v3.26.1
Financial instruments and risk management (Tables)
 3 Months Ended
Mar. 31, 2026
Financial Instruments and Risk Management [Abstract]  
Financial Instruments - Classification
All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:
Note03/31/202612/31/2025
Assets
Amortized cost
Cash and cash equivalents
9
12,176,019 
15,179,753 
Trade accounts receivable
11
5,766,623 
6,560,607 
Other assets (1)

595,039 
595,069 

18,537,681 
22,335,429 
Fair value through other comprehensive income

Investments (2)
18.1
864,524 
901,181 

864,524 
901,181 
Fair value through profit or loss

Derivative financial instruments (3)
4.5.1
11,895,759 
9,571,661 
Marketable securities (4)
10
10,503,715 
10,252,454 

22,399,474 
19,824,115 

41,801,679 
43,060,725 
Liabilities

Amortized cost

Trade accounts payable
21
4,981,256 
5,141,386 
Loans, financing and debentures
22.1
90,735,617 
94,801,257 
Lease liabilities
23.2
6,763,902 
6,929,890 
Dividends payable

12,855 
1,393,121 
Other liabilities (1)

221,110 
236,724 

102,714,740 
108,502,378 
Fair value through profit or loss

Derivative financial instruments (3)
4.5.1
8,581,757 
9,341,349 

8,581,757 
9,341,349 

111,296,497 
117,843,727 

69,494,818 
74,783,002 
(1)Includes only items classified as financial instruments.
(2)Investments in publicly traded companies are classified as Level 1 in the fair value hierarchy and total R$ 831,600 as of March 31, 2026 (R$ 865,986 as of December 31, 2025). Investments in privately held companies are classified as Level 3 and total R$32,924 as of March 31, 2026 (R$35,195 as of December 31, 2025).
(3)Financial instruments classified as Level 2 in the fair value hierarchy.
(4)Government securities are financial instruments classified as Level 1 in the fair value hierarchy and total R$ 1,298,243 as of March 31, 2026 (R$1,274,439 as of December 31, 2025). Private securities, investment funds, and other financial investments are classified as Level 2 in the fair value hierarchy and total R$ 9,205,472 as of March 31, 2026 (R$8,978,015 as of December 31, 2025).
Financial Instruments - Fair Value
The estimated fair values of loans and financing are set forth below:
Yield used to discount/methodology03/31/202612/31/2025
Quoted in the secondary market
In foreign currency

Bonds (1)
Secondary Market
39,077,766 
42,223,976 
Estimated present value
In foreign currency
Export credits (“Prepayment”)
SOFR
17,344,704 
18,404,795 
Assets Financing
SOFR
238,833 
277,172 
IFC - International Finance Corporation
SOFR
5,137,756 
5,442,675 
ECA - Export Credit Agency
SOFR
1,860,820 
1,979,202 
Panda Bonds - CNY
Fixed
1,910,093 
1,964,329 
In local currency
BNDES – TJLP
DI 1
75,327 
95,167 
BNDES – TLP
DI 1
4,192,908 
4,193,766 
BNDES – Fixed
DI 1
5,313 
BNDES – TR
DI 1
89,170 
90,356 
BNDES – Selic (“Special Settlement and Custody System”)
DI 1
499,308 
547,000 
BNDES – UMBNDES
DI 2
252,407 
253,500 
Assets Financing
DI 1
46,254 
49,911 
Debentures
DI 1/IPCA
11,342,213 
10,873,596 
NCE (“Export Credit Notes”)
DI 1
105,376 
105,865 
NCR (“Rural Credit Notes”)
DI 1
5,509,365 
5,520,478 
CPR ("Rural Product Note")
DI 1
3,101,240 
1,472,697 
ECO INVEST – Agroindustrial Credit
DI 1
345,644 
334,422 
91,134,497 
93,828,907 
(1) The fair value presented in the Financial Statements as of December 31, 2025 did not include one of the 2029 Bond series, in the amount of R$ 5,568,313. Considering the inclusion of this amount, the fair value previously reported as of December 31,2025, in the amount of R$ 36,655,663, was revised to R$ 42,223,976.
Financial Instrument - Liquidity risk
03/31/2026
Book valueUndiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables
4,981,256 
4,981,256 
4,981,256 
Loans, financing and debentures
90,735,617 
134,683,728 
6,123,048 
10,714,381 
62,694,071 
55,152,228 
Lease liabilities
6,763,902 
11,893,716 
1,677,577 
1,223,232 
3,114,107 
5,878,800 
Derivative financial instruments
8,581,757 
14,131,736 
1,159,582 
1,040,511 
4,212,549 
7,719,094 
Dividends payable
12,855 
12,855 
12,855 
Other liabilities
221,110 
221,110 
55,717 
90,436 
74,957 
111,296,497 
165,924,401 
14,010,035 
13,068,560 
70,095,684 
68,750,122 
12/31/2025
Book
value		Undiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables
5,141,386 
5,141,386 
5,141,386 
Loans, financing and debentures
94,801,257 
136,586,565 
5,690,098 
16,894,643 
46,428,491 
67,573,333 
Lease liabilities
6,929,890 
13,281,230 
2,761,632 
1,235,951 
3,161,325 
6,122,322 
Derivative financial instruments
9,341,349 
13,741,567 
1,139,273 
849,920 
3,815,705 
7,936,669 
Dividends payable
1,393,121 
1,393,121 
1,393,121 
Other liabilities
236,724 
256,992 
69,458 
111,323 
76,211 
117,843,727 
170,400,861 
16,194,968 
19,091,837 
53,481,732 
81,632,324 
Financial Instruments - Exchange rate risk management
The assets and liabilities that are exposed to foreign currency, substantially in US$, are set forth below:
Consolidated
Sensitivity analysis
Exchange rate risk (Effect on profit or loss)                
Base value
Probable
03/31/2026		Possible (25%)Remote (50%)Balance as of 12/31/2025
Cash and cash equivalents
8,707,419 
(2,176,855)
(4,353,710)
11,919,897 
Marketable securities
533,780 
(133,445)
(266,890)
427,329 
Trade accounts receivable
4,079,784 
(1,019,946)
(2,039,892)
4,705,509 
Trade accounts payable
(810,849)
(202,712)
(405,425)
(1,075,590)
Loans and financing
(66,085,589)
(16,521,397)
(33,042,795)
(70,357,356)
Other liabilities
(63,890)
(15,973)
(31,945)
(66,446)
Derivative financial instruments
Derivative options
2,389,964 
(4,573,200)
(10,215,031)
979,706 
Derivative swaps
476,472 
(3,307,337)
(6,616,299)
(851,428)
Derivative Non-Deliverable Forward (‘NDF’) Contracts
43,027 
(43,027)
(43,027)
24,355 
Embedded derivatives
25,642 
(201,732)
(403,464)
112,058 
Commodity Derivatives
378,898 
(94,776)
(189,511)
(34,379)
Consolidated
Sensitivity analysis
Interest rate risk (Effect on profit or loss)
Base value
Probable
03/31/2026		Possible (25%)Remote (50%)Balance as of 12/31/2025
CDI/SELIC
Cash and cash equivalents
3,434,978 
(125,806)
(251,612)
3,204,403 
Marketable securities
8,019,304 
(298,719)
(597,438)
7,917,258 
Loans and financing
8,872,237 
(324,946)
(649,891)
8,825,045 
Derivative financial instruments
2,866,436 
(1,300,573)
(2,445,303)
128,277 
Derivative options
2,389,964 
(654,459)
(1,256,399)
979,705 
Derivative swaps
476,472 
(646,114)
(1,188,904)
(851,428)
TJLP
Loans and financing
79,499 
(1,826)
(3,653)
101,302 
SOFR
Loans and financing
23,897,418 
(219,856)
(439,712)
25,195,489 
Derivative swaps
476,472 
(130,162)
(253,566)
(851,428)
Financial Instruments - sensitivity analysis
The following table sets out the possible impacts, assuming these scenarios in absolute amounts:
03/31/2026
Effect on profit or loss
Probable (base value)Possible (25%)Remote (50%)
Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement
25,642 
(27,632)
(57,879)
Financial Instruments - Sensitivity analysis foreign exchange - derivative
The positions of outstanding derivatives are set forth below:
Notional valueFair value in R$
Currency03/31/202612/31/202503/31/202612/31/2025
Debt hedges
Assets
Swap CDI to Fixed
R$
9,081,789 
8,788,534 
2,752,897 
2,525,172 
Swap SOFR to Fixed
US$
2,464,149 
2,400,260 
511,285 
492,458 
Swap IPCA to CDI
R$
13,622,944 
11,059,169 
1,960,902 
1,549,779 
Pre-fixed Swap to CDI
R$
2,400,000 
2,400,000 
1,586,941 
1,562,789 
Swap CDI to SOFR
R$
3,399,600 
3,399,600 
971,697 
915,431 
Swap CNY to Fixed
CNY
2,600,000 
2,600,000 
528,655 
509,116 
8,312,377 
7,554,745 
Liabilities
Swap CDI to Fixed
US$
1,691,530 
1,635,783 
(2,273,041)
(2,686,614)
Swap SOFR to Fixed
US$
2,464,149 
2,400,260 
(358,788)
(400,210)
Swap IPCA to CDI
R$
12,896,320 
10,466,620 
(2,533,338)
(2,210,556)
Pre-fixed Swap to CDI
R$
2,400,000 
2,400,000 
(1,329,418)
(1,554,427)
Swap CDI to SOFR
US$
660,171 
660,171 
(891,382)
(1,080,537)
Swap CNY to Fixed
US$
362,736 
362,736 
(449,939)
(473,828)
(7,835,906)
(8,406,172)
476,471 
(851,427)
Cash flow hedge
Zero Cost Collar (US$ x R$)
US$
5,574,300 
6,156,400 
2,389,964 
979,705 
NDF (R$ x US$)
US$
63,000 
90,000 
43,027 
24,355 
2,432,991 
1,004,060 
Commodity Hedge and other
Swap US-CPI (standing wood) (1)
US$
154,602 
153,342 
25,642 
112,058 
Zero Cost Collar (Brent)
US$
335,511 
359,677 
378,898 
(33,279)
Swap VLSFO/Brent
US$
 
1,217 
 
(1,100)
404,540 
77,679 
3,314,002 
230,312 
Current assets
2,907,968 
1,556,978 
Non-current assets
8,987,791 
8,014,683 
Current liabilities
(1,107,667)
(1,205,029)
Non-current liabilities
(7,474,090)
(8,136,320)
3,314,002 
230,312 
(1)The embedded derivative refers to a swap contract for the sale of price variations in US$ and US-CPI within the term of a forest partnership with a standing wood supply contract.
Financial Instruments - Fair Value Maturity
03/31/202612/31/2025
2026
1,377,007 
351,949 
2027
1,746,941 
674,290 
2028
192,309 
96,273 
2029 onwards
(2,255)
(892,200)
3,314,002 
230,312 
Financial Instruments - Outstanding assets and liabilities
Financial Instruments - Fair Value Settled
The settled derivatives positions are set forth below:
03/31/202612/31/2025
Cash flow hedge
Zero Cost Collar (R$ x US$)
34,350 
9,922 
NDF (R$ x US$)
16,922 
(15,388)
NDF (€ x US$)
 
(26)

51,272 
(5,492)

Commodity Hedge and other
47,820 
(712)
Swap VLSFO/Brent
47,820 
(712)

Debt hedges
Swap CDI to Fixed (US$)
147,794 
408,373 
Swap IPCA to CDI (Brazilian Reais)
(140,343)
(321,139)
Swap Pre-Fixed to CDI
(304,358)
Swap RMB to fixed US$
(16,455)
Swap SOFR to SOFR (US$)
1,504 
Swap CDI to SOFR (US$)
117,659 
212,326 
Swap SOFR to Fixed (US$)
22,065 
252,250 

(157,183)
536,859 

(58,091)
530,655 
Financial Instruments - Fair Value Hierarchy