Employee Benefits

Schedule of reconciliation of employee benefits' assets and liabilities


			Consolidated
	12/31/2025	12/31/2024	12/31/2023
Present value of defined benefit obligation	2,888,441	2,904,023	3,329,075
Fair value of plan assets	(3,526,884)	(3,683,575)	(3,713,099)
Deficit(Surplus)	(638,443)	(779,552)	(384,024)
Restriction to actuarial assets due to recovery limitation	608,370	750,728	367,265
Liabilities (Assets), net	(30,073)	(28,824)	(16,759)

Schedule of changes in fair value of the plan


			Consolidated
	12/31/2025	12/31/2024	12/31/2023
Fair value of plan assets at the beginning of the year	(3,683,575)	(3,713,099)	(3,572,869)
Interest income	(444,752)	(335,322)	(401,054)
Benefits Paid	341,856	333,037	324,750
Participant contributions made in the year	(1,178)	(1,348)	(1,404)
Employer contributions made in the year	(1,168)	(165)	(184)
Return on plan assets (less interest income)	261,933	33,322	(62,338)
Fair value of plan assets at the end of the year	(3,526,884)	(3,683,575)	(3,713,099)

Schedule of actuarial gains and losses

Schedule of actuarial gains and losses
			Consolidated
	12/31/2025	12/31/2024	12/31/2023
Actuarial losses and (gains)	(20,282)	(392,687)	186,665
Return on plan assets (less interest income)	261,933	33,322	(62,338)
Change in the asset’s limit (excluding interest income)	(237,589)	348,800	(109,355)
Total cost of actuarial losses and (gains)	4,062	(10,565)	14,972

Schedule of actuarial assumptions used

Schedule of actuarial assumptions used
	12/31/2025	12/31/2024
Actuarial financing method	Projected unit credit	Projected unit credit
Functional currency	Real (R$)	Real (R$)
Recognition of plan assets	Fair value	Fair value
Real discount rate	Millennium Plan: 7.30%	Millennium Plan: 7.12%
	Plan 35%: 7.60%	Plan 35%: 7.46%
	Supplementation: 7.54%	Supplementation: 7.43%
	Mauá Prev: 7.39%	Mauá Prev: 7.34%
Inflation rate	4.05%	4,96%
Nominal salary increase rate	1.00%	1.00%
Nominal benefit increase rate	4.05%	4,96%
Rate of return on investments	Millennium Plan: 7.30%	Millennium Plan: 7.12%
	Plan 35%: 7.60%	Plan 35%: 7.46%
	Supplementation : 7.54%	Supplementation : 7.43%
	Mauá Prev: 7.39%	Mauá Prev: 7.34%
General mortality table	Millennium Plan: AT-2012 segregated by gender	Millennium Plan: AT-2012 segregated by gender
	Plans 35% : AT-2000 Male, aggravated by 15%	Plans 35% : AT-2000 Male, aggravated by 15%
	Supplementation: AT-2000 segregated by gender, aggravated by 10%	Supplementation: AT-2000 segregated by gender, aggravated by 10%
	Mauá Prev: AT-2012 segregated by gender	Mauá Prev: AT-2012 segregated by gender
	Millennium Plan: Easy light	Millennium Plan: Easy light
Disability table	Mauá Prev and ACT: ALVARO VINDAS (D50%)	Mauá Prev and ACT: ALVARO VINDAS (D50%)
	Other Plans: Not applicable	Other Plans: Not applicable

Disability mortality table	Millennium Plan: AT 71	Millennium Plan: AT 71
	Plans 35%: MI-2006 - 10% M&F	Plans 35%: MI-2006 - 10% M&F
	Supplementation: Winklevoss - 10%	Supplementation: Winklevoss - 10%
	Mauá Prev and ACT: IAPB-57	Mauá Prev and ACT: IAPB-57
Turnover table	Millennium Plan 5% per year	Millennium Plan 5% per year
	Maua Prev: MercerService	Maua Prev: MercerService
	Other Plans: Not applicable	Other Plans: Not applicable
Retirement age	100% on the first date he/she becomes eligible for programmed retirement benefit under the plan	100% on the first date he/she becomes eligible for programmed retirement benefit under the plan
Household of active participants	For the Mauá Prev and ACT Plans, 90% of participants are expected to be married at retirement, while this figure is 95% for other Plans. Female spouses are assumed to be 4 years younger than male participants.	For the Mauá Prev and ACT Plans, 90% of participants are expected to be married at retirement, while this figure is 95% for other Plans. Female spouses are assumed to be 4 years younger than male participants.

Schedule of allocation defined benefit assets


		12/31/2025		12/31/2024		12/31/2023
Variable income	291,676	8.27%	358,124	9.72%	190,455	5.13%
Fixed income	2,786,582	79.01%	2,916,385	79.17%	3,143,056	84.65%
Real estate	266,080	7.54%	225,421	6.12%	201,870	5.44%
Others	182,546	5.18%	183,645	4.99%	177,718	4.78%
Total	3,526,884	100.00%	3,683,575	100.00%	3,713,099	100.00%

Schedule of forecast benefit payments defined benefit plans


Forecast payments	2025	2024
Year 1	360,546	349,582
Year 2	332,116	325,518
Year 3	322,471	316,201
Year 4	311,975	306,861
Year 5	301,430	296,668
Next 5 years	1,331,249	1,323,196
Total forecast payments	2,959,787	2,918,026

Schedule of reconciliation of the healthcare liabilities


	12/31/2025	12/31/2024	12/31/2023
Actuarial liability at the beginning of the year	454,161	481,118	537,290
Expenses recognized in income for the year	54,897	42,749	58,737
Sponsor’s contributions transferred in prior year	(50,098)	(51,884)	(51,788)
Recognition of actuarial loss/(gain)	(79,799)	(17,822)	(63,121)
Actuarial liability at the end of the year	379,161	454,161	481,118

Schedule of weighted average life

Schedule of weighted average life
	12/31/2025	12/31/2024	12/31/2023
Longevity at age of 65 for current participants
Male	20.24	20.24	20.24
Female	20.24	20.24	20.24

Longevity at age of 40 for current participants
Male	42.74	42.74	42.74
Female	42.74	42.74	42.74

Schedule of quantitative sensitivity analysis for significant assumptions


		12/31/2025
	Healthcare Plan
	Assumption: Discount rate
Sensitivity level	0.5%	-0.5%
Effect on current service cost and on interest on actuarial obligations	510,034	(540,863)
Effect on present value of obligations	(10,629,052)	11,323,696

	Assumption: Medical Inflation
Sensitivity level	1.0%	-1.0%
Effect on current service cost and on interest on actuarial obligations	3,102,518	(2,773,758)
Effect on present value of obligations	25,945,554	(23,196,224)

	Assumption: Benefit adjustment
Sensitivity level	+1 year	- 1 year
Effect on current service cost and on interest on actuarial obligations	(2,257,050)	2,340,830
Effect on present value of obligations	(18,875,130)	19,575,759