Risk Management and Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Basis of Preparation [Abstract] |
|
| Schedule of Consolidated Financial Statements |
Financial instruments are recognized
in the consolidated financial statements as follows:
| | |
Note | |
December 31,
2025 | | |
December 31,
2024 | |
| Assets | |
| |
| | |
| |
| Fair value through profit or loss (1) | |
| |
| | |
| |
| Financial / Overnight investments | |
3 | |
| 1,887,853 | | |
| 3,270,848 | |
| National treasury bills | |
3 | |
| 123,204 | | |
| 97,530 | |
| Derivative assets | |
| |
| 155,441 | | |
| 75,984 | |
| Fair Value through Other Comprehensive Income | |
| |
| | | |
| | |
| Investment in financial assets at fair value | |
3 | |
| 49,908 | | |
| 79,806 | |
| Other current financial investments | |
| |
| — | | |
| 10,220 | |
| Derivative assets | |
| |
| 161 | | |
| 8,484 | |
| Amortized cost (2) | |
| |
| | | |
| | |
| Cash at banks | |
3 | |
| 2,557,740 | | |
| 2,197,822 | |
| CME Margin investments | |
3 | |
| 105,993 | | |
| 104,220 | |
| Trade accounts receivable | |
4 | |
| 4,231,924 | | |
| 3,735,540 | |
| Dividends Receivable | |
| |
| 1,465 | | |
| — | |
| Related party receivables | |
8 | |
| 41,231 | | |
| 77,355 | |
| Financial investments | |
3 | |
| 45,780 | | |
| — | |
| Total | |
| |
| 9,200,700 | | |
| 9,657,809 | |
| Liabilities | |
| |
| | | |
| | |
| Amortized cost | |
| |
| | | |
| | |
| Loans and financing | |
16 | |
| (21,090,568 | ) | |
| (19,326,796 | ) |
| Trade accounts payable and supply chain finance | |
15 | |
| (7,332,559 | ) | |
| (6,194,223 | ) |
| Debt with related party | |
| |
| (190,998 | ) | |
| — | |
| Lease | |
| |
| (1,767,285 | ) | |
| (1,734,029 | ) |
| Fair value through profit or loss | |
| |
| | | |
| | |
| Derivative liabilities | |
| |
| (267,214 | ) | |
| (264,543 | ) |
| Fair Value through Other Comprehensive Income | |
| |
| | | |
| | |
| Derivative liabilities | |
| |
| (3,567 | ) | |
| (1,523 | ) |
| Total | |
| |
| (30,652,191 | ) | |
| (27,521,114 | ) |
| (1) | CDBs are updated at the contractual rate but have a short-term
and the counterparties are financial institutions, and their carrying amount is approximate to fair value. National treasury bill are
measured at fair value. |
| (2) | Loans and receivables are classified as amortized cost. The
trade accounts receivable are short-term and net of expected losses. |
|
| Schedule of Fair Value of Assets and Liabilities Through Profit or Loss |
Level 2 - Inputs other than Level 1, in
which prices are quoted for similar assets and liabilities, either directly by obtaining prices in active markets or indirectly through
valuation techniques that use data from active markets;
| | |
December 31, 2025 | | |
December 31, 2024 | |
| | |
Level 1 | | |
Level 2 | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial assets | |
| | |
| | |
| | |
| | |
| | |
| |
| Financial / Overnight investments | |
| — | | |
| 1,887,853 | | |
| 1,887,853 | | |
| — | | |
| 3,270,848 | | |
| 3,270,848 | |
| National treasury bills | |
| 123,204 | | |
| — | | |
| 123,204 | | |
| 97,530 | | |
| — | | |
| 97,530 | |
| Derivative assets | |
| — | | |
| 155,602 | | |
| 155,602 | | |
| — | | |
| 84,468 | | |
| 84,468 | |
| Investment in financial assets at fair value | |
| 49,908 | | |
| — | | |
| 49,908 | | |
| 79,806 | | |
| — | | |
| 79,806 | |
| Other current financial investments | |
| — | | |
| — | | |
| — | | |
| 10,220 | | |
| — | | |
| 10,220 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Financial liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Derivative liabilities | |
| — | | |
| 270,781 | | |
| 270,781 | | |
| — | | |
| 266,066 | | |
| 266,066 | |
|
| Schedule of Estimated Fair Value |
The following details the estimated fair value of the notes:
| | |
December 31, 2025 | | |
December 31, 2024 | |
| Description | |
Principal | | |
Price
(% of the
Principal) | | |
Fair value | | |
Principal | | |
Price
(% of the
Principal) | | |
Fair value | |
| Notes 2.50% JBS Lux 2027 | |
| 105,951 | | |
| 98.06 | % | |
| 103,892 | | |
| 1,000,000 | | |
| 94.98 | % | |
| 949,770 | |
| Notes 5.13% JBS Lux 2028 | |
| — | | |
| — | | |
| — | | |
| 899,740 | | |
| 99.50 | % | |
| 895,205 | |
| Notes 3.00% JBS Lux 2029 | |
| 599,957 | | |
| 96.35 | % | |
| 578,071 | | |
| 599,957 | | |
| 91.20 | % | |
| 547,161 | |
| Notes 6.5% JBS Lux 2029 | |
| — | | |
| — | | |
| — | | |
| 69,906 | | |
| 100.52 | % | |
| 70,273 | |
| Notes 5.5% JBS Lux 2030 | |
| — | | |
| — | | |
| — | | |
| 1,249,685 | | |
| 99.77 | % | |
| 1,246,786 | |
| Notes 3.75% JBS Lux 2031 | |
| 493,000 | | |
| 95.08 | % | |
| 468,720 | | |
| 493,000 | | |
| 88.93 | % | |
| 438,435 | |
| Notes 3.00% JBS Lux 2032 | |
| 1,000,000 | | |
| 89.95 | % | |
| 899,470 | | |
| 1,000,000 | | |
| 83.22 | % | |
| 832,210 | |
| Notes 3.63% JBS Lux 2032 | |
| 968,780 | | |
| 93.80 | % | |
| 908,754 | | |
| 968,780 | | |
| 87.96 | % | |
| 852,178 | |
| Notes 5.75% JBS Lux 2033 | |
| 1,661,675 | | |
| 104.55 | % | |
| 1,737,298 | | |
| 1,661,675 | | |
| 99.54 | % | |
| 1,654,048 | |
| Notes 6.75% JBS Lux 2034 | |
| 1,507,046 | | |
| 110.61 | % | |
| 1,666,974 | | |
| 1,507,046 | | |
| 105.85 | % | |
| 1,595,148 | |
| |
| 900,000 | | |
| 77.73 | % | |
| 699,579 | | |
| 900,000 | | |
| 110.50 | % | |
| 994,482 | |
| Notes 6.50% JBS Lux 2052 | |
| 1,548,000 | | |
| 103.12 | % | |
| 1,596,236 | | |
| 1,548,000 | | |
| 101.53 | % | |
| 1,571,731 | |
| Notes 7.25% JBS Lux 2053 | |
| 900,000 | | |
| 111.95 | % | |
| 1,007,559 | | |
| 900,000 | | |
| 74.94 | % | |
| 674,487 | |
| Notes 4.25% PPC 2031 | |
| 796,158 | | |
| 97.40 | % | |
| 775,458 | | |
| 855,725 | | |
| 92.24 | % | |
| 789,303 | |
| Notes 3.5% PPC 2032 | |
| 899,600 | | |
| 92.44 | % | |
| 831,572 | | |
| 900,000 | | |
| 86.34 | % | |
| 777,033 | |
| Notes 6.25% PPC 2033 | |
| 922,521 | | |
| 107.19 | % | |
| 988,878 | | |
| 980,000 | | |
| 102.16 | % | |
| 1,001,178 | |
| Notes 6.875% PPC 2034 | |
| 500,000 | | |
| 111.15 | % | |
| 555,740 | | |
| 500,000 | | |
| 106.73 | % | |
| 533,650 | |
| Notes 5.95% JBS USA 2035 | |
| 1,000,000 | | |
| 105.29 | % | |
| 1,052,860 | | |
| — | | |
| — | | |
| — | |
| Notes 6.38% JBS USA 2055 | |
| 750,000 | | |
| 102.06 | % | |
| 765,428 | | |
| — | | |
| — | | |
| — | |
| Notes 5.5% JBS Lux 2036 | |
| 1,250,000 | | |
| 101.85 | % | |
| 1,273,175 | | |
| — | | |
| — | | |
| — | |
| Notes 6.25% JBS Lux 2056 | |
| 1,250,000 | | |
| 99.90 | % | |
| 1,248,738 | | |
| — | | |
| — | | |
| — | |
| Notes 6.375% JBS Lux 2066 | |
| 1,000,000 | | |
| 99.88 | % | |
| 998,780 | | |
| — | | |
| — | | |
| — | |
| | |
| 18,052,688 | | |
| | | |
| 18,157,182 | | |
| 16,033,514 | | |
| | | |
| 15,423,078 | |
|
| Schedule of Finance income (Expense) |
Finance income (expense) by category of financial instrument:
| | |
2025 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| |
| Fair value through profit or loss | |
| (68,080 | ) | |
| (256,499 | ) | |
| 204,573 | |
| Amortized cost | |
| (1,488,196 | ) | |
| (1,413,264 | ) | |
| (1,566,845 | ) |
| Total | |
| (1,556,276 | ) | |
| (1,669,763 | ) | |
| (1,362,272 | ) |
|
| Schedule of Assets and Liabilities Exposed to Floating Interest Rates |
The main exposure
to financial risks as of December 31, 2025 and December 31, 2024 are shown below:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Net exposure to the CDI/FED rate: | |
| | |
| |
| CRA - Agribusiness Credit Receivable Certificates | |
| (54,231 | ) | |
| (47,650 | ) |
| Credit note - export | |
| (410 | ) | |
| (1,704 | ) |
| Rural - Credit note - Prefixed | |
| (114,282 | ) | |
| — | |
| Related party transactions | |
| (105,892 | ) | |
| — | |
| CDB-DI (Bank certificates of deposit) | |
| 727,695 | | |
| 760,300 | |
| CME Margin investments | |
| 105,760 | | |
| 104,000 | |
| Treasury bills | |
| 75,286 | | |
| 58,757 | |
| Subtotal | |
| 633,926 | | |
| 873,703 | |
| Derivatives (Swap) | |
| (922,938 | ) | |
| (1,285,134 | ) |
| Total | |
| (289,012 | ) | |
| (411,431 | ) |
| Net exposure to the IPCA rate: | |
| | | |
| | |
| Treasury bills | |
| 47,920 | | |
| 35,127 | |
| CRA - Agribusiness Credit Receivable Certificates | |
| (2,165,193 | ) | |
| (1,163,028 | ) |
| Margin cash | |
| — | | |
| 3,867 | |
| Related party transactions | |
| (43,875 | ) | |
| 77,355 | |
| Subtotal | |
| (2,161,148 | ) | |
| (1,046,679 | ) |
| Derivatives (Swap) | |
| 805,029 | | |
| 1,150,685 | |
| Total | |
| (1,356,119 | ) | |
| 104,006 | |
| | |
| | | |
| | |
| Liabilities exposure to the SOFR rate: | |
| | | |
| | |
| Export credit note | |
| (254,903 | ) | |
| (102,367 | ) |
| Prepayment | |
| — | | |
| (100,296 | ) |
| Prepayment - exchange agreement | |
| (11,691 | ) | |
| (2,599 | ) |
| Total | |
| (266,594 | ) | |
| (205,262 | ) |
|
| Schedule of Contracts Exposure Scenario |
Sensitivity analysis as of December 31, 2025:
| | | | | | | | Scenario (I)
VaR 99% C.I. 1 day | | | Scenario (II)
Interest rate variation - 25% | | | Scenario (III)
Interest rate variation - 50% | | | Contracts exposure | | Risk | | Current
scenario | | | Rate | | | Effect on
income | | | Rate | | | Effect on
income | | | Rate | | | Effect on
income | | | CDI | | Increase | | | 14.90 | % | | | 14.96 | % | | | (162 | ) | | | 18.63 | % | | | (10,984 | ) | | | 22.35 | % | | | (21,968 | ) | | IPCA | | Increase | | | 4.46 | % | | | 4.47 | % | | | (71 | ) | | | 5.58 | % | | | (15,427 | ) | | | 6.69 | % | | | (30,854 | ) | | SOFR | | Increase | | | 3.87 | % | | | 3.87 | % | | | (11 | ) | | | 4.84 | % | | | 2,633 | | | | 5.81 | % | | | 5,263 | | | | | | | | | | | | | | | | (244 | ) | | | | | | | (23,778 | ) | | | | | | | (47,559 | ) | | | | | | Current | | | Scenario (i)
VaR 99% C.I. 1 day | | | Scenario (ii)
Interest rate variation - 15% | | | Scenario (iii)
Interest rate variation - 30% | | | Exposure of US$ | | Risk | | exchange
rate | | | Exchange
rate | | | Effect on
income | | | Exchange
rate | | | Effect on
income | | | Exchange
rate | | | Effect on
income | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating | | Depreciation | | | 1.00 | | | | 0.98 | | | | (74,873 | ) | | | 0.85 | | | | (636,693 | ) | | | 0.70 | | | | (1,273,387 | ) | | Financial | | Appreciation | | | 1.00 | | | | 1.02 | | | | (6,519 | ) | | | 1.15 | | | | (55,431 | ) | | | 1.30 | | | | (110,861 | ) | | Derivatives | | Depreciation | | | 1.00 | | | | 0.98 | | | | (112 | ) | | | 0.85 | | | | (950 | ) | | | 0.70 | | | | (1,900 | ) | US Dollar (amounts in thousands
of US$): | | | | | | | | Scenario (i)
VaR 99% C.I. 1 day | | | Scenario (ii)
Interest rate variation - 15% | | | Scenario (iii)
Interest rate variation - 30% | | | Exposure of US$ | | Risk | | Current
exchange | | | Exchange
rate | | | Effect on
income | | | Exchange
rate | | | Effect on
income | | | Exchange
rate | | | Effect on
income | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating | | Depreciation | | | 1.18 | | | | 1.15 | | | | (9,120 | ) | | | 1.00 | | | | (72,541 | ) | | | 0.82 | | | | (145,082 | ) | | Financial | | Appreciation | | | 1.18 | | | | 1.20 | | | | (29 | ) | | | 1.35 | | | | (229 | ) | | | 1.53 | | | | (458 | ) | | Derivatives | | Depreciation | | | 1.18 | | | | 1.15 | | | | (24 | ) | | | 1.00 | | | | (191 | ) | | | 0.82 | | | | (383 | ) | EURO (amounts in thousands of US$): | | | | | | | | Scenario (i)
VaR 99% C.I. 1 day | | | Scenario (ii)
Interest rate variation - 15% | | | Scenario (iii)
Interest rate variation - 30% | | | Exposure of US$ | | Risk | | Current
exchange | | | Exchange
rate | | | Effect on
income | | | Exchange
rate | | | Effect on
income | | | Exchange
rate | | | Effect on
income | | | Operating | | Depreciation | | | 1.35 | | | | 1.32 | | | | (2,133 | ) | | | 1.14 | | | | (18,475 | ) | | | 0.94 | | | | (36,950 | ) | | Financial | | Appreciation | | | 1.35 | | | | 1.37 | | | | (3 | ) | | | 1.55 | | | | (29 | ) | | | 1.75 | | | | (57 | ) | | Derivatives | | Appreciation | | | 1.35 | | | | 1.37 | | | | (1,170 | ) | | | 1.55 | | | | (10,130 | ) | | | 1.75 | | | | (20,260 | ) | | | | | | | | | Scenario (i)
VaR 99% C.I. 1 day | | | Scenario (ii)
@ Variation - 15% | | | Scenario (ii)
@ Variation - 30% | | | Exposure | | Risk | | Current
price | | | Price | | | Effect on
income | | | Price | | | Effect on
income | | | Price | | | Effect on
income | | | Operating | | Depreciation | | | 72 | | | | 71 | | | | (22,894 | ) | | | 61 | | | | (343,413 | ) | | | 50 | | | | (686,827 | ) | | Derivatives | | Appreciation | | | 32 | | | | 32 | | | | (25,569 | ) | | | 36 | | | | (383,530 | ) | | | 41 | | | | (767,059 | ) | | | | | | | | | | | | | | | (48,463 | ) | | | | | | | (726,943 | ) | | | | | | | (1,453,886 | ) | Sensitivity analysis as of December 31, 2025:
| | | | | Current
price | | | Scenario (i)
VaR 99% C.I. 1 day | | | Scenario (ii)
@ Variation - 15% | | | Scenario (ii)
@ Variation - 30% | | | Exposure | | Risk | | (USD per
head) | | | Price | | | Effect on
income | | | Price | | | Effect on
income | | | Price | | | Effect on
income | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating | | Appreciation | | | 19 | | | | 19 | | | | (1,191 | ) | | | 22 | | | | (17,862 | ) | | | 25 | | | | (35,724 | ) | | Derivatives | | Depreciation | | | 3 | | | | 3 | | | | (5,319 | ) | | | 3 | | | | (79,778 | ) | | | 2 | | | | (159,555 | ) | | | | | | | | | | | | | | | (6,510 | ) | | | | | | | (97,640 | ) | | | | | | | (195,279 | ) |
|
| Schedule of Sensitivity Analysis Fair Value Asset and Liability |
| | |
| |
| |
December 31, 2025 | | |
December 31, 2024 | |
| Instrument | |
Risk
factor | |
Maturity | |
Notional | | |
Fair value
(Asset) - US$ | | |
Fair value
(Liability) - US$ | | |
Fair value | | |
Notional | | |
Fair value
(Asset) - US$ | | |
Fair value
(Liability) - US$ | | |
Fair value | |
| Swap | |
IPCA | |
2027 | |
| 177,815 | | |
| 205,191 | | |
| (220,189 | ) | |
| (14,998 | ) | |
| 158,004 | | |
| 162,453 | | |
| (171,479 | ) | |
| (9,026 | ) |
| | |
IPCA | |
2031 | |
| 30,309 | | |
| 40,605 | | |
| (48,349 | ) | |
| (7,744 | ) | |
| 189,071 | | |
| 212,403 | | |
| (224,840 | ) | |
| (12,437 | ) |
| | |
IPCA | |
2032 | |
| 125,573 | | |
| 152,936 | | |
| (178,835 | ) | |
| (25,899 | ) | |
| 183,123 | | |
| 192,464 | | |
| (216,650 | ) | |
| (24,186 | ) |
| | |
IPCA | |
2034 | |
| 139,033 | | |
| 148,563 | | |
| (158,375 | ) | |
| (9,812 | ) | |
| 127,416 | | |
| 124,373 | | |
| (135,650 | ) | |
| (11,277 | ) |
| | |
IPCA | |
2037 | |
| 200,113 | | |
| 257,734 | | |
| (317,190 | ) | |
| (59,456 | ) | |
| 189,239 | | |
| 215,192 | | |
| (263,254 | ) | |
| (48,062 | ) |
| | |
IPCA | |
2038 | |
| — | | |
| — | | |
| — | | |
| — | | |
| 142,320 | | |
| 143,557 | | |
| (159,263 | ) | |
| (15,706 | ) |
| | |
IPCA | |
2039 | |
| — | | |
| — | | |
| — | | |
| — | | |
| 20,854 | | |
| 20,363 | | |
| (21,830 | ) | |
| (1,467 | ) |
| | |
IPCA | |
2044 | |
| — | | |
| — | | |
| — | | |
| — | | |
| 80,745 | | |
| 79,880 | | |
| (92,168 | ) | |
| (12,288 | ) |
| | |
| |
| |
| 672,843 | | |
| 805,029 | | |
| (922,938 | ) | |
| (117,909 | ) | |
| 1,090,772 | | |
| 1,150,685 | | |
| (1,285,134 | ) | |
| (134,449 | ) |
|
| Schedule of Exposure |
The carrying amounts of assets and liabilities
and other positions exposed to foreign currency risk at December 31, 2025, and 2024 are presented below along with the notional amounts
of derivative contracts intended to offset the exposure, in accordance with the Group’s Financial and Commodities Risk Management
Policy. The exposure is related to Brazilian Real.
| | |
USD | | |
EUR | | |
GBP | |
| | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2025 | | |
December 31,
2024 | |
| OPERATING | |
| | |
| | |
| | |
| | |
| | |
| |
| Cash and cash equivalents | |
| 1,976,408 | | |
| 1,639,584 | | |
| 102,128 | | |
| 50,341 | | |
| 36,591 | | |
| 16,097 | |
| Margin cash | |
| 4,747 | | |
| 220 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Trade accounts receivable | |
| 1,173,182 | | |
| 1,073,398 | | |
| 310,157 | | |
| 165,016 | | |
| 96,211 | | |
| 65,684 | |
| Sales orders | |
| 1,478,630 | | |
| 1,062,765 | | |
| 186,577 | | |
| 78,854 | | |
| 10,037 | | |
| 54,370 | |
| Trade accounts payable | |
| (300,958 | ) | |
| (297,536 | ) | |
| (77,245 | ) | |
| (78,268 | ) | |
| (19,671 | ) | |
| (16,271 | ) |
| Purchase orders | |
| (87,387 | ) | |
| (83,493 | ) | |
| (38,009 | ) | |
| (8,928 | ) | |
| — | | |
| — | |
| Operating subtotal | |
| 4,244,622 | | |
| 3,394,938 | | |
| 483,608 | | |
| 207,015 | | |
| 123,168 | | |
| 119,880 | |
| FINANCIAL | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Advances to customers | |
| (3,369 | ) | |
| (4,683 | ) | |
| (1,525 | ) | |
| (1,562 | ) | |
| (191 | ) | |
| (191 | ) |
| Loans and financing | |
| (366,169 | ) | |
| (1,290,871 | ) | |
| — | | |
| (614 | ) | |
| — | | |
| — | |
| Financial subtotal | |
| (369,538 | ) | |
| (1,295,554 | ) | |
| (1,525 | ) | |
| (2,176 | ) | |
| (191 | ) | |
| (191 | ) |
| Operating financial subtotal | |
| 3,875,084 | | |
| 2,099,384 | | |
| 482,083 | | |
| 204,839 | | |
| 122,977 | | |
| 119,689 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total exposure | |
| 3,875,084 | | |
| 2,099,384 | | |
| 482,083 | | |
| 204,839 | | |
| 122,977 | | |
| 119,689 | |
| DERIVATIVES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Future contracts | |
| 241,445 | | |
| 1,840 | | |
| (79,419 | ) | |
| (85,595 | ) | |
| (40,676 | ) | |
| (34,095 | ) |
| Deliverable Forwards (DF´s) | |
| (278,582 | ) | |
| (664,084 | ) | |
| 103,646 | | |
| 70,949 | | |
| (26,856 | ) | |
| (26,785 | ) |
| Non-Deliverable Forwards (NDF´s) | |
| 43,471 | | |
| (417,158 | ) | |
| (22,951 | ) | |
| (19,559 | ) | |
| — | | |
| (6,262 | ) |
| Total derivatives | |
| 6,334 | | |
| (1,079,402 | ) | |
| 1,276 | | |
| (34,205 | ) | |
| (67,532 | ) | |
| (67,142 | ) |
| NET EXPOSURE IN US$ | |
| 3,881,418 | | |
| 1,019,982 | | |
| 483,359 | | |
| 170,634 | | |
| 55,445 | | |
| 52,547 | |
|
| Schedule of Future Contracts |
| | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk factor | | Nature | | Quantity | | | Notional
(US$) | | | Fair value | | | Quantity | | | Notional
(US$) | | | Fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Future Contract | | American dollar | | Long | | | 227,860 | | | | 241,445 | | | | (1,814 | ) | | | 4,765 | | | | 1,840 | | | | 12 | |
| | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk factor | | Nature | | Notional
(US$) | | | Notional
(US$) | | | Fair value | | | Notional
(US$) | | | Notional
(US$) | | | Fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | Deliverable Forwards | | American dollar | | Short | | | (278,582 | ) | | | (278,582 | ) | | | 13,069 | | | | (664,084 | ) | | | (664,084 | ) | | | (16,868 | ) | | Non-Deliverable Forwards | | American dollar | | Short | | | 43,471 | | | | 43,471 | | | | (4,467 | ) | | | (417,158 | ) | | | (417,158 | ) | | | (950 | ) | | | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk
factor | | Nature | | Quantity | | | Notional
(US$) | | | Fair value | | | Quantity | | | Notional
(US$) | | | Fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Future Contract | | Euro | | Short | | | (5,556,200 | ) | | | (79,419 | ) | | | 62 | | | | 2,074 | | | | (85,595 | ) | | | 49 | |
| | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk
factor | | Nature | | Notional
(EUR) | | | Notional
(US$) | | | Fair value | | | Notional
(EUR) | | | Notional
(US$) | | | Fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | Deliverable Forwards | | Euro | | Long | | | 88,156 | | | | 103,646 | | | | (2,039 | ) | | | 68,259 | | | | 70,949 | | | | 2,376 | | | Non-Deliverable Forwards | | Euro | | Short | | | (19,521 | ) | | | (22,951 | ) | | | (55 | ) | | | (18,818 | ) | | | (19,559 | ) | | | 420 | | | | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk
factor | | Nature | | Quantity | | | Notional
(US$) | | | Fair value | | | Quantity | | | Notional
(US$) | | | Fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Future Contract | | British pound | | Short | | | (3,020 | ) | | | (40,676 | ) | | | 72 | | | | 1,219 | | | | (34,095 | ) | | | 12 | |
| | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk
factor | | Nature | | Notional
(GBP) | | | Notional
(US$) | | | Fair value | | | Notional
(GBP) | | | Notional
(US$) | | | Fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | Deliverable Forwards | | British pound | | Short | | | (19,939 | ) | | | (26,856 | ) | | | 129 | | | | (21,368 | ) | | | (26,785 | ) | | | (675 | ) | | Non-Deliverable Forwards | | British pound | | Short | | | — | | | | — | | | | — | | | | (4,996 | ) | | | (6,262 | ) | | | (128 | ) | Derivatives financial instruments breakdown:
| | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk factor | | Nature | | Quantity | | | Fair value | | | Quantity | | | Fair value | | | | | | | | | | | | | | | | | | | | | Future Contracts | | Commodities (livestock) | | Long | | | 7,348 | | | | (346 | ) | | | 6,548 | | | | (2,645 | ) | | Deliverable Forwards | | Commodities (livestock) | | Short | | | (41,942 | ) | | | (93,782 | ) | | | (38,658 | ) | | | (39,649 | ) | Derivatives financial instruments breakdown:
| | | | | | | December 31, 2025 | | | December 31, 2024 | | | Instrument | | Risk factor | | Nature | | Quantity | | | Fair value | | | Quantity | | | Fair value | | | | | | | | | | | | | | | | | | | | | Future Contracts | | Commodities (grains and others) | | Long | | | 17,515 | | | | (170 | ) | | | 6,949 | | | | 83 | | | Deliverable Forwards | | Commodities (grains and others) | | Long | | | 32,783 | | | | 46,621 | | | | 16,144 | | | | (13,921 | ) | | Future CME | | Commodities (grains and others) | | Long | | | 155 | | | | (45 | ) | | | — | | | | — | |
|
| Schedule of Position Balance in Commodities and Corn Contracts |
Position balance in commodities
and corn contracts: | Exposure in Commodities (Livestock) - Expressed in contract quantity | | December 31,
2025 | | | December 31,
2024 | | | OPERATING | | | | | | | | Firm contracts | | | 31,200 | | | | 31,028 | | | Subtotal | | | 31,200 | | | | 31,028 | | | DERIVATIVES | | | | | | | | | | Future contracts | | | 7,348 | | | | 6,548 | | | Deliverable Forwards | | | (41,942 | ) | | | (38,658 | ) | | Subtotal | | | (34,594 | ) | | | (32,110 | ) | | NET EXPOSURE | | | (3,394 | ) | | | (1,082 | ) |
| Exposure in Commodities (Grains and others) - Expressed in contract quantity | |
December 31,
2025 | | |
December 31,
2024 | |
| OPERATING | |
| | |
| |
| Firm contracts | |
| 5,403 | | |
| 8,573 | |
| Subtotal | |
| 5,403 | | |
| 8,573 | |
| DERIVATIVES | |
| | | |
| | |
| Future B3 | |
| 17,515 | | |
| 6,949 | |
| Future CME | |
| 155 | | |
| — | |
| Deliverable Forwards | |
| 32,783 | | |
| 16,144 | |
| Subtotal | |
| 50,453 | | |
| 23,093 | |
| NET EXPOSURE | |
| 55,856 | | |
| 31,666 | |
|
| Schedule of Statement of Income |
Below are the effects on the statement
of income, after the adoption of hedge accounting:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Statements of income: | |
| | |
| |
| | |
| | |
| |
| Cost of sales before hedge accounting adoption | |
| (7,882,571 | ) | |
| (6,585,192 | ) |
| | |
| | | |
| | |
| Derivatives operating income (loss) | |
| 321 | | |
| (787 | ) |
| Commodities | |
| 321 | | |
| (787 | ) |
| Cost of sales with hedge accounting | |
| (7,882,250 | ) | |
| (6,585,979 | ) |
| | |
| | | |
| | |
| Financial income (expense), net excluding derivatives | |
| (69,877 | ) | |
| (246,602 | ) |
| | |
| | | |
| | |
| Derivatives financial income (expense), net | |
| (5,894 | ) | |
| (90,340 | ) |
| Currency | |
| 5,759 | | |
| (79,296 | ) |
| Commodities | |
| (11,653 | ) | |
| (10,760 | ) |
| Interest | |
| — | | |
| (284 | ) |
| | |
| | | |
| | |
| Financial income (expense), net | |
| (75,771 | ) | |
| (336,942 | ) |
|
| Schedule of Other Comprehensive Income (Expense) |
Below are the effects on other comprehensive income
(expense), after the adoption of hedge accounting:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Statements of other comprehensive income (expense): | |
| | |
| |
| Financial instruments designated as hedge accounting: | |
| (1,644 | ) | |
| 324 | |
| Commodities | |
| (1,644 | ) | |
| 324 | |
| Gain (loss) on cash flow hedge | |
| 1,293 | | |
| 7,882 | |
| Deferred income tax on hedge accounting | |
| — | | |
| — | |
| Other comprehensive income (expense) | |
| 1,293 | | |
| 7,882 | |
|
| Schedule of Hedge Cash Flow Movement |
| Hedge cash flow movement | |
December 31,
2024 | | |
OCI | | |
December 31,
2025 | |
| Hedge accounting operations at the parent company | |
| 186 | | |
| 1,293 | | |
| 1,479 | |
| (-) Income Tax | |
| (63 | ) | |
| (439 | ) | |
| (502 | ) |
| Total of other comprehensive income (expense) | |
| 123 | | |
| 854 | | |
| 977 | |
|
| Schedule of Balance Sheet |
Below are the effects on the statement
of financial position, after the adoption of hedge accounting:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Statement of financial position: | |
| | |
| |
| Derivative (liabilities)/assets | |
| (15 | ) | |
| 84 | |
| Financial instruments designated as hedge accounting: | |
| | | |
| | |
| Commodities | |
| (15 | ) | |
| 84 | |
| | |
| | | |
| | |
| Derivative (liabilities)/assets | |
| (6,568 | ) | |
| 69 | |
| Financial instruments not designated as hedge accounting: | |
| | | |
| | |
| Exchange | |
| (6,568 | ) | |
| 69 | |
| | |
| | | |
| | |
| Other comprehensive income (expense) | |
| (1,644 | ) | |
| 306 | |
| Commodities | |
| (1,644 | ) | |
| 306 | |
| | |
| | | |
| | |
| Inventories | |
| 165 | | |
| 20 | |
| Commodities | |
| 165 | | |
| 20 | |
|
| Schedule of Open Balance Sheet Position of Derivative Assets and Liabilities |
Open amounts in statement of financial
position of derivative assets and liabilities:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| | |
| | |
| |
| Assets: | |
| | |
| |
| Designated as hedge accounting | |
| — | | |
| 84 | |
| Exchange derivaties | |
| — | | |
| 84 | |
| Not designated as hedge accounting | |
| — | | |
| 69 | |
| Exchange | |
| — | | |
| 69 | |
| | |
| | | |
| | |
| Current assets | |
| — | | |
| 153 | |
| | |
| | | |
| | |
| Liabilities: | |
| | | |
| | |
| Designated as hedge accounting | |
| 15 | | |
| — | |
| Commodities | |
| 15 | | |
| — | |
| | |
| | | |
| | |
| Not designated as hedge accounting | |
| 6,568 | | |
| — | |
| Currency | |
| 6,568 | | |
| — | |
| Current liabilities | |
| 6,583 | | |
| — | |
|
| Schedule of Maximum Horizon and Equity Percent |
| Category | | %
Equity | | | Maximum
horizon | | AAA | | | 2.00 | | | 5 years | | AA | | | 1.00 | | | 3 years | | A | | | 0.50 | | | 2 years | | BBB | | | 0.25 | | | 1 year |
|
| Schedule of Exposure to Weighted Average Loss Rate Gross Carrying Amount Impairment Losses |
The information about the exposure to weighted
average loss rate, gross carrying amount, impairment losses recognized in the statement of income are as follows:
| | |
Weighted
average
loss rate | | |
Gross
carrying
amount | | |
Expected
credit loss | |
| December 31, 2025 | |
| | |
| | |
| |
| Cash and cash equivalents | |
| — | | |
| 4,565,136 | | |
| — | |
| Margin cash | |
| — | | |
| 159,562 | | |
| — | |
| Trade accounts receivable | |
| (1.81 | )% | |
| 4,231,924 | | |
| (76,685 | ) |
| Related party receivables | |
| — | | |
| 41,231 | | |
| — | |
| | |
| | | |
| 8,997,853 | | |
| (76,685 | ) |
|
| Schedule of Leverage Ratio |
The leverage ratio is shown below:
| | | December 31,
2025 | | | December 31,
2024 | | | Leverage indicator (USD) | | | 2.39 | x | | | 1.89 | x |
|
| Schedule of Contractual Obligation Amounts from Financial Liabilities |
The table below shows the contractual
obligation amounts from financial liabilities of the Group according to their maturities:
| | |
December 31, 2025 | | |
December 31, 2024 | |
| | |
Until 1
year | | |
Between 2
and 3 years | | |
Between 4
and 5 years | | |
More than
5 years | | |
Total | | |
Until 1
year | | |
Between
2 and 3
years | | |
Between
4 and 5
years | | |
More than
5 years | | |
Total | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Trade accounts payable and supply chain finance | |
| 7,332,559 | | |
| — | | |
| — | | |
| — | | |
| 7,332,559 | | |
| 6,194,223 | | |
| — | | |
| — | | |
| — | | |
| 6,194,223 | |
| Loans and financing | |
| 833,085 | | |
| 249,115 | | |
| 794,458 | | |
| 19,213,910 | | |
| 21,090,568 | | |
| 2,084,225 | | |
| 1,046,253 | | |
| 1,688,693 | | |
| 14,507,625 | | |
| 19,326,796 | |
| Estimated interest on loans and financing (1) | |
| 1,265,226 | | |
| 2,425,415 | | |
| 2,377,113 | | |
| 15,237,492 | | |
| 21,305,246 | | |
| 2,458,318 | | |
| 2,440,620 | | |
| 839,949 | | |
| 5,670,017 | | |
| 11,408,904 | |
| Derivatives liabilities (assets) | |
| 156,405 | | |
| 114,376 | | |
| — | | |
| — | | |
| 270,781 | | |
| 165,979 | | |
| 100,087 | | |
| — | | |
| — | | |
| 266,066 | |
| Payments of leases | |
| 354,887 | | |
| 520,701 | | |
| 351,036 | | |
| 861,409 | | |
| 2,088,033 | | |
| 377,769 | | |
| 797,268 | | |
| 326,928 | | |
| 817,668 | | |
| 2,319,633 | |
| Commodity forward purchase contracts | |
| 140,956 | | |
| 13,912,887 | | |
| 11,252,506 | | |
| 2,614,618 | | |
| 27,920,967 | | |
| 58,997 | | |
| 28,244,384 | | |
| 4,238,571 | | |
| 986,771 | | |
| 33,528,723 | |
| (1) | Includes interest on all loans and financing outstanding.
Payments are estimated for variable rate debt based on effective interest rates at December 31, 2025 and December 31, 2024. Payments
in foreign currencies are estimated using the December 31, 2025 and December 31, 2024 exchange rates. |
|