Loans, financing and debentures (Tables)

9 Months Ended

Sep. 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 - %		09/30/2025	12/31/2024	09/30/2025	12/31/2024	09/30/2025	12/31/2024
In foreign currency

Bonds	USD	Fixed	5.0	%	1,791,638	3,229,641	41,076,515	49,166,804	42,868,153	52,396,445
Panda Bonds	CNY	Fixed	2.8	%	21,805	4,224	895,871	1,016,331	917,676	1,020,555
Export credits (“export prepayments”)	USD	SOFR/Fixed	5.1	%	834,064	6,236,806	17,378,400	16,283,736	18,212,464	22,520,542
Assets financing	USD	SOFR	3.0	%	102,469	137,300	198,566	298,252	301,035	435,552
ECA - Export Credit Agency	USD	SOFR	5.6	%	17,862	7,297	1,718,297	769,702	1,736,159	776,999
IFC - International Finance Corporation (1)	USD	SOFR	5.3	%	(5,708)	(12,051)	5,006,476	5,858,208	5,000,768	5,846,157
Others					5,831	4,210		4,455	5,831	8,665
					2,767,961	9,607,427	66,274,125	73,397,488	69,042,086	83,004,915
In local currency
BNDES	BRL	UMBNDES	6.6	%	3,179	157	456,915	157,555	460,094	157,712
BNDES	BRL	TJLP	8.6	%	88,569	100,556	33,754	101,587	122,323	202,143
BNDES	BRL	TLP	12.9	%	105,593	94,903	5,208,002	4,607,102	5,313,595	4,702,005

BNDES	BRL	SELIC	16.2	%	270,231	243,223	569,258	704,825	839,489	948,048

BNDES	BRL	TR	4.3	%	3,899	84	80,725	70,015	84,624	70,099
Assets financing	BRL	CDI	15.5	%	18,693	18,427	42,935	56,956	61,628	75,383
NCE (“Export credit notes”)	BRL	CDI	16.2	%	4,122	3,027	100,000	100,000	104,122	103,027
NCR (“Rural producer certificates”)	BRL	CDI	13.6	%	187,281	312,652	5,000,000	2,000,000	5,187,281	2,312,652
Ecoinvest	BRL	CDI	13.5	%	12,238		327,022		339,260
Rural Product Note ("CPR")	BRL	CDI/IPCA	13.8	%	5,349		1,934,824		1,940,173
Debentures	BRL	CDI/IPCA	13.7	%	322,964	120,931	9,144,566	9,738,616	9,467,530	9,859,547
					1,022,118	893,960	22,898,001	17,536,656	23,920,119	18,430,616
					3,790,079	10,501,387	89,172,126	90,934,144	92,962,205	101,435,531

Interest on financing					1,058,621	1,541,312			1,058,621	1,541,312
Non-current funding					2,731,458	8,960,075	89,172,126	90,934,144	91,903,584	99,894,219
					3,790,079	10,501,387	89,172,126	90,934,144	92,962,205	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			2,645,309	9,261,965	5,248,456	23,920,785	41,076,515
Panda Bonds		895,871					895,871
Export credits (“export prepayments”)	904,858	3,329,057	3,318,701	3,773,879	5,202,918	848,987	17,378,400
Assets financing	25,955	103,353	63,328	5,930			198,566
ECA - Export Credit Agency						1,718,297	1,718,297
IFC - International Finance Corporation		268,885	1,368,062	2,226,337	1,143,192		5,006,476

	930,813	4,597,166	7,395,400	15,268,111	11,594,566	26,488,069	66,274,125
In local currency
BNDES – TJLP	22,038	3,700	3,700	3,700	616		33,754
BNDES – TLP	40,873	163,491	160,656	146,481	378,465	4,318,036	5,208,002
BNDES – Fixed	2,443	9,771	9,771	9,771	9,771	415,388	456,915
BNDES – SELIC	70,987	38,162	38,162	38,162	38,162	345,623	569,258

BNDES – TR	1,378	5,734	5,734	5,734	5,734	56,411	80,725

Ecoinvest				73,617	73,617	179,788	327,022
Assets financing	4,722	19,113	19,033	67			42,935
NCE (“Export credit notes”)		25,000	25,000	25,000	25,000		100,000
Rural Product Note ("CPR")						1,934,824	1,934,824
NCR (“Rural producer certificates”)					2,000,000	3,000,000	5,000,000

Debentures					549,408	8,595,158	9,144,566
	142,441	264,971	262,056	302,532	3,080,773	18,845,228	22,898,001
	1,073,254	4,862,137	7,657,456	15,570,643	14,675,339	45,333,297	89,172,126

Schedule of Changes In Loans, Financing and Debentures


	09/30/2025	12/31/2024
Opening balance	101,435,531	77,172,692
Fundraising, net of issuance costs	22,324,556	15,692,905
Interest accrued	4,399,815	5,413,707
Monetary and exchange rate variation, net	(10,914,087)	17,728,324
Settlement of principal	(19,600,013)	(9,410,807)
Settlement of interest	(4,753,232)	(5,241,389)
Amortization of fundraising costs	75,916	80,099
Others	(6,281)
Closing balance	92,962,205	101,435,531

Disclosure of Transaction Costs and Premiums of Securities Issues Explanatory


			Balance to be amortized
Type	Cost	Amortization	09/30/2025	12/31/2024
Bonds	422,881	278,737	144,144	168,450

Rural Product Note ("CPR")	65,177		65,177
Export credits (“export prepayments”)	274,830	199,711	75,119	63,080
Debentures	159,675	40,385	119,290	125,663
BNDES	94,116	58,129	35,987	25,777

IFC - International Finance Corporation	81,956	23,528	58,428	78,719
Others	19,857	1,956	17,901	6,799
	1,118,492	602,446	516,046	468,488