| INVENTORIES |
8 INVENTORIES | | | | | | | | | | | | | 12/31/2025 | | 12/31/2024 | | Finished goods | | | | | Pulp | | | | Domestic | 644,881 | | | 801,623 | | Foreign | 1,713,394 | | | 1,510,985 | | | Paper | | | | Domestic | 587,216 | | | 561,409 | | Foreign | 507,999 | | | 362,027 | | | Work in process | 113,212 | | | 135,380 | | | Raw materials | | | | Wood | 2,267,720 | | | 2,287,406 | | Operating supplies and packaging | 1,037,696 | | | 1,098,894 | | | Spare parts and other | 1,491,820 | | | 1,302,534 | | | | | | | Estimated losses | (208,091) | | | (97,934) | |
| 8,155,847 | | | 7,962,324 | |
8.1 Roll-forward of estimated losses | | | | | | | | | | | | | 12/31/2025 | | 12/31/2024 | | Opening balance | (97,934) | | | (95,053) | | Additions | (150,133) | | | (83,705) | | Reversals | 8,498 | | | 6,352 | | Write-offs | 31,478 | | | 74,472 | | | Closing balance | (208,091) | | | (97,934) | |
On December 31, 2025 and 2024, there were no inventory items pledged as collateral.
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