v3.26.1
Financial assets and liabilities
 6 Months Ended
Jun. 30, 2026
Notes and other explanatory information [abstract]  
Financial assets and liabilities


16. Financial assets and liabilities

a)Classification

The Company classifies its financial instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition according to the following categories:

                 
    June 30, 2026 December 31, 2025
Financial assets Notes Amortized cost At fair value through OCI At fair value through profit or loss Total Amortized cost At fair value through OCI At fair value through profit or loss Total
Current                  
Cash and cash equivalents (i)   5,577 – – 5,577 7,372 – – 7,372
Short-term investments (ii)   – – 188 188 – – 194 194
Derivative financial instruments 17 – – 572 572 – – 414 414
Accounts receivable 7 142 – 2,472 2,614 161 – 2,136 2,297
    5,719 – 3,232 8,951 7,533 – 2,744 10,277
Non-current                  
Judicial deposits 24(c) 577 – – 577 651 – – 651
Restricted cash 20 12 – – 12 9 – – 9
Derivative financial instruments 17 – – 463 463 – – 203 203
Investments in equity securities 20 – 75 – 75 – 63 – 63
    589 75 463 1,127 660 63 203 926
Total of financial assets   6,308 75 3,695 10,078 8,193 63 2,947 11,203
                   
Financial liabilities                  
Current                  
Suppliers and other payables 9 6,203 – – 6,203 5,565 – – 5,565
Derivative financial instruments 17 – – 142 142 – – 94 94
Loans and borrowings 18 1,093 – – 1,093 518 – – 518
Leases 19 169 – – 169 160 – – 160
Subordinate notes 20(a) 15     15 4     4
Railway concession 14 629 – – 629 570 – – 570
Other financial liabilities - Related parties 29 216 – – 216 235 – – 235
Other financial liabilities 20 276 – – 276 322 – – 322
    8,601 – 142 8,743 7,374 – 94 7,468
Non-current                  
Derivative financial instruments 17 – – 178 178 – – 52 52
Loans and borrowings 18 17,211 – – 17,211 17,616 – – 17,616
Leases 19 465 – – 465 508 – – 508
Subordinate notes 20(a) 742 – – 742 741 – – 741
Participative shareholders' debentures 20(b) – – 2,313 2,313 – – 2,254 2,254
Railway concession 14 1,790 – – 1,790 1,824 – – 1,824
Other financial liabilities 20 – – 14 14 – – – –
    20,208 – 2,505 22,713 20,689 – 2,306 22,995
Total of financial liabilities   28,809 – 2,647 31,456 28,063 – 2,400 30,463

(i) Includes US$1,730 (2025: US$2,531) denominated in R$, US$3,574 (2025: US$4,612) denominated in US$ and US$273 (2025: US$229) denominated in other currencies.

(ii) It substantially comprises investments in debt securities and investments in exclusive investment funds, whose portfolio is composed of repo operations and bank certificates of deposit ("CDBs").

 

b) Hierarchy of fair value

             
    June 30, 2026 December 31, 2025
  Notes Level 1 Level 2 Total Level 1 Level 2 Total
Financial assets              
Short-term investments   23 165 188 33 161 194
Derivative financial instruments 17 – 1,035 1,035 – 617 617
Accounts receivable 7 – 2,472 2,472 – 2,136 2,136
Investments in equity securities 20 – 75 75 – 63 63
    23 3,747 3,770 33 2,977 3,010
               
Financial liabilities              
Derivative financial instruments 17 – 320 320 – 146 146
Participative shareholders' debentures 20(b) – 2,313 2,313 – 2,254 2,254
Other financial liabilities 20 – 14 14 – – –
    – 2,647 2,647 – 2,400 2,400

 

There were no transfers between levels 1 and 2 of the fair value hierarchy during the period presented. The Company had no financial assets or financial liabilities measured at fair value classified within level 3 for the periods presented.

c) Fair value of loans, borrowings and subordinated notes

Loans, borrowings and subordinated notes are measured at amortized cost. To determine the fair value of these financial instruments traded in secondary markets, the closing market quotations on the balance sheet dates were used. The carrying amount of the other financial liabilities measured at amortized cost represents a reasonable approximation of their respective fair value.

       
  June 30, 2026 December 31, 2025
  Carrying amount Fair value Carrying amount Fair value
Bonds 7,678 7,900 7,683 8,034
Debentures 2,569 2,476 2,370 2,351
Total loans and borrowings 10,247 10,376 10,053 10,385
         
Subordinated notes 757 754 745 748