{"id":97021,"date":"2025-12-22T12:33:13","date_gmt":"2025-12-22T15:33:13","guid":{"rendered":"https:\/\/murray.adv.br\/?p=97021"},"modified":"2025-12-22T12:33:13","modified_gmt":"2025-12-22T15:33:13","slug":"dividends-still-key-to-brazils-fiscal-plan-despite-decline","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/","title":{"rendered":"Dividends still key to Brazil\u2019s fiscal plan despite decline"},"content":{"rendered":"
\n
\n
\n
Payouts from state-run companies may fall R$20 billion in 2025 but remain vital to primary target<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
<\/div>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

12\/22\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

\n
\n
\n
\n

The Brazilian federal government expects to receive R$52.4 billion in dividends and profit-sharing payments from state-owned and mixed-capital companies in 2025. While this is lower than last year\u2019s total, it would still mark the third-largest figure in the historical series and is crucial to helping the economic team meet its primary fiscal target, within the tolerance band.<\/p>\n<\/div>\n

\n
\n

The government\u2019s fiscal goal is a balanced primary result\u2014revenues equal to expenses\u2014with room for a deficit of up to R$31 billion.<\/p>\n<\/div>\n

\n

In 2024, the government received R$72.4 billion, driven by extraordinary dividend payouts from Petrobras and the Brazilian Development Bank (BNDES). That figure, in nominal terms, is second only to the record R$87 billion in 2022, more than half of which came from the oil giant, based on National Treasury data tracked since 1997.<\/p>\n<\/div>\n

\n

As of October 2025, the latest month with available data, the government had already received R$38.1 billion in dividends. It expects another R$14.3 billion to come in during the last two months of the year, reaching the R$52.4 billion target published in the latest Bimonthly Revenue and Expenditure Report, which updates the government\u2019s fiscal projections.<\/p>\n<\/div>\n

\n

Dividend revenues were higher in 2024 due to early and extraordinary distributions by state-owned firms, explained Alexandre Andrade, director at the Independent Fiscal Institution (IFI). \u201cAt the end of 2024, in November and December, Petrobras and BNDES paid R$29.1 billion in early and extraordinary dividends. Over the full year, those exceptional payments totaled R$38.1 billion,\u201d he said. \u201cIn 2025, these are expected to reach just R$10.9 billion.\u201d<\/p>\n<\/div>\n

\n

Oil prices also played a role in the decrease in Petrobras payouts. The U.S. Energy Information Administration (EIA) reported an average barrel price of $80.52 in 2024, compared to $69.70 this year through November, affecting the company\u2019s profit and thus its dividend distribution.<\/p>\n<\/div>\n

\n

Banco do Brasil also paid less in dividends this year, in part due to weaker results. The government lowered its original revenue estimate from the bank by R$1.5 billion.<\/p>\n<\/div>\n

\n

New record<\/strong><\/p>\n<\/div>\n

\n

Even with the drop, 2025 is set to deliver the third-largest dividend haul in the Treasury\u2019s records. The main contributors remain BNDES and Petrobras.<\/p>\n<\/div>\n

\n

So far in 2025, Petrobras has paid R$12.5 billion to the federal government. On Monday (22) the company said it would make another transfer of R$1.3 billion, related to second-quarter 2025 profits. This will bring the total for the year to R$13.8 billion, still below the R$29.7 billion paid in 2024.<\/p>\n<\/div>\n

\n

BNDES, meanwhile, transferred R$16.1 billion in dividends through October 31. It has not disclosed whether additional payments were made in November or December. In 2024, the bank paid R$29.5 billion to its controlling shareholder, the federal government.<\/p>\n<\/div>\n

\n

Next in line is Caixa Econ\u00f4mica Federal, which paid R$5.11 billion this year. These payments included interest on equity based on 2024 results, remuneration on hybrid capital and debt instruments (IHCD), and profit distribution from the first half of 2025. The bank said it does not expect further payments by year-end.<\/p>\n<\/div>\n

\n

Banco do Brasil had paid R$3 billion through October, according to the Treasury. The bank did not confirm whether additional transfers were made in the final two months. Other contributions came from various smaller state-owned and mixed-capital enterprises.<\/p>\n<\/div>\n

\n

GDP slowdown<\/strong><\/p>\n<\/div>\n

\n

These dividend transfers have helped the government offset a decline in tax revenue from administered taxes, which underperformed in the second half of the year as the economy began to slow. Administered taxes include revenues from taxes and social contributions.<\/p>\n<\/div>\n

\n

Publicly, Finance Ministry Executive Secretary Dario Durigan has defended using dividends from state-owned banks to strengthen the federal fiscal position and avoid mandatory budget freezes.<\/p>\n<\/div>\n

\n

\u201cWe have no issue using bank dividends to support the bimonthly report, as long as it\u2019s done in a planned manner,\u201d Durigan said in a press conference in September. \u201cIf needed, we will use dividends from public companies to deliver on fiscal policy,\u201d he added.<\/p>\n<\/div>\n

\n

\u201cUndoubtedly, this revenue [from dividends] has been important to close the government\u2019s accounts and meet fiscal targets. This was especially true in 2024 and is likely to happen again in 2026, though to a lesser extent given the fiscal consolidation required and adverse conditions such as economic slowdown and falling oil prices,\u201d said Tiago Sbardelotto, a fiscal economist at XP Investimentos.<\/p>\n<\/div>\n

\n

For 2026, the proposed Annual Budget Bill (PLOA) forecasts R$54.1 billion in revenue from dividends and profit-sharing, in line with 2025 projections. Sbardelotto expects Petrobras and Banco do Brasil to maintain similar payout levels next year, while BNDES may increase its transfers.<\/p>\n

By\u00a0J\u00e9ssica Sant\u2019Ana\u00a0\u2014 Bras\u00edlia<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Payouts from state-run companies may fall R$20 billion in 2025 but remain vital to primary target       12\/22\/2025\u00a0 The Brazilian federal government expects to receive R$52.4 billion in dividends and profit-sharing payments from state-owned and mixed-capital companies in 2025. While this is lower than last year\u2019s total, it would still mark the third-largest […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[9936,26670],"class_list":["post-97021","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-dividends","tag-vital-to-primary-target"],"yoast_head":"\nDividends still key to Brazil\u2019s fiscal plan despite decline - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dividends still key to Brazil\u2019s fiscal plan despite decline - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Payouts from state-run companies may fall R$20 billion in 2025 but remain vital to primary target       12\/22\/2025\u00a0 The Brazilian federal government expects to receive R$52.4 billion in dividends and profit-sharing payments from state-owned and mixed-capital companies in 2025. While this is lower than last year\u2019s total, it would still mark the third-largest […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-22T15:33:13+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Dividends still key to Brazil\u2019s fiscal plan despite decline\",\"datePublished\":\"2025-12-22T15:33:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/\"},\"wordCount\":772,\"keywords\":[\"dividends\",\"vital to primary target\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/\",\"url\":\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/\",\"name\":\"Dividends still key to Brazil\u2019s fiscal plan despite decline - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2025-12-22T15:33:13+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Dividends still key to Brazil\u2019s fiscal plan despite decline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Dividends still key to Brazil\u2019s fiscal plan despite decline - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/","og_locale":"en_US","og_type":"article","og_title":"Dividends still key to Brazil\u2019s fiscal plan despite decline - Murray Advogados","og_description":"Payouts from state-run companies may fall R$20 billion in 2025 but remain vital to primary target       12\/22\/2025\u00a0 The Brazilian federal government expects to receive R$52.4 billion in dividends and profit-sharing payments from state-owned and mixed-capital companies in 2025. While this is lower than last year\u2019s total, it would still mark the third-largest […]","og_url":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/","og_site_name":"Murray Advogados","article_published_time":"2025-12-22T15:33:13+00:00","author":"Gelcy Bueno","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gelcy Bueno","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/#article","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/"},"author":{"name":"Gelcy Bueno","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"headline":"Dividends still key to Brazil\u2019s fiscal plan despite decline","datePublished":"2025-12-22T15:33:13+00:00","mainEntityOfPage":{"@id":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/"},"wordCount":772,"keywords":["dividends","vital to primary target"],"articleSection":["Murray News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/","url":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/","name":"Dividends still key to Brazil\u2019s fiscal plan despite decline - Murray Advogados","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/#website"},"datePublished":"2025-12-22T15:33:13+00:00","author":{"@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"breadcrumb":{"@id":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/murray.adv.br\/en\/dividends-still-key-to-brazils-fiscal-plan-despite-decline\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/murray.adv.br\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Dividends still key to Brazil\u2019s fiscal plan despite decline"}]},{"@type":"WebSite","@id":"https:\/\/murray.adv.br\/en\/#website","url":"https:\/\/murray.adv.br\/en\/","name":"Murray Advogados","description":"PLG International Lawyers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murray.adv.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e","name":"Gelcy Bueno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","caption":"Gelcy Bueno"},"url":"https:\/\/murray.adv.br\/en\/author\/news\/"}]}},"_links":{"self":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/97021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/comments?post=97021"}],"version-history":[{"count":2,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/97021\/revisions"}],"predecessor-version":[{"id":97023,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/97021\/revisions\/97023"}],"wp:attachment":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/media?parent=97021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/categories?post=97021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/tags?post=97021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}