Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Financial Information [Abstract]

Schedule of Consolidated Statements of Financial Positions

Consolidated statements of financial position:

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			2,750,463				544,325				—				3,294,788
Margin cash			158,299				516				—				158,815
Trade accounts receivable			2,795,937				1,091,372				(9,918	)			3,877,391
Dividends receivable			2,550				—				—				2,550
Inventories			5,626,909				1,134,405				—				6,761,314
Biological assets			1,323,065				551,373				—				1,874,438
Recoverable taxes			793,997				208,199				(6,560	)			995,636
Derivative assets			122,601				22,096				—				144,697
Other current assets			310,262				204,353				(6,728	)			507,887
TOTAL CURRENT ASSETS			13,884,083				3,756,639				(23,206	)			17,617,516

NON-CURRENT ASSETS
Long-term investments			49,224				—				—				49,224
Recoverable taxes			2,011,523				—				—				2,011,523
Biological assets			269,536				364,011				—				633,547
Related party receivables			31,398				—				—				31,398
Deferred income taxes			509,030				30,563				—				539,593
Other non-current assets			367,563				141,682				—				509,245
			3,238,274				536,256				—				3,774,530

Investments in equity-accounted investees			3,357,849				—				(3,063,925	)			293,924
Property, plant and equipment			10,425,061				3,677,782				—				14,102,843
Right of use assets			1,382,373				235,528				—				1,617,901
Intangible assets			947,278				859,652				—				1,806,930
Goodwill			4,649,601				1,317,054				—				5,966,655

TOTAL NON-CURRENT ASSETS			24,000,436				6,626,272				(3,063,925	)			27,562,783

TOTAL ASSETS			37,884,519				10,382,911				(3,087,131	)			45,180,299

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable			3,639,419				1,823,816				(9,918	)			5,453,317
Supply chain finance			1,156,528				—				—				1,156,528
Loans and financing			793,465				46,655				—				840,120
Income taxes			37,223				132,998				(6,560	)			163,661
Other taxes payable			143,220				15,899				—				159,119
Payroll and social charges			927,210				364,340				—				1,291,550
Lease liabilities			305,262				60,121				—				365,383
Dividends payable			1,071,287				—				—				1,071,287
Provisions for legal proceedings			231,209				—				—				231,209
Derivative liabilities			116,100				10,572				—				126,672
Other current liabilities			529,353				339,077				(6,728	)			861,702
TOTAL CURRENT LIABILITIES			8,950,276				2,793,478				(23,206	)			11,720,548

NON-CURRENT LIABILITIES
Loans and financing			17,430,976				3,093,878				—				20,524,854
Income and other taxes payable			397,413				22,977				—				420,390
Payroll and social charges			302,944				2,338				—				305,282
Lease liabilities			1,224,175				192,596				—				1,416,771
Deferred income taxes			735,310				463,860				—				1,199,170
Provisions for legal proceedings			219,022				—				—				219,022
Related party payable			176,220				—				—				176,220
Derivative liabilities			87,353				—				—				87,353
Other non-current liabilities			42,219				7,774				—				49,993
TOTAL NON-CURRENT LIABILITIES			20,615,632				3,783,423				—				24,399,055

EQUITY
Share capital - common shares			5,187,927				1,352,356				(6,498,723	)			41,560
Reserves			8,238,896				(268,262	)			—				7,970,634
Undistributed results			(5,194,035	)			1,979,831				3,434,798				220,594
Attributable to company shareholders			8,232,788				3,063,925				(3,063,925	)			8,232,788
Attributable to non-controlling interest			85,823				742,085				—				827,908
TOTAL EQUITY			8,318,611				3,806,010				(3,063,925	)			9,060,696
TOTAL LIABILITIES AND EQUITY			37,884,519				10,382,911				(3,087,131	)			45,180,299

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			3,921,730				643,406				—				4,565,136
Margin cash			159,048				514				—				159,562
Trade accounts receivable			3,055,286				1,188,544				(11,906	)			4,231,924
Dividends receivable			1,465				—				—				1,465
Inventories			4,949,488				1,157,677				—				6,107,165
Biological assets			1,288,243				538,523				—				1,826,766
Recoverable taxes			721,761				241,507				(6,057	)			957,211
Derivative assets			140,971				14,631				—				155,602
Other current assets			242,811				202,424				(11,863	)			433,372
TOTAL CURRENT ASSETS			14,480,803				3,987,226				(29,826	)			18,438,203

NON-CURRENT ASSETS
Long-term investments			45,780				—				—				45,780
Recoverable taxes			1,874,572				—				—				1,874,572
Biological assets			256,583				355,216				—				611,799
Related party receivables			41,231				—				—				41,231
Deferred income taxes			516,308				31,474				(768	)			547,014
Other non-current assets			378,828				109,975				—				488,803
			3,113,302				496,665				(768	)			3,609,199

Investments in equity-accounted investees			3,198,779				—				(3,027,167	)			171,612
Property, plant and equipment			10,077,519				3,568,139				—				13,645,658
Right of use assets			1,370,826				242,821				—				1,613,647
Intangible assets			942,690				882,902				—				1,825,592
Goodwill			4,513,691				1,338,884				—				5,852,575

TOTAL NON-CURRENT ASSETS			23,216,807				6,529,411				(3,027,935	)			26,718,283

TOTAL ASSETS			37,697,610				10,516,637				(3,057,761	)			45,156,486

		December 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable			4,313,158				1,895,272				(1,033	)			6,198,100
Supply chain finance			1,134,459				—				—				1,134,459
Loans and financing			781,928				51,157				—				833,085
Income taxes			170,093				123,994				(6,057	)			288,030
Other taxes payable			119,893				33,066				—				152,959
Payroll and social charges			1,072,999				48,716				—				1,560,159
Lease liabilities			294,217				6,067				—				354,887
Dividends payable			—				—				—				—
Provisions for legal proceedings			159,217				—				—				159,217
Derivative liabilities			152,218				4,187				—				156,405
Other current liabilities			398,770				319,178				(13,439	)			704,509
TOTAL CURRENT LIABILITIES			8,596,952				2,481,637				(20,529	)			11,541,810

NON-CURRENT LIABILITIES
Loans and financing			17,166,293				3,091,190				—				20,257,483
Income and other taxes payable			385,147				2,258				—				407,727
Payroll and social charges			303,900				(15,835	)			—				288,065
Lease liabilities			1,212,245				200,153				—				1,412,398
Deferred income taxes			695,746				474,322				(768	)			1,169,300
Provisions for legal proceedings			209,358				—				—				209,358
Related party payable			190,998				—				—				190,998
Derivative liabilities			114,376				—				—				114,376
Other non-current liabilities			34,138				8,042				—				42,180
TOTAL NON-CURRENT LIABILITIES			20,312,201				3,760,130				(768	)			24,091,885

EQUITY
Share capital - common shares			5,145,820				1,351,259				(6,461,965	)			35,114
Reserves			6,803,802				(221,108	)			—				6,582,694
Undistributed results			(3,246,042	)			1,897,016				3,434,798				2,085,772
Attributable to company shareholders			8,703,580				3,027,167				(3,027,167	)			8,703,580
Attributable to non-controlling interest			84,877				734,334				—				819,211
TOTAL EQUITY			8,788,457				3,761,501				(3,027,167	)			9,522,791
TOTAL LIABILITIES AND EQUITY			37,697,610				10,003,268				(3,048,464	)			45,156,486

Schedule of Consolidated Statements of Income

Consolidated statements of income:

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			17,112,748				4,529,588				(33,711	)			21,608,625
Cost of sales			(15,402,306	)			(3,915,442	)			33,711				(19,284,037	)
GROSS PROFIT			1,710,442				614,146				—				2,324,588

General and administrative expenses			(380,999	)			(174,625	)			—				(555,624	)
Selling expenses			(1,031,722	)			(270,824	)			—				(1,302,546	)
Other income			38,656				3,028				—				41,684
Other expenses			(18,221	)			(5,393	)			—				(23,614	)
NET OPERATING EXPENSES			(1,392,286	)			(447,814	)			—				(1,840,100	)

OPERATING PROFIT			318,156				166,332				—				484,488

Finance income			154,508				17,668				—				172,176
Finance expense			(433,433	)			(52,953	)			—				(486,386	)
NET FINANCE EXPENSE			(278,925	)			(35,285	)			—				(314,210	)

Share of profit of equity-accounted investees, net of tax			138,415				—				—				138,415

PROFIT (LOSS) BEFORE TAXES			177,646				131,047				—				308,693

Current income taxes			1,236				(35,006	)			—				(33,770	)
Deferred income taxes			(38,263	)			4,930				—				(33,333	)
TOTAL INCOME TAXES			(37,027	)			(30,076	)			—				(67,103	)
NET INCOME			140,619				100,971				—				241,590

ATTRIBUTABLE TO:
Company shareholders			137,779				82,815				—				220,594
Non-controlling interest			2,840				18,156				—				20,996
			140,619				100,971				—				241,590

		March 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

NET REVENUE			15,110,175				4,460,319				(43,974	)			19,526,520
Cost of sales			(13,275,176	)			(3,670,767	)			43,974				(16,901,969	)
GROSS PROFIT			1,834,999				789,552				—				2,624,551

General and administrative expenses			(422,019	)			(134,408	)			—				(556,427	)
Selling expenses			(954,250	)			(233,347	)			—				(1,187,597	)
Other income			27,546				2,799				—				30,345
Other expenses			(9,795	)			18,162				—				(27,957	)
NET OPERATING EXPENSES			(1,358,518	)			(383,118	)			—				(1,741,636	)

OPERATING PROFIT			476,481				406,434				—				882,915

Finance income			201,774				33,886				—				235,660
Finance expense			(375,411	)			(51,795	)			—				(427,206	)
NET FINANCE EXPENSE			(173,637	)			(17,909	)			—				(191,546	)

Share of profit of equity-accounted investees, net of tax			2,735				—				—				2,735

PROFIT BEFORE TAXES			305,579				388,525				—				694,104

Current income taxes			(119,954	)			(104,837	)			—				(224,791	)
Deferred income taxes			75,593				11,428				—				87,021
TOTAL INCOME TAXES			(44,361	)			(93,409	)			—				(137,770	)
NET INCOME			261,218				295,116				—				556,334

ATTRIBUTABLE TO:
Company shareholders			257,576				242,648				—				500,224
Non-controlling interest			3,642				52,468				—				56,110
			261,218				295,116				—				556,334

Schedule of Consolidated Statements of Comprehensive Income

Consolidated statements of comprehensive income:

		March 31, 2026
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income			140,619				100,971				—				241,590

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments			373,667				(63,309	)			—				310,358
Gain (loss) on cash flow hedge			(441	)			441				—				—
Deferred income tax on gain (loss) on cash flow hedge			309				—				—				309
Other fair value adjustments through other comprehensive income			382				—				—				382
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			(209	)			(768	)			—				(977	)
Income tax on gain associated with pension and other postretirement benefit obligations			256				—				—				256
Total other comprehensive income (loss)			373,964				(63,636	)			—				310,328

Comprehensive Income			514,583				37,335				—				551,918
Comprehensive Income on subsidiaries			37,335				—				(37,335	)			—
			551,918				37,335				(37,335	)			551,918

Total comprehensive income attributable to:
Company shareholders			549,190				30,667				(37,335	)			542,522
Non-controlling interest			2,728				6,668				—				9,396
			551,918				37,335				(37,335	)			551,918

		March 31, 2025
		Restricted subsidiaries				Unrestricted subsidiaries				Eliminations				Total

Net income			261,218				295,116				—				556,334

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments			492,495				85,184				—				577,679
Gain (loss) on cash flow hedge			(1,246	)			1,622				—				376
Deferred income tax on gain (loss) on cash flow hedge			(94	)			—				—				(94	)
Other fair value adjustments through other comprehensive income			(25	)			—				—				(25	)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations			76				(570	)			—				(494	)
Income tax on gain associated with pension and other postretirement benefit obligations			(16	)			—				—				(16	)
Total other comprehensive income			491,190				86,236				—				577,426

Comprehensive Income			752,408				381,352				—				1,133,760
Comprehensive Income on subsidiaries			381,352				—				(381,352	)			—
			1,133,760				381,352				(381,352	)			1,133,760

Total comprehensive income attributable to:
Company shareholders			1,268,725				313,541				(381,352	)			1,200,914
Non-controlling interest			(134,965	)			67,811				—				(67,154	)
			1,133,760				381,352				(381,352	)			1,133,760