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Foreign exchange fluctuations (net) | 12 Months Ended
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Dec. 31, 2025
Foreign Exchange Fluctuations |
Foreign exchange fluctuations (net) |
| 37. | Foreign exchange fluctuations (net)
Foreign exchange fluctuations reflect the gains or losses on currency transactions, the changes resulting from the conversion of monetary items from a foreign currency to the functional currency, and the gains or losses recognized on non-monetary foreign currency assets at the time of disposal.
Schedule of exchange differences |  |  |
Thousand of Reais | 2025 | 2024 | 2023
Revenue with Exchange Variations | 510,993,772 | 121,821,934 | 104,400,557
Expenses with Exchange Variations | (521,807,828) | (120,334,255) | (103,335,390)
Total | (10,814,056) | 1,487,679 | 1,065,167

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