v3.26.3
Financial risk management (Tables)
 6 Months Ended
Jun. 30, 2026
Notes and other explanatory information [abstract]  
Schedule of effects on statement of income of derivative financial instruments
       
Gains/ (losses) recognized in the statement of income
  Jan-Jun/2026 Jan-Jun/2025 Apr-Jun/2026 Apr-Jun/2025
Foreign exchange rate risk        
Cross-currency Swap CDI x Dollar - Note 27.3.1 (b) 61 54 18 26
Cash flow hedge on exports - Note 27.3.1 (a) (704) (1,220) (197) (498)
Interest rate risk        
Swap IPCA X CDI - 27.3.1 (b) (17) 2 (16) (9)
Recognized in Net finance income (expense) (660) (1,164) (195) (481)
Price risk (commodity derivatives)        
Recognized in other income and expenses (138) 11 (10) 9
Total (798) (1,153) (205) (472)
Schedule of effects on statement of comprehensive income of derivative financial instruments
       
Gains/ (losses) recognized in the period
  Jan-Jun/2026 Jan-Jun/2025 Apr-Jun/2026 Apr-Jun/2025
Hedge accounting        
Cash flow hedge on exports - Note 27.3.1 (a) 5,079 9,524 867 3,949
Deferred income taxes (1,727) (3,238) (295) (1,343)
Total 3,352 6,286 572 2,606
Schedule of assets and liabilities
   
  06.30.2026 12.31.2025
Fair value Asset Position (Liability)    
Open derivative transactions 24 (24)
Closed derivative transactions awaiting financial settlement (5) (5)
Recognized in Statements of Financial Position 19 (29)
Other assets (note 17) 103 102
Other liabilities (note 17) (84) (131)
Schedule of statement of financial position
           
    Statement of Financial Position
        Fair value Fair value hierarchy Maturity
  Notional value Asset Position (Liability)
  06.30.2026 12.31.2025 06.30.2026 12.31.2025    
Derivatives not designated for hedge accounting            
Foreign exchange rate risk (1)            
Cross-currency swap - CDI x US$ 488 488 (50) (85) Level 2 2029
Short position/Foreign currency forwards (BRL/USD) (31) (20) - − Level 2 2026
Interest rate risk            
Swap - IPCA X CDI R$ 3,312 R$ 3,008 69 53 Level 2

2029/2034/

2036

Price risk            
Future contracts - Crude oil and oil products (2) 409 (3,045) 5 7 Level 1 2026
Swap - Short position/Soybean oil (3) 9 - − − Level 2 2026
Options - Long put/ Soybean oil (3) − (4) − − Level 2 2026
Total open derivative transactions     24 (25)    
(1) Amounts in US$ and R$ are presented in millions.            
(2) Notional value in thousands of bbl.

(3) Notional value in thousands of tons.

 

 
Schedule of guarantees given as collateral
Guarantees given as collateral
      06.30.2026 12.31.2025
Commodity derivatives     86 51
Schedule of cumulative losses in other comprehensive income equity
Cumulative losses in other comprehensive income (shareholders’ equity)
      06.30.2026 12.31.2025
Hedge accounting        
Cash flow hedge on exports - Note 27.3.1 (a)     (15,895) (20,974)
Deferred income taxes     5,402 7,129
Total     (10,493) (13,845)
Schedule of present value of hedging instrument notional value
   
   

Present value of hedging instrument notional value at

06.30.2026

Hedging Instrument Hedged Transactions

Nature

of the Risk

Maturity

Date

 US$ million R$ million
Foreign exchange rate gains and losses on proportion of non-derivative financial instruments cash flows Foreign exchange rate gains and losses of highly probable future monthly exports revenues

Foreign Currency

– Real vs U.S. Dollar

Spot Rate

 July 2026 to June 2036 72,445 375,020
Schedule of hedging instrument notional value
   
Changes in the present value of hedging instrument notional value US$ million R$ million
Amounts designated as of December 31, 2025 72,080 396,615
Additional hedging relationships designated, designations revoked and hedging instruments re-designated 23,346 120,115
Exports affecting the statement of income (9,360) (48,311)
Principal repayments / amortization (13,621) (70,106)
Foreign exchange rate variations - (23,293)
Amounts designated as of June 30, 2026 72,445 375,020
Nominal value of hedging instrument (finance debt and lease liability) at June 30, 2026 93,026 481,558
Schedule of cumulative foreign exchange losses recognized
   
  Jan-Jun/2026 Jan-Jun/2025
Opening balance (20,974) (30,845)
Recognized in equity 4,375 8,304
Reclassified to the statement of income 704 1,220
Other comprehensive income (loss) 5,079 9,524
Closing balance (15,895) (21,321)
Schedule of reclassification of cumulative foreign exchange losses recognized
             
  2026 2027 2028 2029 2030 2031 onwards Total
Expected realization (4,384) (8,861) (5,008) (4,251) 683 5,926 (15,895)
Schedule of sensitivity analysis financial instruments
 
Financial Instruments Reasonably possible scenario
Swap CDI x USD   (14)
Schedule of sensitivity analysis for foreign exchange risk on financial instruments
         
Risk Financial Instruments Exposure at   06.30.2026 Exposure in R$ million Probable Scenario Reasonably possible scenario
Dollar/Real Assets 3,307 17,120 21 661
  Liabilities (119,462) (618,409) (771) (23,893)
  Exchange rate - Cross currency swap (488) (2,527) (3) (98)
  Cash flow hedge on exports 72,445 375,020 467 14,489
  Total (44,198) (228,796) (286) (8,841)
Euro/Dollar Assets 1,285 6,652 43 257
  Liabilities (1,636) (8,468) (55) (327)
  Total (351) (1,816) (12) (70)
Pound/Dollar Assets 967 5,006 10 193
  Liabilities (1,900) (9,835) (20) (380)
  Total (933) (4,829) (10) (187)
Renminbi /Dollar Assets − − − −
  Liabilities (500) (2,588) (10) (100)
  Total (500) (2,588) (10) (100)
Others (1) Assets 26 135 1 (5)
  Liabilities (59) (303) (2) (2)
  Total (33) (168) (1) (7)
Total at June 30, 2026 (46,015) (238,197) (319) (9,205)
(1) Pound sterling/real, euro/real and peso/U.S. dollar.    
Schedule of derivative financial instruments different types of market risks
     
Financial Instruments Risk Probable scenario Reasonably possible scenario
Derivatives not designated for hedge accounting      
Crude oil and oil products - price changes Future and forward contracts (Swap) − (117)
Soybean oil - price changes Future and forward contracts (Swap) − (3)
Soybean oil - price changes Options − −
Foreign currency - depreciation BRL x USD Forward contracts − (3)
    − (123)
Schedule of interest rate risk management
     
Risk   Probable scenario

Reasonably possible

scenario

CDI   671 940
SOFR 3M (1)   80 104
SOFR 6M (1)   77 93
SOFR O/N (1)   38 53
IPCA   122 171
TJLP   59 83
LPR 12M (2)   16 22
TR   4 6
    1,067 1,472
(1) Secured Overnight Financing Rate.
(2) Loan Prime Rate.