| Schedule of Cash and Cash Equivalents |
The Company invests in a Receivables Investment Fund (FIDC). These
investments are measured at fair value through profit or loss and are recognized based on the fund’s net asset value.
| Cash and
cash equivalents | |
December 31,
2025 | | |
December 31,
2024 | |
| Cash on hand and at banks | |
| 2,557,740 | | |
| 2,197,822 | |
| CDB (bank certificates of
deposit) / Overnight investments (1) | |
| 1,937,761 | | |
| 3,350,654 | |
| National
Treasury Bills (Tesouro Selic) (3) | |
| 69,635 | | |
| 65,196 | |
| | |
| 4,565,136 | | |
| 5,613,672 | |
| | |
| | | |
| | |
| Margin cash | |
| | | |
| | |
| CME (Chicago Mercantile Exchange)
Margin investments (2) | |
| 105,993 | | |
| 104,220 | |
| Investments
in Treasury Bills (3) | |
| 53,569 | | |
| 32,334 | |
| | |
| 159,562 | | |
| 136,554 | |
| | |
| | | |
| | |
| Investment funds | |
| | | |
| | |
| Investment
funds (4) | |
| 45,780 | | |
| — | |
| | |
| 45,780 | | |
| — | |
| | |
| | | |
| | |
| Total | |
| 4,770,478 | | |
| 5,750,226 | |
| (1) | CDBs are held at financial institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificado de Depósito Interbancário - CDI). Overnight investments are equivalent to fixed-income instruments, earning interest at the FED rate + 0.05%. |
| (2) | CME margin investments represent margin deposits allocated to fixed-income equivalent instruments. These investments accrue interest based on the Interest Rate on Reserve Balances (IORB). |
| (3) | Brazilian Government securities (Tesouro Selic) are instruments acquired from financial institutions with conditions and characteristics similar to bank certificates of deposit (CDBs). |
| (4) | Investment in a FIDC (Credit Rights Investment Fund) maturing in 2035, earning a fixed interest rate of 5% in 2025. |
|