Aug. 6 at 1:52 AM
Investment banks expect Petrobras to report a strong Q2 2026, with cash generation roughly doubling year over year on higher oil and gas production, stronger Brent prices, and improved fuel pricing. Bank of America forecasts adjusted EBITDA of
$18.4 billion, while the Bloomberg consensus calls for R
$91.3 billion (
$18 billion) in adjusted EBITDA, R
$45.1 billion (
$9 billion) in net income, and R
$161.6 billion (
$32 billion) in revenue. Citi expects similar EBITDA and estimates
$3.5 billion in dividends.
Despite the strong operating outlook, analysts remain cautious on the stock. Citi maintained a Neutral rating and cut its price target, citing limited upside for oil prices, stable fuel margins through 2026, and the extension of Brazil's oil export tax, which could weigh on future earnings. While higher refining margins provide some support, banks believe much of the near-term operational improvement is already reflected in the share price.
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