Oil prices boost Brazil’s tax revenue

Dividend withholding tax collections remain far below government target

 

 

 

Revenue from Brazil’s export tax on crude oil appeared for the first time in the federal government’s May tax collection figures after the levy was introduced in March. The tax generated R$1.05 billion in federal revenue last month, according to data released on Thursday (25) by the Federal Revenue Service.

Claudemir Malaquias, head of the Revenue Service’s Center for Tax and Customs Studies, explained that the export tax is collected 60 days after crude oil shipments are loaded. As a result, the first payments began to be recorded only in mid-May. According to BTG economist Fábio Serrano, revenue from the tax is expected to reach about R$3 billion per month going forward.

The federal government temporarily reinstated the crude oil export tax at a 12% rate to offset diesel fuel subsidies.

According to tax authorities, higher oil prices also supported May’s revenue by boosting royalty collections. Own-source revenue from other federal agencies—a category that includes royalty transfers—totaled R$10.477 billion in the month, up 56.28% in real terms from May 2025.

Overall, federal tax revenue reached R$266.79 billion in May 2026, an inflation-adjusted increase of 10.69% compared with the same month a year earlier. In the first five months of the year, collections totaled R$1.32 trillion, up 6.42% in real terms.

Revenue administered directly by the Revenue Service rose 9.39% in real terms in May to R$256.31 billion. Adjusted for inflation, May’s total represented the highest amount ever recorded for the month since the series began in 1995.

The Federal Revenue Service also reported that withholding income tax on dividend payments has generated only R$1.5 billion in revenue so far this year.

For 2026, however, the government expects to raise about R$30 billion through its minimum tax on high-income individuals. Of that amount, R$23.76 billion is expected to come from the taxation of dividend distributions and R$6.18 billion from income earned abroad.

The measure was designed to offset the revenue loss resulting from expanding the personal income tax exemption threshold to monthly incomes of up to R$5,000 and granting a partial tax credit for taxpayers earning up to R$7,350 per month. According to government estimates, the personal income tax relief will reduce revenue by R$28 billion.

However, revenue from dividend taxation is not collected evenly throughout the year. Unlike the personal income tax relief, whose effects appear monthly through payroll withholding, receipts from dividend taxation depend on companies’ profit distribution schedules, which can cause fluctuations in revenue over the course of the year.

The final settlement of the minimum tax will take place only in the following year’s annual tax return. During the year, the minimum tax applies only to dividend distributions.

Meanwhile, according to the Federal Revenue Service, revenue from the Tax on Financial Transactions (IOF) was once again among the strongest contributors to federal tax collections.

IOF revenue rose 31.11% in May from the same month of 2025, totaling R$8.157 billion. The increase reflects the higher tax rates introduced by the Lula administration last year to boost revenue and support fiscal results in both 2025 and 2026.

In the year through May, IOF revenue has increased 38.77% from the same period last year, reaching R$41.82 billion.

*By Giordanna Neves — Brasília

Source: Valor international

https://valorinternational.globo.com/

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Central Bank discussed future pause in rate cuts, Galípolo says

Monetary Policy Committee rejected a pause last week, but considered scenarios in which it could interrupt and later resume the easing cycle

 

 

Brazil’s Central Bank Monetary Policy Committee (Copom) discussed last week the possibility of pausing the interest-rate easing cycle at future meetings and then resuming it later.

Central Bank Chair Gabriel Galípolo disclosed the discussion on Thursday (25) during a press conference for the release of the Monetary Policy Report, putting on the table for the first time — even if over an uncertain horizon — the prospect of a temporary interruption in the monetary easing cycle that began only three months ago, in March. Galípolo also made a “mea culpa,” acknowledging that the Copom statement contributed to market noise over the future path of the benchmark interest rate.

Last week, Galípolo said, Copom ruled out a pause and lowered the Selic by 25 basis points, to 14.25%. After that, the committee moved into a “prospective” discussion about the course of monetary policy. “There are scenarios we began to discuss prospectively, involving pauses at different points and resumptions at different points,” he said.

According to the Central Bank chair, that possibility is reflected in the Copom minutes released on Tuesday, when the committee said it had opted for Selic paths that were “less divergent” from those projected by the market.

Even so, Galípolo and interim Economic Policy Director Paulo Picchetti avoided giving a firmer signal on the next steps for monetary policy. Picchetti, who is also director of International Affairs and Corporate Risk Management, defended the need to preserve “degrees of freedom” and said the calibration of the Selic will be adjusted as the scenario evolves.

Asked about criticism from financial markets, Galípolo said that in periods of greater uncertainty it is normal for investors to seek “guidance” on future policy. But he added that “no central bank is adopting that policy in the world, and the literature does not recommend it.”

“There is, in this type of criticism, this confusion between being clearer in the statement and signaling what you are going to do. One thing cannot be confused with the other,” he said.

Communication noise

Galípolo made a “mea culpa,” however, by acknowledging that the statement helped create noise in financial markets last week. He said the lack of clarity came from an “excess” of information, rather than from a lack of transparency. According to him, the minutes sought to clear up those doubts.

One source of noise was the balance of risks for inflation, updated with four factors pointing to upward pressure and three to downward pressure — but without making clear in the statement that the balance was asymmetric to the upside, something that was only spelled out in the minutes.

In the balance of risks, the Central Bank provides a more qualitative assessment of factors that could push inflation above or below its projections. Galípolo denied that the asymmetry requires a “mechanical reaction” from monetary policy.

“We thought the 4-to-3 [in the balance of risks] was kind of obvious, that it was asymmetric. That does not establish any kind of mechanical reaction from a monetary-policy standpoint,” he said. At another point in the press conference, however, the Central Bank chair said the balance can be classified as asymmetric regardless of the “count” of upside or downside risks.

Picchetti said part of the market’s negative reaction to the statement reflected the lack of signaling on the next steps for monetary policy. “The Central Bank sees no present value in giving a signal in a scenario with so much uncertainty,” he said.

He acknowledged that the statement’s unusually long text also made it harder to understand. “The paragraph in the Copom statement sought to summarize discussions, and we knew it would generate a strong reaction simply because it was very different from the usual statement,” he said.

Demand risks

The Central Bank included government measures to stimulate consumption among the risks that could put upward pressure on inflation. Picchetti said the composition of expected GDP growth this year has changed because of the outlook for stronger demand. The monetary authority raised its projection for household consumption in 2026 to 2.1% from 1.4%.

“There are effects from income-tax reduction incentives and from the various measures that are already affecting disposable income, making this increase in household consumption possible,” Picchetti said.

In the Monetary Policy Report, the Central Bank raised to 79% the probability that the benchmark inflation index, the IPCA, will end 2026 above the target ceiling. For 2027, the probability is 28%.

The Central Bank also raised its 12-month inflation forecast through the fourth quarter of 2027 to 3.7% from 3.3%. For 2026, inflation is expected at 5.2%, compared with 3.9% in the previous report, released in March.

*By Hamilton Ferrari and Giordanna Neves, Valor — Brasília

Source: Valor International

https://valorinternational.globo.com/

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Judiciário altera ou anula uma em cada cinco sentenças arbitrais que analisa

Nos últimos cinco anos, sentenças arbitrais foram anuladas na íntegra pelos tribunais brasileiros em 14,3% dos acórdãos sobre o tema. Anulações parciais ocorreram em 6,5% dos casos. Além disso, 58,4% das decisões mantiveram expressamente a sentença arbitral e 20,8% não chegaram a entrar no mérito da discussão.

 

 

 

26 de junho de 2026

 

Magnific

Arbitragem

 

 

 

 

 

ConJur mapeou mais de 150 acórdãos sobre anulação de arbitragem nos últimos 5 anos

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Os números foram levantados pela revista eletrônica Consultor Jurídico, com auxílio do advogado e árbitro Gabriel de Britto Silva. Foram identificados 154 acórdãos sobre anulação de arbitragem de 13 de maio de 2021 a 13 de maio de 2026 nos cinco maiores Tribunais de Justiça do país (TJ-SP, TJ-MG, TJ-RJ, TJ-RS e TJ-PR) e no Superior Tribunal de Justiça.

Desse total, 122 efetivamente entraram no mérito da disputa. A sentença arbitral foi mantida em 90 deles. Por outro lado, os tribunais anularam a sentença arbitral integralmente em 22 casos e parcialmente em dez processos.

Lacunas

Não há um padrão entre os fundamentos para as anulações. “Os motivos das anulações são os mais diversos, não concentrando-se em nenhuma temática específica, de modo que não é possível concluir por uma causa predominante de anulação”, diz Britto, do Brito e Lamego Advogados

O motivo mais comum, presente em ao menos nove dos 32 acórdãos (20,8% do total) em que houve anulação (integral ou parcial), é a violação do contraditório, da ampla defesa e/ou do devido processo legal. Isso ocorre de maneiras muito distintas — desde citações irregulares até falta de oportunidade de manifestação das partes.

Outro motivo recorrente, verificado em sete acórdãos, é a extrapolação dos limites da convenção de arbitragem. Isso acontece quando o tribunal arbitral decide sobre tópicos que as partes não haviam concordado em submeter à arbitragem. As nuances variam muito conforme o caso. Nas decisões dos últimos cinco anos, isso gerou principalmente anulações parciais (foi invalidada apenas a parte da sentença arbitral referente ao assunto não previsto no compromisso firmado).

Em seis casos, o Judiciário considerou que a cláusula compromissória era inválida. Essa justificativa é aplicada principalmente quando a corte constata que a relação é de consumo, que o contrato é de adesão e que o consumidor não concordou expressamente em se submeter à arbitragem.

Já falhas no dever de revelação do árbitro — omissões de informações que podem comprometer sua imparcialidade e independência na condução do procedimento — foram motivo de anulação da sentença arbitral em três acórdãos.

Até mesmo a falta de fundamentação da sentença arbitral gerou duas anulações. Os demais motivos apareceram apenas uma vez: desde erro do tribunal arbitral até simulação de arbitragem.

Para o árbitro e advogado Carlos Alberto Vilela Sampaio, essa dispersão nos fundamentos das anulações revela que “não há um ‘ponto fraco’ sistêmico na arbitragem brasileira, mas sim casos pontuais com vícios específicos e variados”.

Posição judicial

Na avaliação de Britto, os percentuais revelados pelo levantamento “são naturais e encontram-se dentro de um patamar plausível”. Ele lembra que a Lei de Arbitragem prevê expressamente as causas de anulação da sentença arbitral e que os casos precisam ser rejulgados pelo tribunal arbitral caso se constate nulidade.

Com base nos dados obtidos, o advogado conclui que “é muito raro não haver reverência à arbitragem, seja no STJ, seja junto aos demais tribunais pátrios”.

Segundo ele, as ações anulatórias muitas vezes são apresentadas como um “temor” para investidores que buscam segurança jurídica quando recorrem à arbitragem. Mas Britto diz que o próprio número de ações anulatórias é reduzido e aponta que são mentirosas as alegações sobre um suposto alto número de anulações.

“Como a evolução e o aperfeiçoamento devem ser contínuos, os árbitros e as câmaras devem, cada vez mais, caminhar no sentido de se evitar, na origem, via combate das causas, a prolação de sentenças anulatórias de procedência”, afirma. “O medo das anulatórias ficou irrecusavelmente para trás.”

Já Ricardo Aprigliano, sócio da área de Resolução de Disputas do Demarest Advogados, observa que “o Judiciário segue sendo claramente favorável à arbitragem”.

O advogado ressalta que não há base estatística a respeito do percentual de tentativas de anulação em relação ao total de sentenças arbitrais. Mas, a partir da proporção de anulações judiciais identificada pelo levantamento da ConJur, ele avalia que as tentativas são excessivas e abusivas.

Por outro lado, Aprigliano constata uma tendência “preocupante” de aumento das tentativas de anulação, “quase sempre como ferramenta dos perdedores para melhorar suas situações e forçar acordos mais vantajosos”.

Na visão de Sampaio, que é diretor-geral e presidente do Conselho Deliberativo da Câmara de Mediação e Arbitragem Especializada (Cames), os dados mostram que “o Judiciário brasileiro tem exercido um controle verdadeiramente residual sobre as sentenças arbitrais, em plena conformidade com o modelo desenhado pela Lei de Arbitragem”.

De acordo com o advogado, “o modelo brasileiro de controle judicial da arbitragem é deliberadamente restritivo”. Assim, uma taxa de anulação de 20,8% em relação ao total de acórdãos (e de 26,2% sobre os que efetivamente entraram no mérito) “é compatível com um sistema que funciona”.

“O controle judicial da arbitragem existe precisamente para os casos em que há vícios procedimentais graves”, pontua. “O fato de que ele é acionado com efetividade em cerca de 26% dos acórdãos que entraram no mérito da ação anulatória demonstra que o mecanismo funciona.”

Portanto, a interpretação de Sampaio é que o Judiciário “respeita a autonomia da arbitragem, intervém quando necessário e resiste às instrumentalizações”. Quem aciona a Justiça buscando anular uma sentença arbitral “enfrenta um ônus probatório elevado”. Para ele, isso reforça a segurança jurídica.

Metodologia

Para chegar nesses dados, a ConJur reuniu todos os acórdãos públicos (mais de 350) desses seis tribunais no período em questão que mencionavam a expressão “sentença arbitral” combinada com termos como “anulação”, “anulatória” e “nulidade”. Decisões do TJ-PR e do TJ-RJ em segredo de Justiça também foram incluídas, já que a consulta de jurisprudência dessas duas cortes permitia a leitura das ementas.

A partir disso, foram desconsiderados todos os acórdãos que não discutiam propriamente a possibilidade de anulação da sentença arbitral. Isto é, foram excluídos acórdãos sobre pedidos de suspensão liminar da decisão arbitral ou que tratavam somente de correção do valor da causa, por exemplo.

Com isso, não sobraram casos do TJ-RJ em segredo de Justiça, enquanto cinco do TJ-PR nessa situação entraram na conta. Ao final, também foi incluído um único acórdão do TJ-SP em segredo de Justiça, identificado por ter sido citado como precedente em outra decisão.

Acórdãos nos quais as cortes rejeitaram embargos de declaração em casos que já estavam na lista (ou seja, julgados no mérito anteriormente, dentro do período analisado) também foram ignorados. Já quando o acórdão principal era anterior a 13 de maio de 2021, o acórdão de rejeição dos embargos foi computado.

O total de 154 acórdãos engloba tanto ações anulatórias de sentença arbitral quanto cumprimentos de sentença arbitral nos quais foi levantada a discussão sobre anulação da decisão do tribunal arbitral.

  • Por José Higídio – repórter da revista Consultor Jurídico.
    Fonte: Conjur
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Terceira Turma valida alienação por iniciativa particular que não seguiu o artigo 880 do CPC

A Terceira Turma do Superior Tribunal de Justiça (STJ) decidiu que o desrespeito ao procedimento previsto no artigo 880 do Código de Processo Civil (CPC) não invalida a alienação por iniciativa particular, desde que não tenha havido prejuízo às partes.
26/06/2026

Na origem do caso, uma instituição financeira ajuizou execução de título extrajudicial, e o devedor ofereceu imóveis à penhora. Após o segundo leilão, parte dos bens foi arrematada, mas um imóvel remanescente foi adquirido por meio de alienação por iniciativa particular (venda direta). A venda foi homologada pelo juízo e, na sequência, houve imissão na posse do adquirente.

O ex-proprietário ajuizou ação em que alegou nulidade da venda do imóvel, por ter ocorrido por iniciativa particular logo após o segundo leilão e sem a sua prévia intimação. O Tribunal de Justiça de Santa Catarina (TJSC) julgou a ação improcedente.

No recurso ao STJ, o antigo dono do imóvel sustentou que a venda direta não observou as normas processuais, o que teria comprometido a segurança jurídica e lhe causado perdas e danos, além de lucros cessantes. Argumentou que, se tivesse sido informado da venda direta, teria exercido seu direito de preferência.

Apesar de não cumprir as exigências legais, venda não prejudicou o devedor

A relatora, ministra Nancy Andrighi, reconheceu que não foram cumpridas as exigências previstas no artigo 880 do CPC para a venda direta do bem penhorado, como requerimento do exequente, intimação das partes e fixação das condições da alienação pelo juiz, ainda que posteriormente o banco tenha anuído com a alienação e o magistrado homologado o negócio.

Apesar disso, a ministra destacou que a alienação se deu por valor superior a 50% da avaliação, além de ter sido paga à vista e intermediada por leiloeira experiente.

Segundo a relatora, o prejuízo alegado pelo ex-proprietário se referia à impossibilidade de familiares exercerem o direito de preferência para manter o imóvel na família, diante da ausência de intimação prévia do devedor. Contudo, ela observou que tanto o filho quanto o irmão do devedor tiveram ciência do interesse do terceiro pelo imóvel e se abstiveram de apresentar propostas.

Flexibilidade na alienação por iniciativa particular

Além disso, a ministra enfatizou que a tese de perda da chance de exercer o direito de preferência não foi apresentada na petição inicial nem nas impugnações à arrematação nos autos da execução, tendo surgido apenas no momento da réplica.

Nancy Andrighi ressaltou que, na alienação por iniciativa particular, cabe ao juízo fiscalizar as negociações e verificar o cumprimento dos requisitos legais. Ela acrescentou que “há flexibilidade do juiz para a fixação das condições de alienação por iniciativa particular, que devem ser adequadas às circunstâncias da hipótese e podem ser revisitadas, se necessário”.

Ao manter a validade da venda direta realizada após o segundo leilão, a ministra concluiu que, uma vez homologado o negócio pelo juiz, eventual invalidade depende da demonstração de prejuízo.

Esta notícia refere-se ao(s) processo(s):REsp 2202208

Fonte: STJ

 

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CerradinhoBio expands bet on corn ethanol

Investments have made the Goiás sugarcane company Brazil’s third-largest producer of the grain-based biofuel

 

CerradinhoBio’s plant in Maracaju, Mato Grosso do Sul — Foto: Divulgação
CerradinhoBio’s plant in Maracaju, Mato Grosso do Sul — Photo: Divulgação

Founded in 2007 as a sugarcane ethanol distillery in Chapadão do Céu, Goiás, CerradinhoBio has transformed itself in recent years, with corn ethanol now its flagship business. With results growing in recent years largely because of that bet, the company continues to invest in the business and is preparing new capacity expansions for the coming years.

In the last crop year (2025/26), the company posted a 90% increase in net income, to R$372.7 million. Of the company’s net revenue for the crop year, R$4.3 billion, up 16%, half came from corn ethanol sales alone, which rose 19%. The corn ethanol business, including DDG and corn oil, already accounts for 70% of results.

Profit growth last crop year was supported by both the corn ethanol and sugarcane businesses, as CerradinhoBio increased sugar production following capacity investments. In the corn ethanol business, the highlight was gains in operational efficiency, CEO Renato Pretti told Valor.

There was also a sharp increase in revenue from VHP sugar, up 176% to R$898 million, resulting from the investment in expanding the plant in the previous crop year. Even so, CerradinhoBio continues to bet on ethanol—and only from corn.

In early June, the company began operating an expansion of its corn ethanol plant in Chapadão do Céu. After a R$140 million investment in the expansion project, the unit now has the capacity to process 1.2 million tonnes of corn a year, up from 800,000 tonnes previously.

Pretti expects the corn business’s share of results to be even larger this crop year. “In five years, we changed the company’s profile,” he said. With a flex plant in Goiás and a dedicated corn ethanol plant in Maracaju, Mato Grosso do Sul, CerradinhoBio is already the third-largest corn ethanol producer in Brazil, behind Inpasa and FS.

For the CEO, the market trend is that any expansion of ethanol supply in Brazil will come only through corn processing. “Corn ethanol is more competitive. The projects are leaner and more agile, and there is a good regional fit with the new agricultural frontiers,” he said. “A sugarcane greenfield project, by contrast, is expensive; I don’t know whether the numbers work. And it is not as agile,” he said.

CerradinhoBio already has plans for further expansion in the business. The company has another expansion project for the Chapadão do Céu corn ethanol plant close to being confirmed, and it is also beginning to assess a future expansion of its dedicated plant in Maracaju. In that case, however, capital demand is expected to be higher, requiring more caution in an environment where interest rates remain high, he said.

According to the executive, the expansion plans are being carried out with the necessary caution. When CerradinhoBio invested more than R$1 billion in the Maracaju plant, the initiative created an imbalance in its financial metrics. It forced the company, two years ago, to negotiate with banks and holders of Agribusiness Receivables Certificates (CRA) for permission to breach leverage metrics while continuing to meet its payment obligations on time.

That squeeze, however, is behind the company. In the 2025/26 crop year, CerradinhoBio posted EBITDA of R$1.5 billion and net debt of R$2.1 billion. In other words, the company ended the season with leverage of 1.4 times, well below the tight levels seen in the middle of the 2024/25 crop year.

One strategy to keep investing while preserving the capital structure is to seek cheaper financing sources. For the recently completed expansion in Chapadão do Céu, the company used funds from the Brazilian Development Bank (BNDES) Climate Fund.

The company’s expansion into corn ethanol has also meant that CerradinhoBio now needs to turn to alternative biomass sources to generate energy, but the plan is to reverse that. Today, 40% of the energy consumed in production already comes from wood chips. “We have been working on an energy-efficiency project to eliminate the need for alternative biomass,” he said.

By Camila Souza Ramos, Globo Rural — São Paulo

Source: Valor International

https://valorinternational.globo.com/

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Brazil’s blue-chip companies slow hiring as cost pressures mount

Ibovespa-listed firms added fewer jobs in 2025 as companies froze hiring, cut staff

Companies that make up the current Ibovespa portfolio—the stock market’s blue-chip names in terms of trading liquidity—employ nearly 1.5 million people in Brazil, but posted a smaller net increase in jobs in 2025 than in 2024. At the same time, the number of companies that froze or eliminated positions increased, a trend specialists view as a way to preserve cash and boost productivity.

A survey conducted by Valor over the past few days analyzed 213 human resources reports from 71 companies currently included in the B3 benchmark index, covering 2023, 2024, and 2025. Petrobras was excluded to avoid distorting the data. The analysis was made possible because the reports were attached to the reference forms that listed companies are required to file with the Securities and Exchange Commission of Brazil (CVM) by May 31, the mandatory deadline for updating corporate information.

Taken together, the 71 companies posted a net gain of 33,700 jobs in 2025, down from 37,600 the previous year, a decline of 10.2%.

In terms of total employment, headcount at the 71 companies grew 2.72% from 2023 to 2024. That pace slowed slightly to 2.38% from 2024 to 2025.

According to economists interviewed by Valor, the findings warrant close attention as they may signal an emerging slowdown in hiring among Brazil’s largest listed companies. “The question is whether this could prove to be a loss of momentum as a result of the high-interest-rate environment. It could also evolve from a cyclical phenomenon into something structural, depending on which sectors are affected. And remember, we are talking about an elite group of companies that are generally more insulated because of their market positions,” said Marcelo Manzano, professor of Brazilian Economics and Social and Labor Economics at the Institute of Economics of the University of Campinas (Unicamp).

Brazil’s largest banks posted the biggest declines in total headcount in 2025, reflecting continued branch closures and internal restructuring amid mounting competition from fintechs and initiatives to streamline processes and reduce staffing.

The figures do not necessarily imply direct layoffs, since the reported numbers reflect net headcount after both hiring and departures. Companies disclose only their total workforce at the end of each reporting period. Still, the data suggest shrinking employment in certain areas against a backdrop of profound changes in workforce utilization across the banking sector.

Among the largest net workforce reductions between 2024 and 2025, the highlights were: Santander (5,725 fewer employees, down 10%), Itaú Unibanco (3,700 fewer, down 3.8%), Bradesco (1,927 fewer, down 2.3%), and Banco do Brasil (1,368 fewer, down 1.6%). Santander, which posted the largest decline, described the changes in its filings under the “material changes” section of its human resources report as an “organizational restructuring.”

Only BTG Pactual expanded its workforce, adding 4,100 employees, a 55% increase, bringing total headcount to 11,700. In its disclosures to the CVM, the bank said it added 369 positions in Brazil as a result of acquisitions and newly incorporated companies, including its takeover of Banco Pan in 2025.

Valor also compared changes in workforce levels over recent years with employee turnover rates, which include both hiring and departures.

Across the sample, both the average and median turnover rates increased even as job growth slowed over the three years. The average turnover rate rose from 17.44% in 2023 to 18.79% in 2024 and reached 20.33% in 2025.

Among companies with relatively high turnover—above 15%, a threshold commonly used in HR literature—and declining workforce levels were Santander, Sabesp, Ambev, Suzano, and Natura. At Sabesp, which has come under scrutiny following infrastructure failures and explosions in São Paulo, headcount fell by more than 1,800 employees between 2024 and 2025, a 17.4% decline, while employee turnover more than tripled, rising from 7.27% to 26%.

Sabesp said in a statement that 3,800 employees joined its voluntary separation program in 2025, while the company hired 2,000 new workers—roughly half the number of departures—and that its strategy combines employee retention with the attraction of new talent. It added that it began 2026 with 9,600 employees, compared with 8,700 at the end of 2025.

At Ambev, headcount declined by 1,011 employees from a workforce of about 25,000 in 2024, while turnover jumped from 10% to 17.67%. Over two years, turnover doubled, and the company’s workforce shrank by nearly 4,200 employees, including 2,900 in Brazil’s Southeast region between 2023 and 2025. The brewer declined to comment.

Pulp producer Suzano reported nearly 4,500 employee departures in 2025, compared with 3,000 in 2024 and about 2,500 in 2023, according to its filings with the CVM.

The company said its turnover rate—calculated using only employee departures—increased from 13.8% in 2024 to nearly 20% in 2025. Total headcount declined by 886 employees between 2024 and 2025, from about 24,000, with reductions across all geographic regions in Brazil and abroad. Departures exceeded the net reduction as the company also hired employees during the period.

Suzano declined to comment directly but said in its filings that intense competition and the “prioritization of initiatives” required workforce reductions, citing “resource reviews and organizational restructuring.” The company also closed a printing and writing paper mill in January, eliminating 90 positions in a declining business segment.

In practice, turnover should not be viewed in isolation. High turnover combined with declining headcount may indicate companies under restructuring or reassessing workforce models, according to labor specialists.

“We are seeing companies of all sizes, including large corporations, frequently reassigning employees internally, often without salary adjustments. Part of that reflects efforts to improve productivity while keeping costs under control. Employees then leave voluntarily, affecting both turnover rates and final headcount,” said Cristina Helena de Mello, professor and researcher at PUC-SP and a governance adviser certified by the Brazilian Institute of Corporate Governance (IBGC).

Conversely, companies with low turnover and shrinking workforces may be experiencing what HR specialists call attrition, leaving positions vacant for extended periods or eliminating them. This pattern is also common in mature or consolidated businesses.

The number of companies fitting that profile increased from one in 2024—energy company Copel—to four in 2025: Banco do Brasil, Copasa, Marcopolo, and Motiva (formerly CCR).

Marcopolo said in its filings that “structural adjustments and changes in production volumes” led to the dismissal of 918 employees in 2025. The company’s net revenue in Brazil fell about 10% from 2024, while domestic production declined 8%.

The bus manufacturer said it continues to align its workforce with operational needs while investing in attracting, developing, and retaining talent.

Motiva attributed its workforce reduction to the closure of two ferry operations in Rio de Janeiro, affecting 852 positions, and the end of its 27-year highway concession for the Castello-Raposo system, resulting in another 607 job cuts. The company said these reductions occurred alongside the largest investment cycle in its history, exceeding R$60 billion, which continues to generate demand for skilled professionals. It hired 405 engineers in 2025 and plans to recruit another 150 in 2026.

In public filings, power utility Copel said it reduced headcount throughout 2023, 2024, and 2025 as part of a “financial cost optimization” strategy and does not immediately replace departing employees. The utility also noted that it has implemented annual voluntary separation programs and prioritizes internal redeployment. Although the company underwent a secondary share offering that privatized part of its capital in 2023, the policy predates that transaction. Water utility Copasa declined to comment, citing its ongoing privatization process.

Despite the challenging macroeconomic backdrop of high interest rates and persistent inflation weighing on household spending, several companies continued to expand their workforces while posting high turnover rates.

These were concentrated in retail, services—including healthcare, telecommunications, and car rentals—and construction. Examples include RD Saúde, Assaí, Fleury, Rede D’Or, MRV, Direcional Engenharia, and Vivo. Workforce expansion at these companies ranged from 1,700 to 9,100 employees between 2024 and 2025, while turnover rates ranged from 19% to 62%, with fashion retailer Renner posting the highest rate. Assaí’s turnover reached 55%, while RD Saúde’s stood at 45%, highlighting the complexity of managing personnel and labor costs.

Retail has historically experienced high employee turnover, serving as an entry point into the labor market for thousands of workers, while offering relatively low wages and making it easier for employees to move into sectors such as ride-hailing and delivery platforms.

At first glance, it may seem contradictory that companies closely tied to domestic demand continue hiring amid slowing consumption. But this partly reflects the rapid digitalization of businesses, as well as increasing personalization and segmentation in service industries. “For many companies, especially in healthcare and services, personalization is a constant demand, and that affects staffing levels,” said Professor Cristina de Mello. For Manzano, of Unicamp, the combination of high turnover and continued hiring in retail illustrates the intense digital competition among major platforms.

Mello added that discussing workforce management has become increasingly sensitive for companies, particularly amid debates over changes to Brazil’s workweek regulations. “Companies are more exposed, and it may reveal vulnerabilities in a more adverse economic environment, with rising operating expenses and higher capital costs,” she said.

The banks covered by the survey—which together eliminated 12,700 jobs between 2024 and 2025—said they are adapting to a changing operating model.

Santander, which accounted for the largest reduction, said customers increasingly demand digital, agile, and personalized solutions, and that the bank is responsibly adapting its processes, distribution channels, and organizational structure.

Itaú Unibanco said the decline in headcount is consistent with normal workforce management at an institution of its size and was spread across several business areas. Bradesco said the figures reflect the natural dynamics of personnel management while the bank continues investing in technology, innovation, and employee training to meet customer needs.

Banco do Brasil said its 1.6% reduction is broadly stable and consistent with normal retirements and employee departures. Its turnover rate, at 2.27%, remained low and stable, reinforcing its ability to retain employees and maintain predictable workforce management. BTG Pactual, which expanded its workforce, declined to comment.

*By Adriana Mattos — São Paulo

Sosurce: Valor International

https://valorinternational.globo.com/

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Sale of Bahia mining company nears completion

Acquisition of Bamin by Mota-Engil awaits approval from Brazil’s land transport regulator, sources say

 

 

 

Acquisition is tied to a rebalancing of the concession agreement — Foto: Divulgação
Acquisition is tied to a rebalancing of the concession agreement — Photo: Divulgação

The sale of Bamin (Bahia Mineração) to Portuguese infrastructure group Mota-Engil is in its final stages, according to sources familiar with the matter. The transaction is currently under review by Brazil’s Land Transport Agency (ANTT), which must approve the transfer of control of the West-East Integration Railway (Fiol) concession in Bahia state.

In addition to the ANTT review, the acquisition is tied to a rebalancing of the concession agreement, negotiations that are also underway within the regulatory agency and could later be referred to the consensus chamber of the Federal Court of Accounts (TCU), according to people familiar with the discussions.

For Mota-Engil, a Portuguese company whose major shareholders include China Communications Construction Company (CCCC), the acquisition of Bamin drew interest because it involves not only the railway segment between Ilhéus and Caetité, in Bahia state, but also a port project in Ilhéus and a mining operation in the region, said Manuel Mota, the company’s vice-CEO.

“It is a complex project, but one that encompasses three areas of expertise within the group. The port segment, where we have extensive experience in port construction and operations; the railway segment, where we also have operational expertise; and mining, where we likewise have experience in building and operating mines,” said Mota.

The executive said Mota-Engil is currently the largest Western contractor in the railway sector worldwide. “We have more than 2,000 kilometers of railways under construction in Africa and completed nearly 2,000 kilometers of railways in Latin America over the past five years.”

According to a source, issues under discussion at ANTT include extending the term of the Fiol concession and renegotiating the construction schedule so that completion of the railway would be postponed from 2027 to 2031. The assessment is that such changes would be necessary to make the acquisition viable.

There is also an expectation of additional renegotiations, though those would need to be submitted to the TCU consensus chamber because they would involve deeper contractual changes. Within the current administration, there is a view that the Fiol concession model—auctioned in April 2021 during the administration of former President Jair Bolsonaro—contained structural flaws.

ANTT did not respond to requests for comment.

The concession between Ilhéus and Caetité in Bahia state was awarded to Bamin in 2021, but construction of the segment failed to advance as planned. The company, controlled by Kazakhstan-based Eurasian Resources Group (ERG), blamed the war in Ukraine for the difficulties faced by the group. However, since the auction, the project had already been viewed as financially challenging, and Bamin’s capacity to finance construction had long been questioned within the sector. The company operates a mining project near Caetité and also plans to build a port in Ilhéus.

In recent years, the federal government has sought a solution for the project, which is considered strategically important from a logistics standpoint. The segment is the first stretch of the Fiol railway, which also includes two additional sections: an intermediate segment connecting Caetité to Correntina, also in Bahia state, and another expected to extend the network to Mara Rosa, in Goiás state. The latter section is expected to connect with the North-South Railway and with the Fico railway currently under construction by Vale.

The federal government had at one point pressured Vale to acquire the asset. The mining company studied the acquisition in partnership with Cedro and BNDESPar, the investment arm of Brazil’s National Development Bank (BNDES), but the plan did not move forward.

Bamin did not return requests for comments.

*By Taís Hirata — São Paulo

Source: Valor International

https://valorinternational.globo.com/

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Trade war pushes Brazilian companies to seek new markets

Record exports to 42 countries highlight a growing effort to diversify sales beyond traditional destinations amid global uncertainty

 

 

 

The trade war launched by U.S. President Donald Trump has heightened the urgency for Brazilian companies to find new markets for their products. The results are already evident. In 2025, Brazil posted record export volumes to 42 countries, according to data from the Ministry of Development, Industry, Trade and Services.

Among the destinations that received record shipments—excluding the United States and China—were Canada, India, Turkey, Paraguay, Uruguay, Bangladesh, the Philippines, Panama, Pakistan, and Norway. The trend could gain further momentum in the coming years as Brazil expands its network of trade agreements to cover its exports.

“Many companies already have diversification in their DNA. But revisiting export strategies has become necessary in light of changes in the global environment,” Tatiana Prazeres, the ministry’s foreign trade secretary, told Valor. “The global environment, marked by challenges, shifts in trade policy, and geopolitical tensions, has fostered greater pragmatism among both governments and the private sector,” said Constanza Negri, international trade and integration manager at Brazil’s National Confederation of Industry.

Government officials argue that companies’ growing search for alternative markets has helped accelerate trade negotiations, including the Mercosur-European Union agreement. Last week, Brazil’s Congress approved two Mercosur trade agreements that are part of this broader diversification strategy: accords with Singapore and the European Free Trade Association (EFTA), whose members are Switzerland, Norway, Iceland, and Liechtenstein. Taken together, the agreements increase the share of Brazil’s trade covered by trade deals from 12% to 31%.

That figure could increase further.

Mercosur is negotiating a trade agreement with Canada, which has moved from the 10th-largest destination for Brazilian exports in 2023 to the 8th-largest in 2025. According to the ministry, negotiations are also underway with the United Arab Emirates, Indonesia, Lebanon, and Vietnam.

Last week, on the sidelines of the G7 summit, President Lula discussed the potential launch of Mercosur-Japan trade negotiations with Japanese Prime Minister Sanae Takaichi. The start of those talks could be announced at the South American bloc’s summit later this month.

Brazil is also seeking to expand its existing agreements with India and Mexico. Negri highlighted the speed with which Congress approved the agreements with the European Union, Singapore, and EFTA, a departure from Brazil’s traditionally slower approach to trade liberalization. In her view, the debate is no longer about whether trade agreements are necessary, but about which agreements make the most sense for Brazil.

Prazeres argued that the Singapore and EFTA agreements are more important to Brazilian exporters than many observers realize. Although exports to those markets are heavily concentrated in crude oil and fuels, the range of products shipped there is significantly more diversified than aggregate trade figures suggest. Of the roughly 8,000 categories of goods exported by Brazil in 2025, about 2,500 were sold to Singapore, and 2,280 were exported to EFTA countries.

According to Prazeres, those figures indicate substantial room for Brazilian companies—particularly industrial exporters and producers of higher-value-added goods—to expand their presence in those markets. “There are many opportunities for companies in products that may represent only a small share of Brazil’s exports to a given country, but can make a significant difference for an individual business,” she said. Beyond trade diversification, government studies project meaningful economic gains from the Singapore and EFTA agreements.

Singapore is viewed as a gateway to Southeast Asia, one of the world’s most open and dynamic regions. The ministry estimates that the agreement could increase Brazil’s gross domestic product by R$28 billion, boost investment by R$11 billion, and expand total trade flows by $40 billion by 2040, driven by higher exports and imports. For the EFTA agreement, projections indicate a R$2.69 billion increase in GDP, an additional R$660 million in investment, and a R$3.34 billion rise in Brazilian exports. Both agreements have received strong support from industry groups for their potential to expand trade and investment opportunities.

Negri noted that the EFTA deal is especially significant because it strengthens Brazil’s ties to a market closely integrated with the European Union. She also pointed out progress in areas like investment regulations and government procurement. In contrast, the Singapore agreement is seen as a means to expand Mercosur’s access to Asian markets.

Industry groups, however, advocated stringent rules of origin to prevent trade triangulation, in which products from third countries could enter Mercosur via Singapore. “Trade relationships do not develop on a blank sheet of paper,” said Leandro Consentino, a political scientist and professor at business school Insper, emphasizing the political aspect of trade policy. “It is not solely an economic issue. There is also a significant political element, especially this year when both Brazil and the U.S. are approaching elections.”

*By Giordanna Neves and Lu Aiko Otta — Brasília

Source: Valor International

https://valorinternational.globo.com/

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Pension withdrawals slow after Brazil’s financial tax change

Levy on larger private pension contributions curbed inflows, but fewer investors pulled money from plans in early 2026

 

 

 

Withdrawals from private pension plans slowed in the first months of 2026 after a new Financial Transactions Tax (IOF) started applying this year to larger contributions to Free Benefit Generator Life Plan (VGBL) pension plans. The move followed a sharp drop in inflows in the second half of 2025.

In January, the 5% financial-transactions tax stopped applying to annual VGBL contributions of R$300,000 or more at each insurer. It now applies only to amounts above R$600,000, based on each participant’s total contributions across the market.

“It shows, to some extent, that participants understand this money is indeed for the long term and that withdrawing it carries a penalty if they want to return,” said Ângela Assis, CEO of Brasilprev. “But there is no denying that the IOF hurt the sector.”

Rogério Calabria, head of investment and pension products at Itaú Unibanco, said the propensity to save has increased. “There is the issue of high debt, on average, across all income levels, and people are trying to rebuild some of their wealth,” Calabria said. “The war leads to that, interest rates that were expected to fall and are not falling anymore also lead to that, and there are significant uncertainties. When that happens, people hold back on spending and become more conservative in their investments.”

Data for the first four months from the National Federation for Private Pension and Life Insurance (Fenaprevi) show net inflows fell 7.8% from the same period in 2025, to R$6.7 billion. Contributions totaled R$54.1 billion in 12 months, down 8.3%, while withdrawals dropped 8.5% to R$47.4 billion. Through March, net inflows had grown 7.2% in 12 months, precisely because withdrawals declined 10.7%.

Regulatory uncertainty

For Fenaprevi’s president, Edson Franco, the tax has had a spillover effect even on Free Benefit Generator Plan (PGBL) plans, which are not taxed upon contribution, because of the regulatory uncertainty it created.

“Investors end up turning to other accumulation products. There are pension products that do, in fact, offer tax incentives for long-term retention, but Brazil has this inconsistency of offering very short-term instruments with full tax exemption,” Franco said, referring to tax-incentivized credit securities. “When clients also see a penalty at the point of entry, meaning a reduction in the nominal amount contributed, they naturally step away.”

Franco said the industry stepped up communication with participants and has run campaigns to attract new money, helping soften the IOF impact. “Last year, the drop in inflows reached 20%, and this year it was 8%, largely because of the effort by entities to explain who is subject to the tax.” He said he still does not have a clear read on what drove the reduction in withdrawals and that it remains to be seen whether the movement will become a trend.

This is an important market for the formation of long-term savings, and the industry “made a major effort for years to spread financial education and convince society to invest,” said Marcelo Flora, partner at BTG Pactual and CEO of its insurance and pension unit. He expects the government to eventually review the toll, given the contradiction of taxing those who are planning for the future at the point of entry.

“Those who already have accumulated resources now think twice before making a withdrawal,” said Érico Soares Neto, director of BTG Vida e Previdência. Soares Neto said inflows rose 7% this year, to R$1.08 billion, driven by a slower pace of outflows.

At the end of April, 11.2 million people in Brazil had some type of private pension plan, with reserves of R$1.8 trillion, equivalent to 11% of GDP. That is still limited for a relatively young industry that had been expanding year after year until it hit the brakes in the middle of last year.

According to data from Anbima (Brazilian Financial and Capital Markets Association), the funds that hold the sector’s reserves had posted net withdrawals of R$7.1 billion this year through June 17.

“We feel the lost opportunity because pensions could be performing much better if not for this aberration,” Franco said. “Taxing income is what is expected from accumulation products, with a tax incentive for the long term. That is what is done around the world, never taxation at the accumulation stage. This is a punishment for prudent behavior.”

Long-term appeal

Private pension plans have so many advantages that, depending on the situation, they are still worth considering, including for amounts above R$600,000, said Gustavo Lendimuth, a senior executive in Santander Brasil’s distribution and advisory area.

Lendimuth cited long-term tax deferral, the absence of so-called “come-cotas”, the semiannual advance tax charged on other pooled funds, and a rate that falls to 10% after 10 years under the regressive tax table as some of those advantages.

Pension plans also help simplify estate succession, without going through probate. “It is a solution for different needs: for those who want to accumulate, transfer resources or invest for the medium and long term. From five years onward, it is already advantageous.”

With R$484.2 billion under management at Brasilprev, Assis said the first months of the year were productive despite the IOF blow. In BB Seguros’s earnings presentation, the company that controls Brasilprev reported a 10.2% increase in pension reserves and inflows of R$3.9 billion, compared with withdrawals of R$1.5 billion in the same period ended in March 2025. Contributions rose 9% in 12 months, to R$15 billion. Recurring net income in the first quarter was R$538 million, up 51% from a year earlier.

For this year, the insurer projects growth of 8% to 11% in pension reserves.

At Itaú, the IOF on VGBL plans forced a change in strategy, Calabria said. He said the use of data technology made it more efficient to attract clients from competitors through pension plan transfers. “Now there is this need because the market has become smaller.”

With R$351 billion in pension assets, Itaú has also focused on PGBL, which is not subject to the IOF and is a product the bank already leads in sales and knows how to sell.

The product is used by taxpayers who file the full income tax return and can deduct up to 12% of taxable income, increasing their tax refund. “Our client understands it. It is an advisory product, and we have been explaining that some clients could be better allocated in PGBL than in other investments; [the client] has to reallocate, it is a benefit they are leaving on the table,” Calabria said.

Another front has been expanding the client base, lowering the average ticket and bringing more people into the product.

Calabria said the first four months were productive also because Itaú, like other peers, moved quickly to attract clients who reach the IOF limit on VGBL plans.

“That high-value client who has R$600,000 to allocate in the year across all insurers, we wanted to reach first.” Inflows through April reached R$4 billion, half of which came from transfers.

Despite the slower pace, Calabria expects the sector to grow this year, partly because high interest rates provide an organic boost to invested reserves. “The IOF has an impact, there is no doubt, but the market has not ended. The sector is rearranging itself. It will grow less than it had been growing, but it is too early to make very pessimistic or very optimistic projections.”

He said he still sees demand for the product, but some investors have lost interest. It has become harder to sell the product and explain the IOF, Calabria said. “There is no way not to be concerned about the rule change. It scared off some clients who think it is better not to touch this.”

Competition and transfers

Lendimuth, of Santander, said the group is gaining pension market share again this year after the IOF change. “This is a reversal that was planted,” he said. The executive said that, while clients could still contribute R$600,000 without the new tax until the end of last year, the commercial focus was on executing those contributions. Now, the effort is concentrated on transfers and retention. “It was the best first quarter for new contributions, but we planted a lot of transfers, which we will harvest in the future.”

He said face-to-face work by investment specialists at AAA offices has made a difference, since pension plans are predominantly consultative sales. The bank redesigned incentives, expanded its sales repertoire and improved the timeliness of information.

In general, insurers linked to the large banks suffer the biggest losses, but Itaú has managed to defend its ground through consultative sales.

In the first four months, according to Susep, Brazil’s private insurance regulator, Itaú Vida e Previdência retained nearly R$2 billion on a net basis, considering amounts accepted and ceded. Bradesco Vida e Previdência lost R$1.3 billion, followed by Brasilprev, with R$827.3 million; Caixa Vida e Previdência, with R$297 million; Zurich Santander, with R$290.5 million; SulAmérica, with R$226.2 million; and Icatu Seguros, with R$82.5 million.

Newer players moved in opposite directions, with BTG attracting R$1.3 billion and XP Vida e Previdência losing R$38.5 million, after being one of the leaders throughout 2025.

Last year, XP’s inflows were boosted by the transfer of plans sold on its platform from Icatu and SulAmérica to its own insurer. That friendly asset-transfer drive totaled R$17 billion. XP was followed by BTG, with R$7.8 billion, and Itaú, with R$7.5 billion.

By Adriana Cotias — São Paulo

Source: Valor International

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TCU warns government of growing risk of bailing out state-run companies

Review of 2025 government accounts points to worsening financial conditions at companies and insufficient oversight by ministries

Brazil’s Federal Court of Accounts (TCU) has warned the federal government of a growing risk that the Treasury will have to provide financial support to non-dependent state-owned companies in the coming years.

In its review of the president’s 2025 accounts, approved last week, the TCU said the worsening financial condition of several federal companies, combined with insufficient oversight by the ministries responsible for them, increases the likelihood of new Treasury injections.

The warning is based on audits of 11 non-dependent federal state-owned companies—entities that do not rely on the Treasury to fund their operations—including Brazil’s postal service Correios, Eletronuclear, the Brazilian Nuclear and Binational Energy Holdings Company (ENBPar), airport operator Infraero, asset management company Emgea, the Brazilian Mint, PortosRio, and federal port authorities known as Companhias Docas.

According to the court, some companies already pose an immediate risk to public finances, including Correios, while others have accumulated problems that, if left unaddressed, are likely to worsen and could require federal support over the medium and long term.

Non-dependent federal state-owned companies ended 2025 with a primary deficit of R$5.1 billion. Although the result improved from the R$6.7 billion deficit recorded in 2024, it maintained the deteriorating trend seen since 2023, when the group of companies began posting negative results, with a deficit of R$700 million, after surpluses of R$3 billion in 2021 and R$4.8 billion in 2022.

“The gradual reversal from positive results to growing deficits over the 2023-2025 period demonstrates a deterioration in these companies’ ability to finance themselves and adds pressure to the consolidated fiscal effort,” the court said.

According to the TCU, the financial deterioration of state-owned companies stems from a combination of factors, including loss of competitiveness, declining revenues, rigid cost structures, and reliance on one-off, non-recurring measures, such as capital injections, financial income, and asset sales, to support results.

The report also identified shortcomings in oversight by the ministries responsible for the companies, which it described as a “systemic deficiency.” According to the TCU, monitoring has not been sufficient to identify and correct problems proactively, increasing the risk that liabilities will eventually become obligations for the federal government.

Among the cases cited is Correios. The TCU described the postal service’s situation as the most serious and urgent among the companies analyzed. According to the court, the company is operating in a state of technical insolvency, has posted losses since 2022, and depends on government-backed borrowing to maintain operations. A financing agreement signed in 2025, worth R$12 billion and guaranteed by the federal government, requires a minimum government contribution of R$6 billion by 2027.

The TCU also warned of contagion risks among companies operating in the same sector. In the nuclear segment, Eletronuclear was classified as posing a high fiscal risk because of debts related to the construction of the Angra 3 nuclear plant and structural deficits arising from the operation of the Angra 1 and Angra 2 plants. According to the court, the company posted losses in 2025 and lacks sufficient resources to meet short-term obligations without resorting to new borrowing.

The TCU also highlighted that Eletronuclear’s situation directly affects Indústrias Nucleares do Brasil (INB) and puts pressure on ENBPar. In the auditors’ assessment, there is an immediate risk that Treasury injections will be needed to cover current and capital expenditures of companies within the group.

Federal port authorities present a mixed picture, with risks ranging from medium to high. Among them, PortosRio was identified as the most concerning case. The company has negative equity, insufficient cash generation, and already received R$1.14 billion in Treasury injections in 2024. Labor liabilities further aggravate the situation, as the number of active lawsuits has increased, with provisions totaling R$435 million, “driven by the obsolescence of a compensation and career plan that has remained unchanged for more than 15 years.”

The Port Authority of Rio Grande do Norte (Codern) was also found to be in a fragile position, marked by consecutive operating deficits from 2021 to 2024, equity restored only through an extraordinary Treasury capitalization in 2025 and an imminent risk of revenue losses. The remaining port authorities face medium risk, with vulnerabilities stemming from chronic underinvestment and rising personnel costs.

“A cross-cutting risk factor affecting all port authorities is the Portus pension fund liability, which has a significant actuarial deficit at each company and lacks restructuring plans under adequate supervision by the Ministry of Ports and Airports,” the report said.

The Brazilian Mint, meanwhile, was classified as medium risk. According to the court, the company has sustained positive results primarily through financial income generated by accumulated reserves, a strategy that may be exhausted in the coming years.

Emgea, in turn, is in a more comfortable financial position but will face uncertainty regarding its sustainability after December 2026, when its main source of revenue, linked to the management of housing-related claims from the Wage Variation Compensation Fund (FCVS), comes to an end.

Brazilian Mint relies primarily on financial income from reserves to sustain positive results

Infraero was classified as low risk in the short term. Even so, the TCU warned of possible structural deterioration over the medium term because of operational restrictions imposed on Santos Dumont Airport, its only profitable asset.

“In the company’s own projections, maintaining these restrictions represents cumulative losses of R$983 million by 2030 compared with a scenario of greater operational flexibility, making dependence on Treasury support likely after 2030,” the court said.

Economist Alexandre Andrade, director of Brazil’s Independent Fiscal Institution (IFI), said the economic and financial deterioration of federal state-owned companies currently represents a highly significant fiscal risk for the federal government. First, because a company may be reclassified as a dependent state-owned enterprise, becoming part of the federal budget and increasing pressure on spending limits established under Brazil’s fiscal framework.

The second risk involves capital injections, which also place pressure on spending caps. “These injections constitute primary expenditures and can limit room for other spending within the fiscal framework’s caps. Even if the contributions are structured so that they are not directly recorded in the primary balance, they may increase gross debt through the issuance of government bonds,” said Andrade.

The economist said the lack of monitoring indicators for state-owned companies can encourage management to take excessive risks or expand expenditures, especially payroll costs, beyond cash-generation capacity, on the assumption that the National Treasury will rescue the company if necessary. “In that case, society as a whole would bear the cost,” the IFI director said.

In a statement, Codern said it continues to generate sufficient resources to fund operations and meet its obligations on a regular basis. The company also said accounting results in recent years had been affected by non-cash expenses, including depreciation, provisions and monetary adjustments, which affect accounting results but not operational capacity or liquidity. Regarding the capital injection received in 2025, the company said the capitalization helped “restore the company’s equity structure,” while it continues to implement measures to increase operational efficiency, strengthen revenues and improve results.

Codeba said the company is profitable and has consistently distributed dividends to shareholders. “In 2025, it achieved a record liquidity position of R$331.2 million, reflecting excellent operational management and the strategic recovery of assets,” the company said.

The other state-owned companies contacted did not respond to a request for comment. The Ministry of Management and Innovation in Public Services, which oversees the Secretariat for State-Owned Enterprises, also did not respond.

  • By Giordanna Neves and Jéssica Sant’Ana — Brasília
  • Source: Valor International

https://valorinternational.globo.com/

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