v3.25.1
Share-based compensation plan
 3 Months Ended
Mar. 31, 2025
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Disclosure of share-based payment arrangements [text block]
22 SHARE-BASED COMPENSATION PLAN
The Company has long-term share-based remuneration plans: (i) Phantom stock option plan (“PS”), settled in cash; and (ii) Performance Share Plan, settled in shares.
The characteristics and measurement method of each plan were disclosed in the annual financial statements for the year ended December 31, 2024 (Note 22), which did not change during the three-month period ended March 31, 2025.
22.1 Phantom shares plan (“PS”)
The roll-forward arrangements are set out below:
Number of shares
Year of grantFair value on grant date31/12/2024Granted during of the yearCancelled
Exercised (1)
31/03/2025Available for completionRestricted year for transfer of shares
2025202620272028
2020R$38.50 33,384 1,083 34,467 34,467 
2021R$62.25 874,480 28,375 (13,046)(358,000)531,809 404,570 127,239 
2022R$57.48 3,461,437 112,251 (98,593)(979,322)2,495,773 2,148,353 323,447 23,973 
2023R$48.84 3,052,179 98,965 (95,361)(63,225)2,992,558 29,253 2,670,308 292,997 
2024R$56.53 2,675,017 86,665 (46,819)(37,191)2,677,672 2,987 2,476,946 197,739 
2025R$60.53 1,683,347 (4,095)(17,401)1,661,851 1,661,851 
10,096,497 2,010,686 (257,914)(1,455,139)10,394,130 439,037 2,304,845 2,996,742 2,793,916 1,859,590 
Book value361,974 83,198 (83,277)361,895 
Book value of the previous year268,489 173,486 (80,001)361,974 
(1)The average price of the share options exercised and exercised due to termination of employment on March 31, 2025 was R$60.25 (R$42.36 as at December 31, 2024).
22.2 Restricted shares plan (“Performance Shares”)
The position is set forth below:
Number of stock options
Year of grantFair value on grant date31/12/2024Shares granted/provisionedExercised31/03/2025Restricted year for transfer of shares
202520262027202820292030
2022R$53.81 115,800 3,758 (119,558) 
2023R$51.41 383,568 12,448 396,016 277,249 118,767 
2024R$55.77 2,480,743 80,509 2,561,252 348,417 227,697 312,564 1,672,574 
2025R$61.39 267,096 267,096 150,604 116,492 
Number of stock options2,980,111 363,811 (119,558)3,224,364 348,417 504,946 431,331 150,604 1,672,574 116,492 
Book value60,226 11,038 (6,437)64,827 
Book value of the previous year26,744 81,276 (47,794)60,226