FINANCIAL INSTRUMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| FINANCIAL INSTRUMENTS |
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| Summary of fair value of financial instruments |
| | | | | | | | | | | 2025 | | 2024 | | | Book | | Fair | | Book | | Fair | | | value | | value | | value | | value | Assets | | | | | | | | | Short-term investments | | 445,627 | | 445,627 | | 509,030 | | 509,030 | Trade accounts receivable - net | | 4,810,640 | | 4,810,640 | | 5,176,958 | | 5,176,958 | Fair value of derivatives | | 36,623 | | 36,623 | | 52,868 | | 52,868 | Other current assets | | 678,899 | | 678,899 | | 626,148 | | 626,148 | Other non-current assets | | 387,708 | | 387,708 | | 358,806 | | 358,806 | Liabilities | | | | | | | | | Trade accounts payable - domestic market | | 3,641,918 | | 3,641,918 | | 3,892,296 | | 3,892,296 | Trade accounts payable - debtor risk | | 381,415 | | 381,415 | | 459,899 | | 459,899 | Trade accounts payable - imports | | 986,338 | | 986,338 | | 1,365,909 | | 1,365,909 | Loans and Financing | | 9,774,752 | | 10,311,438 | | 9,808,021 | | 9,842,254 | Debentures | | 4,407,399 | | 4,403,314 | | 3,828,463 | | 3,829,910 | Fair value of derivatives | | 3,306 | | 3,306 | | 1,747 | | 1,747 | Other current liabilities | | 1,557,010 | | 1,557,010 | | 2,043,921 | | 2,043,921 | Other non-current liabilities | | 471,140 | | 471,140 | | 587,081 | | 587,081 |
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| Summary of capital management risk |
| | | Net debt/EBITDA | | Less or equal to 1.5 times | Gross debt limit | | R$ 12 billion | Average maturity | | more than 6 years |
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| Schedule of maturity of Long term loans and financing, and debentures |
| | | | | | | | | | | | | 2025 | Contractual obligations | | Total | | Less than 1 year | | 1-3 years | | 4-5 years | | More than 5 years | Trade accounts payable - domestic market | | 3,641,918 | | 3,641,918 | | — | | — | | — | Trade accounts payable - debtor risk | | 381,415 | | 381,415 | | — | | — | | — | Trade accounts payable - import | | 986,338 | | 986,338 | | — | | — | | — | Loans and financing | | 17,760,275 | | 897,295 | | 3,142,016 | | 1,128,975 | | 12,591,989 | Debentures | | 7,516,287 | | 725,711 | | 1,362,204 | | 3,519,966 | | 1,908,406 | Fair value of derivatives | | 3,306 | | 3,306 | | — | | — | | — | Other current liabilities | | 1,557,010 | | 1,557,010 | | — | | — | | — | Other non-current liabilities | | 471,140 | | — | | 38,764 | | — | | 432,376 | | | 32,317,689 | | 8,192,993 | | 4,542,984 | | 4,648,941 | | 14,932,771 |
| | | | | | | | | | | | | 2024 | Contractual obligations | | Total | | Less than 1 year | | 1-3 years | | 4-5 years | | More than 5 years | Trade accounts payable - domestic market | | 3,892,296 | | 3,892,296 | | — | | — | | — | Trade accounts payable - debtor risk | | 459,899 | | 459,899 | | — | | — | | — | Trade accounts payable - import | | 1,365,909 | | 1,365,909 | | — | | — | | — | Loans and financing | | 15,543,368 | | 569,411 | | 1,287,591 | | 3,520,542 | | 10,165,824 | Debentures | | 6,027,093 | | 485,247 | | 1,709,221 | | 2,257,447 | | 1,575,178 | Fair value of derivatives | | 1,747 | | 1,747 | | — | | — | | — | Other current liabilities | | 2,043,921 | | 2,043,921 | | — | | — | | — | Other non-current liabilities | | 587,081 | | — | | 51,841 | | — | | 535,240 | | | 29,921,314 | | 8,818,430 | | 3,048,653 | | 5,777,989 | | 12,276,242 |
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| Schedule of sensitivity analysis of financial instrument |
| | | | | | | Assumptions | | Percentage of change | | 2025 | | 2024 | Foreign currency sensitivity analysis - Loans and financing | | 5% | | 217,347 | | 124,447 | Foreign currency sensitivity analysis - Imports/Exports | | 5% | | 13,370 | | 44,777 | Interest rate sensitivity analysis | | 10 bps | | 43,547 | | 44,299 | Sensitivity analysis of changes in prices of products sold | | 1% | | 698,585 | | 670,267 | Sensitivity analysis of changes in raw material and commodity prices | | 1% | | 445,379 | | 419,850 | Commodity contracts | | 5% | | 4,130 | | 3,113 | Swaps USD x DI | | 5% | | 8,643 | | 9,556 | Swaps IPCA x DI | | 5% | | 252 | | — |
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| Schedule of financial instruments per category |
| | | | | | | | | | | Financial asset at fair | | | 2025 | | Financial asset at | | value through profit or | | | Assets | | amortized cost | | loss | | Total | Short-term investments | | — | | 445,627 | | 445,627 | Trade accounts receivable - net | | 4,810,640 | | — | | 4,810,640 | Fair value of derivatives | | — | | 36,623 | | 36,623 | Other current assets | | 665,020 | | 13,879 | | 678,899 | Other non-current assets | | 387,708 | | — | | 387,708 | Total | | 5,863,368 | | 496,129 | | 6,359,497 | Financial income (expenses) on December 31, 2025 | | 240,477 | | 311,604 | | 552,081 |
| | | | | | | | | Financial liability at fair | | | | | 2025 | | value through profit or | | Financial liability at | | | Liabilities | | loss | | amortized cost | | Total | Trade accounts payable - domestic market | | — | | 3,641,918 | | 3,641,918 | Trade accounts payable - debtor risk | | — | | 381,415 | | 381,415 | Trade accounts payable - import | | — | | 986,338 | | 986,338 | Loans and financing | | — | | 9,774,752 | | 9,774,752 | Debentures | | — | | 4,407,399 | | 4,407,399 | Fair value of derivatives | | 3,306 | | — | | 3,306 | Other current liabilities | | — | | 1,557,010 | | 1,557,010 | Other non-current liabilities | | — | | 471,140 | | 471,140 | Total | | 3,306 | | 21,219,972 | | 21,223,278 | Financial income (expenses) on December 31, 2025 | | (67,733) | | (1,698,969) | | (1,766,702) |
| | | | | | | | | | | Financial asset at fair | | | 2024 | | Financial asset at | | value through profit or | | | Assets | | amortized cost | | loss | | Total | Short-term investments | | — | | 509,030 | | 509,030 | Trade accounts receivable - net | | 5,176,958 | | — | | 5,176,958 | Fair value of derivatives | | — | | 52,868 | | 52,868 | Other current assets | | 608,182 | | 17,966 | | 626,148 | Other non-current assets | | 356,414 | | 2,392 | | 358,806 | Total | | 6,141,554 | | 582,256 | | 6,723,810 | Financial income (expenses) on December 31, 2024 | | 823,590 | | 440,223 | | 1,263,813 |
| | | | | | | | | Financial liability at fair | | | | | 2024 | | value through profit or | | Financial liability at | | | Liabilities | | loss | | amortized cost | | Total | Trade accounts payable - domestic market | | — | | 3,892,296 | | 3,892,296 | Trade accounts payable - debtor risk | | — | | 459,899 | | 459,899 | Trade accounts payable - import | | — | | 1,365,909 | | 1,365,909 | Loans and financing | | — | | 9,808,021 | | 9,808,021 | Debentures | | — | | 3,828,463 | | 3,828,463 | Fair value of derivatives | | 1,747 | | — | | 1,747 | Other current liabilities | | — | | 2,043,921 | | 2,043,921 | Other non-current liabilities | | — | | 587,081 | | 587,081 | Total | | 1,747 | | 21,985,590 | | 21,987,337 | Financial income (expenses) on December 31, 2024 | | (263,644) | | (3,023,656) | | (3,287,300) |
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| Summary of derivative instruments |
| | | | | | | | | | | | | | | | | | | Notional value | | Amount receivable | | Amount payable | Contracts | | Position | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | Commodity derivatives | | | | | | | | | | | | | | | Maturity in 2025 | | buyed in US$ | | US$ 1.1 million | | US$ 4.3 million | | — | | — | | — | | 1,747 | | | | | | | | | | | | | | | | Commodity contracts | | | | | | | | | | | | | | | Maturity in 2026 | | — | | — | | — | | 20,113 | | 16,921 | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Swaps USD x DI | | | | | | | | | | | | | | | Maturity in 2026 | | 107.9% of CDI | | US$ 30.6 million | | US$ 30.6 million | | 16,510 | | 35,947 | | — | | — | | | | | | | | | | | | | | | | Swaps IPCA x DI | | | | | | | | | | | | | | | Maturity in 2026 | | CDI - 1.10% | | R$ 300 million | | — | | — | | — | | 2,192 | | — | Maturity in 2026 | | CDI - 0.90% | | R$ 150 million | | — | | — | | — | | 1,114 | | — | | | | | | | | | | | | | | | | Total fair value of financial instruments | | | | | | | | 36,623 | | 52,868 | | 3,306 | | 1,747 |
| | | | | Fair value of derivatives | | 2025 | | 2024 | Current assets | | 36,623 | | 16,921 | Non-current assets | | — | | 35,947 | | | 36,623 | | 52,868 | Fair value of derivatives | | | | | Current liabilities | | 3,306 | | 1,747 | | | 3,306 | | 1,747 |
| | | | | | | 2025 | | 2024 | Net Income | | | | | Gains on financial instruments | | 22,107 | | 86,743 | Losses on financial instruments | | (67,733) | | (263,644) | | | (45,626) | | (176,901) | Other comprehensive income | | | | | Losses on financial instruments | | — | | (783) | | | — | | (783) |
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| Summary of changes in liabilities of cash flow from financing activities |
| | | | | | | | | | | | | | | | | Cash transactions | | Non cash transactions | | | | | | | | | | | Interest expense | | | | | | | | | Proceeds/ | | Interest | | on loans and | | | | | | | | | (Repayment) | | paid on | | Interest on | | Exchange | | | | | Balances as of | | from financing | | loans and | | loans with | | variation | | Balances as of | | | January 1, 2023 | | activities | | financing | | related parties | | and others | | December 31, 2023 | Related parties | | 24,890 | | 102 | | — | | — | | — | | 24,992 | Leasing payable | | 1,030,643 | | (388,202) | | (127,787) | | 127,787 | | 635,161 | | 1,277,602 | Debt, Debentures and Losses/Gains on financial instruments - Derivative instruments | | 12,623,174 | | (1,054,000) | | (858,301) | | 840,069 | | (637,752) | | 10,913,190 | | | | | | | | | | | | | | | | | | Cash transactions | | Non cash transactions | | | | | | | | | | | Interest expense | | | | | | | | | Proceeds/ | | Interest | | on loans and | | | | | | | | | (Repayment) | | paid on | | Interest on | | Exchange | | | | | Balances as of | | from financing | | loans and | | loans with | | variation | | Balances as of | | | December 31, 2023 | | activities | | financing | | related parties | | and others | | December 31, 2024 | Related parties | | 24,992 | | (24,992) | | — | | — | | — | | — | Leasing payable | | 1,277,602 | | (459,504) | | (129,137) | | 129,137 | | 462,571 | | 1,280,669 | Debt, Debentures and Losses/Gains on financial instruments - Derivative instruments | | 10,913,190 | | 648,432 | | (946,936) | | 796,933 | | 2,173,744 | | 13,585,363 | | | | | | | | | | | | | | | | | | Cash transactions | | Non cash transactions | | | | | | | | | | | Interest expense | | | | | | | | | Proceeds/ | | Interest | | on loans and | | | | | | | | | (Repayment) | | paid on | | Interest on | | Exchange | | | | | Balances as of | | from financing | | loans and | | loans with | | variation | | Balances as of | | | December 31, 2024 | | activities | | financing | | related parties | | and others | | December 31, 2025 | Leasing payable | | 1,280,669 | | (487,784) | | (122,321) | | 122,321 | | (675,186) | | 117,699 | Debt, Debentures and Losses/Gains on financial instruments - Derivative instruments | | 13,585,363 | | 1,226,610 | | (1,461,147) | | 1,274,472 | | (476,464) | | 14,148,834 |
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