| Cash and cash equivalents, margin cash and long-term investments |
3 Cash and cash equivalents, margin cash and long-term investments
| Cash and cash equivalents | |
March 31,
2026 | | |
December 31,
2025 | |
| Cash on hand and at banks | |
| 1,624,299 | | |
| 2,557,740 | |
| CDB (bank certificates of deposit) / Overnight investments (1) | |
| 1,604,823 | | |
| 1,937,761 | |
| National Treasury Bill (Tesouro Selic) (3) | |
| 65,666 | | |
| 69,635 | |
| | |
| 3,294,788 | | |
| 4,565,136 | |
| | |
| | | |
| | |
| Margin cash | |
| | | |
| | |
| CME (Chicago Mercantile Exchange) Margin investments (2) | |
| 70,466 | | |
| 105,993 | |
| Investments in Treasury Bills (3) | |
| 88,349 | | |
| 53,569 | |
| | |
| 158,815 | | |
| 159,562 | |
| | |
| | | |
| | |
| Long-term investments | |
| | | |
| | |
| Investment funds (4) | |
| 49,224 | | |
| 45,780 | |
| | |
| 49,224 | | |
| 45,780 | |
| | |
| | | |
| | |
| Total | |
| 3,502,827 | | |
| 4,770,478 | |
| (1) | CDBs are held at financial institutions and earn interest
based on floating rates and are pegged to the Brazilian overnight interbank lending rate (Certificado de Depósito Interbancário
- CDI). Overnight investments are equivalent to fixed-income instruments, earning interest at the FED rate + 0.05%. |
| (2) | CME margin investments represent margin deposits allocated
to fixed-income equivalent instruments. These investments accrue interest based on the Interest Rate on Reserve Balances (IORB). |
| (3) | Brazilian Government securities (Tesouro Selic) are
instruments acquired from financial institutions with conditions and characteristics similar to bank certificates of deposit (CDBs). |
| (4) | Investment in a FIDC (Credit Rights Investment Fund) maturing
in 2035, earning a fixed interest rate of 5% in the period. |
|