Risk management and financial instruments (Tables)

9 Months Ended

Sep. 30, 2026

Disclosure of risk management strategy related to hedge accounting [abstract]

Schedule of Consolidated Financial Statements

Financial instruments are recognized in the consolidated financial statements as follows:


	Notes	Fair value hierarchy	September 30, 2026	December 31, 2025
Assets
Fair value through profit or loss (1)
Financial / Overnight investments	3	Level 2	1,557,137	1,887,853
National treasury bills	3	Level 1	161,464	123,204
Derivative assets		Level 2	37,724	155,441
Fair Value through Other Comprehensive Income
Investment in financial assets at fair value	3	Level 1	48,877	49,908
Derivative assets		Level 2	51,348	161
Amortized cost (2)
Cash at banks	3		2,447,345	2,557,740
CME Margin investments	3		36,648	105,993
Trade accounts receivable	4		3,273,509	4,231,924
Dividends Receivable			—	1,465
Related party receivables	8		38,086	41,231
Financial investments	3		52,030	45,780
Total			7,704,168	9,200,700
Liabilities
Amortized cost (2)
Loans and financing	16		(23,608,363)	(21,090,568)
Trade accounts payable and supply chain finance	15		(7,177,344)	(7,332,559)
Debt with related party	8		(123,608)	(190,998)
Lease	12.2		(1,859,123)	(1,767,285)
Dividends Payable			(11)	—
Fair value through profit or loss
Derivative liabilities		Level 2	(199,751)	(267,214)
Fair value through Other Comprehensive Income
Derivative liabilities		Level 2	(3,746)	(3,567)
Total			(32,971,946)	(30,652,191)

(1)CDBs are updated at the effective rate but have a short-term and negotiated with financial institutions, and their recognition is similar at fair value; national treasury bill is recognized at fair value.

(2)Mainly comprise loans and trade accounts receivables. Trade accounts receivable are classified as current assets and presented net of expected credit losses.

Schedule of Assets and Liabilities Exposed to Floating Interest Rates

For informational purposes and in accordance with our Financial and Commodities Risk Management Policy, the notional amounts of assets and liabilities exposed to floating interest rates are presented below:


	September 30, 2026	December 31, 2025
Net exposure to the CDI rate:
CRA - Agribusiness Credit Receivable Certificates	(138,069)	(54,231)
Credit note - export	—	(410)
Rural - Credit note	(205,139)	(114,282)
Related party transactions	(102,646)	(105,892)
CDB-DI (Bank certificates of deposit)	831,847	727,695
CME Margin investments	36,648	105,760
Treasury bills	118,871	75,286
Subtotal	541,512	633,926

Derivatives (Swap)	(336,690)	(922,938)
Total	204,822	(289,012)

Net exposure to the IPCA rate:
Treasury bills	42,593	47,920
CRA - Agribusiness Credit Receivable Certificates	(2,171,733)	(2,165,193)

Debentures	(75,667)	—
Related party transactions	17,124	(43,875)
Subtotal	(2,187,683)	(2,161,148)
Derivatives (Swap)	281,624	805,029
Total	(1,906,059)	(1,356,119)

Liabilities exposure to the SOFR rate:
Export credit note	—	(254,903)
Prepayment - exchange agreement	(150,330)	—
Working Capital - USD	(1,957)	(11,691)
Total	(152,287)	(266,594)

Liabilities exposure to the Euribor rate:
Working Capital - EUR	(45,467)	(55,348)
Revolving credit facility	(50,242)	(33,701)
Total	(95,709)	(89,049)

Schedule of Contracts Exposure Scenario

Sensitivity analysis and derivative financial instruments breakdown:


				Scenario (I) VaR 99% I.C. 1 day			Scenario (II) Interest rate variation - 25%			Scenario (III) Interest rate variation - 50%
Contracts exposure	Risk	Current scenario		Rate		Effect on income	Rate		Effect on income	Rate		Effect on income

CDI	Decrease	13.65	%	13.58	%	(150)	10.24	%	(6,989)	6.83	%	(13,979)
IPCA	Increase	4.22	%	4.23	%	(117)	5.28	%	(20,109)	6.33	%	(40,218)
SOFR	Increase	3.90	%	3.90	%	(4)	4.88	%	(1,485)	5.85	%	(2,970)
Euribor	Increase	3.33	%	3.33	%	(3)	4.16	%	(797)	4.99	%	(1,593)
						(274)			(29,380)			(58,760)

American dollars (amounts in thousands of US$):


		Current exchange rate	Scenario (I) VaR 99% C.I. 1 day		Scenario (II) Interest rate variation - 15%		Scenario (III) Interest rate variation - 30%
Exposure of US$	Risk		Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.00	0.98	(58,044)	0.85	(525,429)	0.70	(1,050,864)
Financial	Appreciation	1.00	1.02	(11,818)	1.15	(106,983)	1.30	(213,964)
Derivatives	Depreciation	1.00	0.98	(10,272)	0.85	(92,988)	0.70	(185,977)
				(80,134)		(725,400)		(1,450,805)

EURO (amounts in thousands of US$):


			Scenario (I) VaR 99% I.C. 1 day		Scenario (II) Interest rate variation - 15%		Scenario (III) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange rate	Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.13	1.12	(12,854)	0.96	(137,716)	0.79	(275,433)
Financial	Appreciation	1.13	1.15	(7,836)	1.30	(83,955)	1.47	(167,909)
Derivatives	Depreciation	1.13	1.12	(782)	0.96	(8,382)	0.79	(16,765)
				(21,472)		(230,053)		(460,107)

British Pound (amounts in thousands of US$):


			Scenario (I) VaR 99% I.C. 1 day		Scenario (II) Interest rate variation - 15%		Scenario (III) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange rate	Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.33	1.31	(1,368)	1.13	(14,301)	0.93	(28,602)
Financial	Appreciation	1.33	1.35	(14)	1.53	(143)	1.72	(286)
Derivatives	Appreciation	1.33	1.35	(925)	1.53	(9,664)	1.72	(19,327)
				(2,307)		(24,108)		(48,215)

Sensitivity analysis as of September 30, 2026:


		Scenario (I) VaR 99% I.C. 1 day			Scenario (II) Interest rate variation - 15%		Scenario (III) Interest rate variation - 30%
Exposure	Risk	Current price	Price	Effect on income	Price	Effect on income	Price	Effect on income
Operating	Decrease	79	78	(10,520)	67	(157,797)	55	(315,594)
Derivatives	Increase	46	47	(10,594)	53	(158,914)	60	(317,828)
				(21,114)		(316,711)		(633,422)

Sensitivity analysis as of September 30, 2026:


		Scenario (I) VaR 99% I.C. 1 day			Scenario (II) Interest rate variation - 15%		Scenario (III) Interest rate variation - 30%
Exposure	Risk	Current price	Price	Effect on income	Price	Effect on income	Price	Effect on income
Operating	Increase	6	6	(135)	7	(2,019)	8	(4,038)
Derivatives	Increase	13	13	(5,234)	15	(78,510)	17	(157,020)
				(5,369)		(80,529)		(161,058)

Schedule of Sensitivity Analysis Fair Value Asset and Liability

Details of derivative instruments (Swap):

September 30, 2026

December 31, 2025

Instrument

Risk factor

Maturity

Notional

Fair value (Asset) - US$

Fair value (Liability) - US$

Fair value

Notional

Fair value (Asset) - US$

Fair value (Liability) - US$

Fair value

Swap

IPCA

2031- 2037

218,189

281,624

(336,690)

(55,066)

672,843

805,029

(922,938)

(117,909)

Schedule of Exposure

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Group’s operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. The Group discloses these exposures considering the fluctuations of a exchange rate in particular towards the functional currency of each subsidiary.


	USD		EUR		GBP
	September 30, 2026	December 31, 2025	September 30, 2026	December 31, 2025	September 30, 2026	December 31, 2025







Operating (including cash and cash equivalents, trade accounts receivable and sales orders)	3,502,881	4,244,622	918,109	483,608	95,339	123,168



Financial (including loans and financing)	(713,214)	(369,538)	(559,697)	(1,525)	(955)	(191)
TOTAL EXPOSURE	2,789,667	3,875,084	358,412	482,083	94,384	122,977





Derivatives	619,922	6,334	55,882	1,276	(64,425)	(67,532)
NET EXPOSURE	3,409,589	3,881,418	414,294	483,359	29,959	55,445

Schedule of Future Contracts

Derivative financial instruments outstanding:


			September 30, 2026		December 31, 2025
Instrument	Risk factor	Nature	Notional (US$)	Fair value	Notional (US$)	Fair value
Future Contract	American dollar	Long	9,716	96	241,445	(1,814)
Deliverable Forwards	American dollar	Short	(732,483)	(4,719)	(278,582)	13,069
Non-Deliverable Forwards	American dollar	Long	1,342,689	(14,050)	43,471	(4,467)
Future Contract	Euro	Short	(76,635)	74	(79,419)	62
Deliverable Forwards	Euro	Long	149,617	(2,345)	103,646	(2,039)
Non-Deliverable Forwards	Euro	Short	(17,100)	41	(22,591)	(55)
Future Contract	British pound	Short	(40,462)	(94)	(40,676)	72
Deliverable Forwards	British pound	Short	(23,963)	123	(26,856)	129

Derivatives financial instruments breakdown:


			September 30, 2026		December 31, 2025
Instrument	Risk factor	Nature	Quantity	Fair value	Quantity	Fair value
Future Contracts	Commodities (Live stocks)	Short	5,774	317	7,348	(346)
Deliverable Forwards	Commodities (Live stocks)	Short	(13,183)	38,817	(41,942)	(93,782)
Non-Deliverable Forwards	Commodities (Live stocks)	Short	(772,547)	(11,379)	—	—

Derivatives financial instruments breakdown:


			September 30, 2026		December 31, 2025
Instrument	Risk factor	Nature	Quantity	Fair value	Quantity	Fair value
Future Contracts	Commodities (grains and others)	Long	33,434	(7,435)	17,515	(170)
Deliverable Forwards	Commodities (grains and others)	Long	(30,031)	(21,913)	32,783	46,621
Future CME	Commodities (grains and others)	Short	(100)	70	155	(45)
Non Deliverable Forwards	Commodities (grains and others)	Long	713,196	(2,357)	—	—

Schedule of Exposure in Commodities

Position balance in commodities and corn contracts:


Exposure in Commodities (Live Stock) - Expressed in contract quantity	September 30, 2026	December 31, 2025
OPERATING
Firm contracts	13,397	31,200
Subtotal	13,397	31,200
DERIVATIVES
Future contracts	5,774	7,348
Deliverable Forwards	(13,183)	(41,942)
Non Deliverable Forwards	(772,547)	—
Subtotal	(779,956)	(34,594)
NET EXPOSURE	(766,559)	(3,394)


Exposure in Commodities (Grains and others) - Expressed in contract quantity	September 30, 2026	December 31, 2025
OPERATING
Purchase orders	9,148	5,403
Subtotal	9,148	5,403
DERIVATIVES
Future B3	33,434	17,515
Future CME	(100)	155
Deliverable Forwards	(30,031)	32,783
Non Deliverable Forwards	713,196	—
Subtotal	716,499	50,453
NET EXPOSURE	725,647	55,856

Schedule of Detailed Information about Hedging Instruments

Below is shown the effects on income for the period, on other comprehensive income and on the statement of financial position of derivative financial instruments contracted for hedging exchange rates, commodity prices and interest rates (cash flow and fair value hedges):

September 30, 2026

December 31, 2025

Hedge result

Liability

Other comprehensive income

Liability

Other comprehensive income

Grain hedge

948

1,064

(15)

(854)

Schedule of Contractual Obligation Amounts from Financial Liabilities

The table below shows the contractual obligation amounts from financial liabilities of the Company according to their maturities:


	September 30, 2026					December 31, 2025
	Less than 1 year	Between 1 and 3 years	Between 4 and 5 years	More than 5 years	Total	Less than 1 year	Between 1 and 3 years	Between 4 and 5 years	More than 5 years	Total
Trade accounts payable and supply chain finance	7,177,344	—	—	—	7,177,344	7,332,559	—	—	—	7,332,559
Loans and financing	1,421,378	1,088,580	1,540,287	19,558,118	23,608,363	833,085	249,115	794,458	19,213,910	21,090,568
Estimated interest on loans and financing (1)	1,306,453	2,813,961	1,207,211	15,688,894	21,016,519	1,265,226	2,425,415	2,377,113	15,237,492	21,305,246
Derivatives liabilities	148,284	55,213	—	—	203,497	156,405	114,376	—	—	270,781
Payments of leases	378,447	600,869	392,818	853,454	2,225,588	354,887	520,701	351,036	861,409	2,088,033
Commodities and energy forward purchase contracts	250,399	15,952,387	8,216,350	1,427,845	25,846,981	140,956	13,912,887	11,252,506	2,614,618	27,920,967

(1)Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates on September 30, 2026 and December 31, 2025. Payments in foreign currencies are estimated using the September 30, 2026 and December 31, 2025 exchange rates.