Supplemental financial information (Tables)

9 Months Ended

Sep. 30, 2026

Supplemental Financial Information [Abstract]

Schedule Of Consolidated Statements Of Financial Position

Consolidated statements of financial position:


	September 30, 2026
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3,206,348	942,414	—	4,148,762
Margin cash	100,999	1,710	—	102,709
Trade accounts receivable	2,268,603	1,011,644	(6,738)	3,273,509

Inventories	6,291,252	1,155,914	—	7,447,166
Biological assets	1,168,150	560,577	—	1,728,727
Recoverable taxes	1,036,239	257,961	—	1,294,200
Derivative assets	62,826	26,246	—	89,072
Other current assets	350,033	239,667	(23,794)	565,906
TOTAL CURRENT ASSETS	14,484,450	4,196,133	(30,532)	18,650,051

NON-CURRENT ASSETS
Long-term investments	52,030	—	—	52,030
Recoverable taxes	2,160,075	—	—	2,160,075
Biological assets	290,747	379,608	—	670,355
Related party receivables	38,086	—	—	38,086
Deferred income taxes	670,758	28,628	—	699,386
Other non-current assets	378,609	159,624	—	538,233


Investments in equity-accounted investees	3,402,316	—	(3,188,610)	213,706
Property, plant and equipment	10,726,670	3,887,163	—	14,613,833
Right of use assets	1,392,805	302,161	—	1,694,966
Intangible assets	912,527	842,144	—	1,754,671
Goodwill	4,675,877	1,316,811	—	5,992,688

TOTAL NON-CURRENT ASSETS	24,700,500	6,916,139	(3,188,610)	28,428,029

TOTAL ASSETS	39,184,950	11,112,272	(3,219,142)	47,078,080


	September 30, 2026
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable	4,362,414	1,628,683	(6,738)	5,984,359
Supply chain finance	800,847	392,138	—	1,192,985
Loans and financing	1,378,517	42,861	—	1,421,378
Income taxes	76,712	110,325	—	187,037
Other taxes payable	156,108	14,093	—	170,201
Payroll and social charges	1,200,122	367,937	—	1,568,059
Lease liabilities	312,780	65,667	—	378,447
Dividends payable	11	—	—	11
Provisions for legal proceedings	38,305	180,356	—	218,661
Derivative liabilities	135,071	13,213	—	148,284
Other current liabilities	529,443	160,934	(23,794)	666,583
TOTAL CURRENT LIABILITIES	8,990,330	2,976,207	(30,532)	11,936,005

NON-CURRENT LIABILITIES
Loans and financing	18,783,638	3,403,347	—	22,186,985
Income and other taxes payable	395,623	23,772	—	419,395
Payroll and social charges	226,564	2,104	—	228,668
Lease liabilities	1,225,106	255,570	—	1,480,676
Deferred income taxes	713,496	487,899	—	1,201,395
Provisions for legal proceedings	216,427	—	—	216,427
Related party payable	123,608	—	—	123,608
Derivative liabilities	55,213	—	—	55,213
Other non-current liabilities	45,856	6,898	—	52,754
TOTAL NON-CURRENT LIABILITIES	21,785,531	4,179,590	—	25,965,121

EQUITY
Share capital - common shares	5,350,861	1,314,107	(6,623,408)	41,560
Reserves	7,903,045	(142,123)	—	7,760,922

Undistributed results	(5,238,133)	2,086,251	3,434,798	282,916
Accumulated other comprehensive loss	315,213	(69,625)	—	245,588
Attributable to company shareholders	8,330,986	3,188,610	(3,188,610)	8,330,986
Attributable to non-controlling interest	78,103	767,865	—	845,968
TOTAL EQUITY	8,409,089	3,956,475	(3,188,610)	9,176,954
TOTAL LIABILITIES AND EQUITY	39,184,950	11,112,272	(3,219,142)	47,078,080


	December 31, 2025
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3,921,730	643,406	—	4,565,136
Margin cash	159,048	514	—	159,562
Trade accounts receivable	3,055,286	1,188,544	(11,906)	4,231,924
Dividends receivable	1,465	—	—	1,465
Inventories	4,949,488	1,157,677	—	6,107,165
Biological assets	1,288,243	538,523	—	1,826,766
Recoverable taxes	721,761	241,507	(6,057)	957,211
Derivative assets	140,971	14,631	—	155,602
Other current assets	242,811	202,424	(11,863)	433,372
TOTAL CURRENT ASSETS	14,480,803	3,987,226	(29,826)	18,438,203

NON-CURRENT ASSETS
Long-term investments	45,780	—	—	45,780
Recoverable taxes	1,874,572	—	—	1,874,572
Biological assets	256,583	355,216	—	611,799
Related party receivables	41,231	—	—	41,231
Deferred income taxes	516,308	31,474	(768)	547,014
Other non-current assets	378,828	109,975	—	488,803


Investments in equity-accounted investees	3,198,779	—	(3,027,167)	171,612
Property, plant and equipment	10,077,519	3,568,139	—	13,645,658
Right of use assets	1,370,826	242,821	—	1,613,647
Intangible assets	942,690	882,902	—	1,825,592
Goodwill	4,513,691	1,338,884	—	5,852,575

TOTAL NON-CURRENT ASSETS	23,216,807	6,529,411	(3,027,935)	26,718,283

TOTAL ASSETS	37,697,610	10,516,637	(3,057,761)	45,156,486


	December 31, 2025
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable	4,313,158	1,895,272	(10,330)	6,198,100
Supply chain finance	1,134,459	—	—	1,134,459
Loans and financing	781,928	51,157	—	833,085
Income taxes	170,093	123,994	(6,057)	288,030
Other taxes payable	119,893	33,066	—	152,959
Payroll and social charges	1,072,999	487,160	—	1,560,159
Lease liabilities	294,217	60,670	—	354,887
Dividends payable	—	—	—	—
Provisions for legal proceedings	159,217	—	—	159,217
Derivative liabilities	152,218	4,187	—	156,405
Other current liabilities	398,770	319,178	(13,439)	704,509
TOTAL CURRENT LIABILITIES	8,596,952	2,974,684	(29,826)	11,541,810

NON-CURRENT LIABILITIES
Loans and financing	17,166,293	3,091,190	—	20,257,483
Income and other taxes payable	385,147	22,580	—	407,727
Payroll and social charges	303,900	(15,835)	—	288,065
Lease liabilities	1,212,245	200,153	—	1,412,398
Deferred income taxes	695,746	474,322	(768)	1,169,300
Provisions for legal proceedings	209,358	—	—	209,358
Related party payable	190,998	—	—	190,998
Derivative liabilities	114,376	—	—	114,376
Other non-current liabilities	34,138	8,042	—	42,180
TOTAL NON-CURRENT LIABILITIES	20,312,201	3,780,452	(768)	24,091,885

EQUITY
Share capital - common shares	5,145,820	1,351,259	(6,461,965)	35,114
Reserves	6,855,134	(210,815)	—	6,644,319
Accumulated other comprehensive loss	(51,334)	(10,291)		(61,625)
Undistributed results	(3,246,042)	1,897,016	3,434,798	2,085,772
Attributable to company shareholders	8,703,580	3,027,167	(3,027,167)	8,703,580
Attributable to non-controlling interest	84,877	734,334	—	819,211
TOTAL EQUITY	8,788,457	3,761,501	(3,027,167)	9,522,791
TOTAL LIABILITIES AND EQUITY	37,697,610	10,516,637	(3,057,761)	45,156,486

Schedule Of Consolidated Statements Of Income

Consolidated statements of income:


	Nine-month period ended September 30, 2026
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

NET REVENUE	54,579,295	13,803,350	(136,618)	68,246,027
Cost of sales	(49,112,907)	(11,943,538)	136,618	(60,919,827)
GROSS PROFIT	5,466,388	1,859,812	—	7,326,200

General and administrative expenses	(1,044,642)	(554,767)	—	(1,599,409)
Selling expenses	(3,310,573)	(860,946)	—	(4,171,519)
Other income	89,635	11,377	—	101,012
Other expenses	(33,561)	(24,768)	—	(58,329)
NET OPERATING EXPENSES	(4,299,141)	(1,429,104)	—	(5,728,245)

OPERATING PROFIT	1,167,247	430,708	—	1,597,955

Finance income	431,547	40,196	—	471,743
Finance expense	(1,628,407)	(161,887)	—	(1,790,294)
NET FINANCE EXPENSE	(1,196,860)	(121,691)	—	(1,318,551)

Share of profit of equity-accounted investees, net of tax	3,344	—	—	3,344

PROFIT (LOSS) BEFORE TAXES	(26,269)	309,017	—	282,748

Current income taxes	(20,788)	(58,231)	—	(79,019)
Deferred income taxes	152,027	(21,483)	—	130,544
TOTAL INCOME TAXES	131,239	(79,714)	—	51,525
NET INCOME (LOSS)	104,970	229,303	—	334,273

ATTRIBUTABLE TO:
Company shareholders	93,681	189,235	—	282,916
Non-controlling interest	11,289	40,068	—	51,357
	104,970	229,303	—	334,273


	Three-month period ended September 30, 2026
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

NET REVENUE	18,140,092	4,650,307	(52,577)	22,737,822
Cost of sales	(16,351,462)	(4,025,226)	52,577	(20,324,111)
GROSS PROFIT	1,788,630	625,081	—	2,413,711

General and administrative expenses	(330,290)	(125,370)	—	(455,660)
Selling expenses	(1,157,636)	(300,356)	—	(1,457,992)
Other income	29,867	1,334	—	31,201
Other expenses	(9,490)	(5,411)	—	(14,901)
NET OPERATING EXPENSES	(1,467,549)	(429,803)	—	(1,897,352)

OPERATING PROFIT	321,081	195,278	—	516,359

Finance income	154,513	9,402	—	163,915
Finance expense	(427,037)	(45,648)	—	(472,685)
NET FINANCE EXPENSE	(272,524)	(36,246)	—	(308,770)

Share of profit of equity-accounted investees, net of tax	(11,450)	—	—	(11,450)

PROFIT (LOSS) BEFORE TAXES	37,107	159,032	—	196,139

Current income taxes	(10,781)	(16,367)	—	(27,148)
Deferred income taxes	47,003	(27,136)	—	19,867
TOTAL INCOME TAXES	36,222	(43,503)	—	(7,281)
NET INCOME (LOSS)	73,329	115,529	—	188,858

ATTRIBUTABLE TO:
Company shareholders	68,591	95,840	—	164,431
Non-controlling interest	4,738	19,689	—	24,427
	73,329	115,529	—	188,858


	Nine-month period ended September 30, 2025
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

NET REVENUE	49,278,852	13,971,317	(129,018)	63,121,151
Cost of sales	(43,481,156)	(11,339,495)	129,018	(54,691,633)
GROSS PROFIT	5,797,696	2,631,822	—	8,429,518

General and administrative expenses	(1,104,749)	(487,698)	—	(1,592,447)
Selling expenses	(2,945,628)	(705,034)	—	(3,650,662)
Other income	66,959	10,339	—	77,298
Other expenses	(23,636)	(33,038)	—	(56,674)
NET OPERATING EXPENSES	(4,007,054)	(1,215,431)	—	(5,222,485)

OPERATING PROFIT	1,790,642	1,416,391	—	3,207,033

Finance income	432,481	75,536	—	508,017
Finance expense	(1,313,421)	(170,694)	—	(1,484,115)
NET FINANCE EXPENSE	(880,940)	(95,158)	—	(976,098)

Share of profit of equity-accounted investees, net of tax	15,008	—	—	15,008

PROFIT BEFORE TAXES	924,710	1,321,233	—	2,245,943

Current income taxes	(211,703)	(364,695)	—	(576,398)
Deferred income taxes	90,128	35,100	—	125,228
TOTAL INCOME TAXES	(121,575)	(329,595)	—	(451,170)
NET INCOME	803,135	991,638	—	1,794,773

ATTRIBUTABLE TO:
Company shareholders	794,175	815,017	—	1,609,192
Non-controlling interest	8,960	176,621	—	185,581
	803,135	991,638	—	1,794,773


	Three-month period ended September 30, 2025
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

NET REVENUE	17,883,024	4,756,419	(42,459)	22,596,984
Cost of sales	(15,809,167)	(3,857,829)	42,459	(19,624,537)
GROSS PROFIT	2,073,857	898,590	—	2,972,447

General and administrative expenses	(352,151)	(161,586)	—	(513,737)
Selling expenses	(1,019,156)	(236,863)	—	(1,256,019)
Other income	26,198	3,023	—	29,221
Other expenses	(6,710)	(6,164)	—	(12,874)
NET OPERATING EXPENSES	(1,351,819)	(401,590)	—	(1,753,409)

OPERATING PROFIT	722,038	497,000	—	1,219,038

Finance income	183,041	19,879	—	202,920
Finance expense	(553,543)	(57,526)	—	(611,069)
NET FINANCE EXPENSE	(370,502)	(37,647)	—	(408,149)

Share of profit of equity-accounted investees, net of tax	4,452	—	—	4,452

PROFIT BEFORE TAXES	355,988	459,353	—	815,341

Current income taxes	(53,455)	(132,487)	—	(185,942)
Deferred income taxes	(455)	15,180	—	14,725
TOTAL INCOME TAXES	(53,910)	(117,307)	—	(171,217)
NET INCOME	302,078	342,046	—	644,124

ATTRIBUTABLE TO:
Company shareholders	299,690	281,197	—	580,887
Non-controlling interest	2,388	60,849	—	63,237
	302,078	342,046	—	644,124

Schedule Of Consolidated Statements Of Comprehensive Income

Consolidated statements of comprehensive income:


	Nine-month period ended September 30, 2026
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

Net income (loss)	104,970	229,303	—	334,273

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments	351,552	(52,729)	—	298,823
Gain (loss) on cash flow hedge	260	—	—	260
Deferred income tax on gain (loss) on cash flow hedge	553	—	—	553
Other fair value adjustments through other comprehensive income	—	—	—	—
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations	742	325	—	1,067
Income tax on gain associated with pension and other postretirement benefit obligations	(109)	—	—	(109)
Total other comprehensive income (loss)	352,998	(52,404)	—	300,594

Comprehensive Income (loss)	457,968	176,899	—	634,867
Comprehensive Income on subsidiaries	176,899	—	(176,899)	—
	634,867	176,899	(176,899)	634,867

Total comprehensive income attributable to:
Company shareholders	620,628	146,400	(176,899)	590,129
Non-controlling interest	14,239	30,499	—	44,738
	634,867	176,899	(176,899)	634,867


	Three-month period ended September 30, 2026
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

Net income (loss)	73,329	115,529	—	188,858

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain (loss) on foreign currency translation adjustments	(32,389)	1,283	—	(31,106)
Gain (loss) on cash flow hedge	(1,747)	—	—	(1,747)
Deferred income tax on gain (loss) on cash flow hedge	(262)	—	—	(262)
Other fair value adjustments through other comprehensive income	—	—	—	—
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations	799	1,281	—	2,080
Income tax on gain associated with pension and other postretirement benefit obligations	(426)	—	—	(426)
Total other comprehensive income (loss)	(34,025)	2,564	—	(31,461)

Comprehensive Income (loss)	39,304	118,093	—	157,397
Comprehensive Income on subsidiaries	118,093	—	(118,093)	—
	157,397	118,093	(118,093)	157,397

Total comprehensive income attributable to:
Company shareholders	149,257	97,946	(118,093)	129,110
Non-controlling interest	8,140	20,147	—	28,287
	157,397	118,093	(118,093)	157,397


	Nine-month period ended September 30, 2025
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

Net income	803,135	991,638	—	1,794,773

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments	765,375	284,002		1,049,377
Gain (loss) on cash flow hedge	(2,088)	1,223		(865)
Deferred income tax on gain (loss) on cash flow hedge	(74)	—		(74)
Other fair value adjustments through other comprehensive income	(380)	—		(380)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations	(395)	(1,428)	—	(1,823)
Income tax on gain associated with pension and other postretirement benefit obligations	737	—		737
Total other comprehensive income	763,175	283,797	—	1,046,972

Comprehensive Income (loss)	1,566,310	1,275,435	—	2,841,745
Comprehensive Income on subsidiaries	1,275,435	—	(1,275,435)	—
	2,841,745	1,275,435	(1,275,435)	2,841,745

Total comprehensive income attributable to:
Company shareholders	3,038,138	1,048,673	(1,275,435)	2,811,376
Non-controlling interest	(196,393)	226,762	—	30,369
	2,841,745	1,275,435	(1,275,435)	2,841,745


	Three-month period ended September 30, 2025
	Restricted subsidiaries	Unrestricted subsidiaries	Eliminations	Total

Net income	302,078	342,046	—	644,124

Other comprehensive income
Items that are or may be subsequently reclassified to statement of income:
Gain on foreign currency translation adjustments	123,086	(40,955)		82,131
Gain (loss) on cash flow hedge	985	(1,811)		(826)
Deferred income tax on gain (loss) on cash flow hedge	(22)	—		(22)
Other fair value adjustments through other comprehensive income	(344)	—		(344)
Items that will not be reclassified to statement of income:
Gains associated with pension and other postretirement benefit obligations	(291)	(1,937)	—	(2,228)
Income tax on gain associated with pension and other postretirement benefit obligations	683	—		683
Total other comprehensive income	124,097	(44,703)	—	79,394

Comprehensive Income (loss)	426,175	297,343	—	723,518
Comprehensive Income on subsidiaries	297,343	—	(297,343)	—
	723,518	297,343	(297,343)	723,518

Total comprehensive income attributable to:
Company shareholders	723,966	244,408	(297,343)	671,031
Non-controlling interest	(448)	52,935	—	52,487
	723,518	297,343	(297,343)	723,518