AHEB5 São Paulo Turismo

São Paulo Turismo S.A. is a mixed-capital company controlled by the Municipality of São Paulo, with shares traded on B3 under the tickers AHEB3, AHEB5, and AHEB6. The company traces its origins to the 1960s, tied to the development of the Anhembi Park as a major exhibition and events center in the state capital. In 1967, the São Paulo City Hall granted a municipal area to the Centro das Indústrias do Estado de São Paulo (Center of Industries of the State of São Paulo) for the implementation of a permanent fairground and recreational activities, which resulted in the incorporation, in 1968, of “Centro Interamericano de Feiras e Salões S.A.”, initially with private capital. Over the 1970s, the federal, state, and municipal governments joined the share capital, until in 1975 the City Hall became the majority shareholder. The company went through several name changes – Paulistur S.A., then PAULISTUR S/A – EMPRESA PAULISTA DE TURISMO, later 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 trajectory of São Paulo Turismo is directly linked to the consolidation of São Paulo as a destination for business, events, and urban tourism. The company took part in the implementation and operation of landmark facilities such as the Anhembi Exhibition Pavilion and the Sambadrome, inaugurated in 1991 as a “Pólo de Arte e Cultura” (“Art and Culture Hub”), designed by Oscar Niemeyer to host the city’s Carnival parades. The surroundings of the complex also incorporated a hotel opened in 2004, reinforcing its profile focused on trade shows, conferences, and business tourism. Throughout its history, the company has taken responsibility for organizing and producing major municipal public events, such as the anniversary of the city of São Paulo, street and Sambadrome Carnival, Virada Cultural, Virada Esportiva, Natal Iluminado and New Year’s Eve on Avenida Paulista, all part of the municipality’s official events calendar.

As of 2005, São Paulo Turismo also took over the administration of the Interlagos Racetrack, expanding its operations in large-scale sports and automotive events. However, in 2018, the permit to use the racetrack and the exclusivity to organize various strategic events, such as the City Anniversary Party, Carnival, Christmas festivities, New Year’s Eve and São Paulo Fashion Week, were revoked, redefining the company’s operational scope. The privatization of the municipality’s stake was authorized in 2018 but was concluded in 2019 with no bidders, without ruling out the possibility of future bidding processes. This context led to a reorientation of the business model, with a greater focus on asset concession contracts and the provision of public services to the Municipality of São Paulo itself.

The Anhembi Complex, historically the company’s main operating asset, underwent a significant structural change with the onerous concession of usage rights to GL Events. In 2021, São Paulo Turismo entered into a concession contract with SPL GL Events Centro de Convenções Anhembi S.A., for a 30-year term, covering the renovation, management, maintenance, operation and exploitation of the complex. Since then, the company has stopped directly operating the facility and has become entitled to compensation based on 12.5% of the concessionaire’s revenue or a minimum annual amount, subject to adjustments. In January 2022, operational control of the complex was fully transferred to GL Events and, in February of the same year, São Paulo Turismo physically vacated the granted spaces, starting to operate from a new headquarters in the Historic Center of the state capital. The modernization works at Anhembi, conducted by the concessionaire, are ongoing, including the demolition and reconstruction of internal structures.

São Paulo Turismo’s current business model combines private-type revenues, related to the exploitation of the Anhembi Complex concession through an operating lease, with a predominant role in public tourism and events services for the São Paulo City Hall. The segment reporting shows the predominance of the public segment, which accounted for approximately 98% of net revenue in 2024, while the private segment, related to the economic interest in the Anhembi concession, accounts for a residual portion of revenue. In the public segment, the company provides production and support services for institutional events in the city’s official calendar, with its main clients being municipal departments and other direct and indirect public administration bodies. In the private segment, revenue essentially comes from the contractual flow with the complex’s concessionaire, structured as a percentage of gross revenue or a guaranteed minimum amount.

The Tourism Board of São Paulo Turismo plays a technical role in planning, intelligence, and development of tourism products in the city, which gives the company the characteristics of a specialized urban tourism services provider. Through the Tourism Observatory, the company carries out studies, monitors indicators such as tourist flows, average spending, visitor profile and sector performance, as well as conducting surveys at major events such as Lollapalooza, Formula 1 and year-end festivities. In parallel, the Tourism Management area develops territorial development plans for specific regions, designs routes and tourism products, supports city promotion activities and coordinates tourist and citizen service initiatives, including through Tourist Information Centers. The company is also involved in drafting the Municipal Tourism Plan (Platum) and in tourist signage projects, linking public authorities, the tourism trade and private entities.

In market terms, São Paulo Turismo operates essentially within the territory of the municipality of São Paulo, without generating material revenue abroad and without direct exposure to foreign regulations. Its activities take place in a public-private cooperation environment, working together with educational institutions and associations from the lodging, entertainment, events, food service and other tourism trade segments. The company is recognized as a reference in data and studies on urban tourism, especially through the Tourism Observatory, which has received awards from international organizations such as the World Tourism Organization. Nevertheless, the company faces competition from more modern convention centers and private venues, which has historically affected demand for the use of Anhembi’s spaces and partially justified the concession model to the private sector for the revitalization of the facility.

From a regulatory standpoint, São Paulo Turismo does not depend on special authorizations other than those inherent to its status as a mixed-capital company and service provider to the Municipality. There is no record of a need for specific licenses to conduct its activities beyond complying with municipal regulations and public procurement rules. On environmental matters, the company states that it does not have a formal structured policy, but claims that its direct operations do not require complex environmental licensing nor generate material costs in this area. Sustainability concerns are incorporated mainly through contractual clauses with suppliers and, above all, through the requirements imposed on the Anhembi Complex concessionaire, which must comply with the National Environmental Policy, adopt solid waste management practices, emissions control and rational use of inputs, as well as record and monitor waste destination and comply with noise pollution rules and other applicable regulations.

In the social and governance fields, São Paulo Turismo does not prepare its own ESG report or greenhouse gas emissions inventory, but notes that the social effects of its activities can be seen in the distribution of wealth presented in the Statement of Value Added, especially regarding personnel, third parties and taxes. Corporate governance follows the parameters defined in its Bylaws and in the rules applicable to state-owned companies, with detailed information on management and organizational structure available in public documents and at the CVM. The company also emphasizes its oversight role in relation to the Anhembi concessionaire, especially in verifying compliance with the environmental, social and operational obligations set forth in the contract. In this context, through its planning, monitoring and coordination actions with the private sector, the company seeks to consolidate São Paulo as a tourism and events destination, while maintaining its shares traded on B3 under the codes AHEB3, AHEB5 and AHEB6, reflecting its hybrid nature as a public-business agent in the urban tourism and leisure segment.