v3.26.3
Income taxes - Schedule of Income Tax and Social Contribution Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Major components of tax expense (income) [abstract]        
Profit (loss) before taxes $ 196,139 $ 815,341 $ 282,748 $ 2,245,943
Brazilian statutory corporate tax rate (34.00%) (34.00%) (34.00%) (34.00%)
Expected tax expense (benefit) $ (66,687) $ (277,216) $ (96,134) $ (763,621)
Adjustments to reconcile taxable income tax expense (benefit):        
Share of profit of equity-accounted investees (3,893) 1,520 1,137 5,103
Non-taxable tax benefits 65,996 58,032 186,829 165,056
Difference of tax rates on taxable income from foreign subsidiaries 19,364 49,938 (1,141) 96,902
Profits taxed by-foreign jurisdictions 3,068 44,406 (11,657) (37,591)
Current year deferred taxes not recognized and deferred taxes recognized from prior years (16,141) 10,026 (31,088) 86,093
Dividends paid abroad 0 (10,809) 0 (10,809)
Non-taxable interest - Foreign subsidiaries 3,232 3,151 9,813 9,414
Donations and social programs 11 0 (1,816) 0
SELIC interest on tax credits 2,985 2,631 4,291 33,946
Brazilian tax incentive law - Lei do Bem 0 0 0 1,397
Other permanent differences (15,216) (52,896) (8,709) (37,060)
Current and deferred income tax benefit (expense) (7,281) (171,217) 51,525 (451,170)
Current income tax (27,148) (185,942) (79,019) (576,398)
Deferred income tax 19,867 14,725 130,544 125,228
TOTAL INCOME TAXES $ (7,281) $ (171,217) $ 51,525 $ (451,170)
Effective Income Tax Rate (3.71%) (21.00%) 18.22% (20.09%)