The Company's gross debt reached R$14,952.1 million in 1Q25, up R$1,678.3 million (+12.6%) from the final balance of 4Q24. The increase is mainly due to the 18th issuance of debentures in the amount of R$1.400,0 million in March 2025 and the 4th disbursement from BNDES in January 2025 with an amount of R$82.1 million.
The Company completed the 18th issuance of debentures in 1Q25, raising R$ 1,400.0 million in 2 series. The first series has an amount of R$500.0 million with a cost of IPCA+7.41% and maturity in September 2033, and the second series has an amount of R$900.0 million with a cost of IPCA+7.41% and maturity in June 2033. The Company contracted swapfor the second series, changing its exposure from IPCA+7.41% to CDI -0.60%.
It is worth noting that only the financing agreements with the BNDES, which total R$714.9 million as of March 31, 2025, have financial covenants. These covenants are measured annually by the Net Debt/EBITDA ratio with the fourth quarter results, which have a 3.0x limit. The last assessment took place on December 31, 2024, and the Company and its subsidiaries met the requirements related to restrictive clauses. The next assessment will be carried out on December 31, 2025. The Company's managerial leverage ratio, following the BNDES methodology, was 3.16x in 1Q25, compared to 2.72x in 4Q24. The Company has already initiated negotiations with BNDES to obtain a Waiver. More details on leverage are in Attachment VII.
The advances of 190 bps in the annualized CDI (vs. 4Q24) and 19 bps in the IPCA over the last 12 months led the nominal average cost of the Company's debts to 12.65% p.a. (vs. 11.83% p.a. in 4Q24). Considering accumulated IPCA in the last 12 months, the real average cost (*) of debt is 7.22%, an increase of 59 bps (from 6.63% in 4Q23).
The Company ended 1Q25 with total cash and cash equivalents of R$ 3,276.7 million (-3.6% vs. December 31, 2024). When excluding cash and cash equivalents from the jointly controlled subsidiaries, the Company's net debt was R$12,119.7 million on March 31, 2025, an increase of R$1,889.9 million (+18.5%) compared to the net debt on December 31, 2024.
Gross Debt Amortization Schedule
(BRL million)
Debt Contracting and
Indexing 03/31/2025
Debenture
| Issue | Category | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|---|
| 7th Issue | Encouraged & Green Bond | BRL 621.0 million | BRL1 thousand | Single | 02/05/2018 | 04/15/2025 |
IPCA + 4.70 per year
|
|
| 8th Issue | Encouraged & Green Bond | BRL 409.0 million | BRL1 thousand | Single | 12/20/2019 | 12/15/2029 | IPCA + 3.50 per year |
|
| 9th Issue | 1ª série: Common 2ª série: Encouraged & Green Bond |
BRL1,600.0 million | BRL1 thousand | Two series | 12/7/2020 | 1st serie: 11/15/2028 2nd serie: 5/15/2044 |
1st Serie: CDI +2.83% p.a. 2nd Serie: IPCA + 5.30% p.a. |
|
| 10th Issue | Encouraged & Green Bond | BRL672.5 million | BRL1 thousand | Single | 2/10/2021 | 7/15/2044 | IPCA+5.07% p.a. |
|
| 11th Issue | Encouraged & Green Bond | BRL950 million | BRL1 thousand | Two Series | 10/28/2021 | 1st serie: 10/15/2031 2nd serie: 10/15/2039 |
1st Serie: IPCA + 5.77% p.a. 2nd Serie: IPCA + 5.86% p.a. |
|
| 12th Issue | Common | BRL700 million | BRL1 thousand | Single | 04/18/2022 | 04/15/2029 | CDI + 1.55% p.a |
|
| 13th Issue | Common | BRL550 million | BRL1 thousand | Single | 03/24/2023 | 03/15/2030 | CDI + 1.50% p.a |
|
| 14th Issue | Encouraged & Green Bond | BRL1,900.0 million | BRL1 thousand | Two Series | 10/25/2023 | 1st serie: 10/15/2033 2nd serie: 10/15/2038 |
1st Serie: IPCA + 6.26 p.a 2nd Serie: IPCA + 6.44% p.a |
|
| 15th Issue |
1st Serie: Common |
R$ 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. |
|
| 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 |
|
| 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 |
|
Updated on April 29, 2025.