Petrobras Profit Inches Higher as Brazil’s 3Q Earnings Split Between Operational Gains and One‑Offs

Overview

• Petrobras posted net income of R$32.7 billion (US$6.03 billion), slightly above a year earlier and ahead of analyst projections, citing an 8.1% production increase and lower operating expenses despite softer oil prices.
• GPA swung to a R$133–137 million profit after recognizing R$418 million in tax credits tied to prior losses, a move the company says affects future taxation with no immediate cash impact as leverage ticked to 1.5x.
• C&A lifted profit 62% to R$69.5 million on EBITDA expansion and tighter costs, slashing net debt 89.6% to R$91.5 million and cutting total leverage to 0.1x.
• Axia Energia reported a stark gap between metrics, with adjusted profit of R$2.176 billion versus an unadjusted net loss of R$5.448 billion, reflecting significant one‑offs and a rise in adjusted net debt to R$72.0 billion.
• Sector results diverged: Prio’s profit fell 44% on production impacts, Guararapes’ earnings rose 63% on stronger retail margins, Suzano’s profit declined 39%, and Magazine Luiza’s net fell 17% as financial expenses worsened.