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Risk management (Tables) | 12 Months Ended
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Dec. 31, 2024
Risk Management |
Schedule of exposure to exchange risk |
Schedule of exposure to exchange risk |  |  |  |
| December 31, 2024 | December 31, 2023
| Foreign currency (in thousands) | R$ | Foreign currency (in thousands) | R$
Borrowings and financing – US$ | 303,978 | 1,882,323 | 280,188 | 1,356,474
Borrowings and financing – Yen* | 36,787,581 | 1,486,394 | 41,078,385 | 1,405,702
Interest and charges from borrowings and financing – US$ |  | 24,030 |  | 15,510
Interest and charges from borrowings and financing – Yen |  | 8,364 |  | 8,167
Total exposure |  | 3,401,111 |  | 2,785,853
Borrowing cost – US$ |  | (42,510) |  | (37,520)
Borrowing cost – Yen |  | (2,236) |  | (2,442)
Total foreign-currency denominated borrowings (Note 18) |  | 3,356,365 |  | 2,745,891
(*) | Debt in Yen measured at fair value as part of the hedge contract, as detailed in Note 5.1(d).
Schedule of prices exchange variations |
Schedule of prices exchange variations |  |  |
| December 31, 2024 | December 31, 2023 | Variation
US$ | R$ 6.1923 | R$ 4.8413 | 27.9%
Iene | R$ 0.03947 | R$ 0.03422 | 15.3%
Schedule of scenario of effect on the income statement |
Schedule of scenario of effect on the income statement |
| Probable scenario
| (*)
Net currency exposure as of December 31, 2024 in US$ - Liabilities | 303,978
US$ rate as of December 31, 2024 | 6.1923
Exchange rate estimated according to the scenario | 6.0000
Difference between the rates | 0.1923
Effect on the net financial result R$ - (loss) | 58,455
Net currency exposure as of December 31, 2024 in Yen - Liabilities | 36,787,581
Yen rate as of December 31, 2024 | 0.03947
Exchange rate estimated according to the scenario | 0.04183
Difference between the rates | (0.00236)
Effect on the net financial result R$ - (loss) | (86,819)
Total effect on the net financial result in R$ - (loss) | (28,364)
(*) | For the probable scenario in U.S. dollars and Yen, the exchange rates estimated for December 31, 2025, were used, according to the Focus-BACEN and B3’s Benchmark Rate report, of December 31, 2024, respectively, excluding the effects of hedge contracted at the end of 2024, according to Note 5.1 (d).
Schedule of borrowings and financing subject to different inflation adjustment indices |
Schedule of borrowings and financing subject to different inflation adjustment indices |  |
| December 31, 2024 | December 31, 2023
CDI(i) | 15,250,135 | 9,966,111
TR(ii) | 1,683,342 | 1,684,711
IPCA(iii) | 2,982,735 | 3,038,378
TJLP(iv) | 1,067,436 | 1,365,806
SOFR(v) | 1,882,325 | 1,356,473
Interest and charges | 572,399 | 392,906
Total | 23,438,372 | 17,804,385
(i) | CDI – (Certificado de Depósito Interbancário), an interbank deposit certificate
(ii) | TR – Interest Benchmark Rate
(iii) | IPCA – (Índice Nacional de Preços ao Consumidor Amplo), a consumer price index
(iv) | TJLP – (Taxa de Juros a Longo Prazo), a long-term interest rate index
(v) | SOFR – Secured Overnight Financing Rate
Schedule of credit risk |
Schedule of credit risk |  |  |
Banks | Fitch | Moody's | Standard Poor's
Banco do Brasil S/A | AAA(bra) | AAA.br | -
Banco Santander Brasil S/A | - | AAA.br | brAAA
Brazilian Federal Savings Bank | AAA(bra) | AAA.br | brAAA
Banco Bradesco S/A | AAA(bra) | AAA.br | brAAA
Banco Itaú Unibanco S/A | AAA(bra) | AAA.br | -
Banco BV | - | AA+.br | brAAA
Banco BTG Pactual S/A | AAA(bra) | AAA.br | brAAA
Schedule of rating assessment |
Schedule of rating assessment |  |
| December 31, 2024 | December 31, 2023
Cash and cash equivalents and financial investments |  |
AAA(bra) | 4,186,146 | 2,940,690
Others (*) | 1,196,154 | 324,546
| 5,382,300 | 3,265,236
(*) | As of December 31, 2024, this category includes R$ 298 (R$ 322,241 as of December 31, 2023) referring to Banco BV and the amount of R$ 1,195,511 referring to Banco Santander (as of December 31, 2023 – R$ 1,680), current accounts, and financial investments, which are not rated by Fitch.
Schedule of liquidity risk |
Schedule of liquidity risk |  |  |  |  |  |  |
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 onwards | Total
As of December 31, 2024 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Borrowings and financing | 5,486,592 | 6,993,902 | 4,148,835 | 3,247,705 | 3,697,777 | 14,911,951 | 38,486,762
Trade payables and contractors | 766,609 | - | - | - | - | - | 766,609
Services payable | 1,438,507 | - | - | - | - | - | 1,438,507
Public-Private Partnership – PPP | 452,323 | 470,080 | 487,400 | 505,288 | 523,832 | 5,918,847 | 8,357,770
Total | 8,144,031 | 7,463,982 | 4,636,235 | 3,752,993 | 4,221,609 | 20,830,798 | 49,049,648
Schedule of gains and losses in the financial result |
Schedule of gains and losses in the financial result |  |  |  |  |  |
Operation | Currency | Financing | Notional Value Yen/US$ (thousand) | Fair Value of the Asset Position | Fair Value of the Liability Position | Gain / (Loss) with Derivatives – Swap settled on December 12
1 | Yen | JICA 15 CONS | 3,927,290 | 156,198 | 136,392 | 19,806
2 | Yen | JICA 15 WORK | 1,834,860 | 73,140 | 63,867 | 9,273
3 | Yen | JICA 17 WORK | 2,559,546 | 101,391 | 86,138 | 15,253
4 | Yen | JICA 17 CONS | 616,110 | 24,365 | 20,699 | 3,666
5 | Yen | JICA 18 WORK | 1,781,080 | 70,982 | 62,084 | 8,898
6 | Yen | JICA 18 CONS | 3,399,720 | 135,197 | 118,310 | 16,887
7 | Yen | JICA 19 WORK | 20,139,925 | 800,653 | 711,620 | 89,033
8 | Yen | JICA 19 CONS | 2,529,050 | 100,013 | 88,888 | 11,125
Subtotal |  |  | 36,787,581 | 1,461,939 | 1,287,998 | 173,941
9 | US$ | IDB 1212 | 10,278 | 63,456 | 55,282 | 8,174
10 | US$ | IDB 4623 | 156,958 | 921,231 | 803,855 | 117,376
11 | US$ | IBRD 7662-BR | 57,848 | 353,395 | 311,524 | 41,871
12 | US$ | IBRD 8916 | 78,894 | 376,478 | 338,041 | 38,437
Subtotal | Currency |  | 303,978 | 1,714,560 | 1,508,702 | 205,858
Total |  |  |  | 3,176,499 | 2,796,700 | 379,799
Schedule of operations outstanding |
Schedule of operations outstanding |  |  |  |  |  |  |  |  |
Operation | Currency | Financing | Notional Value Yen/US$ | Fair Value of the Asset Position | Fair Value of the Liability Position | Fair Value, Net | Gain / (loss) with Derivatives- swap from December 12 to 31 | Derivative instruments – swap designated as Cash Flow Hedge | Fair Value
1 | Yen | JICA 15 CONS | 3,927,290 | 154,834 | 156,205 | (1,371) | (1,371) | - | 326
2 | Yen | JICA 15 WORK | 1,834,860 | 75,069 | 73,013 | 2,056 | 2,056 | - | (2,550)
3 | Yen | JICA 17 WORK | 2,559,546 | 105,119 | 101,762 | 3,357 | 3,357 | - | (4,027)
4 | Yen | JICA 17 CONS | 616,110 | 25,302 | 24,476 | 826 | 826 | - | (984)
5 | Yen | JICA 18 WORK | 1,781,080 | 70,242 | 70,869 | (627) | (627) | - | 153
6 | Yen | JICA 18 CONS | 3,399,720 | 134,034 | 135,221 | (1,187) | (1,187) | - | 282
7 | Yen | JICA 19 WORK | 20,139,925 | 823,242 | 800,959 | 22,283 | 22,283 | - | (27,597)
8 | Yen | JICA 19 CONS | 2,529,050 | 99,813 | 100,460 | (647) | (647) | - | 9
Subtotal |  |  | 36,787,581 | 1,487,655 | 1,462,965 | 24,690 | 24,690 | - | (34,388)
9 | US$ | IDB 1212 | 10,278 | 65,698 | 62,314 | 3,384 | - | 3,384 | -
10 | US$ | IDB 4623 | 156,958 | 972,082 | 951,770 | 20,312 | - | 20,312 | -
11 | US$ | IBRD 7662-BR | 57,848 | 355,973 | 350,680 | 5,293 | - | 5,293 | -
12 | US$ | IBRD 8916 | 78,894 | 492,665 | 478,904 | 13,761 | - | 13,761 | -
Subtotal |  |  | 303,978 | 1,886,418 | 1,843,668 | 42,750 | - | 42,750 | -
Total |  |  |  | 3,374,073 | 3,306,633 | 67,440 | 24,690 | 42,750 | (34,388)
| Cost of hedged instruments reclassified to other comprehensive income | - | - | - | - | (55,402) | -
| Other comprehensive income | - | - | - | - | 12,652 | -
| Deferred income tax and social contribution | - | - | - | - | (4,302) | -
| Other comprehensive income - net | - | - | - | - | 8,350 | -
Schedule of sensitivity analysis on interest rate risk |
Schedule of sensitivity analysis on interest rate risk |  |
December 31, 2024
Indicators | Exposure | Probable scenario
Assets |  |
CDI | 5,659,878 | 15.4100%(**)
Financial income |  | 872,187
Liabilities |  |
CDI | (15,250,135) | 15.4100%(**)
Interest to be incurred |  | (2,350,046)
CDI net exposure | (9,590,257) | (1,477,859)
Assets |  |
IPCA | 17,601,626 | 4,9900%(*)
Operating revenue |  | 878,321
Liabilities |  |
IPCA | (2,982,735) | 4,9900%(*)
Interest to be incurred |  | (148,838)
IPCA net exposure | (14,618,891) | 729,483
Liabilities |  |
TR | (1,683,342) | 0.0191%(**)
Expenses to be incurred |  | (322)
TJLP | (1,067,436) | 7.9500%(*)
Interest to be incurred |  | (84,861)
SOFR (***) | (1,882,325) | 4.1870%(**)
Interest to be incurred |  | (78,813)
Total expenses to be incurred, net |  | (912,372)
(*) | Source: BACEN and LCA of December 31, 2024
(**) | Source: B3 of December 31, 2024
(***) | Source: Bloomberg – Hedged by financial instrument
Schedule of capital management |
Schedule of capital management |  |
| December 31, 2024 | December 31, 2023
Total borrowings and financing (Note 18) | 25,258,297 | 19,536,350
(-) Cash and cash equivalents (Note 7) | (1,682,606) | (838,484)
(-) Financial investments (Note 8) | (3,699,694) | (2,426,752)
Net debt | 19,875,997 | 16,271,114
Total equity | 36,928,054 | 29,857,376
Total (shareholders plus providers of capital) | 56,804,051 | 46,128,490
Leverage ratio | 35% | 35%
Schedule of estimated fair values of the financial instruments |
Schedule of estimated fair values of the financial instruments |  |  |  |
| December 31, 2024 | December 31, 2023
| Carrying amount | Fair value | Carrying amount | Fair value
Cash and cash equivalents | 1,682,606 | 1,682,606 | 838,484 | 838,484
Financial investments | 4,468,751 | 4,468,751 | 2,426,752 | 2,426,752
Restricted cash | 37,715 | 37,715 | 54,944 | 54,944
Trade receivables | 4,222,355 | 4,222,355 | 3,856,723 | 3,856,723
Instrumentos financeiros derivativos | 67,440 | 67,440 | - | -
Water and Basic Sanitation National Agency – ANA | 1,993 | 1,993 | 2,673 | 2,673
Financial asset (indemnity) | 17,601,626 | 17,601,626 | - | -
Other assets | 230,900 | 230,900 | 196,065 | 196,065
Schedule of financial liabilities |
Schedule of financial liabilities |  |  |  |
| December 31, 2024 | December 31, 2023
| Carrying amount | Fair value | Carrying amount | Fair value
Borrowings and financing | 25,258,297 | 26,362,590 | 19,536,350 | 19,950,055
Trade payables and contractors | 766,609 | 766,609 | 456,215 | 456,215
Services payable | 1,438,507 | 1,438,507 | 750,732 | 750,732
Program contract commitments | - | - | 34,016 | 34,016
Public-Private Partnership - PPP | 3,306,219 | 3,306,219 | 3,286,614 | 3,286,614
The criteria adopted to obtain the fair values of borrowings and financing are as follows:
| (i) | Agreements with CEF (Brazilian Federal Savings Bank) were projected until their final maturities, at the average interest rate plus TR x DI and the average contractual term, were adjusted to present value by a funding rate specific for the Company in similar contracts, plus TR x DI, on the end of the reporting period. TR x DI rates were obtained with B3.
| (ii) | The debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and adjusted to present value considering the future interest rate published by Brazilian Financial and Capital Markets Association (ANBIMA) in the secondary market, or by equivalent market rates, or the Company’s shares traded in the Brazilian market.
| (iii) | Financing – BNDES corresponds to instruments valued at their carrying amount restated until the maturity date, and are indexed by the long-term interest rate (TJLP).
These financings have specific characteristics and conditions defined in the financing agreements with BNDES, between independent parties, and reflect the conditions for these types of financing. Brazil does not have a consolidated market of long-term debts with the same characteristics of BNDES financing; thus, the offering of credit to entities in general, with such long-term characteristics, is usually restricted to BNDES.
| (iv) | Other financings in local currency are considered by the carrying amount restated until the maturity date, adjusted to present value at future market interest rates. The future rates used were obtained on the website of B3.
| (v) | Agreements with IDB and IBRD were projected until final maturity in origin currency, using the contracted interest rates plus Secured Overnight Finance Rate (SOFR’s) future rate, obtained with Bloomberg, adjusted to present value using the exchange coupon curve obtained with B3, plus future Treasury Financial Bills (LFT), disclosed by ANBIMA in the secondary market. All the amounts obtained were translated into Brazilian reais at the exchange rate of December 31, 2024.
| (vi) | The contracts with the JPY + (YEN) index are projected until final maturity in the original currency, using the contracted interest rates, translated to the Brazilian real through the JPY/BRL forward rate (NDF) for the term and adjusted to present value using the interpolated DI curve, obtained from B3, and the accounting value is the same as the fair value. Additionally, for hedge accounting purposes, the IRR (Internal Rate of Return) at inception is used, calculated at the moment of designation.
| (vii) | Lease and finance leases based on IFRS 16 correspond to instruments valued at their present value. Thus, the Company discloses the amount recorded as of December 31, 2024 as market value.

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