v3.26.1
Risk Management (Details 5) - BRL (R$)
R$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Risk Management        
Total borrowings and financing (Note 17) R$ 40,142,347 R$ 25,258,297    
(-) Cash and cash equivalents (Note 7) (4,663,226) (1,682,606)    
(-) Financial investments (Note 8) (7,707,745) (3,699,694)    
Net debt 27,771,376 19,875,997    
Total Equity 42,401,124 36,928,054 R$ 29,857,376 R$ 27,333,533
Total capital (shareholders plus providers of capital) R$ 70,172,500 R$ 56,804,051    
Total 40.00% 35.00%