Wave of balance-sheet warnings reflects tighter liquidity and mounting debt pressures
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The financial troubles facing a group of listed companies have triggered an unprecedented wave of warnings in financial statements, often issued by management itself, pointing to material uncertainty related to the companies’ ability to continue as a going concern. When that happens, the common thread is usually a lack of sufficient short-term funds to cover debt coming due soon.
In the latest earnings season, cancer care provider Oncoclínicas, petrochemical company Braskem, fashion retailer Marisa, supermarket chain GPA, hospital group Kora Saúde and ethanol, sugar and bioenergy producer Raízen all published financial statements carrying that disclaimer. Among them, GPA and Raízen filed for out-of-court debt restructuring this year.
A Valor survey showed that at the end of 2024, those companies had combined positive shareholders’ equity of R$23.6 billion. A year later, the combined equity of the groups carrying going-concern warnings had fallen to negative R$13.7 billion.
Broadly speaking, the picture boiled down to three situations: erosion of equity at Oncoclínicas, Kora, GPA and Marisa; a swing into negative equity at Raízen; or an already negative equity position that deteriorated further at Braskem.
The view is that high interest rates, demand weakened by a tougher environment and company-specific management problems hurt results and are likely to prompt similar warnings from more companies this year.
Pressure from debt, liquidity
Oncoclínicas, which released its management report last week, said in the notes to its financial statements that the uncertainty is tied to R$430.8 million deemed lost after investments in Banco Master, in addition to the “collapse” of Unimed Ferj, which totaled R$861 million. The company also cited a “decline in recurring revenue” following a review of its commercial policy, making it also an operational issue.
Management said the rise in the company’s total leverage ratio was driven mainly by the macroeconomic backdrop in 2025, including higher interest rates and rising defaults.
On the risks to the company’s continuity, Deloitte said Oncoclínicas posted a consolidated net loss of R$3.6 billion in 2025 and had negative working capital of R$2.3 billion in December 2025. In other words, short-term debt exceeded short-term assets by more than R$2 billion. A year earlier, that figure had been positive at R$2.2 billion.
When a company breaches covenants agreed in contracts with creditors, debt can be accelerated, creating a snowball effect because the early maturity swells total gross debt.
At Braskem, KPMG said in the company’s 2025 financial statements that the material uncertainty surrounding its ability to continue as a going concern was based on consolidated negative equity of R$16.5 billion and negative working capital of R$9.7 billion. That means short-term liabilities exceeded short-term assets by almost R$10 billion.
In explaining the rise in this risk, Braskem cited years of weaker-than-expected global demand and excess global supply, which led to a deterioration in the financial condition of both the company and Braskem Idesa, its joint venture with Mexico’s Idesa group formed in 2010.
The company said in its last year’s financial report that it remains in operation, with business activities ongoing and initiatives under way to restructure its finances and rebuild liquidity.
Marisa under going-concern warning
Another company that has been dealing with financial strain for some time, Marisa also disclosed material uncertainty related to its ability to continue as a going concern in its year-end 2025 earnings report. Its auditor, BDO, highlighted the issue in its opinion, although the fashion retailer itself used milder language when addressing the matter.
To illustrate the amounts involved, nearly R$200 million in debt comes due within 12 months from the end of 2025, with another R$138 million maturing between 13 and 24 months. A year earlier, at the end of 2024, the total coming due ws R$123 million.
In Marisa’s 2025 report, BDO cited a R$59.9 million net loss last year, down 81%, and negative working capital of R$360.7 million. A year earlier, the retailer’s annual report had already highlighted the same going-concern issue, and working capital was also negative, though at a smaller R$308 million.
In the notes to its 2025 financial statements, Marisa acknowledged those figures but said it prepared the statements on the assumption that it will be able to meet its obligations. It also said management is implementing measures to restore its financial balance and equity position.
At the same time, the retailer said its cash-flow projections point to the need to maintain financial discipline and carry out operational and financial measures.
Asked for comment, Braskem, GPA, Kora, Oncoclínicas and Raízen declined to comment. Marisa said in a statement that the emphasis mentioned by its auditors does not represent a new development, as it had already been disclosed in previous periods, and reaffirmed that its financial statements adequately reflect the retailer’s equity and financial position, in compliance with Brazilian accounting standards.
*By Adriana Mattos and Fernanda Guimarães — São Paulo
Source: Valor International
https://valorinternational.globo.com/