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Item 5 — Management's Discussion and Analysis
Petrobras - Petroleo Brasileiro SA · 20-F · FY 2025 · Period ended Dec 31, 2025
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A. Operating results Operating and Financial Review and Prospects 170
B. Liquidity and capital resources Operating and Financial Review and Prospects (Liquidity and Capital Resources) 179
C. Research and development, patents and licenses, etc. Environment, Social and Governance (Social Responsibility; Corporate Governance) 159, 164
D. Trend information Our Business; Risks; Operating and Financial Review and Prospects 63, 30, 170
E. Critical Accounting Estimates Operating and Financial Review and Prospects (Liquidity and Capital Resources) 179