The Brazilian state-owned oil company Petrobras closed the first nine months of the year with an attributable net profit of $24.367 billion (€21.886 billion), which represents an increase of 45.6% compared with the same period of the previous fiscal year, the company has reported, which has revised its forecasts upward and announced the distribution of 15.303 billion reais (€2.473 billion) in dividends.
Revenue reached $90.104 billion (€80.932 billion), 37.4% higher year-on-year. Within this total, sales associated with petroleum-derived products stood at $49.914 billion (€44.833 billion), which represents an advance of 26.9%.
By geographic areas, Petrobras generated $58.103 billion (€52.188 billion) in Brazil and $32.001 billion (€28.743 billion) in international markets, with increases of 23.3% and 73.1%, respectively.
The total operating expenses, which includes costs of activity, marketing, administration, exploration, R&D and other items, amounted to $56.492 billion (€50.741 billion), after rising 25.6% compared with the previous year.
Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) stood at $46.667 billion (€41.916 billion), 48.5% higher. The company’s net debt rose to $57.847 billion (€51.958 billion), 2% higher in year-on-year terms, while return on capital reached 10.5%, which represents an additional 4.8 percentage points.
With regard to the third quarter, the Brazilian multinational increased its profit by 28.4%, to $7.740 billion (€6.952 billion). In that same period, revenues rose 40.4%, to $32.962 billion (€29.607 billion).
"In the third quarter, we have again reached a record production of oil and gas, which has brought our production curve to a level unprecedented. Our production forecasts pointed to an average of 3.1 million barrels of oil equivalent per day in 2026, but, currently, we estimate an average of between 3.3 and 3.4 million barrels," said Petrobras Chief Executive Officer Magda Chambriard.
Investment forecast and dividend policy
The company has updated its capital expenditure guidance for this year, which initially stood at around 19,400 million dollars (17,425 million euros), with a variation band of 5% up or down. Now it expects to invest between 24,000 and 25,500 million dollars (21,557 and 22,904 million euros).
The dividend corresponding to the third quarter has been set at 1.1873 reais (0.19 euros) per share and will be paid in two equal installments on the next 22 February and 22 March 2027, which will involve a total outlay of 15,303 million reais.
In addition, Petrobras had already given the go-ahead previously for shareholder remuneration of 26,410 million reais (4,268 million euros), equivalent to 2.0491 reais (0.33 euros) per security, charged to the results of the first and second quarter. In this context, the dividends and interest on capital relating to the second quarter will be paid on 23 November and 21 December.