Opening the event, held at the Rosewood hotel in São Paulo, Frederic Kachar, director-general of publishing company Editora Globo and Sistema Globo de Rádio, said no leader reaches goals alone, without a team aligned with the business. He also highlighted common traits among the winners, such as their ability to adapt to shifts in the business environment, build autonomous and integrated teams, and attract and retain talent.

Kachar also emphasized the importance of shared leadership, with strong teams around the CEO and family members who are a key part of the support network behind successful professional trajectories.

Valor’s editor-in-chief, Maria Fernanda Delmas, highlighted the meticulous work carried out by the jury in selecting the executives who stood out in “a very difficult scenario.” She also stressed the importance of valuing people within companies, citing recommendations from specialists. “The best leader is not the one who has an answer for everything, but the one who creates an environment where the team can flourish. And more important than hiring individually brilliant professionals is being able to build a team that is adapted to the company’s culture.”

Capital costs

The unusual nature of the current geopolitical environment, with simultaneous wars affecting commodity prices and bringing inflation into Brazil, was highlighted by Itaú Unibanco CEO Milton Maluhy Filho. He noted that this dynamic has prompted a reorganization of investor flows, which ended up benefiting emerging markets, including Brazil. “But this is a flow that can leave quickly, just as it came in. What matters more is attracting long-term investment that helps Brazil achieve vigorous growth,” said the bank’s chief executive..

In Maluhy’s view, reducing the cost of capital is essential. “This involves three pillars: interest rates, the institutional environment, and legal certainty. If there are conditions to improve these three points, reforms and transformations in productivity and global competitiveness will also gain strength.”

A forward-looking approach is an important guide. Daniela Manique, Solvay’s CEO for Latin America, said that, at the specialty chemicals company, investment decisions are based on one question: “Does this project make us more competitive, more sustainable, and less carbon-intensive? If the answer is yes, we move forward,” she said. Manique said the focus on heavy investment in the energy transition remains unchanged.

WEG CEO Alberto Kuba is following a similar path. He said the Brazilian maker of electric motors, automation systems, transformers, and generators has centered its strategy on three megatrends that do not change in the short term: sustainability, energy efficiency, and artificial intelligence. “Given all the uncertainties, our focus is on reducing vulnerabilities and risks,” he said.

Of WEG’s 68 plants, 48 are abroad, and the company has been seeking to manufacture products closer to customers to reduce problems related to logistics, supplies, and currency fluctuations. In such an unpredictable scenario, Kuba said, the most sensible way to make decisions is to assess whether the investment is aligned with the company’s long-term goals and to analyze risks and their probabilities, as well as opportunities.

Risk management

Also looking to a broader horizon, Vale CEO Gustavo Pimenta said instability in the current environment should lead to a world more focused on food, energy, and mineral security. Although conflicts between countries affect the flow of goods and generate inflation, Pimenta said this does not change the mining company’s plans: “Our business is medium- and long-term. If we believe iron ore and copper, for example, have positive prospects, we keep investing.”

Miguel Setas, CEO of infrastructure concessions company Motiva, stressed the importance of analyzing the risks inherent to each business and economic environment. The company has been drawing up scenarios on the impact of the war in Iran on oil prices. “We prepared for this crisis by entering 2026 with more than 80% of investments contracted; therefore, execution is mostly guaranteed. Our response to this geopolitical shock is risk management and the adoption of measures that mitigate these risks, in particular being able to bring forward as much as possible the contracting of our investments.” For 2027, more than half of investments have already been contracted.

Caution is a valuable asset in volatile scenarios. Pedro Lima, CEO of coffee company Grupo 3corações, expressed concern about fiscal leverage at the moment. “We are conservative, our debt limit is very carefully managed, very well administered,” he said. The company keeps tight control over expenses, and investments are carefully planned to navigate unexpected developments. “We can have surprises at any moment, because Brazil is like that, so we have to remain cautious at this moment and take care, be resilient and, above all, stay focused on the business.”

Deborah Vieitas, chair of Santander’s board of directors, cited among the key criteria “clarity about risks, which is very important, alignment with the organization’s values and strategy, the long-term impact, and the ability to adapt if the scenario changes.” But she issued a warning against becoming paralyzed by uncertainty. “The speed and quality of the decision — or of the response — make more difference than the search for a perfect solution.”

For the insurance industry, there is a particular feature. “Interestingly, an environment of growing volatility ends up aligning with what we offer. In a more unpredictable world, demand increases for protection, planning, and predictability,” said Paulo Kakinoff, CEO of insurance and financial-services group Porto. Kakinoff said the group continues to expand investments in products, services, technology, and distribution structure, and that the focus is on strengthening the business’s structural capabilities.

Investments remain on track

“The investment bet on the country continues,” said telecom carrier Vivo CEO Christian Gebara, noting that the company invested R$9.2 billion last year. Gebara’s decisions follow the rules of a publicly traded company. “We have a commitment to the market regarding shareholder remuneration, and that is a basis for decision-making, keeping net income growing. All the decisions we make have a very clear focus on generating revenue from EBITDA, cash generation, ending in free cash flow and profit.”

Beto Carrero World is also maintaining its investment plan, with R$2 billion planned for the coming years. The theme park imports all of its equipment and materials. The concern, more than with the exchange rate, is the tax burden and the Import Tax. “This could affect us, but not to the point that we would stop making the investments,” said Alexandre Murad, CEO and chair of the board.

In Brazil, another source of uncertainty is this year’s electoral process. For Santander’s Vieitas, focusing on the long term becomes even more important at this point, and companies must be able to compete in any context.

That is what Embraer has been seeking to do. “It is a global company. We do not expect any impact on our business because of Brazil’s election. On the contrary, our vision is long-term. We have a very well-defined strategic plan, and our focus is to follow that strategy and maintain sustained growth in the coming years,” said CEO Francisco Gomes Neto.

The same recipe has been applied at car-rental and mobility company Localiza. “Elections are part of the country’s democratic environment, and it is natural that, during this period, the market pays closer attention to economic and regulatory issues and to investment behavior. Even so, we understand that companies with a long-term vision can move through different cycles while maintaining consistency in execution, financial discipline, and strategic focus,” said Bruno Lasansky, CEO of Localiza&Co.

“The company continues in the direction that has been defined,” echoed Diego Barreto, CEO of food-delivery platform iFood. However, Barreto noted that legal uncertainty and the lack of economic stability plans to think about the country’s future are the factors that most affect the business. For him, the elections in the second half do not make the scenario more unstable than usual. “The way the discussion takes place has always been part of Brazil, it is not a problem or a difficulty,” he said.