Petroleo Brasileiro S.A. Petrobras ADS

Good afternoon and welcome to Petrobras' webcast with analysts and investors about our second quarter 2026 results. It's a pleasure to have you with us today. This event will be presented in Portuguese with simultaneous interpretation into English. Links for both languages are available on our investor relations website. All participants will follow the webcast. Magda Maria Chambriard, President of Petrobras, Angelica Laureano, Executive Officer for Logistics, Commercialization and Market, Clarice Coppetti, Executive Officer for Corporate Affair Fernando Melgarejo, Chief Financial and Investor Relations Officer Renata Baruzzi, Executive Officer for Engineering, Technology and Innovation Ricardo Wagner, Chief Governance and Compliance Officer Sylvia Anjos, Chief Exploration and Production Officer William Franca, Chief Industrial Processes and Products Officer William Nizaki, Acting Executive Officer for Energy Transition and Sustainability To begin with, I will hand it over to our President Magda Chambriard for her remarks. President, please go ahead. Good morning, everyone. It's a pleasure to be with you today to demonstrate once again Petrobras' capacity to surpass its goals and deliver impressive results to our investors, be they from the public or private sectors. We have the full board of Petrobras with us and I'd like to take the opportunity to greet all investors, all of the representatives of our investors, all of the executives that are in this session with us and our partners and everybody that joined us remotely for the disclosure of our second quarter 2026 results. Also, I'd like to greet everybody from the press joining us. We become increasingly prouder of our results. It's a pleasure to be here once again joined by you to once again present another result that surpassed the previous ones, a result of our intensive work with our diverse teams working in a partnership to deliver an increasing amount of oil, gas, and byproducts In the first quarter of 2026, we reached several records. And in the second quarter, we surpassed them with important milestones once again. We reached... and I must highlight this we reached the highest net profit on a recurring basis for the quarter in dollars in the history of Petrobras this recurring profit excludes Thank you for watching Petrobras ADS. Thank you very much. Oil prices above that one in the past and nonetheless we achieved the highest recurring results in terms of net profits in the history of Petrobras. Our key differentiator which we're proud of is operational administration which is shared with the company's several different departments. Operational records in terms of the production of oil, gas, refining, and selling of products. That's been our commitment. In the quarter, we produced 2.7 billion barrels of oil per day, in addition to gas. If we consider in... Thank you for joining us. We surpassed the goal of the second quarter by 200,000 barrels of oil per day that's due among other factors to increased efficiency in the production of platforms and also By pushing forward the delivery of projects, you probably remember that we pushed forward the delivery and the wrap-up of P78 as well as the delivery and the ramp-up of P79. Other platforms will come. Some of them are already arriving this year. And once again, I'm going to repeat that. we will move forward the delivery of big projects with greater volumes we also increased our oil export levels with an additional 12 percent in this quarter and these sales become greater revenue and cash generation and here I must make a side note to highlight in addition to the work involved in production and the engineering work involved in these projects the participation of refining by refining and teaching our buyers to further and further refine our oil and to further and also with the participation of logistics at Petrobras with the intent of broadening the market for our end product which is oil was And once again, it was these events and the joint work of all departments of Petrobras dedicated to the same purpose and the same goal that allowed us to achieve these great results. Carlos Henrique de Araujo The cash flow that's being generated today will be used to fund Petrobras' growth. And I'd like to say that just like the company was successful in its first 72 years, we are preparing the company to successfully take on the following 72 years. The refining teams, in addition to production and engineering, did a great job. The utilization factor of our refineries surpassed 100% in the second quarter of 2026. and here at the company we got into the habit of saying that goals are for the weak of heart Petrobras is proud to always surpass its goals we've increased the processing maintaining the same diesel yield and gasoline which is equivalent to greater revenue for Petrobras and a greater value to our shareholders, be they public or private. Without losing sight of capital discipline, the production of byproducts grew 6% vis-a-vis the previous quarter. And with that, Thank you for watching. Thank you for watching. and that's why we invest with capital discipline prioritizing projects of high returns all of our investments involve rigorous governance Renata Faria Rodrigues Baruzzi Lopes Once again, be they comprised by our public or private shareholders and respect the governance. And we need to reiterate that every day is a pillar of our administration. We will... Continue focusing on our business plan which is well known to all of you with the commitment to deliver to society a Petrobras that's profitable and absolutely relevant to our country. I will now give the floor to our CFO Fernando Melgarejo who will dive into the details of the second quarter of 2026 and I want to thank you for listening to us. Thank you all for your presence. Thank you President. Good morning, everyone. Thank you for joining us for this webcast for the results of the second quarter of 2026. I also want to greet everybody that's here at the headquarters of the company. As we said, we had a quarter of record operating performance, which drove Petrobras to one of its best financial results in history. Thank you very much. One of the highlights of this administration, the search for increased oil production, production efficiency, accelerated ramp-ups that are also part of the records that we've been bringing to the company. If it were not for that, we wouldn't have achieved the financial records. Financial records are firmly anchored in the operating records of the company. Now let's move forward to slide 3. Our oil production, as the President already said, was 2.7 million barrels per day, a 15% increase over 12 months, which is equivalent to... 350,000 additional barrels if we compare this period to the same previous period. Personally, three platforms producing additionals in only one year. And as a reminder, last year we also had records in the third quarter. It was an additional 4%.

And that's quite relevant.

And we were always wondering where we would get to, and now we can demonstrate with our production that we are reaching our goals, surpassing some indicators as well. Alexandre Guzman for instance at the Meadowfield is producing 100,000 barrels and P78 at Buzio's 120,000 and both have the capacity to produce 180,000 barrels per day that is to say that we have a greater capacity to achieve in addition to the record-breaking capacity we still have some room to cover when they're at the nominal capacity level We'll add another 90,000 barrels per day. And we also have the ramp up of P79, as I said, which started operations in May this year and has a capacity of 180,000 barrels. In summary, even with the record production of 2.7 million barrels of oil per day, we still have 270,000 barrels per day of capacity to ramp up in the second half. Another highlight has been the increase in production of certain platforms beyond their nameplate capacities. The Almirante Tamandaré FPSO in Búzios has an original capacity of 225,000 barrels, which makes it a large-scale platform. And the unit has reached a peak production of 270,000 barrels per day and is currently the highest-producing platform in Brazil. It's a huge platform in a huge field with a very positive potential for the next years. In addition to Almirante Tamandaré, we have another six platforms adapted to operate above their original capacity. Today, this additional capacity already totals more than 100,000 barrels per day, practically a new population.