Key Facts

Q4 net loss of R$7.33bn ($1.45bn), nearly three times the year-earlier loss; the full 2025/26 safra lost R$27.1bn ($5.37bn).

Net debt reached R$58.2bn ($11.52bn), up almost 70% in a year, with leverage at 5.2 times EBITDA.

The business itself improved. Adjusted EBITDA rose 46% and the Shell-branded fuel network lifted its EBITDA 60.4%.

It is Brazil’s largest-ever extrajudicial recovery, a R$65bn ($12.87bn) debt deal now backed by 80% of creditors.