Flash Norvia

Amazon turns logistics into a new profit engine

Amazon is strengthening a movement that could reshape the global market: transforming its logistics infrastructure into a revenue-generating business. The company launched a “one-stop shop” logistics model, allowing brands to use Amazon’s storage, transportation, distribution and delivery network even without selling through Amazon’s marketplace.

In practice, Amazon is converting one of retail’s largest cost centers into a product. Logistics, once a backstage operation, now becomes a competitive advantage and strategic asset.

After years investing billions in distribution centers, operational intelligence and financial efficiency, Amazon is now turning this infrastructure into an independent business unit. The impact extends far beyond e‑commerce.

Companies increasingly understand that controlling logistics means controlling delivery times, customer satisfaction, purchase recurrence and financial efficiency. In a world where speed and convenience shape consumption, logistics is no longer a cost, it is a market differentiator.

The model reinforces an important trend: companies monetizing structures that previously existed only for internal support. What used to be a necessary expense becomes a revenue ecosystem.

This movement is already visible across industries:

• tech companies monetizing their infrastructure

• fintechs turning internal systems into platforms

• manufacturers offering operations as a service

• retailers expanding logistics and data units

The market is rewarding companies that turn operational efficiency into new business models.

At Norvia, the strongest companies of the next decade will be those able to see strategic value where others see cost. Often, the greatest opportunity lies not only in the final product, but in the structure built around it.

Brazil’s delivery war enters a new phase

The delivery market in Brazil is experiencing one of its most aggressive competitive cycles in years. New players such as 99 Food and Keeta are intensifying pressure on a segment traditionally dominated by iFood.

The dispute now goes far beyond price, promotions and delivery time, it involves multimillion‑real contracts, allegations of predatory practices, regulatory tension and even accusations of corporate espionage.

The stakes are high: a market valued at approximately R$ 79 billion, now strategic for restaurants, payment companies, logistics operators, data platforms and tech firms.

Delivery platforms today compete for:

• consumer behavior

• purchase recurrence

• data

• logistics

• loyalty

• financial services

• restaurant relationships

Growth increasingly depends not only on acquiring users but on sustaining operations, efficiency and scale. Companies are burning margins in the short term to capture market share, a dynamic that has drawn regulatory attention from Cade and lawmakers.

At Norvia Capital, movements like this highlight how operational structure, technology and financial strategy have become decisive for business sustainability. In hypercompetitive markets, growth demands much more than speed, it requires efficiency, adaptability and long‑term vision.

The future of AI strengthens industry giants

With the rapid evolution of artificial intelligence, many companies question which business models will survive the new era. In tourism, a recurring question concerns platforms like Booking: “If ChatGPT, Gemini or Meta AI can plan trips instantly, what is the role of large OTAs?”

The emerging answer: AI is more likely to strengthen the giants rather than replace them.

Platforms like Booking possess an extensive infrastructure built over decades:

• global inventory

• anti‑fraud systems

• customer trust

• reviews

• cancellation policies

• support

• loyalty programs

• dynamic pricing

• conversion‑optimized systems

AI may change the entry point of the journey, but not the value of who controls the infrastructure behind it.

Even OpenAI has taken a partnership‑driven approach in travel, integrating with established players like Booking and Expedia rather than replacing them.

The case illustrates a broader shift: companies with strong operational structures, proprietary data and robust ecosystems will gain relevance in the AI era.

Technology lowers some barriers but increases the importance of:

• distribution

• customer relationships

• operational efficiency

• behavioral data history

• large‑scale conversion capability

At Norvia Capital, AI does not replace strategy and structure, it amplifies those who already have them.

New bill may reshape the Brazilian aviation market

A new bill approved by Brazil’s House of Representatives has sparked intense debate in the aviation sector. It authorizes South American airlines to operate domestic flights within the Amazon region, aiming to increase competition and reduce the high cost of air travel.

Despite covering nearly half the national territory, the North region still suffers from limited routes, low frequency and ticket prices that can be double the national average.

Experts and Brazilian airlines fear the measure could set a precedent for a broader opening of the domestic market, increasing legal uncertainty.

A parallel bill proposes subsidies for regional flights, further complicating the competitive landscape.

Infrastructure, logistics and regional connectivity now play a central role in Brazil’s economic development. The debate extends beyond airlines, it touches mobility, integration, competitiveness and market expansion.

Norvia notes that regulatory changes reinforce the importance of companies prepared for constant adaptation. In sectors pressured by cost, competition and operational efficiency, businesses that anticipate trends build long‑term strategic advantage.

Pague Menos slows expansion and prioritizes debt reduction

After one of the most closely watched turnarounds in Brazilian retail, Pague Menos has shifted priorities: instead of accelerating store openings, the company is focusing on debt reduction, operational efficiency and financial strengthening.

The first quarter of 2026 closed with R$ 55.6 million in adjusted net income, four times higher than the previous year, and marked the seventh consecutive quarter with EBITDA growth above 30%.

Even with operational improvement, the company aims to further reduce leverage before starting a new expansion cycle. Net debt to EBITDA fell to 1.9x, but the goal is closer to 1x.

This reflects a broader market trend: growth alone no longer satisfies investors. Businesses must combine expansion with efficiency, cash generation and financial discipline.

Pague Menos’ strategy highlights how logistics, inventory management and store productivity became essential competitive drivers.

Norvia views sustainable growth as dependent on solid structure, financial strategy and operational intelligence.

Wine industry reacts to global pressure on alcohol

The wine industry is responding to the growing global narrative that any alcohol consumption is harmful. The pressure intensified after the World Health Organization’s stricter positioning.

Producers argue for a distinction between excessive and moderate wine consumption, especially within cultural and dietary contexts such as the Mediterranean diet.

The debate includes economic considerations: wine drives tourism, agriculture and regional development.

This comes at a challenging moment. Global wine consumption is slowing due to behavioral shifts, health concerns and economic instability. Europe saw such a significant decline that the EU allocated €40 million to convert excess wine stocks into industrial alcohol.

The movement reveals how cultural shifts can reshape entire value chains, from agriculture to premium retail.

Norvia emphasizes that transforming markets require companies ready for strategic repositioning, brand adaptation and behavioral insight.