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Financial risk management (Tables) | 6 Months Ended
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Jun. 30, 2025
Notes and other explanatory information [abstract] |
Schedule of effects on statement of income of derivative financial instruments |
Schedule of effects on statement of income of derivative financial instruments |  |  |  |
Gains/ (losses) recognized in the statement of income
| Jan-Jun/2025 | Jan-Jun/2024 | Apr-Jun/2025 | Apr-Jun/2024
Foreign exchange rate risk |  |  |  |
Cross-currency Swap CDI x Dollar - Note 26.4.1 (b) | 54 | (62) | 26 | (61)
Cash flow hedge on exports - Note 26.4.1 (a) | (1,220) | (1,297) | (498) | (600)
Interest rate risk |  |  |  |
Swap IPCA X CDI - 26.4.1 (b) | 2 | (41) | (9) | (21)
Recognized in Net finance income (expense) | (1,164) | (1,400) | (481) | (682)
Price risk (commodity derivatives) |  |  |  |
Recognized in other income and expenses | 11 | 24 | 9 | 19
Total | (1,153) | (1,376) | (472) | (663)
Schedule of effects on statement of comprehensive income of derivative financial instruments |
Schedule of effects on statement of comprehensive income of derivative financial instruments |  |  |  |
Gains/ (losses) recognized in the period
| Jan-Jun/2025 | Jan-Jun/2024 | Apr-Jun/2025 | Apr-Jun/2024
Hedge accounting |  |  |  |
Cash flow hedge on exports - Note 26.4.1 (a) | 9,524 | (7,352) | 3,949 | (6,027)
Deferred income taxes | (3,238) | 2,499 | (1,343) | 2,048
Total | 6,286 | (4,853) | 2,606 | (3,979)
Schedule of assets and liabilities |
Schedule of assets and liabilities |  |
| 06.30.2025 | 12.31.2024
Fair value Asset Position (Liability) |  |
Open derivatives transactions | (22) | (101)
Closed derivatives transactions awaiting financial settlement | 1 | 1
Recognized in Statements of Financial Position | (21) | (100)
Other assets (note 16) | 73 | 29
Other liabilities (note 16) | (94) | (129)
Schedule of statement of financial position |
Schedule of statement of financial position |  |  |  |  |  |
|  | Statement of Financial Position
|  |  |  | Fair value | Fair value hierarchy | Maturity
| Notional value | Asset Position (Liability)
| 06.30.2025 | 12.31.2024 | 06.30.2025 | 12.31.2024 |  |
Derivatives not designated for hedge accounting |  |  |  |  |  |
Foreign exchange rate risk (1) |  |  |  |  |  |
Cross-currency swap - CDI x US$ | 488 | 488 | (76) | (105) | Level 2 | 2029
Short position/Foreign currency forwards (BRL/USD) | 16 | 20 | 1 | − | Level 2 | 2025
Interest rate risk |  |  |  |  |  |
Swap - IPCA X CDI | R$ 3,008 | R$ 3,008 | 43 | 17 | Level 2 | 2029/2034
Price risk |  |  |  |  |  |
Future contracts - Crude oil and oil products (2) | 1,121 | (1,450) | 11 | (13) | Level 1 | 2025
SWAP - Soybean oil (3) | (11) | - | − | − | Level 2 | 2025
Options - Long put/ Soybean oil (3) | (3) | - | − | − | Level 2 | 2025
Total open derivative transactions |  |  | (21) | (101) |  |
(1) Amounts in US$ and R$ are presented in millions. |  |  |  |  |  |
(2) Notional value in thousands of bbl.
Schedule of guarantees given as collateral |
Schedule of guarantees given as collateral |  |  |  |
Guarantees given as collateral
|  |  | 06.30.2025 | 12.31.2024
Commodity derivatives |  |  | 39 | 69
Schedule of cumulative losses in other comprehensive income (shareholders’ equity) |
Schedule of cumulative losses in other comprehensive income (shareholders’ equity) |  |  |  |
Cumulative losses in other comprehensive income (shareholders’ equity)
|  |  | 06.30.2025 | 12.31.2024
Hedge accounting |  |  |  |
Cash flow hedge on exports - Note 26.4.1 (a) |  |  | (21,321) | (30,845)
Deferred income taxes |  |  | 7,247 | 10,485
Total |  |  | (14,074) | (20,360)
Schedule of present value of hedging instrument notional value |
Schedule of present value of hedging instrument notional value |  |  |  |  |
|  | Present value of hedging instrument notional value at 06.30.2025
Hedging Instrument | Hedged Transactions | Nature of the Risk | Maturity Date | US$ million | R$ million
Foreign exchange rate gains and losses on proportion of non-derivative financial instruments cash flows | Foreign exchange rate gains and losses of highly probable future monthly exports revenues | Foreign Currency – Real vs U.S. Dollar Spot Rate | July 2025 to June 2035 | 70,052 | 382,279
Schedule of hedging instrument notional value |
Schedule of hedging instrument notional value |  |
Changes in the present value of hedging instrument notional value | US$ million | R$ million
Amounts designated as of December 31, 2024 | 65,900 | 408,073
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 16,495 | 94,522
Exports affecting the statement of income | (6,413) | (37,215)
Principal repayments / amortization | (5,930) | (34,112)
Foreign exchange rate variations | - | (48,989)
Amounts designated as of June 30, 2025 | 70,052 | 382,279
Nominal value of hedging instrument (finance debt and lease liability) at June 30, 2025 | 92,116 | 502,689
Schedule of cumulative foreign exchange losses recognized |
Schedule of cumulative foreign exchange losses recognized |  |
| Jan-Jun/2025 | Jan-Jun/2024
Opening balance | (30,845) | (18,210)
Recognized in equity | 8,304 | (8,649)
Reclassified to the statement of income | 1,220 | 1,297
Other comprehensive income (loss) | 9,524 | (7,352)
Closing balance | (21,321) | (25,562)
Schedule of reclassification of cumulative foreign exchange losses recognized |
Schedule of reclassification of cumulative foreign exchange losses recognized |  |  |  |  |  |  |
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 onwards | Total
Expected realization | (2,653) | (5,242) | (5,542) | (3,732) | (3,217) | (935) | (21,321)
Schedule of sensitivity analysis, keeping all other variables remaining constant |
Schedule of sensitivity analysis, keeping all other variables remaining constant |  |
Financial Instruments | Reasonably possible scenario
Swap CDI x USD |  | 17
Schedule of sensitivity analysis for foreign exchange risk on financial instruments |
Schedule of sensitivity analysis for foreign exchange risk on financial instruments |  |  |  |  |
Risk | Financial Instruments | Exposure at 06.30.2025 | Exposure in R$ million | Probable Scenario | Reasonably possible scenario
Dollar/Real | Assets | 4,425 | 24,145 | 241 | 885
| Liabilities | (115,324) | (629,336) | (6,281) | (23,065)
| Exchange rate - Cross currency swap | (488) | (2,664) | (27) | (98)
| Cash flow hedge on exports | 70,052 | 382,279 | 3,815 | 14,010
| Total | (41,335) | (225,576) | (2,252) | (8,268)
Euro/Dollar | Assets | 1,186 | 6,470 | 18 | 237
| Liabilities | (1,724) | (9,409) | (27) | (345)
| Total | (538) | (2,939) | (9) | (108)
Pound/Dollar | Assets | 1,018 | 5,555 | 6 | 204
| Liabilities | (2,007) | (10,950) | (11) | (401)
| Total | (989) | (5,395) | (5) | (197)
Renminbi /Dollar | Assets | 1 | 3 | − | −
| Liabilities | (488) | (2,661) | (4) | (97)
| Total | (487) | (2,658) | (4) | (97)
Others (1) | Assets | 44 | 239 | 10 | (8)
| Liabilities | (67) | (368) | (4) | (14)
| Total | (23) | (129) | 6 | (22)
Total at June 30, 2025 | (43,372) | (236,697) | (2,264) | (8,692)
(1) Pound sterling/real, euro/real and peso/U.S. dollar. |  |
Schedule of derivative financial instruments different types of market risks |
Schedule of derivative financial instruments different types of market risks |  |  |
Financial Instruments | Risk | Probable scenario | Reasonably possible scenario
Derivatives not designated for hedge accounting |  |  |
Crude oil and oil products - price changes | Future and forward contracts (Swap) | − | (69)
Soybean oil - price changes | Future and forward contracts (Swap) | − | (3)
Soybean oil - price changes | Option | − | (1)
Foreign currency - depreciation BRL x USD | Forward contracts | − | (1)
|  | − | (74)
Schedule of interest rate risk management |
Schedule of interest rate risk management |  |  |
Risk |  | Sensitivity effect on the results | Reasonably possible scenario
Finance debt |  |  |
CDI |  | 705 | 987
SOFR 3M (1) |  | 125 | 162
SOFR 6M (1) |  | 74 | 88
SOFR O/N (1) |  | 78 | 109
IPCA |  | 116 | 162
TJLP |  | 65 | 90
LPR 12M (2) |  | 15 | 21
TR |  | 5 | 6
|  | 1,183 | 1,625
(1) Secured Overnight Financing Rate.
(2) Loan Prime Rate.

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