v3.26.1
Share-based compensation plan
6 Months Ended
Jun. 30, 2026
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Disclosure of share-based payment arrangements [text block]
26 SHARE-BASED COMPENSATION PLAN
The Company has long-term share-based remuneration plans: (i) Phantom stock option plan (“PS”), settled in cash; and (ii) Performance Share Plan, settled in shares.
The characteristics and measurement method of each plan were disclosed in the annual financial statements for the year ended December 31, 2025 (Note 22), which did not change during the six-month period ended June 30, 2026.
26.1 Phantom shares plan
The roll-forward arrangements are set out below:
Number of shares
Year of grantFair value on grant date31/12/2025Shares grantedCancelled
Exercised (1)
30/06/2026Available for completionYear of vesting
2026202720282029
2021
R$64.12 
7,735 
168 
(7,903)
 
2022
R$54.20 
480,184 
10,447 
(221)
(353,216)
137,194 
65,308 
47,391 
24,495 
2023
R$48.81 
2,695,561 
58,994 
(37,419)
(704,374)
2,012,762 
1,764,426 
248,336 
2024
R$56.58 
2,459,390 
53,332 
(114,998)
(22,826)
2,374,898 
2,208,659 
166,239 
2025
R$59.65 
3,410,537 
148,358 
(143,709)
(26,235)
3,388,951 
3,388,951 
2026
R$51.58 
2,700,208 
(23,003)
(6,135)
2,671,070 
2,671,070 
Number of stock options
9,053,407 
2,971,507 
(319,350)
(1,120,689)
10,584,875 
65,308 
1,811,817 
2,481,490 
3,555,190 
2,671,070 
Book value
332,322 
39,673 
(7,891)
(59,183)
304,921 
Book value of the previous year
361,974 
209,842 
(17,843)
(221,651)
332,322 
(1)The average price of the share options exercised and exercised due to termination of employment from April 1 to June 30, 2026 was R$47.79.
26.2 Restricted shares plan
The position is set forth below:
Number of stock options
Year of grantFair value on grant date31/12/2025Shares grantedExercised/Cancelled30/06/2026Year of vesting
20272028202920302031
2023
R$50.51 
277,249 
6,033 
(283,282)
 
2024
R$56.09 
2,331,602 
50,731 
(232,651)
2,149,682 
440,715 
1,708,967 
2025
R$60.47 
467,265 
10,166 
477,431 
235,794 
241,637 
2026
R$51.09 
465,844 
465,844 
273,277 
192,567 
Number of stock options
3,076,116 
532,774 
(515,933)
3,092,957 
440,715 
235,794 
1,982,244 
241,637 
192,567 
Book value
80,742 
23,159 
(27,031)
76,870 
Book value of the previous year
60,226 
45,642 
(25,126)
80,742