EMPLOYEE BENEFITS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Notes and other explanatory information [abstract] |
|
| Schedule of net defined benefit plans |
| Schedule
of net defined benefit plans |
|
|
|
| |
2025 |
2024 |
2023 |
| Present value of funded obligations |
(5,241.4) |
(5,630.2) |
(5,365.5) |
| Fair value of plan assets |
4,733.8 |
4,943.5 |
4,604.6 |
| Present value of net obligations |
(507.6) |
(686.7) |
(760.9) |
| Present value of unfunded obligations |
(932.8) |
(961.1) |
(917.2) |
| Present value of net obligations |
(1,440.4) |
(1,647.8) |
(1,678.1) |
| Asset ceiling |
(397.6) |
(367.6) |
(182.6) |
| Net liabilities |
(1,838.0) |
(2,015.4) |
(1,860.7) |
| Other long term employee benefits |
(144.8) |
(150.8) |
(93.9) |
| Total employee benefits |
(1,982.8) |
(2,166.2) |
(1,954.6) |
| Employee benefits amount in the balance sheet |
|
|
|
| Liabilities |
(2,012.7) |
(2,236.7) |
(2,011.9) |
| Assets |
29.9 |
70.5 |
57.3 |
| Net liabilities |
(1,982.8) |
(2,166.2) |
(1,954.6) |
|
| Schedule of present value of the defined benefit obligations and fair value of plan assets |
| Schedule of present value of the defined benefit obligations and fair value of
plan assets |
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| |
| |
Present value of net obligations |
|
Fair value of plan assets |
|
Asset ceiling |
|
Total liabilities |
| |
2025 |
2024 |
2023 |
|
2025 |
2024 |
2023 |
|
2025 |
2024 |
2023 |
|
2025 |
2024 |
2023 |
| Defined benefit obligation at January 1 |
(6,591.3) |
(6,282.7) |
(6,397.5) |
|
4,943.5 |
4,604.6 |
4,543.3 |
|
(367.6) |
(182.6) |
(163.3) |
|
(2,015.4) |
(1,860.7) |
(2,017.5) |
| |
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| Recognized in the income statement |
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| Service costs |
(37.8) |
(43.3) |
(24.1) |
|
- |
- |
- |
|
- |
- |
- |
|
(37.8) |
(43.3) |
(24.1) |
| Interest costs |
(383.7) |
(382.1) |
(413.4) |
|
- |
- |
- |
|
(40.5) |
(16.8) |
(16.2) |
|
(424.2) |
(398.9) |
(429.6) |
| Interest income |
- |
- |
- |
|
316.6 |
281.3 |
318.1 |
|
- |
- |
- |
|
316.6 |
281.3 |
318.1 |
| Administrative costs |
- |
- |
- |
|
(9.2) |
(8.3) |
(5.2) |
|
- |
- |
- |
|
(9.2) |
(8.3) |
(5.2) |
| Curtailments, settlements and other |
- |
- |
- |
|
4.0 |
3.5 |
(4.8) |
|
- |
- |
- |
|
4.0 |
3.5 |
(4.8) |
| Subtotal |
(421.5) |
(425.4) |
(437.5) |
|
311.4 |
276.5 |
308.1 |
|
(40.5) |
(16.8) |
(16.2) |
|
(150.6) |
(165.7) |
(145.6) |
| |
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| Included in the comprehensive income for the period. |
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| Gains/(losses) on settlements or reductions in benefits |
3.9 |
3.7 |
2.5 |
|
- |
- |
- |
|
- |
- |
- |
|
3.9 |
3.7 |
2.5 |
| Actuarial gains/(losses) - demographic assumptions |
- |
- |
11.5 |
|
- |
- |
- |
|
- |
- |
- |
|
- |
- |
11.5 |
| Actuarial gains/(losses) - financial assumptions |
32.3 |
253.1 |
(297.0) |
|
- |
- |
- |
|
10.5 |
(168.2) |
(3.1) |
|
42.8 |
84.9 |
(300.1) |
| Experience adjustments |
(147.0) |
85.7 |
91.2 |
|
- |
- |
- |
|
- |
- |
- |
|
(147.0) |
85.7 |
91.2 |
| Effects of exchange differences |
387.7 |
(750.7) |
216.7 |
|
(250.8) |
450.9 |
(102.0) |
|
- |
- |
- |
|
136.9 |
(299.8) |
114.7 |
| Expected return, excluding interest income |
- |
- |
- |
|
86.5 |
(103.6) |
101.7 |
|
- |
- |
- |
|
86.5 |
(103.6) |
101.7 |
| Subtotal |
276.9 |
(408.2) |
24.9 |
|
(164.3) |
347.3 |
(0.3) |
|
10.5 |
(168.2) |
(3.1) |
|
123.1 |
(229.1) |
21.5 |
| |
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| Others |
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| Contributions by plan participants |
(4.4) |
(4.8) |
(4.2) |
|
4.4 |
4.6 |
4.6 |
|
- |
- |
- |
|
- |
(0.2) |
0.4 |
| Reclassifications |
9.9 |
0.3 |
- |
|
- |
- |
- |
|
- |
- |
- |
|
9.9 |
0.3 |
- |
| Contributions by employer |
- |
- |
- |
|
236.5 |
240.3 |
280.5 |
|
- |
- |
- |
|
236.5 |
240.3 |
280.5 |
| Transfers |
- |
- |
- |
|
(42.4) |
- |
- |
|
- |
- |
- |
|
(42.4) |
- |
- |
| Benefits paid, excluding administrative costs |
556.2 |
529.5 |
531.6 |
|
(555.3) |
(529.8) |
(531.6) |
|
- |
- |
- |
|
0.9 |
(0.3) |
- |
| Subtotal |
561.7 |
525.0 |
527.4 |
|
(356.8) |
(284.9) |
(246.5) |
|
- |
- |
- |
|
204.9 |
240.1 |
280.9 |
| |
|
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| Total |
(6,174.2) |
(6,591.3) |
(6,282.7) |
|
4,733.8 |
4,943.5 |
4,604.6 |
|
(397.6) |
(367.6) |
(182.6) |
|
(1,838.0) |
(2,015.4) |
(1,860.7) |
|
| Schedule of employee benefit revenue expenses |
| Schedule of employee benefit revenue expenses |
|
|
|
| |
2025 |
2024 |
2023 |
| Cost of sales |
(21.3) |
(32.1) |
(15.1) |
| Commercial expenses |
(9.4) |
(11.8) |
(7.3) |
| Administrative income/(expenses) |
(12.2) |
(9.2) |
(8.9) |
| Financial expenses |
(107.7) |
(112.6) |
(114.3) |
| |
(150.6) |
(165.7) |
(145.6) |
|
| Schedule of asset ceiling |
| Schedule of asset ceiling |
|
|
|
| |
2025 |
2024 |
2023 |
| Position of plan assets as of January 1st |
70.5 |
57.3 |
56.6 |
| Effect of subsidiary sale (i) |
(36.0) |
- |
- |
| Interest income/(expenses) |
3.6 |
4.2 |
4.9 |
| Change in asset ceiling excluding amounts included in interest income/(expenses) |
5.6 |
(6.3) |
(0.1) |
| Effects of exchange differences |
(7.3) |
15.3 |
(4.1) |
| Other |
(6.4) |
- |
- |
| Position of plan assets as of December 31 |
30.0 |
70.5 |
57.3 |
| (i) | | As disclosed in note 1 - Corporate Information, item 1.3.3 – Sale of subsidiary. |
|
| Schedule of plans assets |
| Schedule of plans assets |
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| |
2025 |
|
2024 |
|
2023 |
| |
Rated |
Unrated |
Total |
|
Rated |
Unrated |
Total |
|
Rated |
Unrated |
Total |
| Government bonds |
34% |
- |
34% |
|
35% |
- |
35% |
|
43% |
- |
43% |
| Corporate bonds |
12% |
- |
12% |
|
9% |
- |
9% |
|
10% |
- |
10% |
| Equity instruments |
31% |
- |
31% |
|
27% |
- |
27% |
|
15% |
- |
15% |
| Cash |
21% |
- |
21% |
|
16% |
- |
16% |
|
6% |
- |
6% |
| Others |
2% |
- |
2% |
|
13% |
- |
13% |
|
26% |
- |
26% |
|
| Schedule of assumptions |
| Schedule of assumptions |
|
|
|
| |
2025 (i) |
2024 (i) |
2023 (i) |
| Discount rate |
4,7% to 22,6% |
4,6% to 11,6% |
4,6% to 11,7% |
| Inflation |
2,0% to 18,5% |
2,0% to 5,0% |
2,0% to 3,5% |
| Future salary increases |
1,0% to 19,7% |
1,0% to 8,7% |
1,0% to 7,1% |
| Future pension increases |
2,7% to 4,0% |
2,7% to 4,0% |
2,7% to 3,8% |
| Medical costs trend rate |
6,3% to 7,1% |
6,3% to 7,1% |
6,4% to 7,1% |
| Dental claims trend rate |
3,5% |
3,5% |
3.5% |
| |
|
|
|
| Life expectancy for a male over 65 years old |
84 to 87 |
84 to 87 |
84 to 87 |
| Life expectancy for a female over 65 years old |
86 to 89 |
86 to 89 |
86 to 89 |
| (i) | | Includes assumptions in Brazil, Central America and Caribbean, Latin America - South and
Canada. |
|
| Schedule of sensitivity of the defined benefit obligation |
| Schedule of sensitivity of the defined benefit obligation |
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| In millions of Brazilian Reais |
|
2025 |
|
2024 |
|
2023 |
| |
Change in assumption |
Increase in assumption |
Decrease in assumption |
|
Increase in assumption |
Decrease in assumption |
|
Increase in assumption |
Decrease in assumption |
| Medical cost trend rate |
100 bases points |
(83.7) |
73.4 |
|
(80.1) |
69.4 |
|
(95.2) |
82.2 |
| Discount rate |
50 bases points |
256.0 |
(271.6) |
|
315.1 |
(236.7) |
|
284.8 |
(302.4) |
| Future salary increases |
50 bases points |
(14.5) |
12.5 |
|
(4.6) |
25.9 |
|
(17.3) |
14.7 |
| Longevity |
One year |
(180.9) |
177.5 |
|
(150.2) |
241.4 |
|
(201.0) |
196.1 |
|