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v3.26.1

Retirement plans liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of defined benefit plans [abstract] |
Disclosure of retirement plans and insurance liabilities |
| 2025 |  | 2024
Retirement plans without insurance risk, under the scope of IFRS 9 (Note 22(a)(i)) | 84,446,347 |  | 66,104,805
Retirement plans with insurance risk, under the scope of IFRS 17 (Note 22(a)(ii)) | 8,260,312 |  | — |
Insurance liabilities, under the scope of IFRS 17 (Note 22(b)) | 316,763 |  | 119,582
Total retirement plans and insurance liabilities | 93,023,422 |  | 66,224,387
Summary of net defined benefit liability (asset) | Retirement plans without insurance risk, under the scope of IFRS 9
| 2025 |  | 2024
As of January, 1 | 66,104,805 |  |  | 56,371,063 |
Contributions received | 3,994,319 |  |  | 4,998,049 |
Transfer with third party plans | 9,368,313 |  |  | 3,830,602 |
Withdraws | (4,966,973) |  |  | (3,964,150) |
Other provisions (Constitution/Reversion) | 23,464 |  |  | 69,569 |
Monetary correction and interest income | 9,922,419 |  |  | 4,799,672 |
As of December, 31 | 84,446,347 |  |  | 66,104,805 |
(ii) Retirement plans with insurance risk, under the scope of IFRS 17
| 2025
| Liability for Remaining Coverage ("LRC") |  | Liability for Incurred Claims ("LIC")
As of January, 1 | — |  |  | — |
Cash flows | 8,310,960 |  |  | (440,760) |
Acquisition cash flows paid | (1,834) |  |  | — |
Premiums received | 8,312,794 |  |  | — |
Claims and other directly attributable expenses paid, including investment component | — |  |  | (440,760) |
Financial result | 397,089 |  |  | — |
Investment components | (439,365) |  |  | 439,365 |
Statement of income | (8,372) |  |  | 1,395 |
As of December, 31 | 8,260,312 |  |  | — |
Disclosure of statement of financial position for insurance and reinsurance contracts | Below is the statement of financial position for insurance contracts:
| 2025
Assets | 8,267,289 |
Securities - Investment funds (Note 7a) | 8,267,289 |
Liabilities | 8,260,312 |
Retirement plans liabilities | 8,260,312 |
Equity | 6,977 |
P&L | 6,977 |
Disclosure for the estimates of the present value of the future cash flows | The table below shows the reconciliations, from the opening to the closing balances, for the estimates of the present value of the future cash flows, the risk adjustment for non-financial risk and the contractual service margin (“CSM”):
|  |  |  |  |  |  |  |  |  |  |  |  | 2025
| Present value of future cash flows |  | Risk adjustment |  | Contractual service margin |  |  |  |  |  |  |  | Total
Opening balance | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |
Changes that relate to current service | 687 |  |  | — |  |  | 6,291 |  |  |  |  |  |  |  |  | 6,978 |
CSM recognised for the services provided | — |  |  | — |  |  | 6,291 |  |  |  |  |  |  |  |  | 6,291 |
Experience adjustments | 687 |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 687 |
Changes that relate to future service | (272,885) |  |  | (6) |  |  | (124,199) |  |  |  |  |  |  |  |  | (397,090) |
Changes in estimates reflected in the contractual service margin | (948,085) |  |  | — |  |  | 550,995 |  |  |  |  |  |  |  |  | (397,090) |
Contracts initially recognised in the period | 675,200 |  |  | (6) |  |  | (675,194) |  |  |  |  |  |  |  |  | — |
Current period cash flows | (7,870,200) |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (7,870,200) |
Total | (8,142,398) |  |  | (6) |  |  | (117,908) |  |  |  |  |  |  |  |  | (8,260,312) |
Disclosure of effect on the Group’s statement of financial position for insurance contracts issued | The table below shows the effect on the Group’s statement of financial position for insurance contracts issued that are initially recognized in the period:
Contractual service margin | (675,194) |
Estimates of the present value of future cash inflows | 9,069,709 |
Estimates of the present value of future cash outflows | (8,394,509) |
Claims and other insurance service expenses | (8,311,722) |
Insurance acquisition cash flows | (82,787) |
Risk adjustment for non-financial risk | (6) |
Total | — |
Disclosure of expected recognition of the contractual service margin for insurance and reinsurance contracts | The table below shows the expected recognition of the contractual service margin (“CSM”) remaining as of December 31, 2025, in profit or loss, for insurance:
| Insurance contracts
| 2025
0-1 year | 6,544 |
1-2 years | 7,240 |
2-3 years | 6,149 |
3-4 years | 4,939 |
4-5 years | 5,215 |
Over 5 years | 87,821 |
Total | 117,908 |
The rates used to discount cash flows from retirement plans contracts are shown below:
Reporting date |  | Index |  | 1 |  | 3 |  | 5 |  | 10 |  | 20
As of December 31, 2024 |  | Fixed |  | 15.37 | % |  | 15.94 | % |  | 15.56 | % |  | 14.84 | % |  | 13.93 | %
As of December 31, 2025 |  | Fixed |  | 13.76 | % |  | 13.30 | % |  | 13.69 | % |  | 13.69 | % |  | 12.16 | %
Disclosure of insurance assets (liabilities) |
| 2025 |  | 2024
| Liability for Remaining Coverage ("LRC") |  | Liability for Incurred Claims ("LIC") |  | Liability for Remaining Coverage ("LRC") |  | Liability for Incurred Claims ("LIC")
As of January, 1 | 114,992 |  |  | 4,590 |  |  | 36,790 |  |  | 315 |
Cash flows | 193,063 |  |  | (14,909) |  |  | 122,349 |  |  | (4,461) |
Acquisition cash flows paid | (24,050) |  |  | — |  |  | (13,418) |  |  | — |
Claims and other expenses paid | — |  |  | (14,909) |  |  | — |  |  | (4,461) |
Premiums received | 217,113 |  |  | — |  |  | 135,767 |  |  | — |
Statement of comprehensive income | 12,954 |  |  | — |  |  | — |  |  | — |
Statement of income | (14,024) |  |  | 20,097 |  |  | (44,147) |  |  | 8,736 |
As of December, 31 | 306,985 |  |  | 9,778 |  |  | 114,992 |  |  | 4,590 |
Below is the statement of financial position for insurance and reinsurance contracts:
| 2025 |  | 2024
Assets | 328,216 |  |  | 154,229 |
Securities - Brazilian sovereign bonds (Note 7A) | 321,448 |  |  | 152,058 |
Other assets | 6,768 |  |  | 2,171 |
Liabilities | 316,763 |  |  | 119,582 |
Insurance liabilities | 316,763 |  |  | 119,582 |
Equity | 11,453 |  |  | 34,647 |
OCI | (8,188) |  |  | 30,255 |
P&L | 19,641 |  |  | 4,392 |
Disclosure for the estimates of the present value of the future cash flows for insurance liabilities | The table below shows the reconciliations, from the opening to the closing balances, for the estimates of the present value of the future cash flows, the risk adjustment for non-financial risk and the contractual service margin (“CSM”):
|  |  |  |  |  |  |  |  |  |  |  |  | 2025
| Present value of future cash flows |  | Risk adjustment |  | Contractual service margin |  |  |  |  |  |  |  | Total
Opening balance | 214,157 |  |  | (2,027) |  |  | (331,712) |  |  |  |  |  |  |  |  | (119,582) |
Changes that relate to current service | (81,177) |  |  | (1,965) |  |  | 36,055 |  |  |  |  |  |  |  |  | (47,087) |
CSM recognised for the services provided | — |  |  | — |  |  | 36,055 |  |  |  |  |  |  |  |  | 36,055 |
Experience adjustments | (81,177) |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (81,177) |
Risk adjustment recognised for the risk expired | — |  |  | (1,965) |  |  | — |  |  |  |  |  |  |  |  | (1,965) |
Changes that relate to future service | 161,939 |  |  | (1,198) |  |  | (160,741) |  |  |  |  |  |  |  |  | — |
Changes in estimates reflected in the contractual service margin | (60,301) |  |  | 236 |  |  | 60,065 |  |  |  |  |  |  |  |  | — |
Contracts initially recognised in the period | 222,240 |  |  | (1,434) |  |  | (220,806) |  |  |  |  |  |  |  |  | — |
Changes that relate to past service | 84,370 |  |  | 2,183 |  |  | — |  |  |  |  |  |  |  |  | 86,553 |
Adjustments to LIC | 84,370 |  |  | 2,183 |  |  | — |  |  |  |  |  |  |  |  | 86,553 |
Current period cash flows | (177,241) |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (177,241) |
Insurance finance expenses | (20,583) |  |  | (592) |  |  | (38,231) |  |  |  |  |  |  |  |  | (59,406) |
Total | 181,465 |  |  | (3,599) |  |  | (494,629) |  |  |  |  |  |  |  |  | (316,763) |
|  |  |  |  |  |  |  |  |  |  |  |  | 2024
| Present value of future cash flows |  | Risk adjustment |  | Contractual service margin |  |  |  |  |  |  |  | Total
Opening balance | 123,917 |  |  | (1,737) |  |  | (159,285) |  |  |  |  |  |  |  |  | (37,105) |
Changes that relate to current service | (10,939) |  |  | (159) |  |  | 6,799 |  |  |  |  |  |  |  |  | (4,299) |
CSM recognised for the services provided | — |  |  | — |  |  | 6,799 |  |  |  |  |  |  |  |  | 6,799 |
Experience adjustments | (10,939) |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (10,939) |
Risk adjustment recognised for the risk expired | — |  |  | (159) |  |  | — |  |  |  |  |  |  |  |  | (159) |
Changes that relate to future service | 162,138 |  |  | (883) |  |  | (161,255) |  |  |  |  |  |  |  |  | — |
Changes in estimates reflected in the contractual service margin | (171,114) |  |  | 2,393 |  |  | 168,721 |  |  |  |  |  |  |  |  | — |
Contracts initially recognised in the period | 333,252 |  |  | (3,276) |  |  | (329,976) |  |  |  |  |  |  |  |  | — |
Changes that relate to past service | 14,215 |  |  | 237 |  |  | — |  |  |  |  |  |  |  |  | 14,452 |
Adjustments to LIC | 14,215 |  |  | 237 |  |  | — |  |  |  |  |  |  |  |  | 14,452 |
Current period cash flows | (118,743) |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (118,743) |
Insurance finance expenses | 43,569 |  |  | 515 |  |  | (17,971) |  |  |  |  |  |  |  |  | 26,113 |
Total | 214,157 |  |  | (2,027) |  |  | (331,712) |  |  |  |  |  |  |  |  | (119,582) |
The table below shows the effect on the Group’s statement of financial position for insurance contracts issued and reinsurance contracts held that are initially recognized in the period:
Contractual service margin | (220,806) |
Estimates of the present value of future cash inflows | 504,260 |
Estimates of the present value of future cash outflows | (282,020) |
Claims and other insurance service expenses | (238,735) |
Insurance acquisition cash flows | (43,285) |
Insurance premiums | — |
Risk adjustment for non-financial risk | (1,434) |
Total | — |
Disclosure of expected recognition of the contractual service margin in profit or loss for insurance and reinsurance contracts | The table below shows the expected recognition of the contractual service margin (“CSM”) remaining as of December 31, 2025 and 2024, in profit or loss, for insurance contracts:
| Insurance contracts |  |  |
| 2025 |  | 2024 |  |  |
0-1 year | 50,949 |  |  | 8,223 |  |  |  |
1-2 years | 45,984 |  |  | 7,877 |  |  |  |
2-3 years | 41,113 |  |  | 7,615 |  |  |  |
3-4 years | 35,647 |  |  | 7,019 |  |  |  |
4-5 years | 30,324 |  |  | 6,150 |  |  |  |
Over 5 years | 290,613 |  |  | 294,830 |  |  |  |
Total | 494,630 |  |  | 331,714 |  |  |  |
The rates used to discount cash flows from insurance contracts are shown below:
Reporting date |  | Index |  | 1 |  | 3 |  | 5 |  | 10 |  | 20
As of December 31, 2024 |  | IPCA |  | 8.53 | % |  | 9.69 | % |  | 9.59 | % |  | 9.37 | % |  | 9.27 | %
As of December 31, 2025 |  | IPCA |  | 10.06 | % |  | 8.85 | % |  | 8.64 | % |  | 8.20 | % |  | 7.89 | %

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