Key Facts

—The deficit. Brazil’s state companies ran a primary deficit of R$7.4bn ($1.3bn) in the first five months of 2026.

—The record. That already exceeds the R$5.9bn shortfall for all of 2025, the worst on record for the period.

—The source. The figures come from the central bank’s fiscal statistics, released at the end of June.

—The scope. The measure covers federal, state and municipal firms but excludes Petrobras and public banks.