v3.26.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Schedule of financial assets
   
  As of December 31,
  2025 2024
Derivatives 250,582 407,994
Premium bond - 2,573
Investments fund quotas¹   13,987 140,445
Investment securities - Letters of Credits (LF)   210,891 1,073
Investment securities - Financial Treasury Bills (LFT)  1,722,314 546,768
Investment securities - National Treasury Bills (LTN)   646,754 -

Investment securities - National Treasury Notes (NTN)

 

 139,335 -
Mexican government securities - CETES 118,776 -
Repurchase Agreements - Financial Treasury Bills (LFT) - 6,236
Total 3,102,639 1,105,089
1)Refers substantially to amounts invested in the investment fund, remunerated at the DI rate (the Brazilian interbank deposit rate), where the Group holds participation units. The underlying assets of the fund comprise public and private securities and repo with high liquidity (Level 1).
Schedule of fair value financial assets measured
       
  December 31, 2025
  Fair Value
  Level 1 Level 2 Level 3 Total
Derivatives - 250,582 - 250,582
Investments fund quotas 13,987 - - 13,987
Investment securities - Financial Bills (LF) 210,891 - - 210,891
Investment securities - National Treasury Bills (LTN)   646,754  -  -  646,754
Investment securities - Financial Treasury Bills (LFT)  1,722,314  -  - 1,722,314
Investment securities - National Treasury Notes (NTN) 139,335  -  - 139,335
Mexican government securities - CETES 118,776  -  - 118,776
Total  2,852,057 250,582  - 3,102,639

 

  December 31, 2024
  Fair Value
  Level 1 Level 2 Level 3 Total
Derivatives - 407,994 - 407,994
Premium bond 2,573 - - 2,573
Investments fund quotas 140,445 - - 140,445
Investment securities - Financial Treasury Bills (LFT) 546,768 - - 546,768
Investment securities - Letters of Credits (LF) 1,073 - - 1,073
Repurchase Agreements - Financial Treasury Bills (LFT) 6,236 - - 6,236
Total 697,095 407,994 - 1,105,089
Schedule of maturity of financial assets
         
  December 31, 2025
  Less than 12 months 1 - 3 years 3 - 5 years Over 5 years Total
Derivatives 250,582 - - - 250,582
Investments fund quotas 13,987 - - - 13,987
Investment securities - Financial Bills (LF) 38,742 172,149 - - 210,891
Investment securities - National Treasury Bills (LTN)  -  -  646,754   - 646,754
Investment securities - Financial Treasury Bills (LFT)   - 186,660 1,535,654   - 1,722,314
Investment securities - National Treasury Notes (NTN)   -  - - 139,335 139,335
Mexican government securities - CETES - 118,776 - - 118,776
Total 303,311 477,585 2,182,408 139,335 3,102,639

 

  December 31, 2024
  Less than 12 months 1 - 3 years 3 - 5 years Over 5 years Total
Derivatives 407,994 - - - 407,994
Premium bond - 1,207 1,366 - 2,573
Investments fund quotas 140,445 - - - 140,445
Investment securities - Financial Treasury Bills (LFT) 237,269 309,499 - - 546,768
Investment securities - Letters of Credits (LF) - 1,073 - - 1,073
Repurchase Agreements - Financial Treasury Bills (LFT) 6,236 - - - 6,236
Total 791,944 311,779 1,366 - 1,105,089
Schedule of financial assets at fair value through other comprehensive income
   
 

 

As of December 31,

Brazilian depositary 2025 2024
Securities - Financial Treasury Bills (LFT) - 14,394
Total - 14,394
Schedule of fair value of financial assets hierarchy
       
   December 31, 2024
   Fair Value
   Level 1  Level 2  Level 3  Total
 Brazilian depositary        
 Securities - Financial Treasury Bills (LFT) 14,394 - - 14,394
 Total 14,394   - - 14,394
Schedule of maturity of financial assets measured at fair value
         
  December 31, 2024
  Less than 12 months 1 - 3 years 3 - 5 years Over 5 years Total
Brazilian depositary          
Securities - Financial Treasury Bills (LFT) 14,394 - - - 14,394
 Total 14,394 - - - 14,394
           
Schedule of breakdown of financial assets at amortized cost
   
  As of December 31,
  2025 2024
 Held to collect contractual cash flows    
 Personal credit 6,073,632 4,664,939
 Payroll loans 25,808,985 17,553,054
 Payroll credit cards 2,375,184 1,983,957
 Credit card 13,868 84,679
 Others 93,449 76
 (-) Allowance for Expected Credit Loss (2,413,641) (1,623,379)
 Subtotal 31,951,477 22,663,326
 Premium paid on the acquisition of credit portfolios 562,892 296,612
 (+/-) Adjustment of credit portfolios – hedge object (72,969) (359,688)
 Subtotal 32,441,400 22,600,250
     
Investment securities    
 Investment securities - National Treasury Notes (NTN) 2,413 90,866
Investment securities - Financial Treasury Bills (LFT) 11,311 104,192
Official Credit (ICO) – Spanish Government 1,511,277 -
 Subtotal 1,525,001 195,058
     
Repurchase Agreements    
Investment securities - National Treasury Bills (LTN) – Note 5 256,000 -
Investment securities - Financial Treasury Bills (LFT) – Note 5 269,986 1,174,990
 Subtotal 525,986 1,174,990
     
Pledged of collateral    
Government Bonds – KDB – Korea Development Bank 289,509 533,966
Investment securities - Financial Treasury Bills (LFT) 42,818 -  
Investment securities - National Treasury Notes (NTN) 91,657 -  
 Subtotal 423,984 533,966
     
 Debentures 5,681,078 1,392,720
 Subtotal 5,681,078 1,392,720
     
Compulsory deposits with the Brazilian Central Bank 660,772 -
Subtotal 660,772 -
 Total 41,258,221 25,896,984
Schedule of fair value of financial assets carrying amounts
               
  December 31, 2025
  Carrying Amount Fair Value
  Level 1 Level 2 Level 3  Total Level 1 Level 2  Level 3 Total
                 
Investment securities                
 Investment securities - National Treasury Notes (NTN) 2,413 - - 2,413 2,344 - - 2,344
Investment securities – Financial Treasury Bills (LFT) 11,311 - - 11,311 11,335 - - 11,335
Official Credit (ICO) – Spanish Government 1,511,277 - - 1,511,277 1,511,277 - - 1,511,277
Subtotal 1,525,001 - - 1,525,001 1,524,956 - - 1,524,956
                 
Repurchase Agreements                
Investment securities - National Treasury Bills (LTN) 256,000 - - 256,000 257,708 - - 257,708
Investment securities - Financial Treasury Bills (LFT) 269,986 - - 269,986 270,989 - - 270,989
Subtotal 525,986 - - 525,986 528,697 - - 528,697
                 
Pledged of collateral                
Government Bonds – KDB – Korea Development Bank 289,509 - - 289,509 289,509 - - 289,509
Investment securities - Financial Treasury Bills (LFT) 42,818 - - 42,818 42,818 - - 42,818
Investment securities - National Treasury Notes (NTN) 91,657 - - 91,657 91,657 - - 91,657
Subtotal 423,984 - - 423,984 423,984 - - 423,984
                 
Debentures - - 5,681,078 5,681,078 - - 5,681,078 5,681,078
Subtotal - - 5,681,078 5,681,078 - - 5,681,078 5,681,078
                 
Compulsory deposits with the Brazilian Central Bank 660,772 - - 660,772 660,772 - - 660,772
Subtotal 660,772 - - 660,772 660,772 - - 660,772
Total 3,135,743 - 5,681,078 8,816,821 3,138,409 - 5,681,078 8,819,487
                 
  December 31, 2024
  Carrying Amount Fair Value
  Level 1 Level 2 Level 3  Total Level 1 Level 2  Level 3 Total
                 
Investment securities                
Investment securities - National Treasury Notes (NTN) 90,866 - - 90,866 87,152 - - 87,152
Investment securities - Financial Treasury Bills (LFT) 104,192 - - 104,192 104,325 - - 104,325
Subtotal 195,058 - - 195,058 191,477 - - 191,477
                 
Repurchase Agreements                
Financial Treasury Bills (LFT) 1,174,990 - - 1,174,990 - - 1,179,337 1,179,337
Subtotal 1,174,990 - - 1,174,990 - - 1,179,337 1,179,337
                 
 Linked to the provision of collateral                
Government Securities – Other Countries 533,966 - - 533,966 533,966 - - 533,966
Subtotal 533,966 - - 533,966 533,966 - - 533,966
                 
Debentures - - 1,392,720 1,392,720 - - 1,392,720 1,392,720
Subtotal - - 1,392,720 1,392,720 - - 1,392,720 1,392,720
Total 1,904,014 - 1,392,720 3,296,734 725,443 - 2,572,057 3,297,500
Schedule of maturity of financial assets measured at amortized cost
         
   December 31, 2025
  Product  Less than 12 months  1-3 years  3-5 years   Over 5 years    Total
 Personal credit   3,200,346 2,568,374 198,904 106,008 6,073,632
 Payroll loans 4,117,773 6,490,325 6,778,144 8,422,743 25,808,985
 Payroll credit card 322,321 614,738 909,149 528,976 2,375,184
 Credit card   13,788 37 32 11 13,868
 Investment securities - National Treasury Notes (NTN) 94,070 - - - 94,070
Investment securities - National Treasury Bills (LTN)

256,000

 - - -

256,000

Official Credit (ICO) – Spanish Government 1,511,277 - - - 1,511,277
Government Bonds – KDB – Korea Development Bank 289,509 - - - 289,509
 Investment securities - Financial Treasury Bills (LFT) 324,115 - - - 324,115
Debentures 189,752 - 3,361,772 2,129,554 5,681,078
Compulsory deposits with the Brazilian Central Bank 660,772 - - - 660,772
 Others 93,442 7 - - 93,449
 Total 11,073,165 9,673,481 11,248,001 11,187,292 43,181,939

 

 

           
   December 31, 2024
  Product  Less than 12 months  1-3 years  3-5 years   Over 5 years    Total
 Personal credit   3,003,973 1,547,700 82,233 31,033 4,664,939
 Payroll loans 2,687,533 4,792,620 5,220,255 4,852,646 17,553,054
 Payroll credit card 286,487 387,954 685,440 624,076 1,983,957
 Credit card   84,606 22 30 21 84,679
 Investment securities - National Treasury Notes (NTN) - 90,866 - - 90,866
 Investment securities - Financial Treasury Bills (LFT) 56,952 47,240 - - 104,192
 Government Securities – Other Countries 266,396 267,570 - - 533,966
 Repurchase Agreements - Financial Treasury Bills (LFT) - - 1,174,990 - 1,174,990
 Debentures 1,392,720 - - - 1,392,720
 Others 76 - - - 76
 Total 7,778,743 7,133,972 7,162,948 5,507,776 27,583,439
Schedule of concentration of financial assets measured at amortized cost
       
  December 31, 2025
Product Stage 1 Stage 2 Stage 3  Total
Exposure of credit operations with credit granting characteristics 31,663,353 1,287,563 1,414,204 34,365,120
(-) Allowance for expected credit loss (650,597) (552,889) (1,210,155) (2,413,641)
Credit limits granted and not used¹ (3,067) (1,086) (96) (4,249)
Total 31,009,689 733,588 203,953 31,947,230

¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.

         
  December 31, 2024
Product Stage 1 Stage 2 Stage 3  Total
Exposure of credit operations with credit granting characteristics 22,709,067 713,007 864,631 24,286,705
(-) Allowance for expected credit loss (582,340) (269,572) (771,467) (1,623,379)
Credit limits granted and not used¹ (3,475) (981) (291) (4,747)
Total 22,123,252 442,454 92,873 22,658,579

¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.
Schedule of expected losses
     
  2025 2024 2023
Expected credit losses      
Change in the provision for expected credit losses 789,764 332,433 281,413
Recoveries (136,527) (101,600) (56,395)
Write-offs 1,047,255 902,878 563,036
Total Income statement charge for the period 1,700,492 1,133,711 788,054
Schedule of provision for expected credit losses
       
  December 31, 2025
Product Stage 1 Stage 2 Stage 3 Total
Personal credit loans 191,616 290,052 522,897 1,004,565
Payroll loans 401,157 236,888 627,993 1,266,038
Payroll credit card loans 52,687 19,914 54,186 126,787
Credit card loans 5,137 6,035 5,079 16,251
Subtotal 650,597 552,889 1,210,155 2,413,641
Credit limits granted and not used 1 3,067 1,086 96 4,249
Total 653,664 553,975 1,210,251 2,417,890

¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.

         
  December 31, 2024
Product Stage 1 Stage 2 Stage 3 Total
Personal credit loans 220,057 143,334 443,399 806,790
Payroll loans 311,714 107,426 278,847 697,987
Payroll credit card loans 41,730 11,407 37,832 90,969
Credit card loans 8,834 7,401 11,326 27,561
Others 5 4 63 72
Subtotal 582,340 269,572 771,467 1,623,379
Credit limits granted and not used 1 3,475 981 291 4,747
Total 585,815 270,553 771,758 1,628,126

¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.

         
  December 31, 2023
Product Stage 1 Stage 2 Stage 3 Total
Personal credit loans 184,823 127,543 347,788 660,154
Payroll loans 187,342 47,265 300,575 535,182
Payroll credit card loans 26,161 5,251 27,115 58,527
Credit card loans 7,778 8,917 16,401 33,096
Others 1,288 251 759 2,298
Subtotal 407,392 189,227 692,638 1,289,257
Credit limits granted and not used 1 3,977 1,245 1,214 6,436
Total 411,369 190,472 693,852 1,295,693

¹ Refers to credit limits granted and not used under 'Other liabilities - expected credit losses, note 13.

 
Schedule of changes in balances of provision for credit losses
       
  December 31, 2025
  Stage 1 Stage 2 Stage 3  Total
Balance at December 31, 2024 585,815 270,553 771,758 1,628,126
Changes in stages:        
Stage 1 to Stage 2 (11,370) 11,370 - -
Stage 1 to Stage 3 (23,429) - 23,429 -
Stage 2 to Stage 3 - (17,069) 17,069 -
Stage 2 to Stage 1 30,072 (30,072) - -
Stage 3 to Stage 2 - 2,745 (2,745) -
Stage 3 to Stage 1 9,384 - (9,384) -
Changes in PDs, LGDs, EADs 1 63,192 316,448 1,320,852 1,700,492
 Decrease due to write-offs - - (1,047,255) (1,047,255)
 Increase due to recoveries - - 136,527 136,527
Net write-off 2 - - (910,728) (910,728)
Balance of the year 653,664 553,975 1,210,251 2,417,890

1 Changes in PDs, LGDs and EADs are recognized in profit or loss for the period and reconcile with the expected credit losses recognized in the income statement.

2 Net write-off represents the net amount of “Write-offs” and “Recoveries” presented in Table 6.4(a).

         
  December 31, 2024
  Stage 1 Stage 2 Stage 3  Total
Balance at December 31, 2023 411,369 190,472 693,852 1,295,693
Changes in stages:        
Stage 1 to Stage 2 (7,115) 7,115 - -
Stage 1 to Stage 3 (24,415) - 24,415 -
Stage 2 to Stage 3 - (24,803) 24,803 -
Stage 2 to Stage 1 5,751 (5,751) - -
Stage 3 to Stage 2 - 1,768 (1,768) -
Stage 3 to Stage 1 3,515 - (3,515) -
Changes in PDs, LGDs, EADs 1 196,710 101,752 835,249 1,133,711
 Decrease due to write-offs - - (902,878) (902,878)
 Increase due to recoveries - - 101,600 101,600
Net write-off 2 - - (801,278) (801,278)
Balance of the year 585,815 270,553 771,758 1,628,126

 

1 Changes in PDs, LGDs and EADs are recognized in profit or loss for the period and reconcile with the expected credit losses recognized in the income statement.

2 Net write-off” represents the net amount of “Write-offs” and “Recoveries”.

 

         
  December 31, 2023
  Stage 1 Stage 2 Stage 3  Total
Balance at December 31, 2022 301,970 132,316 579,994 1,014,280
Changes in stages:        
Stage 1 to Stage 2 (4,674) 4,674 - -
Stage 1 to Stage 3 (23,567) - 23,567 -
Stage 2 to Stage 3 - (34,095) 34,095 -
Stage 2 to Stage 1 3,528 (3,528) - -
Stage 3 to Stage 2 - 3,600 (3,600) -
Stage 3 to Stage 1 1,197 - (1,197) -
Changes in PDs, LGDs, EADs 1 132,915 87,505 567,634 788,054
 Decrease due to write-offs - - (563,036) (563,036)
 Increase due to recoveries - - 56,395 56,395
Net write-off 2 - - (506,641) (506,641)
Balance of the year 411,369 190,472 693,852 1,295,693

 

1 Changes in PDs, LGDs and EADs are recognized in profit or loss for the period and reconcile with the expected credit losses recognized in the income statement.

2 Net write-off” represents the net amount of “Write-offs” and “Recoveries”.
Schedule of statement of financial position
   
  As of December 31, 2025
Operations Assets assigned

Liabilities assumed

(note 14)

Obligations related to assignment – Vert and Opea 8,365,977 8,383,515
Obligations related to assignment – FIDC 2,395,947 2,013,772
Total 10,761,924 10,397,287

 

  As of December 31, 2024
Operations Assets assigned

Liabilities assumed

(note 14)

Obligations related to assignment – Vert 3,965,055 4,459,629
Total 3,965,055 4,459,629
Schedule of financial liabilities at amortized cost
   
  As of December 31,
  2025 2024
 Demand customer deposits 345,801 320,209
 Time customer deposits 20,504,881 16,256,733
 Loans and borrowing 667,089 480,103
 Funds from acceptances and issuance of securities(1) 6,170,529 3,255,985
 Debt issued and other borrowed funds 759,339 522,282
 Investment securities - 6,221
Debentures (from Repurchase Agreements) 3,251,446 -
 Total 31,699,085 20,841,533
(1)The item "Funds from acceptances and issuance of securities" refers to obligations arising from the issuance of Letters of Credit (Letras Financeiras), which are long-term fixed-income securities widely used for funding by Brazilian financial institutions.
Schedule of maturity of financial liabilities
         
   December 31, 2025
   Less than 12 months  1-3years  3-5years  Over 5years  Total
 Demand customer deposits 345,801 - - - 345,801
 Time customer deposits 8,923,141 10,556,122 1,025,618 - 20,504,881
 Loans and borrowing 211,902 227,875 227,312 - 667,089
 Funds from acceptances and issuance of securities 1,879,355 3,954,991 336,183 - 6,170,529
 Debt issued and other borrowed funds 35,200 28,680 591,087 104,372 759,339
Debentures (from Repurchase Agreements) - 832,392 2,419,054 - 3,251,446
 Total 11,395,399 15,600,060 4,599,254 104,372 31,699,085
           

 

           
   December 31, 2024
   Less than 12 months  1-3years  3-5years  Over 5years  Total
 Demand customer deposits 320,209 - - - 320,209
 Time customer deposits 6,274,830 9,590,159 391,744 - 16,256,733
 Loans and borrowing 243,151 - 236,952 - 480,103
 Funds from acceptances and issuance of securities 720,765 2,425,848 109,372 - 3,255,985
 Debt issued and other borrowed funds 55,641 55,992 307,293 103,356 522,282
 Investment securities 6,221 - - - 6,221
 Total 7,620,817 12,071,999 1,045,361 103,356 20,841,533
           
Schedule of cash flow hedge
             
Inflation (IPCA) December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Variable rate CDBs - IPCA 488   544   (2)   542
Hedge Instrument              
Swap (b) (assets) (c) 488   (19)   (1)   (19)
(b)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in February 2026.
(c)The amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The fair value of these swaps is recognized within derivative financial instruments (assets or liabilities), and the effective portion of the cash flow hedge is recorded in other comprehensive income.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.
Schedule of fair value hedge
             
Fixed Rate vs DI December 31, 2025
  Reference Value   Curve Value (u)   Market Value Adjustment   Fair Value
Hedge Item              
Payroll loan installments (d) 15,206,925   16,823,165   (86,302)   16,736,862
Hedge Instrument              
Swap (e) (liabilities) (f) 15,206,925   16,823,165   (86,302)   16,736,862

 

(d)The hedge relationships are formalized in a memorandum, which includes portions of payroll loan contracts maturing within the specified range, with values close to the notional of each maturity of the derivative.
(e)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in October, 2030.
(f)The amounts related to the differential to be received or paid are recognized in an asset or liability account, respectively. The net fair value of the swaps is R$368,265 to be received. The fair value adjustments on the hedged items and on the hedging instruments are recognized in profit or loss, within “Result of derivative financial instruments” or within the same line item as the hedged item, in accordance with the fair value hedge accounting requirements of IFRS 9.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.
Schedule of fixed rate
             
Fixed Rate vs IPCA December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Payroll loan installments (d) 1,434,166   1,534,071   16,766   1,550,837
Hedge Instrument              
Swap (g) (liabilities) (h) 1,434,166   1,534,071   16,766   1,550,837

 

(d)The hedge relationships are formalized in a memorandum, which includes portions of payroll loan contracts maturing within the specified range, with values close to the notional of each maturity of the derivative.
(g)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in December 2026.
(h)The amounts related to the differential to be received or paid are recognized in an asset or liability account. Changes in the fair value of these swaps, as well as the corresponding fair value adjustments on the hedged items, are recognized in profit or loss. The net fair value of the swaps is R$ 33,284 payable.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.

 

 

Fair Value Hedge - Currency December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Foreign borrowing (USD) (i) 214,205   211,902   (563)   211,339
Hedge Instrument              
Swap (j) (liabilities) (k) 214,205   211,902   (563)   211,339

 

(i)The hedge relationship is formalized in a memorandum, which includes foreign borrowing in USD.
(j)Swap contract traded in the over-the-counter market, registered on B3, with maturity in March 2026.
(k)The amounts related to the differential to be received or paid are recognized in an asset or liability account, respectively. The hedge is designated to protect the exposure to changes in fair value arising from foreign exchange and interest rate risk on the foreign currency borrowing. The net fair value of the swaps is R$ 8,570 payable.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.
Market Risk Hedge – IPCA × DI December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Variable rate CDBs – IPCA 2,466,353   2,607,784   (11,099)   2,596,685
Hedge Instrument              
Swap (l) (assets) (m) 2,461,313   2,602,421   (12,155)   2,590,267

 

(l)Swap contract traded in the over-the-counter market, registered on B3, with maturity in May 2028.
(m)Amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The net fair value of the swaps is R$ 61,627 payable.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.

 

 

Market Risk Hedge – Pre × DI  December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Fixed-rate CDBs 1,714,839   1,843,760   8,784   1,852,544
Hedge Instrument              
Swap (n) (assets) (o) 1,714,839   1,883,514   8,903   1,892,417
               
(n)Swap contract traded in the over-the-counter market, registered on B3, with maturity in January 2028.
(o)Amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The net fair value of the swaps is R$ 3,261 receivable.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.

 

Market Risk Hedge – Pre × DI  December 31, 2025
  Reference Value   Reference Value (R$)   Present Value (R$)
Hedge Item          
Investment (CETES) 383,496   111,022   118,168
Hedge Instrument          
NDF (p) (liabilities) (q) 396,086   116,065   114,101

 

(p)NDF contract traded in the over-the-counter market, registered on B3, with maturity in February 2026.
(q)Amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The net fair value of the NDF is R$ 5,566 receivable.

 

Market Risk Hedge – DI × Pre December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Investment (ICO) 1,000,000   1,067,661   (112)   1,067,549
Hedge Instrument              
Swap (r) (liabilities) (s) 1,001,068   1,067,732   (53)   1,067,679
               
(r)Swap contract traded in the over-the-counter market, registered on B3, with maturity in June 2026.
(s)Amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The net fair value of the swaps is R$ 78 payable.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.

 

Market Risk Hedge – DI Futures × Pre (Purchase) December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Payroll loan installments (c) 4,818,641   4,900,444   (3,433)   4,897,011
Hedge Instrument              
DI Futures (d) (s) 4,818,641   4,900,444   (3,367)   4,897,077

 

(c)The hedge relationships are formalized in memoranda that include portions of payroll loan contracts maturing within the specified ranges or considering their duration, with values close to the notional amount for each maturity of the derivative.
(d)DI Futures contracts traded in the over-the-counter market, registered on B3, with maturity in January 2031.
(s)Amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The net fair value of the DI Futures is R$ 6,988 receivable.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.

 

Market Risk Hedge – Pre × DI Futures (Sale)   December 31, 2025
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Fixed-rate CDBs 451,132   457,136   398   457,534
Hedge Instrument              
DI Futures (d) (s) 451,070   457,073   416   457,489
               

 

(d)DI Futures contracts traded in the over-the-counter market, registered on B3, with maturity in July 2027.
(s)Amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The net fair value of the DI Futures is R$ 51 payable.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.
Schedule of cash flow hedge interest rate risk
             
Interest Rate December 31, 2024
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Variable rate CDBs / CDI 108,219   (2,443)   14,587   12,144
Hedge Instrument              
DI Future Contracts (a) 107,985   (2,728)   14,587   11,859
               
Hedge Item              
Debentures 728,942   (14,478)   35,028   20,550
Hedge Instrument              
DI Future Contracts (a) 728,877   (14,559)   35,028   20,469
(a)DI Futures contracts traded on B3 with the longest maturity in January 2030
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.
Schedule of cash flow hedge inflation
             
Inflation (IPCA) December 31, 2024
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Variable rate CDBs - IPCA 2,383,593   2,737,950   (38,387)   2,699,563
Hedge Instrument              
Swap (b) (assets) (c) 2,383,211   2,737,119   (38,196)   2,698,923
(b)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in August 2028.
(c)The amounts related to the differential to be received or paid are recognized in asset or liability accounts, respectively. The fair value of these swaps is recognized within derivative financial instruments (assets or liabilities), and the effective portion of the cash flow hedge is recorded in other comprehensive income.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.
Schedule of fair value hedge fixed interest rate risk
             
Fixed Rate vs DI December 31, 2024
  Reference Value   Curve Value (u)   Market Value Adjustment   Fair Value
Hedge Item              
Payroll loan installments (d) 7,172,936   7,514,955   (359,710)   7,155,245
Hedge Instrument              
Swap (e) (liabilities) (f) 7,172,915   7,514,927   (359,703)   7,155,224

 

(d)The hedge relationships are formalized in a memorandum, which includes portions of payroll loan contracts maturing within the specified range, with values close to the notional of each maturity of the derivative.
(e)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in November 2028.
(f)The amounts related to the differential to be received or paid are recognized in an asset or liability account, respectively. The net fair value of the swaps is R$368,265 to be received. The fair value adjustments on the hedged items and on the hedging instruments are recognized in profit or loss, within “Result of derivative financial instruments” or within the same line item as the hedged item, in accordance with the fair value hedge accounting requirements of IFRS 9.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.
Schedule of fixed rates
             
Fixed Rate vs IPCA December 31, 2024
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Payroll loan installments (d) 16,700   16,798   21   16,819
Hedge Instrument              
Swap (g) (liabilities) (h) 16,700   16,798   21   16,819
(g)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in December 2026.
(h)The amounts related to the differential to be received or paid are recognized in an asset or liability account. Changes in the fair value of these swaps, as well as the corresponding fair value adjustments on the hedged items, are recognized in profit or loss.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.

 

Fair Value Hedge - Currency December 31, 2024
  Reference Value   Curve Value(u)   Market Value Adjustment   Fair Value
Hedge Item              
Foreign borrowing (USD) (i) 476,463   482,164   (2,061)   480,103
Hedge Instrument              
Swap (j) (liabilities) (k) 476,463   482,164   (2,061)   480,103
(i)The hedge relationship is formalized in a memorandum, which includes foreign borrowing in USD.
(j)Swap contract traded in the over-the-counter market, registered on B3, with maturity in March 2026.
(k)The amounts related to the differential to be received or paid are recognized in an asset or liability account, respectively. The hedge is designated to protect the exposure to changes in fair value arising from foreign exchange and interest rate risk on the foreign currency borrowing.
(u)The curve value corresponds to the present value of contractual cash flows discounted using the applicable market yield curves at the reporting date and does not represent the carrying amount under IFRS.

 
Schedule of cash flow hedge - interest rate risk
             
Interest Rate December 31, 2023
  Reference Value   Curve Value   Market Value Adjustment   Fair Value
Hedge Item              
Variable rate CDBs / CDI 305,935   178,474   597   (17,748)
Hedge Instrument              
DI Future Contracts (a) 315,300   202,496   626   (18,291)
               
Hedge Item              
Debentures 2,738,407   2,346,425   8,447   (61,155)
Hedge Instrument              
DI Future Contracts (a) 2,251,500   1,882,907   6,498   (59,940)

 

(a)DI Futures contracts traded on B3 with the longest maturity in January 2029.
Schedule of cash flow hedge - inflation ipca
             
Inflation (IPCA) December 31, 2023
  Reference Value   Curve Value   Market Value Adjustment   Fair Value
Hedge Item              
Variable rate CDBs - IPCA 3,561,147   2,923,249   (24,132)   37,493
Hedge Instrument              
Swap (b) 3,560,997   2,922,931   (24,114)   37,395

 

(b)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in August 2028.
Schedule of fair value hedge - fixed interest rate risk
             
Fixed Rate December 31, 2023
  Reference Value   Curve Value   Market Value Adjustment   Fair Value
Hedge Item              
Payroll loan installments (c) 1,016,917   1,036,785   26,624   1,063,409
Hedge Instrument              
Swap (d) (liabilities) (e) 1,016,917   1,035,950   27,055   1,063,005

 

(c)The relationship of this hedge is formalized in a memorandum, which includes portions of payroll loan contracts maturing within the specified range, with values close to the notional of each derivative maturity.
(d)Swap contracts traded in the over-the-counter market, registered on B3, with the longest maturity in June 2027.
(e)The amounts related to the differential to be received or paid are recognized in an asset or liability account, respectively. The fair value of the swaps is R$24,469,