Executives from large Brazilian companies discussed financial strategies, infrastructure challenges and cost management in an economic volatility scenario during the “Café com Cfos” panel, promoted by the Brazilian Institute of Finance Executives of São Paulo (IBEF-SP) and XP wholesale bank on Thursday (2).
One of the central themes of the debate was the regulation and role of the public sector in the creation of conditions for structuring investment. Andrea Almeida, Vice President of Finance and Investor Relations at Cemig, stressed that the electricity sector faces constant regulatory changes and requires special attention to governance and risk management. “The CFO has to be prepared for everything. […] This is the beauty of the CFO: we find a way, ”he said.
She stressed that regulated sectors such as distribution and power transmission offer greater revenue predictability, but that the CFO needs to balance investments and return. “In the generation industry, we chose specific opportunities to invest. We are broken. Cemig did our homework, selling assets that were not focused on maintaining the balance sheet disrupted,” he explained.
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Danilo Garcez, CFO of the Tempov Group, added that the regulatory evolution in recent years has made new investments possible, citing the 1994 Concession Law, the PPPs Law, the PPPs and Concessions Regulatory Framework, and the Sanitation Framework. “All this mechanics results from the dialogue between the granting power, the public sector, the private and the funders. It is this way of thinking that it is enabling the infrastructure sector today,” he said.
Volatility
Economic volatility was also pointed out as a constant challenge for CFOs. Andrea Almeida pointed out that dealing with complex scenarios is part of everyday life. She recalled that even in regulated sectors, risk management requires daily attention, including tariff monitoring, compensation, default and preparation for unexpected events.
Antonio Garcia, Embraer’s executive and CFO vice president, said he was optimistic despite the global and local volatility, which influences strategic decisions, from debt issuance to long-term contract planning. “Surely, today it will be different in 2026. If we have less volatility, the horizon for next year is promising. It can be good for everyone, as long as some structural questions are maintained,” he said.
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Rafael Japur, CFO and Director of Investor Relations at Gerdau, stressed that international volatility, including fares and currency variations, directly affects the company’s operation in North America, especially in the Great Lakes region of Michigan. He pointed out that although Gerdau is not directly impacted by tariffs on Brazilian products, the production and logistics chain is highly interdependent, and any external alteration reverberates throughout the operation.
The availability of credit and the financing of large projects were also central topics. Rafael Japur stated that global instability directly impacts corporate planning. “Even solid references from developed countries, which previously served as anchor for our expectations and pricing, today are less useful than in the past,” he said.
Danilo Garcez detailed Teamv’s strategy in the infrastructure sector, showing how the group balances the need for investment and the cost of capital. “We have large -scale projects, such as the connection of Latin America in Bahia, with almost 70,000 hectares. Regardless of volatility, we are prepared to support the investments already hired and those to come,” he said. He also stressed the importance of diversifying financing sources, including Project Finance, International Market and Support of Public Banks, such as BNDES, in structured operations.
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Optimism
Despite challenges, such as high interest rates, exchange rate volatility and complex regulation, the CFOs showed optimism about the future. Rafael Japur highlighted Gerdau’s biggest investment in Minas Gerais, noting that such actions can transform the company’s competitive profile in the country.
Andrea Almeida stated that Cemig has the capacity and strategy to lead the energy transition in Brazil, connecting investments in technology, generation and distribution. “We are ready and competitive, developing technological systems to work in open market,” he said.
Danilo Garcez stressed that Teamav will continue to invest in Brazil, highlighting the social and economic responsibility of maintaining strategic infrastructure projects, even in the face of volatility. “Our role is to reduce Brazil’s infrastructure gap. The final message is: optimism, planning and preparation,” he concluded.
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Antônio Garcia, from Embraer, recalled that the ability to deal with uncertainties is a competitive advantage of the Brazilian CFO: “The Brazilian has learned to live with volatility, and this gives us an advantage.”
Commitment
According to Gustavo Balassiano, head of the wholesale channel at XP, “the partnership between IBEF-SP and XP wholesale bank reinforces our commitment to the financial market, bringing the main agents closer and stimulating dialogue”. During the event, participants exchanged experiences on management, financing and strategic planning in the face of economic volatility.
Anibal Garcia, head of the Large Corporate segment at XP, also pointed out that the goal is to expand conversations about the challenges of CFOS and everything that involves the financial market. “It is part of our commitment to the evolution of the sector,” he said.
