Financial instruments and risk management (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Financial Instruments And Risk Management |
|
| Schedule of derivative financial instruments |
| Schedule of derivative financial instruments |
|
|
|
|
|
|
| |
|
2025 |
|
2024 |
| |
|
Assets |
Liabilities |
|
Assets |
Liabilities |
| |
|
|
|
|
|
|
| Operations with derivatives |
|
452,203 |
168,711 |
|
379,888 |
224,275 |
| Other derivatives(i) |
|
- |
- |
|
522,822 |
- |
| |
|
452,203 |
168,711 |
|
902,710 |
224,275 |
| |
|
|
|
|
|
|
| Current portion |
|
(452,203) |
(168,711) |
|
(379,888) |
(224,275) |
| Non-current portion |
|
- |
- |
|
522,822 |
- |
|
| Schedule of financial instruments measured at fair value |
| Schedule of financial instruments measured at fair value |
|
|
|
|
|
| |
2025 |
| |
Level 1 |
|
Level 2 |
|
TOTAL |
| |
|
|
|
|
|
| Total assets |
2,639,447 |
|
627,520 |
|
3,266,967 |
| |
|
|
|
|
|
| Financial assets at fair value through profit or loss |
2,639,447 |
|
627,520 |
|
3,266,967 |
| |
|
|
|
|
|
| Derivative financial instruments |
- |
|
452,203 |
|
452,203 |
| Marketable securities |
2,300,655 |
|
- |
|
2,300,655 |
| Other financial assets |
338,792 |
|
175,317 |
|
514,109 |
| |
|
|
|
|
|
| Total liabilities |
- |
|
168,711 |
|
168,711 |
| |
|
|
|
|
|
| Financial liabilities at fair value through profit or loss |
- |
|
168,711 |
|
168,711 |
| |
|
|
|
|
|
| Derivative financial instruments |
- |
|
168,711 |
|
168,711 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
2024 |
| |
Level 1 |
|
Level 2 |
|
TOTAL |
| |
|
|
|
|
|
| Total assets |
2,662,076 |
|
1,240,985 |
|
3,903,061 |
| |
|
|
|
|
|
| Financial assets at fair value through profit or loss |
2,662,076 |
|
1,240,985 |
|
3,903,061 |
| |
|
|
|
|
|
| Derivative financial instruments |
- |
|
379,888 |
|
379,888 |
| Other derivatives |
- |
|
522,822 |
|
522,822 |
| Marketable securities |
2,449,682 |
|
- |
|
2,449,682 |
| Other financial assets |
212,394 |
|
338,275 |
|
550,669 |
| |
|
|
|
|
|
| Total liabilities |
- |
|
224,275 |
|
224,275 |
| |
|
|
|
|
|
| Financial liabilities at fair value through profit or loss |
- |
|
224,275 |
|
224,275 |
| |
|
|
|
|
|
| Derivative financial instruments |
- |
|
224,275 |
|
224,275 |
|
| Schedule of financial risk |
| Schedule of financial
risk |
|
|
|
|
|
|
|
|
| |
|
COUNTERPARTY |
|
|
% Coverage |
AVERAGE SWAP RATES |
| Currency |
Type of SWAP |
Debt |
SWAP |
Total debt |
Total swap
(Long position)¹ |
|
Long position |
Short position |
| BRL |
IPCA x DI |
BNB |
XP & ITAU |
399,975 |
400,926 |
100% |
IPCA + 1.22−1.49% p.a. |
55.19−69.50% CDI |
| BRL |
IPCA x DI |
DEBENTURE |
ITAU |
2,060,566 |
2,062,508 |
100% |
IPCA + 4.0432% p.a. |
CDI + 0.95% |
| BRL |
IPCA x DI |
BNDES |
XP |
329,567 |
330,551 |
100% |
IPCA + 4.23% p.a. |
96.95% CDI |
| |
|
|
|
|
|
|
|
|
| ¹ |
In certain swap contracts, long position includes the cost of income tax (15%) and few debt contracts linked to IPCA were remeasured
due to the deflation. After related taxes, coverage remains at 100%. |
December 31, 2024
| |
|
COUNTERPARTY |
|
|
% Coverage |
AVERAGE SWAP RATES |
| Currency |
Type of SWAP |
Debt |
SWAP |
Total debt |
Total swap
(Long position)¹ |
|
Long position |
Short position |
| USD |
SOFR x DI |
KFW/
Finnvera |
Bank of America |
33,031 |
33,031 |
100% |
SOFR + 1.17826% p.a. |
92.59% CDI |
| BRL |
IPCA x DI |
BNB |
XP & ITAU |
585,129 |
586,525 |
100% |
IPCA + 1.22−1.49% p.a. |
55.19−69.50% CDI |
| BRL |
IPCA x DI |
DEBENTURE |
ITAU |
1,972,245 |
1,976,088 |
100% |
IPCA + 4.0432% p.a. |
CDI + 0.95% |
| BRL |
IPCA x DI |
BNDES |
XP |
385,592 |
386,743 |
100% |
IPCA + 4.23% p.a. |
96.95% CDI |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| ¹ |
In certain swap contracts, long position includes the cost of income tax (15%). After related taxes, coverage remains at 100%. |
|
| Schedule of sensitivity analysis of derivative financial instruments |
| Schedule
of sensitivity analysis of derivative financial instruments |
|
|
|
|
|
|
|
|
| Sensitivity scenario (i) |
Fair value in USD, EUR, BRL and IPCA (ii) |
A) ∆ Accumulated variation in debt |
Fair value of the long position of the swap (+) |
Fair value of the short position of the swap (-) |
Swap result |
B) ∆ Accumulated variation in swap |
C) Final result (B-A) |
| |
|
|
|
|
|
|
|
|
| |
Dez/25 |
2,624,576 |
- |
2,624,576 |
(2,340,693) |
283,883 |
- |
- |
| |
|
|
|
|
|
|
|
|
| CDI |
probable |
2,624,576 |
- |
2,624,576 |
(2,340,693) |
283,883 |
- |
- |
| possible |
2,624,576 |
- |
2,624,576 |
(2,338,633) |
285,943 |
2,060 |
2,060 |
| remote |
2,624,576 |
- |
2,624,576 |
(2,336,836) |
287,740 |
3,857 |
3,857 |
| IPCA |
probable |
2,624,576 |
- |
2,624,576 |
(2,340,693) |
283,883 |
- |
- |
| possible |
2,553,420 |
(71,156) |
2,553,420 |
(2,340,693) |
212,727 |
(71,156) |
- |
| remote |
2,486,228 |
(138,348) |
2,486,228 |
(2,340,693) |
145,535 |
(138,348) |
- |
| (i) |
Scenarios sensitized with the following increases in rates: probable scenario without increase; possible scenario with 25% increase;
and remote scenario with 50% increase. |
| (ii) |
BNB, Debenture and BNDES. |
|
| Schedule of risk variable of derivative financial instruments |
| Schedule
of risk variable
of derivative financial instruments |
|
|
|
| Risk variable |
Sensitivity scenario (i) |
CDI |
IPCA |
| |
|
|
|
| |
|
|
|
| CDI |
Probable |
14.90% |
4.26% |
| Possible |
18.63% |
4.26% |
| Remote |
22.35% |
4.26% |
| IPCA |
Probable |
14.90% |
4.26% |
| Possible |
14.90% |
5.33% |
| Remote |
14.90% |
6.39% |
| (i) |
Scenarios sensitized with the following increases in rates: probable scenario without increase; possible scenario with 25% increase;
and remote scenario with 50% increase. |
|
| Schedule of chart of gains and losses with derivatives |
| Schedule
of chart of gains and losses with derivatives |
|
|
|
|
|
|
| |
|
2025 |
|
2024 |
|
2023 |
| Net income (loss) from derivative operations |
|
(42,513) |
|
(78,964) |
|
(210,397) |
| Income (loss) from operations with other derivatives |
|
(165,780) |
|
19,587 |
|
39,173 |
|
| Schedule of capital management |
| Schedule of capital management |
|
|
|
|
| |
2025 |
|
2024 |
|
| |
|
|
|
|
| Total loans and derivatives (Notes 20 and 36) |
2,495,231 |
|
2,357,066 |
|
| Leases - Liabilities (Note 17) |
13,764,868 |
|
12,575,846 |
|
| Leases - Assets (Note 17) |
(234,246) |
|
(240,387) |
|
| Less: Cash and cash equivalents (Note 4) |
(3,610,324) |
|
(3,258,743) |
|
| FIC (Note 5) |
(2,274,316) |
|
(2,434,441) |
|
| Net debt |
10,141,213 |
|
8,999,341 |
|
| Other derivatives (Note 36) |
- |
|
522,822 |
|
| Financing of 5G License |
971,081 |
|
990,775 |
|
| Adjusted net debt |
11,112,294 |
|
10,512,938 |
|
| EBITDA (i) (last 12 months) |
13,421,719 |
|
12,532,722 |
|
| Financial leverage index |
0.83 |
|
0.84 |
|
| |
|
|
|
|
| Reconciliation, net profit for the year: |
|
|
|
|
| |
|
|
|
|
| Net profit for the year |
4,311,984 |
|
3,153,881 |
|
| Net financial income (loss) |
1,784,021 |
|
1,884,224 |
|
| Income tax and social contribution |
248,027 |
|
468,582 |
|
| Depreciation and amortization |
7,077,687 |
|
7,026,035 |
|
| EBITDA (i) |
13,421,719 |
|
12,532,722 |
|
| (i) |
EBITDA: Earnings
before interest, tax, depreciation and amortization (it is not an accounting metric) |
|
| Schedule of changes in financial liabilities |
| Schedule
of changes in financial liabilities |
|
|
|
|
|
| |
Loans and financing |
|
Lease liabilities |
|
Derivative financial instruments (assets) liabilities |
| |
|
|
|
|
|
| December 31, 2024 |
3,035,501 |
|
12,575,846 |
|
(678,434) |
| Inflow |
- |
|
2,933,767 |
|
- |
| Cancellations/termination (i) |
- |
|
(179,003) |
|
522,822 |
| Financial charges |
240,493 |
|
1,644,044 |
|
38,969 |
| Net foreign exchange variations |
(3,558) |
|
- |
|
3,544 |
| Receipt (Payment) of principal (ii) |
(387,312) |
|
(1,563,393) |
|
7,275 |
| Payment of interest |
(106,401) |
|
(1,646,393) |
|
(177,668) |
| |
|
|
|
|
|
| December 31, 2025 |
2,778,723 |
|
13,764,868 |
|
(283,492) |
| |
Loans and financing |
|
Lease liabilities |
|
Derivative financial instruments (assets) liabilities |
| |
|
|
|
|
|
| December 31, 2023 |
3,770,946 |
|
12,256,775 |
|
(567,698) |
| Inflow |
503,351 |
|
2,639,801 |
|
(20,370) |
| Cancellations |
- |
|
(493,143) |
|
- |
| Financial charges |
261,094 |
|
1,471,288 |
|
136,107 |
| Net foreign exchange variations |
57,125 |
|
- |
|
(57,143) |
| Payment of principal (ii) |
(1,413,497) |
|
(1,838,667) |
|
(13,255) |
| Payment of interest |
(143,518) |
|
(1,460,208) |
|
(156,075) |
| December 31, 2024 |
3,035,501 |
|
12,575,846 |
|
(678,434) |
| |
Loans and financing |
|
Lease liability |
|
Derivative financial instruments (assets) liabilities |
| |
|
|
|
|
|
| December 31, 2022 |
4,969,825 |
|
12,831,865 |
|
(508,251) |
| Additions |
- |
|
2,365,659 |
|
122,218 |
| Cancellations |
- |
|
(1,072,708) |
|
- |
| Financial charges |
319,861 |
|
1,365,024 |
|
95,115 |
| Net foreign exchange variations |
(115,283) |
|
- |
|
115,282 |
|
Payment of principal (ii) |
(1,197,950) |
|
(1,812,508) |
|
(13,987) |
| Payment of interest |
(205,507) |
|
(1,420,557) |
|
(378,075) |
| |
|
|
|
|
|
| December 31, 2023 |
3,770,946 |
|
12,256,775 |
|
(567,698) |
| (i) |
Regarding the derivative instruments in 2025, it refers to the impact of the agreement with C6 where the derivatives were fully written
off during the year (see Note 12). |
| (ii) |
Lease liability payments include payments of fines of R$ 37 million (R$ 287
million in 2024 and R$ 238 million in 2023). |
|