AHEB3: quote, dividends and indicators for São Paulo Turismo

São Paulo Turismo S.A. is a publicly held company linked to the Municipality of São Paulo, with shares traded on B3 under the tickers AHEB3, AHEB5, and AHEB6. Its origins date back to the creation of the Anhembi Park in 1967, when the City Hall granted the Center of Industries of the State of São Paulo use of a municipal plot of land to develop a permanent exhibition center and promote tourism. In 1968, the company “Centro Interamericano de Feiras e Salões S.A.” was incorporated, initially as a privately held company, and began developing the complex project. Throughout the 1970s, the Federal Government, the State, and the Municipality started to take part in the share capital, and in 1975 the City Hall of São Paulo became the majority shareholder. The company went through several name changes – Paulistur S.A., PAULISTUR S/A – EMPRESA PAULISTA DE TURISMO, Anhembi – Centro de Feiras e Congressos S.A., and ANHEMBI TURISMO E EVENTOS DA CIDADE DE SÃO PAULO S.A. – until it adopted its current name, São Paulo Turismo S.A., in 2005.

The company’s trajectory is directly associated with the development of the events and tourism infrastructure in the city of São Paulo. In 1991, the Sambadrome, called the “Pólo de Arte e Cultura” (Art and Culture Hub), designed by architect Oscar Niemeyer for the city’s Carnival parades, was inaugurated. In 2004, the hotel annexed to the Anhembi convention center was opened, consolidating the complex as an important hub for trade shows, conferences, and lodging. In 2005, in addition to the name change to São Paulo Turismo, the Interlagos Racetrack came under the company’s management, strengthening its role in major sporting and motor racing events. Among the main events historically associated with the company are the Anniversary of São Paulo, Carnival, Virada Cultural, Virada Esportiva, Natal Iluminado, and New Year’s Eve on Avenida Paulista. Starting in 2015, the company began facing stronger competition in the granting of event spaces, losing important clients to more modern venues, which contributed to a reconfiguration of its business model.

The Anhembi Complex played a central role in São Paulo Turismo’s activities until its operation was granted to the private sector. In 2021, the international bidding process was concluded, resulting in the signing of a paid concession contract for use with SPL GL Events Centro de Convenções Anhembi S.A., controlled by GL Events Brasil Participações Ltda., for the renovation, management, maintenance, operation, and exploitation of the complex for 30 years. Operational control of the Anhembi facilities passed to the concessionaire in January 2022, and in February of the same year São Paulo Turismo vacated the granted spaces and moved its headquarters to São Paulo’s historic downtown. The concession contract provides for the payment of a variable concession fee to the company, throughout the entire term, in the higher amount between a minimum annual floor adjusted by the IPCA and 12.5% of the concessionaire’s total annual revenue. This structure turned Anhembi’s exploitation into an essentially lease‑based activity for São Paulo Turismo, with revenue tied to the economic performance of the concessionaire.

The company’s current business model is organized into two operating segments: private segment and public segment. In the private segment, São Paulo Turismo earns revenue related to the exploitation of the Anhembi Complex concession through an operating lease, receiving the aforementioned variable concession fee, linked to the use of the spaces by the concessionaire for events, trade shows, conferences, and exhibitions. In the public segment, the company provides planning, organization, promotion, and execution services for institutional events for the City Hall of São Paulo, including infrastructure, logistics, and operational support for cultural, sports, tourism, and public interest initiatives. In 2025, net revenue was highly concentrated in the public segment, which accounted for around 94.1% of total net revenue, while the private segment represented 5.9%, reflecting the predominance of service provision to the municipal administration over lease income from the granted complex.

The relationship with the City Hall of São Paulo is the company’s main economic driver. In 2025, the City Hall accounted for approximately 94.1% of São Paulo Turismo’s net revenue, with more than R$ 536 million in net revenue, concentrated in the public segment. The activities involve coordinating institutional events of various scales, requiring the capacity to handle a large volume of simultaneous demands. In this context, the company provides infrastructure, installation and dismantling of temporary structures, supplier management, sound systems, lighting, LED panels, tents, generators, portable toilets, security, cleaning, operational support, and other necessary technical services. In 2025, São Paulo Turismo was involved in 3,492 events of different types, reinforcing its role as executor of the city’s public policies for events and tourism. Municipal Departments and other agencies of the Direct Administration are, in practice, the company’s main institutional clients.

In addition to event operations, São Paulo Turismo carries out tourism planning, research, and promotion activities in the city of São Paulo. The Tourism Planning and Promotion and Tourism Projects departments work on preparing research, monitoring indicators, and territorial development of regions with tourism potential, through the Tourism and Events Observatory. Their work fronts include creating content about tourism in the city, managing social media, preparing itineraries and themed guides, tourism signage projects, tourism development plans for specific areas, training guides and travel agencies, and offering services to tourists and residents at events and on tours. The Observatory has been recognized with awards from the Ministry of Tourism and the World Tourism Organization, which lends technical relevance to the data and studies it produces to guide public policies and private initiatives in the city’s tourism and events sector.

The market in which São Paulo Turismo operates combines competitive elements with private event companies and the particularities of a state‑owned entity linked to the Municipality, guided by the public interest. In the events segment, the competitive environment includes companies specialized in infrastructure and production, but São Paulo Turismo has accumulated experience in holding large public events and knowledge of administrative procedures and the demands of municipal management, which provides agility in contracting and execution. In the tourism field, the company works in coordination with lodging, entertainment, and food industry associations, educational institutions, and professional organizations, often through cooperation agreements involving the development of research, signage projects, training, and promotion of São Paulo as a destination. Seasonality is considered moderate, with greater concentration of efforts in periods tied to major events, such as Carnival, although many planning and research projects are of a continuous nature.

From a regulatory standpoint, São Paulo Turismo does not depend on specific government authorizations to carry out its activities beyond the general rules applicable to state‑owned enterprises and corporations. Environmental issues related to the company’s operations do not require complex licensing programs, given the nature of its activities, which are focused on services and events. Even so, the company states that it complies with municipal regulations related, for example, to noise pollution and other environmental requirements, and the Anhembi Complex concessionaire is also subject to environmental obligations set forth in the concession contract and current legislation. In terms of inputs, the company does not use significant industrial raw materials, mostly contracting third‑party services, and it may enter into cooperation agreements with institutions and government agencies to promote the sector without direct financial transactions.

In the environmental, social, and governance (ESG) field, São Paulo Turismo, as a municipal state‑owned company with shares traded on B3, discloses information on its institutional website and on the Transparency Portal, including its Annual Corporate Governance Letter, Sustainability Report, Code of Conduct and Integrity, Anti‑Corruption Policy, and minutes of meetings of its management and supervisory bodies. The company states that it complies with the rules of the State‑Owned Enterprises Law, the Corporations Law, and the Brazilian Securities and Exchange Commission, with the support of the Board of Directors, Fiscal Council, Independent Audit, and Statutory Audit Committee. ESG policies are being updated, with an expansion of initiatives aimed at resource efficiency, encouraging sustainable practices at events, improving working conditions, and strengthening the culture of integrity. The company is also engaged in Virada ODS, a municipal initiative related to the 2030 Agenda and the UN’s 17 Sustainable Development Goals, although it has not yet formally adopted specific climate reporting frameworks, such as the TCFD recommendations, nor does it prepare a greenhouse gas emissions inventory, as it believes its direct emissions are not material for that type of measurement.