Brazil’s Q3 Earnings Wave Shows Mixed Results as BTG Sets Revenue Record

Overview

• BTG Pactual posted adjusted net income of R$ 4.539 billion with record quarterly revenue of R$ 8.818 billion and a 28.1% adjusted ROAE, alongside R$ 83 billion in net new money.
• Sabesp reported net income of R$ 2.159 billion, down 64.7% year over year due to a prior financial‑asset bifurcation, while adjusted net profit rose 9.5%.
• Movida’s net income fell 10.5% to R$ 70 million as record EBITDA reached R$ 1.478 billion; the company guided Q4 net income to R$ 75 million–R$ 90 million and projected leverage at 2.6x–2.8x.
• Guararapes’ Riachuelo filed with CADE for review of a potential sale of 100% of Midway Shopping Center and Midwest Estacionamento, and Oi asked a Rio court to allow temporary continuation of operations if insolvency occurs.
• Results varied across other names: Grupo SBF’s profit fell 35.7% to R$ 86 million on higher costs and weaker financial results, while Eneva’s profit jumped 242.6% to R$ 351.7 million and Ecorodovias’ rose 63.8% to R$ 430 million.