Provisions for employees' benefits

Schedule of net defined benefit liability (asset)

The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2025:


		Pension and bonds		Other		Total
Liabilities for employee benefits
Opening balance		14,831		13,030		27,861
Current service cost		6		173		179
Past service cost		—		110		110
Interest expense		1,273		1,100		2,373
Gains from financial assumptions		(1,054)		(3,118)		(4,172)
Benefits paid		(1,301)		(837)		(2,138)
Foreign currency translation		13		—		13
Closing balance		13,768		10,458		24,226

Plan assets
Opening balance		11,693		37		11,730
Return on assets		989		2		991
Contributions to funds		67		825		892
Benefits paid		(1,301)		(837)		(2,138)
Actuarial gains		53		2		55
Closing balance		11,501		29		11,530
Net post–employment benefits liability		2,267		10,429		12,696

The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2024:


		Pension and bonds		Other		Total
Liabilities for employee benefits
Opening balance		16,412		12,750		29,162
Current service cost		34		174		208
Past service cost		—		217		217
Interest expense		1,163		928		2,091
Gains from financial assumptions		(1,520)		(298)		(1,818)
Benefits paid		(1,232)		(742)		(1,974)
Foreign currency translation		(26)		1		(25)
Closing balance		14,831		13,030		27,861

Plan assets
Opening balance		11,974		37		12,011
Return on assets		848		2		850
Payments and contributions to funds		(1,183)		(4)		(1,187)
Actuarial gains		54		2		56
Closing balance		11,693		37		11,730
Net post–employment benefits liability		3,138		12,993		16,131

Schedule of fair value of plan assets

The following is the composition of the plan assets by type of investment as of December 31, 2025, and 2024:


		2025		2024
Securities denominated in local currency		3,242		1,930
Bonds issued by the national government		3,090		3,190
Other foreign currency denominated securities		3,046		2,935
Bonds issued by private entities		1,705		2,932
Other public bonds		—		231
Variable yield bonds		223		—
Others		224		512
		11,530		11,730

The following is the balance of plan assets by fair value hierarchy level as of December 31, 2025, and 2024:


		Level 1			Level 2 (1)		Total
		2025	2024		2025	2024	2025	2024
Securities denominated in local currency		330	29		2,912	1,901	3,242	1,930
Bonds issued by the national government		1,981	3,190		1,109	—	3,090	3,190
Other foreign currency denominated securities		3,042	2,917		4	18	3,046	2,935
Bonds issued by private entities		14	111		1,691	2,821	1,705	2,932
Other public bonds		—	231		—	—	—	231
Variable yield bonds		223	—		—	—	223	—
Other		—	337		224	175	224	512
		5,590	6,815		5,940	4,915	11,530	11,730

(1)	The valuation techniques and inputs used in the fair value measurement of level 2 instruments consist in income approach (discounted cash flows) using the cash flows of the instruments, yield curves and credit spreads based on credit ratings.

Schedule of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks


2025		Pension		Bonds		Health		Education		Others
Discount rate		9.9%-12	%	10.00	%	10.25%-12.5	%	4%-10.25	%	9.85%-12.87	%
Salary growth rate		3	%	N/A		4	%	N/A		3.0%-4.94	%
Expected inflation rate		3.0%-4.0	%	3.30	%	3.30	%	3.30	%	3.30	%
Pension growth rate		3.0%-3.30	%	N/A		N/A		N/A		N/A
Cost trend
Short–term rate		N/A		N/A		10.00	%	4.30	%	N/A
Long–term rate		N/A		N/A		4.0%-4.30	%	4.30	%	N/A


2024		Pension		Bonds		Health		Education		Others
Discount rate		6.85%-10.9	%	8.75	%	8.75%-11.2	%	9.0%-11.0	%	5.7%-11.6	%
Salary growth rate		2.0%-3.0	%	N/A		3.0%-4.0	%	N/A		4.0-5.0	%
Expected inflation rate		3.0%-4.0	%	3.0	%	3.0	%	3.0	%	3.0	%
Pension growth rate		3.0%-3.3	%	N/A		N/A		N/A		N/A
Cost trend
Short–term rate		N/A		N/A		13.5	%	4.0	%	N/A
Long–term rate		N/A		N/A		4.0	%	4.0	%	N/A

N/A: Not applicable for this benefit.

Schedule of sensitivity analysis for actuarial assumptions

The following sensitivity analysis as of December 31, 2025 shows the effect of such possible changes on defined benefit obligation, while keeping the other assumptions constant:


		Pension		Bonds		Health		Education		Other
Discount rate
–50 basis points		12,977		1,132		9,307		400		994
+50 basis points		12,016		1,092		8,359		374		963
Inflation rate
–50 basis points		11,957		1,093		N/A		N/A		858
+50 basis points		13,038		1,131		N/A		N/A		880
Salary growth rate
–50 basis points		N/A		N/A		N/A		N/A		106
+50 basis points		N/A		N/A		N/A		N/A		113
Cost trend
–50 basis points		N/A		N/A		8,359		374		N/A
+50 basis points		N/A		N/A		9,305		394		N/A