A The Company's gross debt reached R$ 14,818.5 million at the end of 3Q25, an increase of R$ 1,544.7 million (+11.6%) compared to the final balance in 4Q24. The Company also ended 3Q25 with a total of R$ 2,420.2 million in cash and equivalents (-28.8% vs. December 31, 2024). Excluding the cash equivalents of jointly controlled entities, the Company's net debt amounted to R$ 12,887.2 million as of September 30, 2025, representing an increase of R$ 2,657.4 million (+26.0%) compared to net debt as of December 31, 2024.
This increase is due to the 18th and 19th debenture issuances in the amounts of R$ 1.4 billion and R$ 580.0 million, respectively, and to the 4th BNDES disbursement totaling R$ 82.1 million. The growth in indebtedness was partially offset by the settlement of the 7th debenture issuance carried out in April 2025 in the amount of R$ 928.4 million.
The advances of 265 basis points in the annualized CDI (vs. 4Q24) and 26 basis points in the IPCA over the last 12 months raised the Company's average nominal cost of debt to 13.14% p.a. (vs. 11.83% p.a. in 4Q24). Considering the accumulated IPCA over the last 12 months, the average real cost* of the debt is 7.61%, up by 98 basis points (vs. 6.63% in 4Q24).
The average maturity of the Company's consolidated debt as of September 30, 2025, was 7.4 years (vs. 7.5 years on December 31, 2024), and its amortization profile is consistent with the nature of the business, which presents low risk and high predictability of revenues and operating cash generation, characteristics highlighted by Fitch in assigning the corporate “triple A” local rating with a stable outlook for the Company.
Gross Debt Amortization Schedule
(BRL million)
Debt Contracting and
Indexing 09/30/2025
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 |
|
| 20th Issue | Encouraged & Green Bond | R$ 2,000 million | R$ 1 thousand | Two Series | Expected up to 10/23/2025 and 10/24/2025 | 1st Serie: 10/15/2037 2nd Serie: 10/15/2040 |
1st Serie: IPCA + 6.6598% a.a. 2nd Serie: IPCA + 6.6382% a.a. |
|
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 October 29, 2025.