Brazil Q1 Earnings Split as Banks Cut Outlook, JBS Slumps, Braskem Profit Doubles

Overview

• Banco do Brasil posted adjusted net income of R$3.4 billion, cut its 2026 profit goal to R$18–22 billion, and lifted expected credit costs to R$65–70 billion as agribusiness defaults climbed.
• Caixa reported recurring profit of R$3.5 billion, down 34% from a year earlier, after provisions jumped under new Central Bank rules that require banks to book expected credit losses.
• JBS earned US$221 million, about 55% lower year on year, as its U.S. beef unit faced scarce cattle supply and booked a negative Ebitda in North America beef operations.
• Braskem recorded net income of R$1.446 billion, roughly double last year, even as revenue fell and recurring Ebitda eased from the prior year.
• Consumer-facing results stayed weak, with CVC posting a R$72.3 million loss on higher operating and financial costs and conflict-hit travel demand, while Americanas cut its loss to R$329 million during court-led restructuring.