v3.26.1
Financial assets and liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Schedule of financial instruments classification based on its recognition
                 
    December 31, 2025 December 31, 2024
Financial assets Notes Amortized cost At fair value through OCI At fair value through profit or loss Total Amortized cost At fair value through OCI At fair value through profit or loss Total
Current                  
Cash and cash equivalents (i)   7,372 – – 7,372 4,953 – – 4,953
Short-term investments (ii)   – – 194 194 – – 53 53
Derivative financial instruments 20 – – 414 414 – – 53 53
Accounts receivable 7 161 – 2,136 2,297 374 – 1,984 2,358
    7,533 – 2,744 10,277 5,327 – 2,090 7,417
Non-current                  
Judicial deposits 27(c) 651 – – 651 537 – – 537
Restricted cash 23 9 – – 9 13 – – 13
Derivative financial instruments 20 – – 203 203 – – 15 15
Investments in equity securities 23 – 63 – 63 – 54 – 54
    660 63 203 926 550 54 15 619
Total of financial assets   8,193 63 2,947 11,203 5,877 54 2,105 8,036
                   
Financial liabilities                  
Current                  
Suppliers and other payables 9 5,565 – – 5,565 4,234 – – 4,234
Derivative financial instruments 20 – – 94 94 – – 197 197
Loans and borrowings 21 518 – – 518 1,020 – – 1,020
Leases 22 160 – – 160 147 – – 147
Subordinate notes 23(a) 4     4 – – – –
Railway concession 16 570 – – 570 467 – – 467
Other financial liabilities - Related parties 33 235 – – 235 291 – – 291
Other financial liabilities 23 322 – – 322 588 – – 588
    7,374 – 94 7,468 6,747 – 197 6,944
Non-current                  
Derivative financial instruments 20 – – 52 52 – – 428 428
Loans and borrowings 21 17,616 – – 17,616 13,772 – – 13,772
Leases 22 508 – – 508 566 – – 566
Subordinate notes 23(a) 741 – – 741 – – – –
Participative shareholders' debentures 23(b) – – 2,254 2,254 – – 2,217 2,217
Railway concession 16 1,824 – – 1,824 1,887 – – 1,887
Other financial liabilities 23 – – – – 32 – – 32
    20,689 – 2,306 22,995 16,257 – 2,645 18,902
Total of financial liabilities   28,063 – 2,400 30,463 23,004 – 2,842 25,846

(i) Includes US$2,531 (2024: US$1,709) denominated in R$, US$4,612 (2024: US$3,048) denominated in US$ and US$229 (2024: US$196) denominated in other currencies.

(ii) It substantially comprises investments in debt securities and investments in exclusive investment funds, whose portfolio is composed of repo operations and bank certificates of deposit ("CDBs").
Schedule of assets and liabilities measured and recognized at fair value
                 
    December 31, 2025 December 31, 2024
  Notes Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets                  
Short-term investments   33 161 – 194 53 – – 53
Derivative financial instruments 20 – 617 – 617 – 68 – 68
Accounts receivable 7 – 2,136 – 2,136 – 1,984 – 1,984
Investments in equity securities 23 – 63 – 63 – 54 – 54
    33 2,977 – 3,010 53 2,106 – 2,159
                   
Financial liabilities                  
Derivative financial instruments 20 – 146 – 146 – 625 – 625
Participative shareholders' debentures 23(b) – 2,254 – 2,254 – 2,217 – 2,217
    – 2,400 – 2,400 – 2,842 – 2,842
Schedule of fair value and carrying amounts of loans and financing
       
  December 31, 2025 December 31, 2024
  Carrying amount Fair value Carrying amount Fair value
Bonds 7,683 8,034 7,267 7,245
Debentures 2,370 2,351 1,272 1,275
Total loans and borrowings 10,053 10,385 8,539 8,520
         
Subordinated notes 745 748 - -