State-owned enterprises' deficit will be within target in 2025, report indicates.
The result fell short of the limit set in the Budget Guidelines Law and was impacted by investments and dividends.
247 - The group of major federal state-owned companies recorded a primary deficit of R$ 5,1 billion in 2025, a result that remained below the limit authorized by the Budget Guidelines Law (LDO), which foresaw a negative balance of up to R$ 6,2 billion. The performance mainly reflects the impact of investments and the distribution of dividends made throughout the year by companies controlled by the Union.
The information comes from data released by the Ministry of Management and Innovation in Public Services (MGI) and originally reported by the Broadcast service. According to the ministry, the number is aligned with the Central Bank's survey, which calculates the primary result of 20 federal state-owned companies — the same 19 monitored by the government, plus ENBPar — and also pointed to a deficit of R$ 5,1 billion in the period.
According to the Ministry of Investment Management (MGI), the fiscal result was "strongly" influenced by the volume of investments and the payment of dividends and interest on equity. "In 2025, the 20 companies in the Central Bank's statistics together invested R$ 5,1 billion and paid, up to June of the same year, R$ 1,6 billion in dividends and interest on equity," the ministry reported. The ministry emphasized that, although these movements indicate positive performance by the companies, they are accounted for as expenses in the fiscal calculation. "Investments and dividends reflect positive situations, but they enter the fiscal accounting as expenses, negatively impacting the primary result," it explained.
The main factor putting pressure on the overall result was the Naval Projects Management Company (Emgepron), which posted a primary deficit of R$ 2,8 billion in 2025. This performance stems from investments of R$ 2,6 billion made by the state-owned company during the year, related to the frigate construction project. Despite the negative fiscal result, the company recorded a profit of R$ 254 million in the accumulated period up to September.
The ministry highlighted that the coexistence of fiscal deficits and corporate profits is common among state-owned companies dependent on the Treasury. "Among the 20 companies that make up the BC's primary result statistics, 16 are registering profits in 2025, and four, losses. Among the 16 profitable companies, eight presented both profits and fiscal deficits," states the official note.
Among the companies that combined deficit and loss are the Post Office. The state-owned company accumulated losses of R$ 6,057 million up to September 2025 and recorded, in the same period, a primary deficit of R$ 1,047 billion, according to data consolidated by the federal government.
