In hybrid project-based learning environments when students collaborate both in-person and remotely to perform shared tasks, they often experience a wide range of emotions. These emotions significantly influence their performance and collaboration as they navigate team dynamics. This study aimed to investigate the emotions expressed during Scrum retrospective meetings, explore their underlying triggers, and examine their relationship with perceived performance. We conducted our study with 24 participants, divided into three teams, enrolled in a hybrid capstone course. Using a BERT model fine-tuned on the GoEmotions dataset, we analyzed retrospective meeting transcripts and open-ended survey responses to identify emotions. Quantitative analysis assessed the relationship between these emotions and self-reported performance metrics collected through survey responses. To further understand the emotional context, thematic analysis was performed to identify events that triggered these emotions. We observed (1) approval, admiration and curiosity as the most prevalent emotions expressed during retrospective meetings; (2) significant correlations between positive emotions and perceived performance; and (3) milestone achievements, collaboration, and communication and coordination issues as common emotional triggers. Our findings emphasize the role of emotions in relation to performance and collaboration in hybrid learning environments. These findings offer insights into emotional dynamics for designing more effective and supportive hybrid project-based learning