INCOME TAX AND SOCIAL CONTRIBUTION (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax And Social Contribution |
|
| Schedule of income tax and social contribution charges |
| Schedule of income tax and social contribution charges |
|
|
|
| |
R$ thousands |
| Year ended December 31 |
| 2025 |
2024 |
2023 |
| Income before income taxes |
21,024,584 |
16,900,514 |
10,208,351 |
| Total burden of income tax (25%) and social contribution (20%) at the current rates |
(9,461,063) |
(7,605,231) |
(4,593,758) |
| Effect of additions and exclusions in the tax calculation: |
|
|
|
| Share of profit of associates and joint ventures |
973,182 |
689,213 |
945,756 |
| Non-taxable income net of non-deductible expenses (1) |
3,046,366 |
1,026,745 |
1,152,929 |
| Interest on shareholders' equity |
6,524,673 |
5,077,509 |
5,089,859 |
| Other amounts (2) |
1,816,894 |
1,453,403 |
1,699,628 |
| Income tax and social contribution for the period |
2,900,052 |
641,639 |
4,294,414 |
| (1) | | Amounts related to enrollment in the Integral Transaction Program (PTI) |
| (2) | | Primarily, includes: (i) effect of tax rates in foreign jurisdictions and subsidiaries with
different applicable tax rates except banks, insurance companies and non-financial companies; and (ii) the incentivized deductions. |
|
| Schedule of income tax and social contribution consolidated statement of income |
| Schedule of income tax and social contribution consolidated statement of
income |
|
|
|
| |
R$ thousands |
| Year ended December 31 |
| 2025 |
2024 |
2023 |
| Current taxes: |
|
|
|
| Income tax and social contribution expense |
(7,061,716) |
(7,414,511) |
(6,622,719) |
| Deferred taxes: |
|
|
|
| Constitution/realization in the period on temporary additions and exclusions |
10,034,914 |
8,194,223 |
11,152,253 |
| Use of opening balances of: |
|
|
|
| Social contribution loss |
(454,315) |
(168,131) |
(148,548) |
| Income tax loss |
(351,064) |
(202,260) |
(176,932) |
| Constitution: |
|
|
|
| Social contribution loss |
209,295 |
69,624 |
34,413 |
| Income tax loss |
522,938 |
162,694 |
55,947 |
| Total deferred tax benefit |
9,961,768 |
8,056,150 |
10,917,133 |
| Income tax benefit |
2,900,052 |
641,639 |
4,294,414 |
|
| Schedule of income tax and social contribution consolidated statement of financial position |
| Schedule of income tax and social contribution consolidated statement of financial position |
|
|
|
|
| |
R$ thousands |
| Balance on December 31, 2024 |
Amount recorded |
Amount realized |
Balance on December 31, 2025 |
| Expected credit losses associated with credit risk |
71,073,481 |
27,594,707 |
(16,948,286) |
81,719,902 |
| Civil provisions |
3,427,730 |
463,454 |
(903,478) |
2,987,706 |
| Tax provisions |
3,428,498 |
538,174 |
(1,252,195) |
2,714,477 |
| Labor provisions |
1,165,970 |
961,001 |
(183,121) |
1,943,850 |
| Non-current assets held for sale and discontinued operations |
699,334 |
214,299 |
(273,408) |
640,225 |
| Adjustment to fair value of financial assets measured at fair value through profit or loss and derivatives |
15,813 |
21,773 |
(3,481) |
34,105 |
| Other |
6,276,457 |
4,634,250 |
(4,502,865) |
6,407,842 |
| Total deductible taxes on temporary differences |
86,087,283 |
34,427,658 |
(24,066,834) |
96,448,107 |
| Income tax and social contribution losses in Brazil and overseas |
18,755,350 |
732,233 |
(805,379) |
18,682,204 |
| Subtotal |
104,842,633 |
35,159,891 |
(24,872,213) |
115,130,311 |
| Adjustment to fair value of securities measured at fair value through other comprehensive income |
2,356,352 |
225,640 |
(989,610) |
1,592,382 |
| Total deferred tax assets (1) |
107,198,985 |
35,385,531 |
(25,861,823) |
116,722,693 |
| Deferred tax liabilities (1) |
7,055,108 |
1,100,043 |
(774,133) |
7,381,018 |
| Net deferred taxes (1) |
100,143,877 |
34,285,488 |
(25,087,690) |
109,341,675 |
| |
R$ thousands |
| Balance on December 31, 2023 |
Amount recorded |
Amount realized |
Balance on December 31, 2024 |
| Expected credit losses associated with credit risk |
59,099,785 |
16,581,669 |
(8,155,178) |
67,526,276 |
| Civil provisions |
3,778,419 |
355,631 |
(706,320) |
3,427,730 |
| Tax provisions |
3,241,356 |
290,403 |
(103,261) |
3,428,498 |
| Labor provisions |
2,068,011 |
278,344 |
(1,180,385) |
1,165,970 |
| Impairment of securities and investments |
3,249,695 |
1,586,509 |
(1,288,999) |
3,547,205 |
| Non-current assets held for sale and discontinued operations |
735,678 |
193,066 |
(229,410) |
699,334 |
| Adjustment to fair value of securities |
270,017 |
3,592 |
(257,796) |
15,813 |
| Other |
5,760,081 |
3,305,650 |
(2,789,274) |
6,276,457 |
| Total deductible taxes on temporary differences |
78,203,042 |
22,594,864 |
(14,710,623) |
86,087,283 |
| Income tax and social contribution losses in Brazil and overseas |
18,893,423 |
232,318 |
(370,391) |
18,755,350 |
| Subtotal |
97,096,465 |
22,827,182 |
(15,081,014) |
104,842,633 |
| Adjustment to fair value of financial assets measured at fair value through profit or loss and derivatives |
1,180,023 |
4,810,633 |
(3,634,304) |
2,356,352 |
| Total deferred tax assets (1) |
98,276,488 |
27,637,815 |
(18,715,318) |
107,198,985 |
| Deferred tax liabilities (1) |
7,365,091 |
663,702 |
(973,685) |
7,055,108 |
| Net deferred taxes (1) |
90,911,397 |
26,974,113 |
(17,741,633) |
100,143,877 |
| (1) | | Deferred income and social contribution tax assets and liabilities are offset in the statement
of financial position within each taxable entity, which was a total of R$(5,485,087) thousand in 2025 (R$(5,548,220) thousand in 2024). |
|
| Schedule of deferred tax assets on temporary differences and carry-forward tax losses |
| Schedule
of deferred tax assets on temporary differences and carry-forward tax losses |
|
|
|
|
|
|
|
| |
On December 31, 2025 - R$ thousands |
|
|
| Temporary differences |
Carry-forward tax losses |
Total |
|
|
| Income tax |
Social contribution |
Income tax |
Social contribution |
|
|
| |
|
| 2026 |
9,621,727 |
7,519,719 |
151,279 |
43,152 |
17,335,877 |
|
|
| 2027 |
8,627,534 |
6,826,894 |
165,918 |
60,867 |
15,681,213 |
|
|
| 2028 |
7,286,429 |
5,768,848 |
281,828 |
156,461 |
13,493,566 |
|
|
| 2029 |
6,583,736 |
5,216,181 |
603,812 |
407,804 |
12,811,533 |
|
|
| 2030 |
5,720,605 |
4,414,712 |
935,804 |
679,480 |
11,750,601 |
|
|
| 2031 |
3,730,116 |
2,949,911 |
1,539,679 |
1,150,859 |
9,370,565 |
|
|
| 2032 |
3,281,096 |
2,587,352 |
1,772,660 |
1,396,868 |
9,037,976 |
|
|
| 2033 |
3,066,360 |
2,422,614 |
2,149,245 |
1,709,662 |
9,347,881 |
|
|
| 2034 |
3,156,306 |
2,443,013 |
2,302,591 |
1,834,036 |
9,735,946 |
|
|
| 2035 |
2,925,831 |
2,299,123 |
419,912 |
920,287 |
6,565,153 |
|
|
| Total |
53,999,740 |
42,448,367 |
10,322,728 |
8,359,476 |
115,130,311 |
|
|
|
| Schedule of deferred tax liabilities |
| Schedule of deferred tax liabilities |
|
|
|
|
| |
R$ thousands |
| Balance on December 31, 2024 |
Amount recorded |
Amount realized |
Balance on December 31, 2025 |
| Fair value adjustment to securities and derivative financial instruments |
443,139 |
258,277 |
(227,301) |
474,115 |
| Difference in depreciation |
726,203 |
329,534 |
- |
1,055,737 |
| Monetary adjustment of judicial deposits |
2,008,528 |
331,827 |
(118,186) |
2,222,169 |
| Other |
3,877,238 |
180,405 |
(428,646) |
3,628,997 |
| Total deferred tax liabilities |
7,055,108 |
1,100,043 |
(774,133) |
7,381,018 |
| |
R$ thousands |
| Balance on December 31, 2023 |
Amount recorded |
Amount realized |
Balance on December 31, 2024 |
| Fair value adjustment to securities and derivative financial instruments |
1,150,588 |
60,628 |
(768,077) |
443,139 |
| Difference in depreciation |
616,829 |
190,634 |
(81,260) |
726,203 |
| Monetary adjustment of judicial deposits |
1,787,400 |
251,639 |
(30,511) |
2,008,528 |
| Other |
3,810,274 |
160,801 |
(93,837) |
3,877,238 |
| Total deferred tax liabilities |
7,365,091 |
663,702 |
(973,685) |
7,055,108 |
|
| Schedule of income tax and social contribution in other comprehensive income |
| Schedule
of income tax and social contribution in other comprehensive income |
|
|
|
|
|
|
| |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| Before tax |
Tax (expense)/ benefit |
Net of tax |
Before tax |
Tax (expense)/ benefit |
Net of tax |
| Debt instruments measured at fair value through other comprehensive income |
674,736 |
(293,740) |
380,996 |
(10,616,772) |
4,351,914 |
(6,264,858) |
| Exchange differences on translations of foreign operations |
(313,985) |
141,293 |
(172,692) |
759,955 |
(341,980) |
417,975 |
| Insurance contracts |
1,498,415 |
(597,259) |
901,156 |
4,271,216 |
(1,922,047) |
2,349,169 |
| Other |
(99,585) |
44,813 |
(54,772) |
158,720 |
(71,424) |
87,296 |
| Total |
1,759,581 |
(704,893) |
1,054,688 |
(5,426,881) |
2,016,463 |
(3,410,418) |
|