By Brazil Stock Guide – Petrobras reported second-quarter net income of R$52.44 billion, up 96.8% from R$26.65 billion a year earlier, as revenue and adjusted earnings surged. The result was the Brazilian oil producer’s highest in nominal terms since the second quarter of 2022.
The company’s board also approved R$17.4 billion in shareholder remuneration on Thursday, Aug. 6, equivalent to R$1.34814262 for each common or preferred share outstanding.
Petrobras trades on the B3 under PETR3 and PETR4. Its American depositary receipts trade in New York under PBR and PBR.A.
Revenue climbs 42.3%
Second-quarter revenue reached R$169.53 billion, compared with R$119.13 billion in the same period of 2025.
The results included higher tax expenses, particularly costs tied to Brazil’s oil export tax. Petrobras also recorded a smaller foreign-exchange gain because the real appreciated less against the US dollar than it did a year earlier.
Excluding one-time effects, net income rose 140.5% to R$55.76 billion from an adjusted R$23.18 billion in the second quarter of 2025.
Adjusted earnings before interest, taxes, depreciation and amortization increased 79.6% to R$93.84 billion. The measure stood at R$52.26 billion a year earlier.
Payout split into two installments
The R$17.4 billion distribution was declared as an advance on remuneration for the 2026 fiscal year, based on the company’s June 30 balance sheet.
Payment will be made in two equal installments of R$0.67407131 per share. The first is scheduled for Nov. 23 and will be paid entirely as interest on equity.
The second installment is due Dec. 21. Of that amount, R$0.47156696 per share will be distributed as dividends and R$0.20250435 as interest on equity.
Across both installments, shareholders will receive R$0.87657566 per share as interest on equity. Dividends will account for R$0.47156696 per share and will be included exclusively in the December payment.
Record date set for Aug. 21
Investors holding Petrobras shares on the B3 at the close of trading on Aug. 21 will be entitled to the distribution. The shares will trade without rights to the payment beginning Aug. 24.
The amount received by each investor will depend on the number and class of shares held on the record date.
Policy links payouts to cash flow
Petrobras said the distribution complies with its shareholder remuneration policy.
Under the policy, the company must distribute 45% of free cash flow when gross debt is at or below the ceiling established in its strategic plan, provided its other requirements are met.
Financial result swings to a loss
Petrobras posted a net financial loss of R$1.52 billion in the second quarter, reversing gains of R$5.57 billion a year earlier and R$7.86 billion in the first three months of 2026.
Financial revenue totaled R$1.93 billion, up 9.7% from the previous quarter but down 1.3% from a year earlier. The annual decline reflected lower gains from financial investments and government securities.
Financial expenses increased 2.3% from the first quarter and fell 12.1% from a year earlier to R$5.3 billion.
Foreign-exchange movements produced a R$1.8 billion gain, down from R$11.34 billion in the second quarter of 2025.
Investment reaches US$5.3 billion
Petrobras invested US$5.3 billion during the quarter, a 19.6% increase from the same period last year.
Exploration and production accounted for US$4.34 billion. Refining, transportation and commercialization received US$671 million, while US$135 million was allocated to gas and low-carbon energy.
First-half capital expenditure rose 22.5% to US$10.4 billion.
Net debt declines from March
The company ended June with R$33.56 billion in cash, down from R$34.29 billion at the end of the first quarter.
Net debt fell 2.7% to US$60.39 billion from US$62.09 billion at the end of March. The figure remained above the US$58.56 billion reported in June 2025.
In Brazilian reais, net debt declined to R$312.6 billion from R$324.1 billion three months earlier. The ratio of net debt to adjusted EBITDA fell to 1.14 times from 1.43 times in March and 1.53 times a year earlier.
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