Trade Accounts Payable

12 Months Ended

Dec. 31, 2025

15 Trade accounts payable

Trade accounts payable correspond to the amounts owed to suppliers in the ordinary course of business. If the payment period is equivalent to one year or less, the amount is classified as current liabilities, otherwise the corresponding amount is classified as non-current liabilities. Accounts payable are recognized initially at their fair value and are subsequently measured at amortized cost using the effective interest method. Accounts payable by major type of supplier is as follows:

	December 31, 2025			December 31, 2024
Domestic:
Commodities		2,404,646			1,961,391
Materials and services		3,288,007			3,138,734
Finished products		89,482			81,608
Present value adjustment		(8,152	)		(9,685	)
		5,773,983			5,172,048

Foreign:
Commodities		18,270			20,357
Materials and services		403,491			271,481
Finished products		2,356			1,627
		424,117			293,465
Total trade accounts payable		6,198,100			5,465,513

Supplier financing:
Domestic		1,128,538			718,884
Foreign		5,921			9,826
Total supplier financing		1,134,459			728,710
Total		7,332,559			6,194,223

Supplier financing

The Group engage in supplier financing operations with top-tier financial institutions alongside domestic suppliers. It should be noted that, apart from a relaxation of terms, there were no operational or commercial changes in the process. Additionally, this transaction does not impact the prices set by the suppliers, which remain unchanged compared to the pre-operation values.

The primary objective of the agreement is to optimize payment processing and enable the advancement of receivables to participating suppliers, compared to the original invoice due date. For the Company, this operation does not result in a significant extension of payment terms compared to those previously agreed upon with non-participating suppliers, but it offers the advantage of early receipt to those involved. Additionally, the Company does not incur interest on the amounts owed. Therefore, the amounts involved in the transaction are recorded as accounts payable, maintaining the same nature and function as the Company's other obligations, and are classified as current liabilities as of December 31, 2025 and 2024.

Maturity Date Range:
	December 31, 2025	December 31, 2024
Trade Payables under Supplier Financing Agreement (days after the invoice date)	10 - 196	10 - 120
Comparable Trade Payables (days after the invoice date)	1 - 196	1 - 120

Commitment to Purchase for Future Delivery

The Group has commitments to purchase cattle for future delivery signed with certain suppliers, in which the Group guarantees the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts, JBJ Agropecuária Ltda has already advanced this operation with the banks under the supply chain finance method. As of December 31, 2025, the amount of this transaction was US$140,956 (US$58,944 at December 31, 2024), recognized as supply chain finance.