Globo Comunicação e Participações

Globo Comunicação e Participações S.A. (GCP) reported consolidated net revenue (receita líquida) of R$ 16.87 billion (EUR 2.68bn) for the fiscal year ended 31 December 2025, a 2.7 percent increase over the prior year. Gross revenue (faturamento), a measure that includes Eletromídia on a methodology introduced in FY2025, reached R$ 18.28 billion (EUR 2.90bn). EBITDA rose 57 percent to R$ 2.45 billion (EUR 389m), while net profit fell 25 percent to R$ 1.49 billion (EUR 236m).

The decline in net profit, alongside strong operational improvement, reflects a deliberate structural shift: the company accelerated debt repayment, reducing gross debt from R$ 6.40 billion to R$ 3.90 billion, which substantially reduced the financial investment income that had previously supported the bottom line.

Key financial indicators

EUR equivalents at ECB annual average 2025: EUR 1 = BRL 6.3072. Source: Deutsche Bundesbank Exchange Rate Statistics, 16 January 2026, Table II.3. FY2024 gross revenue is not separately disclosed under the prior methodology; the FY2024 figure shown for receita líquida (R$ 16.42bn) served as the primary revenue comparator in the filing. Two cash lines are disclosed separately: ‘caixa e equivalentes de caixa’ (R$ 9.53bn) is the strict balance sheet figure; ‘caixa + investimentos financeiros’ (R$ 10.54bn) is the broader liquidity measure used in cash flow commentary and comparable to R$ 14.67bn in FY2024. Advertising share in Q4 (72%) is a management disclosure, not an audited annual figure. Subscriber growth figures (Globoplay +33%, Premiere +32%) are management disclosures reported by the press, not separately audited line items.

Source: Globo Comunicação e Participações S.A., Demonstrações Financeiras — Exercício Social Encerrado em 31 de dezembro de 2025, published in Valor Econômico on 25 March 2026. Audited by Ernst & Young Auditores Independentes S.S. (CRC RJ-081.302/O-7).

Media asset map

Source: GCP FY2025 financial statements and explanatory notes. Eletromídia OOH market share figure (64% of digital OOH screen segment) from Bank of America research cited in Eletromídia public filings (May 2025); does not represent total OOH market. Telecine timeline verified via CADE records and press reporting (November 2024). Subscriber growth from GCP CEO disclosures reported by Teletime and Notícias da TV (March 2026).

Signals

Revenue growth is largely conditional on Eletromídia

The revenue comparison between FY2025 and FY2024 is affected by a methodological break. The gross revenue figure of R$ 18.28 billion (EUR 2.90bn) is calculated under a methodology that integrates Eletromídia and has no direct equivalent in the FY2024 accounts, where net and gross revenue were both reported as R$ 16.42 billion. On the net revenue basis, the comparable series, growth was 2.7 percent, from R$ 16.42 billion to R$ 16.87 billion. Without Eletromídia consolidation, revenue would have been approximately R$ 16.7 billion, according to a statement by CFO Manuel Belmar to Valor Economico, organic growth of approximately 1.7 percent.

Total advertising revenue grew 15 percent to R$ 12.55 billion (EUR 1.99bn), but CFO Belmar confirmed that Globo’s advertising revenue in isolation, excluding Eletromídia, grew only 3 percent. Programming and content revenues grew 4 percent to R$ 5.29 billion (EUR 839m), with a contraction in the fourth quarter. Advertising rose to 68.6 percent of total gross revenue for the full year, with dependence reaching 72 percent in Q4 according to a management disclosure, a concentration that increases exposure to the advertising cycle.

Net profit fell because financial income collapsed

The 25 percent decline in net profit, from R$ 1.99 billion to R$ 1.49 billion (EUR 236m), does not reflect operational deterioration: EBITDA grew 57 percent. The central explanation lies in the net result of financial instruments, which fell from R$ 2.76 billion in 2024 to R$ 766.9 million in 2025. Financial income had played a structurally significant role in net profit in prior years, when a large cash position , earning returns linked to the Selic rate, which averaged around 13 to 14 percent per year, generated substantial financial returns. The FY2024 figure also included mark-to-market effects and a non-recurring gain related to the revaluation of the Eletromídia stake ahead of the public tender offer.

In FY2025, the acceleration of debt repayment reduced the investable capital base: the combined cash and financial investments position fell from R$ 14.67 billion to R$ 10.54 billion, while strict cash and equivalents closed the year at R$ 9.53 billion (EUR 1.51bn). Repayment of principal on loans and financing consumed R$ 2.83 billion; interest expenses on loans and debentures totalled R$ 1.15 billion.

Free-to-air broadcasting concessions: a regulatory asset carried at historical cost

GCP’s five free-to-air broadcasting concessions, in Rio de Janeiro, Sao Paulo, Recife, Belo Horizonte and Brasilia, are recorded in the balance sheet as exhibition and transmission rights at historical cost. In December 2022, the President of Brazil issued a decree renewing all five concessions for an additional 15 years, expiring 5 October 2037. The concessions grant exclusive access to the radio frequency spectrum and are the legal foundation of the free-to-air television operation; future renewal depends on political and regulatory decisions. The real economic value of the concessions, considering audience reach, national coverage and structural competitive position, is substantially greater than the historical cost recorded on the balance sheet.

Eletromídia: the timeline of a staged acquisition

The consolidation of Eletromídia into GCP’s accounts followed a staged process with a material distinction between accounting consolidation and formal corporate incorporation. In December 2024, GCP acquired control of the company, then listed on the B3 exchange as ELMD3, raising its stake from 27 percent to 75 percent; from that point Eletromídia was fully consolidated in Globo’s results. On 17 January 2025, GCP filed with the CVM for a public tender offer (OPA) to acquire the remaining 25 percent and delist the company. The OPA was approved by the CVM on 26 March 2025 and concluded on 28 April 2025, resulting in a 99.26 percent stake. On 1 January 2026, GCP completed the formal legal incorporation of Eletromídia, outside the reported period. The FY2025 balance sheet consolidates Eletromídia as a controlled subsidiary throughout the year, but the full accounting effects of the incorporation, on goodwill, intangibles and corporate structure, will appear in the FY2026 financial statements.

In October and November 2025, GCP also acquired Brasil Outdoor Ltda. and Emerge BM Publicidade S.A. (‘Urbana Midia’), expanding the OOH portfolio into new markets. Eletromídia holds 64 percent of the digital OOH screen segment in Brazil, not the total OOH market, according to IVC data cited by Bank of America in Eletromídia public documents from May 2025.

Telecine and Globoplay

Telecine was founded in 1991 as a joint venture between Globo, which held 53.125 percent, and Hollywood studios. As the studios progressively exited to redirect content to their own streaming platforms, CADE approved Globo’s acquisition of the remaining capital in November 2024. Globo announced the formal completion of the transaction on 12 November 2024; accounting incorporation into GCP took place in March 2025.

Globoplay grew 33 percent in subscribers in 2025, a figure reported by management, not an audited line in the financial statements. The analytical caveat is significant: a substantial portion of subscribers access the service through a distribution agreement with Claro, under which the telecoms operator pays a fixed fee regardless of the number of users it on-boards. The 33 percent subscriber growth did not generate proportional incremental revenue, subscription revenues grew only 4 percent over the year. Premiere Play grew 32 percent in subscribers, driven by exclusive rights to the Brazilian league and the Copa do Brasil.

Primary source

Globo Comunicacao e Participacoes S.A., Demonstracoes Financeiras e Notas Explicativas — Exercicio Social Encerrado em 31 de dezembro de 2025, published in Valor Economico on 25 March 2026 and signed on 25 March 2026. Audited by Ernst & Young Auditores Independentes S.S. (CRC RJ-081.302/O-7). Signatories: Paulo Marinho (Chairman of the Board of Directors and Chief Executive Officer), Jose Roberto Marinho and Roberto Irineu Marinho (Vice-Chairmen of the Board of Directors), Manuel Belmar (Chief Financial, Legal and Infrastructure Officer), Elizabeth Cavalcanti de Oliveira (Senior Accounting Manager).

Exchange rate

EUR equivalents use the ECB annual average rate for 2025: EUR 1 = BRL 6.3072. Source: Deutsche Bundesbank, Exchange Rate Statistics, Table II.3 (Annual averages), edition of 16 January 2026, based on ECB daily reference rates.

Supplementary sources verified

Meio e Mensagem (25 Mar. 2026): advertising revenue and CFO Belmar statement. Poder360, ISTOÉ Dinheiro, Tela Viva, Teletime (all 25 Mar. 2026): net revenue, EBITDA, net profit, debt and cash. Bloomberg Línea (May 2025): Eletromídia and OOH market. Infomoney / JPMorgan (Sep. 2025): Q2 2025 results. Organizacoes Globo Participacoes S.A., Financial Statements 2024: comparative data. CADE, WebAdvocacy, Tela Viva, Na Telinha (Nov. 2024): Telecine timeline.

Editorial notes

The financial statements are published under the Lei das Sociedades por Acoes, not as a CVM-registered issuer; GCP is not a publicly listed company. The methodological break between gross revenue (FY2025) and net revenue (FY2024) prevents direct comparison of total turnover figures; the comparable series is net revenue (receita liquida). Subscriber growth data (Globoplay, Premiere) are management disclosures, not separately audited line items in the financial statements. The formal incorporation of Eletromídia took effect on 1 January 2026 and its full accounting effects will appear in the FY2026 financial statements.