Market Risk We are exposed to various market risks, in particular, foreign currency risk and interest rate risk. We are exposed to foreign currency risk because a portion of our financial indebtedness is denominated in foreign currencies, primarily the U.S. dollar, while we generate all of our operating revenue in reais. Similarly, we are subject to interest rate risk based upon changes in interest rates, which affect our net financial expenses. For more information on our market risks, see Note 5.1(a) to our 2025 Consolidated Financial Statements included in this annual report. Exchange Rate Risk As of December 31, 2025 and 2024, R$10,632.3 million and R$3,356.4 million, or 26.5% and 13.3%, respectively, of our debt obligations were denominated in foreign currencies. As a result, we are exposed to exchange rate risks that may adversely affect our financial condition and results of operations, as well as our ability to meet debt service obligations. We entered into hedge transactions in 2025 to protect us against such risk, as detailed to Note 19 to our 2025 Consolidated Financial Statements included in this annual report. 140 Table of Contents Exchange Rate Sensitivity We estimate that the potential loss to us in connection with U.S. dollar, Euro and Yen-denominated debt that would have resulted as of December 31, 2025, 2024 and 2023 from each hypothetical instantaneous and unfavorable 1% change in the U.S. dollar, Euro and Yen against the real would have been R$106.3 million, R$33.6 million and R$27.5 million, respectively. Consistent with these estimates, a hypothetical instantaneous and unfavorable 10% change in this exchange rate would have resulted in losses of R$1,063.3 million, R$335.6 million and R$274.6 million as of December 31, 2025, 2024 and 2023, respectively. The fluctuation of the real in relation to the U.S. dollar and Yen for the years ended December 31, 2025, 2024 and 2023 were: Year ended December 31, 2025 2024 2023 (in percentages) Depreciation (appreciation) of the real in relation to the U.S. dollar (11.1) 27.9 (7.2) Depreciation (appreciation) of the real in relation to the Yen (11.0) 15.3 (13.5) Depreciation (appreciation) of the real in relation to the Euro 0.5 27.9 (7.2) During the year ended December 31, 2025, we entered into derivative instruments (plain vanilla swaps), with expiration dates ranging from 2030 to 2048, to fully protect us against a devaluation of the real against the U.S. dollar, the Yen, and the Euro. For more information regarding foreign currency risk and all derivatives financial instruments, see Notes 5.1(a) and 19, respectively, to our 2025 Consolidated Financial Statements included in this annual report. Interest Rate Risk As of December 31, 2025 and 2024, R$1,634.3 million, or 4.1%, and R$1,688.1 million, or 6.7%, respectively, of our total debt outstanding balance denominated in reais was based on variable rates of interest based on the Standard Reference Unit (Unidade Padrão Referência - “UPR”), which is equivalent to the Reference Rate (Taxa de Referência - “TR”) based on the Brazilian Federal Savings Bank. In addition, as of December 31, 2025 and 2024, R$19,854.9 million, or 49.5%, and R$15,670.7 million, or 62.0%, and respectively, of our total debt denominated in reais was subject to interest rates based on the CDI. As of December 31, 2025 and 2024, R$2,197.9 million and R$1,863.9 million, respectively, of our foreign-currency denominated debt was based on the IDB and the IBRD variable rates of interest, which are determined based on the cost of funding of these multilateral organizations in each period. As of December 31, 2023, we did not have any derivative contracts outstanding related to our exposure to changes in the UPR or the CDI or in the IDB or IBRD variable rates. We invest our excess funds, which totaled R$4,663.2 million and R$1,682.6 million as of December 31, 2025 and 2024, respectively, mainly in high liquidity short-term instruments. As a result, our exposure to Brazilian interest rate risk is partially limited by our real-denominated floating interest time deposits investments, which generally earn interest based on the CDI. In addition to our exposure with respect to existing indebtedness, we may become exposed to interest rate volatility with respect to indebtedness incurred in the future. We estimate that we would have suffered a loss over periods of one year, respectively, of up to R$401.4 million, R$252.6 million and R$195.4 million if a hypothetical instantaneous and unfavorable change of 100 basis points in the interest rates applicable to financial liabilities as of December 31, 2025, 2024 and 2023, respectively, had occurred. Consistent with these estimates, a hypothetical instantaneous and unfavorable 1000 basis points change in these interest rates would have resulted in losses of approximately R$4,014.2 million, R$2,525.8 million and R$1,953.6 million as of December 31, 2025, 2024 and 2023, respectively. This sensitivity analysis is based on the assumption of an unfavorable 100 basis point movement of the interest rates applicable to each homogeneous category of financial liabilities and sustained over a period of one year, as applicable, and that such movement may or may not affect interest rates applicable to any other homogenous category of financial liabilities. 141 Table of Contents A homogeneous category is defined according to the currency in which financial liabilities are denominated and assumes the same interest rate movement within each homogeneous category (i.e., U.S. dollars). As a result, our interest rate risk sensitivity model may overstate the effect of interest rate fluctuation on these financial instruments, as consistently unfavorable movements of all interest rates are unlikely. The tables below provide information about our interest rate-sensitive instruments. For variable interest rate debt, the rate presented is the weighted average rate calculated as of December 31, 2025. For the foreign currency denominated obligations, these amounts have been converted at the selling rates as of December 31, 2025 and do not represent amounts which may actually be payable with respect to such obligations on the dates indicated. Expected Maturity Date 2026 2027 2028 2029 and after Total Average Annual Interest Rate (in millions, except percentages) Assets Cash equivalents denominated in reais 4,663.3 - - - - - Liabilities Long-term debt (current and noncurrent portion) Floating rate, denominated in reais indexed by TR or UPR 138.8 142.6 151.4 1,201.5 1,634.3 8.1 % Floating rate, denominated in reais indexed by TJLP 262.1 246.0 87.2 231.3 826.6 7.2 % Floating rate, denominated in reais indexed to the IPCA 402.2 973.6 347.3 5,193.7 6,916.8 11.9 % Floating rate, denominated in reais indexed by CDI 3,760.7 598.1 849.4 14,646.7 19,854.9 15.3 % Fixed rate, denominated in reais 157.3 8.1 17.9 94.1 277.4 10.0 % Floating rate, denominated in euros 12.0 — — 1,438.5 1,450.5 4.0 % Floating rate, denominated in U.S. dollars 134.9 90.0 90.0 3,847.9 4,162.8 5.6 % Fixed rate, denominated in Yen 159.6 201.0 251.1 1,513.6 2,125.3 1.8 % Fixed rate, denominated in U.S. dollars 65.1 — — 2,828.5 2,893.6 5.6 % Total long-term debt 5,092.8 2,259.5 1,794.4 30,995.6 40,142.3 11.4 % UPR is equal to TR, which was 0.1742% per month as of December 31, 2025; CDI stands for Interbank Deposit Rate (Certificado de Depósitos Interbancários), which was 14.32% per annum as of December 31, 2025; IGP-M was -1.05% per annum as of December 31, 2025; TJLP stands for Long-term Interest Rate (Taxa de Juros a Longo Prazo), published quarterly by the Central Bank, which was 9.07% per annum as of December 31, 2025. The percentage of our indebtedness subject to fixed and floating interest rate is as follows: As of December 31, Floating rate debt: 2025 2024 2023 Denominated in U.S. dollars 10.4% 4.0% 4.2% Denominated in reais 72.8% 84.8% 83.6% Denominated in euros 3.6% - - 142 Table of Contents Fixed rate debt: Denominated in reais 0.7% 1.9% 2.3% Denominated in U.S. dollars 7.2% 3.3% 2.7% Denominated in Yen 5.3% 6.0% 7.2% Total 100.0% 100.0% 100.0%