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1h ago

Brazil Q3 Earnings Divide: BTG Sets Records as Natura Posts Heavy Loss, One-Offs Sway Utilities

Record results at a major bank contrast with non‑recurring swings at infrastructure players, highlighting softer demand at beauty and retail groups.

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Overview

  • BTG Pactual reported adjusted net income of R$4.539 billion and record revenue of R$8.818 billion, with a 28.1% ROAE and R$83 billion in net new money.
  • Natura logged a R$1.92 billion net loss, largely tied to non‑cash Avon effects, and said Avon International divestment is expected in early 2026 with a Brazil relaunch planned for the first half of 2026.
  • Sabesp’s reported profit fell 64.7% to R$2.159 billion due to prior-period financial asset bifurcation, though adjusted net income rose 9.5%.
  • Ecorodovias’ profit climbed 63.8% to R$430 million, supported by higher traffic, toll changes and a R$202.7 million impairment reversal, with adjusted Ebitda up 23.3%.
  • Guararapes said Riachuelo submitted a potential sale of 100% of Midway Mall in Natal to CADE for antitrust review.