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Determination of fair value | 12 Months Ended
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Dec. 31, 2025
Subclassifications of assets, liabilities and equities [abstract] |
Determination of fair value | 34 Determination of fair value
Fair values of financial instruments are measured and disclosed in line with IFRS 13. Inputs to valuation techniques are classified into three levels: Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices for identical instruments at the measurement date. Level 2: The fair value of financial instruments that are not traded in active markets is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value as an instrument are directly or indirectly observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is unobservable, the instrument is included in level 3. related sensitivity and key judgments are disclosed. Specific valuation techniques used to value financial instruments include:
Product / Instrument | Valuation Methodology | Key Valuation Inputs | Fair Value Hierarchy
Swaps | Discounted cash flow models using observable market inputs; unobservable inputs when necessary. | • Interest rate curve | Level 2
• FX rate
• Credit spread
• Correlation between indexers
Options | Option pricing models (e.g., Black-Scholes) using observable inputs; simulation models for exotic options. | • Underlying price | Level 2
• Volatility
• Interest rate
• Bermudan switch value
Futures | Actively traded on exchanges; fair value determined by quoted market prices. | • Quoted prices | Level 1
• Daily settlement prices
Forward Contracts | Market quotation adjusted to present value using observable market rates. | • FX forward points | Level 2
• Interest rate curve
Debentures | Present value of expected future cash flows discounted using observable market rates. | • Credit spread | Level 2
• Yield curve
Investment Funds (quotas) | Net asset value (NAV) provided by fund administrators; adjustments for illiquid positions. | • NAV | Level 1 or 3
• Liquidity discount
Private Shares | Transaction prices or income approach (discounted cash flows) using unobservable inputs. | • EBITDA multiple | Level 3
• Discount rate
• Growth assumptions
Securities Purchased under Resale Agreements | Discounted cash flow using observable market rates. | • Repo rate | Level 2
• Collateral value
Loans | Present value of expected future cash flows discounted using observable market rates. | • Credit spread | Level 2
• Prepayment assumptions
Contingent Consideration | Income approach; discounted expected future payments under purchase agreements. | • Probability of earn-out | Level 3
• Discount rate
Other financial assets and liabilities | Fair value determined for disclosure purposes using the present value of principal and future cash flows, discounted with observable market rates at the reporting date. | • Discount rate | Level 2 or 3
• Yield curve
• Credit spread
• Prepayment assumptions
Below are the Group financial assets and liabilities by level within the fair value hierarchy. The Group assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels:
|  | 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Book Value
Financial assets |  |  |  |  |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds |  | 56,313,856 |  |  | — |  |  | — |  |  | 56,313,856 |  |  | 56,313,856 |
Foreign sovereign bonds |  | 1,818,020 |  |  | — |  |  | — |  |  | 1,818,020 |  |  | 1,818,020 |
Real estate–backed instruments |  | — |  |  | 4,276,576 |  |  | — |  |  | 4,276,576 |  |  | 4,276,576 |
|  | 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Book Value
Agribusiness–backed instruments |  | — |  |  | 4,830,980 |  |  | — |  |  | 4,830,980 |  |  | 4,830,980 |
Corporate debt – local |  | — |  |  | 17,178,981 |  |  | — |  |  | 17,178,981 |  |  | 17,178,981 |
Corporate debt – foreign |  | 7,987,265 |  |  | — |  |  | — |  |  | 7,987,265 |  |  | 7,987,265 |
Bank funding instruments (CDB) |  | — |  |  | 463,133 |  |  | — |  |  | 463,133 |  |  | 463,133 |
Bank funding instruments (Others) |  | — |  |  | 1,515,827 |  |  | — |  |  | 1,515,827 |  |  | 1,515,827 |
Structured notes |  | — |  |  | 50,076 |  |  | — |  |  | 50,076 |  |  | 50,076 |
Investment funds |  | 96,076,760 |  |  | — |  |  | 277,131 |  |  | 96,353,891 |  |  | 96,353,891 |
Equity securities |  | 7,168,746 |  |  | — |  |  | 444,304 |  |  | 7,613,050 |  |  | 7,613,050 |
Others |  | — |  |  | 432,405 |  |  | — |  |  | 432,405 |  |  | 432,405 |
Derivative financial instruments |  |  |  |  |  |  |  |  |  |
Swap contracts |  | — |  |  | 20,361,017 |  |  | — |  |  | 20,361,017 |  |  | 20,361,017 |
Forward contracts |  | — |  |  | 1,071,790 |  |  | — |  |  | 1,071,790 |  |  | 1,071,790 |
Futures contracts |  | 5,966,802 |  |  | — |  |  | — |  |  | 5,966,802 |  |  | 5,966,802 |
Option contracts |  | — |  |  | 13,520,972 |  |  | — |  |  | 13,520,972 |  |  | 13,520,972 |
Investments in associates measured at fair value |  | — |  |  | — |  |  | 1,521,675 |  |  | 1,521,675 |  |  | 1,521,675 |
Total Financial Assets at FVTPL |  | 175,331,449 |  |  | 63,701,757 |  |  | 2,243,110 |  |  | 241,276,316 |  |  | 241,276,316 |
Fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds (onshore) |  | 39,043,715 |  | — |  |  | — |  |  | 39,043,715 |  | 39,043,715
Foreign sovereign bonds |  | 3,179,634 |  | — |  |  | — |  |  | 3,179,634 |  | 3,179,634
Total Financial Assets at FVOCI |  | 42,223,349 |  |  | — |  |  | — |  |  | 42,223,349 |  |  | 42,223,349
Evaluated at amortized cost |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds (onshore) |  | 2,221,528 |  |  | — |  |  | — |  |  | 2,221,528 |  |  | 2,221,521
Foreign sovereign bonds |  | 282,696 |  |  | — |  |  | — |  |  | 282,696 |  | 282,693
Agribusiness–backed instruments |  | — |  |  | 486,205 |  |  | — |  |  | 486,205 |  |  | 474,121
Corporate debt – local |  | — |  |  | 5,594,901 |  |  | — |  |  | 5,594,901 |  |  | 4,428,597
Securities purchased under resale agreements |  | — |  |  | 17,117,478 |  |  | — |  |  | 17,117,478 |  |  | 17,063,099 |
Securities trading and intermediation |  | — |  |  | 6,299,483 |  |  | — |  |  | 6,299,483 |  |  | 6,299,483 |
Accounts receivable |  | — |  |  | 1,366,424 |  |  | — |  |  | 1,366,424 |  |  | 1,366,424 |
Loan operations |  | — |  |  | 34,549,310 |  |  | — |  |  | 34,549,310 |  |  | 34,142,085 |
Other financial assets |  | — |  |  | 16,912,992 |  |  | — |  |  | 16,912,992 |  |  | 16,912,992 |
Total Financial Assets at Amortized Cost |  | 2,504,224 |  |  | 82,326,793 |  |  | — |  |  | 84,831,017 |  |  | 83,191,015
Financial liabilities |  |  |  |  |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |
Securities loaned |  | 20,388,644 |  |  | — |  |  | — |  |  | 20,388,644 |  |  | 20,388,644 |
Corporate debt – local |  | — |  |  | 654,815 |  |  | — |  |  | 654,815 |  |  | 654,815 |
Derivative financial instruments |  |  |  |  |  |  |  | — |  |  |
Swap contracts |  | — |  |  | 14,937,416 |  | — |  |  | 14,937,416 |  |  | 14,937,416
Forward contracts |  | — |  |  | 1,681,224 |  | — |  |  | 1,681,224 |  |  | 1,681,224
Futures contracts |  | 3,664,058 |  | — |  |  | — |  |  | 3,664,058 |  |  | 3,664,058
Option contracts |  | — |  |  | 17,264,242 |  | — |  |  | 17,264,242 |  |  | 17,264,242
Total Financial Liabilities at FVTPL |  | 24,052,702 |  |  | 34,537,697 |  |  | — |  |  | 58,590,399 |  |  | 58,590,399
Evaluated at amortized cost |  |  |  |  |  |  |  |  |  |
Securities sold under repurchase agreements |  | — |  |  | 57,469,033 |  |  | — |  |  | 57,469,033 |  |  | 58,713,869 |
|  | 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Book Value
Securities trading and intermediation |  | — |  |  | 22,420,806 |  |  | — |  |  | 22,420,806 |  |  | 22,420,806 |
Financing instruments payable |  | — |  |  | 123,212,421 |  |  | — |  |  | 123,212,421 |  |  | 123,403,515 |
Borrowings |  | — |  |  | 239,368 |  |  | — |  |  | 239,368 |  |  | 237,894 |
Accounts payables |  | — |  |  | 810,157 |  |  | — |  |  | 810,157 |  |  | 810,157 |
Other financial liabilities |  | — |  |  | 12,213,571 |  |  | 107,159 |  |  | 12,320,730 |  |  | 12,320,730 |
Total Financial Liabilities at Amortized Cost |  | — |  |  | 216,365,356 |  |  | 107,159 |  |  | 216,472,515 |  |  | 217,906,971
|  | 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Book Value
Financial assets |  |  |  |  |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds (onshore) |  | 46,736,162 |  |  | — |  |  | — |  |  | 46,736,162 |  |  | 46,736,162 |
Real estate–backed instruments |  | — |  |  | 4,753,274 |  |  | — |  |  | 4,753,274 |  |  | 4,753,274 |
Agribusiness–backed instruments |  | — |  |  | 1,394,074 |  |  | — |  |  | 1,394,074 |  |  | 1,394,074 |
Corporate debt – local |  | — |  |  | 13,012,139 |  |  | — |  |  | 13,012,139 |  |  | 13,012,139 |
Corporate debt – foreign |  | 8,219,727 |  |  | — |  |  | — |  |  | 8,219,727 |  |  | 8,219,727 |
Bank funding instruments (CDB) |  | — |  |  | 661,664 |  |  | — |  |  | 661,664 |  |  | 661,664 |
Bank funding instruments (Others) |  | — |  |  | 583,840 |  |  | — |  |  | 583,840 |  |  | 583,840 |
Structured notes |  | — |  |  | 20,546 |  |  | — |  |  | 20,546 |  |  | 20,546 |
Investment funds |  | 65,840,498 |  |  | — |  |  | — |  |  | 65,840,498 |  |  | 65,840,498 |
Equity securities |  | 2,123,810 |  |  | — |  |  | 371,760 |  |  | 2,495,570 |  |  | 2,495,570 |
Others |  | 447,872 |  |  | 5,820,048 |  |  | — |  |  | 6,267,920 |  |  | 6,267,920 |
Derivative financial instruments |  |  |  |  |  |  |  |  |  |
Swap contracts |  | — |  |  | 21,743,021 |  | — |  |  | 21,743,021 |  |  | 21,743,021 |
Forward contracts |  | — |  |  | 2,692,354 |  | — |  |  | 2,692,354 |  |  | 2,692,354 |
Futures contracts |  | 3,003,675 |  |  |  |  | — |  |  | 3,003,675 |  |  | 3,003,675 |
Option contracts |  | — |  |  | 18,760,746 |  | — |  |  | 18,760,746 |  |  | 18,760,746 |
Investments in associates measured at fair value |  | — |  |  | — |  |  | 1,546,278 |  |  | 1,546,278 |  |  | 1,546,278 |
Total Financial Assets at FVTPL |  | 126,371,744 |  |  | 69,441,706 |  |  | 1,918,038 |  |  | 197,731,488 |  |  | 197,731,488
Fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds (onshore) |  | 46,981,007 |  | — |  |  | — |  |  | 46,981,007 |  |  | 46,981,007
Foreign sovereign bonds |  | 3,898,974 |  | — |  |  | — |  |  | 3,898,974 |  |  | 3,898,974
Total Financial Assets at FVOCI |  | 50,879,981 |  |  | — |  |  | — |  |  | 50,879,981 |  |  | 50,879,981
Evaluated at amortized cost |  |  |  |  |  |  |  |  |  |
Securities |  | — |  |  | 2,874,382 |  |  | — |  |  | 2,874,382 |  |  | 2,836,146 |
Agribusiness–backed instruments |  | — |  |  | 212,103 |  |  | — |  |  | 212,103 |  |  | 211,555 |
Corporate debt – foreign |  | — |  |  | — |  |  | — |  |  | — |  |  |
Securities purchased under resale agreements |  | — |  |  | 22,010,879 |  |  | — |  |  | 22,010,879 |  |  | 22,057,137 |
Securities trading and intermediation |  | — |  |  | 6,499,097 |  |  | — |  |  | 6,499,097 |  |  | 6,499,097 |
Accounts receivable |  | — |  |  | 778,943 |  |  | — |  |  | 778,943 |  |  | 778,943 |
Loan operations |  | — |  |  | 29,145,291 |  |  | — |  |  | 29,145,291 |  |  | 29,228,463 |
Other financial assets |  | — |  |  | 13,232,997 |  |  | — |  |  | 13,232,997 |  |  | 13,232,997 |
Total Financial Assets at Amortized Cost |  | — |  |  | 74,541,589 |  |  | — |  |  | 74,541,589 |  |  | 74,632,783 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |
Securities loaned |  | 14,830,405 |  |  | — |  |  | — |  |  | 14,830,405 |  |  | 14,830,405 |
Corporate debt – local |  | — |  |  | 422,971 |  |  | — |  |  | 422,971 |  |  | 422,971 |
Derivative financial instruments |  |  |  |  |  |  |  |  |  |
Swap contracts |  | — |  |  | 14,000,255 |  | — |  |  | 14,000,255 |  |  | 14,000,255
Forward contracts |  | — |  |  | 2,083,292 |  | — |  |  | 2,083,292 |  |  | 2,083,292
Futures contracts |  | 1,929,536 |  |  | — |  |  | — |  |  | 1,929,536 |  |  | 1,929,536
Option contracts |  | — |  |  | 22,034,604 |  | — |  |  | 22,034,604 |  |  | 22,034,604
Total Financial Liabilities at FVTPL |  | 16,759,941 |  |  | 38,541,122 |  |  | — |  |  | 55,301,063 |  |  | 55,301,063 |
Evaluated at amortized cost |  |  |  |  |  |  |  |  |  |
Securities sold under repurchase agreements |  | — |  |  | 71,693,244 |  |  | — |  |  | 71,693,244 |  |  | 71,779,721 |
Securities trading and intermediation |  | — |  |  | 18,474,978 |  |  | — |  |  | 18,474,978 |  |  | 18,474,978 |
Financing instruments payable |  | — |  |  | 94,662,035 |  |  | — |  |  | 94,662,035 |  |  | 95,248,482 |
Borrowings |  | — |  |  | 1,666,432 |  |  | — |  |  | 1,666,432 |  |  | 1,666,432 |
Accounts payables |  | — |  |  | 763,465 |  |  | — |  |  | 763,465 |  |  | 763,465 |
Other financial liabilities |  | — |  |  | 14,614,086 |  |  | 116,777 |  |  | 14,730,863 |  |  | 14,730,863 |
Total Financial Liabilities at Amortized Cost |  | — |  |  | 201,874,240 |  |  | 116,777 |  |  | 201,991,017 |  |  | 202,663,941 |
Reconciliation of Level 3 assets and liabilities:
| Investment funds |  | Securities |  | Investments in associates |  | Other financial liabilities
January 1, 2024 | — |  |  | — |  | 1,450,704 |  | 571,723 |
Realized and unrealized gains (losses) | — |  | 108,837 |  | (91,212) |  | (12,424) |
Acquisitions | — |  | 197,302 |  | — |  | 106,053 |
Payments | — |  | — |  | — |  | (498,576) |
Disposals | — |  | — |  | (33,126) |  | — |
Net transfers between levels | — |  |  | 65,613 |  | 207,390 |  | — |
Others | — |  |  | 8 |  |  | 12,522 |  | (49,999) |
December 31, 2024 | — |  |  | 371,760 |  |  | 1,546,278 |  |  | 116,777 |
January 1, 2025 | — |  |  | 371,760 |  |  | 1,546,278 |  | 116,777 |
Realized and unrealized gains (losses) | — |  | 72,544 |  | (75,564) |  | — |
Acquisitions | — |  |  | — |  | 51,739 |  | 112,338 |
Payments | — |  | — |  | — |  | (119,182) |
Disposals | — |  |  | — |  |  | (1,111) |  | — |
Net transfers between levels | 277,131 |  |  | — |  |  | — |  |  | — |
Others | — |  |  | — |  |  | 333 |  | (2,774) |
December 31, 2025 | 277,131 |  |  | 444,304 |  |  | 1,521,675 |  |  | 107,159 |
As of December 31, 2025 and 2024 the total contingent consideration liability is reported at fair value and is dependent on the profitability of the acquired associate and businesses. The total contingent consideration is classified within Level 3 of the fair value hierarchy. The contingent consideration liability represents the maximum amount payable under the purchase and sale agreements discounted using an appropriate rate, which includes the Brazilian risk-free rate. Changes in an average discount rate of 13.47% by 100 bps would increase/decrease the fair value of contingent consideration liability by R$1,651. The investments held through our investees which are considered to be venture capital investments are classified as Level 3 of the fair value hierarchy. The inputs used by the Group are derived for discounted rates for these investments using a capital asset model to calculate a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the asset. Change in the discount rate by 100 bps would increase/decrease the fair value by R$15,217. Transfers into and out of fair value hierarchy levels are analyzed at the end of each consolidated financial statement.

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