v3.25.4
Financial instruments and risk management (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments and Risk Management [Abstract]  
Financial Instruments - Classification
All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:
Note12/31/202512/31/2024
Assets
Amortized cost
Cash and cash equivalents515,179,753 9,018,818 
Trade accounts receivable76,560,607 9,132,860 
Other assets (1)

595,069 628,275 

22,335,429 18,779,953 
Fair value through other comprehensive income

Investments14.1901,181 1,138,066 

901,181 1,138,066 
Fair value through profit or loss

Derivative financial instruments4.5.19,571,661 3,887,100 
Marketable securities610,252,454 13,363,511 

19,824,115 17,250,611 

43,060,725 37,168,630 
Liabilities

Amortized cost

Trade accounts payable175,141,386 6,033,285 
Loans, financing and debentures18.194,801,257 101,435,531 
Lease liabilities19.26,929,890 6,972,915 
Liabilities for assets acquisitions and subsidiaries2394,840 120,490 
Dividends and interests on own capital payable

1,393,121 2,200,917 
Other liabilities (1)

141,884 143,330 

108,502,378 116,906,468 
Fair value through profit or loss

Derivative financial instruments4.5.19,341,349 10,454,820 

9,341,349 10,454,820 

117,843,727 127,361,288 

74,783,002 90,192,658 
(1)Does not include items not classified as financial instruments.
Financial Instruments - Fair Value
Yield used to discount/methodology12/31/202512/31/2024
Quoted in the secondary market
In foreign currency

BondsSecondary Market36,655,663 48,734,909 
Estimated present value
In foreign currency
Export credits (“Prepayment”)SOFR18,404,795 22,740,891 
Assets FinancingSOFR277,172 422,115 
ECA - Export Credit AgencySOFR1,979,202 864,202 
IFC - International Finance CorporationSOFR5,442,675 6,261,715 
Panda Bonds - CNYFixed1,964,329 951,125 
In local currency
BNDES – TJLPDI 195,167 171,109 
BNDES – TLPDI 14,193,766 3,275,012 
BNDES – TRDI 190,356 33,466 
BNDES – Selic (“Special Settlement and Custody System”)DI 1547,000 645,139 
BNDES – UMBNDESDI 2253,500 106,966 
Assets FinancingDI 149,911 60,566 
DebenturesDI 1/IPCA10,873,596 12,002,992 
NCE (“Export Credit Notes”) DI 1105,865 108,308 
NCR (“Rural Credit Notes”)DI 15,520,478 2,424,457 
CPR ("Rural Product Note")DI 11,472,697 
ECO INVEST – Agroindustrial CreditDI 1334,422  
88,260,594 98,802,972 
Financial Instrument - Liquidity risk
12/31/2025
Book valueUndiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables5,141,386 5,141,386 5,141,386 
Loans, financing and debentures 94,801,257 136,586,565 5,690,098 16,894,643 46,428,491 67,573,333 
Lease liabilities6,929,890 13,281,230 2,761,632 1,235,951 3,161,325 6,122,322 
Liabilities for asset acquisitions and subsidiaries94,840 115,108 19,904 18,993 76,211  
Derivative financial instruments 9,341,349 13,741,567 1,139,273 849,920 3,815,705 7,936,669 
Dividends and interests on own capital payable1,393,121 1,393,121 1,393,121 
Other liabilities141,884 141,884 49,554 92,330 
117,843,727 170,400,861 16,194,968 19,091,837 53,481,732 81,632,324 
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 
Schedule of credit exposures using internal credit grading
Consolidated
12/31/202512/31/2024
Low - current and overdue up to 30 days
6,270,686 8,899,516 
Average - overdue between 30 and 90 days
154,155 174,048 
High - overdue more than 90 days
267,314 89,596 
6,692,155 9,163,160 
Schedule of the book value of financial assets representing the exposure to credit risk
Consolidated
12/31/202512/31/2024
Cash and cash equivalents15,179,753 9,018,818 
Marketable securities10,252,454 13,363,511 
Derivative financial instruments (1)
9,571,661 3,887,100 
35,003,868 26,269,429 
1) Does not include the derivative embedded in a forest partnership agreement for the supply of standing wood, which is not a transaction with a financial institution.
Schedule of credit exposures using external credit grading
Cash and cash equivalents and marketable securitiesDerivative financial instruments
12/31/202512/31/202412/31/202512/31/2024
Risk rating (1)
AAA 232,908 
AA-476,535 286,906 
A+9,055 94,638 148,029 
A6,146  
A-37,081 
brAAA24,984,803 20,830,651 8,870,122 2,747,948 
brAA+576 658,880  
brAA473 755 
brAA-252,945 19 9,246 
brA117,736 31,504 
brBBB-3 
brBB710 
brBB-17 750,359 156,450 
Others29,521 109,448 114,974 314,859 
25,432,207 22,382,329 9,571,661 3,887,100 
1) We use the Brazilian Risk Ratings issued by the agencies Fitch Ratings, Standard & Poor’s and Moody’s.
Financial Instruments - Exchange rate risk management
12/31/202512/31/2024
Assets
Cash and cash equivalents11,919,897 6,496,039 
Marketable securities427,329 70,255 
Trade accounts receivable4,705,509 7,090,160 
Derivative financial instruments5,404,458 3,887,100 
22,457,193 17,543,554 
Liabilities
Trade accounts payable(1,075,590)(1,350,763)
Loans and financing(70,357,356)(83,004,915)
Liabilities for asset acquisitions and subsidiaries(66,446)(93,308)
Derivative financial instruments(4,614,888)(10,448,379)
(76,114,280)(94,897,365)
(53,657,087)(77,353,811)
Financial Instruments - sensitivity analysis
12/31/2025
Effect on profit or loss
Probable (base value)Possible (25%)Remote (50%)
Cash and cash equivalents11,919,897 (2,979,974)(5,959,949)
Marketable securities427,329 (106,832)(213,665)
Trade accounts receivable4,705,509 (1,176,377)(2,352,755)
Trade accounts payable(1,075,590)(268,898)(537,795)
Loans and financing(70,357,356)(17,589,339)(35,178,678)
Liabilities for asset acquisitions and subsidiaries(66,446)(16,612)(33,223)
The following table set out the possible impacts assuming these scenarios:
12/31/2025
Effect on profit or loss
Probable (base value)Possible 25%Remote 50%
Dollar/Real
Derivative financial instruments
Derivative options979,705 (5,707,051)(13,025,130)
Derivative swaps(851,428)(3,164,776)(6,396,550)
Derivative Non-Deliverable Forward (‘NDF’) Contracts24,355 (121,626)(243,252)
Embedded derivatives112,058 (177,738)(355,477)
Commodity Derivatives(34,379)(9,503)(18,280)
12/31/2025
Effect on profit or loss
ProbablePossible (25%)Remote (50%)
CDI/SELIC
Cash and cash equivalents3,204,403 (119,364)(238,728)
Marketable securities7,917,258 (294,918)(589,836)
Loans and financing8,825,045 (328,733)(657,466)
TJLP
Loans and financing101,302 (2,297)(4,594)
SOFR
Loans and financing25,195,489 (243,766)(487,533)
12/31/2025
Effect on profit or loss
ProbableProbable 25%Remote 50%
CDI
Derivative financial instruments
Liabilities
Derivative options979,705 (654,459)(1,256,399)
Derivative swaps(851,428)(646,114)(1,188,904)
SOFR
Derivative financial instruments
Liabilities
Derivative swaps(851,428)(130,162)(253,566)
12/31/2025
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 agreement112,058 (27,632)(58,468)
Summary of yield curves used to calculate fair value of derivative financial instruments
Interest rate curves
Term
Brazil (1)
United States of America (2)
US Dollar coupon (1)
1M
14.90% p.a
3.70% p.a
23.28% p.a
6M
14.57% p.a
3.58% p.a
7.91% p.a
1Y
13.82% p.a
3.43% pa.
6.36% p.a
2Y
13.19% p.a
3.31% p.a
5.58% p.a
3Y
13.19% p.a
3.35% pa.
5.45% p.a
5Y
13.47% p.a
3.48% p.a
5.64% p.a
10Y
13.53% p.a
3.81% p.a
6.77% p.a
Financial Instruments - Sensitivity analysis foreign exchange - derivative
Notional value, net in U.S.$Fair value in R$
12/31/202512/31/202412/31/202512/31/2024
Instruments as part of cash flow protection strategy
Cash flow hedge
Zero Cost Collar6,156,400 6,852,200 979,705 (4,328,970)
NDF (R$ x US$)90,000 581,000 24,355 (331,876)
Debt hedges
Swap SOFR x Fixed (US$)2,400,260 1,973,705 92,248 394,129 
Swap IPCA x CDI (notional in Brazilian Reais)10,466,620 8,128,395 (660,777)(825,899)
Swap CNY x Fixed (US$)362,736 35,288 (6,440)
Swap CDI x Fixed (US$)1,635,783 909,612 (161,443)(776,261)
Pre-fixed Swap to CDI (notional in Brazilian Reais)2,400,000 8,362 
Swap CDI x SOFR (US$)660,171 610,171 (165,105)(590,764)
Swap SOFR x SOFR (US$) 150,961  (37,850)
Commodity Hedge and other
Swap US$ e US-CPI (1)
153,342 138,439 112,058 (80,759)
Zero Cost Collar (Brent)359,677 163,941 (33,279)6,097 
Swap VLSFO/Brent1,217 39,706 (1,100)10,873 
230,312 (6,567,720)
Current assets1,556,978 1,006,427 
Non-current assets8,014,683 2,880,673 
Current liabilities(1,205,029)(2,760,273)
Non-current liabilities(8,136,320)(7,694,547)
230,312 (6,567,720)
(1)The embedded derivative refers to a swap contract for the sale of price variations in US$ and US-CPI within the term of a forest partnership with a standing wood supply contract.
Financial Instruments - Fair Value Maturity
12/31/202512/31/2024
2026351,949 (1,753,846)
2027674,290 (1,699,768)
202896,273 (36,905)
2029 onwards(892,200)(3,077,201)
230,312 (6,567,720)
Financial Instruments - Outstanding assets and liabilities
Notional valueFair value in R$
Currency12/31/202512/31/202412/31/202512/31/2024
Debt hedges
Assets
Swap CDI to FixedR$8,788,534 4,748,394 2,525,172 1,482,759 
Swap Pre-Fixed to US$ US$  
Swap SOFR to Fixed US$ 2,400,260 1,973,705 492,458 424,824 
Swap IPCA to CDIR$11,059,169 8,382,699 1,549,779 927,586 
Pre-fixed Swap to CDI R$2,400,000  1,562,789  
Swap CDI to SOFRR$3,399,600 3,117,625 915,431 754,173 
Swap CNY to FixedCNY2,600,000 509,116 
Swap SOFR to SOFRUS$150,961  4,949 
7,554,745 3,594,291 
Liabilities
Swap CDI to Fixed US$ 1,635,783 909,612 (2,686,614)(2,259,020)
Swap Pre-Fixed to US$ US$   
Swap SOFR to Fixed US$ 2,400,260 1,973,705 (400,210)(30,695)
Swap IPCA to CDIR$10,466,620 8,128,395 (2,210,556)(1,753,485)
Pre-fixed Swap to CDI R$2,400,000  (1,554,427) 
Swap CDI to SOFRUS$660,171 610,171 (1,080,537)(1,344,937)
Swap CNY to FixedUS$362,736 (473,828)(6,440)
Swap SOFR to SOFRUS$ 150,961 (42,799)
(8,406,172)(5,437,376)
(851,427)(1,843,085)
Cash flow hedge
Zero Cost Collar (US$ x R$)US$ 6,156,400 6,852,200 979,705 (4,328,970)
NDF (R$ x US$)US$ 90,000 581,000 24,355 (331,876)
1,004,060 (4,660,846)
Commodity Hedge and other
Swap US-CPI (standing wood) (1)US$153,342 138,439 112,058 (80,759)
Zero Cost Collar (Brent)US$359,677 163,941 (33,279)6,097 
Swap VLSFO/BrentUS$1,217 39,706 (1,100)10,873 
77,679 (63,789)
230,312 (6,567,720)
(1)The embedded derivative refers to the swap contracts for selling price variations in US$ and the US-CPI in forest partnership with a standing wood supply contract.
Financial Instruments - Fair Value Settled
12/31/202512/31/2024
Cash flow hedge
Zero Cost Collar (R$ x US$)9,922 645,759 
NDF (R$ x US$)(15,388)(68,695)
NDF (€ x US$)(26)73,781 

(5,492)650,845 

Commodity Hedge and other(712)89,327 
Swap VLSFO/Brent(712)89,327 

Debt hedges
Swap CDI to Fixed (US$)408,373 (1,635,058)
Swap IPCA to CDI (Brazilian Reais)(321,139)(59,243)
Swap CNH to fixed US$(16,455) 
Swap Pre-Fixed to US$ (221,462)
Swap SOFR to SOFR (US$)1,504 
Swap CDI to SOFR (US$)212,326 19,074 
Swap SOFR to Fixed (US$)252,250 603,737 

536,859 (1,290,753)

530,655 (550,581)
Financial Instruments - Fair Value Hierarchy
12/31/2025
Level 1Level 2Level 3Total
Assets
At fair value through profit or loss
Derivative financial instruments9,571,661 9,571,661 
Marketable securities1,274,439 8,978,015 10,252,454 
1,274,439 18,549,676  19,824,115 
At fair value through other comprehensive income



Other investments (note 14.1)865,986 35,195 901,181 
865,986  35,195 901,181 






Biological assets 26,097,164 26,097,164 
  26,097,164 26,097,164 
Total assets2,140,425 18,549,676 26,132,359 46,822,460 
Liabilities






At fair value through profit or loss





Derivative financial instruments 9,341,349 9,341,349 
 9,341,349  9,341,349 
 9,341,349  9,341,349 



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