Brasília, February 11, 2026 — Brazilian competition authority CADE has released its 2025 Annual Report, outlining the authority’s enforcement activity, merger control results, and institutional developments over the past year.
According to the report, CADE reviewed 873 notified transactions in 2025, representing a combined economic value of BRL 1.28 trillion (approximately $246.1 billion). The sectors most represented included electricity generation, manufacturing, real estate, and retail trade. Of the total transactions analyzed, 818 were cleared without restrictions, with reduced average review times, reflecting what the authority described as continued efficiency and predictability in Brazil’s merger control system.
On the enforcement side, CADE opened 90 investigations into alleged anticompetitive conduct, including cartels, unilateral conduct, and uniform commercial practices. During the year, the authority conducted dawn raids, entered into leniency agreements, and approved 77 cease-and-desist settlement agreements (TCCs). These agreements generated a total of BRL 669 million ($128.6 million), comprising BRL 280 million in fines and BRL 389 million in pecuniary contributions.
CADE President Gustavo Augusto described 2025 as a landmark year for the authority, citing “novelties, landmark cases and, above all, concrete results.” He added that CADE reaffirmed its constitutional commitment to safeguarding free competition “in a technical and effective manner, aligned with national and international best practices.”
The report also highlights CADE’s international recognition. In 2025, the authority achieved a four-and-a-half-star rating in the Global Competition Review rankings, placing it among the six highest-rated competition agencies worldwide.
Institutionally, CADE continued its digital transformation initiatives. The report notes the implementation of a Virtual Deliberative Circuit, upgrades to the E-Notifica merger notification system, new functionalities within the SEI platform, strengthened information security measures and expanded transparency tools, including the “CADE in Numbers” dashboard.
The publication also underscores CADE’s international engagement and its efforts to promote competition advocacy through economic studies, technical papers and initiatives aimed at strengthening debate on competition policy in Brazil.
The 2025 Annual Report and executive summary are available on CADE’s website.
