Financial Officer.
CGU		Cash-generating unit represents the smaller identifiable group of assets that generate cash inflows, which are largely independent of the cash inflows of other assets or groups of assets.
CMN		The Conselho Monetário Nacional (National Monetary Council) is the highest authority of the Brazilian financial system, responsible for the formulation of the Brazilian currency, exchange and credit policy, and for the supervision of financial institutions.
CNODC		CNODC Brasil Petróleo e Gás Ltda., a subsidiary in Brazil of the China National Petroleum Corporation (CNPC).
CNOOC		China National Offshore Oil Corporation (CNOOC), or its subsidiary that operates in Brazil, CNOOC Petroleum Brasil Ltda.
CNPC		China National Petroleum Corporation (CNPC).
CNPE		The Conselho Nacional de Política Energética (National Energy Policy Council), chaired by the Minister of Mines and Energy, is an advisory body to the Brazilian President for the formulation of energy policies and guidelines.
CONAMA		Conselho Nacional do Meio Ambiente (National Council for the Environment in Brazil).
Condensate		Hydrocarbons that are in the gaseous phase at reservoir conditions but condense into liquid as they travel up the wellbore and reach separator conditions.
CVM		The Comissão de Valores Mobiliários (Brazilian Securities and Exchange Commission).
CWT		Complexity Weighted Tone, which represents a measure of activity, similar to UEDC (Utilized Equivalent Distillation Capacity), which considers the potential for GHG emissions, equivalent to distillation, per process unit, allowing better comparability between refineries of different complexities.
D&M		DeGolyer and MacNaughton, an independent petroleum engineer consulting firm that conducts reserves evaluation of part of our proved crude oil, condensate and natural gas reserves.
Deepwater		Between 300 and 1,500 meters (984 and 4,921 feet) deep.
Delayed Coking		A thermal cracking process used in petroleum refineries to convert heavy residual oils into lighter hydrocarbons and solid petroleum coke. In delayed coking, the feedstock is heated in a furnace and then transferred to large drums, where cracking continues over an extended period. This process produces valuable products such as naphtha, diesel, and gas oils, along with solid petroleum coke.

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Depositary		JPMorgan.
Digital Twin		Digital representation of a physical asset, system or process. It uses real-time data, AI and simulations to mirror the physical counterpart's behavior and performance, allowing for monitoring, analysis and optimization. This technology is widely used in various industries to improve efficiency, predict maintenance needs and enhance decision-making.
Distillation		Physical process involving vaporization and condensation, whereby petroleum is separated (refined) into oil products.
E&P or Exploration & Production		Exploration & Production is our business segment that covers the activities of exploration, development and production of crude oil, NGL and natural gas in Brazil and abroad.
EPC		Engineering, Procurement and Construction, a form of contracting arrangement common within the offshore industry.
ESG		Environmental, Social and Governance.
ESI		Energy Sustainability Index recognizes the impact of these low carbon energy sources, at a regional or country-level, without losing sight of the consumption-side efficiency of refinery process units which refiners understand is key for long term carbon reduction worldwide.
EWT		Extended well test.
Exchange Act		Securities Exchange Act of 1934, as amended.
Fitch		Fitch Ratings Inc., a credit rating agency.
FPSO		Floating production, storage and offloading unit.
FUNAI		National Foundation for Indigenous Peoples (Fundação Nacional dos Povos Indígenas), a Brazilian agency that promotes indigenous policies and the rights of indigenous people.
G&LCE or Gas & Low Carbon Energies		Gas & Low Carbon Energies is our business segment that covers the activities of trading natural gas, electricity and LNG, the generation of electricity by means of thermoelectric power plants, as well as natural gas processing. It also includes renewable energy businesses, low carbon services (carbon capture, utilization and storage) and the production and sale of biodiesel and its co-products.
GASBOL		The Bolivia-Brazil gas pipeline which includes 557 km gas pipeline system in the Bolivian section and the 2,593 km gas pipeline system in the Brazilian section.

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Gaspetro		Petrobras Gás S.A., or Gaspetro, was our subsidiary from which we divested in July 2022. We previously held a 51% equity interest, while Mitsui held the remaining 49%. Gaspetro was a holding company with equity interests in 18 Brazilian local gas distribution companies.
GHG		Greenhouse gas.
Gross revenues		Gross revenues represent Sales revenues plus sales taxes, which mainly includes the following taxes imposed in Brazil: Contribution for Intervention in the Economic Domain (CIDE), social contributions PIS and COFINS, and tax over services and goods (ICMS).
GSA		Long-term Gas Supply Agreement entered into with the Bolivian state-owned company Yacimientos Petroliferos Fiscales Bolivianos.
GTB or Gas Transboliviano S.A.		Gas Transboliviano S.A. is a company operating in the natural gas transportation industry, in which we have a 11% equity interest, responsible for the administration and operation of the 557 km gas pipeline system in GASBOL’s Bolivian section, with an installed capacity of 30 million m³/d. GTB is connected to TBG on the Bolivia-Brazil border in the state of Mato Grosso do Sul.
Hydrotreating		Process widely used in the oil refining industry to remove heteroatoms such as sulfur and nitrogen from gasoline, kerosene and/or diesel in the presence of specific catalysts, hydrogen and adequate conditions of temperature and pressure. The aim is to adjust composition to comply with fuel specifications.
HSE		Health, Safety and Environment.
IAGEE		Índice de Atendimento às Metas de Gases do Efeito Estufa (Greenhouse Gas Emissions Target Achievement Indicator). The indicator of compliance with the Greenhouse Gas Emissions Targets.
IASB		International Accounting Standards Board.
IBAMA		The Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis (Brazilian Institute of the Environment and Renewable Natural Resources).
Ibovespa or IBOV		The gross total return index weighted by free float market cap and comprised of the most liquid stocks traded on the B3. It was created in 1968.
ICMBio		The Instituto Chico Mendes de Conservação da Biodiversidade (Chico Mendes Institute for Biodiversity Conservation).
ICMS		Brazilian tax over services and goods.
IFRS Accounting Standards		IFRS Accounting Standards as issued by the International Accounting Standards Board.

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IOF		Imposto sobre Operações Financeiras (Brazilian taxes over financial transactions).
IPCA		The Índice Nacional de Preços ao Consumidor Amplo (National Consumer Price Index).
IPHAN		The Instituto do Patrimônio Histórico e Artístico Nacional (National Institute of Historic and Artistic Heritage).
IPIECA		Global not-for-profit oil and gas industry association for environmental and social performance.
ISACA		Information Systems Audit and Control Association.
ISC		Information Security Committee.
JPMorgan		JPMorgan Chase Bank, N.A.
Just energy transition		A just energy transition is an energy transition committed to promoting equity and social participation, minimizing negative impacts on communities, workers, companies and social segments vulnerable to transformations in the energy system and maximizing opportunities for socioeconomic development, increasing the competitiveness of the productive sector and combating inequality and poverty, at international, regional and local levels.
KPI		Key Performance Indicators.
Legal Investigation		Operação Lava Jato (Lava Jato Operation), as detailed in “Legal and Tax – Legal Proceedings – Legal Investigation” in this annual report.
LIBOR		The London Interbank Offered Rate was a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans until June 30, 2023.
Lifting Cost		An indicator that represents the unit lifting cost of an equivalent barrel, considering the relationship between costs and production. It includes expenses for the execution and maintenance of production processes. Costs related to the chartering of third-party platforms, production taxes, depreciation, depletion, and amortization are not considered in this indicator.
LNG		Liquefied natural gas.
LPG		Liquefied petroleum gas, which is a mixture of hydrocarbons with up to four carbon atoms.
Local Content		Local content is a Brazilian law that defines the participation of Brazilian industry in the supply of goods and services used in Oil and Gas projects.

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LUBNOR		Lubricants and Derivatives Refinery of the Northeast.
MGI		The Ministério da Gestão e da Inovação em Serviços Públicos (Ministry of Management and Innovation in Public Services) of Brazil.
MME		The Ministério de Minas e Energia (Ministry of Mines and Energy) of Brazil.
Moody’s		Moody’s Investors Service, Inc., a credit rating agency.
MTF		Euro Multilateral trading Facility.
Natural Gasoline (C5+)		Natural Gasoline C5+ is a NGL produced at natural gas processing plants with a vapor pressure intermediate between Condensate and LPG, which may compose a gasoline blend.
Nelson Complexity Index or NCI		The Nelson Complexity Index or NCI is a measure of the sophistication of an oil refinery, where more complex refineries are able to process heavier oils and produce lighter and more valuable products from a barrel of oil. The NCI is measured on a scale of one to 20, where higher numbers correspond to more complex and expensive refineries.
New frontier areas		Geographic areas that have not yet been widely explored for the production of oil and natural gas.
NGL		Natural Gas Liquids (NGL), the liquid resulting from the processing of natural gas and containing the heavier gaseous hydrocarbons.
NTS		Nova Transportadora do Sudeste S.A.
Novonor		Novonor S.A. is a Brazilian multinational conglomerate operating in engineering, construction, and infrastructure projects. Formerly known as Odebrecht S.A., the company adopted the name Novonor S.A. as part of a corporate rebranding and restructuring process.
NYSE		The New York Stock Exchange.
NYSE Arca Oil Index or Arca Oil (formerly AMEX Oil Index)		The NYSE Arca Oil Index, formerly the AMEX Oil Index, ticker symbol XOI, is a price-weighted index of the leading companies involved in petroleum exploration, production and development. It measures the oil industry’s performance through changes in the sum of the prices of component stocks. The index was developed with a base level of 125 as of August 27, 1984.
OCF		Operating Cash Flow (net cash provided by operating activities).
OECD		Organization for Economic Cooperation and Development.

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Oil		Crude oil, including NGLs and Condensates.
Oil Products		Petroleum products, produced through processing in refineries (diesel, gasoline, LPG and other products).
ONS		The Operador Nacional do Sistema Elétrico (National Electric System Operator) of Brazil.
OPEC+		Organization of the Petroleum Exporting Countries ("OPEC") together with certain non-OPEC oil-producing countries that coordinate on oil production policy and output levels.
Operated Production		Production of a gas or oil field, including Petrobras’ and partners’ respective shares.
Operating Income		Equivalent to the caption income before net finance income (expense), results of equity-accounted investments and income taxes derived in our audited consolidated financial statements.
Organic Reserves Replacement Ratio or Organic RRR		Measures the amount of Proved Reserves added to a company’s reserve base during the year, excluding disposals and acquisitions of Proved Reserves, relative to the amount of oil and gas produced, net of injected gas.
OSRL		Oil Spill Response Limited.
Partially state-owned Company		Means a mixed joint stock corporation (public and private shareholders).
PDV		Programa de Desligamento Voluntário (Voluntary Severance Program).
Petrochemicals		Chemicals mainly obtained from oil and natural gas (as opposed to fuels) such as ethane, ethylene, propane, propylene, benzene, xylenes, polypropylene, polyethylene and others. Renewable resources can also be used as raw materials.
Petros		Fundação Petros de Seguridade Social, Petrobras’ employee pension fund.
PGF		Petrobras Global Finance B.V.
PifCo		Petrobras International Finance Company S.A.
PLR		The Participação nos Lucros e Resultados - PLR (Profit Sharing Program) is a remuneration model based on the division of profits with our employees. Our PLR is governed by Brazilian Law 10,101/2000 and follows the guidelines of the SEST. These annual guidelines define various aspects of this type of reward, such as format, flow, governance, financial and remuneration limits.

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PPP		The Prêmio por Performance - PPP (Performance Award Program) is part of our Variable Remuneration Program, exclusive to members of the Executive Board (Officers) 5.
PRD		The Prêmio por Desempenho – PRD (Accomplishment Award) is part of our Variable Remuneration Program
PLSV		Pipe laying support vessel.
Post-salt		A geological formation containing oil or natural gas deposits located above a salt layer.
PP&E		Property, plant and equipment.
PPSA		Pré-Sal Petróleo S.A.
Pre-salt Polygon		Underground region formed by a vertical prism of undetermined depth, with a polygonal surface defined by the geographic coordinates of its vertices established by Law NO.12,351/2010, as well as other regions that may be delimited by the Brazilian federal government, according to the evolution of geological knowledge.
Pre-salt		A geological formation containing oil or natural gas deposits located beneath a salt layer.
Proved Developed Reserves		Proved reserves that can be expected to be recovered through: (i) existing wells with existing equipment and operating methods or for which the cost of the required equipment is relatively minor compared to the cost of a new well; and (ii) installed extraction equipment and infrastructure operational at the time of the reserve estimate if the extraction is by means not involving a well.
Proved Reserves		Consistent with the definitions of Rule 4-10(a) of Regulation S-X, proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price is the unweighted arithmetic average of the first-day-of-the-month price during the twelve- month period prior to December 31, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. The project to extract the hydrocarbons must have commenced or we must be reasonably certain that we will commence the project within a reasonable time. Reserves that can be produced economically through application of improved recovery techniques (such as fluid injection) are included in the “proved” classification when successful testing by a pilot project, or the operation of an installed program in the reservoir or an analogous reservoir, provides support for the engineering analysis on which the project or program was based.

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Proved Undeveloped Reserves		Proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required. Reserves on undrilled acreage are limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. Undrilled locations are classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time. Proved undeveloped reserves do not include reserves attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir or by other evidence using reliable technology establishing reasonable certainty.
Production Sharing Contract or PSC		Production Sharing Contract regulates the rights and obligations under the exploration and production regime for oil, natural gas, and other fluid hydrocarbons, where the contractor undertakes exploration, appraisal, development, and production activities at its own risk and expense. In the event of a commercial discovery, the contractor is entitled to recover cost oil, the production volume corresponding to royalties due, and a share of profit oil, as per the proportions, conditions, and terms established in the contract, in accordance with Law No.12.351/2010.
REDUC		Refinery Duque de Caxias Refinery.
REFAP		Refinery Alberto Pasqualini.
REGAP		Refinery Gabriel Passos.
REMAN		Refinery Isaac Sabbá.
REPAR		Refinery Presidente Getúlio Vargas.
REVAP		Refinery Henrique Lage.
RD&I		Research, Development and Innovation.
RLAM		Refinery Landulpho Alves.
RNEST		Refinery Abreu e Lima.
RPBC		Refinery Presidente Bernardes Cubatão SP.
Reserves Replacement Ratio or RRR		Measures the amount of Proved Reserves added to a company’s reserve base during the year relative to the amount of oil and gas produced, net of injected gas.
Reserves to production ratio or R/P		Calculated as the amount of Proved Reserves of the year relative to the amount of oil and gas produced (net of injected gas) during the year, indicating the number of years reserves would last if production remains constant.

	Annual Report and Form 20-F 2025 I 19

RT&M or Refining, Transportation & Marketing		Refining, Transportation & Marketing is our business segment that covers the activities of refining, logistics, transport, acquisition and exports of crude oil, as well as trading of oil products, in Brazil and abroad. This segment also includes the petrochemical operations (which includes holding interests in petrochemical companies in Brazil), and fertilizer production and trading.
S&P		Standard & Poor’s Financial Services LLC, a credit rating agency.
SCC-CO2 production losses		Measures the absolute production loss resulting from stress corrosion cracking, induced by CO2 in production pipelines.
SEC		The United States Securities and Exchange Commission.
SELIC		The Central Bank of Brazil base interest rate.
SEST		The Secretaria de Coordenação e Governança das Empresas Estatais (Secretary of Coordination and Governance of State-Owned Companies).
Sete Brasil		Sete Brasil Participações, S.A.
Shell		Shell Plc, or its subsidiary that operate in Brazil, Shell Brasil Petróleo Ltda.
SIX		Shale Industrialization Unit.
SOFR		The Secured Overnight Financing Rate is a benchmark interest rate based on transactions in the Treasury repurchase marketing, for dollar-denominated derivatives and loans that replaced the LIBOR.
SPE		Society of Petroleum Engineers.
Strategic Plan or SP 2050		Strategic Plan 2050.
TAG		Transportadora Associada de Gás S.A.
TBG		Transportadora Brasileira Gasoduto Bolívia-Brasil S.A. is a company operating in the natural gas transportation industry, in which we have a 51% equity interest, owner of 2,593 km gas pipeline system in GASBOL’s Brazilian section, located mainly in the South and Southeast regions of Brazil, with installed capacity of 30 million m³/d. TBG is connected to GTB, which is responsible for the GASBOL’s Bolivian sectioned of the gas pipeline, which permits access to Bolivian natural gas and more recently to Argentine natural gas through Bolivia, and is connected to Nova Transportadora do Sudeste S.A.’s (NTS’s) gas pipeline, which permits access to Brazilian natural gas, and is connected to TSB in the state of Rio Grande do Sul.

	Annual Report and Form 20-F 2025 I 20

TCU		The Tribunal de Contas da União (Federal Auditor’s Office) is a constitutionally established body linked to the Brazilian Congress, responsible for assisting it in matters related to the supervision of the Brazilian federal government and its resources with respect to accounting, finance, budget, operational and public property (patrimônio público) matters.
TJLP		The Taxa de Juros de Longo Prazo (Brazil’s long-term interest rate) is set quarterly by the CMN (as defined above). The rate is one of the benchmark rates used by BNDES in its loans to companies.
TSB		Transportadora Sulbrasileira de Gás S.A. is a company operating in the natural gas transport industry, in which we have a 25% equity interest, with ownership of two separate gas pipeline systems with 25 km each, located in the state of Rio Grande do Sul (RS), and connected to TBG in the city of Canoas/RS.
ToR Surplus		Volume that exceeds what has been contracted under the Transfer of Rights agreement in specified Pre-salt areas.
TotalEnergies		TotalEnergies SE, or its subsidiary that operates in Brazil, Total E&P do Brasil Ltda.
Transfer of Rights Agreement or ToR		An agreement under which the Brazilian federal government assigned to us the right to explore and produce up to five billion barrels of oil equivalent (bnboe) in specified Pre-salt areas in Brazil.
Transpetro		Petrobras Transporte S.A.
TRIR		Total recordable injury per million man-hour frequency rate. Number of fatal accidents, lost-time injuries, injuries involving substitute work and medical treatment injuries per million hours worked. It is a performance indicator used by the industry to measure occupational safety performance. This indicator is analyzed at all management levels, including the board of directors.
Ultra-deepwaters		Over 1,500 meters (4,921 feet) deep.
UPGN		Unidade de Processamento de Gás Natural (Natural-gas processing Units). A natural gas processing plant is a facility designed to process raw natural gas from the offshore production fields by separating impurities and various non-methane hydrocarbons and fluids through different technologies to produce specified natural gas for final consumption. Through the process, a gas processing plant can also recover natural gas liquids (condensate, natural gasoline and liquefied petroleum gas) with higher added value.
Urucu Complex		The Urucu Complex consists of five concessions: Rio Urucu, East Urucu, Southwest Urucu, Araracanga, and Arara Azul. Located within the geological context of the Solimões Basin, production began in 1988. There are also four UPGNs at the Urucu Complex.
UTE		Usina Termoelétrica (Thermal Power Plant). A thermoelectric plant is a power generation plant in which heat energy is converted to electrical energy.

	Annual Report and Form 20-F 2025 I 21

UTGCA		Monteiro Lobato Gas Treatment Unit
UTGCAB		Cabiúnas Gas Treatment Unit
Total Utilization Rate		Includes the entire load in the distillation units, consisting of oil, C5 + and reprocessing (of oil and other products) as a percentage of their maximum capacity.
VAZO Indicator		Oil and Oil Products Spilled Volume indicator. The total volume of oil or oil products spilled in events of leakages individually greater than 1 bbl (0.159 m³) that reached water bodies or soil that wasn’t made impermeable. This volumetric criterion (>1 barrel) is aligned with the ANP Manual for reporting incidents for E&P activities. Sabotage and theft-related spills are not considered.
Wildcat Well		An exploration well that is drilled in areas with no oil and gas production history. Wildcat wells face a substantia risk of being dry holes.
Working Interest (WI)		The undivided interest of each of the contracts governing the shared reservoir (and, when applicable, of the non-contracted area) in the exploration and production rights over the shared reservoir.
YPF		YPF Sociedad Anónima or YPF S.A.
YPFB		Yacimientos Petroliferos Fiscales Bolivianos.

	Annual Report and Form 20-F 2025 I 22

	Annual Report and Form 20-F 2025 I 23

About us

We are a Brazilian partially state-owned company and one of the world’s largest oil and gas producers, according to Bloomberg. Our activities primarily include exploration and production, refining, energy generation and trading. We have extensive experience in offshore oil exploration and production, developed over more than five decades of operations in deepwater and ultra-deepwater environments across Brazil’s major basins, which are internationally recognized for technological advancements in this segment.

We are committed to being the best energy company in terms of diversification, integration and value generation, reconciling the focus on oil and gas with low carbon businesses. Accordingly, we are adopting different strategies for the specific segments in which we operate, investing in the decarbonization of our operations, in the generation of renewable energy, and in sustainable fuels. We are also expanding our research in low carbon technologies.

We seek to build a more sustainable world, with the principles of safety, respect for the environment, and full attention to people’s needs, such as: policies and implementation actions to promote diversity, equity and inclusion, in the countries we operate, as well as the health, well-being and physical and psychological safety of employees.

We are one of the largest companies in market capitalization in Latin America according to Bloomberg, with a market capitalization of US$ 74.8 billion as of December 31, 2025. We have over 50 thousand employees (including subsidiaries in Brazil and abroad).

	Annual Report and Form 20-F 2025 I 24

Overview

We hold significant Proved Reserves and we operate and produce most of Brazil’s oil and gas. The most significant part of our Proved Reserves is located in the adjacent offshore Santos and Campos basins in southeast Brazil. Their proximity allows us to optimize our infrastructure and our costs of exploration, development and production. The Santos and Campos basins are expected to remain an important sources of Proved Reserves and oil and gas production.

Our business, however, goes beyond oil and gas exploration and production. It entails a long process through which we get the oil and gas to our refineries and gas treatment units, which are themselves in constant evolution to supply the best products.

We operate the majority of the refining capacity in Brazil. Our refining capacity is distributed throughout the southeast, south and northeast regions of Brazil, reaching the largest market share in these and other regions of the country through direct deliveries, pipelines and also cabotage. We mostly meet our demand for oil products by domestic refining of crude oil, as defined in a periodic process of integrated operational planning which constantly seeks to maximize value for the company. We are also involved in the production of petrochemicals and biofuels through interests in some companies. Additionally, our Business Plan 2026-30 has defined our return to fertilizer production through the restart of operations at its plants in the States of Sergipe, Bahia, and Paraná. The objective is to expand the supply to the domestic market, which is currently almost entirely dependent on imports. We distribute oil products through wholesalers, retailers and direct sales.

We also participate in the Brazilian natural gas market, including the logistics and processing of natural gas.

To meet our clients’ and our own internal demand, we process natural gas derived from our onshore and offshore production (mainly from fields of the Campos, Espírito Santo and Santos basins), import natural gas from Bolivia and import LNG through our regasification terminals. We also participate in the domestic power market primarily through our investments in gas-fired thermoelectric power plants.

	Annual Report and Form 20-F 2025 I 25

We currently divide our business into three main segments:

Activities that are not attributed to business segments are classified as “Corporate and Other Businesses”, including general corporate matters, in addition to distribution businesses. Corporate items mainly include those related to corporate financial management, overhead central administration, and other expenses, including actuarial costs associated with pension and health plans for beneficiaries. The other businesses cover the distribution of oil products throughout South America.

For further information regarding our business segments, see Note 13 to our audited consolidated financial statements, as well as “Operating and Financial Review and Prospects” in this annual report.

In 2025, we had activities, as described below, in eight countries besides Brazil (i.e., Argentina, Bolivia, Colombia, the U.S., the Netherlands, São Tomé and Príncipe, Singapore and South Africa).

In Latin America, our operations include upstream, marketing and retail services. In North America, we produce oil and gas through an interest in a joint venture. We have subsidiaries that support our trading and financial activities in Rotterdam, Houston, Buenos Aires and Singapore. These companies act as complete and active trading desks for markets worldwide and are responsible for market intelligence and trading of oil, oil products, natural gas, biofuels, commodity derivatives and shipping. In Africa, we have exploratory operations in São Tomé and Príncipe and South Africa. In 2025, we submitted a declaration of interest for exploratory blocks on the offshore areas of the Côte d'Ivoire. In 2026 we acquired a stake in an exploration block in Namibia. The completion of the transaction is subject to the fulfillment of conditions precedent, including applicable governmental and regulatory approvals, notably from the Namibian Ministry.

We operate through 14 direct subsidiaries (12 incorporated under the laws of Brazil and two incorporated abroad) and one direct joint operation as listed below. We also have indirect subsidiaries, including Petrobras Global Trading B.V., Petrobras Global Finance B.V., Petrobras America Inc. and Petrobras Netherlands B.V.

	Annual Report and Form 20-F 2025 I 26

For an extended list of our subsidiaries and joint operations, including each of their full names, jurisdictions of incorporation and our percentage of equity interest, see Exhibit 8.1 to this annual report and Note 28 to our Financial Statements. Additionally, we participate in consortia that engage in the exploration of blocks and the production of oil fields in Brazil – see “Our Business — Exploration & Production — Overview” in this annual report for more details.

	Annual Report and Form 20-F 2025 I 27

2025 Highlights

	Annual Report and Form 20-F 2025 I 28

	Annual Report and Form 20-F 2025 I 29

	Annual Report and Form 20-F 2025 I 30

Risks

We are exposed to a number of risks that, individually or jointly, may have an effect on our business and/or financial performance. The risk factors are presented in the following groups:

Risks related to (1) our company; (2) our shareholders, in particular our controlling shareholders; (3) our directors; (4) our suppliers; (5) our customers; (6) the sectors of the economy in which we act; (7) the regulation of the sectors in which we are involved; (8) foreign countries where we are involved; (9) social issues; (10) environmental issues; (11) climate issues, including physical and transition risks; (12) the use of our trademark; and (13) our shares and debt securities.

Risk Factors

1) Risks related to our company

1.a) We are exposed to health, safety and environmental risks in our operations, which may lead to accidents, significant losses, administrative proceedings and legal liabilities.

Activities related to the oil and gas business present high risks, generally because they involve high temperatures and pressures. In particular, deepwater and ultra-deepwater activities, and refining and petrochemicals, performed by us, our subsidiaries or our affiliate companies present several risks, such as oil and product leakage, collapses, aeronautical accidents, fires, and explosions in refineries and exploration and production units, including platforms, ships, pipelines, mines, terminals, laboratories, and losses of containment in dams, among other assets owned or operated by us, our subsidiaries or our affiliate companies. These events can occur due to technical or human failures or natural disasters, among other factors. The occurrence of one of these events, or other related incidents, may result in health impacts on our workforce and/or surrounding communities, fatalities, and environmental damage. They can cause material damage, production losses, financial losses and, in certain circumstances, liability in civil, labor, criminal, environmental and administrative proceedings. As a result, we may incur expenses related to mitigation, recovery and/or compensation for the damages caused.

We are also exposed to corporate security risks arising from acts of intentional interference by third parties in our pipelines and nearby areas, especially illegal taps (thefts) of oil and oil products, mainly in the states of São Paulo and Rio de Janeiro. Despite our efforts and the actions of public authorities to combat illegal taps, if this interference continues, it may result in accidents of small or large proportions, including leaks or damage to our facilities and to communities near our facilities, which may affect the continuity of our operations and lead to the payment of fines and indemnities to the affected parties, all of which may negatively impact our results.

Finally, due to risks such as those mentioned above, we may face difficulties in obtaining or maintaining operating licenses and may suffer damages to our image and reputation.

1.b) Failures in our information technology systems, information security systems (cybersecurity) and telecommunications systems and services can adversely impact our operations and reputation.

Our operations are highly dependent on information technology and telecommunications systems and services, as well as the degree of technological protection and the strength of the associated internal controls. Interruptions or malfunctions at these systems and/or their infrastructure, caused by obsolescence, technical failures, deliberate acts, or even arising from geopolitical factors or derived from third-party systems, digital infrastructure and the cloud may harm or even paralyze our business and adversely impact our operations and reputation. These situations may also lead to unforeseen costs for the recovery of information and assets, in addition to the imposition of fines or legal sanctions.

	Annual Report and Form 20-F 2025 I 31

Failures in information security (including industrial and automation systems), external, whether intentional or not (e.g., malware, hackers, cyberterrorism) or internal (e.g., neglect or misuse of digital assets or corporate information by employees or contractors), may also impact our business and reputation, our relationship with stakeholders and external agents (government, regulatory bodies, partners, suppliers, among others), our strategic positioning towards our competitors and our operational and financial results. Additionally, the use of artificial intelligence (AI) in cyberattacks or in decision-making systems and processes may amplify existing risks and create new threats that may impact our businesses.

Artificial intelligence systems can demonstrate disparities among subgroups or languages due to biased training data or may be subject to risks such as data poisoning, which can compromise the integrity of the model, or hallucination, which can generate incorrect or misleading information. Biased training data, data poisoning and hallucination may all negatively impact internal decision-making processes based on AI. Moreover, AI may be used by external agents to automate and escalate already known cyber-attacks, making them more efficient and difficult to detect in a timely manner.

Additionally, we are subject to increasing regulations related to AI, cybersecurity and information security, including among other aspects, adequate protection of data and digital assets, supervision of cyber risks, and incident reporting. Failure to comply with these regulations at the national and international levels may result in legal sanctions, as well as impacts on our image and reputation, and affect our operational and financial results.

1.c) Maintaining our long-term oil production objectives depends on our ability to successfully incorporate and develop our reserves.

Our ability to incorporate additional reserves depends on exploration activities, which expose us to its inherent risks and may not lead to the discovery of commercially viable oil or natural gas reserves.

In addition, competition in the oil and gas sector in Brazil and difficulties in obtaining environmental licensing in new frontier areas, both in Brazil or abroad, may make it more difficult or costly to (i) obtain additional acreage in bidding rounds for new contracts, and (ii) develop existing contracted areas.

Adding new reserves depends on our ability to conceive and implement development projects. Exploration and development activities in deepwater and ultra-deepwater require significant capital investments and involve several factors that are beyond our control, such as significant changes in economic conditions, climate and environmental regulations and obtaining and/or renewing environmental permits, supply market capacity, and unexpected operating conditions, including equipment failures or incidents, which may restrict, delay or cancel our operations.

	Annual Report and Form 20-F 2025 I 32

1.d) The selection and development of our investment projects have risks that may affect our expected results.

Our investment project evaluation involves risks from long development periods, including market condition changes (input/product prices, regulatory requirements, consumer preferences, exchange/interest rates, financing conditions) and evolving project approval criteria focused on decarbonization operations, which may affect expected returns.

The implementation of projects in new exploration frontiers may face risks arising from logistical complexity and insufficient infrastructure, potentially resulting in increased costs. Despite our experience in deepwater and ultra-deepwater oil exploration and production and the continuous development of studies during the planning stages, the quantity and quality of oil and gas produced in a certain field will only be fully known in the production phase, which may require adjustments throughout the project life cycle and its expected rate of return.

Project execution faces delay risks, affecting upstream/downstream coordination, supply chain disruptions from international conflicts or critical asset unavailability (drilling rigs, vessels, gas/LNG chains). Additionally, our failure to meet obligations established by the regulatory agencies may generate fines and liabilities.

Our exploration and production and refining operations may encounter new technical challenges as we approach technological frontiers.

Our Strategic Plan and Business Plan include climate change initiatives addressing physical risks (extreme weather) and energy transition risks (regulatory/market changes), potentially requiring increased climate-related investments that may significantly impact our plans. See “Risks — Risk Factor 11.a) Climate change could impact our results and strategy” in this annual report.

1.e) We may incur losses and spend time and financial resources defending pending litigations and arbitrations.

We are currently party to several administrative, legal and arbitration proceedings related to civil, administrative, tax, labor, environmental, competition and corporate claims filed against us. These claims involve substantial amounts of money and other resources, and the total cost of unfavorable decisions can have a material adverse effect on our results and financial condition.

These legal, administrative and arbitration proceedings can have a negative impact on our results in the event of unfavorable outcomes, such as contracts’ termination and/or revision of governmental authorizations. Depending on the outcome, litigation can result in restrictions on our operations and have a material adverse effect on some of our business.

We can be affected by changes in rules, regulations and jurisprudence that can have a material adverse effect on our financial condition and results.

1.f) We have substantial liabilities and may be exposed to significant liquidity constraints in the short and medium term, which may materially and adversely affect our financial condition and results.

Our liabilities are relevant and could potentially weaken our liquidity in adverse times. Considering that there may be liquidity constraints on the debt market to finance our planned investments, pay principal and interest obligations in contracted terms, and honor our financial commitments, any difficulty in raising significant amounts of debt capital in the future may affect our results and the ability to fulfill our Business Plan or any subsequent plan adopted.

	Annual Report and Form 20-F 2025 I 33

Our lack of investment grade credit rating and any lowering of our credit ratings may have adverse consequences on our ability to obtain financing in the market through debt or equity securities, or may affect our financing cost, making it more difficult and/or costly to refinance maturing obligations. The impact on our ability to obtain resources and the cost of such resources may adversely affect our results and financial condition.

In addition, our credit rating is sensitive to any change in the credit rating of the Brazilian federal government. Any lowering in the credit ratings of the Brazilian federal government may have additional adverse consequences on our ability to obtain financing and/or on the cost of our financing and, consequently, on our results and financial condition.

1.g) Differing interpretations of tax regulation or changes in tax policies may have an adverse effect on our financial condition and results.

We and our Brazilian and foreign subsidiaries are subject to tax rules and regulations that may, over time, result in different interpretations between us, our subsidiaries and tax authorities (including federal, state and municipal authorities), which do not have uniform interpretations. As a result of such divergences, we and our subsidiaries may have to assume unanticipated provisions and charges. In some cases, when we and/or our subsidiaries exhaust all administrative remedies related to a tax contingency, further appeals may be filed in the judicial courts, which may require guarantees, such as the deposit of an amount equal to the amount of the charge. In some of these cases, the settlement of such charges through tax transactions or incentivized regularization programs may be a more favorable option for us and our subsidiaries, in which case we evaluate the alternatives, and make an informed decision on whether to proceed with the settlement of charges.

In addition, the Brazilian Congress may approve tax law changes that could substantially alter the Brazilian tax framework and impact our business. The tax authorities of Brazil (including the federal, state and municipal) and foreign tax authorities may also publish new legislation and/or regulation that impacts the fulfillment of tax obligations (primary and ancillary) requiring relevant efforts (human and systemic resources) by taxpayers to implement the obligations within the legal deadline. The obligation to adapt the taxpayer’s processes to the new legislation in a short time may have an adverse effect on our results and the results of our subsidiaries.

Additionally, Complementary Law No. 214/2025, which addresses key aspects of Brazil’s tax reform, established the Goods and Services Tax, the Social Contribution on Goods and Services, and the Selective Tax all of which may materially affect the tax environment applicable to us and our subsidiaries. The transition to the new system begins in 2026, which will be a testing period with no increase in the tax burden, and full implementation will occur by 2033. In this context, several regulatory aspects are yet to be defined, which may require complex adaptations in systems and processes, as well as result in divergent interpretations between tax authorities and taxpayers.

Any of these occurrences may have a material adverse effect on our financial condition and results.

For more information, please see “Legal and Tax - Tax Reform and its Impact on Petrobras” in this annual report.

1.h) Our crude oil and natural gas reserve estimates involve some degree of uncertainty, which could adversely affect our ability to generate income.

Our proved crude oil and natural gas reserves set forth in this annual report are the estimated quantities of crude oil and natural gas that geoscience and engineering data demonstrate with reasonable certainty to be economically producible from a given date forward from known reservoirs under existing economic and operating conditions according to SEC Regulation S-X, and other applicable regulations.

	Annual Report and Form 20-F 2025 I 34

The reserve estimates presented are prepared based on assumptions and interpretations that are subject to risks and uncertainties. The geoscience and engineering data that we use to estimate our reserves present uncertainties that may result in differences between the expected productions in the reported reserves and those actually produced. In addition, reserve estimates may be affected by significant changes in economic conditions and climate regulations.

Technical, economic, and climate regulations uncertainties may lead to reductions in our reserve estimates and lower future productions, which may have an adverse effect on our results and financial condition.

1.i) Decommissioning projects have become more relevant in our portfolio, in addition to being subject to increasing regulatory requirements and stakeholder expectations, which may result in damage to our image and increased costs.

Decommissioning projects have become increasingly relevant to our portfolio as concession contracts expire or production systems become economically unviable. The publication of ANP Resolution No. 817/2020, which establishes rules for decommissioning production systems, defines the scope and requirements for decommissioning projects. Nevertheless, we may face additional regulatory demands, as the industry develops experience in this area and appliable legislation continues to evolve. In certain circumstances, we may be required by the ANP to undertake decommissioning activities for certain wells, specifically in cases involving final regulatory determinations or demonstrated environmental risk or damage.

The cessation of operations and subsequent decommissioning may affect the environment and surrounding communities due to the removal and recycling of structures, altering our relationship with the stakeholders.

Although our decommissioning programs have been developed in compliance with applicable law, they may face increased scrutiny from stakeholders regarding environmental, social and governance practices, and may fail to meet shareholders demands or expectations. As a result, the resource requirements for these projects may increase, as well as the total project and operational costs. In addition, our image and reputation may be adversely affected.

1.j) Obligations relating to Petros and health care benefits are annually revised estimates and may diverge from future obligations due to changes in market and economic conditions, as well as changes in actuarial assumptions, which may require additional contributions to rebalance the plans.

The calculation of actuarial obligations, both for our pension plans and for our health care plan benefits, is based on estimates and actuarial assumptions, as well as on the modeling of business rules, observing the applicable regulations of each plan and the applicable law. Thus, the value of the obligations corresponds to an estimate that may change over time, as the assumptions and estimates are not confirmed.

In addition, we and Petros face risks related to supplementary pension, including a gradual increase in the longevity of the population covered, legal risks accentuating the level of benefits and risks that affect the financial assets held by Petros to cover obligations of the benefit plans sponsored by us, which may not generate the necessary returns to cover the relevant liabilities, in which case additional contributions from us and participants may be necessary, subject to the constitutional contributory parity rule.

Regarding health benefits, projected cash flows may also be impacted by the following factors:

	Annual Report and Form 20-F 2025 I 35

These factors may result in an increase in our liabilities and may adversely affect our results and our financial condition.

1.k) Difficulties in attracting, developing and retaining people with the necessary skills and qualifications can negatively impact the implementation of our strategy.

Our success depends on the capacity to continue training and qualifying our personnel so that they are qualified to assume senior positions in the future.

The entry of employees in a public position or employment in Brazil is made possible by a public selection process, as provided for in the Federal Constitution. Since the Consolidação das Leis do Trabalho (Consolidation of Labor Laws) does not allow us to require more than six months’ previous experience, we cannot guarantee that new employees have the adequate experience to perform the activities for which they are designated, that is, with qualifications, experience and skills previously developed in the market.

There is no guarantee that we will adequately allocate and train our employees, nor that we will be able to do so without incurring additional costs. Any failure may adversely affect our results and business.

1.l) Strikes, work stoppages or labor unrest by our employees or by the employees of our suppliers or of our contractors may adversely affect our results and our business.

Labor unrest, including strikes and work stoppages, may arise from disagreements regarding corporate strategy, workforce management and compensation, benefit plans and related regulations, pension funding requirements, and changes in applicable labor laws and regulations, among other matters.

Labor unrest at our facilities or affecting our major suppliers and contractors, or broader industrial actions that impact sectors critical to our business, may disrupt operations, delay projects and impair supply chains, which could adversely affect our results and financial condition.

1.m) Our business may be materially and adversely affected by the emergence of epidemics or pandemics.

Epidemics and pandemics caused by infectious agents, can impact the health of our workforce, our partners and suppliers, as well as demand the redesign of routines, procedures and organization of work in general, and may consequently affect the continuity of various activities and our productivity. The operation of facilities such as platforms, refineries, terminals, among others may be impacted, as well as the full functioning of the supply chain. In addition, such public health events may affect oil prices and demand, which, consequently, may negatively impact our results and financial condition.

1.n) We do not maintain insurance against business interruption in operations in Brazil and most of our assets are not insured against war or sabotage.

We generally do not maintain insurance coverage for business interruptions of any nature for our operations in Brazil, including business interruptions caused by labor disputes. If, for instance, our workers or those of our main suppliers, vendors and service providers were to strike, the resulting work stoppages could have an adverse effect on us. In addition, as a general rule, there is no insurance for our assets in case of war or sabotage. Therefore, an attack or incident that causes the interruption of operations may have a material adverse effect on our results and financial condition.

Additionally, our insurance policies do not cover all types of risks and liabilities in the area of safety, environment, health, government fees, fines or punitive damages, which may impact our results. We cannot guarantee that incidents will not occur in the future, that there will be insurance to cover the damages or that we will not be held responsible for these events, which may negatively affect our results.

	Annual Report and Form 20-F 2025 I 36

Furthermore, we cannot guarantee that the amounts of insurance coverage contracted for risks related to our activities will be sufficient to guarantee, in the event of a claim, the payment of all damages caused, which may adversely affect our business and results.

1.o) Maintaining our competitiveness depends on our ability to develop, adapt and gain access to new technologies.

Technology and innovation are central elements to ensure our competitiveness, safety and future value generation. We direct our research, development and innovation efforts both to improve the efficiency and growth of the current business, as well as to diversify future businesses, whether through incremental or disruptive innovation.

If we do not innovate in the areas of knowledge of the industry in which we operate, from the improvement of processes and assets to the conception of the industry of the future, we may face adverse effects on our competitiveness, our ability to implement our long-term strategy and our ability to expand value creation.

In addition, without technological innovation, we may have difficulties identifying and developing decarbonization solutions at lower costs to society, as well as difficulties offering access to increasingly clean energy, compromising our competitiveness and ability to respond to new environmental regulations and market trends in a timely manner.

1.p) Our development in the energy transition segment, which includes low-carbon products and services, is subject to uncertainties that may negatively impact the risk profile and rate of return of our portfolio.

We may undertake investments (organically or via acquisitions or partnerships) in the energy transition segment that may negatively impact the risk profile and rate of return of our portfolio, due to the risks associated with these new project opportunities.

The success of investments related to the energy transition depends on the development of new processes, operational synergies, government regulations, recruitment and training, as new professional skills may be required. Although these projects currently represent a small share of our portfolio, the development of low-carbon products and services may have lower operating margins than traditional oil and gas operations and is subject to uncertainties that may have an adverse effect on our expected financial results.

The demand for fossil fuels is expected to decline as alternative technologies become increasingly viable and popular. Our ability to remain competitive while transitioning toward cleaner energy sources depends on factors such as regulatory developments and consumer preferences influenced by climate change and the energy transition toward cleaner energy sources. Uncertainties regarding the pace of this energy transition may affect product demand, leading to potential production and supply constraints.

The prioritization of businesses and projects to diversify the portfolio depends on the constant updating of methodologies and criteria. Inadequate methods may result in the selection of projects misaligned with strategic objectives, undermining the balance between traditional and low-carbon businesses and affecting the profitability and sustainability of the portfolio. Failures related to the diversification of our operations may negatively impact our revenues.

	Annual Report and Form 20-F 2025 I 37

1.q) As a result of acquisitions, divestments and partnerships, we are exposed to risks that could lead to financial losses.

We face risks related to post-closing management and monitoring of contractual obligations and rights in connection with acquisitions, divestments and partnerships. Failure to comply with contractual obligations or to exercise contractual rights may result in financial losses and legal liabilities.

As determined by ANP, in case of the total or partial sale of our participation in E&P contracts, we remain jointly liable for abandonment costs after the new concessionaire’s production ends, should it default on this task. Such joint liability covers obligations arising prior to or after the transfer, provided that it arises from activities carried out on a date prior to the transfer. The same applies to environmental liabilities, regardless of the segment of which the divested asset is part. According to environmental legislation, liability for environmental damage is the responsibility of all those who directly or indirectly contributed to its realization, and the adjustments made between the buyer and seller parties do not release those parties of their liability. Additionally, reduced control in joint operations may expose us to environmental, reputational, and legal risks, including the risk of government sanctions, as well as to partners’ financial difficulties.

Asset divestments may negatively impact operational synergies and logistical integration, which may adversely affect our operational efficiency and financial results.

Partners in our joint ventures and partnerships may fail to meet their financial and operational obligations, or may exercise veto rights over key decisions, which may jeopardize project viability and adversely affect our results and financial condition.

We may be exposed to operational, legal and regulatory risks arising from partnership activities, including potential joint liability for litigation and government sanctions, which could have a material adverse effect on our operations, reputation, cash flow and financial condition.

Acquired assets or partnership investments may not perform as expected due to market volatility, regulatory changes, economic conditions, and integration challenges, which may adversely affect our expected returns and financial performance. Additionally, in the event of financial distress of our associated companies, restructuring those companies’ indebtedness may be necessary, which may expose us to significant risks and potential losses. Such uncertainty may result in financial and reputational impacts for us.

1.r) We are subject to the risk that internal control over financial reporting may become inadequate due to changes in the control environment, or that the degree of compliance with our policies and procedures may deteriorate.

Limitations inherent in internal control over financial reporting may cause them to fail to prevent or detect errors and may adversely affect our ability to report financial results in future periods accurately and in a timely manner. In addition, it is difficult to project the effectiveness of internal control over financial reporting for future periods, as our controls may become inadequate due to changes in the control environment, or because our degree of compliance with our policies and procedures may deteriorate.

The identification of a material weakness in our internal control over financial reporting or any of the above occurrences may adversely affect our business and operations and may generate negative market reactions regarding us, potentially affecting our financial conditions and leading to a decline in the value of our shares.

	Annual Report and Form 20-F 2025 I 38

1.s) Investigations conducted by Brazilian or foreign authorities regarding the possibility of noncompliance with the U.S. Foreign Corrupt Practices Act or other related laws may adversely affect us.

Potential adverse developments related to past investigations conducted by Brazilian or foreign authorities, including claims asserted by investors in Brasil and abroad, as well as any additional claims related to the Legal Investigation may negatively impact us and could divert the efforts and attention of our management team from our ordinary business operations. In the case of any future investigation or proceeding carried by any authorities in Brazil or any other jurisdiction arising out of any possible noncompliance with the U.S. Foreign Corrupt Practices Act or other laws, we may be required to pay fines or other types of financial convictions, or to comply with court orders on future conduct or suffer other penalties, any of which may have a material adverse effect on us. The outcome of any such investigation or proceeding may negatively impact our image and reputation.

We are defendants in collective and arbitration proceedings in the Netherlands, Argentina and Brazil brought by investors (or entities purporting to represent investors) in connection with the Legal Investigation. The claims allege investment losses on our securities listed on the B3 and other markets outside the United States. Potential adverse outcomes could include damages awards or settlements and associated costs, which may adversely affect our results and financial condition.

If new information indicates that the estimate we made in 2014 for overpayments incorrectly capitalized was not accurate, we may be required to recognize additional write-offs of capitalized costs and, if necessary, restate prior-period audited consolidated financial statements, which could adversely affect our results and financial condition.

For additional information on relevant legal proceedings in which we or our subsidiaries are parties, see “Legal and Tax – Legal Proceedings” in this annual report.

1.t) Operations with related parties may not be properly identified and handled.

In accordance with our Related Party Transaction Policy, transactions with related parties must be carried out under market conditions, executed in our best interest, without conflict of interest and meeting the necessary requirements: competitiveness, compliance, transparency, equity and commuting. The decision processes involving these transactions must be objective and documented. In addition, we must comply with the rules of adequate disclosure of information, in accordance with applicable legislation and as determined by the CVM and the SEC. Any failure in our process of identification and treatment of these situations may adversely affect our economic and financial condition, as well as lead to regulatory assessments by agencies.

1.u) Violations of applicable data protection laws may result in fines and other types of sanctions that may adversely affect us.

According to Brazilian Law No.13,709/2018 – Lei Geral de Proteção de Dados Pessoais (General Personal Data Protection Law - “LGPD”), we will be subject to penalties in cases of disclosure or misuse of personal data.

We process personal data from various stakeholders, such as: employees, outsourced employees, customers, suppliers, investors, visitors to our physical facilities and websites, among others. Failure to comply with the requirements set by the LGPD may result in legal claims and/or administrative penalties, including warnings, fines, publication of the infringement, blocking access to personal data, deletion of personal data, partial suspension of database operations, suspension of data processing activities, and partial or total prohibition of activities related to data processing.

	Annual Report and Form 20-F 2025 I 39

2) Risks related to our shareholders, in particular our controlling shareholder

2.a) Our controlling shareholder may pursue certain objectives that may differ from those of certain minority shareholders, or that may affect our long-term strategy.

Brazilian law requires that the Brazilian federal government owns the majority of our voting stock and, so long as it does, it will have the power to elect a majority of the members of our Board of Directors and, through them, the executive officers, who are responsible for our day-to-day management.

As a result, the Brazilian federal government, as our controlling shareholder, exercises substantial influence over the strategic direction of our business, and has guided, and may continue to guide, certain macroeconomic and social policies through us, as permitted by law.

The interests of our controlling shareholder may differ from and not be in the best interest of our minority shareholders, and the decisions taken by our controlling shareholder may involve different considerations, strategies and policies than they have in the past.

For additional information on our rules for appointment of Senior Management and conflicts of interest, see “Environment, Social and Governance —Corporate Governance”, “Compliance and Internal Controls – Compliance” and “Management and Employees – Management – Additional Information on our Board of Directors and Executive Officers” in this annual report.

2.b) Changes to the shareholder remuneration policy may affect both the payment of remuneration to shareholders and the amount allocated for that purpose.

Our ability to pay remuneration to shareholders may be affected by a variety of factors, including our financial performance, debt level, capital requirements, future prospects, and other business considerations. According to our shareholder remuneration policy, the distribution of dividends and interest on capital (juros sobre capital próprio - JCP) depends, among other factors, on our operating cash flow and investment level. If we decide on a business plan that requires a higher volume of investments, or amends our plan for that purpose, the amount allocated to remuneration to shareholders may be reduced. In addition, operating cash flow may be impacted by several factors, including oil prices and production, thus influencing distributions to shareholders.

Our shareholder remuneration policy may be amended by the Board of Directors at any time, potentially impacting parameters such as payment frequency, calculation formula, financial indicators considered for payment decisions, minimum payment (if any), among others. Payments to shareholders above the statutory and by-law minimum in prior periods are not a guarantee of future payments and do not serve as a reference level.

In addition, changes to the composition of our Board of Directors and our management may result in changes to our shareholder remuneration policy. There is a possibility that any such changes will be material and may result in the payment of lower amounts of shareholder remuneration or even no payment in the future.

3) Risks related to our directors

3.a) Failures to prevent, detect in a timely manner, or correct behaviors inconsistent with our ethical principles and rules of conduct may have a material adverse effect on our results and financial condition.

We are subject to the risk that our directors, management, employees, contractors or any person doing business with us may engage in fraudulent activities, corruption or bribery, circumvent or override our internal controls and procedures or misappropriate or manipulate our assets for its personal or third-party benefit, against our interest.

	Annual Report and Form 20-F 2025 I 40

We cannot guarantee that all our directors, management, employees, contractors or any other person doing business with us will comply with our principles and rules of ethical behavior and professional conduct aimed at guiding our directors, management, employees and service providers. Any failure, whether actual or perceived, to abide by our ethical principles or to comply with applicable governance or regulatory obligations could harm our reputation, limit our ability to obtain financing and have a material adverse effect on our results and financial condition.

4) Risks related to our suppliers

4.a) We rely on suppliers of goods and services for the operation and execution of our projects and, as a result, we may be adversely affected by failures or delays by such suppliers.

We are susceptible to the risks of contracting, performance, product quality and capacity within our supply chain. If our suppliers and service providers delay or, fail to deliver the goods and services owed to us, or deliver them with defects, we may not meet our operational goals within the expected cost and/or timeframe. In this case, we may ultimately need to postpone one or more of our projects, which may have an adverse effect on our results and financial condition.

Our Business Plan foresees contracts for oil production units in the coming years. Due to new technological obstacles, FPSOs have increased in complexity, size and weight of its process plants and this will pose a challenge to the supplier market to fully respond to the demand in this timeframe.

Moreover, due to the large volume of resources to be contracted for our project portfolio, the supplier market may be unable to absorb the total demand by the scheduled dates, causing delays in the completion of projects, especially with respect to rigid pipeline installation contracts and EPC (Engineering Procurement and Construction) for downstream works.

Additionally, there may be risks of delays in the customs clearance process caused by external factors, which may impact the supply of goods to us and affect our operations and projects.

5) Risks related to our customers

5.a) We are exposed to credit risks of some of our customers and the associated default risks. Any material payment default or non-compliance by some of our customers may adversely affect our cash flow, results and financial condition.

Some of our customers may experience financial constraints or liquidity issues that could have a significant negative effect on their creditworthiness. Serious financial issues encountered by our customers could limit our ability to collect amounts owed to us or to enforce the performance of obligations owed to us under contractual arrangements.

In addition, many of our customers finance their activities through their cash flow from operations, the incurrence of short and long-term debts, with no availability of reserves for contingencies.

Since many of our customers are Brazilian, our cash flow, results and financial conditions may be affected in the event of declining economic conditions in Brazil, resulting in decreased cash flows, combined with the difficulty of access to financing from our customers.

This could result in a decrease in our cash flow and may also reduce or curtail our customers’ future demand for our products and services, which may have an adverse effect on our results and financial condition.

Due to the possibility of us being obliged in court to guarantee the supply of products or services to counterparties who are in default, as stated in the risk factor “5.b) We may be required by courts to guarantee the supply of products or services to counterparties who are in default”, our cash flow may be reduced, which may have an adverse effect on our results and financial condition.

	Annual Report and Form 20-F 2025 I 41

5.b) We may be required by courts to guarantee the supply of products or services to counterparties who are in default.

We may be required by the Brazilian courts to provide products and services to clients, whether public or private institutions, with the purpose of guaranteeing supplies to the domestic oil, natural gas, products and energy market. In this case, we may be required to provide products and services even in situations in which these clients and institutions are in default with contractual or legal obligations, where we have no legal and contractual obligations to provide such services or products or in unfavorable economic and commercial conditions. Although we typically appeal to these decisions, a requirement that we provide such supply in exceptional situations may adversely affect our economic and financial condition. For more information on legal proceedings in which we or our subsidiaries are parties, see item “Legal and Tax – Legal Proceedings” in this annual report.

6) Risks related to sectors of the economy in which we act

6.a) Our cash flow and profitability are exposed to the volatility of prices of oil, gas, LNG and oil products.

Most of our revenue derives from sales of crude oil, oil products and natural gas. International prices for these commodities are determined by factors beyond our control and are subject to structural volatility influenced by global supply and demand conditions and expectations. Substantial or extended declines in international oil prices may materially adversely affect our business, results, financial condition and the value of our Proved Reserves.

Since 2023, when we announced the approval of our commercial strategy for setting diesel and gasoline prices, we have the commercial strategy that uses market references such as: (a) the customer's alternative cost, as the value to be prioritized in pricing, and (b) the marginal value for us. The customer's alternative cost considers the main supply alternatives, whether suppliers of the same or substitute products, while the marginal value for us is based on the opportunity cost given the various alternatives for the company, among them, production, imports and exports of the product and/or the oils used in the refining process. The commercial strategy is premised on competitive prices per sales hub, places where the ownership of our products is transferred to third parties, in balance with the national and international markets, taking into account the best alternative accessible to customers.

In the past, our management has adjusted our pricing of oil, gas and oil products from time to time. In the future, there may be periods during which our product prices will not be in parity with international product prices. Actions and legislation imposed by the Brazilian federal government, as our controlling shareholder, could affect these pricing decisions. Representatives of the Brazilian federal government have at times expressed their views on the need for our prices to take into account domestic conditions. Our Executive Board and management team or Board of Directors may propose new changes to our commercial strategy. Such actions by our controlling shareholder may not be in line with the best interest of our minority shareholders and could result in material adverse effects on our financial condition and results of operation. See “Risks - Risk Factor 2.a) Our controlling shareholder may pursue certain objectives that may differ from those of certain minority shareholders, or that may affect our long-term strategy.”

	Annual Report and Form 20-F 2025 I 42

On March 12, 2026, the Brazilian federal government enacted Provisional Measure No. 1,340/2026, which entered into force immediately upon publication. The measure introduced: (i) a temporary road diesel commercialization subsidy of R$0.32 per liter for road-use diesel, effective from March 12, 2026 through December 31, 2026 and capped at R$10 billion, which is conditioned on the sale of road diesel at or below an ANP-defined regionalized reference price and may be terminated prior to December 31, 2026 if the cap is reached; (ii) a 12% export tax on crude oil exports, the rate of which may be reduced; and (iii) a 50% export tax on diesel exports for the duration of the subsidy program. While the diesel subsidy program does not impact our ability to practice our commercial strategy, the export taxes could negatively affect our realized export prices and margins and may influence our refining and trading decisions. In addition, Provisional Measure No. 1,340/2026 expanded the administrative enforcement framework applicable to fuel pricing and supply conduct by introducing new penalties under Law No. 9,847/1999 for abusive price increases and unjustified refusals to supply fuels, biofuels and oil products. These measures reflect the Brazilian federal government’s ability to influence fuel pricing and market dynamics through regulatory, fiscal or policy actions. The provisional measure may be amended during the legislative process or replaced by permanent legislation, and additional measures affecting fuel pricing, export activities or taxation could be adopted in the future. Any such additional actions may influence our pricing strategy, our margins, alter our commercial and operational decisions, and have an adverse effect on our business, financial condition and results of operations.

In our Gas & Low Carbon Energies segment, we import gas from Bolivia and LNG worldwide in addition to our own production. Imported LNG costs are volatile and influenced by global supply and demand conditions and international geopolitics. Import volumes depend primarily on thermoelectric power generation levels, which relate to Brazilian hydrological conditions. Domestic sales price changes are influenced by contract terms and indexes, creating risk of discrepancy between sale prices and LNG costs.

We cannot guarantee our pricing methodology will not change in the future. Changes to our commercial strategy for fuel pricing could materially adversely impact our business, results, financial condition and securities value.

6.b) The competitive environment of the Brazilian oil and gas market may intensify the requirements for our performance levels to remain in line with the best companies in the sector.

Regulatory changes in antitrust and competition laws may impose penalties, business restrictions and difficulties in renewing concessions, which could adversely impact our operations and results and compromise our sustainable growth.

Additionally, in the exploration and production segment, we may not be successful bidding for exploratory blocks in future auctions. In this case, we may have difficulties in repositioning our portfolio in exploration and production assets that offer greater profitability and competitive advantage, especially in the Pre-salt layer, which could negatively affect our results.

6.c) Fragility in the performance of the Brazilian economy, instability in the political environment, legal or regulatory changes and investor perception of these conditions may adversely affect the results of our operations and our financial performance and may have a relevant adverse effect on us.

Our activities are strongly concentrated in Brazil. Economic policies adopted by the Brazilian federal government may have important effects on Brazilian companies, including us, and on market conditions and prices of Brazilian securities. Our financial conditions and results may be adversely affected by several factors, such as:

	Annual Report and Form 20-F 2025 I 43

Uncertainty about whether the Brazilian federal government will implement changes in policy or regulations that may affect any of the factors mentioned above or other factors in the future may lead to economic uncertainty in Brazil and increase the volatility of the Brazilian securities market and securities issued abroad by Brazilian companies, which may have a material adverse effect on our results and financial condition.

6.d) Market fluctuations related to political instability, acts of terrorism, insurrection, armed conflicts and wars in various regions of the world may have a material adverse effect on our business.

Geopolitical risk factors have become more prominent globally. Military conflicts and resulting economic sanctions could negatively affect the global economy, including Brazil, and impact crude oil flows and related markets.

In particular, ongoing geopolitical tensions and military conflicts in key oil-producing regions continue to create uncertainty in global energy markets and pose risks to our business. Armed conflicts and related sanctions, including heightened tensions in the Middle East, can affect oil, natural gas and LNG supply chains, reduce throughput through maritime chokepoints, and contribute to price volatility.

We cannot predict the extent of the ongoing geopolitical tensions and their impact on our business and on oil, oil products, natural gas and LNG prices.

In addition, protectionist measures and trade restrictions have gained prominence globally, raising concerns about potential increased sanctions and import tariffs on major oil market participants. These developments could affect global trade flows, affecting supply chains, intensify competition in international markets, and increase operational costs, creating challenges for us in securing supplies, maintaining cost efficiency, and accessing affected markets.

Supply chain delays or interruptions, significant cost increases, and heightened volatility in oil, oil products, natural gas and LNG prices could adversely affect demand for our goods and services and the price of our securities.

6.e) We are vulnerable to increased debt service resulting from depreciation of the real in relation to the U.S. dollar and increases in prevailing market interest rates.

As of December 31, 2025, 70.7% of our total finance debt (current and non-current) was denominated in currencies other than the real. A depreciation of the real against other currencies will increase our debt service in reais, as the amount of reais necessary to pay principal and interest on foreign currency debt will increase with this depreciation.

	Annual Report and Form 20-F 2025 I 44

Foreign exchange variations may have an immediate impact on our reported expenses and incomes. Some of our operating expenses, capital expenditures, investments and import costs will increase in the event of a depreciation of the real. In turn, as most of our revenues are denominated in reais, but linked to international oil and oil products dollar prices, unless we increase the prices of our products in the local market to reflect the depreciation of the real, our cash generation relative to our capacity to service debt may decline.

Debt service can also be impacted by changes in interest rates. To the extent we refinance our maturing obligations with newly contracted debts, we may incur additional interest expenses.

As of December 31, 2025, 38.7% of our total finance debt (current and non-current) consisted of floating rate debt. We generally do not enter into derivative contracts or similar financial instruments or make other agreements with third parties to hedge against the risk of an increase in interest rates.

To the extent that floating rates rise, we may incur in additional expenses. Moreover, as we refinance our existing debt in the coming years, the mix of our indebtedness may change, specifically as it relates to the ratio of fixed to floating interest rates, the ratio of short-term to long-term debt, and the currencies in which our debt is denominated or to which it is indexed. Changes that affect the composition of our debt and cause rises in short- or long-term interest rates may increase our debt service payments, which could have an adverse effect on our results and financial condition.

6.f) External factors in a dynamic environment may affect the implementation of our corporate strategy.

We may face risks arising from temporal misalignment between the identification and assessment of external risk factors and the effective review and update of our corporate strategy. This lack of synchronicity may reduce our ability to respond swiftly and effectively to changes in the business environment, affecting our competitiveness and results of operations.

The effectiveness of monitoring the external environment depends on the quality, scope and continuous updating of the studies and analyses performed. Inadequate or insufficient studies may result in inaccurate assessments of risks and opportunities, impairing our ability to proactively adapt to market, regulatory and technological changes.

Our Business Plan is reviewed annually. If our Strategic and Business Plans are amended, including due to decisions of the Brazilian federal government as our controlling shareholder, our portfolio management guidelines might be revised. See “Risks – Risk Factor 2.a) Our controlling shareholder may pursue certain objectives that may differ from those of certain minority shareholders, or that may affect our long-term strategy” in this section. In addition, any changes to our Board of Directors, Executive Board and our management team may affect not only our ability to implement our corporate strategy and achieve business objectives, but also continuity of such guidelines and the direction of future actions, including decisions related to operational and investment management.

6.g) Developments in the economic environment, the oil and gas industry and other factors have resulted, and may result, in substantial write-downs of the carrying amount of certain of our assets, which could adversely affect our results.

We evaluate on an annual basis, or more frequently when necessary, the carrying amount of our assets for possible impairments. Our impairment tests are performed by a comparison of the carrying amount of an individual asset or a cash generating unit with its recoverable amount, whether in operation or in implementation. Whenever the recoverable amount of an individual asset or cash generating unit is less than its carrying amount, an impairment loss is recognized to reduce the carrying amount to the recoverable amount.

	Annual Report and Form 20-F 2025 I 45

Changes in the economic, regulatory, business or political environment in Brazil or other markets where we operate may have a material impact on the assumptions used to conduct impairment tests. For example, a significant decline in international crude oil and gas prices, depreciation of the real, changes in financing conditions, such as deterioration of risk perception and interest rates for assets and projects, among other factors, may affect the original profitability estimates of our projects, which could imply impairment and adversely affect our results.

7) Risks related to the regulation of the sectors in which we are involved

7.a) Divergences in interpretations and new legal and/or regulatory agency requirements in our sectors of operation may result in the need to increase investments, expenses and operating costs, and it may cause delays in production or even reduce the market for our products.

Our activities in Brazil are subject to regulation and supervision by regulatory agencies, such as ANP, ANEEL, ANA, ANTAQ, ANVISA and ANM, as well as other agencies, such as CADE, ANPD, IBAMA, ICMBio, IPHAN and others in the Brazilian States and Municipalities.

Countries with fragile legal systems or subject to rapid legal and regulatory changes may impose restrictions, nationalizations, expropriations, tax increases, price and exchange-rate controls, and divestment requirements. Regulatory changes considered unfavorable by the industry, as well as change or differences of interpretation between us and regulatory agencies may directly affect the technical and economic assumptions that guide our investment decisions and materially impact our results and financial condition. Furthermore, there are regulatory uncertainties with respect to low-carbon technologies and energy transition projects, and the natural gas market.

Legal changes may impact the markets for aviation and marine fuels, diesel and gasoline, for example, with increased mandates for biofuels or the imposition of restrictions for internal combustion engines. The Brazilian legal frameworks related to the low-carbon economy and energy transition, such as carbon capture and storage, offshore wind power plants and production of hydrogen from renewable sources, are still being defined. Therefore, the markets and projects for these initiatives, for now, are gradually evolving in Brazil. As a result, potential delays in establishing such frameworks could hinder us from achieving low-carbon and energy transition goals.

Recent regulatory measures may also influence pricing and supply dynamics in our markets. For example, in March 2026 the Brazilian federal government enacted Provisional Measure No. 1,340/2026, which introduced, among other things, a diesel commercialization subsidy under certain circumstances and export taxes on crude oil and diesel, and expanded the administrative enforcement framework applicable to fuel pricing and supply conduct. For more information, please see “Risks – Risk Factor 6.a. Our cash flow and profitability are exposed to the volatility of prices of oil, gas, LNG and oil products.” in this annual report.

In 2025, MME and ANP initiated public consultations to implement Law No.14,993/2024. For more information, please see “Legal and Tax – Regulation - Renewable Energy and Carbon” in this annual report.

Brazilian legal frameworks related to the fuel of the future initiative remain in the implementation phase, particularly with respect to secondary regulations such as certification and operational requirements. Delays in issuing detailed regulations under these instruments may compromise our competitiveness and our ability to achieve our low-carbon and energy transition objectives.

	Annual Report and Form 20-F 2025 I 46

7.b) We do not own any subsoil accumulations of crude oil and natural gas in Brazil.

Under Brazilian law, the Brazilian federal government is the owner of all the country’s mineral resources, including subsoil accumulations of crude oil and natural gas. According to Brazilian regulations, the concessionaire or contracted party owns the oil and gas it produces from these subsoil accumulations pursuant to the exploration and production contracts signed with the Brazilian federal government. We possess, as a concessionaire or contracted party of certain oil and natural gas fields in Brazil, the exclusive right to develop and produce the volumes of crude oil and natural gas included in our reserves pursuant to the respective exploration and production contracts, for a specific time frame. The access to crude oil and natural gas reserves is essential to an oil and gas company’s sustained production and generation of income, and our ability to generate income could be adversely affected if there are restrictions on the exploitation of these crude oil and natural gas reserves or on the exploration of exploratory blocks, due to changes in current legislation, environmental restrictions or implementation of exception measures.

8) Risks related to foreign countries where we are involved

8.a) We have assets and investments in other countries, where the political, economic and social situation may negatively impact our business.

We have presence in other countries in South America and Africa and may operate business in countries where there may be political, economic and social instabilities. In such regions, external factors may negatively affect the results and financial condition of our subsidiaries, including:

If one or more of the risks described above occurs, we may fail to achieve our strategic objectives in these countries or in our international operations as a whole, which may negatively impact our results and financial resources.

9) Risks related to social issues

9.a) Our projects, operations and activities may negatively affect different communities, especially in relation to human rights. Likewise, these may also be affected by the expectations and dynamics of these populations and territories, impacting our business, image and reputation.

It is our policy to promote and respect human rights, prevent risks, mitigate impacts and remedy violations, as well as to maintain responsible relationships with employees and the communities where we operate and to exercise due diligence with suppliers and partners. However, throughout the business life cycle, there is a risk that our activities, operations, projects and contracts may inadvertently result in or contribute to human rights violations due to noncompliance with our Social Responsibility Policy, Code of Ethical Conduct, and Human Rights Guidelines, as well as errors in the processes of identifying and assessing human rights risks in people management, the supply chain, partnerships and relationships with communities.

	Annual Report and Form 20-F 2025 I 47

Our activities can affect the social dynamics of the communities where we operate, including for example, the economy, culture, political system, environment, health and well-being and human rights. We have limited control over changes in local dynamics or the expectations of the communities where we operate.

Our direct and indirect decisions as well as our activities may cause social impacts, especially in connection with investments, mergers, acquisitions, divestments, decommissioning and operations in new production frontiers, which may affect project schedules or budgets, hinder our operations due to potential litigation, negatively impact our financial condition, and damage our image and reputation.

In addition, the various locations where we operate are exposed to a wide range of issues related to political, social and economic instability, as well as intentional acts, which may involve criminal actions, such as illegal tapping of pipelines, theft, robbery and sabotage—and non-criminal actions, such as roadblocks and protests.

9.b) Considering that our projects and operations involve third-party suppliers, the risk of violation of human rights by such suppliers is possible, which may harm our image and reputation.

Despite the compliance mechanisms that our suppliers must adhere to, including contractual human rights clauses and compliance with our Ethical Conduct Guide for Supplies and labor obligations, the risk of violation of labor laws or human rights by our suppliers is possible, which may result in legal liabilities, financial penalties, and damage to our reputation.

	Annual Report and Form 20-F 2025 I 48

10) Risks related to environmental issues

10.a) Differing interpretations of numerous health, safety, environmental regulations and industry standards that are becoming more stringent may result in increased capital and operating expenditures and reduced production, as well as the application of sanctions and difficulty in obtaining or renewing licenses.

Our activities are subject to evolving industry standards and a wide variety of federal, state and local laws, regulations and permit requirements related to health, safety, environmental protection, climate change policy and carbon emissions regulation, both in Brazil and other jurisdictions where we operate. These requirements may result in significant additional costs that could negatively impact project profitability or make projects economically unfeasible.

Substantial increases in compliance expenditures or production decreases, including unplanned shutdowns, resulting from increasingly stringent regulations may have a material adverse effect on our results and financial condition.

Occupational health norms are constantly changing which can lead to differing interpretations. Health-related issues are increasingly subject to judicial proceedings, including the classification of special working conditions and occupational accidents and consequences across civil, labor, administrative and criminal spheres.

The implementation of the Digital Bookkeeping System of Tax, Social Security and Labor Obligations (eSocial) has provided government oversight agencies with easier access to workers' information, including work accident data, resulting in more proactive oversight activities.

We operate in metropolitan regions where pollutant concentrations may exceed air quality standards. New, more restrictive air quality standards are being implemented, likely increasing requirements for technological improvements to reduce air pollution in our industrial units. This may create obstacles to obtaining or renewing operating licenses and require new environmental control practices, generating higher costs. Fuel use may also be subject to emission-related restrictions, potentially requiring refinery investments or resulting in market loss. Non-compliance may damage our reputation and result in fines and indemnities.

We cannot guarantee that planned schedules and budgets for investment projects, acquisitions, decommissioning and divestments will not be affected by delays in regulatory and environmental agencies issuing required licenses and permits.

Delays in obtaining permits and consents can impact our oil and natural gas production goals, particularly in new frontiers, negatively affecting our results and financial condition.

We are subject to sanctions that may delay project delivery and create difficulties in achieving oil and gas production goals, including partial or total embargoes or interdictions.

Changes or differing interpretations of health, safety and environmental regulations, as well as our decisions to settle related claims, may have a material adverse effect on our financial condition and results.

10.b) Our commitments to protect the environment rely on our efforts, but also our engagement with suppliers and management of other external factors, which affect the achievement of our strategy.

Our Business Plan establishes environmental commitments related to a circular economy, water security, climate change and biodiversity gains focused on forests and oceans, among others, that have highly complex activities associated with them in the coming years. These commitments rely on different stakeholders to be implemented, and we face various challenges in fulfilling them. If we are not able to overcome these challenges properly, we may need to review our environmental commitments ambitions.

	Annual Report and Form 20-F 2025 I 49

11) Risks related to climate issues, including physical and transitional risks

11.a) Climate change could impact our results and strategy.

Climate change poses challenges and opportunities for our business. Failure to adapt to climate regulations and global challenges may result in financial, reputational and legal impacts, affecting cash flow, competitiveness, and shareholder value.

Stricter environmental regulations and climate change mitigation policies, including GHG emission permits, may increase operating costs and reduce production.

Law NO.15,402/2024 establishing Brazil's Carbon Market was signed in December 2024. However, future regulations defining emissions caps and reduction factors could increase expenses and affect our Business Plan.

Investors may seek climate-aligned investments. Greater climate risk perception and regulatory restrictions on carbon-intensive sectors may increase difficulty accessing capital and raise costs.

We face increasing pressure to develop advanced emission-reduction technologies for a low-carbon economy. Risk arises from loss of competitiveness due to non-implementation or ineffective technologies, potentially impacting our reputation and climate targets.

Increased demand for lower carbon intensity products may reduce oil demand and prices beyond our planning assumptions. In Brazil, fossil fuel replacement policies like “Fuel of the Future” may affect market demand and compromise expected revenues. Sectoral implementation of the National Climate Change Plan (“Plano Clima”) and the National Energy Transition Policy, intended to ensure compliance with Brazil’s emission targets and may influence the demand for fossil fuel-based products in the Brazilian market.

We face increasing ESG transparency and management demands. Misalignment with these demands, failure to meet climate commitments, or a perceived lack of transparency may harm our reputation and financial results, and may also lead to regulatory scrutiny and litigation.

These climate-related factors may negatively impact demand for our products and services, jeopardize business implementation and operation, and adversely affect our results and financial condition while limiting growth opportunities.

For further information on how climate changes could impact our Strategic Plan, please see “Risks – Risk Factor “1.e) The selection and development of our investment projects have risks that may affect our expected results” in this section.

11.b) Climate change may also affect operational conditions, potentially causing water scarcity, landslides, flooding, wildfires, heat waves, extreme drought, and changes in meteorological and oceanographic patterns in regions that are material to our operations.

Climate change may affect operating conditions including water availability, meteorological and oceanographic patterns at our assets, as well as may increase the frequency of extreme weather events affecting our offshore installations.

There is concern that climate change will affect regional atmospheric circulation patterns, leading to changes in meteorological and oceanographic conditions. Changes in these conditions may result in extreme events, such as waves, winds, and shifts in ocean current patterns, which, in turn, may cause significant damage and deterioration to our offshore installations. Our resilience studies for offshore installations use a return period of 50 to 100 years for extreme wind and wave parameters. However, due to climate change, this return period may be reduced.

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We have industrial facilities that use water, ranging from large users, such as refineries, to small users, such as transport terminals that, although not very hydro intensive, are logistically important within our value chain. In recent years, several regions of the world, including some regions in Brazil, have experienced events of temporary freshwater shortage, including for public consumption. In case of water scarcity, our water use permits may be suspended or temporarily modified and, as a result, we may be required to reduce or suspend our production activities, since the water availability for human and animal consumption has priority over industrial use. This may temporarily jeopardize our business continuity, as well as generate financial impacts on us and our image.

Situations of water scarcity in a watershed where industrial units are located may also result in the formulation or expansion of requirements of water resources management agencies in relation to the restriction of freshwater use for industrial purposes, and may require, for example, the installation of water reuse units in operational units or even purchase of reused water from external sources. Such situations can lead to the need for investments and increased operating costs for this purpose.

Water scarcity may also result in the more intense activation of thermoelectric plants, which serve as a complementary energy generating source to renewable energy. In addition, given that the Brazilian northern region strongly depends on the rivers to carry on logistics, the water scarcity may affect navigability in that region, impacting the logistics processes of products and inputs and, consequently, the operational continuity and the fulfillment of customer commitments.

Heavy rainfall may cause flooding at industrial plants and terminals, resulting in temporary disruptions, equipment damage, and increased repair and insurance costs. Landslides along pipeline corridors may also trigger interruptions, posing logistical challenges to our operations.

Extreme temperatures may result in heat waves that increase health and safety risks for workers in outdoor areas and affect the efficiency of temperature, sensitive equipment. When combined with other environmental factors, extreme temperatures may also increase fire risks near our facilities, potentially compromising asset integrity and requiring additional safety protocols.

12) Risks related to the use of our trademark

12.a) The performance of companies licensed to use our brands may impact our image and reputation.

Our former divestment plan, which we followed until 2022, included the partial or total sale of our companies in the fuel distribution segment and some of these deals involved licensing agreements for our brands. Once a licensee holds the right to display our brands in products, services and communications, it may be perceived by stakeholders as us; our legitimate representative or spokesperson. Licensees’ actions or events related to their business, such as: failures, accidents, human rights violations, errors in business performance, environmental crisis, corruption scandals and improper use of our brands, among other factors – may negatively impact our image and reputation, with possible financial losses.

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13) Risks related to shares and debt securities

13.a) The size, volatility, liquidity or regulation of the Brazilian securities markets may curb the ability of holders of ADSs to sell the common or preferred shares underlying our ADSs.

Our shares are among the most liquid traded on the B3, but overall, the Brazilian securities markets are smaller, more volatile and less liquid than the major securities markets in the United States and other jurisdictions, and therefore may be regulated differently from the way in which U.S. investors are accustomed. Factors that may specifically affect the Brazilian stock markets may limit the ability of holders of ADSs to sell the common or preferred shares underlying our ADSs for the price and time they desire.

13.b) Holders of our ADSs may be unable to exercise preemptive rights with respect to the shares underlying the ADSs.

Holders of ADSs who are residents of the United States may not be able to exercise the preemptive rights relating to the shares underlying our ADSs, unless a registration statement under the Securities Act is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available. We are not obligated to file a registration statement with respect to shares relating to these preemptive rights and therefore we may not file such registration statement. If a registration statement is not filed or there is no exemption from registration, JPMorgan, as the depositary institution, will attempt to sell the preemptive rights and the holders of ADSs will be entitled to receive the proceeds of the sale. However, the preemptive rights will expire if the depositary cannot sell them. For a more complete description of the preemptive rights with respect to the common or preferred shares, see “Shareholder Information – Shareholders’ Rights – Other Shareholders’ Rights” in this annual report.

13.c) If holders of our ADSs exchange their ADSs for shares, they risk losing the ability to timely remit foreign currency abroad and other related advantages.

The Brazilian custodian of our shares underlying our ADSs must obtain a certificate of registration from the Central Bank of Brazil to be entitled to remit U.S. dollars abroad for payments of dividends and other distributions relating to our shares or upon the disposal of the shares.

The conversion of ADSs directly into ownership of the underlying shares is governed by Joint Resolution No.13/2024 and foreign investors wishing to do so are required to appoint a representative in Brazil for the purposes of Joint Resolution No. 13/2024 who will be in charge of keeping and updating the investors’ certificates of registration with the Central Bank of Brazil, which entitles registered foreign investors to buy and sell directly on the B3. Such arrangements may require additional expenses from the foreign investor.

Moreover, if such representatives fail to obtain or update the pertinent certificates of registration, investors may incur additional expenses or be subject to operational delays which could affect their ability to receive dividends or distributions relating to the common or preferred shares or the return of their capital in a timely manner.

The custodian’s certificate of registration or any foreign capital registration directly obtained by such holders may be affected by future legislative or regulatory changes, and we cannot assure such holders that additional restrictions applicable to them, the disposal of the underlying common or preferred shares or the repatriation of the proceeds from the process will not be imposed in the future.

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13.d) Holders of our ADSs may face difficulties in protecting their interests.

Our corporate affairs are governed by our Bylaws and Law No.6,404/76 (“Brazilian Corporate Law”), which differ from the legal principles that would apply if we were incorporated in a jurisdiction in the United States or elsewhere outside Brazil. In addition, the rights of an ADS holder, which are derivative of the rights of the holders of our shares, as the case may be, to protect their interests, are different under Brazilian Corporate Law than under the laws of other jurisdictions. The laws concerning insider trading, self-dealing, shareholder rights, and the preservation of shareholders’ interests may also be different in Brazil compared to the United States.

Additionally, the structure of a class action in Brazil is different from that in the United States. Under Brazilian law, shareholders of Brazilian companies do not have standing to bring a class action and, under our Bylaws, must, generally with respect to disputes concerning rules regarding the operation of capital markets, arbitrate such disputes. For more information, see “Shareholder Information – Shares and Shareholders – Dispute Resolution” in this annual report.

We are a state-owned company controlled by the Brazilian federal government organized under the laws of Brazil and all our directors and officers reside in Brazil. Substantially all of our assets and those of our directors and officers are located in Brazil.

As a result, it may not be possible for holders of ADSs to effect service of proceedings upon us or our directors and officers within the United States or other jurisdictions outside Brazil or to enforce against us or our directors’ and officers’ judgments obtained in the United States or other jurisdictions outside Brazil.

Because judgments in U.S. courts for civil liability based on U.S. federal securities laws may only be enforced in Brazil if certain requirements are met, holders of ADSs may face more difficulties in protecting their interest in actions against us or our directors and officers than the shareholders of a company incorporated in a state or other jurisdiction of the United States.

13.e) Holders of our ADSs do not have the same voting rights as the holders of our shares. In addition, holders of ADSs representing preferred shares are not entitled to vote most of decisions.

Holders of our ADSs do not have the same voting rights as holders of our shares. Holders of our ADSs are entitled to the contractual rights set forth for their benefit under the terms of the deposit agreements. ADS holders exercise voting rights by providing instructions to the depositary, as opposed to attending shareholders’ meetings or voting by other means available to shareholders. In practice, the ability of a holder of ADSs to instruct the depositary as to voting will depend on the time and procedures for providing instructions to the depositary, either directly or through the holder’s custodian and clearing system.

In addition, a portion of our ADSs represents our preferred shares. Under Brazilian Corporate Law and our Bylaws, holders of preferred shares are entitled to vote on specific agenda items in shareholder meetings, such as the separate election of the Board of Directors and the Fiscal Council. Holders of ADSs representing preferred shares are not entitled to vote most of decisions. For more information, see “Shareholder Information – Shareholders’ Rights – Shareholders’ Meetings and Voting Rights” in this annual report.

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13.f) The market for PGF’s debt securities may not be liquid.

Some of PGF’s notes are not listed on any securities exchange and are not quoted through an automated quotation system. Most of PGF’s notes are currently listed both on the NYSE and the Luxembourg Stock Exchange and are traded on the NYSE Euronext and MTF markets, respectively, although some trading in PGF’s notes occurs over-the-counter. PGF can issue new notes that can be listed on markets other than the NYSE and the Luxembourg Stock Exchange and traded on markets other than the NYSE Euronext and the MTF market. We can make no assurance as to the liquidity of or trading markets for PGF’s notes. We cannot guarantee that the holders of PGF’s notes will be able to sell their notes in the future. If a market for PGF’s notes does not develop, holders of PGF’s notes may not be able to resell the notes for an extended period of time, if at all.

13.g) We would be required to pay judgments of Brazilian courts enforcing our obligations under the guarantee relating to PGF’s notes only in reais.

If proceedings were brought in Brazil seeking to enforce our obligations in respect of the guarantee relating to PGF’s notes, we would be required to discharge our obligations only in reais. Under Brazilian exchange controls, an obligation to pay amounts denominated in a currency other than reais, which is payable in Brazil pursuant to a decision of a Brazilian court, will be satisfied in reais at the exchange rate in effect on the date of payment, as determined by the Central Bank of Brazil.

13.h) A finding that we are subject to U.S. bankruptcy laws and that the guarantee executed by us was a fraudulent conveyance could result in PGF’s noteholders losing their legal claim against us.

PGF’s obligation to make payments on the PGF notes is supported by our obligation under the corresponding guarantee. We have been advised by our external U.S. counsel that the guarantee is valid and enforceable in accordance with the laws of the state of New York and the United States. In addition, we have been advised by our general counsel that the laws of Brazil do not prevent the guarantee from being valid, binding and enforceable against us in accordance with its terms. In the event that U.S. federal fraudulent conveyance or similar laws are applied to the guarantee, and we, at the time we entered into the relevant guarantee:

Among other things, a legal challenge to the guarantee on fraudulent conveyance grounds may focus on the benefits, if any, realized by us as a result of the issuance of the PGF notes. To the extent that the guarantee is held to be a fraudulent conveyance or unenforceable for any other reason, the holders of the PGF notes would not have a claim against us under the relevant guarantee and would solely have a claim against PGF. We cannot ensure that, after providing for all prior claims, there will be sufficient assets to satisfy the claims of PGF noteholders relating to any avoided portion of the guarantee.

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Corporate Risk Management

We believe that integrated and proactive risk management is essential for the delivery of results in a safe and sustainable way. Our risk management policy establishes guidelines and responsibilities, and is based on the following fundamental principles:

In order to support the risk management process, our corporate risk management policy specifies authorities to be consulted, responsibilities to be undertaken, and five principles and ten guidelines that drive our risk management initiatives.

This policy has a comprehensive approach to corporate risk management, which combines the traditional economic and financial risk management approach with other relevant areas of interest, such as protection of life, health and environment, assets and business information protection (property and security) and combating fraud and corruption (legal and compliance), among other corporate risks.

For further information regarding our revised business risk management policy, please visit our website at www.petrobras.com.br/ir.

Disclosures about Market Risk

Commodity Price Risk

We operate in an integrated manner throughout the various stages of the oil industry. A significant portion of our results relate directly to oil exploration and production, refining and the sale of natural gas, biofuels, and electricity in Brazil. As our purchases and sales of crude oil and oil products are linked to international commodity prices, we are exposed to their price fluctuations, which may influence our profitability, our cash flow from operations and our financial situation.

We prefer to maintain exposure to the price cycle than use financial derivatives to systematically protect purchases and sale transactions that focus on fulfilling our operation needs. However, based on crude oil market conditions and prospects of realization of our Business Plan, we may decide to implement protection strategies using financial instruments to manage our cash flows.

In addition, we enter into derivative contracts to protect our margins on short-term commercial transactions carried out abroad. Our derivatives contracts provide economic hedges for oil product purchases and sales in the global markets, generally expected to occur within a period of 30 to 360 days.

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For more information about our commodity derivatives transactions, including a sensitivity analysis demonstrating the net change in fair value of an adverse change in the price of the underlying commodity for options and futures, see Note 33 to our audited consolidated financial statements.

Exposure to interest rate and exchange rate risk

For information about interest rate and exchange rate risk, see “Operating and Financial Review and Prospects” in this annual report.

Insurance

Regarding operational risks, our policy is to maintain insurance coverage when the obligation to maintain such coverage derives from a legal or contractual instrument or our Bylaws; or the event covered may cause significant damage to our financial results, and coverage is economically feasible.

We maintain several insurance policies, including policies against fire, operational risk, engineering risk, property damage coverage for onshore and offshore assets such as fixed platforms and floating production systems, well-control in Brazil for offshore drilling, completion, workover and abandonment activities and for flowing offshore production wells, hull insurance for tankers and auxiliary vessels, third party liability insurance and transportation insurance. The coverages of these policies are hired according to the objectives we define, and the limitations imposed by the global insurance and reinsurance markets. Although some policies are issued in Brazil, most of our policies are reinsured abroad with reinsurers rated A- or higher by Standard & Poor’s or A3 and/or higher by Moody’s and/or B++ or higher by A.M. Best.

Our policies are subject to deductibles, limits, exclusions and limitations, and there is no assurance that such coverage will adequately protect us against liability from all possible consequences and damages associated with our activities. Thus, it is not possible to assure that insurance coverage will exist for all damages resulting from possible incidents or accidents, which may negatively affect our results.

We do not maintain insurance coverage to safeguard our assets in case of war or sabotage. We also do not maintain coverage for business interruption, except for some specific assets in Brazil. In addition, our third-party liability policies do not cover government fines or punitive damages.

We currently maintain insurance coverage for cybersecurity- related incidents only when they result in damage to onshore and offshore properties, given the cost and limitations on obtaining adequate coverage in the insurance and reinsurance markets for a company of our size. We will continue to evaluate our options for obtaining such insurance coverage.

The maximum deductible amount of our national property damage policies is US$200 million, and their indemnity limits can reach US$2.1 billion for refineries and US$2.35 billion for platforms, depending on the replacement value of our assets.

Our general third-party liability policy with respect to our onshore and offshore activities in Brazil, including losses due to sudden pollution, such as oil spills, has a maximum indemnity limit of US$250 million with an associated deductible of US$10 million. We also maintain marine insurance with additional protection and indemnity against third parties related to our domestic offshore operations with an indemnity limit of US$50 million up to US$500 million, depending on the type of vessel. For activities in Brazil, in the event of an explosion or similar event on one of our non-fixed offshore platforms, these policies may provide third-party combined liability coverage of up to US$750 million. In addition, although we do not insure most of our pipelines against property damage, we have insurance against damages or losses to third parties arising from specific incidents, such as unexpected infiltration and oil pollution.

Furthermore, we receive surveys from the insurance market that evaluate the operational risks of our facilities and provide recommendations. Currently, we directly hire a consultancy company to conduct this inspection program, and these surveys are shared with the insurance market.

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In general, the risk ratings of our assets are at or above the market average. In 2025, we had surveys in 27 onshore and offshore units. Based on these surveys, last year we heeded around 139 recommendations that contribute to the improvement of safety and risk management associated with the operation of our facilities.

Outside Brazil, we maintain different levels of third-party liability insurance, as a result of a variety of factors, including country risk assessments, whether we have onshore and offshore operations, or legal requirements imposed by a particular country in which we operate. We maintain separate well-control insurance policies in our international operations to cover liabilities arising from the uncontrolled eruption of oil, gas, water or drilling fluid. In addition, such policies cover claims of environmental damage caused by wellbore explosion and similar events as well as related clean-up costs with coverage limits of up to US$70 million and US$350 million, depending on the country.

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Cybersecurity Framework and Risk Management

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Governance

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Exploration & Production

Overview

Our oil and natural gas exploration and production activities are the major components of our portfolio and include offshore and onshore exploration, appraisal, development, production and incorporation of oil and natural gas reserves. Our activities are focused on deepwater and ultra-deepwater oil reservoirs in Brazil, which accounted for 98% of our total production in 2025. Our most productive fields are located in the Santos Basin pre-salt, beneath the salt layer, and in the Campos Basin, where we produce from reservoirs in the pre-salt and post-salt layers. We also have activities in mature fields in shallow waters and onshore, as well as outside Brazil.

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As of December 31, 2025, we had 239 blocks and fields in exploration and production, including 119 owned by consortia with other oil and gas companies in Brazil and other countries. Of the 239 blocks and fields, 209 are under Concession Agreements, 23 are under Production Sharing Agreements and seven are regulated by Transfer of Rights Agreements.

Like most major oil and gas companies, we operate in partnerships using E&P consortia in the exploration of blocks and the production of oil fields in Brazil, mainly in ultra-deepwaters.

We lead and operate E&P consortia that are responsible for some major projects under development, such as Búzios 8, Búzios 9, Búzios 10, Búzios 11, Atapu 2, and Sépia 2.

These E&P consortia also comprise some of the biggest production fields in Brazil, such as Búzios, Tupi/Iracema and Mero.

For information on unitization agreements, see “Exploration & Production - Exploration - Shared Reservoir: Deposits Between Different Fields” in this annual report.

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Other Basins

In Brazil, we hold oil and gas fields and exploratory blocks in the Campos and Santos Basins, as well as in 15 additional sedimentary basins.

International

Outside Brazil, we have E&P activities in South America, North America and Africa. We have focused on opportunities to leverage the deepwater expertise we have developed in Brazil.

SOUTH AMERICA

We conduct exploration and production activities in Argentina, Bolivia and Colombia.

In Argentina, through our subsidiary Petrobras Operaciones S.A., we have a 33.6% interest in the Rio Neuquén production asset. Our unconventional gas and Condensate production is concentrated in the Neuquén Basin. In 2025, our production of oil and gas in Argentina, including NGL, was 9.18 mboed.

In Bolivia, we produce gas and Condensate primarily in the San Antonio and San Alberto fields with 35% interest in each of those service operation contracts, which are operated mainly to supply gas to Brazil and Bolivia. In 2025, our production of oil and gas in Bolivia, including NGL, was 14.12 mboed. The return on such contracts is a proportion of the production.

In Colombia, we operate and hold a 44.44% interest in the GUA-OFF-0 offshore exploration block, which encompasses the significant Sirius gas discovery. This operation is carried out through our subsidiary, Petrobras International Braspetro B.V. - Sucursal Colombia (PIB-COL). Our partner, Ecopetrol S.A, holds the remaining 55.56% interest in this consortium.

Natural gas production is expected to begin three years after obtaining the required environmental permits and confirming the discovery’s commercial viability. The development plan includes a “subsea to shore” production system, utilizing four production wells.

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In October 2025, we and Ecopetrol announced the formalization of the Joint Commercialization Process for the early sale of gas production from the Sirius field. From the field’s total expected production, we and Ecopetrol have agreed to jointly commercialize up to 249 million cubic feet per day (MMcf/d) for a period of up to six years, under the modality of a Firm Contract Subject to Conditions (as established by current regulations and standards). This agreement depends on the project’s approval.

We concluded the Joint Commercialization Process, with the signing of gas sales contracts, on December 12, 2025, followed by the approval of Phase II of the project, subject to Final Investment Decision (FID).

These milestones underscore our commitment to expand its international presence and reinforces its dedication to energy leadership, sustainability, and creation of shared value for the company and for Colombia.

NORTH AMERICA

In the United States, we focus on deepwater fields in the Gulf of Mexico, where we have non-consolidated production from the 20% participation of Petrobras America Inc. in our joint venture with Murphy Exploration & Production Company, the MPGOM LLC. The main production fields are Saint Malo, Dalmatian, Lucius and Chinook. In 2025, our participation represented a production of 6.90 mboed, including NGL.

AFRICA

We have a long term strategy to replenish oil and gas reserves by exploring new frontiers, in Brazil and in other countries. Our activities in Africa are targeted to diversify our exploratory portfolio and generate value.

We acquired a 10% stake in the DWOB block, located in the Republic of South Africa. The transaction was completed in October 2025. The DWOB block consortium consists of TotalEnergies (operator,40%), QatarEnergy (30%), Sezigyn Pty (20%), and Petrobras (10%).

In September 2025, we finalized the acquisition of a 27.5% stake in Block 4, located in São Tomé and Príncipe. The Block 4 consortium is made up of Shell (operator, 30%), Galp (27.5%), Petrobras (27.5%), and ANP-STP (15%). Since February 2024, we have played a significant role in the country with a stake of 45% in Blocks 10 and 13, as well as 25% in Block 11.

In June 2025, we announced the submission of a declaration of interest to exclusively negotiate the acquisition and operatorship of nine offshore exploratory blocks on the coast of Côte d'Ivoire. The local government has granted us exclusivity to negotiate the E&P rights for those 9 exploratory blocks located in the western offshore sector of the Ivorian sedimentary basin, which is recognized as a frontier exploration area. There is no deadline set for the conclusion of these discussions.

In February 2026 we announced the acquisition of a 42.5% stake in Block 2613, located offshore in the Republic of Namibia, Africa.

The transaction was carried out in partnership with TotalEnergies, which also acquired 42.5% and will act as the operator of the block. The consortium for Block 2613 will also include Eight (5%) and Namcor Exploration and Production (PTY) Ltd – a state-owned company held by the Government of Namibia (10%). The completion of the transaction is subject to the fulfillment of conditions precedent, including applicable governmental and regulatory approvals, notably from the Namibian Ministry of Industry, Mines and Energy.

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Exploration

The oil and gas industry value chain begins in the exploratory phase, with the acquisition of exploratory blocks either through bid rounds conducted by governments or by purchases from other companies.

We concentrate our efforts in Brazil, where the Brazilian State owns the oil deposits, but companies and consortia are allowed to extract and explore such oil upon payment in several forms, such as royalties. Forms of payment differ, depending on the applied regulatory model. Bidding rounds are the main process for the acquisition of rights over the exploratory blocks.

There are currently three regulatory models in Brazil: Concession Agreements, Transfer of Rights Agreements and Production Sharing Agreements. The Concession model fully governed the oil and natural gas exploration and production until 2010, when the Brazilian federal government enacted laws establishing the Transfer of Rights regime and the Production Sharing regime in the Pre-salt Polygon.

For information on the regulatory models applicable to our exploration and production activities, see “Legal and Tax – Regulation” in this annual report.

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Exploration Activities

As of December 31, 2025, we had 87 exploratory blocks, including 11 evaluation plans, and a total of 5 appraisal wells drilled. We serve as the operator in 70 of the exploration partnership blocks.

The table below breaks down our participation in exploration activities in 2025:

OUR PARTICIPATION IN EXPLORATION ACTIVITIES IN 2025(1)

(1)  These figures include only contracts signed through December 31, 2025 (which excludes the two blocks held in the Third Cycle of the Open Acreage of Production Sharing conducted by ANP in Brazil).

(2)  We conducted an internal review to access the Net Exploratory Area, and reviewed figures for the years 2023 and 2024.

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In 2025, our exploratory efforts were concentrated on evaluating opportunities in a few basins, with the following highlights.

EQUATORIAL MARGIN

The Equatorial Margin in northern and northeastern Brazil extends approximately 2,200 km across the Foz do Amazonas, Pará-Maranhão, Barreirinhas, Ceará and Potiguar basins.

In June, we acquired 10 blocks in the Foz do Amazonas basin. For more information on the acquisition of exploratory blocks, see “Exploration & Production – Exploration - Bidding Rounds” in this annual report.

As of October 2025, we received IBAMA authorization for a Pre-Operational Assessment (APO) and an Operating License to drill one exploratory well in the FZA-M-59 block in ultra-deepwaters off Amapá (approximately 175 km offshore; water depth over 2,800 meters). We also started drilling the Morpho well (block FZA-M-59) in the Foz do Amazonas Basin, in October 2025.

CAMPOS BASIN

In 2025, we confirmed the presence of oil in Mirante de Forno well, in Norte de Brava block. We also drilled Forno SW (in the Albacora Field), and Andorinha Majuí well, in Água Marinha block. Within the evaluation plan of Alto de Cabo Frio Central block, two wells were drilled: ACFC-11 and ACFC-01.

We confirmed the presence of oil through electrical profiles, gas indications and fluid sampling in the well Atolchelys drilled in the Sudoeste de Tartaruga Verde block. We started drilling the Ruba well in the concession contract C-M-477 in the fourth quarter of 2025.

SANTOS BASIN

We drilled the Buzios W well (9-BUZ-99D-RJS), in the western region of the Búzios field. In 2025 we confirmed the presence of oil in a new hydrocarbon accumulation, in a zone beneath the main reservoir. The discovery reaffirms the potential of the Búzios field.

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We also drilled in the ARAM block, with the wells Curaçao Extremo Leste, Curaçao Extremo Norte, Tortuga Leste and Curaçao Centro. Laboratory analyses to characterize the conditions of the reservoirs and fluids found will allow us to assess the potential of the Aram Block. 

PELOTAS BASIN

In 2025, we continued the seismic acquisition campaign in the Pelotas Basin, started in 2024. We also acquired 3 blocks in the Pelotas Basin. For more information on the acquisition of exploratory blocks, see “Exploration & Production – Exploration - Bidding Rounds” in this annual report.

OTHER COUNTRIES

Following the 2022 discovery at the Wildcat Well Sirius-1 in Colombia, further exploratory activities have been done. Acting as operator in partnership with Ecopetrol, efforts in the GUA-OFF-0 block led to the most significant offshore natural gas discovery in Colombia, confirmed by the productive drill stem test at the Sirius-2 well. In 2025, exploratory activities at Sirius-2 were completed, and the positive results, previously announced (December 2024), were validated. Additionally, two more exploratory wells were drilled in the block, and drilling of another well is currently underway.

In Argentina, we have drilled Chañar 1 well, in the Vaca Muerta Formation, in the Neuquén Basin, and tested Chañar 1 and Chañar 2.

In the African continent, we participate as non-operating partner of the consortium that is performing exploratory activities in São Tomé e Príncipe. The consortium drilled a wildcat well, Falcão, and is analyzing the samples collected. Additionally, the consortium plans to carry out further exploratory activities in this area in 2026.

For information on exploration expenditures written off, see Note 26 Exploration and evaluation of oil and gas reserves of our audited consolidated financial statements.

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E&P Strategic Program Highlights

+EXP

The current exploration strategic program aims to ensure efficiency in reserve replacement and advance a fair energy diversification, by ensuring the integrated application of leading and innovative geoscientific practices.

The program, structured in three layers (+Geosciences, +Knowledge, and +Innovation) seeks to maximize the potential of geosciences through the integration of teams in strategic interdisciplinary projects for exploration and production, in order to anticipate and adapt E&P activities to the challenges of the energy sector, which includes the transition to more sustainable energy sources, the need to reduce geological uncertainties, and the pressure for operational efficiency.

The program also promotes cross-functional collaboration and strengthens the role of geoscientific knowledge by integrating the activities of the different teams that E&P is made of.

Shared reservoirs: deposits between different fields

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RELEVANT SHARED RESERVOIRS (AIPS)

Production

Production Development

After declaring commerciality, we initiate production development focused on designing and contracting production systems (platforms/FPSOs), subsea systems, and drilling and completion of wells to enable efficient, safe, and timely first oil and sustained output.

We consider capital discipline a core value. Therefore, our current focus is on optimization of project expenditures. For subsea and well activities, we aim to standardize solutions, with interchangeability of assets and components across projects, early engagement of suppliers for product forecasting and a defined schedule for product platform updates, and the implementation of initiatives such as the use of integrated contracts and alignment of interests. In addition to reducing lead time and cost, this approach is also expected to result in lower project risks and increased predictability for the supply chain, as well as compliance with Local Content requirements.

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We also strengthened subsea reliability through targeted R&D to identify failure mechanisms and deploy new inspection technologies, with emphasis on pipelines susceptible to CO2-induced corrosion. We expanded use of digital technologies, including Digital Twin models for SCC-CO2 and fatigue, to support life extension of pipelines. In 2025, subsea SCC-CO2-related production losses were 34% lower than forecast following inspection campaigns and engineering actions. We are also broadening the supplier base to develop special tools and flexible pipes designed to mitigate corrosion effects, including the contracting and execution of 3 three Technological Development Orders (ETECs) aimed at creating flexible pipes immune to SCC-CO₂.

Regarding new platform projects currently in the conceptual, basic, and contracting phases, optimization actions are also being implemented. The objective is to reduce the complexity of the processing modules and the weight of the units, resulting in lower investment levels while maintaining levels of capacity, efficiency, reliability, and operational safety. For example, in the SEAP FPSO projects currently under bidding, we have implemented numerous optimizations that allowed a topside weight reduction of 7,500 t and approximately 15% reduction in the investment. We also achieved weight reduction of 2,600 t in the Albacora Revit project, leading to a 7% reduction in the expected unit's investment. In Búzios 12, the topside weight reduction was on the order of 20% compared to the original assumptions.

We have achieved significant outcomes in new projects during 2025. In the first quarter of 2025, the FPSO Almirante Tamandaré began operations in the Búzios Field, in the Santos Basin, reaching its production capacity of 225 thousand barrels per day in August 2025, three months ahead of schedule compared to the 2025-2029 business plan. Subsequently, it became Petrobras’ and Brazil’s highest-producing platform, reaching approximately 240 thousand barrels per day in November and December 2025.

The Búzios 7 project, which includes not only the Almirante Tamandaré platform but also the entire subsea infrastructure such as pipelines and wells, received in October 2025 the OTC Brazil Distinguished Achievement Award for Companies from the Offshore Technology Conference, one of the most important global technology events focused on the offshore oil and gas sector.

In the second quarter of 2025, the FPSO Alexandre de Gusmão began operations in the Mero Field, more than two months ahead of schedule compared to the 2025-2029 business plan.

In December 2025, P-78, also in the Búzios Field (from Buzios 6 project), produced its first oil. The start-up of P-78 allowed for an increase of about 18% in the current installed production capacity in the Búzios field, reaching approximately 1,15 MM bpd.

We invest in technological solutions to reduce greenhouse gas emissions and strengthen our competitive position as the sector transitions to a low-carbon economy.

	Annual Report and Form 20-F 2025 I 77

In the last years, we have been brought major production systems, largely in the Santos Basin Pre-salt, adding new production and injection wells. Consistent with our Business Plan, additional FPSOs are expected to be deployed to sustain growth and resilience.

Our offshore producing portfolio comprises owned and leased platforms and supporting units, reflecting scale and flexibility in operations.

Key FPSOs achieved or are progressing toward maximum production capacity, with recent ramp-ups supporting operational efficiency; additional units are expected to reach capacity in line with project schedules.

SYSTEMS INSTALLED IN THE PREVIOUS FIVE YEARS

	Annual Report and Form 20-F 2025 I 78

MAIN SYSTEMS TO BE INSTALLED IN THE NEXT YEARS

	Annual Report and Form 20-F 2025 I 79

The projects Revit Albacora, Mero Extensão, Revit Tupi, Sirius, Entorno do Forno, ICSPB, Marlim Sul e Marlim Leste and Barracuda e Caratinga are under study.

Decommissioning

We extend asset life where economically and operationally viable by prioritizing recovery factor improvements and portfolio value. When extension is no longer feasible, we have a structured project management approach to optimize the decommissioning process, ensuring efficiency and compliance, as well as evaluating reuse potential. 

Decommissioning activities include platform disposal, subsea system demobilization, and plug and abandonment (P&A) of wells.

Since 2023, following auctions for the sale of platforms P-32 and P-33 (Campos Basin), we incorporated ESG criteria into decommissioning-related sales, including shipyard operating licenses covering dismantling, installed capacity for temporary storage and material handling, contingency and emergency planning, and occupational safety requirements.

The P-32 platform is undergoing dismantling at Rio Grande Shipyard, with an advance of approximately 50%, P-33 platforms is at Port of Açu berthing area awaiting delivery to initiate the recycling process and P-26 is at the Port of Açu pending final disposal.

We monitor recycling execution to verify adherence to defined technical criteria.

In 2025, we sold and disposed of 40.0 thousand tons of flexible lines for recycling to improve storage efficiency and sustainability. We also established disposal criteria for 33.6 thousand tons of ferrous scrap, prioritizing electric-furnace routes to support emissions reductions in downstream steelmaking.

In 2025, we executed 39 offshore well abandonments (including suspensions and permanent abandonments). The increase of this activity reflects the start of the campaign on platform wells, and maintenance of activity level of subsea wells abandonment. 

	Annual Report and Form 20-F 2025 I 80

Critical Resources in Exploration & Production

We seek to procure, develop and retain all of the critical resources that are necessary to meet our production targets. Drilling rigs, special vessels, supply vessels and helicopters are important resources for our exploration and production operations and are centrally coordinated to assure both technical specifications and proper lead time. We will continue to evaluate our drilling and special vessel demands and intend to adjust our fleet size as needed.

DRILLING UNITS IN USE BY EXPLORATION & PRODUCTION AS OF DECEMBER 31, 2025(1)

(1) In operated fields.

(2) Does not consider onshore workover rigs, not used for drilling.

To support subsea development and tie-backs, we deployed specialized vessels (including Pipe Laying Support Vessels – PLSVs). As of December 31, 2025, 16 PLSVs were in use, supporting connection of wells to production systems in the Pre-salt. We adjust fleet size to operational needs to sustain production efficiency.

Logistics are critical to Exploration & Production: materials and chemical products are transported by sea and personnel by air to sustain continuous offshore operations.

In 2025, we delivered 3.17 million tons of materials and transported 1.14 million passengers to platforms along the Brazilian coast. As of December 31, 2025, our logistics capacity comprised 86 Platform Supply Vessels (PSVs), 87 helicopters and one aircraft, sufficient to meet operational needs.

	Annual Report and Form 20-F 2025 I 81

	Annual Report and Form 20-F 2025 I 82

Production

In 2025, our total oil and gas production, including NGL, was 2.99 mboed, an increase of 10.8% compared to the previous year. We had an increase in our own production in the Santos Basin fields, especially Búzios, Mero, and Tupi, and in the Campos Basin, particularly in the Jubarte field. The higher production was supported by the start-up of new FPSOs in the Santos Basin, new wells from complementary projects, improved operational efficiency, and greater availability of the Boaventura Energy Complex.

In the Búzios field, production increased throughout 2025 mainly due to the ramp-up of production at the FPSO Almirante Tamandaré, and the increased capacity of this unit and the FPSO Almirante Barroso. 

The FPSO Almirante Tamandaré has a nominal capacity of 225 kbpd of oil, and was authorized in September 2025 to operate at a capacity of 270 kbpd. On October 9, 2025 it reached a daily oil production of 250 kbpd, and on October 25, 2025 recorded an instantaneous flow of 270 kbpd. This initiative is part of a series of actions we have implemented to increase production through efficiency gains. All these actions follow strict safety protocols and are preceded by thorough engineering analyses and the due approvals from regulatory bodies.

In 2025, the FPSO Alexandre de Gusmão began operating in the Mero field, while the FPSO Duque de Caxias ramped up production, finishing the year with five producing wells online. We also connected new wells to FPSO Sepetiba and FPSO Guanabara. 

To boost production, in 2025 we increased the capacity of the FPSO Marechal Duque de Caxias from 180 kbpd to 200 kbpd.

In the Santos Basin, there was also an increase in production in the Shared Deposit of Tupi and Iracema Area, with the connection of seven new wells and improvement of efficiency.

In the Campos Basin, there was a 20% increase in oil production, mainly due to the ramp-up of the FPSOs Maria Quitéria (Jubarte field), Anna Nery and Anita Garibaldi (Marlim field), in addition to the lower volume of losses due to maintenance. In total, the was 34 new wells: 22 production wells and 12 injection wells.

OIL AND GAS PRODUCTION

(1) Shallow waters production: 3 mboed in 2025, 1 mboed in 2024 and 7 mboed in 2023.

(2) Including NGL.

(3) Includes the proportional production of our equity method investees, based on the percentage of our interest in these entities.

The increase in pre-salt oil production mainly corresponds to production growth at the Búzios, Tupi, and Mero fields in the Santos Basin, and new wells in the Campos Basin. The pre-salt layer contains large accumulations of light oil, of excellent quality and high commercial value. 

The increase in post-salt production corresponds to growth at the Jubarte and Marlim fields, in the Campos Basin.

	Annual Report and Form 20-F 2025 I 83

Shallow-water and onshore oil production rose 3.5% to 35.5 mbbl/d, driven by new wells in Bahia, efficiency improvements in the Urucu Compressor Cluster and reduced losses in wells in Bahia.

Natural gas production in Brazil, which includes volumes used for reinjection, flaring, and consumption, in addition to the volume available for sale, was 564 kboed, 10% higher than in 2024, mainly due to increased gas production from pre-salt units. 

Total commercial production considers oil, NGL, and natural gas available for sale. It was 2,623 kboed, higher than in 2024, due to increased production of oil, NGL, and commercial gas, with the operational increment of the Boaventura Energy Complex. 

Of the 2,990 mboed produced, 2,960 mboed were produced in Brazil, and 30.4 mboed abroad. Production abroad was lower by 3.4 mboed compared to 2024, reflecting the natural decline of fields. 

ACHIEVEMENT OF 2025 PRODUCTION TARGET

We surpassed our production targets for oil production, exceeding the upper limit of the targets (+4%) set in its 2025-2029 Business Plan. We surpassed the goals for oil and NGL production; oil, NGL and commercial gas production; and oil, NGL and total gas production.

PRODUCTION TARGETS FOR 2025(mmboed)

We set new annual records for own and operated total pre-salt production, with 2.4 million boed and 3.8 million boed, respectively. Pre-salt production volume represents 82% of our total production. 

This result demonstrates our commitment to meeting our goals, which have been reached by with the integrated effort of the entire company.

LIFTING COST

In 2025, our Lifting Cost (Brazil), without government participation or leases, was US$ 6,4 per boe, which represents a 5% increase from the 2024 cost of US$ 6,1 per boe. Including leases, our lifting cost in 2025 was US$9,1 per boe, which represents a 6% increase from the 2024 cost of US$ 8,6 per boe.

	Annual Report and Form 20-F 2025 I 84

MAIN PRODUCTION FIELDS

(1) We are reporting the oil produced as a classification of API Gravity and Sulphur Content, as it presents a clearer indication of the market value of each oil produced. Heavy oil: 10 ≤ API < 22; Medium oil: 22 ≤ API < 31; Light Oil: API ≥ 31.

(2) Sweet: oil with less than 0.5% sulfur (% m/m). Sour: oil with or more than 0.5% sulfur (% m/m).

(3) Includes only Petrobras production.

	Annual Report and Form 20-F 2025 I 85

	Annual Report and Form 20-F 2025 I 86

For more information on our production of crude oil and natural gas by geographic area in 2025, 2024 and 2023, see Exhibit 15.3 to this annual report.

	Annual Report and Form 20-F 2025 I 87

Customers and Competitors

One of our most representative operations in terms of volume and profitability is crude oil, which is sold both on the spot-market and through long-term contracts. In 2025, the total volume of crude oil sold was approximately 935 thousand barrels per day (mbbl/d), considering both the external and domestic markets together. Our portfolio includes around 70 clients, including refineries that regularly process or have processed Brazilian oils, distributed across Asia, Europe, the Americas, and Africa.

	Annual Report and Form 20-F 2025 I 88

In 2025, we remain one of the most important exporters of low sulfur fuel oil in the world, even with an increased share of the high-sulfur grade in our portfolio. Our fuel oil is available in major market hubs such as Singapore, the Arabian Gulf, the Mediterranean, Northwest Europe, the west coast of Africa, Panama, the Caribbean and China. Our counterparties include major companies, trading companies and barging companies. We have sold fuel oil to more than 20 different companies this year.

Aligned with our strategy to develop new products for a low-carbon market, we also began selling bunker (which is considered a type of fuel oil blended to meet market specification to be use as a marine fuel) with renewable content in the Asian market in 2025. This bio-blended bunker is formulated using VLSFO (Very Low Sulfur Fuel Oil) and renewable material derived from processed used cooking oil (UCO).

In the exploration and production industry, we face competition to gain access to new exploratory assets. In Brazil, the bidding rounds conducted by the ANP are auctions through which the Brazilian federal government grants the right to explore and produce oil and natural gas. For information on the acquisition of exploratory blocks, see “Exploration & Production – Exploration - Bidding Rounds” in this annual report for more information.

In 2024. ANP has not offered bidding rounds.

In 2025, ANP offered the bidding rounds in 5th cycle of the Open Acreage – Concession, in which we acquired 13 blocks, with our partners. Other operators acquired 21 blocks. Also, in 2025 ANP offered the bidding rounds in the 3rd Cycle of the Open Acreage -Production Sharing. We, with our partners, acquired two blocks, and other operators acquired three blocks.

Pré-Sal Petróleo S.A. (PPSA) offered in 2025 bidding rounds for Non-Contracted Areas. We acquired, together with our partners, two blocks. No other operator submitted proposals for the acquisition of blocks.

	Annual Report and Form 20-F 2025 I 89

Reserves

	Annual Report and Form 20-F 2025 I 90

We discover new areas through exploratory activity. Such areas constitute our fields after the declaration of commerciality. We then prepare a development plan for each field. As projects achieve adequate maturity, Proved Reserves may be reported.

Our fields’ Proved Reserves can be later increased with additional drilling, operational optimizations and improved recovery methods, such as water injection, among other activities.

Our proved oil, condensate and natural gas reserves as of December 31, 2025 were estimated at 12,112 million boe. This estimate includes reserves related to our interest in equity method investees, which represents 0.1% of our reserves.

Oil and gas reserves quantities change yearly. Quantities included in our previous year’s reserves that are produced during the year are no longer reserves at year-end. Other factors, such as reservoir performance, revisions in oil prices, discoveries, extensions, purchases and sales of assets that occurred during the year, also influence year-end reserves quantities.

	Annual Report and Form 20-F 2025 I 91

In 2025, we incorporated 1,691 million boe of Proved Reserves, including the:

We did not have relevant changes related to the variation in the oil price.

	Annual Report and Form 20-F 2025 I 92

Proved Undeveloped Reserves

As of December 31, 2025, our Proved Undeveloped Reserves were estimated at 5,751 million boe, a net increase of 4% when compared to 2024 year-end.

In 2025, we incorporated 1,273 million boe of Proved Undeveloped Reserves, including the:

The additions in our Proved Undeveloped Reserves were partially offset by the conversion of 1,036 million boe of Proved Undeveloped Reserves to Proved Developed Reserves, mainly as a result of FPSO Almirante Tamandaré and P-78 start-up in Búzios field, FPSO Alexandre de Gusmão start-up in Mero field, and the ramp up of FPSO Anna Nery and FPSO Anita Garibaldi in Marlim field, in Campos Basin.

(1) Apparent differences in the sum of the numbers are due to rounding.

As of December 31, 2025, 6.4% (370 million boe) of our Proved Undeveloped Reserves have remained undeveloped for five years or more, mainly due to the inherent complexity of deep and ultra-deepwater development projects in giant fields, particularly in the Santos and Campos basins, in which we are investing in the required infrastructure.

In 2025, we invested a total of US$16.8 billion in development projects, of which 99.93% was invested in Brazil.

Most of our investments relate to long-term development projects, which are developed in phases due to the large volumes and extensions involved, the deep and ultra-deepwater infrastructure and the production resources complexity. In these cases, the full development of the reserves related to these investments may exceed five years.

For further information on our reserves, see the unaudited section “Supplementary Information on Oil and Gas Exploration & Production” in our audited consolidated financial statements.

	Annual Report and Form 20-F 2025 I 93

Oil and Gas Additional Information

The following tables show (i) the number of gross and net productive oil and natural gas wells and (ii) total gross and net developed and undeveloped oil and natural gas acreage in which we had interests as of December 31, 2025. A gross well or acre is a well or acre where we own an interest, while the number of net wells or acres is the sum of fractional interests in gross wells or acres.

We do not have any material acreage expiring before 2035.

GROSS AND NET PRODUCTIVE WELLS

GROSS AND NET DEVELOPED AND UNDEVELOPED ACREAGE (in acres)

	Annual Report and Form 20-F 2025 I 94

For “net” figures, we used our interest held on December 31, 2025. Gross and net developed and undeveloped acreage presented in this table does not include exploratory areas.

The following table sets forth the number of net productive and dry exploratory and development wells drilled in the last three years.

NET PRODUCTIVE AND DRY EXPLORATORY AND DEVELOPMENT WELLS

	Annual Report and Form 20-F 2025 I 95

The following table summarizes the number of wells in the process of being drilled as of December 31, 2025.

NUMBER OF WELLS BEING DRILLED AS OF DECEMBER 31, 2025

The following table sets forth our average sales prices and average production costs by geographic area of production and by product type for the last three years.

AVERAGE SALES PRICES AND AVERAGE PRODUCTION COSTS (US$)

For information about our capitalized exploration costs, see Note 26 to our audited consolidated financial statements and the unaudited supplementary information on oil and gas exploration and production contained therein.

	Annual Report and Form 20-F 2025 I 96

Refining, Transportation & Marketing

In 2025, we processed 1,670 mbbl/d of oil in our refineries (including oil and LNG and excluding Natural Gasoline – C5+), producing 1,732 mbbl/d of oil products. Feedstock was 92% Brazilian crude and 8% imported crude, with sales in Brazil and abroad.

We maintain interests in petrochemical companies and fertilizer assets in Brazil.

Overview

Our net crude distillation capacity is 1,813 mbbl/d across 10 refineries in Brazil, representing approximately 79% of Brazil's refining capacity per ANP's 2025 statistical yearbook.

We operate a pipeline and terminal network and a shipping fleet serving Brazilian and global markets. Through Transpetro we operate 35 owned terminals and we use capacity at 18 third-party terminals; Transpetro also operates seven additional third-party terminals.

	Annual Report and Form 20-F 2025 I 97

	Annual Report and Form 20-F 2025 I 98

Refining

We serve Brazilian oil product markets through processing, imports and exports under a commercial strategy focused on margin optimization.

In 2025, we processed 1,670 mbbl/d of oil across 10 refineries.

We currently have several projects in our investment portfolio to increase oil processing capacity and projects to replace the production of high-sulfur diesel with ultra-low sulfur diesel (ULSD).

At REPLAN, a new diesel hydrotreating unit began operating in May 2025, increasing the refinery’s ULSD production capacity by up to 63,000 barrels per day (bpd) and aviation kerosene by up to 21,000 barrels per day. With this expansion, REPLAN is now fully prepared for the future phase-out of demand for high-sulfur diesel in Brazil, maximizing operational economic performance and providing environmental benefits.

Similarly, the modernization of an existing diesel hydrotreating unit at REVAP, in São José dos Campos-SP, was completed in December 2025, increasing the production capacity of ULSD by up to 41,000 barrels per day. The unit became operational in January 2026.

Between 2027 and 2030, other modernization projects will be completed at REDUC and RPBC, providing an increase in ultra-low sulfur diesel production capacity of 15,000 barrels per day.

Finally, the major Boaventura will replace 56,000 barrels per day of high-sulfur diesel with ultra-low-sulfur diesel and Train 2 projects of RNEST will add a volume of 108,000 barrels per day of ultra-low-sulfur diesel, with operations scheduled to begin in 2029.

	Annual Report and Form 20-F 2025 I 99

PERFORMANCE OF REFINERIES

	Annual Report and Form 20-F 2025 I 100

MAIN PRODUCTS, MARKETS AND STORAGE CAPACITY OF OUR REFINERIES

	Annual Report and Form 20-F 2025 I 101

With respect to oil products, we produced 1,732 mbbl/d of oil products in 2025, as shown in the following graphic:

In 2025, compared to 2024, gasoline production decreased by 1% and diesel production decreased by 4%, consistent with an overall 3% reduction in total fuel production, primarily due to scheduled maintenance turnarounds at certain refineries in the system, including RNEST, REFAP and REVAP.

	Annual Report and Form 20-F 2025 I 102

	Annual Report and Form 20-F 2025 I 103

Logistics

Our integrated logistics connect production systems to refineries and markets to maximize value in refining and commercialization in Brazil and abroad.

We directly manage certain logistics assets and contract others through Transpetro.

Transpetro is a logistics company that performs operations for storing and handles oil, oil products, ethanol, gas and biofuels for Brazilian industry, power plants and refineries, including import and export operations.

Operations span a 7768 km pipeline network and 42 terminals 21 marine, 21 onshore). Transpetro's nominal storage capacity is 10,5million m³. In 2025, Transpetro handled 222,6 million m³ across 5863 tanker and barge operations.

Transpetro's operating fleet comprised 33 vessels with an average age of 10.7 years and transport capacity of 3.2 million DWT; in 2025, it handled 44,8million m³ (about 19% of Petrobras' seaborne cargo).

We additionally operated 82 chartered ships (capacity ~6.5 million DWT), handling ~139 million m³ in 2025.

We are constantly looking for excellence in the integrity of our assets and operational efficiency.

Transpetro’s Operational Availability Index was 99.4% in 2025, compared to 99.1% in 2024.

	Annual Report and Form 20-F 2025 I 104

OWN TERMINALS

	Annual Report and Form 20-F 2025 I 105

Marketing

	Annual Report and Form 20-F 2025 I 106

	Annual Report and Form 20-F 2025 I 107

	Annual Report and Form 20-F 2025 I 108

Besides oil and oil products, we also trade natural gas, nitrogen fertilizers, renewables and other products.

	Annual Report and Form 20-F 2025 I 109

	Annual Report and Form 20-F 2025 I 110

BRAZILIAN SALES VOLUMES AND EXPORTS (mbbl/d)

Imports, Exports, and International Sales

Imports and exports are driven by domestic refining, Brazilian demand and international prices. We import light crude to balance refinery slates and export mainly medium Brazilian crude; we import oil products to meet market demand.

In 2025, net exports increased by 147 mbbl/d to 646 mbbl/d, mainly due to increased oil exports due to higher production.

EXPORTS AND IMPORTS OF CRUDE OIL AND OIL PRODUCTS (mbbl/d)

	Annual Report and Form 20-F 2025 I 111

Our trading activities for crude oil, oil products and LNG support internal needs and commercial opportunities in Brazil and global markets, including offshore operations.

International trading teams are based in Houston, Singapore, Buenos Aires and Rotterdam.

See “Exploration & Production – Production – Customers and Competitors” and “Our Business - Refining, Transportation & Marketing.”

Distribution

We sell our oil products to several distribution companies in Brazil.

A 10-year trademark license agreement is in place and grants Vibra a non-exclusive, paid, temporary license on certain trademarks we own, including but not limited to “Petrobras,” “Petrobras Podium,” “Petrobras Premmia,” “De Olho no Combustível,” “BR Aviation” and “Petrobras Grid.” The contract expires in June 2029 and must comply with the established debranding obligations.

Under the terms of this agreement, the license is granted exclusively to the service station and aviation segments, for which Vibra shall exclusively use the brands licensed by us. Meanwhile, during the term of the trademark license agreement, we undertake to refrain from operating in the service stations sector across the Brazilian territory. The definition of a “service station” under this agreement is any facility where oil and gas products and services and/or services related to any other energy sources (renewable or otherwise) intended to power automotive vehicles and watercrafts are offered to the Business-to-Consumer (or B2C) public, including convenience stores.

We also participate in the retail sector in other South American countries, as follows:

For more information of the divestment process, see “Mergers and Acquisitions” in this annual report.

	Annual Report and Form 20-F 2025 I 112

Customers and Competitors

We interact with 496 clients in Brazil, in regard to liquid and solid products, seven of which account for 66% of the total volume sold. 

The sale of oil products to distribution companies is done mainly by contracts executed in accordance with ANP regulations.

We offer a virtual commercial platform, called Canal Cliente to Brazilian market companies. The platform works 24 hours a day, seven days a week. Through this online platform, clients can place orders for products, schedule withdrawals and track the entire business process up to the payment phase.

According to information provided by the ANP, we have a dominant participation in the Brazilian market for refining. We own and operate 10 refineries in Brazil.

With respect to the trading of oil products in the Brazilian market, we face competition from importers, formulators, other domestic producers and petrochemical plants.

For information on the performance of our oil products, see “Our Business - Refining, Transportation & Marketing - Marketing” in this annual report.

In 2025, our participation in diesel markets increased compared to 2024, mainly due to our greater competitiveness compared to other suppliers, specially importers.

	Annual Report and Form 20-F 2025 I 113

Other Activities

Petrochemicals

We engage in the Petrochemical sector through the following companies:

OUR SHAREHOLDING IN PETROCHEMICAL COMPANIES IN BRAZIL AND THEIR MAIN PRODUCTS

Potential transaction involving Novonor’s stake at Braskem

On July 17, 2025, Braskem published a press release announcing that CADE had approved a potential transaction involving Novonor’s stake in Braskem. We received this information due to our position as Braskem’s second largest shareholder and a party to the shareholders’ agreement, which includes, among other provisions, tag along rights and rights of first refusal. In response, we requested that CADE allow us to join the proceedings as an interested third party, considering our rights under the aforementioned shareholders’ agreement. In August 2025, CADE accepted us as a third party in the proceeding, but the potential transaction didn’t advance.

On December 15, 2025, we issued a press release about another potential transaction involving Novonor’s stake in Braskem, which includes shares held by NSP Inv. and credits held by certain financial institutions against the Novonor group, guaranteed by Braskem shares. We also informed that we have been evaluating the signing of a new Braskem shareholders’ agreement with the parties involved, considering ongoing negotiations.

	Annual Report and Form 20-F 2025 I 114

Subsequently, on December 23, 2025, we issued a follow-up press release stating that, given the progress in negotiations and to expedite the necessary authorization procedures, the potential transaction was submitted to CADE, with us acting as an intervening consenting party, considering the terms of a potential new shareholders’ agreement, which remains subject to approval by our competent decision-making bodies. It is important to note that our participation in a possible new Braskem shareholders’ agreement depends on the conclusion of the final terms of this potential transaction, the analysis of our preemptive and tag-along rights under the current agreement, and the necessary internal approvals.

On February 12, 2026, we issued a follow-up press release stating that our board of directors, at a meeting on February 11, 2026, approved that we will not exercise our preemptive rights and tag along rights provided for us in the current Braskem S.A. shareholders’ agreement, considering the current stage of the ongoing negotiations, and authorized the executive board, within the assumptions presented, to take the necessary measures to implement this decision. Material facts related to this matter will be promptly disclosed to the market, including, but not limited to, the moment when we receive notification containing the final terms of the transaction.

On March 6, 2026, Braskem issued a release informing that CADE had approved the transaction without restrictions, subject to a 15-day period during which CADE’s Tribunal could request a review of the decision. As the 15-day period elapsed without any third-party submissions, CADE issued its final approval of the transaction.

We remain vigilant and prepared for any potential corporate movements concerning Novonor’s stake in Braskem. All investment and divestment decisions are based on careful analysis and technical studies, in compliance with governance practices and applicable internal procedures.

Signing of new long-term contracts with Braskem

In parallel, on December 18, 2025, we issued a press release announcing the signing of new long-term contracts with Braskem, considering the upcoming expiration of current agreements, for the following commercial relationships:

The execution of the contracts is classified as a Related Party Transaction (RPT), presenting strictly commutative conditions, ensuring transparency, fairness, and the interests of the companies, in compliance with market conditions, and was reviewed by our Statutory Audit Committee.

	Annual Report and Form 20-F 2025 I 115

Fertilizers

We have three fertilizer plants in Brazil, one located in the state of Bahia (FAFEN-BA), one in the state of Sergipe (FAFEN-SE), and one through our subsidiary located in Paraná, Araucaria Nitrogenados S.A. (ANSA). Their main products are ammonia and urea. Together these plants have an installed capacity of 1.852 million t/year of urea, 1.406 million t/y of ammonia, and 365,000 t/y of Automotive Liquid Reducing Agent (ARLA-32).

We also have an unfinished Nitrogen Fertilizer Unit (UFN-III) in Mato Grosso do Sul. The construction of UFN-III began in September 2011, but was halted in December 2014, with about 81% of the physical construction completed. In October 2024, we decided to resume the implementation of the UFN-III, with operations expected to commence in 2029.

In 2020, our plants located in Bahia and Sergipe have been leased to Proquigel Química S.A. (the “Proquigel Química”), a company of the Unigel Group for an initial term of 10 years, which could be extended for an additional 10 years. In May 2025 we signed an agreement with Proquigel that resolves contractual disputes and litigation between the parties and provides for the reinstatement of Petrobras’ possession of the fertilizer plants (FAFENs) in Bahia and Sergipe. The plants had its maintenance completed in December of 2025 with urea production beginning in January 2026.

Following the strategic guidelines since 2024, in which investment in fertilizer production has returned to our strategy, in June 2024, we approved the resumption of operating activities of ANSA, that had been mothballed since January 2020 and are now in start-up commissioning, with production of urea expected to begin in the first half of 2026.

In 2024, we signed a Memorandum of Understanding (MoU) and a Master Agreement with Yara Brasil Fertilizantes S.A. (the “Yara”), to study and structure potential commercial partnerships in the fertilizer segment, production of industrial products and decarbonization of production.

We also signed two agreements with Yara in November 2024. The first is a contract for the production of ARLA 32 at ANSA using urea supplied by Yara and the second is a technical cooperation agreement between Yara and us for the development of joint studies of fertilizers and industrial products, as well as energy transition efforts linked to decarbonization projects and the production of renewable and low-carbon fertilizers.

In 2025, we continue to advance the initiatives for resuming the production of nitrogen-based products in Brazil, reinforcing its commitment to supplying the domestic market and to meeting the decarbonization targets of its production chain.

	Annual Report and Form 20-F 2025 I 116

Gas & Low Carbon Energies

Overview

We process gas produced in our oil fields in our UPGNs that have the capacity to treat 108 million m3/d of natural gas in Brazil. We market this natural gas, along with gas imported from Bolivia and LNG acquired in the global market, to several consumers and to the thermoelectric plants.

We also operate in the power generation through thermal power plants fired by natural gas and diesel oil and in the commercialization of electric energy.

The Gas & Low Carbon Energies segment strategy is to act in a competitive and integrated manner in the operation and commercialization of gas and energy, optimize the portfolio and increase the insertion on renewable sources.

	Annual Report and Form 20-F 2025 I 117

Natural Gas

Our natural gas operations are comprised of, among other things, gas processing, transportation, and LNG regasification.

Processing of Natural Gas

Natural gas from our Exploration & Production segment needs to be processed in processing units, to be transformed into marketable products. These products serve as fuel and raw material for different uses, such as transportation, industrial and residential uses, as well as in the fertilizer industry and thermoelectric power generation.

Our UPGNs are located in the states of Amazonas, Ceará, Bahia, Espírito Santo, Rio de Janeiro and São Paulo in Brazil as well as in Bolivia, where we have the capacity to process natural gas in its gaseous and condensed forms.

PROCESSING CAPACITY AND PRODUCTION OF OUR UPGNS IN BRAZIL