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v3.26.1

Determination of fair value (Tables) | 12 Months Ended
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Dec. 31, 2025
Subclassifications of assets, liabilities and equities [abstract] |
Summary of valuation techniques used to value financial instruments |
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
Summary of fair value measurement of assets and liabilities | 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 |
Summary of reconciliation of Level 3 assets and liabilities [Table Text Block] | 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 |

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