Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

Schedule of Consolidated Statements of Financial Position

Consolidated statements of financial position:

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			3,921,730				643,406				—				4,565,136
Margin cash			159,048				514				—				159,562
Trade accounts receivable			3,055,286				1,188,544				(11,906	)			4,231,924
Dividends receivable			1,465				—				—				1,465
Inventories			4,949,488				1,157,677				—				6,107,165
Biological assets			1,288,243				538,523				—				1,826,766
Recoverable taxes			721,761				241,507				(6,057	)			957,211
Derivative assets			140,971				14,631				—				155,602
Other current assets			242,811				202,424				(11,863	)			433,372
TOTAL CURRENT ASSETS			14,480,803				3,987,226				(29,826	)			18,438,203

NON-CURRENT ASSETS
Long-term investments			45,780				—				—				45,780
Recoverable taxes			1,874,572				—				—				1,874,572
Biological assets			256,583				355,216				—				611,799
Related party receivables			41,231				—				—				41,231
Deferred income taxes			516,308				31,474				(768	)			547,014
Other non-current assets			378,828				109,975				—				488,803
			3,113,302				496,665				(768	)			3,609,199

Investments in equity-accounted investees			3,198,779				—				(3,027,167	)			171,612
Property, plant and equipment			10,077,519				3,568,139				—				13,645,658
Right of use assets			1,370,826				242,821				—				1,613,647
Intangible assets			942,690				882,902				—				1,825,592
Goodwill			4,513,691				1,338,884				—				5,852,575

TOTAL NON-CURRENT ASSETS			23,216,807				6,529,411				(3,027,935	)			26,718,283

TOTAL ASSETS			37,697,610				10,516,637				(3,057,761	)			45,156,486

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable			4,313,158				1,895,272				(10,330	)			6,198,100
Supply chain finance			1,134,459				—				—				1,134,459
Loans and financing			781,928				51,157				—				833,085
Income taxes			170,093				123,994				(6,057	)			288,030
Other taxes payable			119,893				33,066				—				152,959
Payroll and social charges			1,072,999				487,160				—				1,560,159
Lease liabilities			294,217				60,670				—				354,887
Dividends payable			—				—				—				—
Provisions for legal proceedings			159,217				—				—				159,217
Derivative liabilities			152,218				4,187				—				156,405
Other current liabilities			398,770				319,178				(13,439	)			704,509
TOTAL CURRENT LIABILITIES			8,596,952				2,974,684				(29,826	)			11,541,810

NON-CURRENT LIABILITIES
Loans and financing			17,166,293				3,091,190				—				20,257,483
Income and other taxes payable			385,147				22,580				—				407,727
Payroll and social charges			303,900				(15,835	)			—				288,065
Lease liabilities			1,212,245				200,153				—				1,412,398
Deferred income taxes			695,746				474,322				(768	)			1,169,300
Provisions for legal proceedings			209,358				—				—				209,358
Related party payable			190,998				—				—				190,998
Derivative liabilities			114,376				—				—				114,376
Other non-current liabilities			34,138				8,042				—				42,180
TOTAL NON-CURRENT LIABILITIES			20,312,201				3,780,452				(768	)			24,091,885

EQUITY
Share capital - common shares			5,145,820				1,351,259				(6,461,965	)			35,114
Reserves			6,803,802				(221,108	)			—				6,582,694
Undistributed results			(3,246,042	)			1,897,016				3,434,798				2,085,772
Attributable to company shareholders			8,703,580				3,027,167				(3,027,167	)			8,703,580
Attributable to non-controlling interest			84,877				734,334				—				819,211
TOTAL EQUITY			8,788,457				3,761,501				(3,027,167	)			9,522,791
TOTAL LIABILITIES AND EQUITY			37,697,610				10,516,637				(3,057,761	)			45,156,486

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			3,572,757				2,040,915				—				5,613,672
Margin cash			133,717				2,837				—				136,554
Trade accounts receivable			2,733,160				1,007,612				(5,232	)			3,735,540
Dividends receivable			—				—				—				—
Inventories			4,014,172				1,001,817				—				5,015,989
Biological assets			1,125,803				482,420				—				1,608,223
Recoverable taxes			484,047				165,867				(12,186	)			637,728
Derivative assets			77,114				7,354				—				84,468
Other current assets			188,330				107,465				(6,953	)			288,842
TOTAL CURRENT ASSETS			12,329,100				4,816,287				(24,371	)			17,121,016

NON-CURRENT ASSETS
Long-term investments			—				—				—				—
Recoverable taxes			1,412,455				—				—				1,412,455
Biological assets			201,814				316,420				—				518,234
Related party receivables			77,355				—				—				77,355
Deferred income taxes			614,635				36,543				—				651,178
Other non-current assets			209,937				58,800				—				268,737
			2,516,196				411,763				—				2,927,959

Investments in equity-accounted investees			3,530,098				—				(3,491,786	)			38,312
Property, plant and equipment			8,605,655				3,175,225				—				11,780,880
Right of use assets			1,355,361				241,512				—				1,596,873
Intangible assets			940,212				862,987				—				1,803,199
Goodwill			4,178,061				1,239,073				—				5,417,134

TOTAL NON-CURRENT ASSETS			21,125,583				5,930,560				(3,491,786	)			23,564,357

TOTAL ASSETS			33,454,683				10,746,847				(3,516,157	)			40,685,373

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable			3,752,732				1,718,013				(5,232	)			5,465,513
Supply chain finance			728,710				—				—				728,710
Loans and financing			2,030,573				53,652				—				2,084,225
Income taxes			185,079				60,134				(12,186	)			233,027
Other taxes payable			104,961				8,773				—				113,734
Payroll and social charges			965,459				470,292				—				1,435,751
Lease liabilities			271,787				63,894				—				335,681
Dividends payable			358,621				—				—				358,621
Provisions for legal proceedings			280,804				—				—				280,804
Derivative liabilities			161,310				4,669				—				165,979
Other current liabilities			294,116				160,904				—				455,020
TOTAL CURRENT LIABILITIES			9,134,152				2,540,331				(17,418	)			11,657,065

NON-CURRENT LIABILITIES
Loans and financing			14,039,072				3,203,499				—				17,242,571
Income and other taxes payable			385,428				21,227				—				406,655
Payroll and social charges			363,308				(10,590	)			—				352,718
Lease liabilities			1,201,148				197,200				—				1,398,348
Deferred income taxes			642,065				453,226				—				1,095,291
Provisions for legal proceedings			216,659				—				—				216,659
Related party payable			—				—				—				—
Derivative liabilities			100,087				—				—				100,087
Other non-current liabilities			72,215				16,353				(6,953	)			81,615
TOTAL NON-CURRENT LIABILITIES			17,019,982				3,880,915				(6,953	)			20,893,944

EQUITY
Share capital - common shares			13,177,841				—				—				13,177,841
Reserves			(6,094,530	)			3,502,940				(3,491,786	)			(6,083,376	)
Undistributed results			11,154				(11,154	)			—				—
Attributable to company shareholders			7,094,465				3,491,786				(3,491,786	)			7,094,465
Attributable to non-controlling interest			206,084				833,815				—				1,039,899
TOTAL EQUITY			7,300,549				4,325,601				(3,491,786	)			8,134,364
TOTAL LIABILITIES AND EQUITY			33,454,683				10,746,847				(3,516,157	)			40,685,373

Schedule of Consolidated Statements of Income

Consolidated statements of income:

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			67,869,293				18,486,496				(171,607	)			86,184,182
Cost of sales			(59,864,484	)			(15,192,025	)			171,607				(74,884,902	)
GROSS PROFIT			8,004,809				3,294,471				—				11,299,280

Selling expenses			(4,043,777	)			(944,950	)			—				(4,988,727	)
General and administrative expenses			(1,493,129	)			(694,147	)			—				(2,187,276	)
Other income			98,871				13,058				—				111,929
Other expenses			(31,623	)			(43,906	)			—				(75,529	)
NET OPERATING EXPENSES			(5,469,658	)			(1,669,945	)			—				(7,139,603	)

OPERATING PROFIT			2,535,151				1,624,526				—				4,159,677

Finance income			467,940				97,267				—				565,207
Finance expense			(1,892,924	)			(228,559	)			—				(2,121,483	)
NET FINANCE EXPENSE			(1,424,984	)			(131,292	)			—				(1,556,276	)

Share of profit of equity-accounted investees, net of tax			16,897				—				—				16,897

PROFIT (LOSS) BEFORE TAXES			1,127,064				1,493,234				—				2,620,298

Current income taxes			(44,174	)			(406,066	)			—				(450,240	)
Deferred income taxes			68,264				(8,530	)			—				59,734
TOTAL INCOME TAXES			24,090				(414,596	)			—				(390,506	)
NET INCOME (LOSS)			1,151,154				1,078,638				—				2,229,792

ATTRIBUTABLE TO:
Company shareholders			1,137,738				886,595				—				2,024,333
Non-controlling interest			13,416				192,043				—				205,459
			1,151,154				1,078,638				—				2,229,792

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			59,521,906				17,865,082				(204,441	)			77,182,547
Cost of sales			(51,161,756	)			(14,637,006	)			204,441				(65,594,321	)
GROSS PROFIT			8,360,150				3,228,076				—				11,588,226

Selling expenses			(3,907,102	)			(920,182	)			—				(4,827,284	)
General and administrative expenses			(1,575,818	)			(702,574	)			—				(2,278,392	)
Other income			62,154				22,371				—				84,525
Other expenses			(84,074	)			(105,180	)			—				(189,254	)
NET OPERATING EXPENSES			(5,504,840	)			(1,705,565	)			—				(7,210,405	)

OPERATING PROFIT			2,855,310				1,522,511				—				4,377,821

Finance income			583,992				135,378				—				719,370
Finance expense			(2,160,528	)			(228,605	)			—				(2,389,133	)
NET FINANCE EXPENSE			(1,576,536	)			(93,227	)			—				(1,669,763	)

Share of profit of equity-accounted investees, net of tax			2,945				—				—				2,945

PROFIT (LOSS) BEFORE TAXES			1,281,719				1,429,284				—				2,711,003

Current income taxes			(551,864	)			(318,610	)			—				(870,474	)
Deferred income taxes			137,158				(10,077	)			—				127,081
TOTAL INCOME TAXES			(414,706	)			(328,687	)			—				(743,393	)
NET INCOME (LOSS)			867,013				1,100,597				—				1,967,610

ATTRIBUTABLE TO:
Company shareholders			860,650				906,220				—				1,766,870
Non-controlling interest			6,363				194,377				—				200,740
			867,013				1,100,597				—				1,967,610

		December 31, 2023
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			55,802,013				17,347,956				(231,846	)			72,918,123
Cost of sales			(49,846,230	)			(15,336,588	)			231,846				(64,950,972	)
GROSS PROFIT			5,955,783				2,011,368				—				7,967,151

Selling expenses			(3,771,248	)			(823,086	)			—				(4,594,334	)
General and administrative expenses			(1,685,392	)			(629,682	)			—				(2,315,074	)
Other income			86,131				62,494				—				148,625
Other expenses			(59,279	)			(62,949	)			—				(122,228	)
NET OPERATING EXPENSES			(5,429,788	)			(1,453,223	)			—				(6,883,011	)

OPERATING PROFIT			525,995				558,145				—				1,084,140

Finance income			347,866				236,350				—				584,216
Finance expense			(1,502,059	)			(435,562	)			—				(1,937,621	)
NET FINANCE EXPENSE			(1,154,193	)			(199,212	)			—				(1,353,405	)

Share of profit of equity-accounted investees, net of tax			9,537				—				—				9,537

PROFIT (LOSS) BEFORE TAXES			(618,661	)			358,933				—				(259,728	)

Current income taxes			(32,275	)			(37,185	)			—				(69,460	)
Deferred income taxes			202,145				(4,692	)			—				197,453
TOTAL INCOME TAXES			169,870				(41,877	)			—				127,993
NET INCOME (LOSS)			(448,791	)			317,056				—				(131,735	)

ATTRIBUTABLE TO:
Company shareholders			(459,313	)			260,444				—				(198,869	)
Non-controlling interest			10,522				56,612				—				67,134
			(448,791	)			317,056				—				(131,735	)

Schedule of Consolidated Statements of Comprehensive Income

Consolidated statements of comprehensive income:

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income (loss)			1,151,154				1,078,638				—				2,229,792

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			608,422				323,303				—				931,725
Gain (loss) on cash flow hedge			(8,971	)			540				—				(8,431	)
Deferred income tax on gain (loss) on cash flow hedge			1,408				—				—				1,408
Other fair value adjustments through other comprehensive income			(25	)			—				—				(25	)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			189				676				—				865
Income tax on gain associated with pension and other postretirement benefit obligations			—				(169	)			—				(169	)
Total other comprehensive income (loss)			601,023				324,350				—				925,373

Comprehensive Income (loss)			1,752,177				1,402,988				—				3,155,165
Comprehensive Income on subsidiaries			1,402,988				—				(1,402,988	)			—
			3,155,165				1,402,988				(1,402,988	)			3,155,165

Total comprehensive income attributable to:
Company shareholders			3,341,205				1,153,627				(1,402,988	)			3,091,844
Non-controlling interest			(186,040	)			249,361				—				63,321
			3,155,165				1,402,988				(1,402,988	)			3,155,165

		December 31, 2024
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income (loss)			867,013				1,100,597				—				1,967,610

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			(2,143,985	)			(226,415	)			—				(2,370,400	)
Gain (loss) on cash flow hedge			889				(93	)			—				796
Deferred income tax on gain (loss) on cash flow hedge			(202	)			—				—				(202	)
Other fair value adjustments through other comprehensive income			(2,786	)			—				—				(2,786	)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			5,215				13,057				—				18,272
Income tax on gain associated with pension and other postretirement benefit obligations			(4,636	)			—				—				(4,636	)
Total other comprehensive income (loss)			(2,145,505	)			(213,451	)			—				(2,358,956	)

Comprehensive Income (loss)			(1,278,492	)			887,146				—				(391,346	)
Comprehensive Income on subsidiaries			887,146				—				(887,146	)			—
			(391,346	)			887,146				(887,146	)			(391,346	)

Total comprehensive income attributable to:
Company shareholders			(599,348	)			730,107				(887,146	)			(756,387	)
Non-controlling interest			208,002				157,039				—				365,041
			(391,346	)			887,146				(887,146	)			(391,346	)

		December 31, 2023
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income (loss)			(448,791	)			317,056				—				(131,735	)

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			586,106				154,460				—				740,566
Gain (loss) on cash flow hedge			7,625				(752	)			—				6,873
Deferred income tax on gain (loss) on cash flow hedge			(1,744	)			—				—				(1,744	)
Other fair value adjustments through other comprehensive income			(13,143	)			—				—				(13,143	)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			4,113				7,068				—				11,181
Income tax on gain associated with pension and other postretirement benefit obligations			(2,837	)			—				—				(2,837	)
Total other comprehensive income (loss)			580,120				160,776				—				740,896

Comprehensive Income (loss)			131,329				477,832				—				609,161
Comprehensive Income on subsidiaries			477,832				—				(477,832	)			—
			609,161				477,832				(477,832	)			609,161

Total comprehensive income attributable to:
Company shareholders			651,890				393,268				(477,832	)			567,326
Non-controlling interest			(42,729	)			84,564				—				41,835
			609,161				477,832				(477,832	)			609,161