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Accessibility Contrast Corporate
A+ A-

Debt and Credit Rating

Rating

Agency Type of Rating Rating Perspective Last Review Report
Standard & Poor’s Corporate brA+ Stable October 29, 2025
Standard & Poor’s 9th Issue of Debentures brA+ Stable September 26, 2025
Standard & Poor’s 8th Issue of Debentures brA+ Stable June 06, 2025
Standard & Poor’s 7th Issue of Debentures brA+ Stable May 12, 2025

Debt Composition

Debt Annual Interest Rate  Balance (R$ thousand)
Total Bank Debt 1,480,179
Working Capital TR + 4.34% 9,226
6th Debenture Issuance CDI + 1.60% 654,049
7th Debenture Issuance CDI – 0.11% 399,621
8th Debenture Issuance IPCA + 7.9% 448,531
(-) Transaction Costs (31,248)
M&A Debt 412,151
Lease Liabilities Payable 102,521
Total Gross Debt 1,994,851
(-) Total Liquidity (352,702)
Net Debt 1,642,149
Leverage (Net Debt / Annualized Proforma EBITDA) 2.50x

Debt Schedule (R$ million)