Consolidated results In 2025 - Petrobras delivered solid financial results, even in the face of a challenging backdrop, marked by a 14% drop in Brent prices compared to the previous year. This performance was mainly driven by excellent operational results, especially the 11% increase in total oil and gas production. As a result, we achieved an adjusted EBITDA of US$ 43.8 billion and Net Income of US$ 18.1 billion, both excluding one-off events.
Adjusted EBITDA, excluding one-off events, decreased by 4.6% compared to 2024, reflecting the impact of the drop in Brent prices. Still, our operational performance offset part of this effect, driven by the increase in production volumes. Highlights include the production start-up and increased capacity of FPSOs Almirante Tamandaré and Marechal Duque de Caxias, the maintenance of peak production of FPSO Sepetiba, the ramp-up of FPSOs Maria Quitéria, Anita Garibaldi, Anna Nery, and Alexandre de Gusmão, as well as higher operational efficiency at Búzios and in the other ultra deepwater assets. These advances also contributed to the record oil exports, which reached 999 mbpd in 4Q25.
Additionally, EBITDA was favored by higher sales of oil products in the domestic market, especially sales of diesel, gasoline, and jet fuel, and by the reduction in operational expenses, which in 2024 had been mainly impacted by the provision for decommissioning costs.
Net income, excluding one-off events, decreased by 6.5% compared to 2024. Considering one-off events, net income was US$ 19.6 billion, influenced by the gains with FX variation, reflecting the appreciation of the real against the dollar.
In 4Q25, adjusted EBITDA excluding one-off events was US$ 10.9 billion, a reduction of 8.5% compared to the previous quarter. This result reflects the 7.8% decrease in Brent prices during the quarter, lower domestic sales of oil products, mainly diesel, mainly due to the demand seasonality in the diesel. These impacts were partially offset by the higher volume of oil sold.
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Source: Petrobras
