巴西270家企业创新投资820亿雷亚尔，中资制造企业需关注技术转化窗口

Rafael Miotto, CEO of CNH in Latin America, which topped the 2026 ranking: the innovation agenda doesn't stop, even during market downturns Keiny Andrade/Valor Brazil’s most innovative companies share a common characteristic: they view innovation as a core part of their business strategy rather than a collection of isolated initiatives. As a result, investment in innovation follows a long-term logic and is less sensitive to short-term economic fluctuations. Reflecting that approach, the 2026 Valor Inovação Brasil survey shows that participating companies increased total investment in innovation by 17% compared with the previous edition. Altogether, 270 companies across 26 sectors invested R$82 billion in innovation in 2025. The study also found that companies have become more effective at turning those initiatives into tangible results. Global systems make open finance scalable and efficient, Mastercard says The challenge is knowing when to reach consumers Conducted by Valor and Época Negócios in partnership with Strategy&, PwC’s strategic consulting arm, the survey analyzed about 540 innovation projects submitted by the 270 participating companies to produce a ranking of Brazil’s 150 most innovative businesses. This year’s overall winner, which achieved the highest score across the evaluation criteria, was agricultural and construction equipment manufacturer CNH. It was followed by Einstein, Claro, Robert Bosch, Natura, Baterias Moura, Axia Energia, Embraer, Grupo Boticário and Andrade Gutierrez. These ten companies, along with the winners in each of the 26 sectors covered by the study, received awards at a ceremony Monday evening at the Hotel Unique in São Paulo. “The most advanced corporations treat innovation as a strategic investment and set aside a ring-fenced budget tied to performance targets,” said Willer Marcondes, a Strategy& partner specializing in financial services. Among the 20 highest-ranked companies, the share investing more than 5% of net revenue in innovation rose to 80% from 45% compared with last year’s survey. Strong financial planning in this area can drive growth while reducing costs, freeing up resources that can later be reinvested in innovation cycles. “The survey shows that for about 38% of participating companies, more than 10% of cost reductions achieved in the last fiscal year resulted from innovations implemented over the previous three years,” Marcondes said. “In 12.5% of the cases, those innovations accounted for cost reductions of more than 30%.” Opening the awards ceremony, Maria Fernanda Delmas, editorial director of Valor and Editora Globo’s business and economics publications, stressed that innovation should not depend solely on the availability of financial resources. “It should come first rather than depend on whatever money is left over. Otherwise, companies risk losing competitiveness over the long term,” she said, referring to the characteristics shared by innovative companies identified by the experts who evaluated this year’s participants. “Innovation is also inherently linked to uncertainty. That’s why commitment from senior leadership is essential.” According to Strategy &’s Marcondes, periods of volatility and pressure reinforce the ability of the most innovative companies to integrate innovation into their day-to-day operations while prioritizing initiatives that improve efficiency and productivity without abandoning long-term investments. “The emphasis shifts away from the number of initiatives toward their quality,” he said. That is the approach taken by CNH, the overall winner of this year’s ranking and the top company in the automotive and heavy vehicles category. “During periods of crisis, instead of simply cutting expenses, our teams propose projects that increase efficiency and reduce fixed costs,” said Rafael Miotto, CEO for Latin America. “We develop ideas that can deliver immediate improvements or generate returns once the market begins growing again.” Miotto said that while downturns increase pressure on projects, they do not interrupt the company’s innovation agenda. Keeping teams and leadership engaged in ongoing discussions gives employees the confidence to continue developing new ideas. “We tell everyone: ‘Bring us ideas that can improve our competitiveness, and don’t worry about market conditions or our investment capacity. That’s a problem for me and the finance team to solve.’” Sidney Klajner, CEO of Hospital Israelita Albert Einstein, which ranked second overall and first in the medical services category, said innovation must be viewed as a cross-functional effort involving the entire organization. “Failing to innovate comes at a cost. Work processes can become obsolete, and opportunities to improve clinical outcomes may be lost,” he said. “Innovation management cannot be reduced to setting a budget. It requires building a portfolio of initiatives.” João Paulo Ferreira, chief executive officer of Natura, which topped the cosmetics, personal care and household products category, said innovation becomes even more strategic during periods of heightened volatility because it helps create value while reducing costs. “The adoption of scalable technology platforms shared by Natura and Avon, implemented in 2025, reduced both time-to-market and development costs by between 20% and 40%,” he said. The company invested R$1.4 billion in innovation in 2025, 40% more than the previous year, covering research and development, technology, operations, logistics and sustainability. Grupo Boticário, which also ranked among Brazil’s ten most innovative companies in 2026 and competes in the same sector, likewise stressed the growing importance of innovation in times of uncertainty. “Consumer behavior continues to evolve, new technologies keep emerging, and the market remains in constant transformation,” said Gustavo Dieamant, the company’s research and development director. “In 2025, a significant share of the company’s growth came from innovation. About 27% of the group’s sales came from products launched within the past year. During the year, we introduced around 5,000 new products and reformulated another 2,000.” At telecom operator Claro, the third-ranked company in the 2026 survey and winner in the telecommunications category, innovation improves customer service quality and increases overall business productivity, according to chief executive Rodrigo Marques. “It contributes to sustainable profitability while creating new business opportunities and additional revenue streams,” he said. At aircraft manufacturer Embraer, between 40% and 50% of annual revenue comes from products developed within the previous five years. The company manages its innovation portfolio with short-, medium- and long-term objectives. “In our industry, innovation is a basic requirement for remaining competitive,” said Leonardo Garnica, Embraer’s head of corporate innovation. “That focus has enabled us to win contracts such as the $500 million agreement to supply 19 aircraft for operations at Aspen Airport in the United States.” At Andrade Gutierrez, winner in the construction and engineering category, the decision to invest in innovation is not affected by external turbulence such as higher interest rates or geopolitical disputes, according to João Martins, chief executive of Consag, one of the group’s companies. “Innovation is already deeply embedded in the company as a driver of productivity, competitiveness and operational excellence,” he said. “We’ve grown over the years because we chose that path.” For Carolina Sevciuc, PepsiCo’s vice president for strategy and digital transformation, whose company ranked first in the food, beverages and ingredients category, success depends on balancing two management priorities. “The first is operational efficiency, making the best use of the current business model. The second is innovation, with the ability to explore new markets and technologies,” she said. Ricardo Guerra, chief information officer (CIO) at Itaú Unibanco, the leading bank in this year’s ranking, said companies cannot afford to lose sight of consumers regardless of the economic environment. “We run the risk of standing still, particularly in a world shaped by artificial intelligence and the constant launch of new financial products,” he said. “Product development requires balancing innovation with the economic reality while continuing to deliver customer satisfaction.” At Cargill Animal Nutrition and Health, the winner in the agribusiness category, innovation helps the company maintain its relevance in the marketplace by creating value for customers, said Marcelo Dalmagro, the company’s director of technology, strategic marketing and innovation. “Innovation is part of our strategy. It is an objective we are committed to achieving,” he said. “It involves performance indicators, disciplined project management and support from senior leadership.” Mercado Livre, the winner in the retail category, also approaches innovation strategically. “Leadership defines priorities, while teams have the autonomy to test solutions and make decisions quickly,” said Roberta Donato, vice president of marketplace operations for Mercado Livre in Brazil. “That model is supported by around 600 artificial intelligence training initiatives carried out in the past year alone, with more than 80% of our technology and product teams receiving AI training.” At Vitru, the winner in the education category, preserving innovation during periods of economic uncertainty means embedding it in the company’s front-line operations rather than treating it as a stand-alone project. According to chief executive Aroldo Alves, companies can remain financially flexible by adjusting the pace of investment to changing market conditions. “But without compromising the discipline of delivering solutions that generate value for the business,” he said. The awards ceremony received silver sponsorship from Itaú, the government of Rio Grande do Sul and Visa; bronze sponsorship from Bradesco Seguros; Omoda Jaecoo served as the official vehicle sponsor; and Strategy& supported the event.