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Mar 31, 2025
Petrobras Q1 2025 Earnings Report
Petrobras reported strong results in Q1 2025, supported by higher production and favorable financial impacts.
Key Takeaways
Petrobras had a robust Q1 2025 with $6.0B in net income and strong cash flow. A 5% increase in oil and gas production and FX gains contributed to a 46% increase in Adjusted EBITDA compared to Q4 2024.
Net income reached $6.0B, significantly recovering from a Q4 loss.
Adjusted EBITDA jumped 46% QoQ to $10.45B driven by increased production and improved margins.
Free cash flow stood at $4.536B with operating cash flow of $8.498B.
Gross debt rose to $64.49B due to new FPSO-related lease liabilities.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Petrobras expects continued production growth driven by new FPSO units and a focus on pre-salt developments, while cost pressures and macro volatility may weigh on results.
Positive Outlook
- Start-up of FPSO Almirante Tamandaré boosts production capacity.
- Further ramp-up of FPSO Marechal Duque de Caxias improves output.
- Increased investment in Búzios and Atapu pre-salt fields.
- Capex aligned with 2025 strategic plan and front-loaded execution.
- New crude oil export contracts with India support foreign revenue.
Challenges Ahead
- Higher lifting costs due to maintenance and new service contracts.
- Increased gross and net debt from FPSO lease liabilities.
- Decline in refining margins, especially for gasoline and LPG.
- Lower revenue and EBITDA in Gas and Low Carbon segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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