BNDESPAR and BNDES Reduce Stake in Petrobras via Open Market Sales

BNDES Participacoes S.A. (BNDESPAR) and its parent organization, Banco Nacional de Desenvolvimento Economico e Social (BNDES), filed Amendment No. 3 to their Schedule 13D regarding their holdings in Petroleo Brasileiro S.A. - Petrobras (PBR). The filing, dated June 3, 2026, reports a decrease in the reporting persons' collective beneficial ownership of preferred shares. This reduction resulted from a series of open market sales. Specifically, BNDESPAR's direct holdings decreased to 781,451,745 preferred shares, representing approximately 14.35% of the class. When combined with the shares held directly by BNDES, the aggregate ownership stands at 916,700,003 shares, or approximately 16.83% of the outstanding preferred shares. The reporting persons noted that while preferred shares typically have limited voting rights, they are currently prevented from voting these shares due to a 2014 decision by the Brazilian Securities Commission. The filers may continue to dispose of securities or engage in hedging transactions based on market conditions and Petrobras's financial position.