Financial Position and Liabilities - As of December 31, 2024, the company has no outstanding indebtedness denominated in foreign currencies and does not have substantial revenues in foreign currencies [1052]. - The company has net liabilities exposed to interest rate fluctuations amounting to R$374 million as of December 31, 2024 [1061]. - The company has a net exposure to inflation of R$2,565 million as of December 31, 2024, with significant liabilities indexed to inflation [1065]. - The company’s cash equivalents and marketable securities total R$4,524 million, while liabilities amount to R$4,898 million, indicating a net liability exposure [1061]. - Total financial obligations amount to 22,300 million reais, with principal payments of 19,374 million reais and interest payments of 1,528 million reais [1074]. - Loans and debentures account for 18,646 million reais, with principal payments of 16,000 million reais and interest payments of 2,646 million reais over various time frames [1074]. - The pension plan deficit (FORLUZ) totals 695 million reais, with principal payments of 570 million reais and interest payments of 125 million reais [1074]. - Supplier obligations total 2,926 million reais, primarily consisting of 2,761 million reais in principal payments [1074]. - Future obligations include 5,672 million reais due in 1 to 5 years and 6,124 million reais due over 5 years [1074]. - The company has a total of 2,464 million reais in principal payments due within 3 months to 1 year [1074]. - The company has 5,354 million reais in principal payments due within 1 to 5 years for loans and debentures [1074]. - The company has a total of 2,298 million reais in interest payments due over 1 to 5 years [1074]. - Interest payments on loans and debentures are projected at 706 million reais for 3 months to 1 year and 2,217 million reais for 1 to 5 years [1074]. - Fixed rate obligations include 2,926 million reais to suppliers, with no interest payments reported [1074]. Risk Management - The company anticipates a probable scenario relief of R$16 million and an adverse scenario increase of R$10 million in exposed liabilities due to foreign exchange fluctuations [1054]. - The company manages liquidity risk by projecting monthly cash flow balances over a 12-month period and daily liquidity over 180 days [1070]. - The company’s financial strategy includes investing in private credit investment funds and bank CDs to ensure liquidity while seeking profitability [1071]. - Any reduction in the company's ratings could lead to higher financing costs and more stringent covenants, impacting operational flexibility [1073]. Interest Rates and Projections - In a probable scenario, the company estimates the Selic rate to be 9.15% and the TJLP rate to be 7.94% by December 31, 2025 [1062]. - The company reported a net cash inflow of R$443 million from hedging transactions related to US$381.1 million of outstanding debt, with a positive result of R$521 million from these transactions [1059].

We may be unable to implement our long-term strategic plans within the desired timeframe, or without incurring unforeseen costs, which could have adverse consequences for our business, results of operations and financial condition. Our ability to meet our strategic objectives depends, largely, on successful, cost-effective and timely implementation of our Long-term Strategy and our Multi-year Business Plan. The following are some of the factors that could negatively affect the implementation of our strategi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...