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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

12 Months Ended

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