| LEASING |
NOTE 13 — LEASING a) Summary of changes in the leasing assets: | | | | | | | | | | | | | | | Machines, equipment, | | Data electronic | | | | | Right-of-use Cost | | Land and buildings | | and installations | | equipment | | Others | | Total | Balances as of January 1, 2023 | | 562,187 | | 909,709 | | 133,484 | | 219,295 | | 1,824,675 | Additions | | 45,736 | | 580,722 | | — | | 51,738 | | 678,196 | Disposals | | (7,134) | | (241,191) | | (589) | | (7,962) | | (256,876) | Remeasurements | | 26,615 | | 11,357 | | — | | 10,102 | | 48,074 | Foreign exchange effect | | (28,128) | | (54,981) | | (98) | | (12,947) | | (96,154) | Balances as of December 31, 2023 | | 599,276 | | 1,205,616 | | 132,797 | | 260,226 | | 2,197,915 | Additions | | 34,807 | | 246,986 | | 269 | | 8,863 | | 290,925 | Disposals | | (30,793) | | (153,648) | | (701) | | (63,885) | | (249,027) | Remeasurements | | 60,167 | | 57,847 | | 189 | | 45,595 | | 163,798 | Foreign exchange effect | | 75,442 | | 31,976 | | 8,493 | | 2,080 | | 117,991 | Balances as of December 31, 2024 | | 738,899 | | 1,388,777 | | 141,047 | | 252,879 | | 2,521,602 | Acquisition of company (Note 3.4) | | 18,475 | | — | | — | | 5,318 | | 23,793 | Additions | | 146,514 | | 299,677 | | 955 | | 99,472 | | 546,618 | Disposals | | (50,634) | | (248,333) | | (302) | | (17,233) | | (316,502) | Remeasurements | | 6,980 | | 95,311 | | 2,681 | | 25,696 | | 130,668 | Foreign exchange effect | | (28,209) | | (52,618) | | (82) | | (20,208) | | (101,117) | Balances as of December 31, 2025 | | 832,025 | | 1,482,814 | | 144,299 | | 345,924 | | 2,805,062 |
| | | | | | | | | | | | | | | Machines, equipment, | | Data electronic | | | | | Accumulated depreciation | | Land and buildings | | and installations | | equipment | | Others | | Total | Balances as of January 1, 2023 | | (226,415) | | (482,349) | | (57,264) | | (97,771) | | (863,799) | Depreciation | | (77,771) | | (300,200) | | (12,893) | | (39,996) | | (430,860) | Disposals | | 8,475 | | 239,196 | | 519 | | 5,629 | | 253,819 | Foreign exchange effect | | 7,564 | | 15,278 | | 76 | | 2,661 | | 25,579 | Balances as of December 31, 2023 | | (288,147) | | (528,075) | | (69,562) | | (129,477) | | (1,015,261) | Depreciation | | (81,055) | | (336,490) | | (13,830) | | (40,175) | | (471,550) | Disposals | | 22,205 | | 138,361 | | 701 | | 66,717 | | 227,984 | Foreign exchange effect | | (32,698) | | (40,306) | | (126) | | (20,951) | | (94,081) | Balances as of December 31, 2024 | | (379,695) | | (766,510) | | (82,817) | | (123,886) | | (1,352,908) | Acquisition of company (Note 3.4) | | (5,806) | | — | | — | | (4,921) | | (10,727) | Depreciation | | (81,099) | | (350,937) | | (15,022) | | (48,462) | | (495,520) | Disposals | | 27,101 | | 233,146 | | 257 | | 15,845 | | 276,349 | Foreign exchange effect | | 14,437 | | 26,747 | | 24 | | 7,998 | | 49,206 | Balances as of December 31, 2025 | | (425,062) | | (857,554) | | (97,558) | | (153,426) | | (1,533,600) | | | | | | | | | | | | Right-of-use Assets | | | | | | | | | | | Balances as of December 31, 2023 | | 311,129 | | 677,541 | | 63,235 | | 130,749 | | 1,182,654 | Balances as of December 31, 2024 | | 359,204 | | 622,267 | | 58,230 | | 128,993 | | 1,168,694 | Balances as of December 31, 2025 | | 406,963 | | 625,260 | | 46,741 | | 192,498 | | 1,271,462 |
b) Leasing payable: Lease payments are presented within financing activities in the consolidated statements of cash flows. The liabilities presented in the Balance Sheet are adjusted to present value, based on risk-free interest rates observed in each country where the Company has operations, adjusted by the Company’s credit spread, where on December 31, 2025 the discount rates were between 3.5% p.a. to 15.2% p.a. (3.5% p.a. to 13.1% p.a. on December 31, 2024), varying according to the country and duration of the lease. The payment schedules of leasing are as follows: | | | | | | | 2025 | | 2024 | 2025 | | — | | 430,727 | 2026 | | 386,472 | | 285,711 | 2027 | | 324,770 | | 184,682 | 2028 | | 221,401 | | 130,349 | 2029 | | 134,829 | | 249,200 | 2030 on | | 321,689 | | — | | | 1,389,161 | | 1,280,669 | | | | | | Leasing payable | | | | | Current | | 386,472 | | 430,727 | Non-current | | 1,002,689 | | 849,942 | | | | | | Financial expense for the years ended on December 31, 2025 and 2024 | | 122,321 | | 129,137 |
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