v3.25.4
Statement of cash flows, indirect method (Statement) - BRL (R$)
R$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from (used in) operating activities      
Net income (loss) for the year R$ 13,437,687 R$ (7,044,706) R$ 14,106,381
Adjustments to reconcile profit (loss)      
Depreciation, depletion and amortization 10,913,290 8,874,931 6,999,839
Depreciation, right-of-use assets 383,968 349,064 321,271
Interest expense on lease liabilities 467,879 451,148 441,596
Result from sale and disposal of property, plant and equipment, intangible and biological assets, net 475,267 163,033 331,285
Income (expense) from associates and joint ventures 409,212 13,845 19,379
Exchange rate and monetary variations, net (7,550,610) 15,884,993 (3,087,727)
Interest expenses on financing, loans and debentures 5,953,778 5,413,707 4,797,094
Adjustments for finance costs (274,731) (959,968) (1,160,364)
Accrual of interest on marketable securities (1,029,877) (1,254,424) (1,352,522)
Amortization of transaction costs, premium and discounts 101,926 80,099 67,353
Derivative financial instruments, net (7,328,684) 9,112,683 (5,526,714)
Gain on fair value adjustments (Note 29) (1,516,458) (1,431,530) (1,989,831)
Deferred income tax and social contribution 6,455,108 (7,431,946) 3,495,443
Interest on actuarial liabilities and cost of current service 79,287 75,850 69,231
Provision for judicial liabilities, net (49,754) 138,318 139,934
Provision (reversal) for doubtful accounts, net 119,417 2,585 35,202
Provision (reversal) for inventory losses, net 141,635 77,353 31,419
Provision (reversal) for loss of ICMS credits, net 193,152 130,727 348,628
Premium expenses on early settlements 110,060  
Other 92,622 69,535 66,938
Trade accounts receivable 1,586,613 (808,785) 2,155,448
Inventories (216,357) (863,648) (48,673)
Recoverable taxes (413,422) (95,411) (666,681)
Other assets 259,705 6,185 328,800
Trade accounts payable 6,630 2,164,832 463,003
Taxes payable 384,227 296,169 329,556
Payroll and charges (91,499) 364,817 73,096
Other liabilities (218,901) (27,706) (277,538)
Cash generated from operations 22,881,170 23,751,750 20,510,846
Payment of interest on financing, loans and debentures (5,817,907) (5,241,389) (4,728,998)
Adjustment for operating costs 274,731 959,968 1,160,364
Premium expenses on early settlements paid (110,060)  
Interest received on marketable securities 1,213,789 1,500,437 681,268
Payment of income taxes (289,548) (366,339) (308,002)
Cash provided by operating activities 18,152,175 20,604,427 17,315,478
Additions to property, plant and equipment (4,578,826) (9,190,589) (11,674,183)
Additions to intangible (82,492) (162,042) (104,931)
Purchase of biological assets (7,913,483) (7,180,450) (5,777,952)
Proceeds from sales of property, plant and equipment and biological assets 122,729 167,983 183,576
Capital increase in affiliates (21,979) (41,281) (48,462)
Marketable securities, net 2,941,921 205,954 (5,296,370)
Advances for acquisition of wood from operations with development and partnerships (300,040) (294,952) (690,908)
Dividends received 8,835 44,789
Asset acquisition (2,595,974) (1,615,140)
Acquisition of subsidiaries (1,060,718)
Acquisition of other investments 9,392 1,440,503
Net cash from acquisition of subsidiaries 19,113 5,002
Cash used in investing activities (9,832,727) (20,512,741) (26,035,297)
Proceeds from loans, financing and debentures 23,871,760 15,692,905 10,944,794
Proceeds from derivative transactions 530,655 (550,581) 3,559,286
Payment of loans, financing and debentures (22,353,325) (9,410,807) (4,296,447)
Payment of leases (1,447,973) (1,325,398) (1,218,399)
Payment of interest on own capital and dividends (2,208,158) (1,624,653) (192,532)
Liabilities for assets acquisitions and subsidiaries (20,668) (58,467) (116,924)
Shares repurchased (191,918) (2,806,764) (880,914)
Cash used by financing activities (1,819,627) (83,765) 7,798,864
EXCHANGE VARIATION ON CASH AND CASH EQUIVALENTS (338,886) 665,026 (239,125)
Increase (Decrease) in cash and cash equivalents, net 6,499,821 7,921 (920,955)
At the beginning of the year 9,018,818 8,345,871 9,505,951
At the end of the year R$ 15,179,753 R$ 9,018,818 R$ 8,345,871