v3.26.1
SHARE-BASED PAYMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Schedule of Movement of Compensation Plans
The movement of the plans is shown below:
Number of shares
DescriptionStock option planRSUPhantom sharesTotal
At December 31, 202320,521,684 1,544,065 246,930 22,312,679 
Granted4,200,000 1,007,253 — 5,207,253 
Exercised(3,000)(608,472)(18,177)(629,649)
Canceled(94,181)(101,824)(47,742)(243,747)
At December 31, 202424,624,503 1,841,022 181,011 26,646,536 
Exercised
— (248,045)— (248,045)
Canceled(15,787,673)(1,057,181)(82,845)(16,927,699)
At December 31, 20258,836,830 535,796 98,166 9,470,792 
December 31,
Description20252024
Share price (in reais)0.18 3.54 
Weighted average price of the stock option (in reais)— 5.97 
Weighted average price of the phantom shares (in reais)— 10.35 
Option plan cash inflow—18
Flat cash inflow of phantom shares—188
Total liability related to the phantom shares— 36 
Income tax related to the transfer of RSU98 1,439 
Number of shares equivalent to RSU IR68,229 167,093 
Schedule of Disclosure of Expenses of Share-Based Compensation Plans
The expenses of share-based compensation plans are shown below:
Years ended December 31,
Description202520242023
Stock option plan62,030 38,794 61,646 
RSU 8,786 6,361 9,093 
Phantom shares(37)(1,700)904 
70,779 43,455 71,643 
Schedule of Detailed Information of Option Plan
During 2025, the Company did not grant any new awards under its share-based compensation programs, as presented below:
GrantExercise price (in R$)Avarege fair value (in R$)VolatilityExpected dividendAverage rate of returnExercise rate per trancheRemaining term
 (in years) 		Purchasing period up to (years)Options grantedOutstanding options Options available
December 11, 20093.42 1.93 47.7 %1.1 %8.8 %25.0 %0.04.05,032,800 180,870 180,870 
March 24, 20116.44 4.16 54.8 %1.1 %12.0 %25.0 %0.04.01,572,000 84,000 84,000 
April 5, 20116.44 4.16 54.8 %1.1 %12.0 %25.0 %0.04.0656,000 6,200 6,200 
June 30, 201419.15 11.01 40.6 %1.1 %12.5 %25.0 %0.04.02,169,122 708,993 708,993 
July 1, 201514.51 10.82 40.6 %1.1 %15.7 %25.0 %0.04.0627,810 177,592 177,592 
July 1, 201614.50 10.14 43.1 %1.1 %12.2 %25.0 %0.04.0820,250 280,124 280,124 
July 6, 201722.57 12.82 43.4 %1.1 %10.3 %25.0 %0.04.0680,467 442,796 442,796 
August 8, 202211.07 8.10 70.0 %— %13.0 %25.0 %0.64.01,774,418 864,700 864,700 
August 8, 202211.07 6.40 68.8 %— %13.2 %33.3 %0.03.01,514,999 1,027,448 1,027,448 
August 19, 202211.07 7.39 67.2 %— %13.6 %100.0 %0.01.04,900,000 4,624,480 4,624,480 
August 19, 202211.07 11.54 74.6 %— %12.7 %33.0 %0.05.08,900,000 — — 
July 7, 202315.60 10.80 75.4 %— %10.5 %25.0 %1.54.01,800,000 439,627 439,627 
October 23, 20244.04 3.25 73.0 %— %12.9 %25.0 %0.04.02,200,000 — — 
December 14, 20244.17 2.16 72.8 %— %14.8 %25.0 %0.04.02,000,000 — — 
34,647,866 8,836,830 8,836,830 
Schedule of Detailed Information About RSU
During 2025, the Company did not grant any new awards under its share-based compensation programs, as presented below:
GrantExercise rate per trancheFair value
(in reais)		Remaining term
(in years)		Purchasing period up to (years)Total
granted		Total not
exercised
July 7, 202125.0 %42.67 0.04.0300,000—
July 7, 202225.0 %11.72 0.54.0335,59313,800
July 7, 202225.0 %11.72 0.54.0671,18638,966
July 7, 202325.0 %19.32 1.54.0500,00057,774
October 23, 202425.0 %5.48 2.84.0671,502276,876
December 13, 202425.0 %4.17 2.94.0335,751148,380
2,814,032535,796
Schedule of Detailed Information about Phantom Shares Phantom shares
GrantExercise price
(in reais)		Average fair value of optionVolatilityExpected dividendAverage risk-free rate of returnExercise rate per trancheRemaining term
(in years)		Purchasing period up to (years)Total grantedTotal outstanding Options available
August 7, 201820.43— 90.8 %0 %14.3%25.0%0.04.0707,400 53,520 53,520 
April 30, 202010.350.01 90.8 %0 %14.3%33.3%0.03.03,250,000 30,696 30,696 
April 30, 202010.350.04 86.7 %0 %13.9%25.0%0.04.01,600,000 12,520 12,520 
August 17, 202133.990.01 84.1 %0 %13.7%25.0%0.04.0580,000 1,430 1,430 
6,137,400 98,166 98,166