Petrobras has reported consolidated net income attributable to its shareholders of $19.6bn for the full year 2025, compared to $7.53bn in 2024, an increase of around 160.3%.
According to the company, the improvement in 2025 was largely driven by foreign exchange gains from the appreciation of the Brazilian real against the dollar. Excluding one-off events, net income reached $18.1bn, a decline of approximately 6.5% year-on-year (YoY) from $19.4bn in 2024.
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In the fourth quarter of 2025 (Q4 2025), net income attributable to shareholders stood at $2.9bn, compared to a net loss of $2.8bn in Q4 2024.
Full-year 2025 sales revenues reached $89.2bn, a decline of 2.4% from $91.4bn in 2024, owing to a 14.5% drop in average Brent crude prices to $69.06 per barrel (bbl) from $80.76/bbl in 2024.
In Q4 2025, revenues rose 13.4% to $23.6bn compared to $20.8bn in Q4 2024. The performance was driven by record oil exports of 999,000 barrels per day (bpd) and higher domestic sales of gasoline and jet fuel.
On a sequential basis, Q4 2025 revenues were marginally higher by 0.6% compared to Q3 2025’s $23.5bn.
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By GlobalDataAdjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2025 stood at $42.5bn, up 5.3% from $40.4bn in 2024.
Excluding one-off events, adjusted EBITDA was $43.8bn, down 4.6% from $45.9bn in 2024, reflecting the impact of lower Brent prices partially offset by an 11% increase in total oil and gas production.
In Q4 2025, adjusted EBITDA rose 55% to $11.1bn from $7.2bn in Q4 2024, although it declined 5.3% from $11.7bn in Q3 2025. This was due to seasonal softness in diesel demand and a 7.8% decline in Brent prices during the quarter.
Total operating expenses in 2025 were $16.3bn, down 14.4% from $19.1bn in 2024, reflecting lower decommissioning provisions and other charges recorded in the prior year.
In Q4 2025, operating expenses stood at $5.3bn, a 25.9% decrease versus $7.2bn in Q4 2024. However, they climbed 64.5% from $3.2bn in Q3 2025, driven by impairment losses of $1.6bn and higher exploration write-offs.
Petrobras chief financial officer and investor relations officer Fernando Melgarejo said: “2025 results confirm the consistency of our strategy, based on capital discipline, production growth and operational efficiency. Even in a backdrop of a sharp decline in Brent prices, we generated $36bn in operating cash for the year.
“We continue to deliver a robust cash flow, supported by quality projects that increase production, with high returns and quick cash generation. This solid combination creates value and ensures lasting benefits for Brazilian society and our shareholders.”
In 2025, Petrobras achieved first oil from the P-78 floating production storage and offloading (FPSO) vessel at the Búzios field in December, adding 180,000bpd of nominal production capacity.
The company has several FPSOs under construction, including P-79, P-80, P-82 and P-83, all targeting the Búzios field, with start-ups planned between 2026 and 2027, each with a nominal capacity of 180,000–225,000bpd.
Full-year 2025 capital expenditure totalled $20.3bn, up 22.2% from $16.6bn in 2024. The Exploration and Production segment accounted for approximately 84% of total investment, underpinning continued production growth across the pre-salt portfolio.
