v3.26.1
Borrowings and financing (Tables)
 12 Months Ended
Dec. 31, 2025
IfrsStatementLineItems [Line Items]  
Schedule of borrowings and financing outstanding
                     
Borrowings and financing outstanding balance  
  December 31, 2025   December 31, 2024
Financial institution Current   Noncurrent   Total   Current   Noncurrent   Total
                       
Local currency                      
Debentures 2,764,582   17,282,427   20,047,009   1,323,040   10,373,183   11,696,223
Brazilian Federal Savings Bank 134,275   1,495,481   1,629,756   123,495   1,559,847   1,683,342
BNDES 259,341   564,501   823,842   262,709   803,011   1,065,720
IDB 307,349   2,680,484   2,987,833   260,899   3,425,530   3,686,429
IFC 64,450   2,645,882   2,710,332   44,200   2,706,779   2,750,979
Leases (Concession) 84,214   110,214   194,428   108,533   208,611   317,144
Leases (Others) 72,440   9,627   82,067   97,657   53,267   150,924
Other 616   328   944   1,868   931   2,799
Interest 1,033,884   -   1,033,884   548,372   -   548,372
                       
Total in local currency 4,721,151   24,788,944   29,510,095   2,770,773   19,131,159   21,901,932
                       
Foreign currency                      
IDB 56,573   973,833   1,030,406   89,222   919,189   1,008,411
IBRD 33,453   1,112,127   1,145,580   37,707   793,697   831,404
JICA 150,779   1,965,688   2,116,467   203,754   1,280,402   1,484,156
IFC -   3,380,431   3,380,431   -   -   -
Blue Bonds -   2,828,508   2,828,508   -   -   -
Interest 130,860   -   130,860   32,394   -   32,394
                       
Total in foreign currency 371,665   10,260,587   10,632,252   363,077   2,993,288   3,356,365
                       
Total borrowings and financing 5,092,816   35,049,531   40,142,347   3,133,850   22,124,447   25,258,297
Schedule of borrowings payment schedule
                             
Payment Schedule  
  2026   2027   2028   2029   2030   2031   2031 to 2048   Total
                               
Local currency                              
Debentures 2,764,582   1,190,600   689,330   1,346,863   1,720,388   3,216,000   9,119,246   20,047,009
Brazilian Federal Savings Bank 134,275   142,638   151,387   157,420   155,126   141,077   747,833   1,629,756
BNDES 259,341   246,023   87,200   35,313   35,313   35,313   125,339   823,842
IDBs 307,349   289,669   359,999   330,039   265,949   265,949   1,168,879   2,987,833
IFCs 64,450   91,400   147,450   218,700   335,000   559,800   1,293,532   2,710,332
Leases 156,654   7,950   17,778   23,696   12,549   52,327   5,541   276,495
Other 616   187   141   -   -   -   -   944
Interest and Other Charges 1,033,884   -   -   -   -   -   -   1,033,884
Total in local currency 4,721,151   1,968,467   1,453,285   2,112,031   2,524,325   4,270,466   12,460,370   29,510,095
                               
Foreign currency                              
IDB 56,573   56,573   56,573   56,573   56,573   56,573   690,968   1,030,406
IBRD 33,453   33,453   33,453   78,294   78,294   78,294   810,339   1,145,580
JICA 150,779   200,959   251,139   251,139   174,232   174,232   913,987   2,116,467
IFCs -   -   -   1,674,532   1,674,532   -   31,367   3,380,431
Blue Bonds -   -   -   -   2,828,508   -   -   2,828,508
Interest and Other Charges 130,860   -   -   -   -   -   -   130,860
Total in foreign currency 371,665   290,985   341,165   2,060,538   4,812,139   309,099   2,446,661   10,632,252
                               
Total 5,092,816   2,259,452   1,794,450   4,172,569   7,336,464   4,579,565   14,907,031   40,142,347
Schedule of changes in borrowings
                                                 
Changes  
  December 31, 2024   Additions   Funding   Borrowing costs   Inflation adjustment and exchange rate changes   Inflation adjustment/Exchange rate change - Capitalized   Interest Paid   Amortization   Accrued interest  

Provision for interest and charges -

capitalized

   Expenses with borrowing costs   Fair value   December 31, 2025
Local currency                                                  
Debentures 12,062,023   -   10,818,600   (181,512)   184,934   55,463   (1,413,689)   (2,568,437)   1,458,664   410,249   31,473   10,176   20,867,944
Brazilian Federal Savings Bank 1,688,057   -   59,514   -   31,293   5,217   (129,881)   (149,610)   108,808   20,925   -   -   1,634,323
BNDES 1,069,075   -   -   -   18,136   5,331   (73,204)   (265,714)   56,058   16,546   352   -   826,580
IDB 3,805,995   -   -   (79)   -   -   (409,438)   (702,858)   283,246   155,002   4,342   -   3,136,210
IFC 2,805,918   -   -   -   -   -   (457,343)   (44,200)   311,151   148,526   3,553   -   2,767,605
Leases (Concession) 317,144   -   -   -   -   -   (22,710)   (183,910)   83,903   -   -   -   194,427
Leases (Other) 150,924   541   -   -   -   -   -   (99,684)   30,287   -   -   -   82,068
Other 2,796   -   -   -   -   -   (58)   (1,856)   19   37   -   -   938
                                                   
Total in local currency 21,901,932   541   10,878,114   (181,591)   234,363   66,011   (2,506,323)   (4,016,269)   2,332,136   751,285   39,720   10,176   29,510,095
                                                   
Foreign currency                                                  
IDBs 1,017,833   -   211,653   (4,505)   (108,977)   (6,006)   (53,406)   (85,657)   47,168   3,762   1,296   14,021   1,037,182
IBRD 846,017   -   437,507   (2,346)   (90,173)   (787)   (46,133)   (34,034)   45,786   861   701   3,308   1,160,707
JICA 1,492,515   -   1,030,950   (10,426)   (128,344)   1,632   (21,509)   (159,889)   20,954   697   374   (101,669)   2,125,285
IFCs -   -   3,372,828   (35,733)   (24,945)   1,178   (68,949)   -   102,377   1,580   2,133   64,968   3,415,437
Blue Bonds -   -   2,659,300   (19,679)   93,245   -   -   -   63,610   -   1,656   95,509   2,893,641
Total in foreign currency 3,356,365   -   7,712,238   (72,689)   (259,194)   (3,983)   (189,997)   (279,580)   279,895   6,900   6,160   76,137   10,632,252
                                                   
Total 25,258,297   541   18,590,352   (254,280)   (24,831)   62,028   (2,696,320)   (4,295,849)   2,612,031   758,185   45,880   86,313   40,142,347
Schedule of restrictive covenants ratios
 
 

Covenants

Adjusted EBITDA/Adjusted Financial Expense Equal to or higher than 3.50
EBITDA /Financial Expense Paid Equal to or higher than 2.35
Adjusted Net Debt/Adjusted EBITDA Equal to or less than 3.00
Net Debt /Adjusted EBITDA Equal to or less than 3.50
Other Onerous Debts (1)/Adjusted EBITDA Equal to or less than 1.00
   
(1)The contractual definition of “Other Onerous Debts” corresponds to the sum of pension obligations and healthcare plan, installment payment of tax debts, and installment payment of debts with the electricity supplier.
Schedule of borrowings and financing credit limits
   

Agent

  

December 31, 2025

    (in millions of Reais (*))
Brazilian Federal Savings Bank   703
Brazilian Development Bank – BNDES   7
Inter-American Development Bank - IDB   577
International Bank for Reconstruction and Development – IBRD   501
Banco BTG Pactual   949
Other  

4

Total  

2,741

 

(*)Brazilian Central Bank’s exchange rate as of December 31, 2025 (US$ 1.00 = R$ 5.5024).
Schedule of borrowings terms
       
Financial institution/Instrument Guarantees Final maturity Annual interest rate Currency
Inter-American Development Bank Federal Government 2025 - 2044 SOFR + 0.85% to 1.20% Dollar
Inter-American Development Bank Own funds 2034 - 2036 CDI+ 0.50% and CDI 2.70% Real
Inter-American Development Bank Federal Government 2035 CDI + 0.86% Real
International Finance Corporation Own funds 2030 SOFR + 1.80% Euro
International Finance Corporation Own funds 2030 EURIBOR + 1.85% US$
International Finance Corporation Own funds 2032 - 2034 CDI+0.3735% to 2% Real
International Bank for Reconstruction and Development Federal Government 2048 SOFR + 0.74% and 1.84% Dollar
JICA Federal Government 2029 - 2037 0.01% - 2.5% Yen
JICA Own funds 2037 2.00% Yen
Debentures Own funds 2026 - 2040 CDI + 0.00% to 1.80% Real
Debentures Own funds 2029 - 2040 IPCA + 3.20% to 9.2860% Real
Debentures Own funds 2027 - 2028 1.60% to 2.25% Real
Brazilian Federal Savings Bank Own funds 2025 to 2042 TR + 5% to 9.5% Real
Brazilian Development Bank Own funds 2026 - 2035 TJLP + 1.72% to 2.18% Real
Blue Senior Unsecured Notes (“Blue Bonds”) Own funds 2030 5.62% Dollar
Fehidro Own funds 2035 3.00% Real
Leases Own funds 2035 IPCA + 7.73% to 10.12% Real
Leases Own funds 2042 9.74% to 15.24% Real
Thirty Three Debentures [Member]  
IfrsStatementLineItems [Line Items]  
Schedule of convertible debentures
     
Series Amount Rate Maturity
33rd issue - 1st series 1,000,000 CDI + 0.51% p.a. 2032
33rd issue - 2nd series 1,400,000 IPCA + 7.55% p.a. 2035
33rd issue - 3rd series 1,300,000 IPCA + 7.38% p.a. 2040
Total 3,700,000    
I F C 2025 [Member]  
IfrsStatementLineItems [Line Items]  
Schedule of convertible debentures
         
Currency Amount (Currency of Origin) Amount (R$) Rate Hedge Cost Maturity
Dollar 350,000 1,973,650 SOFR + 1.80% p.a. DI + 0.85%% p.a. 2032
Euro 220,000 1,399,178 EURIBOR + 1.85% p.a. DI + 1.20% p.a. 2035
Total   3,372,828      
Thirty Four Thirty Five And Thirty Six Issue Debentures [Member]  
IfrsStatementLineItems [Line Items]  
Schedule of convertible debentures
     
Instrument Amount (R$) Rate Maturity
34th issue 1,068,600 DI 2032
35th issue 1,000,000 IPCA + 7.26% p.a. 2035
36th issue 2,815,700 IPCA + 9.28% p.a. 2030
Total 4,884,300    
Thirty Seven Issue Debentures [Member]  
IfrsStatementLineItems [Line Items]  
Schedule of convertible debentures
     
Instrument Amount Rate Maturity
37th issue - 1st series 3,500,000 DI +0.69% 2032
37th issue - 2nd series 1,500,000 DI+0.90% 2035
Total 5,000,000    
J I C A [Member]  
IfrsStatementLineItems [Line Items]  
Schedule of convertible debentures
         
Instrument Amount (Currency of Origin) Amount (R$) Rate Hedge Cost Maturity
JICA 2025 Yen 30,000,000 1,030,950 2.00% p.a. DI- 0.69%% p.a. 2037