The Company’s gross debt reached R$ 17,725.7 million at the end of 2Q26, an increase of R$ 1,718.4 million (+10.7%) compared to the balance at the end of 4Q25. The Company also ended 2Q26 with total cash and cash equivalents of R$ 1,757.3 million (-18.8% vs. December 31, 2025).
Excluding cash and cash equivalents of jointly controlled companies, on June 30, 2026, the Company’s net debt reached R$ 16,289.9 million, an increase of R$ 2,162.0 million (+15.3% vs. December 31, 2025). The increase in net debt was mainly due to: (i) a lower financial investment position following the payment of R$ 495.3 million in Interest on Equity during 1Q26, and R$ 1.1 billion of CAPEX deployed in 2Q26; (ii) 22nd debenture issuance (R$ 1.0 billion); and (iii) monetary variation on debt.
The Company carried out the following fundraising transactions in 1H26:
- 21st debenture issuance (R$ 3.9 billion): liability management, with proceeds fully allocated to the optional acquisition of the 9th, 13th, 15th (1st, 2nd and 3rd series) and 16th debenture issuances. The transaction contributed to optimizing the capital structure by extending the average term of prepaid debt by 2.7 years and reducing the average contracted spread by approximately 80 bps.
- 22nd debenture issuance (R$ 1.0 billion): incentivized and green issuance in two series, maturing in 2041 and with a cost of IPCA + 6.46% p.a.
The liability management transaction carried out through the 21st debenture issuance in 1Q26 contributed to reducing the Company’s average nominal cost of debt, which stood at 12.17% p.a. as of June 30, 2026 (vs. 12.36% p.a. as of December 31, 2025). Considering the accumulated IPCA inflation rate over the last 12 months, the average real cost* of debt was 7.11%, representing a reduction of 45 bps (vs. 7.56% as of December 31, 2025).
The average term of consolidated debt was 8.7 years as of June 30, 2026 (vs. 8.3 years as of December 31, 2025). The increase in the average term consolidates the Company’s long-term debt profile, which is compatible with the nature of the business, characterized by low risk, high revenue predictability and operating cash flow generation — characteristics highlighted by Fitch when assigning the Company a local-scale corporate rating of “AAA” with a stable outlook. In July 2026, the agency issued a report reaffirming the Company’s credit rating.
Gross Debt Amortization Schedule
(BRL million)
Debt Contracting and
Indexing 06/30/2026
Debenture
| Issue | Category | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|---|
| 8th Issue | Encouraged & Green Bond | BRL 409.0 million | BRL1 thousand | Single | 12/20/2019 | 12/15/2029 | IPCA + 3.50 per year |
|
| 9th Issue | 1ª série: Common 2ª série: Encouraged & Green Bond |
BRL1,600.0 million | BRL1 thousand | Two series | 12/7/2020 | 1st serie: 11/15/2028 2nd serie: 5/15/2044 |
1st Serie: CDI +2.83% p.a. 2nd Serie: IPCA + 5.30% p.a. |
|
| 10th Issue | Encouraged & Green Bond | BRL672.5 million | BRL1 thousand | Single | 2/10/2021 | 7/15/2044 | IPCA+5.07% p.a. |
|
| 11th Issue | Encouraged & Green Bond | BRL950 million | BRL1 thousand | Two Series | 10/28/2021 | 1st serie: 10/15/2031 2nd serie: 10/15/2039 |
1st Serie: IPCA + 5.77% p.a. 2nd Serie: IPCA + 5.86% p.a. |
|
| 13th Issue | Common | BRL550 million | BRL1 thousand | Single | 03/24/2023 | 03/15/2030 | CDI + 1.50% p.a |
|
| 14th Issue | Encouraged & Green Bond | BRL1,900.0 million | BRL1 thousand | Two Series | 10/25/2023 | 1st serie: 10/15/2033 2nd serie: 10/15/2038 |
1st Serie: IPCA + 6.26 p.a 2nd Serie: IPCA + 6.44% p.a |
|
| 15th Issue |
1st Serie: Common |
R$ 1,327 million | R$ 1 thousand | Three Series | 03/28/2023 |
1st Serie: 03/15/2029 |
1st Serie: CDI + 0.73% |
|
| 16th Issue | 1st Serie: Common | BRL1,000 million | R$ 1 thousand | Single | 05/29/2024 | 1st Serie: 05/20/2031 | CDI + 0.80% |
|
| 17th Issue | Encouraged & Green Bond | R$ 1,800 million | R$ 1 thousand | Two Series | 10/28/2024 |
1st Serie: 10/15/2036 |
1st Serie: IPCA + 6.71% 2nd Serie: IPCA + 6.60% |
|
| 18th Issue | Encouraged & Green Bound | BRL 1,400.0 million | BRL 1 thousand | Two Series | 03/26/2025 |
1st serie: 06/15/2033 |
IPCA + 7.41% a.a. IPCA + 7.41% a.a. |
|
| 19th Issue | Encouraged & Green Bond | R$ 580 million | R$ 1 thousand | Single | Up to 07/04/2025 |
06/15/2035 |
IPCA+6.70% a.a |
|
| 20th Issue | Encouraged & Green Bond | R$ 2,000 million | R$ 1 thousand | Two Series | 10/23/2025 | 1st Serie: 10/15/2037 2nd Serie: 10/15/2040 |
1st Serie: IPCA + 6.6598% a.a. 2nd Serie: IPCA + 6.6382% a.a. |
|
| 21st Issue | Common | R$ 3,854 million | R$ 1 thousand | Three Series | 02/12/2026 | 1st Serie: 01/15/2030 2nd Serie: 01/15/2031 3rd Serie: 01/15/2035 |
1st Serie: CDI+ 0.55% a.a. 2nd Serie: IPCA + 0.60% a.a. 3rd Serie: IPCA + 0.84% a.a. |
|
| 22nd Issue | Encouraged & Green Bond | R$ 1,000 million | R$ 1 thousand | Two Series | 04/02/2026 | 1st Serie: 03/15/2041 2nd Serie: 03/15/2041 |
1st Serie: IPCA + 6.46% a.a. 2nd Serie: IPCA + 6.46% a.a. |
|
| 23rd Issue | Common | R$ 1,500 million | R$ 1 thousand | Single | 07/15/2026 | 07/15/2030 | CDI+0,42% a.a. |
|
Debenture
Public Issues of IE Ivaí
| Issue | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|
| 2nd Issue | BRL 350 million | BRL 10 thousand | Single | 03/18/2013 | 03/18/2025 | IPCA + 5.5% per year |
|
Debenture
Public Issues of Aimorés
| Issue | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|
| 1st Issue | BRL 1.6 billion | 1.000 | Single | 12/15/2019 | 12/15/2043 (24 years) | IIPCA + 4.9982% per year |
|
Debenture
Public Issues of Paraguaçú
| Issue | Category | Total offering | Nominal Unit Value |
Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|---|
| 1st Issue | Institutional | BRL 250 million | 1 thousand | 1st Series 2nd Series |
06/26/2025 | 06/15/2030 06/15/2032 |
CDI + 0.50% p.y CDI + 0.59% p.y |
|
Debenture
| Issue | Category | Total offering | Nominal Unit Value |
Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|---|
| 1st Issue | Institutional | BRL 450 million | 1 thousand | 1st Series 2nd Series |
06/26/2025 | 06/15/2030 06/15/2032 |
CDI + 0.50% p.y. CDI + 0.59% p.y. |
|
Updated on August 3, 2026.