Pension plan obligations (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Pension Plan Obligations |
|
| Schedule of pension plan benefits |
| Schedule of pension plan benefits |
|
|
|
|
|
|
|
|
|
|
|
| |
December 31, 2025 |
|
December 31, 2024 |
| |
G1 Plan |
|
G0 |
|
Total |
|
G1 Plan |
|
G0 |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Present value of defined benefit obligations |
(2,731,190) |
|
(2,040,647) |
|
(4,771,837) |
|
(2,335,938) |
|
(1,931,145) |
|
(4,267,083) |
| Fair value of plan assets |
2,631,676 |
|
- |
|
2,631,676 |
|
2,468,182 |
- |
- |
|
2,468,182 |
| Asset ceiling |
- |
|
- |
|
- |
|
(132,244) |
- |
- |
|
(132,244) |
| Total pension plan obligations (deficit) |
(99,514) |
|
(2,040,647) |
|
(2,140,161) |
|
- |
|
(1,931,145) |
|
(1,931,145) |
|
| Schedule of reconciliation of defined benefit obligations |
| Schedule of reconciliation of defined benefit obligations |
|
|
|
|
|
|
|
|
|
|
|
| |
December 31, 2025 |
|
December 31, 2024 |
| |
G1 Plan |
|
Go |
|
Total |
|
G1 Plan |
|
G0 |
|
Total |
| Plan liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Defined benefit obligation, beginning of year |
(2,335,938) |
|
(1,931,145) |
|
(4,267,083) |
|
(2,982,863) |
|
(2,098,622) |
|
(5,081,485) |
| Current service cost |
(28,454) |
|
- |
|
(28,454) |
|
(35,951) |
|
- |
|
(35,951) |
| Interest cost |
(282,334) |
|
(233,289) |
|
(515,623) |
|
(274,718) |
|
(189,274) |
|
(463,992) |
| Actuarial gains/(losses) accounted for as equity valuation adjustments |
(345,879) |
|
(104,294) |
|
(450,173) |
|
716,927 |
|
135,201 |
|
852,128 |
| Paid benefits |
261,415 |
|
228,081 |
|
489,496 |
|
240,667 |
|
221,550 |
|
462,217 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Defined benefit obligation, end of year |
(2,731,190) |
|
(2,040,647) |
|
(4,771,837) |
|
(2,335,938) |
|
(1,931,145) |
|
(4,267,083) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Plan assets |
|
|
|
|
|
|
|
|
|
|
|
| Fair value of plan assets, beginning of year |
2,468,182 |
|
- |
|
2,468,182 |
|
2,938,614 |
|
- |
|
2,938,614 |
| Expected return on plan assets |
302,466 |
|
- |
|
302,466 |
|
274,265 |
|
- |
|
274,265 |
| Contributions by the Company |
35,580 |
|
- |
|
35,580 |
|
39,676 |
|
- |
|
39,676 |
| Contributions by participants |
24,749 |
|
- |
|
24,749 |
|
30,180 |
|
- |
|
30,180 |
| Paid benefits |
(261,415) |
|
- |
|
(261,415) |
|
(240,667) |
|
- |
|
(240,667) |
| Actuarial gains/(losses) accounted for as equity valuation adjustments |
62,114 |
|
- |
|
62,114 |
|
(573,886) |
|
- |
|
(573,886) |
| Fair value of plan assets, end of year |
2,631,676 |
|
- |
|
2,631,676 |
|
2,468,182 |
|
- |
|
2,468,182 |
| Asset ceiling |
- |
|
- |
|
- |
|
(132,244) |
|
- |
|
(132,244) |
| Total pension plan obligations (deficit) |
(99,514) |
|
(2,040,647) |
|
(2,140,161) |
|
- |
|
(1,931,145) |
|
(1,931,145) |
|
| Schedule of (gains)/losses, due to changes in assumptions |
| Schedule of (gains)/losses, due to changes in assumptions |
|
|
|
|
|
|
|
|
|
|
|
| |
As of December 31, 2025 |
|
As of December 31, 2024 |
| |
G1 Plan |
|
G0 |
|
Total |
|
G1 Plan |
|
G0 |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
| Actuarial gains/(losses) on obligations |
(134,691) |
|
(104,294) |
|
(238,985) |
|
692,430 |
|
135,201 |
|
827,631 |
| Gains/(losses) on financial assets |
34,539 |
|
- |
|
34,539 |
|
(549,389) |
|
- |
|
(549,389) |
| Asset ceiling |
- |
|
- |
|
- |
|
(132,244) |
|
- |
|
(132,244) |
| Total gains/(losses) |
(100,152) |
|
(104,294) |
|
(204,446) |
|
10,797 |
|
135,201 |
|
145,998 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Deferred income tax and social contribution tax |
33,835 |
|
- |
|
33,835 |
|
(3,671) |
|
- |
|
(3,671) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Equity valuation adjustments |
(66,317) |
|
(104,294) |
|
(170,611) |
|
7,126 |
|
135,201 |
|
142,327 |
|
| Schedule of amounts recognized in income statement |
| Schedule of amounts recognized in income statement |
|
|
|
|
|
|
|
|
|
|
|
| |
As of December 31, 2025 |
|
As of December 31, 2024 |
| |
G1 Plan |
|
G0 |
|
Total |
|
G1 Plan |
|
G0 |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net service cost |
3,704 |
|
- |
|
3,704 |
|
5,799 |
|
- |
|
5,799 |
| Interest cost |
282,334 |
|
233,289 |
|
515,623 |
|
274,718 |
|
189,274 |
|
463,992 |
| Expected return on plan assets |
(302,466) |
|
- |
|
(302,466) |
|
(274,265) |
|
- |
|
(274,265) |
| Interest on the maximum limit of liabilities/(assets) |
19,957 |
|
- |
|
19,957 |
|
- |
|
- |
|
- |
| Amount received from the São Paulo State (undisputed) |
- |
|
(104,943) |
|
(104,943) |
|
- |
|
(119,506) |
|
(119,506) |
| Contributions by the Company |
35,580 |
|
- |
|
35,580 |
|
- |
|
- |
|
- |
| Total expenses |
39,109 |
|
128,346 |
|
167,455 |
|
6,252 |
|
69,768 |
|
76,020 |
|
| Schedule of obligations maturity |
| Schedule of obligations
maturity |
|
|
|
| |
As of December 31, 2025 |
| |
G1 Plan |
|
Go |
| |
|
|
|
| Payment of expected benefits in 2026 |
256,213 |
|
225,953 |
| Payment of expected benefits in 2027 |
236,985 |
|
191,192 |
| Payment of expected benefits in 2028 |
221,642 |
|
177,661 |
| Payment of expected benefits in 2029 |
206,567 |
|
164,661 |
| Payment of expected benefits in 2030 or later |
1,809,783 |
|
1,281,180 |
| Total |
2,731,190 |
|
2,040,647 |
|
| Schedule of actuarial assumptions |
| Schedule of actuarial assumptions |
|
|
|
|
| |
As of December 31, 2025 |
As of December 31, 2024 |
| |
G1 Plan |
G0 |
G1 Plan |
G0 |
| |
|
|
|
|
| Actual discount rate (NTN-B) |
7.37% p.a. |
7.39% p.a. |
7.40% p.a. |
7.37% p.a. |
| Inflation rate |
4.05% p.a. |
4.05% p.a. |
4.96% p.a. |
4.96% p.a. |
| Statutory rate of wage growth |
6.13% p.a. |
4.05% p.a. |
7.06% p.a. |
7.06% p.a. |
| General mortality table |
AT-2000 table, rated down by 10% (Segregated by gender) |
AT-2000 table, rated down by 10% (Segregated by gender) |
AT-2000 table (Segregated by gender) |
AT-2000 table (Segregated by gender) |
|
| Schedule of sensitivity analysis of |
Schedule of sensitivity analysis of
the defined benefit
pension
plan assumptions |
|
|
|
|
|
|
| |
|
|
|
As of December 31, 2025 |
| Assumption |
|
Change in assumption |
|
G1 Plan |
|
G0 |
| |
|
|
|
|
|
|
| |
|
Increase of 1.0% |
|
Reduction of R$ 284,643 |
|
Reduction of R$ 235,031 |
| Discount rate |
|
Reduction of 1.0% |
|
Increase of R$ 340,399 |
|
Increase of R$ 229,336 |
| |
|
|
|
|
|
|
| |
|
1-year increase |
|
Increase of R$ 60,126 |
|
Increase of R$ 83,002 |
| Life expectancy |
|
1-year reduction |
|
Reduction of R$ 58,845 |
|
Reduction of R$ 78,236 |
| |
|
|
|
|
|
|
| |
|
Increase of 1.0% |
|
Increase of R$ 11,442 |
|
- |
| Rate of wage growth |
|
Reduction of 1.0% |
|
Reduction of R$ 11,988 |
|
- |
|
| Schedule of estimated expenses |
| Schedule of estimated expenses |
|
| |
Expected expense for the following fiscal year |
| |
G1 |
| |
|
| Net service cost |
2,734 |
| Interest cost |
298,708 |
| Expected normal and extraordinary contributions from participants |
(26,279) |
| Net return on financial assets |
(290,605) |
| Expenses/(Gains) to be recognized by the Company |
(15,442) |
|
| Schedule of plans assets |
| Schedule of plans assets |
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2025 |
|
|
|
As of December 31, 2024 |
|
|
| |
|
G1 Plan |
|
% |
|
G1 Plan |
|
% |
| |
|
|
|
|
|
|
|
|
| Fixed income |
|
2,458,078 |
|
93.0 |
|
2,279,323 |
|
92.3 |
| Equity securities |
|
16,149 |
|
0.6 |
|
13,886 |
|
0.6 |
| Structured investments |
|
108,861 |
|
4.4 |
|
121,820 |
|
4.9 |
| Others |
|
48,588 |
|
2.0 |
|
53,153 |
|
2.2 |
| |
|
|
|
|
|
|
|
|
| Fair value of plan assets |
2,631,676 |
|
100 |
|
2,468,182 |
|
100 |
|
| Schedule of reconciliation of expenses with pension obligations |
| Schedule of
reconciliation of expenses with pension obligations |
|
|
|
| |
December 31, 2025 |
|
December 31, 2024 |
| |
|
|
|
| G1 Plan (i) |
39,109 |
|
6,252 |
| Go (ii) |
128,346 |
|
69,768 |
| SABESPrev Mais Plan (iii) |
22,513 |
|
26,198 |
| VIVEST Plan (iv) |
2,988 |
|
970 |
| Sub-total |
192,956 |
|
103,188 |
| |
|
|
|
| Capitalized |
(15,033) |
|
(7,884) |
| Others |
14,437 |
|
10,653 |
| |
|
|
|
| Pension plan obligations (Note 31) |
192,360 |
|
105,957 |
|