FINANCIAL INSTRUMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Disclosure of detailed information about financial instruments [abstract] |
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| Summary of Financial Instruments |
The following tables show the carrying amount and fair values of financial instruments, including their levels in the fair value hierarchy. It does not include fair value information for financial instruments not measured at fair value if the carrying amount is a reasonable approximation of fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12.31.2025 | | | Financial Instruments at amortized cost | | | | | | | | | | | | | | | | | Note | | Amortized Cost | | Fair value (i) | | FVPL | | FVOCI | | Total | | Level 1 | | Level 2 | | Level 3 | | Total fair value | | Assets | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | 5.1 | | 1,948.7 | | | — | | | — | | | 1.1 | | | 1,949.8 | | | — | | | 1.1 | | | — | | | 1.1 | | | Financial investments | 5.2 | | | | | | | | | | | | | | | | | | | | Public securities | | | 66.4 | | | — | | | — | | | — | | | 66.4 | | | — | | | — | | | — | | | — | | | Private securities | | | 71.1 | | | — | | | 5.3 | | | — | | | 76.4 | | | — | | | 5.3 | | | — | | | 5.3 | | | Structured Notes | | | — | | | — | | | 243.4 | | | — | | | 243.4 | | | — | | | 243.4 | | | — | | | 243.4 | | | Investment funds | | | — | | | — | | | 12.4 | | | 108.4 | | | 120.8 | | | — | | | 120.8 | | | — | | | 120.8 | | | Fixed-term deposit | | | 381.6 | | | — | | | — | | | — | | | 381.6 | | | — | | | — | | | — | | | — | | | Others | | | — | | | — | | | 76.3 | | | — | | | 76.3 | | | 76.3 | | | — | | | — | | | 76.3 | | | Trade accounts receivable | 6 | | 291.1 | | | — | | | — | | | — | | | 291.1 | | | — | | | — | | | — | | | — | | | Derivative financial instruments | 7 | | — | | | — | | | 0.8 | | | 7.9 | | | 8.7 | | | — | | | 8.7 | | | — | | | 8.7 | | | Customer financing | 8 | | 8.0 | | | 7.1 | | | — | | | — | | | 8.0 | | | — | | | — | | | 7.1 | | | 7.1 | | | Other assets | | | | | | | | | | | | | | | | | | | | | Loans granted (ii) | 10(i) | | 87.0 | | | 45.0 | | | — | | | — | | | 87.0 | | | — | | | — | | | 45.0 | | | 45.0 | | | Others | | | 203.1 | | | — | | | — | | | — | | | 203.1 | | | — | | | — | | | — | | | — | | | | | 3,057.0 | | | 52.1 | | | 338.2 | | | 117.4 | | | 3,512.6 | | | 76.3 | | | 379.3 | | | 52.1 | | | 507.7 | | | Liabilities | | | | | | | | | | | | | | | | | | | | | Derivative financial instruments | 7 | | — | | | — | | | 62.2 | | | 2.6 | | | 64.8 | | | 5.7 | | | 59.1 | | | — | | | 64.8 | | | Trade accounts payable | 16 | | 1,116.8 | | | — | | | — | | | — | | | 1,116.8 | | | — | | | — | | | — | | | — | | | Trade accounts payable-Supplier finance arrangements | 17 | | 62.9 | | | — | | | — | | | — | | | 62.9 | | | — | | | — | | | — | | | — | | | Loans and financing | 18 | | 2,593.8 | | | 2,769.2 | | | — | | | — | | | 2,593.8 | | | 1,989.3 | | | 779.9 | | | — | | | 2,769.2 | | | Other payables | 20 | | 231.6 | | | — | | | — | | | — | | | 231.6 | | | — | | | — | | | — | | | — | | | | | 4,005.1 | | | 2,769.2 | | | 62.2 | | | 2.6 | | | 4,069.9 | | | 1,995.0 | | | 839.0 | | | — | | | 2,834.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12.31.2024 | | | Financial Instruments at amortized cost | | | | | | | | | | | | | | | | Note | | Amortized Cost | | Fair value (i) | | FVPL | | FVOCI | | Total | | Level 1 | | Level 2 | | Level 3 | | Total fair value | | Assets | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | 5.1 | | 1,561.9 | | | — | | | — | | | 1.1 | | | 1,563.0 | | | — | | | 1.1 | | | — | | | 1.1 | | | Financial investments | 5.2 | | | | | | | | | | | | | | | | | | | | Public securities | | | 66.5 | | | — | | | — | | | — | | | 66.5 | | | — | | | — | | | — | | | — | | | Private securities | | | 76.5 | | | — | | | 23.4 | | | — | | | 99.9 | | | — | | | 23.4 | | | — | | | 23.4 | | | Structured notes | | | — | | | — | | | 133.2 | | | — | | | 133.2 | | | — | | | 133.2 | | | — | | | 133.2 | | | Investment funds | | | — | | | — | | | 21.9 | | | 103.3 | | | 125.2 | | | — | | | 125.2 | | | — | | | 125.2 | | | Fixed-term deposit | | | 468.2 | | | — | | | — | | | — | | | 468.2 | | | — | | | — | | | — | | | — | | | Others | | | — | | | — | | | 95.0 | | | — | | | 95.0 | | | — | | | — | | | 95.0 | | | 95.0 | | | Trade accounts receivable | 6 | | 322.8 | | | — | | | — | | | — | | | 322.8 | | | — | | | — | | | — | | | — | | | Derivative financial instruments | 7 | | — | | | — | | | 13.2 | | | — | | | 13.2 | | | — | | | 13.2 | | | — | | | 13.2 | | | Other assets | | | 109.9 | | | — | | | — | | | — | | | 109.9 | | | — | | | — | | | — | | | — | | | Customer financing | 8 | | 32.3 | | | — | | | 0.1 | | | — | | | 32.4 | | | — | | | — | | | 0.1 | | | 0.1 | | | | | 2,638.1 | | | — | | | 286.8 | | | 104.4 | | | 3,029.3 | | | — | | | 296.1 | | | 95.1 | | | 391.2 | | | Liabilities | | | | | | | | | | | | | | | | | | | | | Derivative financial instruments | 7 | | — | | | — | | | 86.2 | | | 17.6 | | | 103.8 | | | 4.0 | | | 99.8 | | | — | | | 103.8 | | | Trade accounts payable | 16 | | 966.3 | | | — | | | — | | | — | | | 966.3 | | | — | | | — | | | — | | | — | | | Trade accounts payable-Supplier finance arrangements | 17 | | 43.3 | | | — | | | — | | | — | | | 43.3 | | | — | | | — | | | — | | | — | | | Loans and financing | 18 | | 2,491.1 | | | 2,566.1 | | | — | | | — | | | 2,491.1 | | | 1,835.5 | | | 730.6 | | | — | | | 2,566.1 | | | Other payables | 20 | | 125.3 | | | — | | | — | | | — | | | 125.3 | | | — | | | — | | | — | | | — | | | | | 3,626.0 | | | 2,566.1 | | | 86.2 | | | 17.6 | | | 3,729.8 | | | 1,839.5 | | | 830.4 | | | — | | | 2,669.9 | |
(i) Fair value is disclosed for information purposes only, as the carrying amount does not represent a reasonable approximation of fair value. (ii) Out of the total amount measured at amortized cost, US$51.7 (carrying amount) has a corresponding fair value of US$45.0.
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| Summary of Reconciliation of the Opening Balances with the Ending Balances of Level 3 Fair Value Measurements |
The following table shows a reconciliation from the opening balances to the closing balances for Level 3 fair values: | | | | | | | | | | | | | Assets | | Liabilities | | At 12.31.2023 | 109.6 | | | 15.1 | | | Reversal | — | | | (16.8) | | | Exchange variation | — | | | (3.3) | | | Fair value adjustment | (14.5) | | | 5.0 | | | At 12.31.2024 | 95.1 | | | — | | | Reversal (i) | (100.8) | | | — | | | | | | | Fair value adjustment | 5.7 | | | — | | | At 12.31.2025 | — | | | — | |
(i) It mainly refers to the derecognized financial investment. For further information, see Note 5.2(vi).
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| Summary of Credit Loss Rates |
Given this context, the provision matrix and the corresponding loss rates were determined by subgroups within the Services & Support segment as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Expected credit losses rate | | Commercial Aviation | | Executive Aviation | | Defense & Security | | OGMA | | Others | | Not due | 0.35 | % | | 0.14 | % | | 0.20 | % | | 0.55 | % | | 1.16 | % | | Up to 90 days | 0.65 | % | | 0.33 | % | | 0.83 | % | | 1.64 | % | | 2.60 | % | | From 91 to 180 days | 21.57 | % | | 9.14 | % | | 14.35 | % | | 11.22 | % | | 7.65 | % | | More than 180 days | 42.36 | % | | 23.09 | % | | 21.78 | % | | 20.49 | % | | 30.95 | % |
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| Summary of Expected Losses |
The following table provides information about the exposure to credit risk and expected credit losses for trade accounts receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Past due | | Expected credit losses | | | | Not past due | | Up to 90 days | | From 91 to 180 days | | Over
180 days | | | Total | | At December 31, 2025 | | | | | | | | | | | | | Commercial Aviation | 76.7 | | | 14.2 | | | 1.7 | | | 1.1 | | | (2.9) | | | 90.8 | | | Defense & Security | 65.6 | | | 3.5 | | | — | | | 3.7 | | | (1.6) | | | 71.2 | | | Executive Aviation | 63.9 | | | 3.9 | | | 1.5 | | | 1.7 | | | (1.0) | | | 70.0 | | | OGMA | 30.3 | | | 1.1 | | | 0.6 | | | — | | | (0.2) | | | 31.8 | | | Others | 24.8 | | | 2.0 | | | 0.8 | | | 0.6 | | | (0.9) | | | 27.3 | | | 261.3 | | | 24.7 | | | 4.6 | | | 7.1 | | | (6.6) | | | 291.1 | | | At December 31, 2024 | | | | | | | | | | | | | Commercial Aviation | 176.2 | | | 9.8 | | | 9.9 | | | 5.6 | | | (9.1) | | | 192.4 | | | Defense & Security | 14.0 | | | 0.3 | | | 2.2 | | | 12.0 | | | (0.5) | | | 28.0 | | | Executive Aviation | 45.8 | | | 5.7 | | | 0.5 | | | 0.1 | | | (1.6) | | | 50.5 | | | OGMA | 23.9 | | | 4.9 | | | 2.3 | | | 3.2 | | | (0.5) | | | 33.8 | | | Others | 14.4 | | | 3.5 | | | 0.4 | | | 0.3 | | | (0.5) | | | 18.1 | | | 274.3 | | | 24.2 | | | 15.3 | | | 21.2 | | | (12.2) | | | 322.8 | |
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| Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments |
The change in allowance for expected credit losses in respect of trade accounts receivable was as follows: | | | | | | | | | | | | | | | | | | | 12.31.2025 | | 12.31.2024 | | 12.31.2023 | | Beginning balance | (12.2) | | | (9.8) | | | (12.6) | | | (Additions)/Reversal | 0.1 | | | (5.5) | | | (1.8) | | | Write-off (i) | 6.6 | | | 2.6 | | | 4.6 | | | Foreign exchange variation | (1.1) | | | 0.5 | | | — | | | Ending balance | (6.6) | | | (12.2) | | | (9.8) | |
The change in allowance for expected credit losses in respect of customer financing was as follows: | | | | | | | | | | | | | | | | | | | | 12.31.2025 | | 12.31.2024 | | 12.31.2023 | | Beginning balance | (8.7) | | | (3.4) | | | (24.0) | | | | | | | | | Write-offs (i) | 10.9 | | | — | | | — | | | | | | | | | | | | | | | (Additions)/Reversal | (2.2) | | | (5.3) | | | 20.6 | | | Ending balance | — | | | (8.7) | | | (3.4) | |
(i) Refers to the effective write-off of an outstanding credit balance from a specific customer, as there is no reasonable expectation of recovery, either in whole or in part.
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| Summary of Additional Information Related to Authorization of Undiscounted Contractual Obligations and Commercial Commitments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contractual cash flows | | | Carrying amount | | Total | | Less than one year | | One to three years | | Three to five years | | More than five years | | At December 31, 2025 | | | | | | | | | | | | | Loans and financing | 2,593.8 | | | 4,015.7 | | | 199.8 | | | 585.6 | | | 669.0 | | | 2,561.3 | | | Trade accounts payable | 1,116.8 | | | 1,116.8 | | | 1,116.8 | | | — | | | — | | | — | | | Trade accounts payable - Supplier finance arrangements | 62.9 | | | 62.9 | | | 62.9 | | | — | | | — | | | — | | | Lease liabilities | 118.1 | | | 118.1 | | | 20.7 | | | 44.2 | | | 21.0 | | | 32.2 | | | Other payables | 231.6 | | | 231.6 | | | 140.2 | | | 88.5 | | | 0.3 | | | 2.6 | | | Derivative financial instruments | 64.8 | | | 64.8 | | | 5.4 | | | 59.0 | | | — | | | 0.4 | | | Total | 4,188.0 | | | 5,609.9 | | | 1,545.8 | | | 777.3 | | | 690.3 | | | 2,596.5 | |
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| Summary of Company's Cash, Cash Equivalents, Financial Investments and Loans and Financing |
As of December 31, 2025, cash, cash equivalents, financial investments and loans and financing were indexed as follows, considering the contractual cash flow of the instruments (without the effect of derivatives) and the cash flow altered by derivative financial instruments (with the effect of derivatives): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed Rate | | Floating indexed | | Total | | | Amount | | % | | Amount | | % | | Amount | | % | | Cash, cash equivalents and financial investments | 2,727.6 | | | 93.58 | % | | 187.1 | | | 6.42 | % | | 2,914.7 | | | 100.00 | % | | Loans and financing | 2,339.3 | | | 90.19 | % | | 254.5 | | | 9.81 | % | | 2,593.8 | | | 100.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | Excluding the effect of derivatives | | Including the effect of derivatives | | Amount | | % | | Amount | | % | | Financial investments | 187.1 | | | 100.00 | % | | 187.1 | | | 100.00 | % | | CDI | 187.1 | | | 100.00 | % | | 187.1 | | | 100.00 | % | | | | | | | | | | Loans and financing | 254.5 | | | 100.00 | % | | 254.5 | | | 100.00 | % | | CDI | 3.8 | | | 1.49 | % | | 3.8 | | | 1.49 | % | | SIFMA | 18.1 | | | 7.11 | % | | 18.1 | | | 7.11 | % | | EURIBOR | 0.2 | | | 0.08 | % | | 0.2 | | | 0.08 | % | | SOFR | 196.8 | | | 77.33 | % | | 205.2 | | | 80.63 | % | | TR | 35.6 | | | 13.99 | % | | 27.2 | | | 10.69 | % |
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| Summary of Changes In Foreign Exchange Rates |
Below are the amounts of financial instruments denominated by currency: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31.12.2025 | | 31.12.2024 | | R$ | | US$ | | Euro | | Other currencies | | R$ | | US$ | | Euro | | Other currencies | | | | | | | | | | | | | | | | | | Cash and cash equivalents | 210.8 | | | 1,714.8 | | | 21.2 | | | 3.0 | | | 105.2 | | | 1,447.2 | | | 4.3 | | | 6.4 | | | Financial investment | — | | | 781.3 | | | 183.6 | | | — | | | — | | | 988.0 | | | — | | | — | | | Trade accounts receivable | 28.7 | | | 231.5 | | | 20.6 | | | 10.3 | | | 29.3 | | | 270.2 | | | 15.7 | | | 7.6 | | | | | | | | | | | | | | | | | | | Customer financing | — | | | 8.0 | | | — | | | — | | | 18.9 | | | 13.5 | | | — | | | — | | | Derivative financial instruments | 8.7 | | | — | | | — | | | — | | | 10.7 | | | — | | | 2.5 | | | — | | | Other assets | 29.9 | | | 253.4 | | | 6.5 | | | 0.3 | | | 22.7 | | | 81.6 | | | 5.3 | | | 0.3 | | | | | | | | | | | | | | | | | | | Trade accounts payable | (147.0) | | | (931.1) | | | (34.2) | | | (4.5) | | | (116.2) | | | (812.9) | | | (30.7) | | | (6.5) | | | Trade accounts payable - Supplier finance arrangements | (32.9) | | | (30.0) | | | — | | | — | | | (20.4) | | | (22.9) | | | — | | | — | | | Loans and financing | (78.2) | | | (2,378.0) | | | (137.6) | | | — | | | (23.7) | | | (2,444.2) | | | (23.2) | | | — | | | Other payables | (25.8) | | | (194.5) | | | (10.9) | | | (0.4) | | | (15.0) | | | (104.8) | | | (5.3) | | | (0.3) | | | Derivative financial instruments | (2.9) | | | (59.1) | | | (2.8) | | | — | | | (17.8) | | | (86.0) | | | — | | | — | | | | | | | | | | | | | | | | | | | Net exposure | (8.7) | | | (603.7) | | | 46.4 | | | 8.7 | | | (6.3) | | | (670.3) | | | (31.4) | | | 7.5 | |
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| Summary of Sensitivity Analysis |
| | | | | | | | | | | | | | | | | | | | | Reasonably Possible Gains (Losses) 2 | | Amount exposed at 12.31.2025 1 | | Profit or loss | | Equity | | Interest rates risk | | | | | | | DI | | | | | | | Cash equivalents and financial investments | 187.1 | | | (31.4) | | | — | | | Loans and financing | (3.8) | | | 0.6 | | | — | | | EURIBOR | | | — | | | — | | | Loans and financing | (0.2) | | | — | | | — | | | SIFIMA | | | — | | | — | | | Loans and financing | (18.1) | | | 2.7 | | | — | | | SOFR | | | — | | | — | | | Loans and financing | (205.2) | | | 30.2 | | | — | | | TR | | | — | | | — | | | Loans and financing | (27.2) | | | 2.7 | | | — | | | Exchange rates risk | | | | | | | BRL | | | | | | | Cash, cash equivalents and financial investments | 210.8 | | | 15.2 | | | — | | | Other assets | 281.7 | | | 20.4 | | | — | | | Loans and financing | (78.2) | | | (5.7) | | | — | | | Other liabilities | (453.4) | | | (32.8) | | | — | | | Derivative instruments | 5.3 | | | — | | | (15.4) | | | EURO | | | | | | | Derivative instruments | (2.8) | | | (0.1) | | | — | | | Market risk | | | | | | | EMBR | | | | | | | Derivative instruments | 0.8 | | | 3.6 | | | — | | | EVEX | | | | | | | Derivative instruments | (59.0) | | | 2.9 | | | — | |
(1)The amounts exposed at December 31, 2025, consider: DI – 14.90%; EURIBOR – 1.94%; SIFMA – 2.36%; SOFR – 3.87%; TR – 2.11%; US$/BRL exchange rate of R$5.50 and EURO/US$ of US$1.18; EMBJ of R$88.60 and EVEX of US$3.99. (2)The reasonably possible scenario considers: DI – 12.40%; EURIBOR – 2.24%; SIFMA – 2.01%; SOFR – 3.30%; TR – 1.89%; US$/BRL exchange rate of R$5.90 and EURO/US$ of US$1.12; EMBJ of R$101.47 and EVEX of US$4.13.
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