| Cash flows from financing activities |
21. Cash flows from financing activities
Reconciliation of cash flows from liabilities
arising from financing activities
| Schedule of reconciliation of debt to cash flows |
|
|
|
|
|
|
| |
Quoted in the secondary market |
Other debt contracts in Brazil |
Other debt contracts on the international market |
Total loans and borrowings |
Subordinated notes |
Total |
| Balance as of December 31, 2025 |
10,053 |
285 |
7,796 |
18,134 |
745 |
18,879 |
| Additions |
– |
– |
1,123 |
1,123 |
– |
1,123 |
| Payments |
(39) |
(173) |
(986) |
(1,198) |
– |
(1,198) |
| Interest paid (i) |
(313) |
(10) |
(190) |
(513) |
(11) |
(524) |
| Cash flow from financing activities |
(352) |
(183) |
(53) |
(588) |
(11) |
(599) |
| Effect of exchange rate |
154 |
12 |
2 |
168 |
– |
168 |
| Interest accretion |
392 |
5 |
193 |
590 |
23 |
613 |
| Non-cash changes |
546 |
17 |
195 |
758 |
23 |
781 |
| Balance as of June 30, 2026 |
10,247 |
119 |
7,938 |
18,304 |
757 |
19,061 |
| |
|
|
|
|
|
|
| Balance as of December 31, 2024 |
8,539 |
337 |
5,916 |
14,792 |
– |
14,792 |
| Additions |
1,830 |
– |
1,457 |
3,287 |
– |
3,287 |
| Payments |
(361) |
(22) |
(587) |
(970) |
– |
(970) |
| Interest paid (i) |
(309) |
(9) |
(191) |
(509) |
– |
(509) |
| Cash flow from financing activities |
1,160 |
(31) |
679 |
1,808 |
– |
1,808 |
| Transfer to held for sale |
(210) |
(30) |
– |
(240) |
– |
(240) |
| Effect of exchange rate |
168 |
24 |
24 |
216 |
– |
216 |
| Interest accretion |
393 |
9 |
168 |
570 |
– |
570 |
| Non-cash changes |
351 |
3 |
192 |
546 |
– |
546 |
| Balance as of June 30, 2025 |
10,050 |
309 |
6,787 |
17,146 |
– |
17,146 |
(i) Classified as operating activities in the statement
of cash flows.
Fundings in 2026
| • | In the second quarter of 2026, the Company contracted loans of US$161 (R$812 million), indexed to SOFR
plus spread adjustments, with maturities between 2027 and 2031. |
| • | In the first quarter of 2026, the Company contracted loans of US$962 (R$5,016
million) indexed to SOFR plus spread adjustments with maturities between 2027 and 2031. |
Payments in 2026
| • | In July 2026 (subsequent event), the Company prepaid US$500 (R$2,532 million) of its debt facility, which
was originally due to mature in 2029. |
| • | In the second quarter of 2026, the Company settled loans of US$81 (R$415 million) and paid interest on
debentures in the amount of US$79 (R$399 million). |
| • | In the first quarter of 2026, the Company settled loans of US$1,117 (R$5,864 million). |
Fundings in 2025
| • | In the second quarter of 2025, the Company (i) contracted loans of US$596 (R$3,326 million), indexed to
SOFR plus spread adjustments, with maturities between 2026 and 2030, and (ii) issued debentures of US$1,080 (R$6 billion), indexed to
Brazilian Consumer Price Index (IPCA) plus 6.76% to 6.89% per year, paid semi-annually. The issuance was structured in three series of
US$363 (R$2 billion) each, maturing in 2032, 2035, and 2037. The proceeds will be used in infrastructure investment projects related to
railway concessions. |
| • | In the first quarter of 2025, the Company (i) contracted loans of US$861 (R$5,025 million) indexed to SOFR
plus spread adjustments with maturities between 2026 and 2029, and (ii) issued bonds of US$750 (R$4,324 million) with a coupon of 6.40%
per year, payable semi-annually, and maturing in 2054. |
Payments in 2025
| • | In the second quarter of 2025, the Company paid interest on debentures in the amount of US$28 (R$164 million). |
| • | In the first quarter of 2025, the Company settled loans of US$150 (R$862 million) and redeemed notes maturing
in 2034, 2036, and 2039 in the total amount of US$329 (R$1,890 million) and paid a premium of US$44 (R$254 million), recorded as “Bond
premium repurchase” in the financial results of the period. |
|