Federal state-owned companies accumulated a deficit of R$7.4 billion in 2026, according to data from the Central Bank. The negative result was mainly driven by the loss recorded in January and reignited the debate about the financial situation of public companies. In an interview with CNN Money, public accounts specialist Murilo Viana explained that there are differences between the numbers released by the government and the Central Bank. According to him, the government presents a consolidated result, which includes Petrobras and uses profit as an indicator, while the Central Bank measures the fiscal result of state-owned companies not dependent on the Treasury, excluding the oil company.
Viana also detailed the difference between dependent and non-dependent state-owned companies. The former need resources from the Union budget to cover expenses, while the latter, in theory, are able to finance their operations without contributions from the Treasury. For the expert, the financial deterioration of some companies increases the risk of them becoming dependent on public resources, increasing the pressure on government accounts. Among the most worrying cases, Viana highlighted the Post Office. According to him, the state-owned company is facing a process of financial deterioration, marked by falling revenues, high expenses and loss of competitiveness compared to private companies, especially in the delivery segment. The expert also cited the reduction in demand for traditional correspondence, the technological gap and low investments as factors that worsen the situation. Viana recalled that, at the end of last year, Correios resorted to a credit operation exceeding R$10 billion, guaranteed by the Union, to balance the accounts and finance measures such as a voluntary dismissal program. In his assessment, the operation only postponed a structural problem. Regarding a possible privatization, the expert stated that the measure is politically unlikely in the short term, but defended that the company's future be debated. According to Viana, in addition to the full sale, alternatives such as the restructuring of the state-owned company and partnerships with the private sector can also be part of the discussion, following examples adopted by postal companies in other countries.
