Klabin S A : Dados Econômico-Financeiros

Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

Interim financial information

September 30, 2024

Interim financial information and auditor's report for the three and nine-month periods ended September 30, 2024

Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

CONTENTS

STATEMENT OF FINANCIAL POSITION	3
STATEMENT OF INCOME	5
STATEMENT OF COMPREHENSIVE INCOME	7
STATEMENT OF CHANGES IN EQUITY	8
STATEMENT OF CASH FLOW	10
STATEMENT OF VALUE ADDED	11

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GENERAL INFORMATION	12
BASIS OF PRESENTATION OF THE INTERIM FINANCIAL INFORMATION	14
CONSOLIDATION OF INTERIM FINANCIAL INFORMATION	15
MAIN EVENTS DURING THE PERIOD	16
CASH AND CASH EQUIVALENTS	19
MARKETABLE SECURITIES	19
TRADE RECEIVABLES	20
RELATED PARTIES	22
INVENTORY	24
TAXES RECOVERABLE	24
CURRENT AND DEFERRED INCOME TAX AND SOCIAL CONTRIBUTION	26
INVESTMENTS IN SUBSIDIARIES AND JOINT VENTURES	30
PROPERTY, PLANT AND EQUIPMENT	33
BIOLOGICAL ASSETS	35
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES	37
TRADE PAYABLES	39
BORROWING	41
DEBENTURES	46
JUDICIAL DEPOSITS AND PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL RISKS	46
EQUITY	49
NET SALES REVENUE	52
COSTS, EXPENSES AND OTHER INCOME BY NATURE	53
FINANCE RESULT	55
LONG-TERM INCENTIVE PLAN	56
EARNINGS PER SHARE	57
OPERATING SEGMENTS	58
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS	64
CASH FLOW HEDGE ACCOUNTING	72
SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CASH FLOW	78
EVENTS AFTER THE REPORTING PERIOD	78

REPORT ON REVIEW OF PARENT COMPANY AND CONSOLIDATED INTERIM FINANCIAL INFORMATION	80
OFFICERS' STATEMENT ON THE INTERIM FINANCIAL INFORMATION	82
OFFICERS' STATEMENT ON THE INDEPENDENT AUDITOR'S REVIEW REPORT	83

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

STATEMENT OF FINANCIAL POSITION

			Parent Company		Consolidated
ASSETS	Note	9/30/2024	12/31/2023	9/30/2024	12/31/2023
Current
Cash and cash equivalents	5		4,922,862	8,129,921	6,668,718	9,558,829
Marketable securities	6		828,518	1,156,002	829,236	1,156,002
Trade receivables	7		2,206,147	1,760,017	2,379,802	2,112,722
Related parties	8		101,062	477,669	-	-
Inventory	9		3,295,025	2,602,525	3,306,271	2,665,525
Taxes recoverable	10		601,277	645,157	687,015	665,106
Other assets			267,486	282,026	320,400	307,461
Total current assets			12,222,377	15,053,317	14,191,442	16,465,645
Assets held for sale			-	31,443	-	31,443
Non-current
Trade receivables	7		-	247,024	-	247,024
Derivative financial instruments	27		258,643	885,794	258,643	885,794
Deferred income tax and social contribution	11		-	-	7,005	2,567
Judicial deposits	19		199,779	125,037	201,363	125,037
Taxes recoverable	10		445,543	510,406	445,543	510,406
Related parties	8		2,966,534	111,922	-	-
Other assets			145,628	82,382	148,358	82,593
			4,016,127	1,962,565	1,060,913	1,853,421
Investments
Interests in subsidiaries and joint ventures	12		8,035,354	4,079,585	108,394	263,732
Other			17,410	14,778	17,410	14,778
Property, plant and equipment	13		24,090,502	23,807,529	29,027,648	25,386,550
Biological assets	14		6,172,978	5,912,983	12,313,445	9,177,831
Right-of-use assets	15		1,570,895	1,746,097	1,861,031	1,901,652
Intangible assets			214,076	140,803	408,504	339,638
			40,101,215	35,701,775	43,736,432	37,084,181
Total non-current assets			44,117,342	37,664,340	44,797,345	38,937,602
Total assets			56,339,719	52,749,100	58,988,787	55,434,690

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

			Parent Company.		Consolidated
LIABILITIES AND EQUITY	Note	9/30/2024	12/31/2023	9/30/2024	12/31/2023
Current
Trade payables	16	2,122,619	1,982,771	2,253,940	2,075,813
Forfaiting	16.1	572,589	464,324	572,589	464,324
Forfaiting forestry operations	16.1	41,984	59,914	41,984	59,914
Lease liabilities	15	303,058	289,300	340,432	298,526
Tax obligations		282,884	300,463	331,902	308,567
Social security and labor obligations		561,340	448,974	581,836	456,083
Borrowing	17	1,397,484	1,625,351	1,602,434	1,523,215
Debentures	18	15,925	37,628	15,925	37,628
Derivative financial instruments	27	80,746	-	80,746	-
Provision for income tax and social contribution - current	11	-	-	23,973	134,648
Related parties	8	241,044	11,283	-	-
Dividends and/or interest on capital payable	20	-	171,000	-	171,000
Other payables and provisions		288,245	306,952	324,305	346,023
Total current liabilities		5,907,918	5,697,960	6,170,066	5,875,741
Non-current
Trade payables	16	80,401	97,091	88,442	97,091
Forfaiting forestry operations	16.1	656,041	397,734	656,041	397,734
Lease liabilities	15	1,340,437	1,482,385	1,592,926	1,624,768
Borrowing	17	32,589,867	29,023,775	32,322,037	28,780,401
Debentures	18	2,500,000	1,000,000	2,500,000	1,000,000
Derivative financial instruments	27	792,658	452,332	792,658	452,332
Share of equity deficits of subsidiaries	12	132,345	122,310	-	-
Deferred income tax and social contribution	11	1,093,009	2,093,620	1,543,035	2,407,078
Silent Partnership Companies		-	-	193,019	200,481
Provision for tax, social security, labor and civil	19	371,356	65,927	390,689	66,084
contingencies
Provision for actuarial liabilities		503,192	468,793	506,675	471,818
Tax obligations		176,549	216,787	176,549	216,787
Other payables and provisions		206,556	45,264	111,043	111,845
Total non-current liabilities		40,442,411	35,466,018	40,873,114	35,826,419
Total liabilities		46,350,329	41,163,978	47,043,180	41,702,160
Equity
Share capital	20.1	6,075,625	4,475,625	6,075,625	4,475,625
Capital reserves		(199,093)	(225,642)	(199,093)	(225,642)
Treasury shares		(123,292)	(135,808)	(123,292)	(135,808)
Revenue reserves		3,834,832	5,626,832	3,834,832	5,626,832
Carrying value adjustments	20.2	(392,261)	1,844,115	(392,261)	1,844,115
Goodwill on capital transactions in subsidiaries		100,266		100,266
Retained earnings		693,313	-	693,313	-
Attributable to the Company's equity holders	20	9,989,390	11,585,122	9,989,390	11,585,122
Non-controlling interests	20.5	-	-	1,956,217	2,147,408
Total equity		9,989,390	11,585,122	11,945,607	13,732,530
Total liabilities and equity		56,339,719	52,749,100	58,988,787	55,434,690

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

STATEMENT OF INCOME

								Parent Company
			7/01 to		1/01 to		7/01 to	1/01 to
	Note	9/30/2024		9/30/2024		9/30/2023	9/30/2023
Net sales revenue	21		5,067,269		14,219,130		4,278,203	13,160,309
Changes in the fair values of biological assets	14		236,176		340,764		167,158	372,305
Cost of products sold	22		(3,527,947)		(9,694,397)		(3,174,647)	(9,164,123)
Gross profit			1,775,498		4,865,497		1,270,714	4,368,491
Operating income (expenses)
Selling	22		(344,254)		(1,030,915)		(353,563)	(1,087,948)
General and administrative	22		(260,954)		(755,950)		(226,721)	(706,041)
Other income (expenses), net	22		(88,021)		(144,100)		(55,771)	(135,408)
			(693,229)		(1,930,965)		(636,055)	(1,929,397)
Share of profits of subsidiaries and joint	12		275,850				93,285	556,554
ventures			585,006
Profit before finance result and taxes			1,358,119		3,519,538		727,944	2,995,648
Finance income			89,679		1,272,141		176,966	453,042
Finance costs			(501,407)		(2,887,490)		(592,051)	(692,242)
Finance result	23		(411,728)		(1,615,349)		(415,085)	(239,200)
Profit before taxes on income			946,391		1,904,189		312,859	2,756,448
Current	11		(44,813)		(320,952)		(26,877)	(157,109)
Deferred	11		(182,990)		(149,924)		(27,680)	(535,458)
Income tax and social contribution			(227,803)		(470,876)		(54,557)	(692,567)
Profit for the period			718,588		1,433,313		258,302	2,063,881
Earnings per share:
Basic and diluted earnings per share - R$	25		0.1586		0.2356		0.0468	0.3743

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

								Consolidated
			7/01 to		1/01 to		7/01 to	1/01 to
	Note		9/30/2024		9/30/2024		9/30/2023	9/30/2023
Net sales revenue	21		4,998,729		14,377,045		4,400,407	13,523,747
Changes in the fair values of biological	14		408,174		519,807		143,230	1,099,360
assets
Cost of products sold	22		(3,467,626)		(9,656,632)		(3,240,065)	(9,222,690)
Gross profit			1,939,277		5,240,220		1,303,572	5,400,417
Operating income (expenses)
Selling	22		(378,829)		(1,123,893)		(381,697)	(1,158,238)
General and administrative	22		(273,668)		(782,373)		(236,495)	(735,346)
Other income (expenses), net	22		(67,839)		(121,545)		(54,670)	(133,275)
			(720,336)		(2,027,811)		(672,862)	(2,026,859)
Share of profits of subsidiaries and joint	12		1,238		7,287		3,969	10,105
ventures
Profit before finance result and taxes			1,220,179		3,219,696		634,679	3,383,663
Finance income			37,474		1,400,901		225,078	550,580
Finance costs			(440,483)		(2,744,935)		(549,909)	(661,156)
Finance result	23		(403,009)		(1,344,034)		(324,831)	(110,576)
Profit before taxes on income			817,170		1,875,662		309,848	3,273,087
Current	11		(69,008)		(407,728)		(40,208)	(244,362)
Deferred	11		(19,089)		36,281		(25,060)	(551,320)
Income tax and social contribution			(88,097)		(371,447)		(65,268)	(795,682)
Profit for the period			729,073		1,504,215		244,580	2,477,405
Attributable to the Company's equity			718,588		1,433,313		258,302	2,063,881
holders
Attributable to non-controlling			10,485		70,902		(13,722)	413,524
interests

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

STATEMENT OF COMPREHENSIVE INCOME

					Parent Company
			7/01 to	1/01 to	7/01 to	1/01 to
	Note	9/30/2024	9/30/2024	9/30/2023	9/30/2023
Profit for the period			718,588	1,433,313	258,302	2,063,881
Other comprehensive income
Foreign currency translation adjustments			705	2,590	(6,256)	(17,910)
Changes in the fair values of hedging instruments	28		269,637	(3,338,876)	(923,745)	788,855
Realization of hedge reserve to profit or loss			(9,163)	(11,478)	-	-
Realization of hedge reserve to profit or loss - net revenue	28		(10,280)	(31,381)	(4,278)	(9,336)
Deferred income tax on cash flow hedges	11		(85,066)	1,149,790	315,528	(265,036)
			165,833	(2,229,355)	(618,751)	496,573
Changes in actuarial liability obligations			-	(2,791)	(854)	(2,564)
Deferred income tax/social contribution on actuarial liabilities	11		-	949	291	872
			-	(1,842)	(563)	(1,692)
Total comprehensive income (loss) for the period			884,421	(797,884)	(361,012)	2,558,762
						Consolidated
			7/01 to	1/01 to	7/01 to	1/01 to
	Note	9/30/2024	9/30/2024	9/30/2023	9/30/2023
Profit for the period			910,166	1,685,308	244,580	2,477,405
Other comprehensive income
Foreign currency translation adjustments			705	2,590	(6,256)	(17,910)
Changes in the fair values of hedging instruments	28		269,637	(3,338,876)	(923,745)	788,855
Realization of hedge reserve to profit or loss			(9,163)	(11,478)	-	-
Realization of hedge reserve to profit or loss - net revenue	28		(10,280)	(31,381)	(4,278)	(9,336)
Deferred income tax on cash flow hedges	11		(85,066)	1,149,790	315,528	(265,036)
			165,833	(2,229,355)	(618,751)	496,573
Changes in actuarial liability obligations			-	(2,791)	(854)	(2,564)
Deferred income tax/social contribution on actuarial liabilities	11		-	949	291	872
			-	(1,842)	(563)	(1,692)
Total comprehensive income (loss) for the period			1,075,999	(545,889)	(374,734)	2,972,286
Attributable to the Company's equity holders			884,421	(797,884)	(361,012)	2,558,762
Attributable to non-controlling interests			191,578	251,995	(13,722)	413,524

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

STATEMENT OF CHANGES IN EQUITY

							Retained	Equity
			Capital	Treasury	Revenue	Carrying value	earnings	attributable to	Non-	Consolidated
			(accumulated	the Company's	controlling
	Note	Share capital	reserves	shares	reserves	adjustments	deficit)	equity holders	interests	equity
At December 31, 2022		4,475,625	(270,399)	(155,360)	4,425,294	1,084,324	-	9,559,484	2,008,782	11,568,266
Profit for the period		-	-	-	-	-	2,063,881	2,063,881	413,524	2,477,405
Other comprehensive income		-	-	-	-	494,881	-	494,881	-	494,881
Changes in interests in subsidiaries		-	-	-	-	-	-	-	(2,184)	(2,184)
Total comprehensive income		-	-	-	-	494,881	2,063,881	2,558,762	411,340	2,970,102
Capital increases by non-controlling		-	-	-	-	-	-	-	90,000	90,000
Stockholder
Long term incentive plan	24	-	27,384	19,649	-	(2,390)	-	44,643	-	44,643
Treasury shares sold		-	18,984	10,383	-	-	-	29,367	-	29,367
Grants of treasury shares		-	-	10,383	-	(10,383)	-	-	-	-
Stock option plan - remuneration		-	-	-	-	15,276	-	15,276	-	15,276
Stock option plan - vesting		-	8,400	-	-	(8,400)	-	-	-	-
Stock option plan - cancellations		-	-	(1,117)	-	1,117	-	-	-	-
Allocation of profit for the period:	20	-	-	-	(345,000)	-	(658,000)	(1,003,000)	(72,702)	(1,075,702)
Distribution of dividends and interest		-	-	-	(345,000)	-	(658,000)	(1,003,000)	(72,702)	(1,075,702)
on capital
At September 30, 2023		4,475,625	(243,015)	(135,711)	4,080,294	1,576,815	1,405,881	11,159,889	2,437,420	13,597,309

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

																						Equity
																		Goodwill on	Retained		attributable
																Carrying	capital		to the		Non-
						Share	Capital	Treasury	Revenue	transaction	earnings		Company's		Consolidated
						value	in	(accumulated		equity		controlling
			Note		capital	reserves	shares	reserves	adjustments	subsidiaries	deficit)		holders		interests	equity
	At December 31, 2023				4,475,625		(225,642)			(135,808)			5,626,832	1,844,115		-	-	11,585,122	2,147,408		13,732,530
	Profit for the period					-		-			-			-		-		-		1,433,313		1,433,313		251,995		1,685,308
	Other comprehensive income					-		-			-			-		(2,236,376)		-		-		(2,236,376)		-		(2,236,376)
	Changes in interests in		12			-		-			-			-		-		-				-				(341,767)
	subsidiaries												-			(160,673)
	Total comprehensive					-		-			-			-		(2,236,376)		-		1,433,313		(803,063)		(89,772)		(892,835)
	income (loss) for the period
	Capital increase					1,600,000		-			-			(1,600,000)		-		-		-		-		-		-
	Capital increases by non-					-		-			-			-		-		-		-		-		50,000		50,000
	controlling Stockholder
	Goodwill on capital		12			-		-			-			-		-		100,266		-		100,266		(100,266)		-
	transaction
	Long term incentive plan		24			-		26,549			12,516			-		-		-		-		39,065		-		39,065
	Treasury shares sold					-		16,026			6,542			-		-		-		-		22,658		-		22,568
	Grants of treasury shares					-		(6,542)			6,542			-		-		-		-		-		-		-
	Stock option plan -					-		16,497			-			-		-		-		-		16,497		-		16,497
	remuneration
	Stock option plan -					-		568			(568)			-		-		-		-		-		-		-
	cancellations
	Allocation of profit:		20			-		-			-			(192,000)		-		-		(740,000)		(932,000)		(51,153)		(983,153)
	Distribution of dividends and					-		-			-			(192,000)		-		-		(740,000)		(932,000)		(51,153)		(983,153)
	interest on capital
	At September 30, 2024					6,075,625		(199,093)			(123,292)			3,834,832		(392,261)		100,266		693,313		9,989,390		1,956,218		11,945,608

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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Docusign Envelope ID: 5D7C1A07-17EC-46E6-A50C-A3CFABD9B246

STATEMENT OF CASH FLOW

					Parent Company				Consolidated
	Note		9/30/2024		9/30/2023		9/30/2024		9/30/2023
Net cash provided by operating activities		6,828,605	5,164,720	6,861,844		5,181,410
Cash provided by operations		5,668,890	5,549,377	6,238,489		5,679,818
Profit before taxes on income			1,904,189		2,756,448		1,875,662		3,273,087
Depreciation and amortization		1,530,793		1,262,016	1,525,068		1,297,071
Depletion of biological assets	14		798,574		840,245		1,334,668		1,076,988
Changes in the fair values of biological assets	14	(340,764)	(372,305)	(519,807)		(1,099,360)
Interest accruals on marketable securities	23	30,096	(104,101)	30,183		(104,101)
Unrealized foreign exchange on trade receivables and related parties		(627,902)	99,341	(791,127)		127,854
Unrealized interest and foreign exchange on borrowing and	17/18		2,496,841		1,456,646		2,293,660		945,724
debentures
Interest on leases accrued	15		120,940		83,921		137,180		91,436
Adjustments to present value - forfaiting forestry operations	14	52,342	54,662	52,342		54,662
Realization of hedge reserve	28		(42,859)		(9,336)		(42,859)		(9,336)
Allowance for expected credit losses	7	(8,957)	(9,306)	(9,026)		(10,193)
Provision for inventory losses		39,986	70,070	40,643		71,518
Gain (loss) on disposals of assets		5,012	(49)	5,012		(49)
Share of profits of subsidiaries and joint ventures	12	(585,006)	(556,554)	(7,287)		(10,105)
Provision for tax, social security, labor and civil contingencies	19		276,637		6,168		295,812		6,168
Other		18,968	(28,489)	18,365		(31,546)
Changes in assets and liabilities			1,159,715		(384,657)		623,355		(498,408)
Trade receivables and related parties	7/8	1,027,875		328,564	900,096		161,823
Inventory	9		253,482		(338,791)		689,771		(293,252)
Taxes recoverable	10	65,776	259,610	339,915		224,944
Marketable securities	6	297,388	(4,272)	296,583		(3,745)
Other assets		136,449	38,278	10,278		59,346
Trade payables	16	(758,842)	(454,427)	(840,545)		(493,872)
Forfaiting trade payables and forfaiting forestry operations	16.1		296,300		536		296,300		536
Tax obligations		(106,040)	(60,370)	(595,967)		31,288
Social security and labor obligations			112,366		30,010		116,219		30,011
Other liabilities		64,723	(97,305)	(229,207)		(98,183)
Income tax and social contribution paid			(229,762)		(86,490)		(360,088)		(117,304)
Net cash used in investing activities			(8,696,782)		(3,607,531)		(8,989,926)		(3,621,558)
Additions to property, plant and equipment and intangible assets		(1,843,942)	(2,496,385)	(1,735,062)		(2,736,695)
Acquisition of assets - Caetê project	4.2	-	-	(6,345,192)		-
Additions to planting and standing wood purchases		(751,762)	(749,381)	(916,192)		(931,261)
Capital increase in subsidiaries	12		(3,834,650)		(352,080)		-		-
Advances for future capital increases		(65,173)	(84,216)	-		-
Loans to subsidiaries - debentures	8		(2,773,193)		-		-		-
Proceeds from disposals of assets		(2,912)	35,122	(2,912)		35,122
Dividends received from subsidiaries	12		574,850		39,409		9,432		11,276
Net cash used in financing activities		(1,338,882)	(1,061,052)	(858,552)	(316,884)
New borrowing	17/18	3,224,981		3,825,838	3,224,981		3,825,983
Repayments of borrowing and debentures	17/18	(1,263,362)	(1,436,117)	(1,259,253)		(1,511,867)
Payment of interest on borrowing and debentures	17/18	(1,949,289)	(2,117,005)	(1,467,587)		(1,276,814)
Payment of lease liabilities	15		(270,780)		(341,801)		(275,108)		(357,763)
Disposals of treasury shares		22,568	47,033	22,568		47,033
Capital increases in subsidiaries by non-controlling interests			-		-		50,000		90,000
Payment of dividends - Silent Partnership Companies and Special	12		-		-		(51,153)		(94,456)
Purpose Entities
Dividends/interest on capital paid	20	(1,103,000)	(1,039,000)	(1,103,000)		(1,039,000)
(Decrease) Increase in cash and cash equivalents		(3,207,059)	496,137	(2,986,634)		1,242,968
Acquired cash - Caetê project	4.2	-	-	96,523		-
Changes in cash and cash equivalents			(3,207,059)		496,137		(2,890,111)		1,242,968
Cash and cash equivalents at the beginning of the period			8,129,921		3,798,650		9,558,829		4,683,945
Cash and cash equivalents at the end of the period			4,922,862		4,294,787		6,668,718		5,926,913

The accompanying notes are an integral part of this interim financial information.

Parent company and consolidated interim financial statements for the three- and nine-month periods ended September 30, 2024 and 2023

All amounts in thousands of Reais unless otherwise stated

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