Petrobras Key Takeaways From Earnings Call and Model Update

Goldman Sachs maintains a Buy rating on Petrobras following 1Q earnings, projecting a 15% FCF yield in 2026/2027 and production growth significantly above company guidance.

Key Takeaways

• 1.Goldman Sachs maintains a Buy rating on Petrobras, seeing a 15% Free Cash Flow yield (FCFy) in both 2026 and 2027.
• 2.Production growth is expected to be robust at 14% for 2026 and 5% for 2027, driven by new FPSOs in the Búzios field.
• 3.Management is prioritizing reaching a gross debt target of USD 65bn, which may delay extraordinary dividends this year.

Table of Contents

• Thesis in charts
• Change to estimates
• Valuation and key risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)

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