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Loans, financing and debentures
 6 Months Ended
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
CurrentNon-currentTotal
TypeCurrencyInterest rateAverage annual interest rate - %06/30/202512/31/202406/30/202512/31/202406/30/202512/31/2024
In foreign currency
BondsUSDFixed5.0%889,563 3,229,641 43,413,352 49,166,804 44,302,915 52,396,445 
Panda BondsCNYFixed2.8%15,694 4,224 913,444 1,016,331 929,138 1,020,555 
Export credits (“export prepayments”)USDSOFR/Fixed5.2%1,077,055 6,236,806 17,380,390 16,283,736 18,457,445 22,520,542 
Assets financingUSDSOFR3.0%104,001 137,300 230,100 298,252 334,101 435,552 
ECA - Export Credit AgencyUSDSOFR5.5%6,240 7,297 678,500 769,702 684,740 776,999 
IFC - International Finance Corporation (1)
USDSOFR5.3%(3,759)(12,051)5,133,777 5,858,208 5,130,018 5,846,157 
Others5,614 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
BNDESBRLUMBNDES6.6%470 157 185,951 157,555 186,421 157,712 
BNDESBRLTJLP8.6%93,713 100,556 55,403 101,587 149,116 202,143 
BNDESBRLTLP12.6%101,769 94,903 4,715,727 4,607,102 4,817,496 4,702,005 
BNDESBRLSELIC16.5%259,984 243,223 617,288 704,825 877,272 948,048 
BNDESBRLTR2.2%2,127 84 67,981 70,015 70,108 70,099 
Assets financingBRLCDI16.2%18,618 18,427 47,633 56,956 66,251 75,383 
NCE (“Export credit notes”)BRLCDI16.1%3,647 3,027 100,000 100,000 103,647 103,027 
NCR (“Rural producer certificates”)BRLCDI13.4%154,147 312,652 5,000,000 2,000,000 5,154,147 2,312,652 
EcoinvestBRLCDI13.6%369 331,278 331,647 
DebenturesBRLCDI/IPCA13.7%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 financing1,398,434 1,541,312 1,398,434 1,541,312 
Non-current funding1,483,406 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
202620272028202920302031 onwards Total
In foreign currency
Bonds2,819,461 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 financing53,002 106,043 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 – TJLP43,770 3,674 3,674 3,674 611  55,403 
BNDES – TLP61,276 163,091 160,257 146,084 364,721 3,820,298 4,715,727 
BNDES – SELIC136,901 36,815 36,815 36,815 36,815 333,127 617,288 
BNDES – TR2,145 4,734 4,734 4,734 4,734 46,900 67,981 
BNDES - UMBNDES5,026 10,051 10,051 10,051 10,051 140,721 185,951 
Ecoinvest   73,617 73,617 184,044 331,278 
Assets financing9,415 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
06/30/202512/31/2024
Opening balance101,435,531 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 balance91,627,156 101,435,531 
18.4 Fundraising costs
The fundraising costs are amortized based on the terms of agreements and the effective interest rate.
Balance to be amortized
TypeCostAmortization06/30/202512/31/2024
Bonds434,970 300,782 134,188 168,450 
Export credits (“export prepayments”)274,489 191,199 83,290 63,080 
Debentures159,675 37,614 122,061 125,663 
IFC - International Finance Corporation81,956 18,950 63,006 78,719 
Others84,495 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).