Petroleo Brasileiro SA- Petrobras (PJXA) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 11, 2026

TBA (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.61

Last Year’s EPS

0.8

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 6 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Mar 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong operational execution and financial resilience — record production growth (+11% YoY), major pre‑salt milestones, robust EBITDA (~$42.5bn) and operating cash flow ($36bn) despite a 14% decline in Brent. The company also highlighted meaningful reserve additions (1.7 billion barrels, 175% replacement), heavy E&P investment, and progress in low‑carbon fuels. Key risks noted were macro price volatility, lack of a hedging strategy, sizeable gross debt/leasing exposure, and pending transactions/exploratory uncertainties (Braskem approval, equatorial margin results). Overall, positive operational momentum and disciplined capital allocation were judged to outweigh the external and transactional uncertainties.

Company Guidance

The management reiterated clear guidance built on three pillars—capital discipline, higher production and greater efficiency—backed by concrete 2025 metrics and short‑term targets: production rose 11% y/y, pre‑salt output delivered record platforms (Buzios, Atapu and Sépia each >1.0 million bpd), Q4 exports averaged 999,000 bpd (675,000 bpd for the year), domestic by‑product sales were 1,747,000 bpd (+1.43% y/y) with diesel sales +5.2% and QAV +6%, refinery utilization ~91–92% (68–70% higher‑value diesel/gasoline/QAV), reserve additions of 1.7 billion barrels (reserve replacement 175%), adjusted EBITDA ~$42.5bn ($43.8bn incl. events), operating cash flow ~$36bn, net income ~$19.6bn (adjusted), gross debt $69.8bn (62% leasing), 2025 CapEx >$20bn (+22%) with ~84% to E&P (~$17bn), Boaventura gas processing at 21 million m3/day and 6.6 million m3/day contracted inflexibly—while reiterating no price hedging, a policy of not passing volatility into domestic prices, possible extraordinary payouts only after protecting planned CapEx (Board approved BRL 8.1bn / BRL 0.62 per share this quarter; BRL 45bn distributed in the year), and ongoing ramp‑ups/anticipations (P‑78/P‑79 ramp‑up focus; P‑80/82/83 sailaways in 2026–27) to sustain cash generation and resilience even with a $69/bbl average Brent in 2025 (‑14% vs 2024).

Strong Production Growth

Total oil production increased 11% in 2025 versus 2024, driven by pre-salt ramp-ups and operational efficiency improvements (decline rates reduced from ~12% to ~4%), with efficiency gains contributing ~100,000 barrels/day equivalent.

Pre‑salt Field Milestones

Buzios platforms surpassed 1,000,000 barrels/day in October 2025; Atapu and Sépia reached 1,000,000 barrels/day by December 31, 2025 — resulting in two pre‑salt fields producing >1 million bpd each.

Refining Performance and Premium Product Mix

Refinery utilization averaged ~91–92% in 2025 (guidance to 95% early 2026); ~68–70% of refinery output composed of higher‑value products (diesel, gasoline, QAV). Domestic byproduct sales were 1,747,000 barrels/day (+1.43% YoY); diesel sales +5.2% YoY; QAV (aviation fuel) sales +6% YoY (best in 6 years).

Robust Financial Results Despite Lower Brent

Average Brent was $69/bbl in 2025 (-14% YoY) yet Petrobras delivered adjusted EBITDA of $42.5 billion (or $43.8 billion including special events) roughly in line with the prior year; operating cash flow of $36 billion and net income of ~$19.6 billion (excluding non‑cash/exclusive events).

Reserve Additions and Replacement

Incorporated ~1.7 billion barrels of proven reserves in 2025, achieving the highest proven reserves level in 10 years with a reserve replacement rate of ~175% despite record production.

Focused Investment in E&P

Total investment >$20 billion in 2025 (+22% vs 2024) with 84% allocated to Exploration & Production (~$17 billion), including a record tie‑in of 77 wells (previous top was 57) to accelerate production delivery.

Export and Logistics Strength

Average oil exports in 2025 were 675,000 bpd; exports in Q4 averaged ~999,000 bpd (just shy of 1 million). Notable operational achievements include P‑79 anchoring (record 12 days with 26 anchors) and increased gas processing capacity at Boaventura to 21 million m3/day.

Progress on Low‑Carbon Fuels

Initiated SAF production at Duque de Caxias and Henrique Lage refineries; launched contracts for SAF/green diesel plant at Presidente Bernardes; sold bunker fuel with 24% renewable content to the Asian market — early commercial traction for renewable content products.

Capital Return and Socioeconomic Impact

Board approved payout of BRL 8.1 billion (BRL 0.62/share) paid in two installments; distributed ~BRL 45 billion in dividends in the period; paid ~BRL 277 billion in taxes/royalties; investments supported ~300,000 jobs and ~BRL 2 billion in social/environmental spending.

Operational Execution and Ramp‑ups

Accelerated ramp‑up of platforms (P‑78 gas injection record; P‑79 moored and soon to operate), targeted sailaways for P‑80, P‑82, P‑83 in 2026–2027 — demonstrating ability to execute large projects on accelerated timelines.

Petroleo Brasileiro SA- Petrobras (DE:PJXA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:PJXA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 11, 2026	2026 (Q1)	0.61 / -	0.8	―	―	―
Mar 05, 2026	2025 (Q4)	0.49 / 0.39	-0.386	200.22% (+0.77)
Nov 06, 2025	2025 (Q3)	0.62 / 0.81	0.751	7.56% (+0.06)
Aug 07, 2025	2025 (Q2)	0.61 / 0.65	-0.062	1144.44% (+0.71)
May 12, 2025	2025 (Q1)	0.83 / 0.80	0.592	35.17% (+0.21)
Feb 26, 2025	2024 (Q4)	0.41 / -0.39	0.802	-148.18% (-1.19)
Nov 07, 2024	2024 (Q3)	0.69 / 0.75	0.723	3.93% (+0.03)
Aug 08, 2024	2024 (Q2)	0.44 / -0.06	0.775	-108.00% (-0.84)
May 13, 2024	2024 (Q1)	0.73 / 0.59	0.964	-38.57% (-0.37)
Mar 07, 2024	2023 (Q4)	0.95 / 0.80	1.085	-26.03% (-0.28)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:PJXA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 05, 2026	€14.10	―	―
Nov 06, 2025	€10.23	€10.28	+0.47%
Aug 07, 2025	€10.72	€10.05	-6.25%
May 12, 2025	€10.17	€10.17	0.00%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.