Company increases sales revenue, but states that the recent rise in oil prices has not yet been fully reflected in revenues for the period
reported net profit of R$32.7 billion in the 1st quarter of 2026, a drop of 7.2% compared to the same period in 2025, despite sales revenue having increased 0.4% on the same basis of comparison. This reached R$123.7 billion in the quarter. Higher than the R$123.1 billion reported in the same period of the previous year. Here is the report (PDF – 1 MB).
Despite the increase in revenue, profit was pressured by the reduction in foreign exchange earnings and the increase in tax expenses and government participation.
The appreciation of the real against the dollar also affected the company’s results in the quarter. As a relevant part of Petrobras’ costs and operations is linked to the North American currency, the drop in the average sales dollar from R$5.84 in the 1st quarter of 2025 to R$5.26 in the same period this year reduced the exchange rate gains recorded by the state-owned company.
Meanwhile, the tax expense line went from R$722 million in the 1st quarter of 2025 to R$2.48 billion in the same period this year. The company stated that the result was mainly impacted by the agreement signed with the State of Rio de Janeiro within the scope of REFIS (Tax Recovery Regime), which ended a dispute over the charging of ICMS on the consumption of marine diesel.
Petrobras also registered an increase in government participation in the exploration and production segment. Payments of royalties, special participation and area retention totaled R$18.1 billion in the quarter, an increase of 10.6% compared to the same period in 2025.
DIESEL SUBSIDY
The subsidy for diesel oil also put pressure on the company’s results in the quarter. Petrobras stated that accounts receivable had a negative effect of R$1.3 billion in the period, including R$741 million that still must be paid by the Federal Government relating to the program.
Under the subsidy rules, producers and importers must sell diesel within price parameters defined by the government and then be reimbursed. To receive the amounts, companies must present documents that prove the discounts have been passed on to consumers.
IMPACT OF THE WAR HAS NOT YET BEEN INCORPORATED
According to the company, the recent rise in oil prices and record production have not yet fully appeared in the quarter’s revenues. This is due to the delay between the shipment of oil and the accounting recognition of sales. Petrobras stated that revenue is only recorded when the cargo reaches its destination.
The state-owned company also said that a large part of exports destined for Asia – the main destination for oil exported by the state-owned company – are priced based on prices from the month prior to the arrival of the cargo. Therefore, the effects of the rise in oil prices following the escalation of the conflict in the Middle East should appear with greater intensity only in the 2nd quarter. The conflict began on February 28.
According to the state-owned company, Brent, the main international reference for the price of a barrel of oil, averaged US$80.61 per barrel in the 1st quarter of 2026, an increase of 6.5% compared to the same period in 2025.
