PBR · Petróleo Brasileiro S.A. - Petrobras

Petrobras' Q1 2026 results demonstrate continued operational strength, with sales revenues up 11.7% year-over-year to $23,535 million, primarily reflecting higher volumes or pricing in core oil and gas activities, leading to gross profit expansion to $11,340 million. Operating expenses increased modestly, but impairment reversals of $417 million provided a significant boost, contributing to income before finance items of $7,848 million, up from $7,276 million. Net finance income of $1,467 million, driven by foreign exchange gains of $2,118 million, supported net income growth to $6,218 million, with earnings per share at $0.48. Balance sheet expansion to $238,738 million total assets was fueled by $12,799 million growth in property, plant, and equipment to $180,839 million, signaling sustained capital investment. Cash generation remained robust at $8,399 million from operations, funding $4,513 million in capex and $2,231 million in shareholder dividends, while net debt increased slightly to $27,537 million. Comprehensive income of $9,750 million reflected $2,780 million in cash flow hedge gains and $754 million translation adjustments, improving accumulated other comprehensive loss. These unaudited figures, reviewed by independent auditors, underscore Petrobras' resilience amid currency volatility and investment cycle, with retained earnings now at $6,217 million bolstering equity to $85,522 million total.