Loans, financing and debentures (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of detailed information about borrowings [abstract]

Disclosure of detailed information about borrowings [text block]


					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

Disclosure of maturity analysis for non-derivative financial liabilities [text block]


	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

Schedule of Changes In 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

Disclosure of Transaction Costs and Premiums of Securities Issues Explanatory


			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