v3.25.4
FINANCIAL INSTRUMENTS AND RISK AND CAPITAL MANAGEMENT (Details 1) - BRL (R$)
R$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives financial instruments      
Current R$ 7,706 R$ 15,524  
Non Current 8,622 1,840  
Current (53,044) (866)  
Non Current (43,859) (10,403)  
Derivative transactions, net (80,575) 6,095  
Carrying amount 20,346,681 20,746,530 R$ 18,737,227
NDF Copper      
Derivatives financial instruments      
Book value of exchange risk 72,868    
Foreign currency swaps (Euro and CDI x Euro)      
Derivatives financial instruments      
Currency risk affecting net amount payable 95,055    
Foreign currency swaps (US$ and CDI x US$)      
Derivatives financial instruments      
Currency risk affecting net amount payable 355,055    
Foreign currency swaps Euro      
Derivatives financial instruments      
Currency risk affecting net amount payable 1,664    
Foreign currency swaps US$      
Derivatives financial instruments      
Currency risk affecting net amount receivable 5,432    
IPCA x CDI Swap      
Derivatives financial instruments      
Book value of exchange risk 5,345    
Transaction value of Exchange Risk 48,619    
Purchased call options      
Derivatives financial instruments      
Total nominal value or nominal amount (1,945,120) (899,522)  
Accumulated effects from fair value Amount receivable or payable 118,083 104,300  
Derivative financial assets held for hedging 16,328 17,364  
Current 7,706 15,524  
Non Current 8,622 1,840  
Purchased call options | Floating interest rate      
Derivatives financial instruments      
Total nominal value or nominal amount (221,461) (259,259)  
Accumulated effects from fair value Amount receivable or payable   2,938  
Purchased call options | CDI      
Derivatives financial instruments      
Total nominal value or nominal amount [1] (176,470) (214,268)  
Accumulated effects from fair value Amount receivable or payable [1]   1,098  
Purchased call options | Inflation rates      
Derivatives financial instruments      
Total nominal value or nominal amount (48,619) (45,377)  
Accumulated effects from fair value Amount receivable or payable 116,677 93,580  
Purchased call options | IPCA      
Derivatives financial instruments      
Total nominal value or nominal amount [2] (48,619) (45,377)  
Accumulated effects from fair value Amount receivable or payable [2] 116,677 93,580  
Purchased call options | Euribor      
Derivatives financial instruments      
Total nominal value or nominal amount [3] (44,991) (44,991)  
Accumulated effects from fair value Amount receivable or payable 5,956 1,840 [3]  
Purchased call options | Pre-rate      
Derivatives financial instruments      
Total nominal value or nominal amount (1,048,500)    
Purchased call options | NDF Copper      
Derivatives financial instruments      
Total nominal value or nominal amount [4] (1,048,500)    
Purchased call options | Foreign currency      
Derivatives financial instruments      
Total nominal value or nominal amount (626,540) (594,886)  
Accumulated effects from fair value Amount receivable or payable 1,406 7,782  
Purchased call options | United States of America, Dollars      
Derivatives financial instruments      
Total nominal value or nominal amount [1] (509,245) (493,087)  
Accumulated effects from fair value Amount receivable or payable [1] 1,406 6,526  
Purchased call options | Euro Member Countries, Euro      
Derivatives financial instruments      
Total nominal value or nominal amount [1] (117,295) (101,799)  
Accumulated effects from fair value Amount receivable or payable [1]   1,256  
Written put options      
Derivatives financial instruments      
Notional value for liabilities position 1,945,120 899,522  
Short position 198,658 98,205  
Derivative financial liabilities held for hedging (96,903) (11,269)  
Current 53,044 866  
Non Current 43,859 10,403  
Derivative transactions, net (80,575) 6,095  
Written put options | Floating interest rate      
Derivatives financial instruments      
Notional value for liabilities position 720,150 685,254  
Short position 122,069 97,353  
Written put options | Fixed interest rate      
Derivatives financial instruments      
Notional value for liabilities position 1,048,500    
Short position 72,868    
Written put options | CDI      
Derivatives financial instruments      
Notional value for liabilities position [2] 720,150 685,254  
Short position [2] 122,069 97,353  
Written put options | NDF Copper      
Derivatives financial instruments      
Notional value for liabilities position [4] 1,048,500    
Short position [4] 72,868    
Written put options | Foreign currency      
Derivatives financial instruments      
Notional value for liabilities position 176,470 214,268  
Short position 3,721 852  
Written put options | United States of America, Dollars      
Derivatives financial instruments      
Notional value for liabilities position [1] 154,230 214,268  
Short position [1] 3,434 R$ 852  
Written put options | Euro Member Countries, Euro      
Derivatives financial instruments      
Notional value for liabilities position [1] (22,240)    
Short position [1] R$ 287    
[1] Foreign currency swap (euro and CDI x euro) (R$95,055) and (dollar and CDI x dollar) (R$355,055) – swap transactions contracted with maturities up to February 23, 2026, with the objective of protecting against exchange rate variation risks of net amounts payable (book value of R$1,664 payable and R$5,432 payable, respectively).
[2] IPCA x CDI Swap (R$48,619) – swap transactions contracted with maturities in 2033 with the objective of protecting against the risk of variation of the IPCA (book value of R$5,345 to receive).
[3] Swap Euribor x CDI (R$44,991) – swap transactions contracted with maturities in 2027 with the objective of protecting against the risk of Euribor variation (accounting value of R$5,956 to be payable)
[4] NDF Copper x Pre (R$1,048,500 - LME in Reais * Tons contracted) – Copper NDF transactions contracted to protect future sales revenues against variations in the price of copper on the LME relative to the Real. (book value R$72,868 payable) The transaction is designated for cash flow hedging