v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - BRL (R$)
R$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income for the year R$ 1,418,438 R$ 4,599,062 R$ 7,536,983
Adjustments to reconcile net income for the year to net cash provided by operating activities      
Depreciation and amortization 3,683,585 3,126,247 3,047,212
Impairment of assets 1,964,504 199,627  
Equity in earnings of unconsolidated companies (95,622) (464,467) (827,606)
Exchange variation, net (210,767) 1,064,401 850,375
Losses on derivative financial instruments, net 45,626 176,901 14,979
Post-employment benefits 271,217 257,359 235,977
Long-term incentive plans 149,210 152,414 157,979
Income tax 1,106,009 864,653 1,809,622
Losses on disposal of property, plant and equipment 75,397 45,859 27,525
Gain from a bargain purchase (41,306)    
Results in operations with subsidiary and joint ventures   (808,367)  
Impairment of financial assets 10,249 30,910 10,728
Provision of tax, civil, labor and environmental liabilities, net (40,432) 210,305 160,245
Tax credits recovery   (100,860) (1,098,218)
Interest income on short-term investments (166,307) (274,291) (481,624)
Interest expense on debt and debentures 1,274,472 796,933 840,069
Interest expense on leases liabilities 122,321 129,137 127,787
(Reversal) Provision for net realizable value adjustment in inventory, net 23,472 (33,137) 12,036
Cash flows from operations before changes in working capital 9,590,066 9,972,686 12,424,069
Changes in assets and liabilities      
Decrease (Increase) in trade accounts receivable 149,592 549,548 (294,509)
Decrease in inventories 956,924 542,496 1,305,424
Decrease in trade accounts payable (486,382) (1,192,990) (355,416)
Decrease (Increase) in other receivables 197,222 1,881,763 (107,171)
Decrease in other payables (203,599) (407,073) (434,100)
Dividends from associates and joint ventures 235,327 414,653 461,292
Purchases of short-term investments (362,906) (924,686) (7,223,644)
Proceeds from maturities and sales of short-term investments 616,006 3,020,432 7,908,990
Cash provided by operating activities 10,692,250 13,856,829 13,684,935
Interest paid on loans and financing (1,461,147) (946,936) (858,301)
Interest paid on lease liabilities (122,321) (129,137) (127,787)
Income and social contribution taxes paid (1,121,328) (1,399,513) (1,560,137)
Net cash provided by operating activities 7,987,454 11,381,243 11,138,710
Cash flows from investing activities      
Purchases of property, plant and equipment (6,681,620) (5,778,381) (5,209,128)
Proceeds from sales of property, plant and equipment, investments and other intangibles 69,729 1,559,697 40,661
Additions in other intangibles (171,221) (168,036) (127,195)
Shares repurchase from joint venture     47,006
Payment for acquisition of company control (699,118) (455,683)  
Capital increase in associate and joint venture (91,436) (191,947) (524,185)
Net cash used by investing activities (7,573,666) (5,034,350) (5,772,841)
Cash flows from financing activities      
Purchases of Treasury stocks (1,169,314) (1,194,726)  
Dividends and interest on capital paid (1,285,673) (1,656,414) (2,683,328)
Proceeds from loans and financing 9,221,436 3,918,019 1,776,684
Payment of loans and financing (7,994,826) (3,269,587) (2,830,684)
Leasing payment (487,784) (459,504) (388,202)
Intercompany loans, net   (24,992) 102
Net cash used in financing activities (1,716,161) (2,687,204) (4,125,428)
Exchange variation on cash and cash equivalents (536,270) 1,102,479 (710,659)
(Decrease) Increase in cash and cash equivalents (1,838,643) 4,762,168 529,782
Cash and cash equivalents at beginning of year 7,767,813 3,005,645 2,475,863
Cash and cash equivalents at end of year R$ 5,929,170 R$ 7,767,813 R$ 3,005,645