v3.25.3
Financial instruments and risk management (Tables)
 9 Months Ended
Sep. 30, 2025
Disclosure of detailed information about financial instruments [line items]  
Financial Instruments - Classification
Note09/30/202512/31/2024
Assets
Amortized cost
Cash and cash equivalents515,838,866 9,018,818 
Trade accounts receivable76,129,481 9,132,860 
Other assets (1)

637,949 628,275 

22,606,296 18,779,953 
Fair value through other comprehensive income

Investments14.1962,341 1,138,066 

962,341 1,138,066 
Fair value through profit or loss

Derivative financial instruments4.5.18,116,404 3,887,100 
Marketable securities68,051,784 13,363,511 

16,168,188 17,250,611 

39,736,825 37,168,630 
Liabilities

Amortized cost

Trade accounts payable175,428,821 6,033,285 
Loans, financing and debentures18.192,962,205 101,435,531 
Lease liabilities19.26,845,742 6,972,915 
Liabilities for assets acquisitions and subsidiaries2396,801 120,490 
Dividends and interests on own capital payable

1,992 2,200,917 
Other liabilities (1)

90,670 143,330 

105,426,231 116,906,468 
Fair value through profit or loss

Derivative financial instruments4.67,623,291 10,454,820 

7,623,291 10,454,820 

113,049,522 127,361,288 

73,312,697 90,192,658 
Financial Instruments - Fair Value
Yield used to discount/methodology09/30/202512/31/2024
Quoted in the secondary market
In foreign currency

BondsSecondary Market42,756,587 48,734,909 
Estimated present value
In foreign currency
Export credits (“Prepayment”)SOFR19,409,883 22,740,891 
Assets FinancingSOFR300,405 422,115 
IFC - International Finance CorporationSOFR5,437,090 6,261,715 
ECA - Export Credit AgencySOFR1,975,509 864,202 
Panda Bonds - CNYFixed908,265 951,125 
In local currency
BNDES – TJLPDI 1113,687 171,109 
BNDES – TLPDI 13,841,771 3,275,012 
BNDES – TRDI 145,234 33,466 
BNDES – Selic (“Special Settlement and Custody System”)DI 1582,277 645,139 
BNDES – UMBNDESDI 2249,135 106,966 
Assets FinancingDI 153,062 60,566 
DebenturesDI 1/IPCA11,072,428 12,002,992 
NCE (“Export Credit Notes”) DI 1106,315 108,308 
NCR (“Rural Credit Notes”)DI 15,294,223 2,424,457 
CPR ("Rural Product Note")DI 11,404,472 
ECO INVEST – Agroindustrial CreditDI 1346,764  
93,897,107 98,802,972 
Financial Instrument - Liquidity risk
09/30/2025
Book valueUndiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables5,428,821 5,428,821 5,428,821 
Loans, financing and debentures 92,962,205 134,723,594 7,630,901 15,055,057 44,536,979 67,500,657 
Lease liabilities6,845,742 12,839,183 2,327,478 1,201,940 3,104,433 6,205,332 
Liabilities for asset acquisitions and subsidiaries96,801 112,326 19,239 18,359 74,728  
Derivative financial instruments 7,623,291 12,250,436 1,086,093 809,876 2,883,123 7,471,344 
Dividends and interests on own capital payable1,992 1,992 1,992 
Other liabilities90,670 90,670 45,995 44,675 
113,049,522 165,447,022 16,540,519 17,129,907 50,599,263 81,177,333 
12/31/2024
Book
value		Undiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables6,033,285 6,033,285 6,033,285 
Loans, financing and debentures 101,435,531 142,028,543 13,599,011 14,235,170 50,858,667 63,335,695 
Lease liabilities6,972,915 12,099,294 1,302,590 1,176,832 3,094,493 6,525,379 
Liabilities for asset acquisitions and subsidiaries120,490 146,082 23,425 22,400 100,257 
Derivative financial instruments 10,454,820 13,878,150 1,676,180 957,540 1,489,357 9,755,073 
Dividends and interests on own capital payable2,200,917 2,200,917 2,200,917 
Other liabilities143,330 143,330 60,892 82,438 
127,361,288 176,529,601 24,896,300 16,474,380 55,542,774 79,616,147 
Financial Instruments - Exchange rate risk management
09/30/202512/31/2024
Assets
Cash and cash equivalents14,607,009 6,496,039 
Marketable securities807,263 70,255 
Trade accounts receivable4,497,967 7,090,160 
Derivative financial instruments4,987,686 3,887,100 
24,899,925 17,543,554 
Liabilities
Trade accounts payable(1,067,725)(1,350,763)
Loans and financing(69,042,086)(83,004,915)
Liabilities for asset acquisitions and subsidiaries(68,670)(93,308)
Derivative financial instruments(3,857,874)(10,448,379)
(74,036,355)(94,897,365)
(49,136,430)(77,353,811)
Financial Instruments - sensitivity analysis
09/30/2025
Effect on profit or loss
Probable (base value)Possible (25%)Remote (50%)
Cash and cash equivalents14,607,009 3,651,752 7,303,505 
Marketable securities807,263 201,816 403,632 
Trade accounts receivable4,497,967 1,124,492 2,248,984 
Trade accounts payable(1,067,725)(266,931)(533,863)
Loans and financing(69,042,086)(17,260,522)(34,521,043)
Liabilities for asset acquisitions and subsidiaries(68,670)(17,168)(34,335)
09/30/2025
Effect on profit or loss
Probable (base value)Possible (25%)Remote (50%)
Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement99,383 (24,312)(51,222)
Financial Instruments - Sensitivity analysis foreign exchange - derivative
09/30/2025
Effect on profit or loss
Probable (base value)Possible 25%Remote 50%
Dollar/Real
Derivative financial instruments
Derivative options1,075,688 (5,104,632)(12,077,754)
Derivative swaps(710,040)(3,218,272)(6,517,850)
Derivative Non-Deliverable Forward (‘NDF’) Contracts28,442 (116,280)(232,553)
Embedded derivatives99,383 (174,998)(349,995)
Commodity Derivatives(352)(187)(296)
Dollar/CNY
Derivative financial instruments
NDF parity derivatives (7)(2)(4)
Notional value, net in U.S.$Fair value in R$
09/30/202512/31/202409/30/202512/31/2024
Instruments as part of cash flow protection strategy
Cash flow hedge
Zero Cost Collar5,962,800 6,852,200 1,075,688 (4,328,970)
NDF (R$ x US$)90,000 581,000 28,442 (331,876)
NDF (CNY x US$)1,500 (7)
Debt hedges
Swap SOFR x Fixed (US$)2,015,371 1,973,705 132,462 394,129 
Swap IPCA x CDI (notional in Brazilian Reais)10,137,136 8,128,395 (788,468)(825,899)
Swap CNY x Fixed (US$)165,815 165,815 (2,687)(6,440)
Swap CDI x Fixed (US$)1,607,213 909,612 (25,130)(776,261)
Pre-fixed Swap to CDI (notional in Brazilian Reais)2,400,000 26,605 
Swap CDI x SOFR (US$)660,171 610,171 (52,823)(590,764)
Swap SOFR x SOFR (US$) 150,961  (37,850)
Commodity Hedge
Swap US$ e US-CPI (1)
153,273 138,439 99,383 (80,759)
Zero Cost Collar (Brent)252,089 163,941 1,285 6,097 
Swap VLSFO/Brent5,888 39,706 (1,637)10,873 
493,113 (6,567,720)
Current assets1,363,240 1,006,427 
Non-current assets6,753,164 2,880,673 
Current liabilities(1,188,743)(2,760,273)
Non-current liabilities(6,434,548)(7,694,547)
493,113 (6,567,720)
Financial Instruments - Fair Value Maturity
09/30/202512/31/2024
2025176,214 (1,753,846)
2026448,898 (1,699,768)
2027741,124 (36,905)
2028 onwards(873,123)(3,077,201)
493,113 (6,567,720)
Financial Instruments - Outstanding assets and liabilities
Notional valueFair value in R$
Currency09/30/202512/31/202409/30/202512/31/2024
Debt hedges
Assets
Swap CDI to FixedR$8,579,548 4,748,394 2,213,625 1,482,759 
Swap SOFR to Fixed US$ 2,015,371 1,973,705 291,321 424,824 
Swap IPCA to CDIR$10,657,886 8,382,699 1,382,291 927,586 
Pre-fixed Swap to CDI R$2,400,000  1,518,808  
Swap CDI to SOFRR$3,399,600 3,117,625 981,679 754,173 
Swap CNY to FixedCNY1,200,000 1,200,000 28,453  
Swap SOFR to SOFRUS$ 150,961  4,949 
6,416,177 3,594,291 
Liabilities
Swap CDI to Fixed US$ 1,607,213 909,612 (2,238,755)(2,259,020)
Swap SOFR to Fixed US$ 2,015,371 1,973,705 (158,858)(30,695)
Swap IPCA to CDIR$10,137,136 8,128,395 (2,170,759)(1,753,485)
Pre-fixed Swap to CDI R$2,400,000  (1,492,203) 
Swap CDI to SOFRUS$660,171 610,171 (1,034,502)(1,344,937)
Swap CNY to FixedUS$165,815 165,815 (31,140)(6,440)
Swap SOFR to SOFRUS$  150,961  (42,799)
(7,126,217)(5,437,376)
(710,040)(1,843,085)
Cash flow hedge
Zero Cost Collar (US$ x R$)US$ 5,962,800 6,852,200 1,075,688 (4,328,970)
NDF (R$ x US$)US$ 90,000 581,000 28,442 (331,876)
NDF (CNY x US$)US$ 1,500  (7) 
1,104,123 (4,660,846)
 Commodity hedge
Swap US-CPI (standing wood) (1)US$153,273 138,439 99,383 (80,759)
Zero Cost Collar (Brent)US$252,089 163,941 1,285 6,097 
Swap VLSFO/BrentUS$5,888 39,706 (1,638)10,873 
99,030 (63,789)
493,113 (6,567,720)
Financial Instruments - Fair Value Settled
09/30/202512/31/2024
Cash flow hedge
Zero Cost Collar (R$ x US$)6,513 645,759 
NDF (R$ x US$)(15,388)(68,695)
NDF (€ x US$)(26)73,781 

(8,901)650,845 

Commodity Hedge 6,303 89,327 
Swap VLSFO/other6,303 89,327 

Debt hedges
Swap CDI to Fixed (US$)265,568 (1,635,058)
Swap IPCA to CDI (Brazilian Reais)(200,007)(59,243)
Swap Pre-Fixed to US$ (221,462)
Swap SOFR to SOFR (US$)1,504 2,199 
Swap CDI to SOFR (US$)120,515 19,074 
Swap SOFR to Fixed (US$)185,807 603,737 

373,387 (1,290,753)

370,789 (550,581)
Financial Instruments - Fair Value Hierarchy
09/30/2025
Level 1Level 2Level 3Total
Assets
At fair value through profit or loss
Derivative financial instruments8,116,404 8,116,404 
Marketable securities1,255,594 6,796,190 8,051,784 
1,255,594 14,912,594  16,168,188 
At fair value through other comprehensive income



Other investments (note 14.1)928,747 33,594 962,341 
928,747  33,594 962,341 






Biological assets 24,445,461 24,445,461 
  24,445,461 24,445,461 
Total assets2,184,341 14,912,594 24,479,055 41,575,990 
Liabilities






At fair value through profit or loss





Derivative financial instruments 7,623,291 7,623,291 
 7,623,291  7,623,291 
 7,623,291  7,623,291 
12/31/2024
Level 1Level 2Level 3Total
Assets
At fair value through profit or loss
Derivative financial instruments3,887,100 3,887,100 
Marketable securities1,203,776 12,159,735 13,363,511 
1,203,776 16,046,835  17,250,611 
At fair value through other comprehensive income



Other investments - (note 14.1)38,196 1,138,066 
1,099,870  38,196 1,138,066 
Biological assets22,283,001 22,283,001 
  22,283,001 22,283,001 
Total assets2,303,646 16,046,835 22,321,197 40,671,678 
Liabilities
At fair value through profit or loss
Derivative financial instruments10,454,820 10,454,820 
 10,454,820  10,454,820 
Total liabilities 10,454,820  10,454,820 
Interest rate risk [member] | Financial instruments, excluding derivatives  
Disclosure of detailed information about financial instruments [line items]  
Financial Instruments - sensitivity analysis
09/30/2025
Effect on profit or loss
ProbablePossible (25%)Remote (50%)
CDI/SELIC
Cash and cash equivalents1,121,685 41,783 83,566 
Marketable securities5,374,880 200,214 400,428 
Loans and financing8,982,744 334,607 669,214 
TJLP
Loans and financing122,763 2,750 5,500 
SOFR
Loans and financing25,368,450 268,906 537,811 
Interest rate risk [member] | Derivative financial instruments  
Disclosure of detailed information about financial instruments [line items]  
Financial Instruments - sensitivity analysis
09/30/2025
Effect on profit or loss
ProbableProbable 25%Remote 50%
CDI
Derivative financial instruments
Liabilities
Derivative options1,075,688 (505,856)(951,432)
Derivative swaps(710,040)(644,348)(1,182,728)
SOFR
Derivative financial instruments
Liabilities
Derivative swaps(710,040)(119,894)(233,105)