Brazil’s State Companies Posted Big Profits Through Q3 2025, But The Story Is Concentrated

2026-01-30 - 11:55

Key Points Brazil’s federal state firms reported R$136.3 billion ($25 billion) in profit through September 2025. Petrobras delivered most of the gains, shaping both the upside and the risk. Investment rose while shareholder payouts fell, shifting the fiscal and political debate. Brazil’s federally controlled state companies delivered a combined profit of R$136.3 billion ($25 billion)