巴西企业巨头集体喊话财政改革，中资需警惕高利率持续

Valor 1000 awards ceremony honored leading companies across 28 sectors, with Itaú named Company of the Year Felipe Gabriel/Valor Two recurring issues on the corporate agenda have taken on greater urgency. One is the consumption tax overhaul, which enters a new phase in 2027 and aims to implement a simpler, more efficient system—which has long been needed—by 2033. The other is the adjustment of public finances, another essential item on the agenda, which is in a different position: its implementation remains uncertain, despite being part of the election debate. These two issues, which have always been crucial to the quality of Brazil’s business environment, rank among the main concerns of the country’s largest companies, according to the Valor 1000 ranking, whose winners were honored Tuesday (8) at an event at the Unique hotel in São Paulo. Serasa Experian compiled the ranking in partnership with Valor and Época Negócios. FGV/SP’s Center for Financial Studies validated the survey criteria. Justice orders Federal Police chief removed amid court crisis Tighter presidential race lifts Brazilian markets Voters want more options, political polarization expert says The resilience of Brazilian companies, which continued to grow revenue despite a challenging environment, was highlighted by Frederic Kachar, CEO of Editora Globo and Sistema Globo de Rádio. He stressed how difficult it is for short- and medium-term interest rates to decline in real terms as long as public debt remains high. For Kachar, the lack of a substantive debate over fiscal adjustment in the presidential campaigns is a source of frustration. “This issue can no longer be postponed. Fiscal adjustment is necessary,” he said. “In Brazil, we are facing institutional crises and challenges that need to be addressed urgently,” said Maria Fernanda Delmas, editorial director of Valor and Editora Globo’s business and economics brands, in opening the event. “The work of the companies we are honoring today is an integral part of people’s lives and of building a country. We know this is an ongoing process, with successes and mistakes, and that it is subject to our critical coverage as a way of contributing to a better society. It can also inspire many other businesses and professionals to follow a better path,” she said. “We seek to look at companies’ financial health, but also at the broader responsibility of each corporation—its commitments to the communities where it operates, consumers, employees, public authorities, suppliers and other partners, the environment, and investors.” Executives at the winning companies assess the current environment from this broader perspective. “Social policy and fiscal policy have to go hand in hand. The more disciplined you are fiscally, the more you can control inflation and create room for social programs,” said Milton Maluhy Filho, CEO of Itaú Unibanco, the 2026 Company of the Year and winner in the financial sector. The executive said public finances should be at the top of every presidential candidate’s priorities. “Whoever wins the election needs to urgently propose a budget reform, make the budget more flexible, eliminate a large portion of fixed spending, and tackle this problem. We need to create room to cut spending and better prioritize investment,” he said. “This will require action by the executive and legislative branches and by society as a whole. That would create room for private credit, both domestic and foreign, so that we can start talking about productivity.” The trajectory of public debt is a concern for industrial executives. Gustavo Werneck, CEO of Gerdau—the winner in the steel and metals sector in the Valor 1000 ranking—issued a strong warning. “The lack of fiscal adjustment puts pressure on interest rates and inflation. We are approaching a point of no return. Government officials and those seeking office can no longer simply talk about it. We cannot enter 2027 without a commitment to fiscal adjustment focused on reducing public spending,” he said. “Without adjustment, there is no public investment. Without economic growth, companies won’t invest. It is a fundamental issue for Gerdau’s investment decisions.” Alberto Kuba, CEO of WEG, the top-ranked company in the machinery sector, shares that view. He noted that the company works with long-term plans but expressed concern about the current environment. “Without fiscal adjustment, perceptions of [high] country risk will persist.” For Henrique Fernandez, CEO of Intelbras, the winner in the electronics sector, putting public finances on a sounder footing is imperative. “Without it, interest rates will remain high for longer, making credit more expensive, curbing consumption and delaying investment decisions,” he said. “High interest rates that persist for a long time mean more selective demand and longer decision-making cycles among customers,” the executive said. Valter Pitol, managing director of Cooperativa Agroindustrial Consolata (Copacol), the top-ranked company in agribusiness, sees a challenging outlook despite the company’s strong results. “For 2027, we see a lot of fiscal uncertainty, a higher cost of capital, and a weaker real,” he said. According to Pitol, a deterioration in the fiscal outlook could lead Copacol to postpone planned investments. The concern cuts across industries. Diogo Corona, CEO of Smart Fit—the winner in specialized services—said fiscal policy affects the entire economic backdrop, including interest rates, inflation, the exchange rate, and overall confidence. “A more predictable environment helps support investment and consumption decisions,” he said. “We need interest rates to be less restrictive,” said Leonardo Mesquita, co-CEO of Cury Construtora, the winner in real estate development. “Once interest rates return to more normal levels, we will be able to make investments with a longer-term view.” Executives say greater predictability would be especially welcome at a time when companies are undergoing significant adjustments because of the ongoing tax overhaul. The introduction of the Contribution over Goods and Services (CBS) will require changes to billing, accounting, and procurement processes at Sabesp, the winner in the water, sanitation, and environmental services sector. “The main challenge will be managing the transition safely while maintaining operational continuity and the quality of tax information,” said CEO Carlos Piani. Éder Odvar Lopes, CEO of Inpasa, the top-ranked company in bioenergy, sees the tax overhaul as a historic transition. He said the biggest hurdle could be the regulation of special regimes, including regional tax incentives. “For a company operating in several states and with extensive supplier networks, the main task is adapting systems, tax processes, contracts, and financial flows to the new model,” he said. Marcelo Oberg, CEO of Sotreq, the top-ranked company in wholesale and foreign trade, said the biggest test is not adapting to new tax rates and levies but preserving working capital. “It is essential to have mechanisms ensuring that the stock of tax credits from the previous system, particularly ICMS [state value-added tax], can be recovered so companies can maintain healthy cash flow,” he said. At RD Saúde, which owns the Droga Raia and Drogasil pharmacy chains and won in retail, the preferential tax treatment provided for certain medicines is viewed as a step forward. “The measure could help expand access to and adherence to treatment, particularly among patients with chronic conditions,” said CEO Renato Raduan. “We are well advanced on this agenda, with our systems and processes being prepared to ensure a safe and proper transition to the new model,” he said, describing the reform as structurally positive. André De Angelo, CEO of Acciona Brasil, the leader in construction and engineering, highlighted the impact of the tax overhaul on long-term concession contracts. “These contracts will span different tax regimes over their terms,” he said. “That affects financial models and requires mechanisms to restore the economic and financial balance of contracts with the granting authorities.” According to Carlo Bergamaschi, executive director of Valgroup, the winner in plastics and rubber, the transition is highly demanding, particularly for a company operating in several states with a complex value chain. Changes to the rules and implementation timelines for different stages of the overhaul add to the complexity. Even so, he is optimistic. He believes the new system could bring significant improvements, such as reducing tax evasion and informality—“which means a fairer competitive environment,” he said. The 2026 edition of the ranking assessed 1,034 companies based on financial performance. In a second stage, the highest-ranked companies were evaluated using ESG criteria—environmental, social, and governance practices—to determine the leaders in 28 sectors of the economy. In a year marked by numerous challenges—from high interest rates and rising debt at home to wars that have severely disrupted global supply chains and heightened geopolitical tensions—these companies managed to grow both revenue and profit. The Valor 1000 awards are organized by Valor Econômico and Época Negócios, with gold sponsorship from Alelo, Caixa Seguridade, Huawei, and Deloitte; silver sponsorship from FGV Educação Executiva, Vibra, MBRF, Febraban, and XP; and bronze sponsorship from Intelbras, CNI Sistema Indústria, Sicredi, and Mineração Taboca. Azul is the event’s official airline, and GAC is its official vehicle partner, with support from FIESP and Eletromidia and partnerships with Serasa Experian and FGVcef/FGV-SP. (Marcos Coronato contributed reporting)