FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (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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| The accounting balances of financial assets and liabilities represent a reasonable approximation of fair value |
The Company uses the following classification to categorize its financial instruments and their respective hierarchy levels: | | | | | | | | | | | | | | | | | | | Level | | 12/31/2025 | | 12/31/2024 | | FINANCIAL ASSETS | | | | | | | Amortized cost | | | 27,559,236 | | | 39,017,827 | | | Cash and cash equivalents | | | 16,417,860 | | | 26,572,522 | | | Accounts receivable, net | | | 6,098,448 | | | 6,513,888 | | | Restricted cash | | | 4,097,063 | | | 3,679,483 | | | Reimbursement rights | | | 754,672 | | | 1,613,335 | | | Loans, financing and debentures | | | 191,193 | | | 638,599 | | | | | | | | | Fair value through result | | | 12,930,988 | | | 11,537,109 | | | Marketable securities | 2 | | 11,421,280 | | | 8,967,937 | | | Beneficiary parties | 2 | | 435,235 | | | 417,242 | | | Derivative financial instruments | 2 | | 1,074,473 | | | 2,151,930 | | | | | | | | | Fair value through other comprehensive income | | | 1,237,786 | | | 946,059 | | | Investments (Interests) | 1 | | 1,175,539 | | | 861,234 | | | Derivative financial instruments | 2 | | 62,247 | | | 84,825 | | | | | | | | | FINANCIAL LIABILITIES | | | | | | | Amortized cost | | | 112,069,908 | | | 109,460,695 | | | Loans, financing and debentures | | | 61,034,561 | | | 59,297,533 | | | Obligations of Law No. 14,182/2021 | | | 43,766,663 | | | 42,022,123 | | | Suppliers | | | 3,927,925 | | | 2,764,288 | | | Compulsory loan – Agreements | | | 1,073,452 | | | 1,105,534 | | | RGR Returns | | | 695,705 | | | 932,250 | | | Reimbursement obligations | | | 357,460 | | | 70,803 | | | Shareholders compensation | | | 136,124 | | | 2,490,668 | | | Leases | | | 488,606 | | | 182,583 | | | Concessions payable - use of public property | | | 589,412 | | | 594,913 | | | | | | | | | Fair value through result | | | 15,064,322 | | | 17,500,976 | | | Loans, financing and debentures | | | 13,261,203 | | | 16,323,041 | | | Derivative financial instruments | | | 1,803,119 | | | 1,177,935 | |
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| Measurement of financial leveraging index |
| | | | | | | | | | | | | 12/31/2025 | | 12/31/2024 | | Total loans, financing and debentures | 74,295,764 | | | 75,620,574 | | | (+) Derivative financial instruments - debt protection | 728,646 | | | (974,381) | | | (-) Marketable securities | (11,856,515) | | | (9,385,179) | | | (-) Cash and cash equivalents | (16,417,860) | | | (26,572,522) | | | | | | | Net debt | 46,750,035 | | | 38,688,492 | | | (+) Total shareholders’ equity | 118,501,657 | | | 121,999,776 | | | Total Capital | 165,251,692 | | | 160,688,268 | | | Financial leverage index (%) | 28 | | 24 |
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| Assumptions adopted |
The table below analyzes, on a nominal basis, the Company’s non‑derivative financial liabilities by maturity ranges, corresponding to the remaining period from the balance sheet date through the final contractual maturity date. Contractual maturity is based on the latest date on which the Company is required to settle the obligations and include the related contractual interest amounts, where applicable. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12/31/2025 | | | Nominal payment flow | | | Up to 1 year | | From 1 to 2 Years | | From 2 to 5 Years | | Over 5 Years | | Total | | Financial Liabilities (Current / Non-Current) | | 21,819,272 | | | 23,826,155 | | | 47,477,378 | | | 102,121,795 | | | 195,244,599 | | | Obligations under Law No. 14.182/2021 | | 3,738,498 | | | 6,364,054 | | | 13,458,478 | | | 61,111,171 | | | 84,672,201 | | | Loans, financing and debentures | | 13,204,167 | | | 17,295,202 | | | 33,703,903 | | | 40,598,177 | | | 104,801,449 | | | Suppliers | | 3,916,279 | | | 10,347 | | | — | | | — | | | 3,926,626 | | | RGR Returns | | 695,705 | | | — | | | — | | | — | | | 695,705 | | | Shareholder Remuneration | | 136,124 | | | — | | | — | | | — | | | 136,124 | | | Leases | | 72,981 | | | 45,856 | | | 114,854 | | | 65,166 | | | 298,857 | | | Concessions payable UBP | | 55,518 | | | 110,695 | | | 200,143 | | | 347,281 | | | 713,637 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12/31/2024 | | | Nominal payment flow | | | Up to 1 year | | From 1 to 2 Years | | From 2 to 5 Years | | Over 5 Years | | Total | | Financial Liabilities (Current / Non-Current) | | 22,599,741 | | | 22,968,512 | | | 41,394,062 | | | 97,366,345 | | | 184,328,660 | | | Obligations of Law No. 14,182/2021 | | 2,953,184 | | | 3,439,353 | | | 12,906,745 | | | 62,908,147 | | | 82,207,429 | | | Loans, financing and debentures | | 13,769,529 | | | 18,913,993 | | | 28,317,110 | | | 34,133,371 | | | 95,134,003 | | | Suppliers | | 2,756,329 | | | 7,959 | | | — | | | — | | | 2,764,288 | | | RGR Returns | | 492,276 | | | 439,974 | | | — | | | — | | | 932,250 | | | Reimbursement Obligations | | 55,517 | | | 15,286 | | | — | | | — | | | 70,803 | | | Shareholders remuneration | | 2,490,668 | | | — | | | — | | | — | | | 2,490,668 | | | Leases | | 31,192 | | | 20,183 | | | 29,536 | | | 41,971 | | | 122,882 | | | Concessions payable UBP | | 51,046 | | | 131,764 | | | 140,671 | | | 282,856 | | | 606,337 | |
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| Schedule of derivative financial instruments |
Derivative financial instruments for hedging debt and firm commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Maturity | | Notional value | | 12/31/2025 | 12/31/2024 | | 12/31/2025 | 12/31/2024 | | | | | | | Asset | | Liability | | Debt protection derivative | | | | | | | | | | | | Credit agreement - US$ vs CDI | | 1/8/2025 | | 493,000 | | | — | | 118,733 | | | — | | — | | | Bonds - US$ vs CDI | | 2/4/2025 | | 2,535,300 | | | — | | 500,998 | | | — | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Credit agreement - US$ vs CDI | | 8/29/2025 | | 219,150 | | | — | | 54,290 | | | — | | — | | | Credit agreement - US$ vs CDI | | 12/9/2025 | | 500,000 | | | — | | 13,170 | | | — | | — | | | Credit agreement - EUR vs CDI | | 12/23/2025 | | 500,000 | | | — | | 5,245 | | | — | | — | | | Credit agreement - US$ vs CDI | | 2/27/2026 | | 500,000 | | | — | | — | | | 42,071 | | — | | | Credit agreement - US$ vs CDI | | 8/11/2026 | | 350,000 | | | — | | — | | | 11,840 | | — | | | Credit agreement - US$ vs CDI | | 12/4/2026 | | 322,560 | | | 1,895 | | — | | | — | | — | | | Credit agreement - EUR vs CDI | | 12/21/2026 | | 245,000 | | | 1,764 | | — | | | — | | — | | | Credit agreement - EUR vs CDI | | 8/16/2027 | | 400,000 | | | 25,446 | | — | | | 42,633 | | — | | | Credit agreement - US$ vs CDI | | 12/3/2027 | | 215,040 | | | 18,181 | | — | | | 17,981 | | — | | | Credit agreement - US$ vs CDI | | 12/16/2027 | | 216,760 | | | 17,387 | | — | | | 17,758 | | — | | | Credit agreement - US$ vs CDI | | 6/20/2029 | | 232,873 | | | 16,712 | | 47,415 | | | 1,752 | | 7,603 | | | Bonds - US$ vs CDI | | 2/4/2030 | | 3,810,300 | | | 428,933 | | 715,544 | | | 355,301 | | 235,194 | | | Debentures - IPCA vs CDI | | 6/15/2031 | | 4,900,000 | | | 331,658 | | 142,788 | | | 279,429 | | 343,924 | | | Debentures - IPCA vs CDI | | 9/15/2034 | | 1,630,000 | | | 87,849 | | — | | | 103,383 | | 89,867 | | | SACE - US$ vs CDI | | 12/4/2034 | | 2,378,400 | | | — | | 266,397 | | | 207,039 | | 185,005 | | | Bonds - US$ vs CDI | | 1/11/2035 | | 4,229,025 | | | — | | 287,736 | | | 586,756 | | 316,342 | | | Debentures - IPCA vs CDI | | 7/16/2035 | | 2,000,000 | | | 96,620 | | — | | | 102,499 | | — | | | Debentures - IPCA vs CDI | | 9/17/2035 | | 700,000 | | | 48,028 | | — | | | 34,677 | | — | | | | | | | | 1,074,473 | | 2,152,316 | | | 1,803,119 | | 1,177,935 | | | Long-term commitment derivatives | | | | | | | | | | | | NDF US$ | | 4/30/2025 | | 67,113 | | | — | | 224 | | | — | | — | | | NDF US$ and Primary Aluminum | | 10/1/2025 | | 444 | | | — | | 91 | | | — | | — | | | NDF US$ and Primary Aluminum | | 11/1/2025 | | 447 | | | — | | 92 | | | — | | — | | | NDF US$ and Primary Aluminum | | 12/1/2025 | | 451 | | | — | | 91 | | | — | | — | | | NDF US$ and Primary Aluminum | | 2/1/2026 | | 33,089 | | | 4,695 | | 6,548 | | | — | | — | | | NDF US$ | | 2/27/2026 | | 1,636 | | | 251 | | — | | | — | | — | | | NDF US$ and Primary Aluminum | | 3/1/2026 | | 58,884 | | | 8,312 | | 11,635 | | | — | | — | | | NDF US$ and Primary Aluminum | | 4/1/2026 | | 59,296 | | | 8,191 | | 11,684 | | | — | | — | | | NDF US$ and Primary Aluminum | | 5/1/2026 | | 59,718 | | | 8,316 | | 11,752 | | | — | | — | | | NDF US$ and Primary Aluminum | | 6/1/2026 | | 60,181 | | | 8,313 | | 11,726 | | | — | | — | | | NDF US$ | | 6/30/2026 | | 650 | | | 103 | | — | | | — | | — | | | NDF US$ and Primary Aluminum | | 7/1/2026 | | 60,617 | | | 8,338 | | 11,751 | | | — | | — | | | NDF US$ | | 7/31/2026 | | 650 | | | 103 | | — | | | — | | — | | | NDF US$ and Primary Aluminum | | 8/1/2026 | | 61,081 | | | 8,354 | | 11,852 | | | — | | — | | | NDF US$ | | 8/31/2026 | | 337 | | | 53 | | — | | | — | | — | | | NDF US$ and Primary Aluminum | | 9/1/2026 | | 34,560 | | | 5,098 | | 6,993 | | | — | | — | | | NDF US$ | | 11/30/2026 | | 626 | | | 100 | | — | | | — | | — | | | NDF US$ | | 12/30/2026 | | 1,487 | | | 238 | | — | | | — | | — | | | NDF US$ | | 1/29/2027 | | 1,769 | | | 283 | | — | | | — | | — | | | NDF US$ | | 2/26/2027 | | 1,395 | | | 224 | | — | | | — | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | NDF US$ | | 3/31/2027 | | 2,068 | | | 333 | | — | | | — | | — | | | NDF US$ | | 4/30/2027 | | 1,665 | | | 269 | | — | | | — | | — | | | NDF US$ | | 5/31/2027 | | 1,178 | | | 192 | | — | | | — | | — | | | NDF US$ | | 6/30/2027 | | 757 | | | 124 | | — | | | — | | — | | | NDF US$ | | 7/30/2027 | | 252 | | | 42 | | — | | | — | | — | | | NDF US$ | | 8/31/2027 | | 409 | | | 67 | | — | | | — | | — | | | NDF US$ | | 9/30/2027 | | 157 | | | 26 | | — | | | — | | — | | | NDF US$ | | 10/29/2027 | | 241 | | | 40 | | — | | | — | | — | | | NDF US$ | | 11/30/2027 | | 325 | | | 54 | | — | | | — | | — | | | NDF US$ | | 12/30/2027 | | 168 | | | 28 | | — | | | — | | — | | | NDF US$ | | 1/31/2028 | | 337 | | | 57 | | — | | | — | | — | | | NDF US$ | | 2/25/2028 | | 84 | | | 14 | | — | | | — | | — | | | NDF US$ | | 3/31/2028 | | 168 | | | 29 | | — | | | — | | — | | | | | | | | 62,247 | | 84,439 | | | — | | — | |
| | | | | | | | | | | | | | | | | | | | | Maturity | | 12/31/2025 | | 12/31/2024 | | | | | | | Variation of fair value of the derivative | | | | — | | | — | | | Credit agreement - US$ vs CDI | | 1/8/2025 | | (11,948) | | | 109,356 | | | Bonds - US$ vs CDI | | 2/4/2025 | | (193,974) | | | 560,392 | | | Credit agreement - US$ vs CDI | | 8/29/2025 | | (44,993) | | | 52,930 | | | Credit agreement - US$ vs CDI | | 12/9/2025 | | (103,798) | | | 13,170 | | | Credit agreement - EUR vs CDI | | 12/23/2025 | | (38,697) | | | 5,245 | | | Credit agreement - US$ vs CDI | | 2/27/2026 | | (63,887) | | | — | | | Credit agreement - US$ vs CDI | | 6/18/2026 | | — | | | 68,485 | | | Credit agreement - US$ vs CDI | | 8/11/2026 | | (11,840) | | | — | | | Credit agreement - US$ vs CDI | | 12/4/2026 | | 1,895 | | | — | | | Credit agreement - EUR vs CDI | | 12/21/2026 | | 1,764 | | | — | | | Credit agreement - EUR vs CDI | | 8/16/2027 | | (17,186) | | | — | | | Credit agreement - US$ vs CDI | | 12/3/2027 | | 200 | | | — | | | Credit agreement - US$ vs CDI | | 12/16/2027 | | (371) | | | — | | | Credit agreement - US$ vs CDI | | 6/20/2029 | | (33,446) | | | 41,141 | | | Bonds - US$ vs CDI | | 2/4/2030 | | (700,988) | | | 634,410 | | | Debentures - IPCA vs CDI | | 6/16/2031 | | (88,822) | | | (296,800) | | | Debentures - IPCA vs CDI | | 9/15/2034 | | (14,779) | | | (89,867) | | | SACE - US$ vs CDI | | 12/4/2034 | | (500,256) | | | 81,392 | | | Bonds - US$ vs CDI | | 1/11/2035 | | (851,612) | | | (28,606) | | | Debentures - IPCA vs CDI | | 7/16/2035 | | (5,879) | | | — | |
| | | | | | | | | | | | | | | | | | | | Debentures - IPCA vs CDI | | 9/17/2035 | | 13,351 | | | — | | | Derivative Result | | | | (2,665,266) | | | 1,151,248 | | | | | | | | | | Variation of fair value of the protected debt | | | | | | | | Credit agreement | | 1/8/2025 | | 10,718 | | | (165,382) | | | Bonds | | 2/4/2025 | | 122,640 | | | (765,876) | | | Credit agreement | | 8/29/2025 | | 25,167 | | | (68,059) | | | Credit agreement | | 12/9/2025 | | 36,360 | | | (17,497) | | | Credit agreement | | 12/23/2025 | | (29,242) | | | (7,838) | | | Credit agreement | | 2/27/2026 | | 2,664 | | | — | | | Credit agreement | | 6/18/2026 | | — | | | (257,569) | | | Credit agreement | | 8/11/2026 | | (9,836) | | | — | | | Credit agreement | | 12/4/2026 | | (5,734) | | | — | | | Credit agreement | | 12/21/2026 | | (3,181) | | | — | | | Credit agreement | | 8/16/2027 | | (10,792) | | | — | | | Credit agreement | | 12/3/2027 | | (4,296) | | | — | | | Credit agreement | | 12/16/2027 | | (2,789) | | | — | | | Credit agreement | | 6/20/2029 | | 10,681 | | | (59,203) | | | Bonds | | 2/4/2030 | | 48,287 | | | (1,068,243) | | | Debentures | | 6/16/2031 | | (600,834) | | | (53,596) | | | Debentures | | 9/15/2034 | | (211,489) | | | 46,824 | | | SPA (SACE) | | 12/4/2034 | | 130,855 | | | (206,217) | | | Bonds | | 1/11/2035 | | (122,379) | | | (95,074) | | | Debentures | | 7/16/2035 | | (63,802) | | | — | | | Debentures | | 9/17/2035 | | 7,150 | | | — | | | Debt Result | | | | (669,852) | | | (2,717,730) | | | | | | | | | | Net Financial Result | | | | (3,335,118) | | | (1,566,482) | |
| | | | | | | | | | | | | 12/31/2025 | | 12/31/2024 | | Balance on January 1 | 23,257,512 | | | 6,757,343 | | | Designation of protected debt | 4,949,360 | | | 18,630,425 | | | Fair value assessment - result | 669,852 | | | 2,717,730 | | | Amortizations | (6,012,836) | | | (4,847,986) | | | Balance as of December 31st | 22,863,888 | | | 23,257,512 | |
| | | | | | | | | | | | | 12/31/2025 | | 12/31/2024 | | Balance on January 1 | (1,058,820) | | | 283,908 | | | Fair value assessment - result | 2,665,266 | | (1,151,248) | | | Fair value assessment - OCI | 22,146 | | (84,825) | | | Amortizations | (962,193) | | | (106,655) | | | Balance as of December 31st | 666,399 | | (1,058,820) | |
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| Impact of each scenario on company results, sensitivity analysis |
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12/31/2025 | | Scenario I - Probable 20261 | | Scenario II (+25%)1 | | Scenario III (+50%)1 | | CDI | Loans, financing and debentures | (42,532,019) | | | (5,167,640) | | | (6,460,614) | | | (7,753,587) | | | Financing and loans receivable | — | | | — | | | — | | | — | | | Impact on the result | (42,532,019) | | | (5,167,640) | | | (6,460,614) | | | (7,753,587) | | | | | | | | | | | | SELIC | Loans, financing and debentures | — | | | — | | | — | | | — | | | AIC Reimbursement | 54,774 | | | 6,710 | | | 8,386 | | | 10,067 | | | Impact on the result | 54,774 | | | 6,710 | | | 8,386 | | | 10,067 | | | | | | | | | | | | TJLP | Loans, financing and debentures | (2,919,980) | | | (264,842) | | | (331,126) | | | (397,409) | | | Impact on the result | (2,919,980) | | | (264,842) | | | (331,126) | | | (397,409) | | | | | | | | | | | | IGPM (General Market Price Index) | Leases | (342,644) | | | (13,534) | | | (16,927) | | | (20,319) | | | Financing and loans receivable | — | | | — | | | — | | | — | | | Impact on the result | (342,644) | | | (13,534) | | | (16,927) | | | (20,319) | | | | | | | | | | | | Obligations of Law No. 14,182/2021 | (43,766,663) | | | (1,890,720) | | | (2,363,400) | | | (2,836,080) | | | IPCA | Loans, financing and debentures | (21,028,085) | | | (908,413) | | | (1,135,517) | | | (1,362,620) | | | Right of reimbursement | 699,898 | | | 30,236 | | | 37,794 | | | 45,353 | | | Impact on the result | (64,094,850) | | | (2,768,897) | | | (3,461,123) | | | (4,153,347) | | | | | | | | | | | | Impact on profit or loss in case of assessment of national indexes | (109,834,719) | | | (8,208,203) | | | (10,261,404) | | | (12,314,596) | | | | | | | | | | | | (1) Assumptions adopted: | 12/31/2025 | | Likely | | +25% | | +50% | | CDI | 14.90 | | | 12.15 | | | 15.19 | | | 18.23 | | | SELIC | 15.00 | | | 12.25 | | | 15.31 | | | 18.38 | | | TJLP | 8.05 | | | 9.07 | | | 11.34 | | | 13.61 | | | IGPM (General Market Price Index) | -1.05 | | | 3.95 | | | 4.94 | | | 5.93 | | | IPCA | 4.32 | | | 4.32 | | | 5.40 | | | 6.48 | |
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