18 public companies told the SEC they depend on Brazil.

“Substantially all of our operations are located in Brazil. As a result, our revenues, financial income and profitability are influenced by political and economic conditions in Brazil, including their impact on credit availability, disposable income, employment rates and average wages.”

“The vast majority of our operations are located in Brazil. As a result, our revenues and profitability are subject to political and economic developments and the effect that these factors have on the availability of credit, disposable income, employment rates and average wages in Brazil.”

“Our regulated gas transmission operation in Brazil provides the backbone of Brazil's southeast natural gas transportation system, supplying natural gas to a region responsible for approximately 50% of Brazil's demand, including Rio de Janeiro and Sao Paulo.”

“Brazil In aggregate our company owns and operates facilities totaling approximately 3.8 GW located in 10 Brazilian states, representing approximately 44% of the country's population and approximately 40% of the economic activity (in GDP terms).”

“In particular, we advance capital and provide other financing arrangements to farmers in Brazil and, as a result, our business and financial results may be adversely affected if these farmers are unable to repay the capital advanced to them.”

“We operated 193 theaters with 1,396 screens in 13 countries in Latin America as of December 31, 2025. Brazil represented approximately 6.8% of our consolidated 2025 revenue.”

“The relationship of the real to the value of the US Dollar may adversely affect us, mainly due to the fact that approximately 2% of total assets and 17% of total liabilities are in reais .”

“a $1,116 million increase in other cost of revenues, primarily driven by non-income tax assessments in Brazil.”

“As Brazil approaches presidential elections scheduled for October 2026, uncertainty regarding the outcome of the elections and future economic and regulatory policies may further increase volatility in the market price of securities issued by Brazilian companies, including our securities, which may adversely affect our business.”

“Our operations in Brazil, and the financial services industry in general, are particularly sensitive to changes in Brazilian economic conditions.”

“We have manufacturing facilities located in Brazil and a portion of our sales and earnings is attributable to products produced and operations conducted in Brazil. Our Brazilian manufacturing facilities and local operations accounted for 10% and 14% of our consolidated assets, as of June 30, 2025 and 2024”

“In addition, 86% of our consumers are lower-middle to low-income, and approximately 71% are located in the Southeastern and Northeastern regions of Brazil.”

“For the year ended December 31, 2025, approximately 20.0% of our revenues and approximately 26.5% of our total operating expenses were denominated in foreign currencies. We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at December 31, 2025. The analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.1% and 0.7%, respectively”

“For fiscal year ending June 30, 2025, approximately 7.9% of our revenue was derived from our operations outside of the United States and Canada.”

“For the year ended December 31, 2025, operations in the Brazil, United States and Angola accounted for approximately 43%, 26% and 23%, respectively, of our revenues in the aggregate.”

“Five of our seven mills are located outside the United States, including three in Brazil, one in France and one in Sweden.”

“As of December 31, 2025, approximately 80.9% of our employees are located in Brazil, primarily in our R&D department.”

“The vast majority of our operations are located in Brazil. As a result, our revenues and profitability are subject to political and economic developments and the effect that these factors have on the availability of credit, disposable income, employment rates and GDP growth in Brazil.”