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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2024
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
Measurement of financial leveraging index | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 12/31/2023 |
​ |  | 12/31/2024 |  | Reclassified | ​
Total loans, financing and debentures |  | 75,620,574 |  | 59,460,369 | ​
(+) Derivative financial instruments - debt protection |  | (974,381) |  | 657,514 | ​
(-) Marketable securities |  | (9,385,179) |  | (6,352,895) | ​
(-) Cash and cash equivalents |  | (26,572,522) |  | (13,046,371) | ​
Net debt |  | 38,688,492 |  | 40,718,617 | ​
(+) Total shareholders’ equity |  | 121,999,776 |  | 112,464,644 | ​
Total capital | ​ | 160,688,268 | ​ | 153,183,261 | ​
Financial leverage index | ​ | 24 | ​ | 27 | ​
The accounting balances of financial assets and liabilities represent a reasonable approximation of fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 12/31/2023
​ |  | Level |  | 12/31/2024 |  | Reclassified
FINANCIAL ASSETS |  |  |  |  |  |
Amortized cost |  | ​ |  | 39,017,827 |  | 24,673,081
Cash and cash equivalents | ​ | ​ | ​ | 26,572,522 | ​ | 13,046,371
Accounts receivable, net |  | ​ |  | 6,513,888 |  | 5,859,928
Restricted cash | ​ | ​ | ​ | 3,679,483 | ​ | 2,772,947
Reimbursement rights |  | ​ |  | 1,613,335 |  | 2,365,685
Loans, financing and debentures |  | ​ |  | 638,599 |  | 628,150
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through result |  | ​ |  | 11,537,109 |  | 6,726,501
Financial investments |  | 2 |  | 8,967,937 |  | 5,925,693
Beneficiary parties | ​ | 2 | ​ | 417,242 | ​ | 427,202
Derivative financial instruments |  | 2 |  | 2,151,930 |  | 373,606
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through other comprehensive income | ​ | ​ |  | 946,059 | ​ | 1,104,381
Investments (Interests) | ​ | 1 |  | 861,234 | ​ | 1,104,381
Derivative financial instruments | ​ | 2 | ​ | 84,825 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
FINANCIAL LIABILITIES | ​ |  |  |  |  |
Amortized cost | ​ | ​ |  | 109,460,695 |  | 100,988,575
Loans, financing and debentures | ​ | ​ |  | 59,297,533 |  | 54,299,620
Obligations of Law No. 14,182/2021 | ​ | ​ | ​ | 42,022,123 | ​ | 39,519,406
Suppliers | ​ | ​ |  | 2,764,288 |  | 2,963,867
Compulsory loan – Agreements | ​ | ​ |  | 1,105,534 |  | 896,746
RGR Returns | ​ | ​ | ​ | 932,250 | ​ | 1,319,921
Reimbursement obligations | ​ | ​ | ​ | 70,803 | ​ | —
Shareholders compensation | ​ | ​ |  | 2,490,668 |  | 1,154,836
Leases | ​ | ​ |  | 182,583 |  | 216,747
Concessions payable - use of public property | ​ | ​ | ​ | 594,913 | ​ | 617,432
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through result |  | ​ |  | 17,500,976 |  | 7,138,184
Loans, financing and debentures | ​ | 2 | ​ | 16,323,041 | ​ | 6,480,670
Derivative financial instruments |  | 2 |  | 1,177,935 |  | 657,514
Schedule of analysis of non-derivative financial liabilities by maturity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2024
​ | ​ | Nominal payment flow
​ | ​ | Up to 1 year |  | From 1 to 2 Years |  | From 2 to 5 Years |  | Over 5 Years |  | Total
FINANCIAL LIABILITIES (Current / Non-Current) |  | 22,599,741 |  | 22,968,512 |  | 41,394,062 |  | 97,366,345 |  | 184,328,660
Obligations of Law No. 14,182/2021 | ​ | 2,953,184 | ​ | 3,439,353 | ​ | 12,906,745 | ​ | 62,908,147 | ​ | 82,207,429
Loans, financing and debentures |  | 13,769,529 |  | 18,913,993 |  | 28,317,110 |  | 34,133,371 |  | 95,134,002
Suppliers | ​ | 2,756,329 | ​ | 7,959 | ​ | — | ​ | — | ​ | 2,764,288
RGR Returns |  | 492,276 |  | 439,974 |  | — |  | — |  | 932,250
Reimbursement Obligations | ​ | 55,517 | ​ | 15,286 | ​ | — | ​ | — | ​ | 70,803
Shareholders remuneration | ​ | 2,490,668 | ​ | — | ​ | — | ​ | — | ​ | 2,490,668
Leases |  | 31,192 |  | 20,183 |  | 29,536 |  | 41,971 |  | 122,882
Concessions payable UBP |  | 51,046 |  | 131,764 |  | 140,671 |  | 282,856 |  | 606,337
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2023
​ | ​ | Nominal payment flow
​ |  | Up to 1 year |  | From 1 to 2 Years |  | From 2 to 5 Years |  | Over 5 Years |  | Total
FINANCIAL LIABILITIES (Current / Non-Current) |  | 23,534,123 |  | 16,402,453 |  | 37,162,840 |  | 86,456,689 |  | 163,556,105
Obligations of Law No. 14,182/2021 |  | 2,196,092 |  | 2,832,052 |  | 11,675,962 |  | 64,112,911 |  | 80,817,017
Loans, financing and debentures | ​ | 16,303,004 | ​ | 12,806,056 | ​ | 24,871,962 | ​ | 21,856,170 | ​ | 75,837,192
Suppliers |  | 2,963,867 |  | — |  | — |  | — |  | 2,963,867
RGR Returns | ​ | 439,974 | ​ | 439,974 | ​ | 439,974 | ​ | — | ​ | 1,319,922
Reimbursement Obligations | ​ | 8,572 | ​ | — | ​ | — | ​ | — | ​ | 8,572
Shareholders remuneration | ​ | 1,522,866 | ​ | — | ​ | — | ​ | — | ​ | 1,522,866
Leases |  | 48,482 |  | 75,682 |  | 49,138 |  | 66,936 |  | 240,238
Concessions payable UBP |  | 51,266 |  | 248,689 |  | 125,804 |  | 420,672 |  | 846,431
Schedule of derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
​ | ​ | Maturity |  | Notional value |  | Assets | ​ | Liability
Debt protection derivative |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  |
Swap - US$ vs CDI |  | 1/8/2025 | ​ | 493,000 | ​ | 118,733 | ​ | — | ​ | — |  | —
Swap - US$ vs CDI |  | 2/4/2025 | ​ | 2,535,300 | ​ | 500,998 | ​ | — | ​ | — |  | 220,165
Swap - US$ vs CDI |  | 8/29/2025 | ​ | 219,150 | ​ | 54,290 | ​ | — | ​ | — |  | 8,611
Swap - US$ vs CDI |  | 12/9/2025 | ​ | 500,000 | ​ | 13,170 | ​ | — | ​ | — |  | —
Swap - EUR vs CDI | ​ | 12/23/2025 | ​ | 500,000 | ​ | 5,245 | ​ | — | ​ | — | ​ | —
Swap - US$ vs CDI | ​ | 6/20/2029 | ​ | 232,873 | ​ | 47,415 | ​ | — | ​ | 7,603 | ​ | 3,601
Swap - US$ vs CDI | ​ | 2/4/2030 | ​ | 3,782,873 | ​ | 715,544 | ​ | — | ​ | 235,194 | ​ | 425,137
Swap - IPCA vs CDI | ​ | 9/15/2034 | ​ | 1,630,000 | ​ | — | ​ | — | ​ | 89,867 | ​ | —
Swap - US$ vs CDI | ​ | 12/4/2034 | ​ | 2,378,400 | ​ | 266,397 | ​ | — | ​ | 185,005 | ​ | —
Swap - US$ vs CDI | ​ | 1/11/2035 | ​ | 4,229,025 | ​ | 287,736 | ​ | — | ​ | 316,342 | ​ | —
Swap - IPCA vs CDI | ​ | 6/15/2031 | ​ | 4,900,000 | ​ | 142,788 | ​ | — | ​ | 343,924 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 2,152,316 | ​ | — | ​ | 1,177,935 | ​ | 657,514
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term commitment derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NDF US$ | ​ | 4/30/2025 | ​ | 67,113 | ​ | 224 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 12/2/2025 | ​ | 1,342 | ​ | 274 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 8/3/2026 | ​ | 156,583 | ​ | 30,129 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 9/1/2026 | ​ | 60,175 | ​ | 11,780 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 9/2/2026 | ​ | 210,668 | ​ | 42,032 | ​ | — | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 84,439 | ​ | — | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 2,236,755 | ​ | — | ​ | 1,177,935 | ​ | 657,514
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | 12/31/2024 |  | 12/31/2023
Variation of fair value of the derivative | ​ | ​ | ​ | ​ | ​ | ​
Swap - US$ vs CDI |  | 1/8/2025 |  | 109,356 |  | —
Swap - US$ vs CDI |  | 4/2/2025 |  | 560,392 |  | (275,755)
Swap - US$ vs CDI |  | 8/29/2025 |  | 52,930 |  | (8,610)
Swap - US$ vs CDI |  | 12/9/2025 |  | 13,170 |  | —
Swap - EUR vs CDI | ​ | 12/23/2025 | ​ | 5,245 | ​ | —
Swap - US$ vs CDI | ​ | 18/06/2026 | ​ | 68,485 | ​ | —
Swap - US$ vs CDI | ​ | 6/20/2029 | ​ | 41,141 | ​ | (6,373)
Swap - US$ vs CDI | ​ | 2/4/2030 | ​ | 634,410 | ​ | (512,050)
Swap - IPCA vs CDI | ​ | 6/15/2031 | ​ | (296,800) | ​ | —
Swap - IPCA vs CDI | ​ | 9/15/2034 | ​ | (89,867) | ​ | —
Swap - US$ vs CDI | ​ | 12/4/2034 | ​ | 81,392 | ​ | —
Swap - US$ vs CDI | ​ | 1/11/2035 | ​ | (28,606) | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Variation of fair value of the protected debt |  | ​ |  | ​ |  | ​
Bonds | ​ | 2/4/2025 | ​ | (765,876) | ​ | 49,395
Bonds |  | 2/4/2030 |  | (1,068,243) |  | (129,796)
Bonds |  | 1/11/2035 |  | (95,074) |  | —
Credit agreement |  | 1/8/2025 |  | (165,382) |  | —
Credit agreement |  | 8/29/2025 |  | (68,059) |  | (15,503)
Credit agreement |  | 12/9/2025 |  | (17,497) |  | —
Credit agreement | ​ | 6/18/2026 | ​ | (257,569) | ​ | —
CGT ESUL EURO | ​ | 12/23/2025 | ​ | (7,838) | ​ | —
KFW | ​ | 6/20/2029 | ​ | (59,203) | ​ | (9,689)
Debentures | ​ | 6/15/2031 | ​ | (53,596) | ​ | —
Debentures | ​ | 9/15/2034 | ​ | 46,824 | ​ | —
SPA (SACE) | ​ | 12/4/2034 | ​ | (206,217) | ​ | —
Net financial result |  | ​ |  | (1,566,482) |  | (908,381)
Schedule of derivatives changes | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Balance on January 1 | ​ | (283,908) | ​ | 986,862
Fair value assessment - result |  | 1,151,248 |  | (1,416,044)
Fair value assessment - OCI |  | 84,825 |  | —
Amortizations |  | 106,655 |  | 145,274
Balance as of December 31st |  | 1,058,820 |  | (283,908)
​ | ​ | ​ | ​ | ​
Assets |  | 2,236,755 |  | 373,606
Liabilities |  | 1,177,935 |  | 657,514
Interest rate appreciation risk |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
Impact of each scenario on company results, sensitivity analysis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Effect on result
​ | ​ | ​ | ​ | Balance on | ​ | Scenario I - | ​ | Scenario II | ​ | Scenario III
​ | ​ | ​ |  | 12/31/2024 |  | Probable 20251 |  | (+25%)1 |  | (+50%)1
CDI | ​ | Loans, financing and debentures | ​ | (44,428,113) | ​ | (6,619,789) | ​ | (8,276,957) | ​ | (9,929,683)
​ | ​ | Financing and loans receivable | ​ | 450,000 | ​ | 67,050 | ​ | 83,835 | ​ | 100,575
​ | ​ | Impact on the result | ​ | (43,978,113) | ​ | (6,552,739) | ​ | (8,193,122) | ​ | (9,829,108)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SELIC | ​ | Loans, financing and debentures | ​ | (114,955) | ​ | (17,243) | ​ | (21,554) | ​ | (25,865)
​ | ​ | AIC Reimbursement | ​ | 112,816 | ​ | 16,922 | ​ | 21,153 | ​ | 25,384
​ | ​ | Impact on the result | ​ | (2,139) | ​ | (321) | ​ | (401) | ​ | (481)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TJLP | ​ | Loans, financing and debentures | ​ | (2,873,003) | ​ | (251,100) | ​ | (314,019) | ​ | (376,651)
​ | ​ | Impact on the result | ​ | (2,873,003) | ​ | (251,100) | ​ | (314,019) | ​ | (376,651)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IGPM (General Market Price Index) | ​ | Leases | ​ | (182,583) | ​ | (8,618) | ​ | (10,772) | ​ | (12,927)
​ | ​ | Impact on the result | ​ | (182,583) | ​ | (8,618) | ​ | (10,772) | ​ | (12,927)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Obligations of Law No. 14,182/2021 | ​ | (42,022,123) | ​ | (2,252,386) | ​ | (2,815,482) | ​ | (3,378,579)
IPCA | ​ | Loans, financing and debentures | ​ | (26,215,920) | ​ | (1,405,173) | ​ | (1,756,467) | ​ | (2,107,760)
​ | ​ | Right of reimbursement | ​ | 1,500,519 | ​ | 80,428 | ​ | 100,535 | ​ | 120,642
​ | ​ | Financing and loans receivable | ​ | 502,585 | ​ | 26,939 | ​ | 33,673 | ​ | 40,408
​ | ​ | Impact on the result | ​ | (66,234,939) | ​ | (3,550,192) | ​ | (4,437,741) | ​ | (5,325,289)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impact on profit or loss in case of assessment of national indexes | ​ | ​ | ​ | (10,362,970) | ​ | (12,956,055) | ​ | (15,544,456)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (1) Assumptions adopted: | ​ | 12/31/2024 | ​ | Likely | ​ | +25% | ​ | +50%
​ | ​ | CDI | ​ | 12.15 | ​ | 14.90 | ​ | 18.63 | ​ | 22.35
​ | ​ | SELIC | ​ | 12.25 | ​ | 15.00 | ​ | 18.75 | ​ | 22.50
​ | ​ | TJLP | ​ | 7.43 | ​ | 8.74 | ​ | 10.93 | ​ | 13.11
​ | ​ | IGPM (General Market Price Index) | ​ | 6.54 | ​ | 4.72 | ​ | 5.90 | ​ | 7.08
​ | ​ | IPCA | ​ | 4.89 | ​ | 5.36 | ​ | 6.70 | ​ | 8.04

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