Brazil’s 3Q25 Earnings Show Split Results Across Utilities, Mobility and Real Estate

Overview

• CPFL Energia posted net profit of R$ 1.37 billion, up 3.3% year on year, as distribution earnings jumped, generation faced a 37% curtailment impact, MP 1.304 promises compensation pending sanction, and the company strengthened long‑term funding and won an Aneel transmission lot.
• Cemig’s net profit fell 75.7% to R$ 796.2 million against an inflated 3Q24 base, with revenue up 4.6% but Ebitda down and higher financial expenses tied to new debentures and hydro risk weighing on results.
• Localiza’s profit dropped 68.2% to R$ 258.1 million despite a 10.8% revenue rise, as used‑car prices adjusted after the IPI cut, costs and financial expenses increased, and net debt closed at R$ 31.09 billion.
• Developers outperformed: Cyrela earned R$ 609 million, up 29%, with strong cash generation and higher launches, while Eztec’s profit rose 38% to R$ 183.4 million alongside R$ 220 million in approved dividends and positive cash flow.
• Healthcare and insurance were mixed, with Dasa reversing a loss to R$ 95.8 million on lower costs and deleveraging, IRB reporting about R$ 99 million in profit—down 15% on a tougher comparison—and Qualicorp lifting profit 10.7% despite lower revenue.