| INVESTMENTS IN ASSOCIATES AND JOINT VENTURES |
| 13) | | INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES |
| a) | Breakdown of investments in associates and joint ventures |
| Schedule of breakdown of investments in associates and joint ventures |
|
|
|
|
|
|
|
|
|
|
| Companies |
R$ thousands |
| On December 31, 2025 |
Year ended on December 31, 2025 |
| Equity interest |
Shareholding interest with voting rights |
Investment carrying amount |
Associates and joint ventures current assets |
Associates and joint ventures non - current assets |
Associates and joint ventures current liabilities |
Associates and joint ventures non - current liabilities |
Share of profit (loss) of associates and jointly controlled entities (1) |
Revenue (2) |
Associates and joint ventures net income (loss) for the year |
| Haitong Banco de Investimento do Brasil S.A. |
20.00% |
20.00% |
109,290 |
5,862,399 |
2,236,478 |
5,255,969 |
2,299,487 |
13,635 |
995,371 |
68,175 |
| Tecnologia Bancária S.A. (3) |
24.55% |
24.32% |
249,118 |
766,711 |
2,473,255 |
668,796 |
1,579,574 |
7,841 |
254,190 |
31,939 |
| Swiss Re Corporate Solutions Brasil (3) |
40.00% |
40.00% |
534,853 |
3,075,599 |
2,171,323 |
3,187,083 |
959,644 |
20,053 |
2,718,632 |
50,133 |
| Elo Participações Ltda. (4) |
50.01% |
50.01% |
1,242,721 |
1,433,582 |
6,152,357 |
597,993 |
4,375,461 |
1,020,208 |
762,567 |
2,040,008 |
| Others (5) |
|
|
11,147,458 |
|
|
|
|
1,100,890 |
|
|
| Total on December 31, 2025 |
|
|
13,283,440 |
|
|
|
|
2,162,627 |
|
|
| (1) | | The adjustments resulting from the evaluation consider the results determined, periodically,
by the companies and include equity variations of the investees not resulting from results, as well as adjustments due to the equalization
of accounting practices, when applicable; |
| (2) | | Revenue from financial intermediation or revenue from the provision of services; |
| (3) | | Companies with equity accounting using balance sheets with a reporting date delay in relation
to the base date of the consolidated financial statements, permitted by regulation; |
| (4) | | Brazilian company, provider of services related to credit and debit cards and other means
of payment; and |
| (5) | | Primarily includes investments in Cielo S.A., Fleury S.A. and Banco John Deere. Organization
received dividends and/or interest on equity of R$123,957 thousand in the year ended December 31, 2025 from Cielo S.A. and R$237,235
thousand from other companies.
|
| Companies |
R$ thousands |
| On December 31, 2024 |
Year ended on December 31, 2024 |
| Equity interest |
Shareholding interest with voting rights |
Investment carrying amount |
Associates and joint ventures current assets |
Associates and joint ventures non - current assets |
Associates and joint ventures current liabilities |
Associates and joint ventures non - current liabilities |
Share of profit (loss) of associates and jointly controlled entities (1) |
Revenue (2) |
Associates and joint ventures net income (loss) for the year |
| Haitong Banco de Investimento do Brasil S.A. |
20.00% |
20.00% |
98,243 |
5,099,950 |
1,945,607 |
4,559,541 |
1,994,799 |
(4,715) |
668,016 |
(23,575) |
| Tecnologia Bancária S.A. (3) |
24.55% |
24.32% |
241,277 |
854,080 |
2,354,233 |
774,316 |
1,471,727 |
3,710 |
2,783,255 |
15,255 |
| Swiss Re Corporate Solutions Brasil (3) |
40.00% |
40.00% |
552,687 |
2,667,390 |
2,356,236 |
3,026,387 |
854,949 |
37,633 |
2,252,238 |
94,083 |
| Elo Participações Ltda. (4) |
50.01% |
50.01% |
2,263,011 |
963,331 |
4,746,612 |
965,266 |
91,253 |
784,391 |
1,813,170 |
1,566,669 |
| Others (5) (6) |
|
|
7,873,794 |
|
|
|
|
710,566 |
|
|
| Total on December 31, 2024 |
|
|
11,029,012 |
|
|
|
|
|
|
|
| Total on December 31, 2024 |
|
|
|
|
|
|
|
1,531,585 |
|
|
| (1) | | The adjustments resulting from the evaluation consider the results determined, periodically,
by the companies and include equity variations of the investees not resulting from results, as well as adjustments due to the equalization
of accounting practices, when applicable; |
| (2) | | Revenue from financial intermediation or revenue from the provision of services; |
| (3) | | Companies with equity accounting using statement of financial position with a reporting date
delay of up to 60 days. In the year ended December 31, 2024, the Organization received dividends of R$2,204 thousand from Empresa Tecnologia
Bancária S.A.; |
| (4) | | In August 2024, the auction of the unified tender offering for the acquisition of common
shares issued by Cielo S.A. was held to convert its registration as a publicly-held company from category “A” to “B”
with the Brazilian securities and Exchange Comission (CVM) and exit from the New segment Market of B3 S.A., with this, the Organization's
total equity interest in Cielo S.A. increased to 50.72%, with 30.61% direct participation and 20.11% indirect participation, through
the companies of the Elopar Organization (as of December 31, 2023, total equity interest was 31.41%, with direct participation being
30.06%). The Organization received from Cielo S.A, interest on equity of R$151,453 thousand, in the year ended December 31, 2024. More
information in Note 42; |
| (5) | | Primarily includes investment in publicly held companies and Cielo S.A.; and |
| (6) | | Brazilian company, provider of services related to credit and debit cards and other means
of payment. The Organization received dividends of R$64,922 thousand in the year ended December 31, 2024 from Empresa Elo Participações
Ltda. |
The Organization does not have contingent liabilities from investments
in associated companies, which it is partially or totally responsible for.
| b) | Changes in associates and joint ventures |
| Schedule of changes in associates and joint ventures |
|
|
| |
R$ thousands |
| 2025 |
2024 |
| Initial balances |
11,029,012 |
9,616,840 |
| Acquisitions |
2,800,124 |
1,159,572 |
| Disposal of investments in associates |
(65,458) |
- |
| Share of profit of associate and joint ventures |
2,162,627 |
1,531,585 |
| Dividends/Interest on equity |
(2,533,771) |
(1,695,067) |
| Other |
(109,094) |
416,082 |
| Balance on December 31 |
13,283,440 |
11,029,012 |
|