Financial Glossary

PT: Taxa de Absorção

Measures the rate at which properties available for sale or rent are sold or leased in a given market over a period. It is calculated as the number of absorbed units divided by the number of available units.

PT: Rede Credenciada

Set of health professionals, hospitals, clinics, and laboratories that a health plan makes available to its beneficiaries.

PT: Coparticipação

Amount paid by the beneficiary directly to the operator, referring to a part of the cost of a procedure or consultation performed.

PT: Carência

Period provided for in the contract in which the beneficiary pays the health plan's monthly fees, but does not yet have access to all coverages.

PT: Operadora de Saúde

Company that administers and markets health plans, being responsible for ensuring the provision of health care services to its beneficiaries.

PT: Reajuste de Plano de Saúde

Annual increase in the health plan's monthly fee, which may be based on the variation in medical-hospital costs (VCMH), the contract's loss ratio, or a change in age group.

PT: Sinistralidade

It is the percentage ratio between a health plan operator's expenses with the payment of claims (medical care) and the revenues obtained from the beneficiaries' monthly fees.

PT: Princípio Ativo

Substance present in the composition of the drug responsible for its pharmacological effect, that is, for its therapeutic action.

PT: Biodisponibilidade

Indicates the rate and extent to which an active ingredient of a drug is absorbed and becomes available at the site of action.

PT: Bioequivalência

It consists of the demonstration that the generic or similar drug and its respective reference drug have the same bioavailability in the body.

PT: Fundos Ajustados das Operações

A refined version of FFO, which subtracts recurring capital expenditures (necessary to maintain the quality of the properties). It is considered a more accurate measure of distributable cash flow to shareholders.

PT: Fundos Provenientes da Operação

A metric used by Real Estate Investment Trusts (REITs) to measure cash flow from operations. It starts with net income, adds back depreciation and amortization, and subtracts gains from property sales.

Brazilian regulatory agency, linked to the Ministry of Health, responsible for the sanitary control of all products and services subject to sanitary surveillance, such as medicines, food, and cosmetics.

PT: Aprovação do FDA

Process by which the Food and Drug Administration (FDA), the US regulatory agency, approves a new drug for marketing after reviewing data from clinical trials and other relevant information.

PT: Agência Nacional de Saúde Suplementar

Regulatory agency linked to the Brazilian Ministry of Health that regulates and supervises the private health plan sector in the country.

PT: Farmacovigilância

It is the science and activities related to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems.

PT: Água Não Faturada / Non-Revenue Water

Non-Revenue Water (NRW) is the difference between the volume of water produced/treated and the volume actually billed to customers. It includes physical losses (leaks), commercial losses (theft, metering errors), and authorized unbilled consumption.

Distribution Loss Index measures the percentage of treated water that is lost in the distribution network through leaks, theft, and metering errors before reaching the end consumer. It is a key efficiency metric for sanitation companies.

PT: Custo Total de Sustentação

The All-In Sustaining Cost (AISC) is a metric used by mining companies to reflect the cost of gold mining in a consistent format, useful for both investors and mining companies. It includes all costs associated with the production of gold or any other mineral, encompassing both operating expenses and sustaining capital costs.

PT: Custo Caixa

Cash costs in mining refer to the production costs at the site level, measured per unit of output. Cash costs include the operational cash expenses incurred directly at the site. Essentially, it’s the cost of production right at the mine.

PT: Receita Anual Permitida

The Permitted Annual Revenue (RAP) is the remuneration that electricity transmission companies receive for providing public transmission services to users. The value is defined in auctions and periodically reviewed by ANEEL.

PT: Tarifa de Energia Elétrica

The Electricity Tariff is the final price charged to the consumer for the electrical energy consumed. It is made up of generation, transmission, distribution and sectoral charges, being defined and regulated by ANEEL.

PT: Agência Nacional de Energia Elétrica

The National Electric Energy Agency (ANEEL) is the regulatory agency for the Brazilian electricity sector. It is responsible for regulating and monitoring the generation, transmission, distribution and sale of electrical energy, in addition to defining tariffs and mediating conflicts between agents.

PT: Base de Ativos Regulatórios

The Regulatory Asset Base (BAR) is the set of assets of an energy company that is considered by ANEEL to calculate its remuneration. Includes investments in generation, transmission and distribution.

PT: EBITDA Regulatório

Regulatory EBITDA is a financial metric that represents the operating cash generation of a company in the electricity sector, calculated in accordance with ANEEL rules. It is used to determine the remuneration of energy transmission and distribution companies.

PT: Base de Remuneração Regulatória

The Regulatory Remuneration Base (BRR) represents the value of prudent and efficient investments made by electricity concessionaires, on which the remuneration rate (WACC) is applied to calculate the RAP.

PT: Revisão Tarifária

The Tariff Review is a periodic process carried out by ANEEL to reevaluate and redefine electricity tariffs. The objective is to guarantee the economic-financial balance of concessionaires and reasonable tariffs for consumers.

PT: Receita Recorrente Anual

It is the annualized version of Monthly Recurring Revenue (MRR). It represents one year of recurring revenue.

PT: Receita Recorrente Mensal

It is the predictable revenue that a company expects to receive each month. It is a fundamental metric for subscription businesses, such as SaaS.

PT: Retenção de Receita Líquida

Measures the recurring revenue from a group of existing customers over time, including expansions, contractions, and churn.

PT: Anuidade

An Annuity is a series of equal periodic payments over a defined period. Used in financial mathematics to calculate present and future values of regular cash flow streams such as loan installments or lease payments.

PT: Análise de Empresas Comparáveis

Comparable Companies Analysis (CCA) is a valuation method that determines the value of a company by comparing it to metrics of similar-sized companies in the same industry. It is a relative valuation technique.

PT: Taxa de Desconto

The Discount Rate is the rate used to bring future cash flows to their present value. It reflects the opportunity cost of capital and the risk associated with the expected cash flows.

PT: Fluxo de Caixa Descontado

Discounted Cash Flow (DCF) is a valuation method that estimates the value of an investment based on its expected future cash flows. DCF analysis attempts to determine the value of an investment today, based on projections of how much money it will generate in the future.

PT: Valor da Empresa

Measures the total value of a company, combining its market capitalization with debt and subtracting cash. It is often seen as the theoretical acquisition cost of a company.

PT: Valor da Firma

Measures the total value of a company, combining its market capitalization with debt and subtracting cash. It is often seen as the theoretical acquisition cost of a company.

PT: Valor do Patrimônio Líquido

Equity Value represents the total value attributable to a company's shareholders. It is calculated as Enterprise Value minus net debt, or directly through market capitalization (share price times shares outstanding).

PT: Fluxo de Caixa Livre para o Acionista

Free Cash Flow to Equity (FCFE) is the cash flow available exclusively to shareholders after all expenses, reinvestments, and debt payments. It is used in DCF models discounted at the cost of equity.

PT: Fluxo de Caixa Livre para a Firma

Free Cash Flow to the Firm (FCFF) represents the cash flow available to all capital providers (shareholders and creditors) after covering operating expenses and capital expenditures. It is the starting point for DCF valuation using WACC as the discount rate.

PT: Modelo de Crescimento de Gordon

The Gordon Growth Model is a stock valuation method that calculates the intrinsic value of a stock based on a series of future dividends that grow at a constant rate. It is a variation of the dividend discount model (DDM).

PT: Taxa Interna de Retorno

The discount rate that makes the net present value (NPV) of all cash flows from a given investment equal to zero.It is the annualized growth rate that an investment is expected to generate.

PT: Margem de Resultado a Apropriar / REF Margin

Expected gross margin of the revenue backlog to be appropriated (Result from Future Exercises). It indicates the profitability of the projects already sold that will still be recognized as revenue. It is the most important forward-looking margin indicator in the sector.

PT: Capitalização de Mercado

Represents the total market value of all of a company's shares. It is calculated by multiplying the current stock price by the total number of shares outstanding.

PT: Valor Patrimonial Líquido

Represents the market value of all assets of a fund (such as a REIT) minus its liabilities. Divided by the number of outstanding shares, it results in the net asset value per share.

PT: Valor Presente Líquido

Net Present Value (NPV) is the difference between the present value of future cash flows and the initial investment. A positive NPV indicates the project creates value; a negative NPV indicates value destruction.

PT: Preço sobre Valor Patrimonial Ajustado

Valuation multiple that compares the market price of the stock with the book value per share. In the development sector, the BVPS includes land (at historical cost), works in progress, and receivables. Brazilian developers have historically traded between 0.5x and 2.0x P/BVPS.

PT: Período de Payback

The Payback Period is the time required for an investment to generate enough cash flows to recover the initial capital invested. It can be calculated as simple (without discounting) or discounted (considering the time value of money).

PT: Perpetuidade

Perpetuity is a series of infinite cash flows used in DCF models to calculate the terminal value of a company beyond the explicit projection period. It assumes the company will generate cash flows indefinitely.

PT: Análise de Transações Precedentes

Precedent Transactions Analysis is a valuation method that estimates the value of a company based on the acquisition prices of similar companies in past mergers and acquisitions (M&A) transactions.

PT: Soma das Partes

Sum-of-the-Parts (SOTP) valuation is a process of valuing a company by determining the value of its divisions or business segments separately. The values of each division are then added up to get the total value of the company.

PT: Valor Terminal

Terminal Value represents the present value of all future cash flows of a company that are expected to occur beyond the explicit projection period in a DCF model. It is a way of estimating the value of the company in perpetuity.

PT: Custo Médio Ponderado de Capital

The Regulatory WACC is the rate of return on capital invested by energy companies, defined by ANEEL. It is used to calculate companies' remuneration and ensure that investments are attractive and reasonable tariffs are maintained.

PT: Antidiluição

A clause that protects an investor from having their equity stake diluted in subsequent financing rounds.If the company issues new shares at a lower price per share than the investor paid, the anti-dilution clause adjusts the conversion price of the investor's shares to compensate.

PT: Direito de Arraste

A contractual clause that allows majority shareholders to force minority shareholders to join in the sale of a company.The right holder is effectively 'dragging' the other shareholders into the deal.

PT: Preferência de Liquidação

A contractual right that ensures that preferred shareholders (usually investors) are paid before common shareholders in the event of a liquidity event, such as a company sale or liquidation.The preference generally amounts to a multiple of the original investment.

PT: Direito de Venda Conjunta

A clause that allows minority shareholders to participate in the sale of a majority interest under the same terms and conditions.If a majority shareholder sells their stake, minority shareholders have the right to join the transaction and sell their shares as well.

PT: Grau API

A scale created by the American Petroleum Institute to measure the relative density of petroleum liquids to water. The higher the API gravity, the lighter and generally more valuable the oil. Oil with an API gravity above 31° is considered light; between 22° and 31° is medium; and below 22° is heavy.

PT: Barril de Óleo Equivalente

A unit of measurement that converts volumes of natural gas and other hydrocarbons into an equivalent amount of energy contained in one barrel of crude oil. It allows for the comparison and aggregation of oil and gas production in a single unit. 1 BOE ≈ 5,800 cubic feet of natural gas.

PT: Petróleo Brent

The main international benchmark for oil prices, based on a blend of crude oils produced in the North Sea (from the Brent, Forties, Oseberg, Ekofisk, and Troll fields). It serves as a reference for pricing approximately two-thirds of the globally traded oil.

PT: Audiência

A group of people who participate in a program or encounter a work of art, literature, theater, music, video games, or academics in any medium. In the context of media, the audience is the group of people who consume a certain content, whether it is a TV show, a website, a newspaper, or a radio station.

PT: Assento-Quilômetro Disponível

Metric that measures an airline's supply capacity, calculated by multiplying the total number of available seats by the distance flown in kilometers. It represents the supply side of the air travel market.

PT: Load Factor de Equilíbrio

Breakeven Load Factor is the minimum passenger load factor an airline needs to achieve to cover all its costs (fixed and variable). Below this threshold, the flight operates at a loss.

PT: Custo por Assento-Quilômetro Disponível

Total operating cost divided by total available seat-kilometers (ASK). It is the primary cost efficiency metric in the airline industry. Often reported 'ex-fuel' (excluding fuel) to isolate controllable cost management.

PT: Taxa de Ocupação

Percentage of available capacity (ASK) that was effectively utilized by paying passengers (RPK). This is the most important operational efficiency metric in the airline industry, indicating how well the airline is filling its flights.

PT: Receita por Assento-Quilômetro Disponível

Total operating revenue divided by total available seat-kilometers (ASK). Measures the airline's ability to generate revenue per unit of available capacity. Combines the effect of yield and load factor into a single metric.

PT: Passageiro-Quilômetro Transportado Pago

Metric that measures the passenger traffic volume of an airline, calculated by multiplying the number of paying passengers by the distance traveled in kilometers. It is the primary demand indicator in the airline industry.

PT: Yield / Receita por Passageiro-Quilômetro

Average revenue per passenger per kilometer flown. This is the pricing metric used in the airline industry, indicating how much the company effectively charges per unit of transportation. It is equivalent to the 'unit price' of the air service.

PT: Receita Média por Usuário

A metric that calculates the average revenue generated by each user or subscriber during a specific period. It is commonly used in subscription-based industries, such as telecommunications and media, to assess a company's ability to generate revenue at the customer level.

PT: Investimento em Universalização

Universalization CAPEX refers to the capital expenditure required to expand water and sewage infrastructure to achieve universal coverage targets set by the Marco Legal do Saneamento (99% water, 90% sewage by 2033).

PT: Relação Capex/Receita

A financial metric that compares a company's capital expenditures (Capex) to its revenue. In the telecommunications sector, it is a crucial indicator of the investment intensity required to maintain and expand the network infrastructure.

Total operating cost divided by the average student base in the period. Includes costs for teachers, infrastructure, technology, administration and teaching materials. It is the sector's operational efficiency metric, analogous to CASK in aviation.

EBITDA per Connection measures the operating cash generation per active water/sewage connection. It is a key efficiency metric for comparing sanitation companies of different sizes and service areas.

PT: Enterprise Value sobre Base de Ativos Regulatória

EV/RAB (Enterprise Value to Regulatory Asset Base) is the primary valuation multiple for regulated utilities. It compares the market's valuation of the company to its regulatory asset base, indicating whether the market is pricing above or below the regulated capital.

PT: Valor Vitalício do Aluno

Total net income expected from a student throughout their entire stay at the institution, discounting default and the probability of dropping out. It is the metric that connects average ticket, retention and course duration into a single number.

Net revenue generated per square meter of the institution's built area. It measures the efficiency of using physical infrastructure, being especially relevant for on-site operations where real estate costs are significant.

PT: Ticket Médio Saúde

Average amount spent per patient over a given period in a clinic, hospital, or office. It is a financial performance indicator.

PT: Pessoal, Material, Serviços e Outros

Acronym used in business budgeting to group the main expense categories: Personnel (salaries), Material (supplies), Services (outsourced), and Others (miscellaneous expenses).

The opposite market situation to contango, where the futures price of a commodity is lower than the expected spot price. Prices for contracts with more distant expiration dates are progressively lower.

A market situation where the futures price of a commodity is higher than the expected spot price. Prices for contracts with more distant expiration dates are progressively higher.

PT: Mercado de Capitais de Dívida

Division of an investment bank focused on the origination and structuring of fundraising operations through the issuance of debt securities, such as debentures, commercial papers, and bonds.

PT: Mercado de Capitais de Renda Variável

Division of an investment bank responsible for originating and executing equity transactions, such as IPOs, follow-ons, and issuance of convertible securities. It acts as an intermediary between issuing companies and investors.

PT: Banco de Terrenos / Land Bank

Inventory of land acquired or with a purchase option by the developer for future launches. Measured in potential PSV (value of the developments that can be developed on the land) or in area (m²). It is the company's growth 'pipeline'.

PT: Permuta de Terreno / Land Swap

A method of land acquisition in which the developer exchanges the land for units in the future development (apartments, commercial rooms) instead of paying in cash. It reduces the need for cash and aligns the interest of the landowner with the success of the project.

PT: Spread Bancário

The difference between the interest rate that banks charge borrowers and the interest rate they pay to depositors.

PT: Margem Financeira Líquida

Net Interest Margin (NIM) is the difference between interest income earned on assets (loans) and interest paid on liabilities (deposits), expressed as a percentage of interest-earning assets. It is the primary profitability metric for banks.

PT: Retorno sobre o Patrimônio Líquido (Bancário)

Measures a bank's profitability in relation to its shareholders' equity. It indicates how efficiently the bank is using shareholder capital to generate profits.

Total number of enrolled and active students at an educational institution in a given period. It is segmented by modality (in-person, distance learning, hybrid), level (undergraduate, postgraduate) and type of financing (payer, FIES, Prouni).

PT: Receita por Aluno

Total annualized revenue divided by the average number of students in the period. Unlike the average monthly ticket, it captures the complete annual revenue including re-enrollments, teaching materials and additional services.

Average monthly net revenue generated per enrolled student, excluding full scholarship holders (Prouni). It is the main pricing metric in the educational sector, reflecting the mix of courses, modalities (in-person vs. distance learning) and discounts granted.

Regulatory Asset Base (RAB) is the value of a regulated utility's assets as determined by the regulator for tariff-setting purposes. It represents the invested capital on which the company is entitled to earn a regulated return.

PT: Custo Médio Ponderado de Capital Regulatório

Regulatory WACC is the Weighted Average Cost of Capital determined by the regulator to calculate the allowed return on a utility's Regulatory Asset Base (RAB). It defines the maximum profitability the regulated company can earn.

PT: Acordos de Basileia

The Basel Accords are a set of international banking regulations developed by the Basel Committee on Banking Supervision (BCBS) that establish minimum capital requirements, risk management standards, and supervisory practices for banks worldwide.

PT: Base

The difference between the spot (cash) price of a commodity and its corresponding futures contract price.

PT: Leitos por habitante

Indicator that measures the number of hospital beds available for every thousand or one hundred thousand inhabitants in a given region. It reflects the health system's capacity to admit patients.

PT: Beneficiamento Mineral / Processamento Mineral

Ore beneficiation is the set of physical and physico-chemical operations aimed at separating the valuable mineral from the gangue (the worthless part), tailoring the material to market specifications. It involves a series of processes designed to physically separate the useful minerals from the gangue and ultimately produce a concentrate.

PT: Recuperação Metalúrgica

Percentage of metal contained in the raw ore (ROM - Run of Mine) that is effectively recovered after the beneficiation process. It indicates the efficiency of the processing plant.

PT: Coeficiente Beta

Beta is a measure of the volatility, or systematic risk, of an asset or portfolio in comparison to the market as a whole. It indicates the sensitivity of an asset's price to market fluctuations.

PT: Modelo de Precificação de Ativos Financeiros

The Capital Asset Pricing Model (CAPM) describes the relationship between systematic risk and the expected return for assets. It is a formula used to determine the theoretical appropriate required return of an asset, to make a decision about adding the asset to a well-diversified portfolio.

PT: Título de Dívida / Obrigação

It is a debt instrument in which an investor lends money to an entity (typically corporate or governmental) that borrows the funds for a defined period at a variable or fixed interest rate. Used by companies, municipalities, states, and sovereign governments to finance projects and operations.

Similar to the CRI, it is a fixed-income security backed by receivables originating from business between rural producers (or their cooperatives) and third parties, related to the production, commercialization, processing, or industrialization of agricultural products or inputs.

A fixed-income security backed by payment flows from real estate transactions, such as rents or property sale installments. It is issued by securitization companies to finance the real estate market.

PT: Nota Comercial

It is a short-term, unsecured debt security issued by companies to finance their working capital needs, such as inventories and accounts payable. It works like a promissory note with a maturity that varies, in Brazil, from 30 to 360 days.

PT: Debênture

It is a debt security issued by companies (other than financial institutions) to raise medium and long-term funds. By purchasing a debenture, the investor becomes a creditor of the company.

It is the process used to determine the price of an asset (such as a stock in an IPO) based on demand from institutional investors. The offering coordinators collect purchase intentions to determine a price that balances the interests of buyers and sellers.

PT: Oferta Subsequente de Ações

It is an issuance of shares by a company that is already publicly traded on the stock exchange. The objective is to raise more funds or allow existing shareholders to sell their stakes.

PT: Ações em Circulação

Refers to the percentage of a company's shares that are available for trading on the stock market. It excludes shares held by insiders, such as controllers, directors, and the government.

PT: Opção de Lote Suplementar

A clause in the underwriting agreement of a public offering that allows underwriters (banks) to sell more shares than initially planned by the company, usually up to 15% more. This option is used to stabilize the stock price in the secondary market after the offering.

PT: Oferta Pública Inicial

It is the process by which a private company becomes public by selling its shares to the general public for the first time. This allows the company to raise capital to finance its growth and expansion.

PT: Período de Lock-up

It is a contractually defined period of time after a public offering (such as an IPO) during which certain shareholders, such as company insiders and early investors, are prohibited from selling their shares.

A series of presentations and meetings that a company's management and its underwriters hold for potential investors before a public offering, such as an IPO. The goal is to generate interest and assess demand for the offering.

PT: Oferta Pública de Aquisição

It is a public offer to buy shares of a company, usually at a price above the market value, with the aim of obtaining control of the company or taking it private.

PT: Subscrição

Process by which a financial institution, such as an investment bank, assumes the risk of buying the new securities issued by a company to resell them to the public. The institution can guarantee the purchase of the entire issue (firm commitment) or just strive to sell as much as possible (best efforts).

PT: Preço de Equilíbrio

The minimum price per barrel of oil required for an exploration and production project to generate a positive return (NPV ≥ 0 or IRR ≥ cost of capital). It includes all costs: exploration, development, operation, taxes, and decommissioning.

PT: Custo de Descoberta e Desenvolvimento

The total cost incurred to find and develop new oil and gas reserves, expressed per barrel of oil equivalent. It includes exploration expenses (seismic, exploratory wells) and development costs (production wells, platforms, subsea infrastructure).

PT: Custo de Extração

The operational cost per barrel of oil equivalent to extract oil and gas from reservoirs already in production. It includes platform operating costs, maintenance, personnel, energy, and logistics, but excludes royalties, government takes, and depreciation.

PT: Construído para Servir

A long-term lease agreement where an investor constructs or renovates a property to meet the specific needs of a tenant. The rental value compensates not only for the use but also for the investment in the construction.

PT: Venda e Retro-locação

A financial transaction where a company sells its own real estate to an investor and simultaneously enters into a long-term lease agreement to continue occupying the same space. This allows the company to free up capital that was tied up in the asset.

PT: Taxa de Queima de Caixa

The rate at which a company spends its capital to finance operating expenses before becoming profitable.

PT: Pista de Decolagem

The length of time a company has before it runs out of money, assuming current revenues and expenses remain constant.

PT: Tabela de Capitalização

A table that details the equity ownership structure of a company.It lists all shareholders, the number of shares they own and the types of capital they hold, providing a clear picture of who owns what.

PT: Fator de Capacidade

The Capacity Factor is the ratio between the energy actually generated by a plant in a given period and the energy it could have generated if it operated continuously at its maximum capacity. It is an indicator of the efficiency and availability of the plant.

PT: Geração Distribuída

Distributed Generation (DG) is the generation of electrical energy carried out at or close to the consumer, from renewable sources, such as solar photovoltaics. Surplus energy can be injected into the distributor's network, generating credits for the consumer.

PT: Capacidade Instalada

Installed Capacity is the maximum power that a plant or electrical system can generate or make available under normal operating conditions. It is measured in megawatts (MW).

PT: Despesas de Capital / Despesas Operacionais

Capex refers to the funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment. Opex, on the other hand, are the day-to-day expenses a company incurs to keep its business operational.

PT: Taxa de Capitalização

Measures the yield of an investment property based on the income it is expected to generate. It is an assessment of the return on the asset over one year.

PT: Tonelada-Quilômetro Transportada

Metric that measures the volume of freight transported, calculated by multiplying the weight of the cargo (in tons) by the distance traveled (in kilometers). It is the equivalent of Revenue Passenger Kilometers (RPK) for freight transport, used in aviation, railways, and highways.

PT: Yield de Carga / Receita por Tonelada-Quilômetro

Average revenue per ton-kilometer transported. It measures the effective price charged for freight transport per unit of weight and distance. It is the equivalent of passenger yield for the freight segment.

PT: Entrega de Última Milha

Final stage of the supply chain, from the distribution center or hub to the consumer's final destination. This is the most expensive and complex part of logistics, potentially accounting for 40-50% of the total delivery cost, especially in e-commerce.

PT: Taxa de Performance

A profit share from an investment is paid to the investment manager, specifically in alternative investments.It is the main form of remuneration for Private Equity and Venture Capital fund managers, generally around 20% of profits.

Carry Trade is an investment strategy that consists of taking out loans in a currency with a low interest rate and investing in assets in another currency with higher interest rates.The objective is to profit from the interest differential between the two countries.

A credit instrument representing a promise of future delivery of an agricultural product. It can be physical (delivery of the product) or financial (settlement in cash).

Credit instruments issued together that represent ownership (CDA) and the right of lien (WA) over agricultural products deposited in certified warehouses.

The Interbank Deposit Certificate (CDI) is a very short-term bond (one day) issued by banks to lend money to each other.The average rate on these loans is the DI Rate, which serves as the main profitability reference for fixed income investments.

The Monetary Policy Committee (Copom) is the body of the Central Bank of Brazil responsible for defining the economy's basic interest rate target, the Selic.Meetings take place every 45 days to analyze the macroeconomic scenario and decide the direction of monetary policy.

PT: Flexibilização Quantitativa

Quantitative Easing (QE) is an unconventional monetary policy in which a central bank buys long-term bonds on the open market to increase the money supply and encourage credit and investment.The aim is to stimulate economic activity when interest rates are already close to zero.

PT: Aperto Quantitativo

Quantitative Tightening (QT) is the opposite of QE.It is a contractionary monetary policy in which a central bank sells bonds or lets them mature without reinvesting the proceeds.The goal is to reduce the money supply and increase interest rates to control inflation.

The Selic Rate is the basic interest rate for the Brazilian economy.It is the main monetary policy instrument used by the Central Bank (BC) to control inflation.It influences all interest rates in the country, such as loans, financing and financial investments.

PT: Curva de Juros

The Interest Curve (or Yield Curve) is a graph that represents the relationship between interest rates and maturity terms of debt securities of the same credit quality.It shows market expectations about the future path of interest rates.

A fixed-income security backed by payment flows from real estate transactions, such as rents or property sale installments. It is issued by securitization companies to finance the real estate market.

A fixed-income security issued by banks to finance the real estate sector. It is backed by real estate credits secured by mortgage or fiduciary assignment and offers income tax exemption for individuals.

A contract signed in 2010 between the Brazilian government and Petrobras that granted the company the exclusive right to explore and produce up to 5 billion barrels of oil equivalent in specific pre-salt areas, in exchange for a payment of BRL 74.8 billion in government debt securities.

PT: Contrato de Partilha de Produção

A contractual regime in which the state retains ownership of the oil and the operating company assumes the risks and costs of exploration and production. The production is divided between the government and the company after the deduction of 'cost oil' (cost recovery).

PT: Royalties

Financial compensation paid by oil and gas producing companies to the government for the exploration of non-renewable natural resources. In Brazil, the standard rate is 15% of the production value at the measurement point, which can vary from 5% to 15% depending on the contract.

PT: Compensação Financeira pela Exploração de Recursos Minerais

Brazilian royalty charged on the extraction of mineral resources, paid by mining companies to the federal government, states, and municipalities. The rates range from 1% to 3.5%, depending on the type of mineral substance.

PT: Retorno Líquido de Fundição

Net revenue generated from the sale of ore after deducting transportation, smelting, and refining costs. This serves as the basis on which mining royalties are often calculated.

PT: Câmara de Comercialização de Energia Elétrica

The Electricity Trading Chamber (CCEE) is the entity responsible for enabling and managing the trading of electricity in Brazil. It records contracts, accounts for operations and settles transactions in the short-term market.

PT: Mecanismo de Realocação de Energia

The Energy Reallocation Mechanism (MRE) is a system that shares hydrological risks between the hydroelectric plants of the National Interconnected System (SIN). It ensures that plants receive predictable revenue, regardless of the amount of rain in their region.

PT: Ambiente de Contratação Livre

The Free Contracting Environment (ACL) is the segment of the electricity market where free and special consumers can freely negotiate the purchase of energy with generators and traders. Price, term and volume conditions are defined in bilateral contracts.

PT: Preço de Liquidação das Diferenças

The Difference Settlement Price (PLD) is the price of energy in the short-term market, used to value the differences between the contracted energy and that actually generated or consumed by market agents. It is calculated weekly by CCEE.

PT: Ambiente de Contratação Regulada

The Regulated Contracting Environment (ACR) is the segment of the electricity market where the purchase and sale of energy is carried out through auctions promoted by ANEEL. In it, distributors purchase energy to serve their captive consumers.

PT: Taxa de Afretamento / Equivalente de Afretamento por Tempo

Daily net revenue earned by a vessel, calculated by subtracting voyage expenses (fuel, port fees, canal charges) from gross revenue and dividing by the number of operating days. It is the standard metric used to compare profitability across vessels and routes.

PT: Unidade Equivalente a Vinte Pés

Standard unit of measurement for container transport capacity, based on the standard 20-foot (6.1 meters) container. A 40-foot container is equivalent to 2 TEUs. It is the universal unit for measuring port throughput and ship capacity.

PT: Taxa de Cancelamento

The percentage of customers who stop using a service or product during a given period. It is a crucial metric for assessing customer retention.

PT: Valor do Tempo de Vida do Cliente

A forecast of the net revenue attributed to the entire future relationship with a customer. It helps to determine the long-term value of a customer.

PT: Taxa de Cancelamento

The percentage of customers who stop using a service or product during a given period. It is a crucial metric for assessing customer retention.

PT: Taxa de Cancelamento

The percentage of customers who stop using a service or product during a given period. It is a crucial metric for assessing customer retention.

PT: Valor do Tempo de Vida do Cliente

A forecast of the net revenue attributed to the entire future relationship with a customer. It helps to determine the long-term value of a customer.

PT: Ciclo de Conversão de Caixa / Cash Conversion Cycle

The number of days between paying for raw materials and receiving sales. In the food and beverage sector, this is particularly relevant because it involves perishable inventories and bargaining power with suppliers (farmers) and customers (large retailers).

PT: Vida Útil / Prazo de Validade

The period during which a food product maintains its quality and safety characteristics for consumption. It directly impacts inventory management, logistics, and write-offs. Products with a short shelf life (dairy, fresh meats) require a cold chain and rapid distribution.

PT: Unidade de Manutenção de Estoque

A unique code that identifies each product variation within a portfolio (flavor, size, packaging). In the food and beverage sector, a company can have thousands of SKUs. Managing the SKU portfolio directly impacts operational complexity and profitability.

PT: Glosa

It is the non-payment, by health plan operators, of amounts related to care, medicines, materials, or fees charged by hospitals and clinics.

PT: Período de Carência

An initial waiting period before any equity interests begin to be vested.If a person leaves the company before the end of the cliff, they receive no action.The market standard is a one-year cliff.

PT: Aquisição de Direitos

The process by which an individual gains full ownership of an asset, such as a stock or stock options, over a period of time.Companies often use vesting to encourage team members to stay with the company longer.

PT: Fase Clínica I

First stage of testing a new drug in humans, usually in a small group of healthy volunteers, to assess its safety, determine a safe dosage range, and identify side effects.

PT: Fase Clínica II

The drug is administered to a larger group of patients (usually 100 to 300) to assess its effectiveness and continue to evaluate its safety.

PT: Fase Clínica III

Large-scale studies (usually 1,000 to 3,000 patients) to confirm effectiveness, monitor side effects, compare with common treatments, and gather information that will allow the drug to be used safely.

PT: Pipeline de Medicamentos

Refers to the set of all drugs in development by a pharmaceutical company, from the discovery phase to marketing approval.

PT: Métricas de Computação em Nuvem

Key performance indicators for cloud-based services, such as uptime, latency, and resource utilization.

PT: Cobertura de Mercado / Market Coverage

The percentage of points of sale (POS) in a region or channel that are served by the company or that have its products available. It measures distribution capillarity and the ability to reach the end consumer.

PT: Venda ao Canal / Faturamento ao Distribuidor

Volume or revenue from products sold by the manufacturer to the distribution channel (wholesalers, distributors, retailers). This represents the 'first sale' in the chain—from the manufacturer to the intermediary. It is the revenue that appears on the producing company's balance sheet.

PT: Venda ao Consumidor Final

Volume or revenue from products actually sold by the point of sale (retail) to the end consumer. This represents the real market demand, differing from sell-in, which may include inventory accumulation in the channel. Measured by institutes such as Nielsen and Scanntech.

PT: Participação na Gôndola / Espaço em Prateleira

The percentage of physical shelf space (gondola) occupied by a brand's products relative to the total category space at the point of sale. This is a commercial execution metric that indicates the brand's visibility and presence in retail.

PT: Custo dos Produtos Vendidos

The direct cost of producing the goods sold, including raw materials (grains, meat, packaging), direct labor, and manufacturing overhead. In the food and beverage sector, COGS is heavily impacted by agricultural commodities (e.g., wheat, corn, soybeans, barley, aluminum).

PT: Custo de Conversão / Conversion Cost

The cost of transforming raw materials into finished products, excluding the cost of the raw material itself. This includes energy, factory labor, maintenance, equipment depreciation, and factory overhead. It is the sector's industrial efficiency metric.

PT: Verba de Trade / Investimento em Trade Marketing

Investments made by the manufacturer with the distribution channel and retail to promote sales, including channel discounts, bonuses, POS materials, promoters, tastings, and co-op advertising funds. This can represent 15-25% of gross revenue for consumer goods companies.

PT: Análise de Coorte

A type of behavioral analysis that divides data into groups of people with common characteristics over time. In retail, it is often used to analyze the behavior of groups of customers who started buying on the same date.

PT: Cosseguro

Coinsurance is an arrangement where two or more insurers share the risk and premium of a single insurance policy in predetermined proportions. Each coinsurer is responsible only for its agreed share.

PT: Resseguro

Reinsurance is the practice where an insurance company transfers part of its risk portfolio to another insurer (the reinsurer) to reduce exposure to large claims. It is essentially 'insurance for insurance companies'.

PT: Retrocessão

Retrocession is the practice where a reinsurer transfers part of its assumed risk to another reinsurer. It is the third layer of risk transfer in the insurance chain: insurer → reinsurer → retrocessionaire.

PT: Índice Combinado

The Combined Ratio measures the overall profitability of an insurance company's underwriting operations. It is the sum of the Loss Ratio and the Expense Ratio. A Combined Ratio below 100% indicates underwriting profit; above 100% indicates underwriting loss.

PT: Índice de Despesas

The Expense Ratio measures the percentage of earned premiums consumed by operating expenses (commissions, administrative costs, marketing). Combined with the Loss Ratio, it forms the Combined Ratio.

PT: Índice de Sinistralidade

The Loss Ratio (Sinistralidade) measures the percentage of earned premiums paid out as claims. It is the primary indicator of underwriting quality — a lower loss ratio means fewer claims relative to premiums collected.

PT: Resultado de Subscrição

Underwriting Profit is the profit generated from insurance operations before investment income. It equals earned premiums minus claims paid and operating expenses. A positive underwriting profit means the insurer is profitable from its core business alone.

PT: Carry Trade de Commodities

A strategy that seeks to profit from the difference between the spot price and the futures price of a commodity (the 'basis'), usually involving the purchase of the physical commodity and the sale of a futures contract.

PT: Margem de Esmagamento

Difference between the price of the soybean and the prices of its derivative products, soybean meal and soybean oil. It represents the profit margin of the processing industry.

PT: Capital Principal de Nível 1

The highest quality component of a bank's capital, consisting mainly of common stock and retained earnings.

PT: Capital Nível 1

Tier 1 Capital is the core capital of a bank, composed primarily of common equity and retained earnings. It is the primary measure of a bank's financial strength from a regulatory perspective under Basel Accords.

PT: Farmácia de manipulação

Establishment that prepares personalized medicines, following formulas prescribed by health professionals, to meet the specific needs of a patient.

PT: Drogaria

Establishment that sells industrialized medicines, cosmetics, hygiene products, and related items in their original packaging. It cannot manipulate formulas.

PT: Concessão

A contract whereby the public authority (grantor) delegates to a private entity (concessionaire) the execution and/or management of a public service or asset for a specified period, in exchange for remuneration paid by users (tariffs) or by other means. The concessionaire assumes the business risks and makes the necessary investments.

Outorga (Concession Fee) is the upfront payment or periodic fee that a concessionaire pays to the government for the right to operate a public infrastructure asset (toll road, airport, port). It is a key component of concession auction bids in Brazil.

PT: Parceria Público-Privada

A collaborative contract between the public and private sectors for the development of infrastructure projects or public services. In a PPP, the private partner assumes financing, construction, and operation responsibilities, sharing the risks and rewards with the government.

PT: Reversão de Bens

At the end of the concession contract, the concessionaire's assets that are essential for the continuity of the service (revertible assets) are transferred to the granting authority (government). The concessionaire may be entitled to compensation for the unamortized investments in these assets.

PT: Margem de Contribuição

Amount remaining from sales revenue after deducting variable costs and expenses. It represents how much each sale contributes to paying fixed costs and generating profit.

PT: Taxa de Conversão

The percentage of visitors to a website or store who perform a desired action, such as a purchase. It is a key metric for measuring the effectiveness of a website or marketing campaign.

PT: Custo de Aquisição de Cliente

The total cost to acquire a new customer. It includes all marketing and sales costs divided by the number of new customers acquired in a given period.

PT: Custo de Aquisição de Cliente

The total cost to acquire a new customer. It includes all marketing and sales costs divided by the number of new customers acquired in a given period.

PT: Custo de Aquisição de Assinante

The total cost incurred to acquire a new subscriber for a product or service. It includes all marketing and sales expenses associated with acquiring that subscriber, from advertising and promotional offers to sales team commissions and onboarding efforts.

PT: Corte do Fio

The pattern of viewers canceling their subscriptions to multichannel television services, such as cable or satellite TV, in favor of Internet-based alternatives, such as streaming services and IPTV.

PT: Custo por Clique

An online advertising model in which advertisers pay a fee each time one of their ads is clicked. Essentially, it's a way of buying visits to your site, rather than trying to 'earn' those visits organically through SEO.

PT: Custo por Mil Impressões

A pricing model in online advertising where advertisers pay a fixed price per thousand impressions (views) of an ad. It is a common metric for measuring the cost of ad exposure, regardless of user engagement.

PT: Frequência

In the context of telecommunications, frequency refers to the number of oscillations of an electromagnetic wave per second, measured in Hertz (Hz). Frequencies are grouped into spectrum bands, which are allocated to different wireless communication technologies, such as radio, TV, mobile telephony, and Wi-Fi.

PT: Pontos de Audiência Bruta

A measure of the size of an advertising campaign over a given period. GRPs are calculated as the percentage of the target audience reached by an ad, multiplied by the frequency with which the ad is shown. It is a standard metric in traditional advertising, especially on TV.

PT: Alcance

The total number of unique people or households exposed, at least once, to an advertising message or campaign during a given period. It measures the campaign's dispersion, indicating the size of the audience that was impacted.

PT: Custo, Seguro e Frete

An international trade term (Incoterm) meaning that the seller delivers the goods on board the vessel and pays the costs of freight and insurance to the designated port of destination.

PT: Livre a Bordo

An international trade term (Incoterm) in which the seller's responsibility ends when the goods are placed on board the vessel at the designated port of shipment.

PT: Margem de Refino

The difference between the price of refined products (gasoline, diesel, jet fuel) and the price of the crude oil used as feedstock. It represents the gross margin of the refining activity.

PT: Descomissionamento

The process of safely decommissioning, dismantling, and removing oil and gas production facilities (platforms, pipelines, wells) at the end of their useful life, including the environmental restoration of the area. The costs are provisioned over the life of the field.

PT: Pague ou Leve

A contractual clause in natural gas supply contracts whereby the buyer agrees to pay for a minimum volume of gas, regardless of whether or not they consume that volume. It guarantees a minimum revenue for the producer and security of supply for the buyer.

PT: Swap de Inadimplência de Crédito

Credit Default Swap (CDS) is a financial derivative contract that works as insurance against the risk of default on a debt security.The buyer of the CDS pays a periodic premium to the seller and, in return, receives compensation if a credit event (such as a default) occurs with the reference asset.

PT: Spread Soberano

The Sovereign Spread is the difference between the interest rate a country pays to issue foreign currency debt and the interest rate on a debt security considered 'risk free' (usually a US Treasury bond).It reflects a country's perception of credit risk.

PT: Crescimento Orgânico / Organic Growth

Revenue or volume growth generated by the company's existing operations, excluding the effect of acquisitions, divestitures, and currency fluctuations. It is broken down into 'volume effect' (more units sold) and 'price/mix effect' (higher average price).

PT: Participação de Mercado por Volume

The percentage of total volume sold in a category that belongs to a specific brand or company. Measured by institutes such as Nielsen, Kantar, and Scanntech. It differs from market share by value (revenue), which captures the effect of price and premiumization.

Total marketing and sales cost divided by the number of new students enrolled in the period. Includes advertising, recruitment commissions, entrance exams, and selection process costs. It is the sector’s commercial efficiency metric.

PT: Taxa de Captação / Intake Rate

Percentage of candidates registered in the selection process who actually enroll and start the course. Measures the efficiency of the institution's conversion funnel, from registration to actual enrollment.

PT: Taxa de Evasão / Dropout Rate

Percentage of students who abandon the course before completion in a given period. It is the opposite of retention and represents the main threat to the recurring revenue of educational institutions. In Brazil, the average dropout rate in private higher education is ~30% per year.

PT: Custo por Metro Quadrado de Construção

Total construction cost divided by the total constructed area in square meters. It includes materials, labor, equipment, and construction overhead. The CUB (Basic Unit Cost) published by Sinduscon is the regional reference, but each developer has its own real cost that can vary significantly.

PT: Índice Nacional de Custo da Construção

Specific inflation index for the civil construction sector, calculated by FGV. It measures the variation in the costs of materials, equipment, and labor in construction. It is used to adjust the installments of properties under construction and as a reference for construction contracts.

PT: Teor de Corte

The minimum ore grade that makes its extraction and processing economically viable. Below this grade, the cost of extracting the metal exceeds the revenue generated.

PT: Recursos Medidos e Indicados

Mineral Resources are subdivided into Inferred, Indicated, and Measured categories, in ascending order of geological confidence. A Measured Resource represents the highest level of geological knowledge and confidence in a Resource. Indicated Resources have a lower level of confidence than Measured Resources.

PT: Reservas Provadas e Prováveis

Mineral reserves are classified into two main categories: Probable Mineral Reserves and Proven (or 'Proved') Mineral Reserves, based on increasing geological confidence. A Proven Reserve represents the highest level of confidence in the estimate, while a Probable Reserve carries a slightly lower degree of certainty.

PT: Índice de Cobertura do Serviço da Dívida

The Debt Service Coverage Ratio (DSCR) measures a project's ability to service its debt by comparing operating cash flow to total debt service (principal + interest). A DSCR above 1.0x means the project generates enough cash to cover its debt obligations.

PT: Índice de Cobertura da Dívida ao Longo da Vida do Empréstimo

Measures a project's ability to pay its total debt over the life of the loan, using the present value of future cash flows. It is a long-term view of the project's financial health, in contrast to the DSCR, which is a short-term view.

PT: Curva de Declínio

A graphical representation of the natural rate of decline in production of an oil well or field over time. It is the fundamental tool for forecasting future production and calculating the remaining recoverable reserves.

PT: Reservas Provadas

Volumes of oil and natural gas that, based on geological and engineering data, have a reasonable certainty (≥ 90% probability) of being commercially recoverable under existing economic and operating conditions. They are classified by the SEC and follow SPE/PRMS standards.

PT: Índice de Reposição de Reservas

A metric that compares the volume of new proved reserves added in a period to the volume of oil produced in the same period. An RRR above 100% indicates that the company is replacing more than it produces, ensuring long-term sustainability.

PT: Franquia

The Deductible (Franchise) is the portion of a claim that the policyholder must pay out of pocket before the insurance coverage kicks in. It serves as a risk-sharing mechanism between insurer and insured.

PT: Direto ao Consumidor

Business model in which the brand sells its products directly to the end consumer, without the intermediation of retailers, wholesalers or other distributors.

PT: Operadora Móvel Virtual

A company that provides mobile communication services but does not own the wireless network infrastructure over which it operates. Instead, an MVNO leases network access from a traditional mobile network operator (MNO) at wholesale prices and resells the services under its own brand.

PT: Distribuído sobre o Capital Investido

A metric that measures the cumulative distributions returned to investors by a fund relative to paid-in capital.Represents the realized return on investment.

PT: Taxa Interna de Retorno

The discount rate that makes the net present value (NPV) of all cash flows from a given investment equal to zero.It is the annualized growth rate that an investment is expected to generate.

PT: Curva J

A graph of an investment's performance over time, where the shape of the graph initially dips to negative values ​​and then recovers to significant profits.This is typical of private equity funds, which have initial costs and take time to mature their investments.

PT: Receita Operacional Líquida

Measures the profitability of an income-generating property before considering financing costs or taxes. It is the total revenue generated less all necessary operating expenses.

PT: Valor Residual sobre o Capital Investido

A metric that measures the current market value of a fund's remaining investments relative to its paid-in capital.Represents the unrealized return on investment.

PT: Valor Total sobre o Capital Investido

A metric that compares the total value of a fund's holdings (both realized and unrealized profits) to the capital invested.It is a measure of a private equity fund's overall performance.

PT: Rendimento de Dividendo

The Dividend Yield (DY) is a financial indicator that measures the relationship between the dividends paid by a company and its stock price. It represents the percentage of return an investor receives in the form of dividends.

PT: Valor da Empresa sobre EBITDA

The EV/EBITDA multiple compares a company's total value (Enterprise Value) to its operating cash flow (EBITDA). It shows how many years it would take for the cash generated by the company to pay for its entire market value.

PT: Índice Preço/Valor Patrimonial

The Price-to-Book (P/B) ratio compares a company's market value to its accounting book value. It indicates how much investors are paying for the company's net assets.

PT: Índice Preço/Lucro

The Price-to-Earnings (P/E) ratio is a market multiple that relates a company's current stock price to its earnings per share (EPS). It indicates how much investors are willing to pay for each unit of the company's earnings.

PT: Múltiplos de Avaliação

Valuation multiples are financial indicators that relate a company's market value to a specific financial metric, such as earnings, revenue, or book value. They are used to compare the value of different companies on a relative basis.

PT: Diligência Prévia

A comprehensive investigation that private equity (PE) fund managers conduct into a potential investment, known as a target company.The main objective of PE due diligence is to uncover potential liabilities, validate the investment thesis, and confirm that the information provided by the target company is accurate and reliable.

PT: Ensino a Distância

Teaching modality in which classes and activities are carried out predominantly through digital means (online platforms, video classes, forums). In Brazil, distance learning already represents more than 50% of new enrollments in private higher education, according to the INEP 2023 Census.

PT: Polo de Apoio Presencial

Physical unit accredited by the MEC where students on distance learning courses carry out mandatory face-to-face activities (exams, practical classes, internships). It is the institution's physical point of contact with the distance learning student and functions as a channel for recruitment and retention.

PT: Prêmio Ganho

Earned Premium (Prêmio Ganho) is the portion of written premiums that corresponds to the coverage period that has already elapsed. It represents the revenue actually recognized by the insurer for the risk already assumed.

PT: Float de Seguros

Insurance Float is the pool of money held by an insurer between collecting premiums and paying claims. This float can be invested to generate additional returns, effectively providing free or low-cost capital to the insurer.

PT: Prêmio Emitido

Written Premium (Prêmio Emitido) is the total amount of premium charged for insurance policies issued during a specific period, regardless of whether the coverage period has started or the premium has been collected.

PT: Lucro Antes de Juros e Impostos

EBIT (Earnings Before Interest and Taxes) measures a company's operating profit before the impact of its capital structure (interest) and tax regime. It is a key metric for comparing operational efficiency across companies.

PT: Lucro Antes de Juros, Impostos, Depreciação e Amortização

EBITDA measures a company's operating cash generation capacity before interest, taxes, depreciation, and amortization. It is the most widely used profitability metric in valuation and credit analysis.

PT: Índice de Eficiência

Measures a bank's ability to turn resources into revenue. It is calculated by dividing non-interest expenses by revenues.

PT: Utilização da Frota

Fleet Utilization measures the percentage of time that a transportation fleet (aircraft, ships, trucks) is actively generating revenue versus sitting idle. Higher utilization means better asset efficiency and lower unit costs.

A measure of the sensitivity of consumer demand to price changes. In the food and beverage sector, it indicates how much sales volume falls (or rises) when the price increases (or decreases). Essential products (e.g., rice, beans) have low elasticity; discretionary products (e.g., premium beer, snacks) have high elasticity.

PT: Premiumização / Trading Up

Portfolio migration strategy towards higher value-added and higher-priced products. In the food and beverage sector, this means encouraging consumers to switch from mainstream brands to premium or super-premium brands, increasing revenue per unit without necessarily increasing volume.

PT: Volume em Hectolitros

The standard unit of volume measurement in the beverage industry, equivalent to 100 liters. It is the universal metric for reporting the production and sales of beer, soft drinks, and other beverages. Ambev, for example, reports volumes in millions of hectoliters.

PT: Valor Embutido

Embedded Value (EV) is a valuation methodology specific to insurance companies that measures the present value of future profits from existing policies plus the adjusted net asset value. It captures the value of the in-force book of business.

PT: Exame Nacional de Desempenho dos Estudantes

MEC/INEP assessment that measures the performance of undergraduate students in relation to the programmatic contents. The ENADE grade (1 to 5) directly impacts the Preliminary Course Concept (CPC) and the General Course Index (IGC), which may lead to the closure of courses with low grades.

PT: Empresa de Pesquisa Energética

The Energy Research Company (EPE) is a public company linked to the Ministry of Mines and Energy whose purpose is to provide services in the area of ​​studies and research to support the planning of the energy sector.

Period between the end of one harvest (safra) and the beginning of the next. It is characterized by the lower availability of the product on the market.

PT: Produtividade por hectare

A measure of land yield, calculated by the quantity of agricultural product harvested (in tons or bags) divided by the planted area (in hectares).

Main harvest period for a given agricultural product, when climatic conditions are most favorable, resulting in higher volume and productivity.

PT: Prêmio de Exportação

Additional amount paid (premium) or discounted (discount) on the price of a commodity on the reference exchange (such as Chicago) for delivery to a specific location (port). It reflects local demand and logistics costs.

PT: Fibra para Casa

The installation and use of optical fiber from a central point directly to individual buildings, such as homes and apartments, to provide high-speed Internet access. FTTH dramatically increases connection speeds compared to coaxial cable or DSL technologies.

PT: Fundo de Financiamento Estudantil

Brazilian federal government program that finances undergraduate courses at private higher education institutions. The student pays after graduation, with subsidized interest. It was the main driver of growth in the education sector between 2010-2014, but suffered drastic cuts from 2015 onwards.

PT: Provisão para Devedores Duvidosos

Accounting provision that educational institutions set up to cover monthly fees that will probably not be received. In the educational sector, default rates are structurally high (15-25%) and PDD is one of the largest expense lines, directly impacting the margin.

PT: Programa Universidade para Todos

Federal government program that grants full and partial scholarships (50%) at private higher education institutions to low-income students. In exchange, institutions receive exemption from federal taxes (IRPJ, CSLL, PIS, COFINS).

PT: Câmbio

Foreign exchange is the operation of exchanging the currency of one country for the currency of another.The exchange rate is the price of one currency in relation to another and is determined by supply and demand in the foreign exchange market.

PT: Frequência

In the context of telecommunications, frequency refers to the number of oscillations of an electromagnetic wave per second, measured in Hertz (Hz). Frequencies are grouped into spectrum bands, which are allocated to different wireless communication technologies, such as radio, TV, mobile telephony, and Wi-Fi.

PT: Processamento de Pedidos

The complete process from receiving an order to delivering the product to the customer. It includes activities such as inventory storage, picking, packing, shipping and, in some cases, managing returns.

It is a type of investment fund that invests most of its resources in credit rights, which are credits that a company has to receive, such as trade receivables, checks, and rents. The FIDC buys these credits and 'packages' them into quotas for investors.

A collective investment vehicle that allocates resources to real estate assets, such as commercial buildings, shopping malls, logistics warehouses, or real estate debt securities. Its units (quotas) are traded on the stock exchange, allowing investors to participate in the real estate market in a diversified manner and at a low cost.

PT: Índice Geral de Preços - Mercado

The General Price Index - Market (IGP-M) is an inflation indicator calculated by Fundação Getúlio Vargas (FGV). It is widely used to readjust contracts, including electricity contracts.

PT: Operação e Manutenção

Operation and Maintenance (O&M) costs are the expenses necessary to keep an energy company's assets in operation. They include expenses with personnel, materials, third-party services, among others.

PT: Custo Médio Ponderado de Capital

The Regulatory WACC is the rate of return on capital invested by energy companies, defined by ANEEL. It is used to calculate companies' remuneration and ensure that investments are attractive and reasonable tariffs are maintained.

PT: Medicamento Genérico

Drug that has the same active ingredient, in the same dose and pharmaceutical form, is administered by the same route and with the same therapeutic indication as the reference drug, having the same safety and efficacy.

PT: Medicamento de Referência

Innovative product registered with the federal agency responsible for sanitary surveillance and marketed in the country, whose efficacy, safety, and quality have been scientifically proven with the competent federal agency, at the time of registration.

PT: Medicamento Similar

Drug that contains the same active ingredient, in the same concentration, pharmaceutical form, route of administration, dosage, and therapeutic indication as the reference drug, but may differ in characteristics such as size and shape of the product, expiration date, packaging, labeling, excipients, and vehicles.

PT: Produto Interno Bruto

The Gross Domestic Product (GDP) represents the sum, in monetary values, of all final goods and services produced in a given region (country, state or city) during a specific period (usually a year).It is one of the most used indicators to measure the economic activity of a region.

PT: Balança Comercial

The Trade Balance is an economic indicator that records the difference between the value of a country's exports and imports in a given period.It is one of the main components of a country's balance of payments.

PT: Volume Bruto de Mercadorias

The total value of sales of goods sold through a marketplace during a given period, before the deduction of any fees or expenses.

PT: Volume Bruto de Mercadoria

The total value of sales of goods sold through a marketplace during a given period, before the deduction of any fees or expenses.

PT: Taxa de Retenção

The percentage of revenue that a marketplace platform retains from each transaction carried out by third-party sellers.

PT: Taxa de Crescimento

The Growth Rate measures the percentage variation of a metric (revenue, earnings, GDP) over a given period. It can be nominal, real (inflation-adjusted), or compounded (CAGR).

A strategy aimed at protecting a position or investment against the risk of adverse price movements in the market.

PT: Sinistros Ocorridos e Não Avisados

IBNR (Incurred But Not Reported) is a reserve for claims that have already occurred but have not yet been reported to the insurer. It is one of the most critical and complex actuarial estimates in insurance accounting.

PT: Índice de Solvência

The Solvency Ratio measures an insurance company's ability to meet its long-term obligations. It compares the insurer's available capital to the minimum capital required by regulators (SUSEP in Brazil).

PT: Provisões Técnicas

Technical Provisions are accounting reserves that insurance companies must maintain to cover future obligations to policyholders. They include provisions for unearned premiums, outstanding claims, and IBNR.

Water Service Coverage Index measures the percentage of the population in a service area that has access to the treated water distribution network. It is a key metric for tracking progress toward universal access goals.

Sewage Collection Index measures the percentage of the population served by sewage collection networks. In Brazil, this metric is significantly lower than water coverage, representing one of the country's biggest infrastructure gaps.

PT: Universalização dos Serviços de Saneamento

Universalization refers to the goal of providing water and sewage services to the entire population of a service area. In Brazil, the Marco Legal do Saneamento (Law 14.026/2020) established targets of 99% water coverage and 90% sewage collection by 2033.

The General Price Index – Market (IGP-M) is an indicator that measures the variation in prices of goods and services, from production to the final consumer.It is calculated by Fundação Getúlio Vargas (FGV) and is widely used to adjust rental contracts and public service tariffs.

The Broad National Consumer Price Index (IPCA) is the official inflation indicator in Brazil.It measures the price variation of a basket of products and services consumed by families with a monthly income of 1 to 40 minimum wages.

Former rule of the Brazilian Securities and Exchange Commission (CVM) that regulated public offerings for the distribution of securities to the general public. It required full registration, a detailed prospectus, and wide dissemination. It was revoked by CVM Resolution 160 in 2022.

Former CVM rule that provided for public offerings with restricted efforts, aimed at a limited number of qualified (professional) investors. The process was simpler and faster, with waiver of registration and prospectus. It was revoked by CVM Resolution 160.

PT: Taxa Interna de Retorno

The discount rate that makes the net present value (NPV) of all cash flows from a given investment equal to zero.It is the annualized growth rate that an investment is expected to generate.

PT: TIR Alavancada

Levered IRR (Internal Rate of Return) is the return on equity invested in a project after considering the effects of debt financing (leverage). It reflects the actual return to equity holders and is typically higher than unlevered IRR due to the amplifying effect of debt.

Water and Sewage Connections refers to the total number of active service connections (residential, commercial, industrial) linked to the water distribution and sewage collection networks. It is the base unit for measuring a sanitation company's scale.

PT: Operador Nacional do Sistema Elétrico

The National Electric System Operator (ONS) is the body responsible for coordinating and controlling the operation of electrical energy generation and transmission facilities in the National Interconnected System (SIN).

Micro-metered Volume is the total volume of water measured by individual customer meters (micrometers). It represents the actual consumption recorded and is the basis for billing. The difference between produced and micro-metered volume indicates system losses.

PT: Financiamento com Recurso Limitado / Sem Recurso

Non-Recourse or Limited Recourse Financing is a project finance structure where lenders can only claim the project's assets and cash flows as collateral, not the sponsor's other assets. This isolates the sponsor's balance sheet from project risk.

PT: Project Finance / Financiamento de Projeto

A long-term financing modality for large infrastructure and industrial projects, based on the projected cash flows of the project itself, rather than on the balance sheets of its sponsors. The project's assets, rights, and interests are held as secondary collateral.

PT: Securitização

Financial process that consists of grouping various types of financial assets (such as debts, lease agreements, etc.) and converting them into negotiable securities in the capital markets. These securities are then sold to investors.

PT: Índice de Cobertura de Liquidez

Requires banks to hold a stock of high-quality liquid assets (HQLA) to cover total net cash outflows over a 30-day stress scenario.

PT: Índice de Financiamento Estável Líquido

Requires banks to maintain a stable funding profile in relation to the composition of their assets and off-balance-sheet activities over a one-year horizon.

PT: Carteira de Crédito

The total set of loans held by a financial institution. The quality and diversification of the loan portfolio are crucial to the bank's health.

PT: Crédito Não Produtivo

A Non-Performing Loan (NPL) is a loan where the borrower has failed to make scheduled payments for a specified period (typically 90 days). The NPL ratio is a key indicator of asset quality in a bank's loan portfolio.

PT: Provisão para Devedores Duvidosos

An expense set aside as an allowance for loan losses that may become uncollectible. It is an estimate of the potential losses a bank might suffer from its loan portfolio.

PT: Relação Empréstimo-Valor

A financial ratio that compares the amount of a loan to the market value of the asset securing it. It is used by lenders to assess the risk of a mortgage loan.

PT: Penetração de Mercado

A measure of the amount of a product or service being used by customers compared to the total estimated market for that product or service. In telecommunications, it refers to the percentage of a population that uses a particular service, such as mobile telephony or broadband.

PT: Minha Casa Minha Vida

Federal government housing program that subsidizes the purchase of real estate for low and middle-income families (income brackets from R$2,640 to R$8,000/month). It offers reduced interest rates (4-8.16% p.a. vs. 10-12% of the market), subsidies, and the use of FGTS to facilitate the purchase of the first property. It is the main driver of the low-income segment, where MRV, Direcional, and Tenda operate.

PT: Sociedade de Propósito Específico

A legal entity created exclusively to develop a specific real estate project, isolating its assets, liabilities, and risks from the controlling developer. Each project has its own SPE, with a separate CNPJ, accounting, and equity.

PT: Tempo Médio para Reparo

The average time required to repair a system or component and restore it to full functionality after a failure. MTTR is a key indicator of a network's maintainability and the efficiency of the operations team.

PT: Método de Percentual de Conclusão / Percentage of Completion

Accounting method for revenue recognition in which the revenue from a development is recognized in proportion to the physical-financial progress of the work. If the work is 40% complete and the apartment was sold for R$1 million, the developer recognizes R$400,000 in revenue.

PT: Receita a Apropriar / Backlog de Receita

Total value of sales already contracted but not yet recognized as accounting revenue (because the work has not yet been completed). It represents the future 'guaranteed' revenue that will be recognized as the works progress. It is the developer's 'backlog'.

PT: Vida Útil da Mina

Estimate of the total period during which a mine can operate economically, based on proven and probable reserves and the planned production rate.

Ore grade is a measure that describes the concentration of a commodity (for example, metal or minerals) within the ore. It is the ratio between the amount of mineral content and the ore itself. The cut-off grade of an ore is a variable that determines whether the material mined will be sent to the waste dump or to the processing plant.

PT: Omnicanal

Retail strategy that integrates physical and digital sales channels to provide a unified and consistent shopping experience for the customer, regardless of the channel used.

PT: Serviço de Mídia Over-the-Top

A media service that offers video and audio content directly to viewers over the internet, bypassing traditional distribution platforms such as cable or satellite television. Examples include Netflix, Amazon Prime Video, and Hulu.

PT: Gestão de Benefícios em Medicamentos

Companies that act as intermediaries between health carriers, pharmaceutical industries, and pharmacies, with the objective of managing drug benefits and reducing costs.

PT: Venda sob prescrição médica

Marketing of medicines that can only be dispensed upon presentation of a prescription issued by a qualified health professional.

The Expression of Interest Procedure (PMI) is a mechanism in Brazilian law that allows private entities to propose infrastructure projects to the government, including feasibility studies and financial models. If approved, the project goes to public auction.

PT: Publicidade Programática

The automated buying and selling of digital advertising inventory using software and algorithms. Instead of human negotiations, programmatic advertising allows brands to reach specific audiences in real time, optimizing the media buying process.

PT: Prospecto

It is a legal and mandatory document that a company must disclose to potential investors before a public offering. It contains detailed information about the company, its finances, operations, risk factors, and the terms of the offering.

PT: Queima de Caixa / Cash Burn

Net consumption of operating cash in a period, typical of developers in an intense launch phase. It occurs because the company spends on land and construction before receiving full payment from buyers (who finance at the delivery of the keys).

PT: Repasse Bancário / Bank Financing Transfer

Moment when the developer transfers the buyer's financing to the bank (usually upon delivery of the keys). The bank pays the developer the buyer's outstanding balance, and the buyer now owes the bank. It is the developer's main cash generation event.

Minimum Guaranteed Revenue (RMG) is a contractual mechanism in Brazilian concessions where the government guarantees a minimum revenue level to the concessionaire, reducing demand risk. If actual revenue falls below the floor, the government compensates the difference.

PT: Direito de Intervenção

A contractual clause that allows creditors (banks) to take control of the project or appoint a third party to do so, in case of serious default or failure of the concessionaire to meet its obligations. The objective is to correct the problems and ensure the continuity of the project and the repayment of the debt.

PT: Depósito Compulsório

A percentage of deposits that banks are required to hold in reserve at the Central Bank, rather than lending out. It is a monetary policy tool.

Tariff Review is the periodic regulatory process where the regulator reassesses and adjusts the tariffs charged by a utility to reflect changes in costs, investments, and efficiency targets. In Brazil, reviews typically occur every 4-5 years.

Water and Sewage Tariff is the price charged per cubic meter of water consumed and sewage treated by sanitation utilities. Tariffs are regulated by state agencies and periodically adjusted for inflation and investment recovery.

Average Practiced Tariff is the weighted average price per cubic meter actually charged to customers, considering all user categories and consumption tiers. It reflects the real revenue per unit of water/sewage service delivered.

PT: Regra dos 40

A guideline for SaaS companies stating that the revenue growth rate and the profit margin added together should be equal to or greater than 40%.

PT: Economia da Unidade

The analysis of a company's profitability at the unit level, such as per customer or per product. It compares LTV to CAC.

PT: Vendas nas Mesmas Lojas

A performance indicator that compares the sales of existing stores in a given period with the same period of the previous year, excluding the impact of new stores opened or closed.

Average amount spent per customer in each purchase. It is an indicator of purchasing behavior and the effectiveness of sales strategies.

PT: Taxa de Venda Direta ao Consumidor

Percentage of stock that is sold to end consumers in a given period, in relation to the total amount of stock received from the manufacturer or supplier.

PT: Unidade de Manutenção de Estoque

A unique code, usually alphanumeric, assigned to each product and its variations (such as color and size) to track inventory. It is the product's identity in the stock.

PT: Espectro

The radio frequency spectrum is the medium through which wireless communication signals travel. It is a finite and government-regulated resource, divided into different frequency bands for various purposes, including mobile telephony, radio, and television.

PT: Relação Estéril/Minério

In open-pit mining, the stripping ratio or extraction ratio refers to the amount of waste (or overburden) that must be removed to expose a given quantity of ore. It is the ratio between the total volume of waste removed to reach the volume of ore.

PT: Contrato Firme de Volume

Take-or-Pay (Logistics) is a contractual clause in transportation and logistics where the shipper commits to a minimum volume of cargo. If the minimum is not met, the shipper must pay the agreed amount regardless — guaranteeing revenue for the operator.

Toll Rate per Axle is the pricing methodology used in Brazilian toll road concessions where the toll is calculated based on the number of axles of the vehicle. Trucks with more axles pay proportionally more than passenger cars.

PT: Sumário de Termos e Condições

A preliminary document that outlines the key terms and conditions of a potential business agreement, typically used in venture capital investments, mergers and acquisitions, and private equity deals.It serves as a basis for future negotiations before preparing more detailed legal documents, if the deal is finalized.

PT: Mercado Total Endereçável/Mercado Endereçável Servível/Mercado Obtível Servível

A framework for measuring market potential. TAM is the total market, SAM is the segment you can serve, and SOM is the portion of SAM you can realistically capture.

PT: Sistema Único de Saúde

Brazil's public health system, which guarantees universal, comprehensive, and free access to health services for the entire population of the country.

PT: Taxa de Vacância

The percentage of units or leasable area that is vacant or unoccupied in a property or portfolio. It is a key indicator of the health of a real estate market or asset.

Total value of sales made in the period, net of cancellations. It represents the effective net demand and is the main commercial performance indicator for developers. It differs from accounting revenue, which follows the POC method.

PT: Valor Geral de Vendas

Sum of the sales value of all units in a real estate development or the developer's portfolio of launches in a period. It is the main scale metric in the sector, representing the total revenue potential of the launched projects.

PT: Velocidade Sobre Oferta / Velocidade de Vendas

Percentage of the available inventory that was sold in a given period (usually quarterly). It measures the speed at which the developer can sell its units. A SoS above 30% quarterly is considered healthy; above 50% indicates a heated market.

PT: Ano de Safra

The year in which a private equity or venture capital fund begins making its investments.It is used as a benchmark to compare the performance of funds from different periods.

PT: Rendimento sobre o Custo

Measures the yield of a real estate project (typically under development) based on its total development cost. It compares the stabilized Net Operating Income (NOI) to the total project cost.