The Company’s gross debt reached R$ 14,112.1 million in 2Q25, up R$ 838.3 million (+6.3%) from the final balance of 4Q24. At the close of 2Q25, the Company ended 2Q25 with total cash and equivalents of R$ 1,830.3 million (-46,2% vs December 31, 2024). When excluding cash and cash equivalents from the jointly controlled subsidiaries, the Company’s net debt was R$ 12,830.5 million as of June 30, 2025, up R$ 2,600.8 million (+25.4%) compared to net debt on December 31, 2024.
This increase was mainly driven by funding transactions completed in the first quarter of 2025 (18th debenture issuance and the 4th disbursement from BNDES), partially offset by the settlement of the 7th debenture issuance in April 2025, totaling R$ 928.4 million. No new funding was completed in 2Q25.
The advances of 265 bps in the annualized CDI (vs. 4Q24) and 45 bps in the IPCA over the last 12 months led the nominal average cost of the Company's debts to 13.29% p.a. (vs. 11.83% p.a. in 4Q24). Considering accumulated IPCA in the last 12 months, the real average cost (*) of debt is 7.56%, up 93 bps (from 6.63% in 4Q24).
As of June 30, 2025, the Company’s consolidated debt had an average maturity of 7.6 years (vs. 7.5 years as of December 31, 2024). The debt amortization profile remains aligned with the business’s nature, offering low risk and high predictability of revenues and operational cash generation - attributes highlighted by Fitch in assigning the Company a local “AAA” corporate rating with a stable outlook.
Gross Debt Amortization Schedule
(BRL million)
Debt Contracting and
Indexing 06/30/2025
Debenture
| Issue | Category | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|---|
| 7th Issue | Encouraged & Green Bond | BRL 621.0 million | BRL1 thousand | Single | 02/05/2018 | 04/15/2025 |
IPCA + 4.70 per year
|
|
| 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. |
|
| 12th Issue | Common | BRL700 million | BRL1 thousand | Single | 04/18/2022 | 04/15/2029 | CDI + 1.55% 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 |
|
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 July 30, 2025.