v3.26.1
Consolidated statement of cash flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Income (loss) before tax $ 331,749 $ (71,851) $ (296,084)
Depreciation and amortization 288,996 330,198 310,475
Impairment (reversal) loss of long-lived assets (91,706) 32,870 114,643
Share in the results of associates (21,143) (21,223) (23,536)
Interest, foreign exchange and other financial effects 261,559 224,096 137,405
Gain on sale and write-off of property, plant and equipment 1,649 16,183 3,734
Gain on divestments (7,736) (9,028)
Other restoration obligations 6,960
Tax voluntary disclosure – VAT discussions 102,939
Changes in provisions and other assets impairments   27,241 (15,512) (37,800)
Changes in fair value of loans and financings (2,052) 3,627 525
Debt modification gain (3,142)
Loss on bonds repurchase 1,905 3,348
Changes in fair value of derivative financial instruments (4,116) (194) (12,514)
Changes in fair value of energy forward contracts (9,608) (81) 15,663
Changes in fair value of offtake agreement 49,254 3,347 (2,268)
Contractual obligations 24,637 21,084 10,121
Price cap realized in offtake agreement (5,011) (3,246)
Decrease (increase) in assets      
Trade accounts receivables (110,790) (85,208) 58,067
Inventory (83,929) (34,728) 127,002
Other financial instruments (1,687) (4,762) 13,271
Other assets (94,749) (117,318) (70,948)
Increase (decrease) in liabilities      
Trade payables (8,174) 139,089 (451)
Confirming payables 126,846 38,335 17,074
Other liabilities (39,502) 82,979 (42,785)
Cash provided by operating activities 633,633 528,863 431,493
Interest paid on loans and financings (139,271) (128,068) (113,018)
Interest paid on lease liabilities (9,807) (11,645) (6,086)
Premium paid on bonds repurchase (15,046) (1,989)
Income tax paid (104,552) (35,776) (56,191)
Net cash provided by operating activities 364,957 351,385 256,198
Cash flows from investing activities      
Additions of property, plant and equipment (351,869) (259,010) (310,150)
Additions of intangible assets (1,994) (5,748) (3,087)
Net sales of financial investments 27,320 (663) 19,556
Payment for acquisition of subsidiary, net of cash acquired 997
Proceeds from the sale of property, plant and equipment 1,667 738 1,229
Proceeds from the sale of divestments and restructuring 3,000 2,078
Investments in equity instruments (700)
Dividends received 23,835 25,185 22,100
Net cash used in investing activities (297,044) (238,120) (270,352)
Cash flows from financing activities      
New loans and financings 542,414 799,439 56,408
Debt issue costs (4,931) (7,577) (74)
Payments of loans and financings (632,856) (681,475) (27,087)
Payments of lease liabilities (43,616) (32,056) (15,170)
Dividends paid (34,267) (15,529) (23,713)
Payments of share premium (13,400) (25,000)
Purchase of non-controlling interest shares (513)
Purchase of stake in subsidiary by non-controlling shareholders 510
Capital contribution of non-controlling interest to capital (866)
Capital contribution of non-controlling interest to subsidiary 1,864
Net cash (used in) provided by financing activities (185,305) 62,446 (34,636)
Foreign exchange effects on cash and cash equivalents 12,726 (12,433) 8,223
Increase (decrease) in cash and cash equivalents (104,666) 163,278 (40,567)
 Cash and cash equivalents at the beginning of the period 620,537 457,259 497,826
Cash and cash equivalents at the end of the year 515,871 620,537 457,259
Non-cash investing and financing transactions      
 Additions to right-of-use assets (50,011) (64,955) (68,428)
Consolidation effect on subsidiary acquisition 210
Additions to property, plant and equipment (18,851)
 Write-offs of property, plant and equipment 3,316 16,579 4,089
Write-offs of intangible assets 1 342
 Write-offs of right of use assets $ (5,348) $ (7,374)