Banks have recorded some of the biggest appreciations in the Brazilian market so far, with three institutions on the list of the five Ibovespa companies that gained the most in value this year, according to a survey by consultancy firm Elos Ayta.
The analysis considers the variation in the absolute value of companies, not the variation in the shares themselves.
“While the price better reflects the percentage return to shareholders, the market value highlights the volume of wealth created or destroyed over the analyzed period”, indicates Einar Rivero, CEO of Elos Ayta and responsible for the survey.
“The data reinforces that, throughout 2025, the creation, or destruction, of value on the Brazilian stock exchange was anything but homogeneous. More than following indexes, the behavior of market value exposes, in absolute numbers, how different business models, capital structures and risk perceptions were priced by investors throughout the year”, he explains.
BTG Pactual leads the ranking, registering an increase of R$155.3 billion in market value. Behind him are Itaú Unibanco, with an increase of R$132.7 billion; and the mining company Vale, with an increase of R$79.2 billion. Bradesco appears fourth on the list, with R$66.5 billion.
“More than monitoring the rise and fall of prices, the market value translates, in absolute figures, the market’s perception of each company over time”, says Rivero.
At the other end, Petrobras recorded the biggest loss of the year, falling R$85.7 billion in market value. Together with Banco do Brasil, with a drop of R$13.2 billion, state-owned companies represent a greater devaluation than the sum of the other eight companies on the list of biggest falls of the year.
According to Elos Ayta, the values help to scale the , due to the larger scale of these companies.
Another point that the consultancy highlights is the asymmetry within some sectors.
“Three segments appear simultaneously between the biggest increases and the biggest drops of the year, showing how companies in the same sector can follow very different trajectories throughout the market cycle”, points out Rivero, pointing out water and sanitation, energy and medical and hospital services among the variants.
Under the supervision of Pedro Zanatta
