v3.25.1
Financial instruments and risk management (Tables)
 3 Months Ended
Mar. 31, 2025
Disclosure of detailed information about financial instruments [line items]  
Financial Instruments - Classification
Note03/31/202512/31/2024
Assets
Amortized cost
Cash and cash equivalents59,914,505 9,018,818 
Marketable securities6  
Trade accounts receivable76,354,237 9,132,860 
Other assets (1)

540,009 628,275 

16,808,751 18,779,953 
Fair value through other comprehensive income

Investments14.11,006,820 1,138,066 

1,006,820 1,138,066 
Fair value through profit or loss

Derivative financial instruments4.5.14,132,330 3,887,100 
Marketable securities66,918,765 13,363,511 

11,051,095 17,250,611 

28,866,666 37,168,630 
Liabilities

Amortized cost

Trade accounts payable175,669,809 6,033,285 
Loans, financing and debentures18.191,042,571 101,435,531 
Lease liabilities19.26,851,519 6,972,915 
Liabilities for assets acquisitions and subsidiaries23115,424 120,490 
Dividends and interests on own capital payable

7,699 2,200,917 
Other liabilities (1)

169,366 143,330 

103,856,388 116,906,468 
Fair value through profit or loss

Derivative financial instruments4.5.17,131,448 10,454,820 

7,131,448 10,454,820 

110,987,836 127,361,288 

82,121,170 90,192,658 
Financial Instruments - Fair Value
Yield used to discount/methodology03/31/202512/31/2024
Quoted in the secondary market
In foreign currency

BondsSecondary Market44,487,544 48,734,909 
Estimated present value
In foreign currency
Export credits (“Prepayment”)SOFR21,383,389 22,740,891 
Assets FinancingSOFR395,806 422,115 
IFC - International Finance CorporationSOFR6,233,706 6,261,715 
ECA - Export Credit AgencySOFR859,549 864,202 
Panda Bonds - CNHFixed973,163 951,125 
In local currency
BNDES – TJLPDI 1159,443 171,109 
BNDES – TLPDI 13,329,356 3,275,012 
BNDES – TRDI 134,070 33,466 
BNDES – Selic (“Special Settlement and Custody System”)DI 1635,999 645,139 
BNDES – UMBNDESDI 2104,408 106,966 
Assets FinancingDI 158,807 60,566 
DebenturesDI 1/IPCA12,127,177 12,002,992 
NCE (“Export Credit Notes”) DI 1107,507 108,308 
NCR (“Rural Credit Notes”)DI 12,146,140 2,424,457 
93,036,064 98,802,972 
Financial Instrument - Liquidity risk
03/31/2025
Book valueUndiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables5,669,809 5,669,809 5,669,809 
Loans, financing and debentures 91,042,571 129,403,665 7,379,898 21,540,133 42,972,193 57,511,441 
Lease liabilities6,851,519 12,320,600 1,633,972 1,167,781 3,068,159 6,450,688 
Liabilities for asset acquisitions and subsidiaries115,424 139,098 21,722 20,772 96,604 
Derivative financial instruments 7,131,448 10,699,641 449,418 381,761 1,268,687 8,599,775 
Dividends and interests on own capital payable7,699 7,699 7,699 
Other liabilities169,366 169,366 72,488 96,878 
110,987,836 158,409,878 15,235,006 23,207,325 47,405,643 72,561,904 
12/31/2024
Book
value		Undiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables6,033,285 6,033,285 6,033,285 
Loans, financing and debentures 101,435,531 142,028,543 13,599,011 14,235,170 50,858,667 63,335,695 
Lease liabilities6,972,915 12,099,294 1,302,590 1,176,832 3,094,493 6,525,379 
Liabilities for asset acquisitions and subsidiaries120,490 146,082 23,425 22,400 100,257 
Derivative financial instruments 10,454,820 13,878,150 1,676,180 957,540 1,489,357 9,755,073 
Dividends and interests on own capital payable2,200,917 2,200,917 2,200,917 
Other liabilities143,330 143,330 60,892 82,438 
127,361,288 176,529,601 24,896,300 16,474,380 55,542,774 79,616,147 
Financial Instruments - Exchange rate risk management
03/31/202512/31/2024
Assets
Cash and cash equivalents8,157,219 6,496,039 
Marketable securities49,870 70,255 
Trade accounts receivable4,539,485 7,090,160 
Derivative financial instruments2,894,453 3,887,100 
15,641,027 17,543,554 
Liabilities
Trade accounts payable(1,527,479)(1,350,763)
Loans and financing(72,660,737)(83,004,915)
Liabilities for asset acquisitions and subsidiaries(87,698)(93,308)
Derivative financial instruments(5,374,754)(10,448,379)
(79,650,668)(94,897,365)
(64,009,641)(77,353,811)
Financial Instruments - sensitivity analysis
03/31/2025
Effect on profit or loss
Probable (base value)Possible (25%)Remote (50%)
Cash and cash equivalents8,157,219 2,039,305 4,078,610 
Marketable securities49,870 12,468 24,935 
Trade accounts receivable4,539,485 1,134,871 2,269,743 
Trade accounts payable(1,527,479)(381,870)(763,740)
Loans and financing(72,660,737)(18,165,184)(36,330,369)
Liabilities for asset acquisitions and subsidiaries(87,698)(21,925)(43,849)
03/31/2025
Effect on profit or loss
Probable (base value)Possible (25%)Remote (50%)
Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement(23,225)(31,031)(63,614)
Financial Instruments - Sensitivity analysis foreign exchange - derivative
03/31/2025
Effect on profit or loss
Probable (base value)Possible 25%Remote 50%
Dollar/Real
Derivative financial instruments
Derivative options(1,518,526)(8,199,971)(17,829,451)
Derivative swaps(1,449,747)(2,500,027)(4,807,341)
Derivative Non-Deliverable Forward (‘NDF’) Contracts(36,977)(255,861)(511,664)
Embedded derivatives(23,225)(178,519)(357,039)
Commodity Derivatives29,357 7,337 14,676 
Notional value, net in U.S.$Fair value in R$
03/31/202512/31/202403/31/202512/31/2024
Instruments as part of cash flow protection strategy
Cash flow hedge
Zero Cost Collar7,264,700 6,852,200 (1,518,526)(4,328,970)
NDF (R$ x US$)185,000 581,000 (36,977)(331,876)
Debt hedges
Swap SOFR x Fixed (US$)1,687,593 1,973,705 244,452 394,129 
Swap IPCA x CDI (notional in Brazilian Reais)8,053,063 8,128,395 (764,449)(825,899)
Swap CNH x Fixed (US$)165,815 165,815 (7,456)(6,440)
Swap CDI x Fixed (US$)903,827 909,612 (570,496)(776,261)
Swap CDI x SOFR (US$)610,171 610,171 (331,078)(590,764)
Swap SOFR x SOFR (US$)150,961 150,961 (20,720)(37,850)
Commodity Hedge
Swap US$ e US-CPI (1)
138,182 138,439 (23,226)(80,759)
Zero Cost Collar (Brent)209,530 163,941 25,512 6,097 
Swap VLSFO/Brent23,027 39,706 3,846 10,873 
(2,999,118)(6,567,720)
Current assets888,004 1,006,427 
Non-current assets3,244,326 2,880,673 
Current liabilities(1,561,094)(2,760,273)
Non-current liabilities(5,570,354)(7,694,547)
(2,999,118)(6,567,720)
Financial Instruments - Fair Value Maturity
03/31/202512/31/2024
2025(292,400)(1,753,846)
2026(505,985)(1,699,768)
2027247,451 (36,905)
2028 onwards(2,448,184)(3,077,201)
(2,999,118)(6,567,720)
Financial Instruments - Outstanding assets and liabilities
Notional valueFair value in R$
Currency03/31/202512/31/202403/31/202512/31/2024
Debt hedges
Assets
Swap CDI to FixedUS$4,650,715 4,748,394 1,441,090 1,482,759 
Swap SOFR to Fixed US$ 1,687,593 1,973,705 250,548 424,824 
Swap IPCA to CDIR$8,456,042 8,382,699 900,125 927,586 
Swap CDI to SOFRUS$3,117,625 3,117,625 874,462 754,173 
Swap CNH to FixedCNH1,200,000 1,200,000 25,935  
Swap SOFR to SOFRUS$150,961 150,961 5,366 4,949 
3,497,526 3,594,291 
Liabilities
Swap CDI to Fixed US$ 903,827 909,612 (2,011,586)(2,259,020)
Swap SOFR to Fixed US$ 1,687,593 1,973,705 (6,096)(30,695)
Swap IPCA to CDIR$8,053,063 8,128,395 (1,664,574)(1,753,485)
Swap CDI to SOFRUS$610,171 610,171 (1,205,540)(1,344,937)
Swap CNH to FixedCNH165,815 165,815 (33,391)(6,440)
Swap SOFR to SOFRUS$ 150,961 150,961 (26,086)(42,799)
(4,947,273)(5,437,376)
(1,449,747)(1,843,085)
Cash flow hedge
Zero Cost Collar (US$ x R$)US$ 7,264,700 6,852,200 (1,518,526)(4,328,970)
NDF (R$ x US$)US$ 185,000 581,000 (36,977)(331,876)
(1,555,503)(4,660,846)
 Commodity hedge
Swap US-CPI (standing wood) (1)US$138,182 138,439 (23,226)(80,759)
Zero Cost Collar (Brent)US$209,530 163,941 25,512 6,097 
Swap VLSFO/BrentUS$23,027 39,706 3,846 10,873 
6,132 (63,789)
(2,999,118)(6,567,720)
Financial Instruments - Fair Value Settled
03/31/202512/31/2024
Cash flow hedge
Zero Cost Collar (R$ x US$)1,475 645,759 
NDF (R$ x US$)(30,142)(68,695)
NDF (€ x US$)73,781 

(28,667)650,845 

Commodity Hedge 8,733 89,327 
Swap VLSFO/other8,733 89,327 

Debt hedges
Swap CDI to Fixed (US$)90,068 (1,635,058)
Swap IPCA to CDI (Brazilian Reais)(43,312)(59,243)
Swap Pre-Fixed to US$ (221,462)
Swap SOFR to SOFR (US$)1,504 2,199 
Swap CDI to SOFR (US$)21,482 19,074 
Swap SOFR to Fixed (US$)74,750 603,737 

144,492 (1,290,753)

124,558 (550,581)
Financial Instruments - Fair Value Hierarchy
03/31/2025
Level 1Level 2Level 3Total
Assets
At fair value through profit or loss
Derivative financial instruments4,132,330 4,132,330 
Marketable securities1,227,033 5,691,732 6,918,765 
1,227,033 9,824,062  11,051,095 
At fair value through other comprehensive income



Other investments (note 14.1)971,384 35,436 1,006,820 
971,384  35,436 1,006,820 






Biological assets 22,861,555 22,861,555 
  22,861,555 22,861,555 
Total assets2,198,417 9,824,062 22,896,991 34,919,470 
Liabilities






At fair value through profit or loss





Derivative financial instruments 7,131,448 7,131,448 
 7,131,448  7,131,448 
 7,131,448  7,131,448 
12/31/2024
Level 1Level 2Level 3Total
Assets
At fair value through profit or loss
Derivative financial instruments3,887,100 3,887,100 
Marketable securities1,203,776 12,159,735 13,363,511 
1,203,776 16,046,835  17,250,611 
At fair value through other comprehensive income



Other investments - (note 14.1)38,196 1,138,066 
1,099,870  38,196 1,138,066 
Biological assets22,283,001 22,283,001 
  22,283,001 22,283,001 
Total assets2,303,646 16,046,835 22,321,197 40,671,678 
Liabilities
At fair value through profit or loss
Derivative financial instruments10,454,820 10,454,820 
 10,454,820  10,454,820 
Total liabilities 10,454,820  10,454,820 
Interest rate risk [member] | Financial instruments, excluding derivatives  
Disclosure of detailed information about financial instruments [line items]  
Financial Instruments - sensitivity analysis
03/31/2025
Effect on profit or loss
ProbablePossible (25%)Remote (50%)
CDI/SELIC
Cash and cash equivalents1,595,620 56,445 112,890 
Marketable securities5,618,783 198,764 397,529 
Loans and financing9,121,748 322,682 645,364 
TJLP/TLP
Loans and financing176,317 3,513 7,026 
SOFR
Loans and financing24,742,476 272,786 545,572 
Interest rate risk [member] | Derivative financial instruments  
Disclosure of detailed information about financial instruments [line items]  
Financial Instruments - sensitivity analysis
03/31/2025
Effect on profit or loss
ProbableProbable 25%Remote 50%
CDI
Derivative financial instruments
Liabilities
Derivative options(1,518,526)(710,263)(1,419,548)
Derivative swaps(1,449,747)(89,057)(174,810)
SOFR
Derivative financial instruments
Liabilities
Derivative swaps(1,449,747)(133,048)(257,526)