Trade accounts receivables

6 Months Ended

Jun. 30, 2026

Trade and other current receivables [abstract]

Disclosure of trade and other receivables [text block]

11 TRADE ACCOUNTS RECEIVABLE

11.1 Breakdown of balances


	06/30/2026	12/31/2025
Domestic customers
Third parties	1,779,931	1,918,437
Related parties (Note 15.1) (1)	59,219	68,209

Foreign customers
Third parties	4,461,604	4,705,509


Expected credit losses (ECL)	(86,268)	(131,548)
	6,214,486	6,560,607

(1)The balance refers to transactions with Ibema Companhia Brasileira de Papel.

The Company carries out factoring transactions for certain customer receivables where it transfers the control of all risks and rewards related to these receivables to the counterparty, so these receivables are derecognized from accounts receivable in the balance sheet. This transaction refers to an additional cash generation opportunity which can be discontinued at any time without significant impacts on the Company's operation and is therefore classified as a financial asset measured at amortized cost. The decision to assign the receivables is continuously reassessed based on market conditions and the Company's cash flow strategy, meaning that the volume of discounts may vary over time. The impact of these factoring transactions on the accounts receivable as of June 30, 2026, was R$5,981,680 (R$6,616,450 as of December 31, 2025).

11.2 Breakdown of trade accounts receivable by maturity


	06/30/2026	12/31/2025
Current	5,410,187	5,794,713
Overdue
Up to 30 days	537,512	465,967
From 31 to 60 days	87,171	89,398
From 61 to 90 days	36,582	44,305
From 91 to 120 days	38,959	21,225
From 121 to 180 days	33,455	45,072
From 181 days	70,620	99,927
	6,214,486	6,560,607

11.3 Roll-forward of expected credit losses


	06/30/2026	12/31/2025
Opening balance	(131,548)	(30,300)
(Provisions)/Reversals, net	28,534	(119,417)

Write-offs	10,618	16,937
Exchange rate variations	6,128	1,232
Closing balance	(86,268)	(131,548)

The Company maintains guarantees for overdue receivables as part of its commercial operations, through credit insurance policies, letters of credit and other guarantees. These guarantees avoid the need to recognize expected credit losses, in accordance with the Company's credit policy.