Brazilian Q4 Earnings Show Sharp Split as Impairments Drag Some and Operators Advance

Overview

• Cosan posted a R$5.80 billion net loss for Q4 2025, with management citing Raízen-related impairments linked to capital-structure uncertainty that also left quarterly Ebitda negative.
• Prio reversed to a US$185.4 million loss as depreciation and amortization more than doubled, net financial expenses deepened, and tax charges rose, lifting leverage to 2.3 times.
• Vibra’s quarter strengthened with net income up 33.1% to R$679 million and adjusted Ebitda doubling to R$2.62 billion on richer distribution margins, a premium mix and renewables.
• Growth names reported firmer trends as SmartFit’s recurring profit rose 19% to R$235 million with 2,084 gyms and 5.2 million members, and CI&T’s profit climbed 38.6% on US$134.3 million in revenue with 2026 growth guidance.
• Sector results diverged further as Allos and Cury delivered stronger Q4 profits, Cogna’s net income fell 76% on a PNLD billing shift and tough comps, and CSN widened its quarterly loss to R$721 million after a blast‑furnace stoppage.