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v3.26.1

Property, equipment, intangible assets and leases | 12 Months Ended
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Dec. 31, 2025
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, equipment, intangible assets and leases | 15 Property, equipment, intangible assets and leases
(a) Property and equipment
| Data processing system |  | Furniture and equipment |  | Security systems |  | Facilities |  | Fixed assets in progress |  | Other |  | Total
Balance as of January 1, 2023 | 50,054 |  |  | 14,707 |  |  | 2,139 |  |  | 34,123 |  |  | 179,485 |  |  | 30,386 |  |  | 310,894 |
Additions | 9,124 |  |  | 11,328 |  |  | 728 |  |  | 338 |  |  | 44,486 |  |  | — |  |  | 66,004 |
Business combination (i) | 35,945 |  |  | 1,881 |  |  | 94 |  |  | 797 |  |  | 816 |  |  | — |  |  | 39,533 |
Write-offs | (1,059) |  |  | (158) |  |  | (8) |  |  | (52) |  |  | — |  |  | — |  |  | (1,277) |
Transfers | — |  |  | 1,501 |  |  | 624 |  |  | 18,041 |  |  | (20,166) |  |  | — |  |  | — |
Foreign exchange | 779 |  |  | 16 |  |  | 1 |  |  | 60 |  |  | — |  |  | — |  |  | 856 |
Depreciation in the year | (26,923) |  |  | (4,740) |  |  | (260) |  |  | (7,285) |  |  | — |  |  | (3,440) |  |  | (42,648) |
Balance as of December 31, 2023 | 67,920 |  |  | 24,535 |  |  | 3,318 |  |  | 46,022 |  |  | 204,621 |  |  | 26,946 |  |  | 373,362 |
Cost | 178,361 |  |  | 46,815 |  |  | 4,490 |  |  | 90,191 |  |  | 204,621 |  |  | 34,399 |  |  | 558,877 |
Accumulated depreciation | (110,441) |  |  | (22,280) |  |  | (1,172) |  |  | (44,169) |  |  | — |  |  | (7,453) |  |  | (185,515) |
Balance as of January 1, 2024 | 67,920 |  |  | 24,535 |  |  | 3,318 |  |  | 46,022 |  |  | 204,621 |  |  | 26,946 |  |  | 373,362 |
Additions | 5,311 |  |  | 5,186 |  |  | 524 |  |  | 455 |  |  | 133,332 |  |  | — |  |  | 144,808 |
Write-offs | (67) |  |  | (30) |  |  | (20) |  |  | — |  |  | (14,208) |  |  | — |  |  | (14,325) |
Transfers | (8,069) |  |  | 7,088 |  |  | 19,034 |  |  | 105,807 |  |  | (123,860) |  |  | — |  |  | — |
Foreign exchange | 82 |  |  | (101) |  |  | — |  |  | (136) |  |  | 120 |  |  | — |  |  | (35) |
Disposal | — |  |  | — |  |  | — |  |  | — |  |  | (10,000) |  |  | — |  |  | (10,000) |
Depreciation in the year | (19,897) |  |  | (4,644) |  |  | (3,790) |  |  | (11,991) |  |  | (92) |  |  | (3,440) |  |  | (43,854) |
Balance as of December 31, 2024 | 45,280 |  |  | 32,034 |  |  | 19,066 |  |  | 140,157 |  |  | 189,913 |  |  | 23,506 |  |  | 449,956 |
Cost | 133,339 |  |  | 54,916 |  |  | 29,752 |  |  | 183,728 |  |  | 192,965 |  |  | 34,399 |  |  | 629,099 |
Accumulated depreciation | (88,059) |  |  | (22,882) |  |  | (10,686) |  |  | (43,571) |  |  | (3,052) |  |  | (10,893) |  |  | (179,143) |
Balance as of January 1, 2025 | 45,280 |  |  | 32,034 |  |  | 19,066 |  |  | 140,157 |  |  | 189,913 |  |  | 23,506 |  |  | 449,956 |
Additions | 1,053 |  |  | 74 |  |  | 1,356 |  |  | 330 |  |  | 206,472 |  |  | — |  |  | 209,285 |
Write-offs | (55) |  |  | (839) |  |  | — |  |  | (2,551) |  |  | (503) |  |  | — |  |  | (3,948) |
Transfers | (2,707) |  |  | 3,147 |  |  | 1,243 |  |  | 18,477 |  |  | (20,160) |  |  | — |  |  | — |
Foreign exchange | (138) |  |  | (432) |  |  | — |  |  | (224) |  |  | 2,084 |  |  | — |  |  | 1,290 |
Disposal (ii) | — |  |  | — |  |  | — |  |  | — |  |  | (135,798) |  |  | — |  |  | (135,798) |
Depreciation in the year | (18,917) |  |  | (5,148) |  |  | (5,068) |  |  | (24,548) |  |  | (124) |  |  | (3,440) |  |  | (57,245) |
Balance as of December 31, 2025 | 24,516 |  |  | 28,836 |  |  | 16,597 |  |  | 131,641 |  |  | 241,884 |  |  | 20,066 |  |  | 463,540 |
Cost | 133,596 |  |  | 57,484 |  |  | 32,155 |  |  | 190,524 |  |  | 241,884 |  |  | 34,399 |  |  | 690,042 |
Accumulated depreciation | (109,080) |  |  | (28,648) |  |  | (15,558) |  |  | (58,883) |  |  | — |  |  | (14,333) |  |  | (226,502) |
(i) Related to fair value adjustments of identifiable assets and goodwill arising from the business combination with Banco Modal. (ii) The disposal was a non-cash transaction. The amount of R$ 132,003 was recognized in “Accounts receivable” (Note 37.iii) and the loss on disposal (R$3,795) was recorded in the Group’s consolidated statement of income, in “Other operating income (expenses), net” (Note 31). (b) Goodwill and intangible assets
| Software |  | Goodwill |  | Customer list |  | Trademarks |  | Internally developed intangible (ii) |  | Total
Balance as of January 1, 2023 | 88,339 |  |  | 595,222 |  |  | 61,504 |  |  | 12,540 |  |  | 86,577 |  |  | 844,182 |
Additions | 22,387 |  |  | — |  |  | 58,692 |  |  | — |  |  | 49,140 |  |  | 130,219 |
Business combination (i) | 46,916 |  |  | 1,257,605 |  |  | 355,730 |  |  | 29,909 |  |  | — |  |  | 1,690,160 |
Write-offs | (4,945) |  |  | (19,420) |  |  | — |  |  | (3,113) |  |  | (2,722) |  |  | (30,200) |
Transfers | 77,964 |  |  | — |  |  | (7,876) |  |  | 7,090 |  |  | (77,178) |  |  | — |
Foreign exchange | — |  |  | — |  |  | — |  |  | — |  |  | 1,494 |  |  | 1,494 |
Amortization in the year | (71,680) |  |  | — |  |  | (35,076) |  |  | (11,468) |  |  | (15,586) |  |  | (133,810) |
Balance as of December 31, 2023 | 158,981 |  |  | 1,833,407 |  |  | 432,974 |  |  | 34,958 |  |  | 41,725 |  |  | 2,502,045 |
Cost | 302,560 |  |  | 1,833,407 |  |  | 555,674 |  |  | 51,110 |  |  | 41,725 |  |  | 2,784,476 |
Accumulated amortization | (143,579) |  |  | — |  |  | (122,700) |  |  | (16,152) |  |  | — |  |  | (282,431) |
Balance as of January 1, 2024 | 158,981 |  |  | 1,833,407 |  |  | 432,974 |  |  | 34,958 |  |  | 41,725 |  |  | 2,502,045 |
Additions | 5,042 |  |  | 4,620 |  |  | — |  |  | — |  |  | 175,742 |  |  | 185,404 |
Business combination (i) | — |  |  | 103,544 |  |  | (1,633) |  |  | (39) |  |  | — |  |  | 101,872 |
Write-offs | (15,127) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15,127) |
Transfers | (28,677) |  |  | (20,222) |  |  | (9,911) |  |  | 18,245 |  |  | 40,565 |  |  | — |
Foreign exchange | 164 |  |  | — |  |  | — |  |  | — |  |  | 223 |  |  | 387 |
Amortization in the year | (50,770) |  |  | — |  |  | (62,449) |  |  | (14,254) |  |  | (12,659) |  |  | (140,132) |
Balance as of December 31, 2024 | 69,613 |  |  | 1,921,349 |  |  | 358,981 |  |  | 38,910 |  |  | 245,596 |  |  | 2,634,449 |
Cost | 197,295 |  |  | 1,921,349 |  |  | 492,886 |  |  | 122,797 |  |  | 266,466 |  |  | 3,000,793 |
Accumulated amortization | (127,682) |  |  | — |  |  | (133,905) |  |  | (83,887) |  |  | (20,870) |  |  | (366,344) |
Balance as of January 1, 2025 | 69,613 |  |  | 1,921,349 |  |  | 358,981 |  |  | 38,910 |  |  | 245,596 |  |  | 2,634,449 |
Additions (ii) | 5,246 |  |  | — |  |  | — |  |  | — |  |  | 275,036 |  |  | 280,282 |
Write-offs | (14,547) |  |  | — |  |  | — |  |  | — |  |  | (4,863) |  |  | (19,410) |
Transfers | 104,130 |  |  | — |  |  | — |  |  | — |  |  | (104,130) |  |  | — |
Foreign exchange | 178 |  |  | — |  |  | — |  |  | — |  |  | (105) |  |  | 73 |
Amortization in the year | (38,587) |  |  | — |  |  | (60,547) |  |  | (12,588) |  |  | (20,419) |  |  | (132,141) |
Balance as of December 31, 2025 | 126,033 |  |  | 1,921,349 |  |  | 298,434 |  |  | 26,322 |  |  | 391,115 |  |  | 2,763,253 |
Cost | 255,635 |  |  | 1,921,349 |  |  | 490,885 |  |  | 121,859 |  |  | 432,482 |  |  | 3,222,210 |
Accumulated amortization | (129,602) |  |  | — |  |  | (192,451) |  |  | (95,537) |  |  | (41,367) |  |  | (458,957) |
(i) Related to fair value adjustments of identifiable assets and goodwill arising from the business combination with Banco Modal. (ii) The addition is related to the development of internal software. (c) Impairment test for goodwill Given the interdependency of cash flows and the merger of business practices, all Group’s entities are considered a single cash generating unit (“CGU”) and, therefore, a goodwill impairment test is performed at the single operating level. Therefore, the carrying amount considered for the impairment test represents the Company’s equity. The Group tests whether goodwill has suffered any impairment on an annual basis or more frequently if there is an impairment indicator. For the years ended December 31, 2025 and 2024, the recoverable amount of the single CGU was determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rates, which are consistent with forecasts included in industry reports specific to the industry in which the Group operates. The Group performed its annual impairment test as of December 31, 2025 and 2024 which did not result in the need to recognize impairment losses on the carrying value of goodwill. Key assumptions used in value-in-use calculations and sensitivity to changes in assumptions are:
Assumption |  | Approach used to determine values
Sales |  | Average annual growth rate over the five-year forecast period; based on management’s expectations of market development.
Budgeted gross margin |  | Based on management’s expectations for the future.
Other operating costs |  | Fixed costs, which do not vary significantly with sales volumes or prices. Management forecasts these costs based on the current structure of the business, adjusting for inflationary increases but not reflecting any future restructurings or cost saving measures. The amounts disclosed above are the average operating costs for the five-year forecast period.
Annual capital expenditure |  | Expected cash costs. This is based on the experience of management, and the planned refurbishment expenditure. No incremental revenue or cost savings are assumed in the value-in-use model as a result of this expenditure.
Long-term growth rate |  | This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports.
Pre-tax discount rates |  | Reflect specific risks relating to the relevant segments and the countries in which they operate.
The long-term growth rate utilized in the impairment test of goodwill is 3.60%. Discount rates represent the current market assessment of the risks specific to the Group, taking into consideration the time value of the money and risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and is derived from its weighted average cost of capital (WACC). The WACC take into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the Group has. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows in order to reflect a pre-tax discount rate. The average pre-tax discount rate applied to cash flow projections is 13.80% (December 31, 2024 – 14.50%). d) Leases Set out below are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period:
| Right-of-use assets |  | Lease liabilities (ii)
As of January 1, 2023 | 258,491 |  |  | 285,638 |
Additions (i) | 90,851 |  |  | 116,774 |
Business combination (Note 5(ii)) | 17,493 |  |  | 19,802 |
Depreciation expense | (75,955) |  |  | — |
Write-offs | (114) |  |  | (675) |
Interest expense | (3,864) |  |  | 22,927 |
Revaluation | 1,187 |  |  | — |
Effects of exchange rate | (6,285) |  |  | (6,967) |
Payment of lease liabilities | — |  |  | (132,737) |
As of December 31, 2023 | 281,804 |  |  | 304,762 |
Current | — |  |  | 123,978 |
Non-Current | 281,804 |  |  | 180,784 |
As of January 1, 2024 | 281,804 |  |  | 304,762 |
Additions (i) | 160,257 |  |  | 157,750 |
Depreciation expense | (81,339) |  |  | — |
Interest expense | — |  |  | 19,135 |
Revaluation | 1,304 |  |  | — |
Cancellation/expiration | (65,050) |  |  | (65,050) |
Effects of exchange rate | 16,165 |  |  | 20,716 |
Payment of lease liabilities | — |  |  | (125,966) |
As of December 31, 2024 | 313,141 |  |  | 311,347 |
Current | — |  |  | 40,756 |
Non-Current | 313,141 |  |  | 270,591 |
As of January 1, 2025 | 313,141 |  |  | 311,347 |
Additions (i) | 136,513 |  |  | 136,547 |
Depreciation expense | (83,732) |  |  | — |
Interest expense | — |  |  | 14,736 |
Revaluation | 1,304 |  |  | — |
Cancellation/expiration | (19,008) |  |  | (19,008) |
Effects of exchange rate | (7,632) |  |  | (9,055) |
Payment of lease liabilities | — |  |  | (123,150) |
As of December 31, 2025 | 340,586 |  |  | 311,417 |
Current | 85,872 |  |  | 62,340 |
Non-Current | 254,714 |  |  | 249,077 |
(i)Additions to right-of-use assets in the period include prepayments to lessors and accrued liabilities. (ii)Note 19b. Payments associated with short-term leases and leases of low‑value assets are recognized, on a straight‑line basis, as an expense in the consolidated statement of income. The Group did not recognize expenses from short-term leases and leases of low-value assets for the period ended December 31, 2025 and 2024.

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