Brazil’s state-controlled oil company Petrobras fell short of earnings estimates as it held domestic gasoline prices stable during the war-driven price surge.

Adjusted earnings before items, or ebitda, came in at 59.64 billion reais ($12.2 billion) for the first quarter, Petrobras reported in a filing. That fell short of the 64.5 billion reais consensus of analysts tracked by Bloomberg, and was down 2.4% from the same quarter of 2025. The company posted net income of 32.7 billion reais, above expectations.