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Brazilian corporates kept the Q2 26 earnings season rolling this week, but the credit stories are pulling in very different directions: some issuers are getting ahead of their deleveraging targets, while others are leaning harder on the balance sheet to fund growth, M&A or simply cash burn.
Heavy-asset rental company Vamos hit its 3x year-end leverage target six months early and is now planning to accelerate asset purchases in H2 26 to work through a Q2 contracted capex book that jumped nearly 60% YoY. While sister company Movida had a rougher first half, with free cash flow before interest swinging to negative $120m on a working-capital reversal, but the CFO is sticking to a year-end deleveraging story and has already knocked out all 2026 refi needs and about 65% of 2027.
The Batistas are back at the helm of meatpacker JBS. The company announced the appointment on 10 August: Wesley Batista Filho, son of former CEO Wesley Batista and grandson of founder José Batista Sobrinho, will take over as global CEO in January 2027 — returning the top job to the family nearly a decade after his father and uncle Joesley were swept up in Brazil’s sprawling...
