v3.26.1
Note 26 - Derivative financial instruments (Tables)
12 Months Ended
Dec. 31, 2025
III. FINANCIAL RISK MANAGEMENT  
Disclosure of detailed information about derivative financial instruments [text block]


Year ended December 31,



2025



2024


Other derivatives

1,875



7,484


Contracts with positive fair values

1,875



7,484








Derivatives hedging borrowings and investments

(2,669

)

-


Other derivatives

(11,661

)

(8,300

)

Contracts with negative fair values

(14,330

)

(8,300

)

Total

(12,455

)

(816

)
Disclosure of detailed information about hedged items [text block]

Purchase currency

Sell currency

Term

Fair value



Hedge accounting reserve


2025



2024



2025



2024


BRL

USD

2026

-



(2,818

)

-



1,776


EUR

USD

2026

757



(2,551

)

550



(2,091

)

USD

BRL

2026

500



1,579



(18

)

-


USD

CAD

2026

(2,169

)

1,465



-



-


USD

EUR

2026/2027

(3,989

)

1,089



(1,048

)

383


MXN

USD

2026

60



770



-



-


USD

KWD

2026

212



569



-



-


USD

MXN

2026

(4,726

)

(282

)

-



-


USD

NGN

2026

(43

)

(212

)

-



-


USD

ARS

2026

56



-



19



-


USD

COP

2026

(171

)

202



-



-


USD

GBP

2026

(108

)

134



-



-


USD

CNY

2026

(65

)

73



-



-


RON

USD

2026

(39

)

(31

)

-



-


Others


2026

(417

)

5



77



120


Total



(10,142

)

(8

)

(420

)

188



Commodity derivatives

Term

Fair value



Hedge accounting reserve


2025



2024



2025



2024


LME Scrap

2026

-



(1,974

)

-



(1,974

)

PSV Gas

2026

(1,415

)

1,097



(1,415

)

1,097


Nickel

2026

(194

)

52



(194

)

52


Houston Ship Channel Gas

2026

-



34



-



34


Electric Energy

2026

(301

)

(17

)

(301

)

(17

)

TTF Gas

2026

(403

)

-



(403

)

-


Total


(2,313

)

(808

)

(2,313

)

(808

)
Disclosure of detailed information of the hedge reserve evolution [text block]


Equity reserve
Dec-2023

Movements 2024



Equity reserve
Dec-2024



Movements 2025



Equity reserve
Dec-2025


Foreign Exchange & Commodities

8,133

(8,753

)

(620

)

(2,113

)

(2,733

)

Total Cash flow Hedge

8,133

(8,753

)

(620

)

(2,113

)

(2,733

)