Brazil's state-controlled oil company Petrobras reported a smaller net profit for the first quarter, recording a 7.2% decline compared with the same period a year earlier. Net income for the three months ended March 31 stood at 32.66 billion reais, equivalent to $6.68 billion, the company said.
Core operating performance, as captured by adjusted earnings before interest, taxes, depreciation and amortization, also softened. Adjusted EBITDA came in at 59.64 billion reais, a fall of 2.4% year-on-year.
At the same time, Petrobras' net revenue rose marginally. Total revenue for the quarter was 123.69 billion reais, an increase of 0.4% from the same quarter of 2025.
Management kept domestic prices stable through the quarter despite a backdrop of rising global crude benchmarks tied to the Iran war. That decision to hold prices steady was cited alongside the results.
The company reported these results for the three-month period ending March 31. The figures show mixed trends across profitability, cash flow proxies and top-line sales: while revenue ticked higher, both net profit and adjusted EBITDA were down compared with the prior-year quarter.
Context and immediate takeaways
The quarter's numbers reflect a combination of steady domestic pricing and external pressure from higher international oil prices. Net income decreased 7.2%, adjusted EBITDA declined 2.4%, and net revenue increased by a modest 0.4% year-on-year to 123.69 billion reais.
These results were reported for the period ending March 31 and include the disclosure that net profit was 32.66 billion reais, presented in both local currency and a U.S. dollar equivalent of $6.68 billion.
Implications for markets and participants
- Energy sector: The report highlights pressure on profitability metrics even as top-line revenue was marginally higher.
- Brazilian markets: As a state-run oil firm, Petrobras' pricing choices and earnings performance are relevant to domestic investors and policymakers.
- Commodities and refining: The contrast between global crude price movements and domestic price stability is central to interpreting operational outcomes in the quarter.
Notes
All figures and descriptions relate to the three-month period ending March 31 as reported by the company. The article limits itself to the data points released alongside the quarterly results.