v3.26.1
Consolidated Statements of Cash Flows - BRL (R$)
R$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit before income and social contribution taxes R$ 11,701,851 R$ 13,642,808 R$ 4,753,984
Adjustments for reconciliation of net income:      
Depreciation and amortization 2,208,762 2,676,642 2,790,856
Residual value of property, plant and equipment, intangible assets and investment properties written-off 162,121 171,173 8,354
Allowance for doubtful accounts 62,067 557,789 652,920
Provisions and inflation adjustments on provisions (241,134) 801,179 458,889
Interest calculated on borrowings and financing payable 3,571,181 1,796,070 1,314,359
Inflation adjustment and exchange gains (losses) on borrowings and financing 528,935 (163,322)
Interest and inflation adjustments, net (2,816,414) (237,617) (79,232)
Derivative Financial Instruments 123,880 (300,155)
Financial Charges from Customers (420,962) (437,811) (374,902)
Construction Margin on Intangible Assets arising from Concession Agreements (139,976) (125,603)
Provision for Consent Decree (TAC), Knowledge Retention Program (KRP) and Incentivized Dismissal Program (IDP) and Voluntary Dismissal Program (VDP) 105,187 354,078 356,300
   Equity Accounting (48,153) (35,322) (32,393)
   Interest and inflation adjustment (PPP) 499,968 589,330 1,001,078
Municipal Transfers 595,045 309,807 195,874
Pension plan obligations 175,778 161,505 238,751
Deferred PIS and Cofins on financial asset of the concession 179,084 822,482
Financial Asset of the concession – inflation adjustment (1,676,434) (9,151,310)
Other adjustments (504,021) 108,901 21,997
Total Adjustments 13,677,806 12,218,508 11,017,640
Changes in assets      
Trade receivables 1,503,136 (442,312) (835,324)
Related-party balances and transactions 221,801 (25,429) (4,553)
Inventories 24,222 (13,785) 38,239
Taxes Recoverable 153,129 (306,163) (251,741)
Escrow Deposits 19,201 50,547 72,469
Other assets 122,644 (2,668) 36,091
Changes in liabilities      
Trade payables and contractors (1,082,801) (437,694) (394,188)
Services payable 738,864 377,968 (168,384)
Labor and social obligations (701,066) 77,973 19,377
Taxes and contributions payable (522,780) 265,189 186,810
Deferred PIS/Cofins (15,923) 131,225 4,374
Provisions (297,134) (185,932) (243,241)
Pension plan obligations (267,190) (227,233) (249,488)
Other liabilities 1,909 (335,726) (868,699)
Cash generated from operations 13,575,818 11,144,468 8,359,382
Interest Paid (2,696,320) (1,976,694) (1,936,419)
Income tax and social contribution paid (2,518,383) (1,763,206) (1,568,611)
Net cash generated from operating activities 8,361,115 7,404,568 4,854,352
Cash flows from financing activities      
Acquisition of contract assets, intangible assets and property, plant and equipment (13,740,392) (8,030,674) (4,138,574)
Restricted cash (27,509) 17,229 (17,470)
Financial investments - Investment (32,763,101) (6,456,564) (1,559,808)
Financial investments - Redemption 30,826,828 5,303,658 816,965
Financial investments - Noncurrent (769,057)
Dividends received 16,945
Capital increase in investees (16,393) (40,234) (6,625)
Net cash used in investment activities (15,703,622) (9,975,642) (4,905,512)
Cash flows from financing activities      
Funding 18,336,072 6,870,754 2,371,111
Amortization (4,295,849) (2,246,263) (1,771,090)
Payment of interest on capital (2,363,776) (928,851) (823,671)
Public-Private Partnership - PPP (480,492) (569,725) (673,645)
Program Contract Commitments (35,497) (81,357)
Derivative financial instruments - Paid/received (397,443) 324,778
Treasury shares (475,385)
Capital increase 811
Net cash generated from (used in) financing activities 10,323,127 3,415,196 (977,841)
Increase / (decrease) in cash and cash equivalents in the year 2,980,620 844,122 (1,029,001)
Represented by:      
Cash and cash equivalents at the beginning of the year 1,682,606 838,484 1,867,485
Cash and cash equivalents at the end of the year R$ 4,663,226 R$ 1,682,606 R$ 838,484