Brazilian state-run oil firm Petrobras posted a net profit of BRL15.6 billion ($2.96 billion) for the fourth quarter and plans to distribute BRL8.1 billion in interest on equity for the period, it said in separate filings on Thursday.
The quarterly net profit reversed a year-ago BRL17 billion net loss that occurred due to non-recurring items, with the October-December results lifted by record exports.
"The increase in oil and gas volume allowed us to offset the effects of the Brent price drop and achieve robust financial results," Petrobras Chief Executive Magda Chambriard said in a statement.
While Brent oil prices fell 14.7 per cent from the fourth quarter of 2024, Petrobras' oil production in Brazil reached 2.5 million barrels per day (bpd) in the quarter, a roughly 20 per cent rise that surpassed the firm's annual guidance and enabled higher exports.
The company's total sales to international markets grew 41.7 per cent year-on-year to BRL42 billion, while domestic sales dropped 6.8 per cent to BRL85.4 billion.
Petrobras' exports of oil and derivatives over the last quarter of 2025 came in at a record of 1.2 million bpd, as the state-run firm expanded its client base and shipments to Asia grew, while shipments to Europe and the US dropped.
During the last three months of 2025, Petrobras invested $6.3 billion, a 10.2 per cent jump from the year-ago period. Full-year investment totalled $20.3 billion, around 9.7 per cent above the company's planned target but still within its guidance range.
"Investments in the EP segment represented approximately 84 per cent of total investments in 2025, contributing to the significant production growth observed that year," the firm noted, citing investments to build new oil production vessels.
Petrobras' adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at BRL59.9 billion, slightly above analysts' average estimate of BRL59.3 billion in an LSEG poll, and marking a 46.3 per cent increase year-on-year.
Net revenue totalled BRL127.4 billion, surpassing analysts' forecast of BRL118.1 billion and rising five per cent from the fourth quarter of 2024.
(Reporting by Fernando Cardoso in Sao Paulo; Fabio Teixeira and Marta Nogueira in Rio de Janeiro; Editing by Himani Sarkar and Sherry Jacob-Phillips)
