XML 32 R23.htm IDEA: XBRL DOCUMENT
v3.25.2

Loans, financing and debentures | 6 Months Ended
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Jun. 30, 2025
Disclosure of detailed information about borrowings [abstract] |
Disclosure of borrowings [text block] | 18 LOANS, FINANCING AND DEBENTURES 18.1 Breakdown by type
|  |  |  |  |  |  |  | Current |  | Non-current |  |  |  | Total
Type |  | Currency |  | Interest rate |  | Average annual interest rate - % |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | USD |  | Fixed |  | 5.0 | % |  | 889,563 |  |  | 3,229,641 |  |  | 43,413,352 |  |  | 49,166,804 |  |  | 44,302,915 |  |  | 52,396,445 |
Panda Bonds |  | CNY |  | Fixed |  | 2.8 | % |  | 15,694 |  |  | 4,224 |  |  | 913,444 |  |  | 1,016,331 |  |  | 929,138 |  |  | 1,020,555 |
Export credits (“export prepayments”) |  | USD |  | SOFR/Fixed |  | 5.2 | % |  | 1,077,055 |  |  | 6,236,806 |  |  | 17,380,390 |  |  | 16,283,736 |  |  | 18,457,445 |  |  | 22,520,542 |
Assets financing |  | USD |  | SOFR |  | 3.0 | % |  | 104,001 |  |  | 137,300 |  |  | 230,100 |  |  | 298,252 |  |  | 334,101 |  |  | 435,552 |
ECA - Export Credit Agency |  | USD |  | SOFR |  | 5.5 | % |  | 6,240 |  |  | 7,297 |  |  | 678,500 |  |  | 769,702 |  |  | 684,740 |  |  | 776,999 |
IFC - International Finance Corporation (1) |  | USD |  | SOFR |  | 5.3 | % |  | (3,759) |  |  | (12,051) |  |  | 5,133,777 |  |  | 5,858,208 |  |  | 5,130,018 |  |  | 5,846,157 |
Others |  |  |  |  |  |  |  | 5,614 |  |  | 4,210 |  |  |  |  | 4,455 |  |  | 5,614 |  |  | 8,665 |
|  |  |  |  |  |  |  | 2,094,408 |  |  | 9,607,427 |  |  | 67,749,563 |  |  | 73,397,488 |  |  | 69,843,971 |  |  | 83,004,915 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES |  | BRL |  | UMBNDES |  | 6.6 | % |  | 470 |  |  | 157 |  |  | 185,951 |  |  | 157,555 |  |  | 186,421 |  |  | 157,712 |
BNDES |  | BRL |  | TJLP |  | 8.6 | % |  | 93,713 |  |  | 100,556 |  |  | 55,403 |  |  | 101,587 |  |  | 149,116 |  |  | 202,143 |
BNDES |  | BRL |  | TLP |  | 12.6 | % |  | 101,769 |  |  | 94,903 |  |  | 4,715,727 |  |  | 4,607,102 |  |  | 4,817,496 |  |  | 4,702,005 |
BNDES |  | BRL |  | SELIC |  | 16.5 | % |  | 259,984 |  |  | 243,223 |  |  | 617,288 |  |  | 704,825 |  |  | 877,272 |  |  | 948,048 |
BNDES |  | BRL |  | TR |  | 2.2 | % |  | 2,127 |  |  | 84 |  |  | 67,981 |  |  | 70,015 |  |  | 70,108 |  |  | 70,099 |
Assets financing |  | BRL |  | CDI |  | 16.2 | % |  | 18,618 |  |  | 18,427 |  |  | 47,633 |  |  | 56,956 |  |  | 66,251 |  |  | 75,383 |
NCE (“Export credit notes”) |  | BRL |  | CDI |  | 16.1 | % |  | 3,647 |  |  | 3,027 |  |  | 100,000 |  |  | 100,000 |  |  | 103,647 |  |  | 103,027 |
NCR (“Rural producer certificates”) |  | BRL |  | CDI |  | 13.4 | % |  | 154,147 |  |  | 312,652 |  |  | 5,000,000 |  |  | 2,000,000 |  |  | 5,154,147 |  |  | 2,312,652 |
Ecoinvest |  | BRL |  | CDI |  | 13.6 | % |  | 369 |  |  |  |  | 331,278 |  |  |  |  | 331,647 |  |  |
Debentures |  | BRL |  | CDI/IPCA |  | 13.7 | % |  | 152,588 |  |  | 120,931 |  |  | 9,874,492 |  |  | 9,738,616 |  |  | 10,027,080 |  |  | 9,859,547 |
|  |  |  |  |  |  |  | 787,432 |  |  | 893,960 |  |  | 20,995,753 |  |  | 17,536,656 |  |  | 21,783,185 |  |  | 18,430,616 |
|  |  |  |  |  |  |  | 2,881,840 |  |  | 10,501,387 |  |  | 88,745,316 |  |  | 90,934,144 |  |  | 91,627,156 |  |  | 101,435,531 |
Interest on financing |  |  |  |  |  |  |  | 1,398,434 |  |  | 1,541,312 |  |  |  |  |  |  | 1,398,434 |  |  | 1,541,312 |
Non-current funding |  |  |  |  |  |  |  | 1,483,406 |  |  | 8,960,075 |  |  | 88,745,316 |  |  | 90,934,144 |  |  | 90,228,722 |  |  | 99,894,219 |
|  |  |  |  |  |  |  | 2,881,840 |  |  | 10,501,387 |  |  | 88,745,316 |  |  | 90,934,144 |  |  | 91,627,156 |  |  | 101,435,531 |
(1) The balances shown as negative include fundraising costs 18.2 Breakdown by maturity - non-current
|  |  |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 onwards |  | Total
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  |  |  | 2,819,461 |  |  | 3,814,765 |  |  | 2,712,403 |  |  | 9,505,245 |  |  | 5,382,392 |  |  | 19,179,086 |  |  | 43,413,352 |
Panda Bonds |  |  |  |  |  |  | 913,444 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 913,444 |
Export credits (“export prepayments”) |  |  |  | 1,037,475 |  |  | 3,414,383 |  |  | 3,405,125 |  |  | 3,749,512 |  |  | 5,098,539 |  |  | 675,356 |  |  | 17,380,390 |
Assets financing |  |  |  | 53,002 |  |  | 106,043 |  |  | 64,981 |  |  | 6,074 |  |  |  |  |  |  |  |  | 230,100 |
ECA - Export Credit Agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 678,500 |  |  | 678,500 |
IFC - International Finance Corporation |  |  |  |  |  | 275,887 |  |  | 1,403,687 |  |  | 2,282,794 |  |  | 1,171,409 |  |  |  |  | 5,133,777 |
|  |  |  | 3,909,938 |  |  | 8,524,522 |  |  | 7,586,196 |  |  | 15,543,625 |  |  | 11,652,340 |  |  | 20,532,942 |  |  | 67,749,563 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES – TJLP |  |  |  | 43,770 |  |  | 3,674 |  |  | 3,674 |  |  | 3,674 |  |  | 611 |  |  |  |  |  | 55,403 |
BNDES – TLP |  |  |  | 61,276 |  |  | 163,091 |  |  | 160,257 |  |  | 146,084 |  |  | 364,721 |  |  | 3,820,298 |  |  | 4,715,727 |
BNDES – SELIC |  |  |  | 136,901 |  |  | 36,815 |  |  | 36,815 |  |  | 36,815 |  |  | 36,815 |  |  | 333,127 |  |  | 617,288 |
BNDES – TR |  |  |  | 2,145 |  |  | 4,734 |  |  | 4,734 |  |  | 4,734 |  |  | 4,734 |  |  | 46,900 |  |  | 67,981 |
BNDES - UMBNDES |  |  |  | 5,026 |  |  | 10,051 |  |  | 10,051 |  |  | 10,051 |  |  | 10,051 |  |  | 140,721 |  |  | 185,951 |
Ecoinvest |  |  |  |  |  |  |  |  |  |  |  |  | 73,617 |  |  | 73,617 |  |  | 184,044 |  |  | 331,278 |
Assets financing |  |  |  | 9,415 |  |  | 19,115 |  |  | 19,035 |  |  | 68 |  |  |  |  |  |  |  |  | 47,633 |
NCE (“Export credit notes”) |  |  |  |  |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  |  |  |  | 100,000 |
NCR (“Rural producer certificates”) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,000,000 |  |  | 3,000,000 |  |  | 5,000,000 |
Debentures |  |  |  |  |  |  |  |  |  | 749,273 |  |  |  |  |  | 547,273 |  |  | 8,577,946 |  |  | 9,874,492 |
|  |  |  | 258,533 |  |  | 262,480 |  |  | 1,008,839 |  |  | 300,043 |  |  | 3,062,822 |  |  | 16,103,036 |  |  | 20,995,753 |
|  |  |  | 4,168,471 |  |  | 8,787,002 |  |  | 8,595,035 |  |  | 15,843,668 |  |  | 14,715,162 |  |  | 36,635,978 |  |  | 88,745,316 |
18.3 Roll-forward of loans, financing and debentures
|  | 06/30/2025 |  | 12/31/2024
Opening balance |  | 101,435,531 |  |  | 77,172,692 |
Fundraising, net of issuance costs |  | 12,661,193 |  |  | 15,692,905 |
Interest accrued |  | 2,859,388 |  |  | 5,413,707 |
Monetary and exchange rate variation, net |  | (9,147,254) |  |  | 17,728,324 |
Settlement of principal |  | (13,338,107) |  |  | (9,410,807) |
Settlement of interest |  | (2,887,340) |  |  | (5,241,389) |
Amortization of fundraising costs |  | 48,174 |  |  | 80,099 |
Others |  | (4,429) |  |  |
Closing balance |  | 91,627,156 |  |  | 101,435,531 |
18.4 Fundraising costs The fundraising costs are amortized based on the terms of agreements and the effective interest rate.
|  |  |  |  |  | Balance to be amortized
Type |  | Cost |  | Amortization |  | 06/30/2025 |  | 12/31/2024
Bonds |  | 434,970 |  |  | 300,782 |  |  | 134,188 |  |  | 168,450 |
Export credits (“export prepayments”) |  | 274,489 |  |  | 191,199 |  |  | 83,290 |  |  | 63,080 |
Debentures |  | 159,675 |  |  | 37,614 |  |  | 122,061 |  |  | 125,663 |
IFC - International Finance Corporation |  | 81,956 |  |  | 18,950 |  |  | 63,006 |  |  | 78,719 |
Others |  | 84,495 |  |  | 54,718 |  |  | 29,777 |  |  | 32,576 |
|  | 1,035,585 |  |  | 603,263 |  |  | 432,322 |  |  | 468,488 |
18.5 Guarantees Some loan and financing agreements have guarantees clauses, in which the financed equipment or other property, plant and equipment is offered as collateral by the Company, as disclosed in Note 15.1. The Company does not have contracts with restrictive financial clauses (financial covenants) which must be complied with. 18.6 Relevant transactions entered into during the period 18.6.1 Export Prepayment On March 10, 2025, the Company raised, with several banks (a syndicated operation), an export prepayment ("PPE"), in the amount of US$1,200,000 (equivalent to R$6,951,600), at a floating rate based on the 3-month SOFR Term + 1.45% p.a, maturing in March 2031. On April 24, 2025, the Company entered into a PPE with JP Morgan in the amount of US$250,000 (equivalent to R$1,418,488), at floating rate 6-month SOFR Term Loan + 1.75% p.a., maturity in April 2030. On April 24, 2025, the Company also entered into a PPE with JP Morgan as a debt maturity renewal strategy, with an amount of US$151,000 (equivalent to R$856,552), with a floating rate 6-month SOFR Term Loan + 1.75% p.a., maturity in April 2030. 18.6.2 Advance of exchange contract (“ACC”) On January 22, 2025, the Company raised an Advance on Foreign Exchange Contract ("ACC") from Itaú Unibanco in the amount of US$10,000 (equivalent to R$59,175), indexed at a fixed rate of 6.43% p.a, maturing on January 19, 2026. On March 5, 2025, the Company raised an ACC from Banco do Brasil in the amount of US$10,000 (equivalent to R$57,950), indexed at a fixed rate of 5.8% p.a, maturing on March 2, 2026. 18.6.3 Rural Credit Note ("NCR") On May 23, 2025, the Company entered into a Rural Credit Note (“NCR”) agreement with Itaú Unibanco in the amount of R$3,000,000, indexed at a fixed rate of 13.54% p.a., maturity on January 31, 2031. 18.6.4 Eco Invest (“Ecoinvest”) On June 27, 2025, the Company, through its joint operation Veracel, entered into an agro-industrial credit agreement under the Eco Invest Brasil program with Banco do Brasil, in the amount of R$331,278, bearing interest at 101% of the CDI rate, maturity on April 5, 2030. 18.7 Significant transactions settled during the period On March 10, 2025, the Company made an early partial settlement of an export prepayment with various banks (syndicated operation), totaling US$1,486,064 (equivalent to R$8,608,769, including principal and interest). The residual amount of the operation maintained its original maturity in March 2027 with a floating rate of SOFR + 1.4% p.a. On January 14, 2025, the Company settled, as due, a bond with a 4.00% p.a cost, a market-based operation, in the amount of US$346,445 (equivalent to R$2,101,917, including principal and interest). On March 24, 2025, the Company settled a Rural Producer Note (CPR) with Banco Safra, in the amount of R$221,942 (including principal and interest). The maturity of the CPR was in March 2025, with an interest rate of 100.00% of the CDI p.a. On April 24, 2025, the Company early settled a PPE with JP Morgan, at a cost of 3-month Term SOFR + 1.93%, in the total amount of US$153,869 (equivalent to R$873,023 including principal and interest). On May 17, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$106,585 (equivalent to R$605,819 including principal and interest). On May 21, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$37,123 (equivalent to R$210,942 including principal and interest). On June 9, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$15,988 (equivalent to R$89,170 including principal and interest).

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