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Risk management and financial instruments (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of risk management strategy related to hedge accounting [abstract]

Schedule of Consolidated Financial Statements

Financial instruments are recognized in the consolidated financial statements as follows:


	Notes	Fair value hierarchy	June 30, 2026	December 31, 2025
Assets
Fair value through profit or loss (1)
Financial / Overnight investments	3	Level 2	2,146,796	1,887,853
National treasury bills	3	Level 1	155,486	123,204
Derivative assets		Level 2	115,199	155,441
Fair Value through Other Comprehensive Income
Investment in financial assets at fair value	3	Level 1	—	49,908
Derivative assets		Level 2	2,971	161
Amortized cost (2)
Cash at banks	3		1,259,842	2,557,740
CME Margin investments	3		75,297	105,993
Trade accounts receivable	4		3,555,443	4,231,924
Dividends Receivable			—	1,465
Related party receivables	8		32,709	41,231
Financial investments	3		50,949	45,780
Total			7,394,692	9,200,700
Liabilities
Amortized cost (2)
Loans and financing	16		(22,650,689)	(21,090,568)
Trade accounts payable and supply chain finance	15		(7,047,210)	(7,332,559)
Debt with related party	8		(142,536)	(190,998)
Lease	12.2		(1,794,217)	(1,767,285)
Dividends Payable			(117)	—
Fair value through profit or loss
Derivative liabilities		Level 2	(217,212)	(267,214)
Fair value through Other Comprehensive Income
Derivative liabilities		Level 2	(1,497)	(3,567)
Total			(31,853,478)	(30,652,191)

(1)CDBs are updated at the effective rate but have a short-term and negotiated with financial institutions, and their recognition is similar to fair value; national treasury bill is recognized according to market value.

(2)Loans and receivables are classified as amortized cost; the accounts receivable are short-term and net from expected losses.

Schedule of Assets and Liabilities Exposed to Floating Interest Rates

For informational purposes and in accordance with our Financial and Commodities Risk Management Policy, the notional amounts of assets and liabilities exposed to floating interest rates are presented below:


	June 30, 2026	December 31, 2025
Net exposure to the CDI/FED rate:
CRA - Agribusiness Credit Receivable Certificates	(139,265)	(54,231)
Credit note - export	(59)	(410)
Rural - Credit note - Prefixed	(198,565)	(114,282)
Related party transactions	(104,842)	(105,892)
CDB-DI (Bank certificates of deposit)	1,211,063	727,695
CME Margin investments	75,297	105,760
Treasury bills	94,910	75,286
Subtotal	938,539	633,926
Derivatives (CDI)	55,688	—
Derivatives (Swap)	(696,006)	(922,938)
Total	298,221	(289,012)

Net exposure to the IPCA rate:
Treasury bills	60,576	47,920
CRA - Agribusiness Credit Receivable Certificates	(2,163,111)	(2,165,193)

Related party transactions	(4,985)	(43,875)
Subtotal	(2,107,520)	(2,161,148)
Derivatives (Swap)	594,253	805,029
Total	(1,513,267)	(1,356,119)

Liabilities exposure to the SOFR rate:
Export credit note	(156,938)	(254,903)

Working Capital - USD	(23,945)	(11,691)
Total	(180,883)	(266,594)

Liabilities exposure to the Euribor rate:
Working Capital - EUR	(45,312)	(55,348)
Revolving credit facility	(31,348)	(33,701)
Total	(76,661)	(89,049)

Schedule of Contracts Exposure Scenario

Sensitivity analysis and derivative financial instruments breakdown:


				Scenario (i) VaR 99% I.C. 1 day			Scenario (ii) Interest rate variation - 25%			Scenario (iii) Interest rate variation - 50%
Contracts exposure	Risk	Current scenario		Rate		Effect on income	Rate		Effect on income	Rate		Effect on income

CDI	Decrease	14.15	%	14.08	%	(215)	10.61	%	(10,550)	7.08	%	(21,099)
IPCA	Increase	4.72	%	4.73	%	(115)	5.90	%	(17,857)	7.08	%	(35,713)
SOFR	Increase	3.68	%	3.68	%	(7)	4.60	%	(1,664)	5.52	%	(3,328)
Euribor	Increase	2.73	%	2.73	%	(2)	3.41	%	(523)	4.09	%	(1,046)
						(339)			(30,594)			(61,186)

American dollars (amounts in thousands of US$):


		Current exchange rate	Scenario (i) VaR 99% C.I. 1 day		Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk		Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.00	0.98	(65,230)	0.85	(565,549)	0.70	(1,131,098)
Financial	Appreciation	1.00	1.02	(9,876)	1.15	(85,610)	1.30	(171,220)
Derivatives	Depreciation	1.00	0.98	(11,432)	0.85	(99,115)	0.70	(198,231)
				(86,538)		(750,274)		(1,500,549)

EURO (amounts in thousands of US$):


			Scenario (i) VaR 99% I.C. 1 day		Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange rate	Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.14	1.12	(5,137)	0.97	(50,219)	0.80	(100,258)
Financial	Appreciation	1.14	1.16	(24)	1.31	(236)	1.48	(473)
Derivatives	Depreciation	1.14	1.12	(959)	0.97	(9,360)	0.80	(18,720)
				6,120		59,815		119,451

British Pound (amounts in thousands of US$):


			Scenario (i) VaR 99% I.C. 1 day		Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure of US$	Risk	Current exchange rate	Exchange rate	Effect on income	Exchange rate	Effect on income	Exchange rate	Effect on income
Operating	Depreciation	1.33	1.31	(1,121)	1.13	(10,822)	0.93	(21,645)

Derivatives	Appreciation	1.33	1.35	(1,024)	1.52	(9,879)	1.72	(19,758)
				(2,145)		(20,701)		(41,403)

Sensitivity analysis as of June 30, 2026:


		Scenario (i) VaR 99% I.C. 1 day			Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure	Risk	Current price	Price	Effect on income	Price	Effect on income	Price	Effect on income
Operating	Decrease	38	38	(18,645)	32	(279,674)	27	(559,347)
Derivatives	Increase	35	36	(18,293)	41	(274,396)	46	(548,792)
				(36,938)		(554,069)		(1,108,139)

Sensitivity analysis as of June 30, 2026:


		Scenario (i) VaR 99% I.C. 1 day			Scenario (ii) Interest rate variation - 15%		Scenario (iii) Interest rate variation - 30%
Exposure	Risk	Current price	Price	Effect on income	Price	Effect on income	Price	Effect on income
Operating	Increase	24	24	(3,913)	28	(58,694)	31	(117,389)
Derivatives	Decrease	6	6	(8,355)	5	(125,322)	4	(250,644)
				(12,268)		(184,016)		(368,033)

Schedule of Sensitivity Analysis Fair Value Asset and Liability

Details of derivative instruments (Swap):

June 30, 2026

December 31, 2026

Instrument

Risk factor

Maturity

Notional

Fair value
(Asset) - R$

Fair value (Liability) -
R$

Fair value

Notional

Fair value
(Asset) - R$

Fair value (Liability) -
R$

Fair value

Swap

IPCA

2027 - 2037

474,168

594,253

(696,006)

(101,753)

672,843

805,029

(922,938)

(117,909)

Schedule of Exposure

Below are presented the risks related to the most significant exchange rates fluctuation given the relevance of these currencies in the Group’s operations and the stress analysis scenarios and VaR to measure the total exposure as well as the cash flow risk with B3 and the Chicago Mercantile Exchange. The Group discloses these exposures considering the fluctuations of a exchange rate in particular towards the functional currency of each subsidiary.


	USD		EUR		GBP
	June 30, 2026	December 31, 2025	June 30, 2026	December 31, 2025	June 30, 2026	December 31, 2025







Operating (including cash and cash equivalents, trade accounts receivable and sales orders)	3,770,328	4,244,622	334,195	483,608	72,150	123,168



Financial (including loans and financing)	(570,734)	(369,538)	(1,576)	(1,525)	—	(191)
TOTAL EXPOSURE	3,199,594	3,875,084	332,619	482,083	72,150	122,977





Derivatives	660,769	6,334	62,402	1,276	(65,859)	(67,532)
NET EXPOSURE	3,860,363	3,881,418	395,021	483,359	6,291	55,445

Schedule of Future Contracts

Derivative financial instruments outstanding:


			June 30, 2026		December 31, 2025
Instrument	Risk factor	Nature	Notional (US$)	Fair value	Notional (US$)	Fair value
Future Contract	American dollar	Long	203,054	298	241,445	(1,814)
Deliverable Forwards	American dollar	Short	(239,970)	(13,791)	(278,582)	13,069
Non-Deliverable Forwards	American dollar	Long	697,685	11,005	43,471	(4,467)
Future Contract	Euro	Short	(69,251)	40	(79,419)	62
Deliverable Forwards	Euro	Long	140,777	(331)	103,646	(2,039)
Non-Deliverable Forwards	Euro	Short	(9,124)	235	(22,591)	(55)
Future Contract	British pound	Short	(40,043)	9	(40,676)	72
Deliverable Forwards	British pound	Short	(25,816)	(257)	(26,856)	129

Derivatives financial instruments breakdown:

June 30, 2026

December 31, 2025

Instrument

Risk factor

Nature

Quantity

Fair value

Quantity

Fair value

Future Contracts

Commodities (Live stocks)

Short

(3,650)

431

7,348

(346)

Deliverable Forwards

Commodities (Live stocks)

Short

(24,674)

(70,640)

(41,942)

(93,782)

Derivatives financial instruments breakdown:


			June 30, 2026		December 31, 2025
Instrument	Risk factor	Nature	Quantity	Fair value	Quantity	Fair value
Future Contracts	Commodities (grains and others)	Long	50,203	1,752	17,515	(170)
Deliverable Forwards	Commodities (grains and others)	Long	19,483	15,638	32,783	46,621
Future CME	Commodities (grains and others)	Short	300	456	155	(45)
Non Deliverable Forwards	Commodities (grains and others)	Long	438,827	(1,857)	—	—

Schedule of Exposure in Commodities

Position balance in commodities and corn contracts:


Exposure in Commodities (Live Stock) - Expressed in contract quantity	June 30, 2026	December 31, 2025
OPERATING
Firm contracts	24,425	31,200
Subtotal	24,425	31,200
DERIVATIVES
Future contracts	(3,650)	7,348
Deliverable Forwards	(24,674)	(41,942)

Subtotal	(28,324)	(34,594)
NET EXPOSURE	(3,899)	(3,394)


Exposure in Commodities (Grains and others) - Expressed in contract quantity	June 30, 2026	December 31, 2025
OPERATING
Purchase orders	6,292	5,403
Subtotal	6,292	5,403
DERIVATIVES
Future B3	50,203	17,515
Future CME	300	155
Deliverable Forwards	19,483	32,783
Non Deliverable Forwards	438,827	—
Subtotal	508,813	50,453
NET EXPOSURE	515,104	55,856

Disclosure of detailed information about hedging instruments

Below is shown the effects on income for the period, on other comprehensive income and on the balance sheet of derivative financial instruments contracted for hedging exchange rates, commodity prices and interest rates (cash flow and fair value hedges):

June 30, 2026

December 31, 2025

Hedge result

Asset

OCI

Liability

OCI

Grain hedge

491

1,542

(15)

(854)

Schedule of Contractual Obligation Amounts from Financial Liabilities

The table below shows the contractual obligation amounts from financial liabilities of the Company according to their maturities:


	June 30, 2026					December 31, 2025
	Less than 1 year	Between 1 and 3 years	Between 4 and 5 years	More than 5 years	Total	Less than 1 year	Between 1 and 3 years	Between 4 and 5 years	More than 5 years	Total
Trade accounts payable and supply chain finance	7,047,210	—	—	—	7,047,210	7,332,559	—	—	—	7,332,559
Loans and financing	1,334,897	841,785	1,545,992	18,928,015	22,650,689	833,085	249,115	794,458	19,213,910	21,090,568
Estimated interest on loans and financing (1)	309,235	659,005	320,065	3,786,567	5,074,872	1,265,226	2,425,415	2,377,113	15,237,492	21,305,246
Derivatives liabilities	116,808	101,901	—	—	218,709	156,405	114,376	—	—	270,781
Payments of leases	368,699	619,220	364,469	780,964	2,133,352	354,887	520,701	351,036	861,409	2,088,033
Commodities and energy forward purchase contracts	289,905	24,126,196	6,813,584	3,811,072	35,040,757	140,956	13,912,887	11,252,506	2,614,618	27,920,967

(1)Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates on June 30, 2026 and December 31, 2025. Payments in foreign currencies are estimated using the June 30, 2026 and December 31, 2025 exchange rates.