Petrobras Profit Ticks Up to US$6 Billion as Brazil’s Q3 Earnings Diverge

Overview

• Petrobras reported US$6.03 billion in Q3 net income (R$32.7 billion), citing an 8.1% production rise and lower operating expenses despite softer Brent prices.
• GPA swung to a roughly R$133–137 million profit after recognizing R$418 million in tax credits enabled by a federal rule change, while Cogna returned to a R$191.6 million profit on efficiency gains.
• Axia Energia showed stark volatility, with adjusted profit of R$2.176 billion contrasted by a reported net loss of R$5.448 billion driven by nonrecurring effects.
• Retail results split: C&A’s net income rose 62% to R$69.5 million with sharply lower leverage, Guararapes’ profit climbed 63% to R$74 million on margin gains, and Magazine Luiza’s profit fell 17% to R$84.6 million as its financial result deteriorated.
• Oil independents weakened: Prio’s profit fell 44% to US$91.6 million after a planned Peregrino stoppage, and PetroReconcavo’s adjusted profit slid 58% with revenue down 8% and a negative financial result.