Published at 9:20 PM
Market Events to Watch This Week:
U.S. Tariffs and the Supreme Court Ruling
Following an initial 10% tariff announcement in response to the U.S. Supreme Court’s decision invalidating a broader tariff structure, President Donald Trump increased the rate to 15% on Saturday. The new tariffs will take effect next Tuesday.
The Supreme Court’s ruling on the tariffs has heightened economists’ concerns regarding the growing U.S. National debt. Though, a report by Global Trade Alert, as reported by the Financial Times, indicated that Brazil and China stand to benefit most from the changes.
The independent organization, which monitors international trade policies, highlighted in its report that Brazil is expected to witness the largest reduction in average tariffs, with a decrease of 13.6 percentage points.
As of 9:10 PM Sunday, gold futures were up 1.6%. Brent crude oil futures were down 0.73% at $70.70 per barrel. Futures indexes in New York opened lower Sunday night.
Preliminary Inflation Data
Also on the market’s radar is the release of the February IPCA-15. The data will be published on Friday at 9:00 AM. The IPCA-15 is considered a preview of official inflation and may help the market calibrate projections for the Selic rate. Expectations are building for a rate cut by the Monetary Policy Committee (Copom) of the Central Bank at its meetings on March 17 and 18, though analysts are divided on the magnitude of the potential cut.
Nvidia Earnings Report
In the U.S. Corporate sector, a key event this week is Nvidia’s earnings release on Wednesday, February 25. The company, currently the world’s most valuable with a market capitalization of $4.62 trillion, will present its financial results and forward-looking projections.
Nvidia’s financial performance is closely watched as the company has become central to the artificial intelligence revolution. As a leading producer of chips for data centers, Nvidia’s results serve as a barometer for the entire technology sector.
Fourth Quarter 2025 Earnings Season in Brazil
The fourth quarter 2025 (4Q25) earnings season is gaining momentum this week. Highlights include Gerdau’s results on Monday, Isa Energia on Tuesday, Weg and Copasa on Wednesday, and Caixa Seguridade and Marcopolo on Thursday. The schedule is as follows:
Monday, February 23
Irani, Telefônica Brasil – before market open.
Gerdau, Metalúrgica Gerdau – after market close.
Tuesday, February 24
Isa Energia, Iguatemi, C&A Modas, Pão de Açúcar – after market close.
Wednesday, February 25
Weg – before market open.
Engie Brasil, Copasa, Intelbras, Kepler Weber, lochpe-Maxion, Nubank – after market close.
Thursday, February 26
Marcopolo – before market open.
Caixa Seguridade, Copel, Axia, B3, Sanepar, Mdias Branco, Marcopolo, Odontoprev, Banco BMG, Qualicorp, Aura Minerals – after market close.
Corporate News
Banco Pine (PINE4) has contracted BTG Pactual Corretora de Títulos e Valores Mobiliários to act as a market maker for its preferred shares, the bank announced Sunday, February 22. The objective is to operate in the stock market administered by B3, by making buy and sell offers to promote the liquidity of the company’s preferred shares (PINE4).
The contract has an indefinite term.
Pine has 46,179,490 preferred shares in circulation on the market (free float).
According to a report in the O Globo newspaper’s Lauro Jardim blog on Sunday, February 22, BTG Pactual has been contracted by the Ultra group (UGPA3) to sell Ipiranga, the country’s second-largest fuel distributor. The report also indicated that the French company Total, Saudi Aramco, and the J&F holding company, owned by the Batista brothers, “are looking at the deal.”
Kinea Private Equity IV Master Fundo de Investimento em Participações Multiestratégia (Kinea) sold its stake in Dimed – Panvel (PNVL3), representing approximately 5.37% of the company’s outstanding common shares, on Friday, February 20. As a result of the sale, Kinea will no longer be a party to the shareholders’ agreement signed on July 15, 2020.
Metalúrgica Gerdau (GOAU4) announced that, as a result of the bonus approved by the company’s board of directors on December 15, 2025, fractional shares were grouped into whole numbers and sold at an auction held on February 18 at B3.
A total of 108,578 script shares were sold, of which 16,234 were common and 92,344 were preferred, with net values of R$ 9.22 per common share and R$ 9.69 per preferred share.
The values will be credited to shareholders on February 24, in proportion to the fractions of each type of share they are entitled to as of the base date of January 30, 2026.
Vale (VALE3) announced that João Luiz Fukunaga has resigned as a member of the board of directors. Fukunaga, who stepped down as president of Previ (the Banco do Brasil Employees’ Pension Fund) last October, had been a director of the mining company since 2023.
As a result of the resignation, the Vale board of directors will evaluate, in the coming days, with the support of the company’s nomination and governance committee, the necessary steps.
Previ holds 8.39% of Vale’s total capital.
After leaving Previ, Fukunaga was invited to assume the position of Director of Government Relations and ESG at EloPar, a holding company created in 2015 to facilitate the growth of the group’s companies.
Braskem (BRKM5) announced on Friday, February 20, that its Mexican subsidiary, Braskem Idesa, announced the non-payment of interest scheduled for February 20, 2026, on its guaranteed senior notes due in 2032. Braskem Idesa also stated that it continues to negotiate a sustainable capital structure for the company.
Adani Defence & Aerospace, a leading aerospace and defense company in India and a major company of Adani Enterprises Ltd, and Embraer (NYSE: EMBJ / B3: EMBJ3) have consolidated a Memorandum of Understanding (MoU) to establish a final assembly line for the E175 regional jet, within the scope of India’s Regional Transport Aircraft (RTA) program.
This advancement represents a significant step forward from the initial MoU, signed in January 2026, and is part of a broader plan to develop the Regional Transport Aircraft (RTA) program in India. The MoU also reinforces the deepening strategic relationship between the two countries.
The industrial partnership aims to structure the production of the E175 in India. The two companies are already working together to advance all aspects of the MoU, including opportunities in aircraft manufacturing, supply chain, after-sales services, pilot training, and securing orders to support the final assembly line proposal.
As one of the world’s fastest-growing aviation markets in terms of passenger traffic, India is estimated to need at least 500 aircraft in the 80- to 146-seat range over the next 20 years. This projection reflects the increasing need for regional and short-haul connectivity, driven by the use of smaller, more efficient jets.
Another step in the privatization process of Copasa (CSMG3). The controlling shareholder of the company, the State of Minas Gerais, informed Copasa of the global coordinators of the syndicate of financial institutions that will act in the potential subsequent public offering of shares, to be carried out in the context of the privatization process.
They are: Banco BTG Pactual, as Lead Coordinator; Banco Itaú BBA; Bank of America Merrill Lynch Banco Múltiplo; Citigroup Global Markets Brasil, Exchange Broker, Securities and Exchange Broker; and UBS BB Exchange Broker, securities and exchange broker.
Copasa clarified that no public offering of securities is currently being carried out.
“The actual realization of the offer remains subject, among other factors, to obtaining applicable approvals (including corporate and creditor approvals), macroeconomic and market conditions, the celebration of definitive contracts and compliance with the procedures provided for in current regulations,” the company said in a material fact sent to the market.
Azul (B3: AZUL53; OTC: AZULQ) announced after the market closed on Friday, February 20, that it has successfully completed its voluntary financial restructuring process, with the consequent exit from Chapter 11 of the U.S. Bankruptcy Code, conducted before the United States Bankruptcy Court for the Southern District of New York, after full payment of the DIP financing (debtor-in-possession) and the settlement of the public offering of shares.
In a material fact sent to the market, the company highlighted that all preconditions for the effectiveness (effective date) provided for in the Azul reorganization plan have been met or waived as provided therein, and the Plan has become effective and has been substantially consummated, culminating in the exit from Chapter 11.
As a result of the settlement of the exit offering and the share grouping approved at an extraordinary general meeting held on February 12, 2026, Azul’s new share capital is R$ 21,756,852,177.39, divided into 54,730,851,778.811 common shares.
The restructuring was implemented through agreements with its main creditors, including holders of the company’s debt securities issued on the market, its largest aircraft lessor, AerCap, as well as with two strategic investors, United Airlines, and American Airlines.
In the material fact, Azul highlights the reduction of loan and financing debt by approximately US$1.1 billion; the reduction of aircraft lease debt by almost 40%; the estimated reduction in annual interest payments by more than 50% compared to pre-Chapter 11 levels; the estimated reduction of approximately one-third in recurring aircraft lease costs; the pro forma net leverage estimated after the implementation of the reorganization plan upon exit below 2.5x; and the raising of approximately US$ 1.375 billion through the issuance of Senior Notes and US$ 950 million through equity commitments.
Stock Study
Watch the study of Ibovespa, Vale3, Petr4, Taee11, Igti11, Lren3, Rdor3, Rapt4, Bbdc4, Viva3, Eqtl3 and Bmob3. Access here the video.
Dividend Schedule for the Week:
Check which companies are paying dividends (or JCP) and which have a ‘cut-off date’ this week. The ‘cut-off date’ indicates the last day an investor must hold a share to receive the announced dividend.
Monday, February 23
The ‘cut-off date’ to be entitled to the interest on capital (JCP) of Telefônica Brasil announced on February 12 is this Monday, February 23. Shares will be traded ex-JCP starting Tuesday, February 24. The net value per share is R$ 0.08. Payment of this dividend will be made by April 30, 2027, with the date to be determined by the company’s management.
The ‘cut-off date’ to be entitled to the JCP of Banco do Brasil announced on February 11 is this Monday, February 23. Shares will be traded ex-JCP starting Tuesday, February 24. The value per share is R$ 0.21. The amounts paid will be updated by the Selic rate from the balance sheet date (December 31, 2025) to the payment date (March 5, 2026).
Wednesday, February 25
Isa Energia (ISAE4) will pay the 2nd installment of the JCP announced on December 19 on Wednesday, February 25. The cut-off date for this second installment was January 29, 2026. The net value is R$ 0.21 per share. Remember that the third installment has a cut-off date of February 26, 2026 (ex-right date February 27).
Schulz will pay the JCP announced on December 22, 2025, on Wednesday. Shares have been trading “ex-interest on capital” since December 30, 2025. Payment will be made for a net value of R$ 0.08 per preferred share and R$ 0.08 per common share.
Grendene (GRND3) will pay R$ 300 million in dividends on Wednesday, February 25. This corresponds to R$ 0.33. Shares of the company began trading ex-dividend on December 29, 2025. It is worth remembering that the amount of R$ 279.9 million, corresponding to R$ 0.31, will be paid on May 20, 2026.
Thursday, February 26
The cut-off date for the third and final installment of the JCP of Isa Energia announced in December 2025 is Thursday, February 26. The company’s shares will be traded ex-JCP starting February 27. Payment will be made on March 31, 2026, in the amount of R$ 0.21 per share.
Friday, February 27
Vibra Energia will pay the interest on its own capital approved in February of last year on Friday, February 27. The gross amount is R$ 350 million, equivalent to R$ 0.31 per share. Shareholders in the share position as of March 21, 2025 (inclusive) are entitled to payment. Shares related to this payment began trading ex-interest on capital on March 24, 2025.
Klabin will pay the first installment of the dividend announced in December 2025 on Friday, February 27. Shareholders as of December 15, 2025, are entitled to receive the dividends, and shares and units began trading ex-dividend on December 16, 2025.
M.Dias Branco pays the monthly dividend of R$ 0.03 (three cents) per share on Friday, February 27. The base date was February 19.
The ‘cut-off date’ to be entitled to the quarterly JCP (referring to the first quarter/26) of Itaúsa is Friday, February 27. Payment of R$ 0.02 per share will be made on April 1. There will be three other payments of quarterly JCP. See here the table with the details.
Follow the dividend channel on Whatsapp: join here
