{"id":98902,"date":"2026-06-18T11:26:47","date_gmt":"2026-06-18T14:26:47","guid":{"rendered":"https:\/\/murray.adv.br\/?p=98902"},"modified":"2026-06-18T11:26:47","modified_gmt":"2026-06-18T14:26:47","slug":"tcu-warns-government-of-growing-risk-of-bailing-out-state-run-companies","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/tcu-warns-government-of-growing-risk-of-bailing-out-state-run-companies\/","title":{"rendered":"TCU warns government of growing risk of bailing out state-run companies"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Review of 2025 government accounts points to worsening financial conditions at companies and insufficient oversight by ministries<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-06-18T08:55:23.161-03:00\">06\/18\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"mc-column content-text active-extra-styles active-capital-letter\" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"1\">\n<p class=\" content-text__container theme-color-primary-first-letter\" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Brazil\u2019s 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.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"39\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In its review of the president\u2019s 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"56\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The warning is based on audits of 11 non-dependent federal state-owned companies\u2014entities that do not rely on the Treasury to fund their operations\u2014including Brazil\u2019s 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cThe gradual reversal from positive results to growing deficits over the 2023-2025 period demonstrates a deterioration in these companies\u2019 ability to finance themselves and adds pressure to the consolidated fiscal effort,\u201d the court said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The report also identified shortcomings in oversight by the ministries responsible for the companies, which it described as a \u201csystemic deficiency.\u201d 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"75\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Among the cases cited is Correios. The TCU described the postal service\u2019s 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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"78\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The TCU also highlighted that Eletronuclear\u2019s situation directly affects Ind\u00fastrias Nucleares do Brasil (INB) and puts pressure on ENBPar. In the auditors\u2019 assessment, there is an immediate risk that Treasury injections will be needed to cover current and capital expenditures of companies within the group.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"80\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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, \u201cdriven by the obsolescence of a compensation and career plan that has remained unchanged for more than 15 years.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cA 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,\u201d the report said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"13\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Brazilian Mint relies primarily on financial income from reserves to sustain positive results<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cIn the company\u2019s 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,\u201d the court said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Economist Alexandre Andrade, director of Brazil\u2019s 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\u2019s fiscal framework.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The second risk involves capital injections, which also place pressure on spending caps. \u201cThese injections constitute primary expenditures and can limit room for other spending within the fiscal framework\u2019s 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,\u201d said Andrade.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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. \u201cIn that case, society as a whole would bear the cost,\u201d the IFI director said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"86\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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 \u201crestore the company\u2019s equity structure,\u201d while it continues to implement measures to increase operational efficiency, strengthen revenues and improve results.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Codeba said the company is profitable and has consistently distributed dividends to shareholders. \u201cIn 2025, it achieved a record liquidity position of R$331.2 million, reflecting excellent operational management and the strategic recovery of assets,\u201d the company said.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">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.<\/p>\n<ul>\n<li data-track-category=\"Link no Texto\" data-mrf-recirculation=\"Article links\">By Giordanna Neves and J\u00e9ssica Sant\u2019Ana\u00a0\u2014 Bras\u00edlia<\/li>\n<li data-track-category=\"Link no Texto\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/li>\n<\/ul>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Review of 2025 government accounts points to worsening financial conditions at companies and insufficient oversight by ministries 06\/18\/2026\u00a0 Brazil\u2019s 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 [&hellip;]<\/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":[26979,26978],"class_list":["post-98902","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-growing-risk-of-bailing-out-state-run-companies","tag-tcu-warns-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TCU warns government of growing risk of bailing out state-run companies - 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\/tcu-warns-government-of-growing-risk-of-bailing-out-state-run-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCU warns government of growing risk of bailing out state-run companies - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Review of 2025 government accounts points to worsening financial conditions at companies and insufficient oversight by ministries 06\/18\/2026\u00a0 Brazil\u2019s 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. 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