Brazil Q2 Earnings: Fleury Profit Jumps 46%; Energisa Swings to Loss
Brazil Q2 earnings split sharply as Fleury's profit jumped 46%, Wiz and PetroReconcavo weakened, and Energisa swung to a US$8 million loss.
Brazil · Business
Key Facts
—Fleury led the group. Net income rose 45.7% to R$221.9 million (US$43.5 million) as revenue and EBITDA both grew by double digits.
—Wiz’s adjusted measure fell. Consolidated adjusted profit declined 13.5% to R$101.0 million (US$19.8 million), while profit attributable to the parent rose 8.4%.
—PetroReconcavo’s profit declined. Net income fell 14.9% to R$202.7 million (US$39.7 million), despite a wider EBITDA margin.
—Energisa swung into the red. The utility posted a consolidated R$40 million (US$7.8 million) loss after a R$490 million (US$96.0 million) profit a year earlier.
—Recurring utility profit also weakened. Energisa’s adjusted recurring profit dropped 80% to R$88 million (US$17.2 million) as financial expenses rose.
—Capital returns continued. Fleury, PetroReconcavo and Energisa announced a combined R$569.3 million (US$111.6 million) in dividends or interest on equity.
The common thread was not growth or decline but the widening gap between operating performance and bottom-line profit: margins held up in several businesses while financing, regulation and accounting effects decided the final result.
Brazil’s latest second-quarter reports offered four different readings of the economy. Diagnostic-services group Fleury converted expansion into sharply higher profit. Insurance distributor Wiz Co absorbed regulatory disruption. Onshore producer PetroReconcavo protected its operating margin despite lower volumes. Energisa’s growing utility platform, meanwhile, was overwhelmed at the bottom line by financial and extraordinary accounting effects.
| Company | Q2 profit / loss | Year on year | Main signal |
|---|---|---|---|
| Fleury | R$221.9m / US$43.5m | +45.7% | Broad-based growth |
| Wiz Co, adjusted consolidated | R$101.0m / US$19.8m | −13.5% | Consigned-credit pressure |
| PetroReconcavo | R$202.7m / US$39.7m | −14.9% | Price offset lower output |
| Energisa, reported | −R$40.0m / −US$7.8m | From R$490m profit | Financial and accounting drag |
Fleury Converts Expansion Into a 46% Profit Jump
Fleury delivered the clearest positive report. Net income increased 45.7% to R$221.9 million (US$43.5 million), while net revenue rose 14.4% to R$2.31 billion (US$452.8 million). EBITDA reached R$612.9 million (US$120.1 million), up 15.2%, with a 26.5% margin.
Growth extended across consumer diagnostics, hospital services and newer healthcare businesses. The company cited integration of acquisitions, organic expansion and efficiency gains. Net margin improved to 9.6%, showing that the revenue increase was not absorbed by the larger operating footprint.
The board also approved R$217.8 million (US$42.7 million) in interest on equity. The near-quarterly-profit distribution signals confidence in cash generation, although Fleury must keep acquisition integration and leverage disciplined as it continues combining organic and purchased growth.
Wiz Co’s Two Profit Measures Move in Opposite Directions
Wiz Co reported consolidated adjusted net income of R$101.0 million (US$19.8 million), down 13.5%. Net revenue excluding commissions fell 18.0% to R$235.3 million (US$46.1 million), and consolidated adjusted EBITDA declined 19.2% to R$152.8 million (US$30.0 million).
The weaker consolidated comparison reflected regulatory changes affecting payroll-deducted credit and a tougher environment in parts of the Bmg and BRB distribution network. Issued insurance premiums fell about 10% to R$879.7 million (US$172.4 million), while credit and consortium sales volume dropped 10.1% to R$3.3 billion (US$646.8 million).
Profit attributable to the controlling company tells a different story: it rose 8.4% to R$53.6 million (US$10.5 million). That figure excludes the portion belonging to minority investors and should not be confused with consolidated adjusted profit. Inter Seguros reached a record result, partially offsetting pressure elsewhere in the portfolio.
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PetroReconcavo Protects Margin as Production Falls
PetroReconcavo’s statutory net income fell 14.9% to R$202.7 million (US$39.7 million) from R$238.1 million (US$46.7 million). Net revenue was almost flat at R$807.9 million (US$158.4 million), while EBITDA increased 6% to R$396.1 million (US$77.6 million).
The EBITDA margin widened to 49.0% from 46.4%. Improved commercial terms for oil sold from the Potiguar asset and stronger realized pricing helped offset a 12% decline in average gross production to 24,100 barrels of oil equivalent per day. Free cash flow turned positive at R$74 million (US$14.5 million), from a R$99.9 million (US$19.6 million) outflow a year earlier.
Adjusted net income, which removes mark-to-market effects from hedges and related deferred tax, was lower still at R$104.6 million (US$20.5 million), down 33%. The board approved R$100 million (US$19.6 million) in interest on equity, but restoring production will be more important than quarterly derivative gains for sustaining future distributions.
Energisa’s Operating Growth Fails to Reach the Bottom Line
Energisa posted a consolidated net loss of R$40 million (US$7.8 million), reversing a R$490 million (US$96.0 million) profit in Q2 2025. The reported result included extraordinary accounting effects tied to the agreed sale of five transmission companies to Taesa and the resulting reclassification of those assets.
The recurring picture was also weak, though not loss-making. Adjusted recurring profit fell 80% to R$88 million (US$17.2 million), mainly because net financial expenses increased. Adjusted net revenue rose 4% to R$7.25 billion (US$1.42 billion), and recurring adjusted EBITDA edged 1% higher to R$1.95 billion (US$383.0 million).
Transmission, distributed generation and natural gas made positive EBITDA contributions, partially offsetting softness in electricity distribution and holding costs. Energisa approved R$251.5 million (US$49.3 million) in dividends, equivalent to R$0.50 per unit, for payment on August 24.
What the Four Reports Say About Brazil
Fleury’s result points to resilient private healthcare demand and successful consolidation. Wiz shows how quickly regulatory changes can disrupt fee-based financial distribution. PetroReconcavo demonstrates that stronger pricing can protect margins without solving declining field output. Energisa shows the burden that high financing costs can place on capital-intensive utilities even when operating revenue grows.
Investors should therefore look beyond the headline profit comparisons. The next tests are Fleury’s return on acquired capital, Wiz’s adaptation to new credit rules, PetroReconcavo’s production recovery and Energisa’s ability to reduce the financial drag on its expanding regulated asset base.
Frequently Asked Questions
Which company had the strongest Q2 result?
Fleury led the group, with net income rising 45.7% to R$221.9 million (US$43.5 million), revenue up 14.4% and EBITDA up 15.2%.
Why did Wiz Co’s adjusted profit fall?
Consolidated adjusted profit fell 13.5% to R$101.0 million (US$19.8 million) as payroll-credit regulatory changes and weaker activity at some distribution partners reduced revenue and EBITDA.
How did PetroReconcavo’s margin rise while profit fell?
Better oil-pricing and commercial terms lifted its EBITDA margin to 49.0%, but lower production, financial effects and other below-EBITDA items left statutory profit 14.9% lower.
Why did Energisa report a loss?
Energisa’s R$40 million (US$7.8 million) reported loss reflected extraordinary accounting effects from a transmission-asset sale as well as higher financial expenses; recurring adjusted profit remained positive at R$88 million (US$17.2 million).
Did the companies announce shareholder payments?
Fleury approved R$217.8 million (US$42.7 million) in interest on equity, PetroReconcavo approved R$100 million (US$19.6 million) in interest on equity, and Energisa approved R$251.5 million (US$49.3 million) in dividends.
Sources
- Fleury: official Q2 2026 earnings release
- Wiz Co: official Q2 2026 earnings release
- PetroReconcavo: official Q2 2026 earnings release
- Energisa: official Q2 2026 earnings release
- Central Bank of Brazil PTAX selling rate, August 6, 2026: R$5.1017 per US dollar.
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