apicvm explorer blog
Guides and notes on Brazilian CVM filings — browsing companies, documents, and market context in the explorer.
34 articles
How to read Klabin's second-quarter package — R$5.15bn net revenue (−2% YoY), R$1.96bn adjusted EBITDA at a 38% margin, flat R$3,204/t cash cost, pulp segment EBITDA down on FX, and net leverage at 3.2× in USD.
How to read Lojas Renner's second-quarter package — R$3.69bn retail revenue (+1.1% YoY), 57.5% gross margin, stable R$404.6m net income, weaker financial-services earnings, and 2026 revenue growth guidance trimmed to 4%–8%.
How to read Santander Brasil's second-quarter package — R$3.01bn recurring profit (−17.6% YoY), R$7.65bn loan-loss result (+11.5%), flat total revenue, 12.5% ROAE, and a R$715bn loan book still growing in consumer finance and SMEs.
How to read CPFL Energia's second-quarter package — R$11.1bn net revenue (+5.3%), R$3.56bn EBITDA (+17.4%), R$1.44bn net income (+21.3%), segment splits across distribution, generation, and transmission, plus R$32.5bn net debt at 2.36× EBITDA.
How to read Telefônica Brasil's second-quarter package — R$15.8bn revenue (+7.6%), R$6.58bn EBITDA (41.8% margin), R$1.57bn net income (+17%), 8.2m FTTH homes connected, OpCF at R$3.99bn, and R$6.99bn already returned to shareholders in 7M26.
How to read Taesa's second-quarter package — R$679m regulatory revenue (+9.3%), R$577m regulatory EBITDA (85.0% margin), R$207m regulatory net income (−28.5%), R$367m net financial expense, proportional net debt at R$10.4bn (4.2× EBITDA), and a R$207m dividend tied to regulatory profit.
How to read Cemig's second-quarter package — R$11.16bn net revenue (+3.4%), R$2.47bn adjusted EBITDA (+9.3%), R$945m net income (−20.4%), a R$191m trading provision, net debt at R$19.4bn (2.58× adjusted EBITDA), and Cemig D's May 2026 tariff adjustment.
How to read Sabesp's second-quarter package — R$10.21bn net revenue (+13.9%), R$6.01bn adjusted sanitation revenue (+6.7%), R$3.50bn adjusted EBITDA (−3.2%, 58% margin), R$1.15bn adjusted net income (−41.2%), R$34bn net debt, R$3.73bn capex, and operating costs up roughly 25%.
How to read Eneva's second-quarter package — R$3.98bn net revenue (+13.1%), R$1.24bn consolidated EBITDA (31.2% margin), R$1.68bn operating cash flow, R$31.2m attributable net income (−91%), Pecém II deconsolidation and write-down, Espírito Santo contract expiry, trading and Parnaíba offsets, R$1.59bn capex, and net leverage at 3.18× EBITDA.
How to read RD Saúde's second-quarter package — R$12.8bn gross revenue (+18.3% YoY), R$1.02bn adjusted EBITDA at an 8.0% margin, digital sales R$3.9bn (+52.2%), national market share 19.7%, GLP-1 mix vs gross margin, adjusted net income ex-4Bio +23.4%, and net leverage falling to 0.8× EBITDA.
How to read PRIO's second-quarter package — 172,000 bpd output (+72% YoY), 15.3 mn bbl sales, adjusted EBITDA US$879m at a 72% margin, lifting cost US$8.90/bbl, Brazil's 12% crude export tax, net debt US$4.05bn at 1.5x leverage, and what Wahoo and Peregrino contributed.
How to read Copel's second-quarter package — recurring net revenue R$5.96bn (+10.4%), recurring EBITDA R$1.61bn (+20.8%), recurring net income R$645m (+42.6%), DisCo EBITDA +34.5%, GenCo +10.1%, wind curtailment at 23.7%, net debt R$19.65bn at 2.9x leverage, and tariff review / LRCAP capex.
How to read Equatorial's second-quarter package — R$13.7bn net revenue (+10.2%), adjusted EBITDA R$2.93bn (+0.8%) on distribution, adjusted net income R$110m (−83.5%), financial expense near R$1.75bn, net debt R$51.8bn at 3.1x covenant EBITDA, R$5.6bn Copasa stake, and Echoenergia hurt by wind and constrained-off.
How to read AXIA Energia's second-quarter package — R$6.68bn adjusted regulatory EBITDA (+21.5% YoY), ACL/MCP margins up 52%, thermals gone, stable transmission with a R$40m restitution provision, R$3.1bn investments, up to R$3.7bn shareholder allocation, and net debt at 1.8x LTM EBITDA.
How to read Rede D'Or's second-quarter package — R$14.9bn net revenue (+5.6% YoY), R$2.90bn EBITDA, record hospital revenue at R$9.87bn, oncology up 22.3%, SulAmérica loss ratio at 78.1%, IFRS 17 vs management net income, and net financial expense up 35.5%.
How to read Localiza's second-quarter package — R$12.3bn net revenue (+24.5% YoY), R$3.76bn EBITDA, 92k used-car sales, fleet age down to 8.2 months, rising depreciation, and a R$7bn July debt refinancing.
How to read Gerdau's second-quarter package — R$3.4bn adjusted EBITDA (+34% YoY), a 19.2% margin, North America at 25.7% with backlog above 100 days, Brazil up 22% sequentially but still below last year, R$0.23/share dividends, and leverage at 0.69x.
How to read JBS's second-quarter package — US$23.9bn of net sales (+14%), a US$102m net loss versus US$528m profit a year ago, adjusted EBITDA down 18% to US$1.43bn, negative US beef spreads, record Brazil sales, and leverage at 3.1x after US$1bn in dividends.
How to read Ambev's second-quarter package — R$20.15bn of net revenue (+6.1% organic, +0.3% reported), normalized EBITDA at 31.6%, net income up 24.5%, a 50% drop in finance costs, and a stock that fell 3% before closing flat.
How to read WEG’s second-quarter package — R$10.14bn of net revenue, a 21.8% EBITDA margin, ROIC at 33.6%, a real that turned 14.7% dollar growth abroad into 2.3% in reais, and a 25% US tariff that landed the morning after the rally.
How to read B3’s second-quarter package — R$1.70bn of attributable net income, R$1.38bn of recurring profit, a Dimensa exit and an extraordinary IoC tax benefit, plus equity ADTV up 20% year on year but down sequentially.
How to read CSN’s second-quarter package — R$2.77bn of adjusted EBITDA, a R$773m net loss driven by the financial line, steel back to a double-digit margin, record cement, and why +R$808m of company FCF did not cut net debt.
How to read Embraer’s second-quarter package — record USD revenue, a 13.3% adjusted EBIT margin that is 10.6% once the tax credit and tariffs are stripped, unchanged delivery guidance, and a free-cash-flow floor that doubled on items that are not run-rate.
How to read Bradesco’s second-quarter package — recurring profit of R$7.05bn, ROAE at 16.2%, a small NPL uptick with falling coverage, unchanged 2026 guidance, and the capital increase whose preference period runs into September.
How to read Suzano’s second-quarter package — R$1.8bn of net income versus R$4.7bn of adjusted EBITDA, a BRL translation drag on higher USD pulp prices, leverage at 3.4x, and the Arbex tissue deal that sits after quarter-end.
How to read Banco do Brasil’s second-quarter package — adjusted profit near R$3.9bn, rising 90-day NPL in retail and agribusiness, unchanged 2026 guidance, and why capital and credit cost still dominate the story.
How to read Itaú Unibanco’s second-quarter package — recurring profit near R$12.4bn, 24.3% ROE, stable 90-day NPL, the services-and-insurance guidance trim, and the 28 August interest-on-equity payment.
How to read Petrobras’s second-quarter package — nearly doubled net income, operating records, free cash flow under the shareholder policy, debt versus the US$75bn ceiling, and the August–December payment calendar.
How to read Vale’s second-quarter ITR and July 30 material facts — USD vs BRL results, the R$8.64bn payout calendar, the new buyback, and the 2026 cost guidance split between iron ore and base metals.
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Crise na Apex Partners, acionista da CVC, vista pelos comunicados CVM de acordo de acionistas e pelo preço de CVCB3.
