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Employee benefits | 6 Months Ended
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Jun. 30, 2025
Employee Benefits |
Employee benefits | 27. Employee benefits
Schedule of employee related benefits |  |  |  |  |
|  | Current liabilities | Non-current liabilities
| Notes | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024
Payroll, related charges and other remunerations |  | 699 | 934 | — | –
Charges related to share-based payments | 27(a) | 30 | 16 | — | –
Employee post retirement obligation | 27(b) | 61 | 62 | 1,170 | 1,118
|  | 790 | 1,012 | 1,170 | 1,118
a) Share-based payments For the long-term incentive programs, the Company compensation plans includes Matching Program and Performance Share Unit program (“PSU”), with three-year-vesting cycles, respectively, with the aim of encouraging employee’s retention and encouraging their performance. The fair value of the programs is recognized on a straight-line basis on equity, with a corresponding entry in the income statement, over the three-year required service period, net of estimated losses. The charges related to these programs are recorded in liabilities as “Employee benefits”. Matching Program The fair value of the Matching program was estimated using the Company's share price and ADR and the number of shares granted on the grant date. The information by valid programs during the six-month period ended June 30, 2025 is shown below:
Schedule of fair value of the matching program |  |  |
| 2025 Program | 2024 Program | 2023 Program
Granted shares | 2,453,783 | 2,244,659 | 1,330,503
Share price | 10.13 | 12.02 | 15.94
Performance Shares Units (“PSU”) The fair value of the PSU program was measured by estimating the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability indicators. The assumptions used for the Monte Carlo simulations are shown in the table below by valid program during the six-month period ended June 30, 2025, as well as the result used to calculate the expected value of the total performance factor.
Schedule of assumptions used for the monte carlo simulations |  |  |
| 2025 Program | 2024 Program | 2023 Program
Granted shares | 1,973,979 | 1,873,175 | 1,177,755
Date shares were granted | May 06, 2025 | April 29, 2024 | January 2, 2023
Share price | 9.31 | 12.49 | 16.60
Expected volatility | 33.82% | 35.60% | 48.33%
Expected term (in years) | 3 | 3 | 3
Expected shareholder return indicator | 87.67% | 66.95% | 72.42%
Expected performance fator | 93.83% | 87.71% | 69.17%
b) Employee post-retirement obligation Reconciliation of assets and liabilities recognized in the statement of financial position
Schedule of reconciliation of assets and liabilities recognized in the statement of financial position |  |  |  |
| June 30, 2025 | December 31, 2024
| Overfunded pension plans | Underfunded pension plans and other benefits | Overfunded pension plans | Underfunded pension plans and other benefits
Movements of assets ceiling |  |  |  |
Balance at beginning of the period | 860 | – | 1,071 | –
Interest income | 31 | – | 69 | –
Changes on asset ceiling | 41 | – | (76) | –
Translation adjustment | 105 | – | (204) | –
Balance at end of the period | 1,037 | – | 860 | –
Amount recognized in the statement of financial position |  |  |  |
Present value of actuarial liabilities | (3,554) | (2,036) | (3,346) | (1,923)
Fair value of assets | 4,707 | 805 | 4,316 | 743
Effect of the asset ceiling | (1,037) | – | (860) | –
Assets (liabilities) | 116 | (1,231) | 110 | (1,180)
Current liabilities | 10 | (61) | – | (62)
Non-current assets (liabilities) (i) | 106 | (1,170) | 110 | (1,118)
Assets (liabilities) | 116 | (1,231) | 110 | (1,180)
(i) Overfunded pension plans assets are recorded as “Other non-current assets” in the balance sheet.

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