Three large companies on the Brazilian Stock Exchange added billions of dollars in dividends and interest on stocks to be paid this year by announcing shareholder bonuses worth almost R$80 billion this weekend.
Vale announced the payment of R$15.3 billion in interest on shares and dividends, to be paid in January and March, while Itaú agreed to pay R$23.4 billion to shareholders in installments in December and April. Axia Energia, formerly known as Eletrobras, has announced the creation of new classes of preferred shares that will be distributed to shareholders and will allow for a 10% dividend. This would be a way, according to the company, to allow the distribution of part or all of the company’s profit reserves, which in the third quarter totaled R$39.9 billion.
Vale and Itaú shares were among Ibovespa’s biggest gains on Friday, while Axia shares saw strong volatility during the session following the announcement.
“This action indicates confidence in future cash generation,” analysts led by XP’s Lukas Lage wrote in a report on Vale’s bonuses, highlighting that the figure implies an extraordinary dividend payout of US$1 billion.
These strong announcements come on the heels of changes in the taxation of profits and dividends. The IR exemption, which was approved by Congress only this month, provides, as a form of compensation, for the collection of profits and profits in excess of R$50,000 per month, starting in 2026.
“Generally, Itaú publishes these additional earnings together with the fourth-quarter results, at the beginning of the year; therefore, anticipation reinforces a new strategy given the possibility of changes in the law,” Ativa Investimentos wrote in a commentary.
The theoretical B3 index, which collects companies that stand out in terms of dividends, rose about 0.6% in the middle of the afternoon, in line with the rise in the Ibovespa index. During the year, the index increased by 28%, which is also in line with the benchmark.
Historically, these sectors have been among the sectors that pay the highest profits. Between 2020 and 2024, the mining sector paid R$202 billion in dividends, while the finance and electricity sectors paid shareholders R$186.5 billion and R$93 billion, respectively, according to a survey by XP. These sectors are second only to oil and gas, led by the strong passive income paid by Petrobras. In the same period, the sector paid R$966.7 billion to investors.
This year, Petrobras announced the payment of regular dividends worth at least $45 billion for the period from 2026 to 2030, similar to the previous plan, but did not commit to paying extraordinary payments to shareholders. The company’s shares fell on Friday due to frustration over the oil company’s investment plan.