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Finance debt | 6 Months Ended
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Jun. 30, 2025
Finance Debt |
Finance debt |
| 23. | Finance debt
| 23.1. | Balance by type of finance debt
Schedule of balance by type of finance debt |  |
In Brazil | 06.30.2025 | 12.31.2024
Banking market | 4,658 | 2,828
Capital market | 3,034 | 2,225
Development banks (1) | 556 | 508
Others | 2 | 2
Total | 8,250 | 5,563
Abroad |  |
Banking market | 3,641 | 3,691
Capital market | 12,427 | 12,265
Export credit agency | 1,347 | 1,508
Others | 126 | 135
Total | 17,541 | 17,599
Total finance debt | 25,791 | 23,162
Current | 2,475 | 2,566
Non-current | 23,316 | 20,596
(1) It includes BNDES.
Current finance debt is composed of:
Schedule of current finance debt |  |
| 06.30.2025 | 12.31.2024
Short-term debt | 14 | 10
Current portion of long-term debt | 1,987 | 2,132
Accrued interest on short and long-term debt | 474 | 424
Total | 2,475 | 2,566
The capital market balance is mainly composed of US$ 11,823 in global notes issued abroad by the wholly owned subsidiary PGF, as well as US$ 2,046 in debentures and US$ 896 in commercial notes issued by Petrobras in reais in Brazil. The balance in global notes has maturities between 2026 to 2115 and does not require collateral. Such financing was carried out in dollars and pounds, 92% and 8%, of the total global notes, respectively. The debentures and the commercial notes, with maturities between 2026 and 2045, do not require collateral and are not convertible into shares or equity interests. On June 30, 2025, there were no default, breach of covenants or adverse changes in clauses that would result in changes to the payment terms of loan and financing agreements. There was no change in the guarantees required in relation to December 31, 2024. Petrobras fully, unconditionally and irrevocably guarantees its global notes issued in the capital markets by its wholly-owned subsidiary PGF and the loan agreements of its wholly-owned subsidiary PGT.
| 23.2. | Changes in finance debt
Schedule of changes in finance debt |  |  |
| In Brazil | Abroad | Total
Balance at December 31, 2024 | 5,563 | 17,599 | 23,162
Proceeds from finance debt | 1,943 | 1,129 | 3,072
Repayment of principal (1) | (211) | (1,342) | (1,553)
Repayment of interest (1) | (267) | (590) | (857)
Accrued interest (2) | 357 | 586 | 943
Foreign exchange/ inflation indexation charges | 18 | (48) | (30)
Translation adjustment | 848 | 206 | 1,054
Balance at June 30, 2025 | 8,251 | 17,540 | 25,791
| In Brazil | Abroad | Total
Balance at December 31, 2023 | 6,090 | 22,711 | 28,801
Proceeds from finance debt | 557 | 10 | 567
Repayment of principal (1) | (158) | (2,177) | (2,335)
Repayment of interest (1) | (203) | (795) | (998)
Accrued interest (2) | 240 | 774 | 1,014
Foreign exchange/ inflation indexation charges | 110 | 300 | 410
Translation adjustment | (800) | (338) | (1,138)
Balance at June 30, 2024 | 5,836 | 20,485 | 26,321
(1) It includes pre-payments.
(2) It includes premium and discount over notional amounts, as well as gains and losses by modifications in contractual cash flows.
| 23.3. | Reconciliation with cash flows from financing activities
Schedule of cash flows reconciliation |  |  |  |  |  |
|  |  | Jan-Jun/2025 |  |  | Jan-Jun/2024
| Proceeds from finance debt | Repayment of principal | Repayment of interest | Proceeds from finance debt | Repayment of principal | Repayment of interest
Changes in finance debt | 3,072 | (1,553) | (857) | 567 | (2,335) | (998)
Deposits linked to finance debt (1) |  | 6 | 1 |  | 17 | 3
Net cash used in financing activities | 3,072 | (1,547) | (856) | 567 | (2,318) | (995)
(1) Deposits linked to finance debt with China Development Bank, with semiannual settlements in June and December.
In the six-month period ended June 30, 2025 the Company:
| · | repaid several finance debts, in the amount of US$ 2,403; and
| · | raised US$ 3,072, notably: (i) public offering of debentures, in the amount of USS$ 516, with maturities in 2035, 2040, and 2045; (ii) proceeds in the domestic banking market, in the amount of US$ 1,417; and (iii) proceeds in the international banking market, in the amount of US$ 1,122.
| 23.4. | Summarized information on current and non-current finance debt
Schedule of summarized information on current and non-current finance debt |  |  |  |  |  |  |  |
Maturity in | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 onwards | Total (1) | Fair Value
Financing in U.S. Dollars: | 855 | 1,465 | 2,146 | 1,555 | 720 | 9,004 | 15,745 | 15,567
Floating rate debt (2) | 622 | 1,121 | 1,468 | 524 | 144 | 921 | 4,800 |
Fixed rate debt | 233 | 344 | 678 | 1,031 | 576 | 8,083 | 10,945 |
Average interest rate p.a. | 6.3% | 6.5% | 6.0% | 5.7% | 6.2% | 6.6% | 6.5% |
Financing in Brazilian Reais): | 196 | 494 | 134 | 137 | 955 | 6,037 | 7,953 | 7,401
Floating rate debt (3) | 145 | 128 | 31 | 31 | 31 | 5,496 | 5,862 |
Fixed rate debt | 51 | 366 | 103 | 106 | 924 | 541 | 2,091 |
Average interest rate p.a. | 10.5% | 10.6% | 9.7% | 9.9% | 10.3% | 8.3% | 9.4% |
Financing in Euro: | − | 9 | − | 145 | 26 | 424 | 604 | 609
Fixed rate debt | − | 9 | − | 145 | 26 | 424 | 604 |
Average interest rate p.a. | − | 4.6% | − | 4.6% | 4.7% | 4.7% | 4.6% |
Financing in Pound Sterling: | 16 | 17 | − | − | 403 | 566 | 1,002 | 986
Fixed rate debt | 16 | 17 | − | − | 403 | 566 | 1,002 |
Average interest rate p.a. | 6.1% | 6.1% | − | − | 6.1% | 6.6% | 6.3% |
Financing in Renminbi: | 2 | 5 | 5 | 5 | 5 | 465 | 487 | 472
Floating rate debt | 2 | 5 | 5 | 5 | 5 | 465 | 487 |
Average interest rate p.a. | 3.1% | 3.1% | 3.0% | 3.0% | 2.9% | 3.1% | 0.0% |
Total as of June 30, 2025 | 1,069 | 1,990 | 2,285 | 1,842 | 2,109 | 16,496 | 25,791 | 25,035
Average interest rate | 7.4% | 7.6% | 7.1% | 7.1% | 7.7% | 6.8% | 6.8% |
Total as of December 31, 2024 | 2,566 | 1,864 | 2,264 | 1,791 | 1,780 | 12,897 | 23,162 | 22,213
Average interest rate | 7.0% | 7.4% | 7.1% | 6.9% | 7.3% | 6.6% | 6.8% |
(1) The average maturity of outstanding debt as of June 30, 2025 is 11.92 years (12.52 years as of December 31, 2024).
(2) Operations with variable index + fixed spread.
(3) Operations with variable index + fixed spread, if applicable.
The fair value of the Company's finance debt is mainly determined and categorized into a fair value hierarchy as follows:
| · | Level 1- quoted prices in active markets for identical liabilities, when applicable, amounting to US$ 11,584 as of June 30, 2025 (US$ 11,174 of December 31, 2024); and
| · | Level 2 – discounted cash flows based on discount rate determined by interpolating spot rates considering financing debts indexes proxies, taking into account their currencies and also Petrobras’ credit risk, amounting to US$ 13,451 as of June 30, 2025 (US$ 11,039 as of December 31, 2024).
The sensitivity analysis for financial instruments subject to foreign exchange variation is set out in note 26.4.1. A maturity schedule of the Company’s finance debt (undiscounted), including face value and interest payments is set out as follows:
Schedule of finance debt (undiscounted), including face value and interest payments |  |  |  |  |  |  |  |
Maturity | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and thereafter | 06.30.2025 | 12.31.2024
Principal | 639 | 2,005 | 2,335 | 1,944 | 2,159 | 17,009 | 26,091 | 23,473
Interest | 952 | 1,942 | 1,742 | 1,560 | 1,508 | 15,210 | 22,915 | 20,388
Total (1) | 1,591 | 3,947 | 4,077 | 3,504 | 3,667 | 32,219 | 49,006 | 43,861
(1) A maturity schedule of the lease arrangements (nominal amounts) is set out in note 24.
| 23.5. | Lines of credit
Schedule of lines of credit |  |  |  |  |  |
|  |  |  |  |  | 06.30.2025
Company | Financial institution | Date | Maturity | Available (Lines of Credit) | Used | Balance
Abroad |  |  |  |  |  |
PGT BV (1) | Syndicate of banks | 12/16/2021 | 11/16/2026 | 5,000 | − | 5,000
PGT BV | Syndicate of banks | 3/27/2019 | 2/27/2026 | 2,050 | − | 2,050
Total |  |  |  | 7,050 | − | 7,050
In Brazil |  |  |  |  |  |
Petrobras (2) | Banco do Brasil | 3/23/2018 | 9/26/2030 | 641 | − | 641
Petrobras (3) | Banco do Brasil | 10/4/2018 | 9/4/2029 | 733 | − | 733
Transpetro | Caixa Econômica Federal | 11/23/2010 | Not defined | 60 | − | 60
Total |  |  |  | 1,434 | − | 1,434
(1) On April 08, 2024, the Revolving Credit Facility was reduced to US$ 4,110 compared to the US$ 5,000 contracted in 2021. Thus, US$ 5,000 will be available for withdrawal until November 16, 2026 and US$ 4,110 from November 16, 2026, to November 16, 2028.
(2) On December 27, 2024, the credit line agreement with Banco do Brasil for US$ 366 (R$ 2 billion) was amended, extending the term to October 26, 2030. On April 3, 2025, a new amendment was approved, increasing the credit line amount from US$ 366 (R$ 2 billion) to US$ 641 (R$ 3.5 billion).
(3) On June 18, 2024, the credit line with Banco do Brasil was renewed, extending its term to September 4, 2029, and increasing its amount from US$ 366 (R$ 2 billion) to US$ 733 (R$ 4 billion).

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