Is the word praça the same in Brazilian and European Portuguese?

No

While the primary meaning of "praça" (a public square or a military enlisted rank) is identical in both dialects, there is a significant difference in typical usage. In Brazilian Portuguese, "praça" is widely used in business, logistics, and sales contexts to refer to a "market," "territory," or "geographic area of operation" (e.g., "expanding into a new praça"). In Continental Portuguese, this usage is rare; a Portuguese person would much more likely use words like mercado (market), região (region), or zona (area). Additionally, the pronunciation differs: Brazilians tend to use a more open vowel sound, whereas the vowels in Portugal are more closed and reduced.

Brazilian Portuguese

1. Vou levar as crianças para brincar na praça. (I am going to take the children to play in the square.)
2. A praça de alimentação do shopping é ótima. (The mall's food court is great.)
3. A empresa está focada em conquistar uma nova praça. (The company is focused on conquering a new market/territory.)
4. Ele serve como praça na Marinha. (He serves as an enlisted man in the Navy.)
5. O preço do produto varia de praça para praça. (The price of the product varies from region to region.)

European Portuguese

1. Vamos dar um passeio pela praça. (Let's take a walk through the square.)
2. A praça de alimentação do centro comercial é excelente. (The shopping mall's food court is excellent.)
3. A empresa está focada em conquistar um novo mercado. (The company is focused on conquering a new market.)
4. Ele é um praça do Exército. (He is an enlisted soldier in the Army.)
5. O preço do produto varia de região para região. (The price of the product varies from region to region.)