UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of May, 2025

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

Table of Contents

	Performance Report 1Q25 I 2

DISCLAIMER

Disclaimer

This report may contain forward-looking statements about future events. Such forecasts reflect only the expectations of the company's management about future economic conditions, as well as the company's industry, performance and financial results, among others. The terms "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should", as well as other similar terms, are intended to identify such forecasts, which, of course, involve risks and uncertainties foreseen or not foreseen by the company and, consequently, are not guarantees of the company's future results. Therefore, future results of the company's operations may differ from current expectations, and the reader should not rely solely on the information contained herein. The Company undertakes no obligation to update the presentations and forecasts in the light of new information or future developments. The figures reported for 2Q25 onwards are estimates or targets. Additionally, this presentation contains some financial indicators that are not recognized under BR GAAP or IFRS Accounting Standards. These indicators do not have standardized meanings and may not be comparable to indicators with a similar description used by other companies. We provide these indicators because we use them as measures of the company's performance; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS Accounting Standards. See definitions of Free Cash Flow, Adjusted EBITDA and Net Debt in the Glossary and respective reconciliations in the Liquidity and Capital Resources, Reconciliation of Adjusted EBITDA and Net Debt sections. Consolidated financial information prepared in accordance with International Accounting Standard and audited by the independent auditors.

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HIGHLIGHTS

Highlights – 1Q25

“The first quarter of 2025 was marked by positive results that reflect Petrobras' strong performance. We generated a higher cash flows, mainly due to a 5% increase in production volume compared to the previous quarter. This production growth was reflected in Adjusted EBITDA, which rose 46% compared to 4Q24.”

Fernando Melgarejo, Chief Financial Officer and Investor Relations Officer

Main financial highlights

“We remain committed to executing our Business Plan: we invested US$ 4 billion in this first quarter of the year, which represents 22% of the annual guidance. These investments are focused on pre-salt projects, with emphasis on the Búzios and Atapu fields. We are drilling and connecting more wells and advancing in the construction of new units that will support the growth of our production curve. These are projects that generate value for our shareholders and will translate into revenue in the upcoming years.”

Fernando Melgarejo, Chief Financial and Investor Relations Officer

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HIGHLIGHTS

Contribution to society

Main operational highlights

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HIGHLIGHTS

Main items

Table 1 – Main items

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CONSOLIDATE RESULTS

Consolidated results

In 1Q25, the Adjusted EBITDA excluding one-off events reached US$ 10.7 billion, while net income, also excluding one-off events, was US$ 4.0 billion.

Adjusted EBITDA excluding one-off events increased by 8% compared to 4Q24, mainly driven by the increase in oil production, higher oil sales in the foreign and domestic markets, and the higher diesel crack spreads.

Net income excluding one-off events increased by 30.7% compared to 4Q24. Considering one-off events, net income reached US$ 6.0 billion due to improved financial results, which was positive at US$ 1.7 billion, benefiting from a 7% appreciation of the exchange rate at the end of the period, reflecting the effects of currency variation on the debts between Petrobras and its overseas subsidiaries.

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ONE-OFF EVENTS

One-off events

Table 2 – One-off events

In management's view, the one-off events presented above, although related to the Company's business, were highlighted as complementary information for a better understanding and evaluation of the result. Such items do not necessarily occur in all periods and shall be disclosed when relevant.

	Performance Report 1Q25 I 8

CAPEX

Capex

Table 3 - Capex

In 1Q25, Capex totaled US$ 4.1 billion, representing a reduction of 29.1% in comparison to 4Q24 and an increase of 33.6% compared to 1Q24. 1Q25 performance reinforces the atypical nature of the investment level observed in 4Q24, which was explained by the closing of the gap between the physical and financial progress of the Búzios platforms, as a response to the actions implemented throughout the second half of 2024.

In the Exploration & Production segment, Capex totaled US$ 3.5 billion in 1Q25, a reduction of 28.5% compared to 4Q24. This decrease mainly reflects the financial advancement efforts concentrated in the previous quarter for the platforms under construction for the Búzios field, which helped mitigate the risks of delays and increased the potential for anticipations.

Compared to 1Q24, however, there was an increase of 41.7% in Capex, mainly due to progress on major pre-salt projects in Santos Basin, particularly the Búzios and Atapu fields’ new production systems.

In the Refining, Transportation and Marketing segment, Capex totaled US$ 0.4 billion in 1Q25, mainly driven by scheduled refinery shutdowns, the completion of RNEST’s Train 1 revamp, and progress on REPLAN’s middle distillates hydrotreating (HDT) project.

Additionally, it is worth highlighting the production start-up in 1Q25 of the leased FPSO Almirante Tamandaré (Búzios 7), which resulted in the recognition of US$ 2.6 billion (Petrobras’ share) as lease liabilities. The extension of the FPSO Cidade de Angra dos Reis contract until 2030 also stands out, adding US$ 0.4 billion to our indebtedness. Similarly to owned units, leased FPSOs are recognized as company assets and represent an investment effort to expand production capacity with new units. However, they are not recorded as Capex.

The following table presents the main information on new oil and gas production systems that have already been contracted.

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CAPEX

Table 4 – Main projects

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LIQUIDITY AND CAPITAL RESOURCES

Liquidity and capital resources

Table 5 - Liquidity and capital resources

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LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2025, cash and cash equivalents totaled US$ 4.7 billion, and adjusted cash and cash equivalents totaled US$ 8.5 billion.

In 1Q25, funds generated by operating activities reached US$ 8.5 billion and free cash flow was positive at US$ 4.5 billion. Additionally, during the period, the following were recorded: redemption of securities (US$ 1.4 billion), inflows from earn-outs (US$ 0.5 billion), and financial compensation for co-participation agreements in Sépia and Atapu (US$ 0.4 billion).

The operational cash generation, combined with the inflows from securities redemptions and divestments, was used to: (a) investments (US$ 4.0 billion), (b) shareholders remuneration (US$ 2.9 billion), (c) lease liabilities amortization (US$ 2.1 billion), and (d) amortization of principal and interest due in the period (US$ 1.0 billion).

In 1Q25, the Company paid off various loans and financings amounting to US$ 1.0 billion and raised US$ 0.5 billion, notably a long-term operation of US$ 495 million in the domestic banking market.

	Performance Report 1Q25 I 12

DEBT INDICATORS

Debt indicators

As of March 31, 2025, gross debt totaled US$ 64.5 billion, representing an increase of 6.9% compared to December 31, 2024. This increase was primarily driven by the start-up of the leased FPSO Almirante Tamandaré (Búzios 7) and the extension of the FPSO Cidade de Angra dos Reis contract through 2030, which led to an increase of US$ 3.0 billion (Petrobras’ share) in the Company’s debt.

The average debt maturity shifted from 12.52 years on December 31, 2024, to 12.19 years on March 31, 2025, while the average cost increased from 6.8% per year to 6.9% per year during the same period.

The gross debt/Adjusted EBITDA ratio was 1.45x on March 31, 2025, compared to 1.29x on December 31, 2024.

As of March 31, 2025, net debt reached US$ 56.0 billion, an increase of 7.3% compared to December 31, 2024.

Table 6 – Debt indicators

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RESULTS BY SEGMENT

Results by business segment

Exploration and Production

Table 7 – E&P results

In 1Q25, the gross profit of E&P was US$ 8.3 billion, an increase of 12.0% compared to 4Q24, which had a result of US$ 7.4 billion. This growth was primarily due to higher production during the period and increased Brent prices, partially offset by a higher government take (production taxes).

The operating income in 1Q25 was US$ 7.5 billion, 139.1% higher than 4Q24. This growth reflects mainly the reduction in operating expenses, particularly due to the absence of the decommissioning provision recorded in the previous quarter.

	Performance Report 1Q25 I 14

RESULTS BY SEGMENT

Lifting costs reported in 1Q25, excluding production taxes and leases, were US$ 6.79/boe, representing a 7.1% increase compared to the last quarter. This increase is due to the rise in costs for services related to integrity maintenance of assets, mainly due to the intensification of well interventions in Roncador, Barracuda, and Marlim fields, as well as inspections and subsea maintenance in Búzios, Itapu, and Marlim Leste fields. Additionally, there were higher expenditures in the Búzios field related to the new seabed monitoring contract. These effects were partially offset by a lower volume of losses due to maintenance shutdowns, improved operational efficiency in the Santos Basin, the ramp-up of the FPSO Marechal Duque de Caxias, and the production start-up of the FPSO Almirante Tamandaré in February 2025.

In the Pre-salt, lifting costs increased 11.0% due to higher expenditures in Búzios related to the new seabed monitoring contract and the increase in subsea inspections in the same field and in Itapu. This increase was partially offset by higher production resulting from improved operational efficiency in the Santos Basin, the ramp-up of the FPSO Marechal Duque de Caxias, and the production start-up of the FPSO Almirante Tamandaré in February 2025.

In the Post-salt, lifting costs increased 4.4% due to higher expenditures on integrity in the Campos Basin, mainly in well interventions in Roncador, Barracuda, and Marlim fields, and in subsea inspections in Marlim Leste. This increase was partially offset by higher production resulting from the operational return of the Marlim Leste field in December 2024, which has a lower cost per barrel compared to the average of the producing fields in the Post-salt.

In the onshore and shallow water assets, lifting costs decreased 10.7%, mainly due to the lower expenditures on well interventions in the onshore assets in Bahia.

	Performance Report 1Q25 I 15

RESULTS BY SEGMENT

Refining, Transportation and Marketing

Table 8 - RTM results

In 1Q25, gross profit was US$ 0.3 billion lower than in 4Q24, reflecting mainly lower margins on oil products produced for the domestic market. Considering the effect of inventory turnover of US$ 288 million in 1Q25 and US$ 383 million in 4Q24, the gross profit would have been US$ 0.8 billion in 1Q25 and US$ 1.1 billion in 4Q24.

There were lower margins on oil products in the domestic market, mainly for gasoline, in addition to a decrease in sales volume due to the typical seasonality of the first quarter, primarily impacting gasoline and LPG.

The operating income in 1Q25 was lower than in 4Q24, reflecting the reduction in gross profit, partially offset by lower operating expenses.

In 1Q25, refining costs per barrel in USD were 5.6% higher than in 4Q24, mainly due to the lower processed throughput (-6.1%) resulting from the scheduled general shutdown of RNEST.

	Performance Report 1Q25 I 16

RESULTS BY SEGMENT

Gas and Low Carbon Energies

Table 9 – G&LCE results

In 1Q25, the gross profit of the G&LCE segment decreased 37.2% compared to 4Q24, mainly due to the accounting of revenues from contractual commitments in 4Q24, the reduction of 8 MM m³/day in the volume of natural gas sold by Petrobras, and the termination of energy contracts in the regulated market. The reduction in the volume of natural gas sales was caused by lower demand in both the thermal segment (reflecting a more balanced hydrological scenario) and the non-thermal segment (combined with a greater share of other players in this market).

The reduction in gross profit impacted the operating income, despite lower operating expenses compared to 4Q24, resulting from provisions for fines in energy contracts accounted for in that quarter and the reimbursement in 1Q25 of amounts previously paid by Petrobras in a prior year, associated with transportation service provision, as a result of the application of the regulatory account mechanism.

	Performance Report 1Q25 I 17

RECONCILIATION OF ADJUSTED EBITDA

Reconciliation of Adjusted EBITDA

EBITDA is an indicator calculated as the net income for the period plus taxes on profit, net financial result, depreciation and amortization. Petrobras announces EBITDA, as authorized by CVM Resolution No. 156, of June 2022.

In order to reflect the management view regarding the formation of the company's current business results, EBITDA is also presented adjusted (Adjusted EBITDA) as a result of: results in equity-accounted investments; impairment, results with co-participation agreement in production fields and gains/losses on disposal/write-offs of assets.

Adjusted EBITDA, reflecting the sum of the last twelve months (Last Twelve Months), also represents an alternative to the company's operating cash generation. This measure is used to calculate the Gross Debt and Net Debt to Adjusted EBITDA metric, helping to evaluate the company's leverage and liquidity.

EBITDA and adjusted EBITDA are not provided for in IFRS Accounting Standards and should not serve as a basis for comparison with those disclosed by other companies and should not be considered as a substitute for any other measure calculated in accordance with IFRS Accounting Standards. These measures should be considered in conjunction with other measures and indicators for a better understanding of the company's performance and financial condition.

Table 10 - Reconciliation of Adjusted EBITDA

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FINANCIAL STATEMENTS

Exhibits

Financial statements

Table 11 - Income statement - Consolidated

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FINANCIAL STATEMENTS

Table 12 - Statement of financial position – Consolidated

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FINANCIAL STATEMENTS

Table 13 - Statement of cash flow – Consolidated

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FINANCIAL STATEMENTS

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FINANCIAL STATEMENTS

Table 14 – Net revenues by products

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FINANCIAL STATEMENTS

Table 15 – Cost of goods sold (^*)

Table 16 – Operating expenses

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FINANCIAL STATEMENTS

Table 17 – Financial results

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FINANCIAL STATEMENS BY SEGMENT

Financial information by business segment

Table 18 - Consolidated income by business segment – 1Q25

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FINANCIAL STATEMENS BY SEGMENT

Table 19 - Consolidated income by business segment – 1Q24

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FINANCIAL STATEMENS BY SEGMENT

Table 20 - Quarterly consolidated income by business segment – 4Q24

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FINANCIAL STATEMENS BY SEGMENT

Table 21 - Other income and expenses by segment – 1Q25

Table 22 - Other income and expenses by segment – 1Q24

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FINANCIAL STATEMENS BY SEGMENT

Table 23 - Other income and expenses by segment – 4Q24

Table 24 - Consolidated assets by business segment – 03.31.2025

Table 25 - Consolidated assets by business segment – 12.31.2024