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Welcome to our bi-weekly newsletter, where we share news about Votorantim and the companies in our portfolio, along with updates and insights about the market.

Quarterly Results

Some of the companies in our portfolio have already released their third-quarter results for this year. See the highlights below.

Motiva: record net income
Motiva posted a recurring net income of R$ 461 million in the third quarter and maintained a return on equity (ROE) of 15% during the period. The total credit portfolio grew 7.2%. In the first nine months of the year, net income reached R$ 1.4 billion, an 18.6% increase compared to the same period in 2024.

CBA: 51% increase in profit
CBA reported a net income of R$ 131 million, a 51% increased compared to the same period last year, reversing the loss from the second quarter. Net revenue reached R$ 2.3 billion, up 5% year-over-year. Adjusted Ebitda dropped 43% to R$ 234 million.

Nexa: solid performance and favorable prices
Nexa reported a net income of US$ 100 million in Q3 2025, compared to US$ 13 million in Q2 2025 and US$ 6 million in Q3 2024. Adjusted net income for the quarter was US$ 27 million. Adjusted Ebitda totaled US$ 186 million in Q3 2025, and net revenue reached US$ 764 million.

Hypera: profitability and cash generation
Hypera accelerated growth in pharmaceutical retail to 8.3%, expanding its presence at points of sale and in digital marketing. Compared to Q3 2024, net revenue rose 16.3%, Ebitda increased 34.7%, and operating cash flow was 15.7% higher.

banco BV: increase in annual net income
Banco BV posted a recurring net income of R$ 461 million in the third quarter and maintained a return on equity (ROE) of 15% during the period. The total credit portfolio grew by 7.2%. For the first nine months of the year, net income reached R$ 1.4 billion, an 18.6% increase compared to the same period in 2024.

Portfolio at COP30

We were present at COP30 in Belém (PA) and have already kicked off the programming of the Votorantim Legacy & Future Space, a structure dedicated to climate solutions discussions. The space features panels led by banco BV, CBA, Citrosuco, Reservas Votorantim, and Votorantim Cimentos. On Wednesday, the topic was carbon and climate transition, addressing corporate solutions and the advances and challenges of Brazil’s voluntary carbon market.

The program runs until the 19th and includes themes such as: the role of corporate governance in the climate agenda, biodiversity as a strategic asset, innovation to accelerate the energy transition, carbon credit generation in different biomes, and pathways to a regenerative economy.

MBA Brasil

Votorantim sponsored MBA Brasil, an event held at MIT in Boston to discuss Brazil’s economic and business landscape with MBA students studying abroad. Roberto Padovani, Chief Economist at BV, moderated the panel “Lessons from Brazilian Economic Cycles and Future Opportunities,” which explored macroeconomic challenges involving Brazil and the world. Representatives from Votorantim, Motiva, and banco BV attended the event.

Legacy & Future Videocast

Decarbonizing the value chain is one of the greatest challenges — and one of the greatest opportunities — for companies aiming to lead the transition to a low-carbon economy. In the latest episode of the Legacy & Future videocast, Luciano Alves, CEO of CBA, and Joarez José Piccinini, Director of Institutional Relations at Randoncorp, discuss the strategic role of low-carbon aluminum in the energy transition, how partnerships between suppliers and clients accelerate decarbonization, the challenges of measuring and reducing emissions across the entire chain, and Brazil’s position in this global movement. Watch now (in Portuguese).