v3.26.1
LOANS, FINANCING AND DEBENTURES (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about borrowings [abstract]  
Disclosure of detailed information about borrowings
CurrentNon-currentTotal
TypeCurrencyInterest rateAverage annual interest rate - %12/31/202512/31/202412/31/202512/31/202412/31/202512/31/2024
In foreign currency
Bonds
USD
Fixed
5.0
%
815,478 
3,229,641 
42,405,964 
49,166,804 
43,221,442 
52,396,445 
Panda Bonds
CNY
Fixed
2.7
%
6,785 
4,224 
2,039,941 
1,016,331 
2,046,726 
1,020,555 
Export credits (“export prepayments”)
USD
SOFR/Fixed
5.1
%
923,820 
6,236,806 
16,901,305 
16,283,736 
17,825,125 
22,520,542 
Assets financing
USD
SOFR
2.9
%
107,159 
137,300 
178,526 
298,252 
285,685 
435,552 
ECA - Export Credit Agency
USD
SOFR
5.7
%
17,426 
7,297 
1,778,184 
769,702 
1,795,610 
776,999 
IFC - International Finance Corporation (1)
USD
SOFR
5.2
%
(5,485)
(12,051)
5,182,737 
5,858,208 
5,177,252 
5,846,157 
Others
5,516 
4,210 
4,455 
5,516 
8,665 
1,870,699 
9,607,427 
68,486,657 
73,397,488 
70,357,356 
83,004,915 
In local currency
BNDES
BRL
UMBNDES
6.6
%
5,794 
157 
468,025 
157,555 
473,819 
157,712 
BNDES
BRL
TJLP
8.6
%
89,150 
100,556 
11,802 
101,587 
100,952 
202,143 
BNDES
BRL
TLP
13.5
%
178,549 
94,903 
5,562,188 
4,607,102 
5,740,737 
4,702,005 
BNDES
BRL
SELIC
16.1
%
282,017 
243,223 
514,605 
704,825 
796,622 
948,048 
BNDES
BRL
TR
4.0
%
9,933 
84 
153,762 
70,015 
163,695 
70,099 
Assets financing
BRL
CDI
15.5
%
18,799 
18,427 
38,214 
56,956 
57,013 
75,383 
NCE (“Export credit notes”)
BRL
CDI
16.2
%
4,157 
3,027 
100,000 
100,000 
104,157 
103,027 
NCR (“Rural producer certificates”)
BRL
CDI
13.7
%
369,572 
312,652 
5,000,000 
2,000,000 
5,369,572 
2,312,652 
ECO INVEST - Crédito Agroindustria
BRL
CDI
13.4
%
7,094 
327,263 
334,357 
Rural Product Note ("CPR")
BRL
CDI/IPCA
14.2
%
41,894 
1,954,437 
1,996,331 
Debentures
BRL
CDI/IPCA
14.1
%
127,247 
120,931 
9,179,399 
9,738,616 
9,306,646 
9,859,547 
1,134,206 
893,960 
23,309,695 
17,536,656 
24,443,901 
18,430,616 
3,004,905 
10,501,387 
91,796,352 
90,934,144 
94,801,257 
101,435,531 
Interest on financing
1,525,436 
1,541,312 
1,525,436 
1,541,312 
Non-current funding
1,479,469 
8,960,075 
91,796,352 
90,934,144 
93,275,821 
99,894,219 
3,004,905 
10,501,387 
91,796,352 
90,934,144 
94,801,257 
101,435,531 
(1) The balances shown as negative include fundraising costs
Disclosure of maturity analysis for non-derivative financial liabilities
202720282029203020312032 onwards Total
In foreign currency
Bonds
 
2,738,532 
9,483,763 
5,432,629 
6,880,029 
17,871,011 
42,405,964 
Panda Bonds
942,700 
1,018,648 
 
78,593 
2,039,941 
Export credits (“export prepayments”)
3,298,964 
3,433,498 
3,905,821 
5,382,592 
880,430 
16,901,305 
Assets financing
106,899 
65,487 
6,140 
 
 
178,526 
ECA - Export Credit Agency
 
684,513 
1,093,671 
1,778,184 
IFC - International Finance Corporation
278,177 
1,415,340 
2,304,815 
1,184,405 
5,182,737 
4,626,740 
8,671,505 
15,700,539 
12,078,219 
8,444,972 
18,964,682 
68,486,657 
In local currency
BNDES – TJLP
3,727 
3,727 
3,727 
621 
 
11,802 
BNDES – TLP
159,985 
157,152 
142,987 
377,906 
477,203 
4,246,955 
5,562,188 
BNDES – Fixed
10,100 
10,100 
10,100 
10,100 
10,100 
417,525 
468,025 
BNDES – SELIC
39,390 
39,390 
39,390 
39,390 
39,390 
317,655 
514,605 
BNDES – TR
11,068 
11,068 
11,068 
11,068 
11,068 
98,422 
153,762 
Ecoinvest
73,617 
73,617 
73,617 
106,412 
327,263 
Assets financing
19,113 
19,033 
68 
38,214 
NCE (“Export credit notes”)
25,000 
25,000 
25,000 
25,000 
100,000 
NCR (“Rural producer certificates”)
2,000,000 
3,000,000 
5,000,000 
Rural Product Note ("CPR")
1,954,437 
1,954,437 
Debentures
553,536 
500,000 
8,125,863 
9,179,399 
268,383 
265,470 
305,957 
3,091,238 
4,111,378 
15,267,269 
23,309,695 
4,895,123 
8,936,975 
16,006,496 
15,169,457 
12,556,350 
34,231,951 
91,796,352 
(1) The balances shown as negative correspond to fundraising costs, which are amortized on a straight-line basis.
Schedule of Changes In Loans, Financing and Debentures
12/31/202512/31/2024
Opening balance
101,435,531 
77,172,692 
Fundraising, net of issuance costs
23,871,760 
15,692,905 
Interest accrued
5,953,778 
5,413,707 
Monetary and exchange rate variation, net
(8,384,101)
17,728,324 
Settlement of principal
(22,353,325)
(9,410,807)
Settlement of interest
(5,817,907)
(5,241,389)
Amortization of fundraising costs
101,803 
80,099 
Others (fair value adjustments to business combinations)
(6,282)
 
Closing balance
94,801,257 
101,435,531 
Disclosure of Transaction Costs and Premiums of Securities Issues Explanatory
The fundraising costs are amortized based on the terms of agreements and the effective interest rate.
Balance to be amortized
TypeCostAmortization12/31/202512/31/2024
Bonds
411,818 
269,220 
142,598 
168,450 
Panda Bonds
6,183 
566 
5,617 
Rural Product Note ("CPR")
65,177 
1,358 
63,819 
Export credits (“export prepayments”)
180,466 
108,854 
71,612 
63,080 
Debentures
156,800 
46,391 
110,409 
125,663 
BNDES
97,685 
56,662 
41,023 
25,777 
ECA - Export Credit Agency
13,615 
1,543 
12,072 
IFC - International Finance Corporation
81,956 
24,770 
57,186 
78,719 
Others
4,797 
156 
4,641 
6,799 
1,018,497 
509,520 
508,977 
468,488