Employee benefits (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Employee Benefits |
|
| Schedule of employee related benefits |
|
| Schedule of fair value of the matching program |
| Schedule of fair value of the matching program |
|
|
|
| |
2025 Program |
2024 Program |
2023 Program |
| Granted shares |
2,453,783 |
2,244,659 |
1,330,503 |
| Share price |
10.13 |
12.02 |
15.94 |
|
| Schedule of assumptions used for the monte carlo simulations |
|
| Schedule of present value obligation |
| Schedule of present value obligation |
|
| Benefit obligation as of December 31, 2023 |
6,785 |
| Service costs |
38 |
| Past service costs |
(1) |
| Interest costs |
391 |
| Benefits paid |
(612) |
| Effect of changes in the actuarial assumptions |
(306) |
| Administrative cost and taxes |
5 |
| Translation adjustment |
(1,031) |
| Benefit obligation as of December 31, 2024 |
5,269 |
| Service costs |
36 |
| Interest costs |
442 |
| Benefits paid |
(614) |
| Effect of changes in the actuarial assumptions |
35 |
| Administrative cost and taxes |
8 |
| Translation adjustment |
462 |
| Benefit obligation as of December 31, 2025 |
5,638 |
|
| Schedule of evolution of assets fair value |
| Schedule of evolution of assets fair value |
|
| Fair value of plan assets as of December 31, 2023 |
6,472 |
| Interest income |
387 |
| Employer contributions |
95 |
| Benefits paid |
(612) |
| Return on plan assets (excluding interest income) |
(225) |
| Translation adjustment |
(1,058) |
| Fair value of plan assets as of December 31, 2024 |
5,059 |
| Interest income |
460 |
| Employer contributions |
79 |
| Benefits paid |
(614) |
| Return on plan assets (excluding interest income) |
(4) |
| Translation adjustment |
491 |
| Fair value of plan assets as of December 31, 2025 |
5,471 |
|
| Schedule of reconciliation of assets and liabilities recognized in the statement of financial position |
| Schedule of reconciliation of assets and liabilities recognized
in the statement of financial position |
|
|
| December 31, |
2025 |
2024 |
| Movements of assets ceiling |
|
|
| Balance at beginning of the year |
860 |
1,071 |
| Interest income |
107 |
69 |
| Changes on asset ceiling |
(64) |
(76) |
| Translation adjustment |
94 |
(204) |
| Balance at end of the year |
997 |
860 |
| |
|
|
| Amount recognized in the statement of financial position |
|
|
| Present value of actuarial liabilities |
(5,638) |
(5,269) |
| Fair value of assets |
5,471 |
5,059 |
| Effect of the asset ceiling |
(997) |
(860) |
| Liabilities, net |
(1,164) |
(1,070) |
| |
|
|
| Current assets |
30 |
– |
| Non-current assets |
88 |
110 |
| Assets |
118 |
110 |
| Current liabilities |
(68) |
(62) |
| Non-current liabilities |
(1,214) |
(1,118) |
| Liabilities |
(1,282) |
(1,180) |
|
| Schedule of costs recognized in the income statement |
| Schedule of costs
recognized in the income statement |
|
|
|
| Year ended December 31, |
2025 |
2024 |
2023 |
| Service cost |
36 |
38 |
39 |
| Interest expense |
442 |
391 |
493 |
| Interest income |
(460) |
(387) |
(514) |
| Interest expense on effect of (asset ceiling) / onerous liability |
107 |
69 |
104 |
| Others |
– |
5 |
11 |
| Total of cost, net |
125 |
116 |
133 |
|
| Schedule of costs recognized in the statement of comprehensive income |
| Schedule of costs
recognized in the statement of comprehensive income |
|
|
|
| Year ended December 31, |
2025 |
2024 |
2023 |
| Balance at beginning of the year |
(30) |
(200) |
(107) |
| Effect of changes actuarial assumptions |
(35) |
306 |
(642) |
| Return on plan assets (excluding interest income) |
(4) |
(225) |
330 |
| Change of asset ceiling |
64 |
76 |
220 |
| Others |
(5) |
(7) |
(12) |
| Total |
20 |
150 |
(104) |
| Deferred income tax |
(2) |
(48) |
36 |
| Other comprehensive income |
18 |
102 |
(68) |
| Translation adjustments |
(16) |
68 |
(25) |
| Accumulated other comprehensive income |
(28) |
(30) |
(200) |
|
| Schedule of assumptions were adopted |
| Schedule of assumptions were adopted |
|
|
|
|
| |
Brazil |
Foreign |
| December 31, |
2025 |
2024 |
2025 |
2024 |
| Discount rate to determine benefit obligation |
10.27% - 11.70% |
11.07% - 12.12% |
4.85% - 4.90% |
4.66% - 4.72% |
| Nominal
average rate to determine expense / income |
10.38% - 11.70% |
11.07% - 12.12% |
4.66% - 4.72% |
4.61% |
| Nominal average rate of salary increase |
2.90% - 5.57% |
3.50% - 5.57% |
3.00% |
3.10% |
| Nominal average rate of benefit increase |
3.41% - 4.00% |
3.50% - 4.25% |
3.00% |
3.00% |
| Immediate health care cost trend rate |
5.99% |
6.61% |
4.50% |
4.50% |
| Ultimate health care cost trend rate |
5.99% |
6.61% |
4.50% |
4.39% |
| Nominal average rate of price inflation |
2.90% - 4.00% |
3.50% - 4.25% |
2.06% |
2.08% |
For the sensitivity analysis, the
Company applies the effect of 1.0% in nominal discount rate to the present value of the Company´s actuarial liability. The effects
of this analysis on the Company´s actuarial liability and assumptions adopted are as follows:
| |
Brazil |
Foreign |
| December 31, |
2025 |
2025 |
| Nominal discount rate - 1% increase |
|
|
| Actuarial liability adjusted for sensitivity test |
2,765 |
2,474 |
| Assumptions made |
11.98% |
5.87% |
| |
|
|
| Nominal discount rate - 1% reduction |
|
|
| Actuarial liability adjusted for sensitivity test |
3,064 |
3,108 |
| Assumptions made |
9.81% |
3.87% |
|
| Schedule of assets by category |
| Schedule
of assets by category |
|
|
|
|
|
|
|
|
| December 31, |
2025 |
2024 |
| |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
| Cash and cash equivalents |
– |
65 |
– |
65 |
– |
36 |
– |
36 |
| Equity securities |
– |
– |
– |
– |
158 |
– |
– |
158 |
| Debt securities - Corporate |
– |
33 |
– |
33 |
– |
310 |
– |
310 |
| Debt securities - Government |
2,680 |
395 |
471 |
3,546 |
2,541 |
495 |
– |
3,036 |
| Investments funds - Fixed Income |
1,554 |
– |
– |
1,554 |
1,166 |
– |
– |
1,166 |
| Investments funds - Equity |
260 |
– |
– |
260 |
376 |
1 |
– |
377 |
| International investments |
73 |
– |
72 |
145 |
55 |
– |
117 |
172 |
| Structured investments - Private Equity funds |
– |
– |
186 |
186 |
– |
46 |
43 |
89 |
| Structured investments - Real estate funds |
– |
154 |
78 |
232 |
– |
– |
– |
– |
| Real estate |
– |
– |
184 |
184 |
– |
– |
255 |
255 |
| Loans to participants |
– |
– |
181 |
181 |
– |
– |
143 |
143 |
| Other |
– |
– |
1,052 |
1,052 |
– |
– |
1,040 |
1,040 |
| Total |
4,567 |
647 |
2,224 |
7,438 |
4,296 |
888 |
1,598 |
6,782 |
| Funds not related to risk plans (i) |
|
|
|
(1,967) |
|
|
|
(1,723) |
| Fair value of plan assets at end of year |
|
|
|
5,471 |
|
|
|
5,059 |
(i) Financial investments not related to
coverage of plans. Funds are related to the Company´s unconsolidated entities and former employees.
|
| Schedule of measurement of overfunded plan assets at fair value with no observable market variables |
| Schedule of measurement of overfunded plan assets at fair value with no
observable market variables |
|
|
|
|
|
|
|
|
| |
Private equity funds |
International investments |
Structured investments - Real estate funds |
Real estate |
Loans to participants |
Debt securities - Government |
Others |
Total |
| Balance as of December 31, 2023 |
255 |
– |
– |
321 |
163 |
– |
131 |
870 |
| Transfer |
(183) |
183 |
– |
– |
– |
– |
– |
– |
| Return on plan assets |
(12) |
(52) |
– |
1 |
23 |
– |
(4) |
(44) |
| Assets purchases |
– |
– |
– |
3 |
62 |
– |
– |
65 |
| Assets sold during the year |
(4) |
– |
– |
(13) |
(67) |
– |
– |
(84) |
| Translation adjustment |
(13) |
(14) |
– |
(57) |
(38) |
– |
(11) |
(133) |
| Transfer between fair value levels |
– |
– |
– |
– |
– |
– |
924 |
924 |
| Balance as of December 31, 2024 |
43 |
117 |
– |
255 |
143 |
– |
1,040 |
1,598 |
| Transfer |
– |
(46) |
75 |
(75) |
– |
46 |
– |
– |
| Return on plan assets |
12 |
– |
3 |
3 |
24 |
– |
12 |
54 |
| Assets purchases |
150 |
1 |
– |
38 |
239 |
425 |
– |
853 |
| Assets sold during the year |
(25) |
– |
– |
(59) |
(242) |
– |
– |
(326) |
| Translation adjustment |
6 |
– |
– |
22 |
17 |
– |
– |
45 |
| Balance as of December 31, 2025 |
186 |
72 |
78 |
184 |
181 |
471 |
1,052 |
2,224 |
|
| Schedule of expected benefit payments |
| Schedule of expected benefit payments |
|
| |
Consolidated |
| 2026 |
351 |
| 2027 |
354 |
| 2028 |
356 |
| 2029 |
366 |
| 2030 |
367 |
| 2031 and thereafter |
1,771 |
|