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Retirement plans liabilities | 12 Months Ended
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Dec. 31, 2025
Disclosure of defined benefit plans [abstract] |
Retirement plans liabilities | 22 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
a) Retirement plans As of December 31, 2025, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws. In this respect, such financial products represent investment contracts that have the legal form of private pension plans, but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and the balance consists of the participant’s balance in the linked Specially Constituted Investment Fund (“FIE”) on the reporting date (Note 7(a) (i)). (i) 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 |  |  | — |
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 |
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) |
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 | — |
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 | %
b) Insurance 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 |
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 | — |
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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- Definition The disclosure of defined benefit plans. [Refer: Defined benefit plans [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2025-01-01 -Paragraph 138 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2025-en-r&anchor=para_138&doctype=Standard -URIDate 2025-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 204 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_204&doctype=Standard -URIDate 2025-03-27 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 204 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_204&doctype=Standard -URIDate 2025-03-27 + Details
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