In the first three months of 2026, Petrobras achieved a net profit of BRL32.7 billion (US$6.2 billion), an increase of 110 per cent compared to the fourth quarter of 2025.
Adjusted gross operating profit reached BRL59.6 billion (US$11.3 billion). Petrobras said the strong financial results achieved are supported by the company's excellent operational performance.
In the first quarter of the year, highlights include the increase in total own production, which grew 16 per cent compared to the same period in 2025, and the increase in the production and sale of refined products.
Compared to Q4 2025, the 27 per cent increase in Brent prices and the appreciation of the Brazilian real against the US dollar also contributed positively to the results. Cash generation remained strong, with operating cash flow reaching BRL44 billion (US$8.4 billion).
During this quarter, investments totaled BRL26.8 billion (US$5.1 billion). Compared to Q1 2025, there was a 25.6 per cent increase in the level of investments made by the company.
"Our investments are being converted into growth in oil and refined products production, demonstrating the strength and effectiveness of our value creation strategy," said Fernando Melgarejo, Petrobras' Chief Financial and Investor Relations Officer. "Once again, we achieved record oil and gas production and are transforming the efficiency of our refineries into gains. We operated our refining facilities in the first quarter close to maximum capacity, prioritising higher value-added products, and delivered record production of S-10 diesel."
Excluding non-recurring events in Q1 2026, adjusted gross operating profit reached BRL61.7 billion (US$11.7 billion), 4.5 per cent higher than in Q4 2025, driven by increased sales of refined products produced and lower operating expenses, especially the reduction in exploration costs.
Net profit for Q1 2026, excluding non-recurring events, was BRL23.8 billion (US$4.5 billion), a decrease of 7.2 per cent compared to Q4 2025.
Gross debt totaled US$71.2 billion in the quarter, within the limit established in the 2026–2030 business plan, below US$75 billion. The company maintains its expectation of converging to US$67 billion in 2026 and US$65 billion within the business plan horizon.