Risk management (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Risk Management |
|
| Schedule of exposure to exchange risk |
| Schedule of exposure to exchange risk |
|
|
|
|
|
|
|
| |
December 31, 2025 |
|
December 31, 2024 |
| |
Foreign currency
(in thousands) |
|
R$ |
|
Foreign currency (in thousands) |
|
R$ |
| Borrowings and financing – US$ |
1,250,889 |
|
6,882,891 |
|
303,978 |
|
1,882,323 |
| Borrowings and financing – Yen |
62,496,777 |
|
2,196,137 |
|
36,787,581 |
|
1,452,006 |
| Borrowings and financing – EURO |
220,000 |
|
1,423,224 |
|
- |
|
- |
| Interest and charges from borrowings and financing – US$ |
|
|
110,009 |
|
|
|
24,030 |
| Interest and charges from borrowings and financing – Yen |
|
|
8,818 |
|
|
|
8,364 |
| Interest and charges from borrowings and financing – EURO |
|
|
12,033 |
|
|
|
- |
| Fair value adjustment - US$ |
|
|
143,636 |
|
|
|
- |
| Fair value adjustment - Yen |
|
|
(67,281) |
|
|
|
34,388 |
| Fair value adjustment - EURO |
|
|
34,631 |
|
|
|
|
| Total Exposure |
|
|
10,744,098 |
|
|
|
3,401,111 |
| Borrowing cost – US$ |
|
|
(80,063) |
|
|
|
(42,510) |
| Borrowing cost – Yen |
|
|
(12,389) |
|
|
|
(2,236) |
| Borrowing costs – EURO |
|
|
(19,394) |
|
|
|
- |
| Total foreign currency-denominated borrowings (Note 17) |
|
|
10,632,252 |
|
|
|
3,356,365 |
|
| Schedule of prices exchange variations |
| Schedule of prices exchange variations |
|
|
|
|
|
| |
December 31, 2025 |
|
December 31, 2024 |
|
Variation |
| US$ |
R$ 5.5024 |
|
R$ 6.1923 |
|
-11.14% |
| EURO |
R$ 6.4692 |
|
R$ 6.4363 |
|
0.51% |
| Yen |
R$ 0.03514 |
|
R$ 0.03947 |
|
-10.97% |
|
| Schedule of borrowings and financing subject to different inflation adjustment indices |
| Schedule of borrowings and financing subject to different inflation adjustment indices |
|
|
|
| |
December 31, 2025 |
|
December 31, 2024 (*) |
| CDI (i) |
30,722,218 |
|
15,250,135 |
| TR (ii) |
1,629,756 |
|
1,683,342 |
| IPCA (iii) |
5,582,893 |
|
2,982,735 |
| TJLP (iv) |
825,206 |
|
1,067,436 |
| SOFR (v) |
- |
|
1,882,325 |
| Interest and charges |
1,164,744 |
|
572,399 |
| Total |
39,924,817 |
|
23,438,372 |
| (i) | | CDI - (Certificado de Depósito Interbancário), an interbank deposit
certificate |
| (ii) | | TR - Benchmark Interest Rate |
| (iii) | | IPCA - (Índice Nacional de Preços ao Consumidor Amplo), a consumer price
index |
| (iv) | | TJLP - (Taxa de Juros a Longo Prazo), a long-term interest rate index |
| (v) | | SOFR - Secured Overnight Financing Rate |
| (*) | | As of December 31, 2024, the amounts excluded the derivative instrument for comparative purposes. |
|
| Schedule of sensitivity analysis on interest rate risk |
| Schedule of sensitivity analysis on interest rate risk |
|
|
|
|
| |
|
December 31, 2025 |
| Indicators |
|
Exposure |
|
Probable scenario |
| |
|
|
|
|
| Assets |
|
|
|
|
| CDI |
|
12,261,445 |
|
13.82% |
| Financial income |
|
|
|
1,694,532 |
| |
|
|
|
|
| Liabilities |
|
|
|
|
| CDI |
|
(30,722,218) |
|
13.82% |
| Interest to be incurred |
|
|
|
(4,245,811) |
| Net exposure – CDI |
|
(18,460,773) |
|
(2,551,279) |
| |
|
|
|
|
| Assets |
|
|
|
|
| IPCA |
|
21,665,330 |
|
3.99% |
| Financial asset of the concession |
|
|
|
864,858 |
| |
|
|
|
|
| Liabilities |
|
|
|
|
| IPCA |
|
(5,582,893) |
|
3.99% |
| Interest to be incurred |
|
|
|
(222,864) |
| Net exposure – IPCA |
|
16,082,437 |
|
641,995 |
| |
|
|
|
|
| Liabilities |
|
|
|
|
| TR |
|
(1,629,756) |
|
0.0204% |
| Expenses to be incurred |
|
|
|
(332) |
| |
|
|
|
|
| TJLP |
|
(825,206) |
|
9.22% |
| Interest to be incurred |
|
|
|
(76,123) |
| |
|
|
|
|
| Total net expenses to be incurred |
|
|
|
(1,985,739) |
|
| Schedule of liquidity risk |
| Schedule of liquidity risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2026 |
|
2027 |
|
2028 |
|
2029 |
|
2030 |
|
2031 to 2048 |
|
Total |
| As of December 31, 2025 |
| Liabilities |
| Borrowings and financing |
5,092,816 |
|
2,259,452 |
|
1,794,449 |
|
4,172,569 |
|
7,336,464 |
|
19,486,597 |
|
40,142,347 |
| Interest on borrowings and financing |
3,497,069 |
|
3,772,445 |
|
3,590,853 |
|
3,321,945 |
|
3,012,391 |
|
7,613,313 |
|
24,808,016 |
| Trade payables and contractors |
2,400,046 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,400,046 |
| Services payable |
2,772,416 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,772,416 |
| Public-Private Partnership - PPP |
239,065 |
|
239,066 |
|
239,066 |
|
239,066 |
|
239,066 |
|
2,130,366 |
|
3,325,695 |
| Interest Public-Private Partnership - PPP |
230,622 |
|
248,333 |
|
266,562 |
|
285,472 |
|
305,090 |
|
3,311,812 |
|
4,647,891 |
| Total |
14,232,034 |
|
6,519,296 |
|
5,890,930 |
|
8,019,052 |
|
10,893,011 |
|
32,542,088 |
|
78,096,411 |
|
| Schedule of capital management |
| Schedule of capital management |
|
|
|
|
| |
|
December 31, 2025 |
|
December 31, 2024 |
| |
|
|
|
|
| Total borrowings and financing (Note 17) |
|
40,142,347 |
|
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 |
| |
|
|
|
|
| Total capital (shareholders plus providers of capital) |
|
70,172,500 |
|
56,804,051 |
| |
|
|
|
|
| Total |
|
40% |
|
35% |
|