The Company’s gross debt reached R$19,805.4 million at the end of 3Q26, an increase of R$3,798.0 million (+23.7%) compared to the balance at the end of 4Q25. The Company also ended 3Q26 with total cash and cash equivalents of R$2,968.1 million (+37.1% vs. December 31, 2025).
The Company completed the following debt issuances in 9M26:
- 21st debenture issuance (R$3.9 billion): proceeds fully used for the optional acquisition of the 9th, 13th, 15th (first, second and third series) and 16th debenture issuances as part of a liability-management transaction;
- 22nd debenture issuance (R$1.0 billion): incentivized green issuance comprising two series, maturing in 2041 and bearing interest at IPCA plus 6.46% per year;
- 23rd debenture issuance (R$1.5 billion): conventional single-series issuance, maturing in 2030 and bearing interest at CDI plus 0.42% per year;
- 24th debenture issuance (R$1.0 billion): single-tranche issuance maturing in 2030, at a cost of CDI + 0.42% p.a. It is worth noting that, as provided for in the offering indenture, the settlement period extends through February 2027. As of the date hereof, the proceeds have not yet been disbursed and, therefore, are not included in the Company’s indebtedness.
The liability-management transaction carried out through the 21st debenture issuance in 1Q26, combined with the reductions in the annualized CDI rate (-125 bps vs. 2025) and the IPCA accumulated over the last 12 months (-24 bps vs. 2025), contributed to reducing the Company’s average nominal cost of debt, which stood at 11.80% p.a. as of September 30, 2026 (vs. 12.36% p.a. as of December 31, 2025). Considering the IPCA accumulated over the last 12 months, the average real cost* of debt stood at 7.27% as of September 30, 2026, a reduction of 29 bps compared to 7.56% as of December 31, 2025.
The average term of consolidated debt was 8.0 years as of September 30, 2026 (vs. 8.2 years as of December 31, 2025), a profile consistent with the nature of the business, which combines low risk with high revenue predictability and operating cash flow generation. These characteristics were highlighted by Fitch when it reaffirmed the Company’s local-scale corporate rating of “AAA,” with a stable outlook, in July 2026.
Gross Debt Amortization Schedule
(BRL million)
Debt Contracting and
Indexing 09/30/2026
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 November 3, 2026.