v3.25.4
FINANCIAL INSTRUMENTS AND RISKS (Tables)
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Schedule of consolidated financial instruments
     
Financial instrument items Note 2025 2024
Assets      
Amortized cost      
Cash and cash equivalents  21.1 18,638.2  28,595.7 
Trade receivables excluding prepaid expenses    8,987.3  8,140.2 
Investment securities  21.2 137.6  256.0 
Subtotal   27,763.1  36,991.9 
Fair value through profit or loss      
Investment securities  21.2 1,667.4  1,170.5 
Derivatives hedges  28 778.1  1,218.6 
Subtotal   2,445.5  2,389.1 
Total assets   30,208.6  39,381.0 
       
Liabilities      
Amortized cost      
Trade payables  26 24,055.8  25,551.2 
Interest-bearing loans and borrowing  23 3,386.9  3,452.7 
Other liabilities   3,473.8  3,044.3 
Subtotal   30,916.5  32,048.2 
Fair value through profit or loss      
Obligations related to the acquisition of a non-controlling interest (i)   1,154.2  1,184.2 
Derivatives hedges  28 925.4  211.4 
Other liabilities   -    300.5 
Subtotal   2,079.6  1,696.1 
Total liabilities   32,996.1  33,744.3 

 

(i)Obligations related to the acquisition of a non-controlling interest: the Company recognized a liability related to the acquisition of the remaining non-controlling interest in the operations in the Dominican Republic. This financial instrument is denominated Dominican Pesos and refers to Tranche B. The instrument is recorded by an entity whose functional currency is the Brazilian Real. The Company designated this financial instrument as a hedging instrument for a portion of its net assets located in subsidiaries whose functional currency is the Dominican Peso, so that the hedge result is recognized in the Group’s other comprehensive income, consistent with the results of the hedged items.
Schedule of financial risk management
                   
2025 
          Fair Value   Gains/(losses)
Hedge strategy   Risk Notional   Assets Liabilities   Financial Results Operational Result Equity
      Forward element Spot element Hedge accounting effect
                     
Cost     19,317.8    749.1  (889.3)   (1,230.8) 685.1  (480.3)
    Commodities 5,280.6    620.8  (108.7)   (80.6) (19.6) 650.0 
    US Dollars 14,037.2    128.3  (780.6)   (1,150.2) 704.7  (1,130.3)
                     
Imports of fixed assets     118.0    0.1  (11.4)   (3.4) 0.6  (8.0)
    US Dollars 118.0    0.1  (11.4)   (3.4) 0.6  (8.0)
                     
Expenses     92.3    0.4  (8.1)   (2.9) 3.3  4.9 
    US Dollars 92.3    0.4  (8.1)   (2.9) 3.3  4.9 
                     
Financial assets     -      28.5  (16.6)   (4.4) -    -   
    US Dollars -      28.5  (16.6)   (4.4) -    -   
At December 31, 2025     19,528.1    778.1  (925.4)   (1,241.5) 689.0  (483.4)

 

    2024 
          Fair Value   Gains/(Losses)
Hedge strategy   Risk Notional   Assets Liabilities   Financial Results Operational Result Equity
      Forward element Spot element Hedge accounting effect
                     
Cost     16,309.2    1,202.3  (211.3)   (990.9) 952.6  1,535.5 
    Commodities 5,027.0    127.9  (204.1)   (619.7) 167.4  346.9 
    US Dollars 11,282.2    1,074.4  (6.8)   (373.9) 784.1  1,188.3 
    Euros -      -    -      (0.2) 0.7  0.5 
    Mexican Pesos -      -    (0.4)   2.9  0.4  (0.2)
                     
Imports of fixed assets     207.9    10.1  (0.1)   (5.5) 11.5  20.6 
    US Dollars 207.9    10.1  (0.1)   (5.5) 11.5  20.6 
                     
Expenses     57.5    3.5  -      (1.7) 3.1  5.8 
    US Dollars 57.5    3.5  -      (1.7) 3.1  5.8 
                     
Financial assets     -      2.7  -      (91.4) -    -   
    US Dollars -      2.7  -      (91.4) -    -   
At December 31, 2024     16,574.6    1,218.6  (211.4)   (1,089.5) 967.2  1,561.9 
Schedule of notional and fair value amounts per instrument and maturity
             
    Notional Value
Hedge strategy Risk 2026 2027 >2026 2028 >2028 Total
               
Cost   18,733.6  584.2  -    -    -    19,317.8 
   Commodities  5,196.8  83.8  -    -    -    5,280.6 
   US Dollars  13,536.8  500.4  -    -    -    14,037.2 
               
Imports of fixed assets   116.8  1.2  -    -    -    118.0 
  US Dollars  116.8  1.2  -    -    -    118.0 
               
Expenses   83.9  8.4  -    -    -    92.3 
  US Dollars  83.9  8.4  -    -    -    92.3 
               
    18,934.3  593.8  -    -    -    19,528.1 

 

    Fair Value
Hedge strategy Risk 2026 2027 >2026 2028 >2028 Total
               
Costs   (148.8) 8.6  -    -    -    (140.2)
  Commodities 512.0  0.1  -    -    -    512.1 
  US Dollars (660.8) 8.5  -    -    -    (652.3)
               
Imports of fixed assets   (11.3) -    -    -    -    (11.3)
  US Dollars (11.3) -    -    -    -    (11.3)
               
Expenses   (7.7) -    -    -    -    (7.7)
  US Dollars (7.7) -    -    -    -    (7.7)
               
Financial assets   11.9  -    -    -    -    11.9 
  US Dollars 11.9  -    -    -    -    11.9 
    (155.9) 8.6  -    -    -    (147.3)
Schedule of fair value measurement
                 
  2025   2024
  Level 1 Level 2 Level 3  Total    Level 1 Level 2 Level 3 Total
Financial assets                  
Investment securities 1,667.4  -    -    1,667.4    1,170.5  -    -    1,170.5 
Derivatives assets at fair value through profit and loss 7.9  20.7  -    28.6    2.7  -    -    2.7 
Derivatives – operational hedges 164.3  585.2  -    749.5    21.3  1,194.6  -    1,215.9 
Total 1,839.6  605.9  -    2,445.5    1,194.5  1,194.6  -    2,389.1 
Financial liabilities                  
Obligations related to the acquisition of a non-controlling interest -    -    1,154.2  1,154.2    -    -    1,184.2  1,184.2 
Other liabilities -    -    -    -      -    -    300.5  300.5 
Derivatives liabilities at fair value through profit and loss -    16.6  -    16.6    -    -    -    -   
Derivatives – operational hedges 98.0  810.8  -    908.8    52.2  159.2  -    211.4 
 Total 98.0  827.4  1,154.2  2,079.6    52.2  159.2  1,484.7  1,696.1 
Schedule of reconciliation of changes in the assets
   
1 Financial liabilities at December 31, 2024 (1+2+3) 1,484.7 
2 Settlement of contingent consideration (285.4)
3 Total gains and losses during the period (45.1)
4    Losses/(gains) recognized in net income (4+5) 127.6 
5    Losses/(gains) recognized in equity (172.7)
  Financial liabilities at December 31, 2025 (1+2+3) 1,154.2 
Schedule of detailed information about hedging instruments
         
  2025   2024
  Risk   Risk
  Interest rate Amount in Brazilian Real   Interest rate Amount in Brazilian Real
Brazilian Reais 7.6% 260.9    7.8% 254.3 
Post - fixed interest rate    260.9      254.3 
           
           
Brazilian Reais 11.1% 2,172.9    10.2% 2,245.0 
Other 15.1% 628.5    13.0% 510.2 
US Dollars 2.4% 9.8    8.0% 3.8 
Canadian Dollars 5.5% 314.8    5.8% 439.4 
Pre-fixed interest rate    3,126.0      3,198.4 
Schedule of types of market risk
         
Transaction Risk Fair value Probable scenario Adverse scenario Remote scenario
           
Commodities hedges Increases in commodities price 512.0  556.5  1,832.2  3,152.3 
Input purchases (512.0) (556.7) (1,843.6) (3,175.3)
Foreign exchange hedges Foreign currency Increases (652.2) (515.5) 2,857.1  6,366.4 
Input purchases 652.2  514.0  (3,310.6) (7,273.3)
Cost effects   -    (1.7) (464.9) (929.9)
           
Foreign exchange hedges Foreign currency Increases (11.3) (10.9) 18.2  47.7 
Capex purchases 11.3  10.9  (30.9) (73.1)
Fixed asset effects   -    -    (12.7) (25.4)
           
Foreign exchange hedges Foreign currency Increases (7.7) (7.3) 15.4  38.5 
Expenses 7.7  7.3  (30.6) (68.8)
Results of expense effects   -    -    (15.2) (30.3)
    -    (1.7) (492.8) (985.6)
Schedule of liquidity risk and payables
             
  2025
  Carrying amount Contractual cash flow Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years
Trade and other payables (i) 38,793.5  40,658.0  37,499.9  85.5  40.7  1,169.4  1,862.5 
Secured bank loans 99.7  126.9  27.9  25.2  23.4  50.4  -   
Other secured loans 311.6  405.2  146.2  131.5  65.3  8.3  53.9 
Lease liabilities  2,975.6  3,837.7  1,229.4  946.0  688.2  441.7  532.4 
Total payables and liabilities  42,180.4  45,027.8  38,903.4  1,188.2  817.6  1,669.8  2,448.8 

 

               
  2024
  Carrying amount Contractual cash flow Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years
Trade and other payables (i) 41,771.7  43,322.1  40,229.7  101.2  (30.3) 1,200.8  1,820.7 
Secured bank loans 115.4  155.0  29.0  25.2  25.2  50.4  25.2 
Other secured loans 372.2  502.1  160.5  147.6  125.8  14.4  53.8 
Lease liabilities  2,965.1  3,470.2  1,319.8  1,003.7  569.1  348.0  229.6 
Total payables and liabilities 45,224.4  47,449.4  41,739.0  1,277.7  689.8  1,613.6  2,129.3 

 

(i)Mainly includes amounts related to suppliers, taxes, fees and contributions payables, dividends and interest on equity payable, salaries and related charges obligations related to the acquisition of a non-controlling interest and other liabilities, except for transactions with related parties.
Schedule of net debt of long term
     
    2025 2024
Debt details      
Interest-bearing loans and borrowing current and non-current   3,386.9  3,452.7 
(-) Current investment securities   (1,681.7) (1,242.0)
(-) Cash and cash equivalents   (18,638.2) (28,595.7)
Net debt/(cash)   (16,933.0) (26,385.0)