CVM Resolution No. 238 of December 23, 2025 — CVM — BR

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

Approves the Technical Pronouncements Review Document No. 28 – Amendments resulting from Technical Pronouncement CPC 51, issued by the Accounting Pronouncements Committee – CPC.

The INTERIM PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes it public that the Collegiate Board, in a meeting held on December 17, 2025, based on §§ 3 and 5 of art. 177 of Law No. 6.404, of December 15, 1976, combined with items II and IV of § 1 of art. 22 of Law No. 6.385, of December 7, 1976, APPROVED the following Resolution:

Art. 1. It is made mandatory for publicly-held companies the Technical Pronouncements Review Document No. 28 – Amendments resulting from Technical Pronouncement CPC 51, issued by the Accounting Pronouncements Committee – CPC, as per Annex “A” to this Resolution.

Art. 2. This Resolution enters into force on January 1, 2027, applying to fiscal years beginning on or after that date.

Signed electronically by
OTTO EDUARDO FONSECA DE ALBUQUERQUE LOBO
Interim President

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

ACCOUNTING PRONOUNCEMENTS COMMITTEE
TECHNICAL PRONOUNCEMENTS REVIEW – NO. 28/2025

The pronouncements, interpretations and guidelines of the CPC, including the CPC-SME, contain material that is subject to copyright of the IFRS® Foundation (IFRS Foundation). All these rights are reserved.

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The pronouncements, interpretations and guidelines of the CPC, including the CPC-SME, are issued by the Accounting and Sustainability Pronouncements Committee, a technical body supported by FACPCS, for their application in the Federal Republic of Brazil and were not prepared or endorsed by the International Accounting Standards Board (IASB).

The pronouncements, interpretations and guidelines of the CPC, including the CPC-SME, are not to be distributed outside the Federative Republic of Brazil.

Notice

CPC/CPC SME contain copyright material of the IFRS® Foundation (Foundation) in respect of which all rights are reserved.

Reproduced and distributed by the Accounting and Sustainability Pronouncements Committee Support Foundation with the permission of the Foundation within the Federal Republic of Brazil only. No rights granted to third parties other than as permitted by the Terms of Use [link] without the prior written permission of Accounting and Sustainability Pronouncements Committee Support Foundation and the Foundation.

CPC/CPC SME are issued by Accounting and Sustainability Pronouncements Committee Support Foundation in respect of their application in Federal Republic of Brazil and have not been prepared or endorsed by the International Accounting Standards Board.

CPC/CPC SME are not to be distributed outside of Federal Republic of Brazil.

This review document presents amendments to the Technical Pronouncements CPC 37 (R1), CPC 10(R1), CPC 15 (R1), CPC 31, CPC 40 (R1), CPC 22, CPC 48, CPC 36 (R3), CPC 19 (R2), CPC 45, CPC 46, CPC 47, CPC 06 (R2), CPC 50, CPC 16 (R1), CPC 03 (R2), CPC 23, CPC 24, CPC 32, CPC 27, CPC 33 (R1), CPC 07 (R1), CPC 02 (R2), CPC 05 (R1), CPC 35 (R2), CPC 18 (R3), CPC 42, CPC 39, CPC 41, CPC 21 (R1), CPC 04 (R1), CPC 28, CPC 29, ICPC 12, ICPC 13, ICPC 15, ICPC 01 (R1), ICPC 09 (R3), ICPC 20, ICPC 07, ICPC 16, ICPC 18, ICPC 19, ICPC 21, ICPC 22 and ICPC 17.

Includes items 32(za) and 39AI and alters items IN9, 1, 3, 4, 4A, 5, 22, 32 and D30 and Appendices
A and D in CPC 37 (R1) - Initial Adoption of International Accounting Standards, which shall enter into force with the following wording:

Introduction

IN9. Finally, this Committee recalls the content of the Basic Conceptual Pronouncement Framework for the Preparation and Presentation of Financial StatementsFinancial Report and Technical Pronouncement CPC 26 – Presentation of Financial Statements CPC 23 – Basis of Preparation of Financial Statements. They correspond to the content contained in the IASB documents Framework for the Preparation and Presentation of Financial StatementsConceptual Framework for Financial Reporting and IAS 1 – Presentation of Financial StatementsIAS 8 – Basis of Preparation of Financial Statements, where it is expressed and repeatedly required the continuous obedience to the prevalence of substance over form. And this to the extent that, if the adoption of any Pronouncement, Interpretation or Guideline causes deformation of the financial statements to such an extent that the actual reality is not properly presented, the entity must not apply this document, in whole or in part, replacing it with the procedure deemed most appropriate to the situation so that the financial statements achieve their objective. The procedures, including justification and disclosure, regarding this situation, which is expected to be extremely rare, must be properly disclosed as cited in item 19 of Technical Pronouncement CPC 26 6E of CPC 23.

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

Objective

1 The objective of this Pronouncement is to ensure that the first financial statements of an entity in accordance with the International Accounting Standards issued by the IASB – International Accounting Standards Board, hereinafter referred to as IFRSs – International Financial Reporting Standards, and the interim financial statements for the partial periods covered by these financial statements contain high-quality information that:

(a) are transparent to users and comparable with respect to all periods presented;

(b) provide an appropriate starting point for accounting in accordance with the Accounting Standards IFRS IFRSs; and

Scope

...

3 The first financial statements of an entity in IFRSs are the first annual statements in which the entity adopts the IFRSs, explicitly and unreservedly declaring that these statements are in conformity with such Accounting StandardsIFRSIFRSs. The financial statements in accordance with the IFRSs are the first financial statements of the entity in IFRSs when, for example, the entity:

(a) has presented its most recent previous financial statements:

...

(ii) in conformity with the IFRSs in all respects, except for the fact that in these statements there is no explicit and unreserved declaration that they are in accordance with the Accounting Standards IFRSIFRSs;

(iii) contain an explicit declaration of compliance with some, but not all IFRS Accounting Standards IFRSs;

...

(c) has prepared a set of financial statements in accordance with the IFRSs for consolidation purposes, but which is not the complete set of financial statements prepared in accordance with IFRS 18 (Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements) IAS 1 – Presentation of Financial Statements (Technical Pronouncement CPC 26 – Presentation of Financial Statements);

...

4 This Pronouncement must be applied when the entity adopts the IFRSs for the first time.
This Pronouncement must not be applied, for example, when the entity:

(a) has ceased presenting financial statements in accordance with corporate law requirements, having previously presented them as well as another set of

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

financial statements that contained an explicit and unreserved declaration of conformity with the Accounting Standards IFRSIFRSs;

(b) has presented financial statements in previous years in accordance with the corporate law requirements in which there was an explicit and unreserved declaration of conformity with the Accounting Standards IFRSIFRSs; or

(c) has presented financial statements in previous years in which there was an explicit and unreserved declaration of conformity with the Accounting Standards IFRSIFRSs, regardless of whether the auditors had qualified the audited statements.

4A Regardless of the requirements of items 2 and 3, the entity that has applied the IFRSs in its previous financial statements, but whose most recent financial statement does not contain an explicit and unreserved declaration that these statements are in conformity with the Accounting Standards IFRSIFRSs, must apply this Technical Pronouncement or, alternatively, apply the IFRSs retrospectively in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors Basis of Preparation of Financial Statements (Technical Pronouncement CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error).

...

5 This Pronouncement is not applicable to changes in accounting policies made by an entity that already applies the IFRSs. In this case, such changes are subject to the:

(a) requirements regarding changes in accounting policies as per IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors (Technical Pronouncement CPC 23 – Accounting Policies, Change in Estimate and Correction of Error); and

...

Presentation and Disclosure

...

Comparative Information

...

Comparative information and historical summary divergent from IFRSs

22 Some entities present historical summaries of specific data for periods prior to the period in which they first presented full comparative information in accordance with the IFRSs. This Pronouncement does not require such summaries to meet the requirements of recognition and measurement of the IFRSs. In addition, some entities present comparative information in accordance with previous accounting criteria as well as the comparative information required by IFRS 18 (CPC 51) IAS 1 (Technical Pronouncement CPC 26 – Presentation of Financial Statements). In financial statements containing historical summaries or comparative information in accordance with previous accounting criteria, the entity must:

...

Explanation of the transition to IFRSs

...

Interim Financial Statements

32 To comply with the provisions of item 23, when the entity presents its interim financial statements, in accordance with IAS 34 – Interim Financial Reporting (Technical Pronouncement CPC 21 – Interim Statement) for the part of the period covered by its first financial statements in IFRSs, the entity must meet, in addition to the requirements of IAS 34 (Technical Pronouncement CPC 21), the following requirements unless otherwise stated, as well as the following requirements:

(za) The entity must present each title it expects to use in the application of IFRS 18 (CPC
51) and the subtotals required by items 69 to 74 of this standard, notwithstanding the requirements
of item 10 of IAS 34 (CPC 21). The entity must apply the requirements of item 10 of IAS 34 (CPC 21) for titles and subtotals in condensed financial statements after having issued its first financial statements in accordance with IFRS 18 (CPC 51).

...

Effective Date

...

39AJ The Technical Pronouncements Review No. 28, approved by the CPC on October 10, 2025, altered items IN9, 1, 3, 4, 4A, 5, 22, 32, D30 and E2, altered Appendix A and included letter (za) in item 32. The entity must apply these changes when applying CPC 51.

...

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

Appendix A – Glossary of terms used in the Pronouncement

...

First IFRS financial statements are the first annual financial statements in which the entity adopts the IFRS Accounting StandardsIFRSs through an explicit and unreserved declaration of conformity with the Accounting Standards IFRSIFRSs.

...

International Accounting Standards IFRS (IFRSs) are accounting standards and interpretations adopted by the IASB (International Accounting Standards Board) and they comprise the International Financial Reporting Standards (IFRSs) issued by the IASB, the International Accounting Standards (IASs) issued by its predecessor, the IASC (International Accounting Standards Committee) and the Interpretations developed by the IFRIC (International Financial Reporting Interpretations Committee) and by its predecessor, the SIC (Standing Interpretations Committee). The IFRS Accounting Standards were previously known as International Financial Reporting Standards, IFRS, IFRSs and IFRS Standards.

...

Appendix D - Exemptions from other IFRS

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Severe Hyperinflation

...

D30 When the date of functional currency normalization falls within the 12-month comparative period, the comparative period may be less than 12 months, provided that a complete set of financial statements (as required by item 10 of IFRS 18 (CPC 51) IAS 1, (Technical Pronouncement CPC 26 – Presentation of Financial Statements) is provided for this shorter period.

...

includes a footnote to item 59B in CPC 10 (R1) - Share-Based Payment,
which shall enter into force with the following wording:

A footnote is added to “CPC 23 – Accounting Policies, Change in Estimate and Correction of Error” in item 59B. The new text is underlined.

When it issued Technical Pronouncements Review No. 28 on October 10, 2025, the CPC
changed the title of CPC 23 to Basis of Preparation of Financial Statements.

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

Alters items 50 and B64. Includes item 64R in CPC 15 (R1) – Business Combinations, which
shall enter into force with the following wording:

Acquisition Method

...

Measurement Period

...

50 After the end of the measurement period, the acquirer must review the accounting records of the business combination only to correct errors, in accordance with the provisions of Technical Pronouncement CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error.

...

Validity and Transition

Validity

...

64R The Technical Pronouncements Review No. 28, approved by the CPC on October 10, 2025, altered items 50 and B64. The entity must apply these changes when applying CPC 51.

...

Appendix B

Application Guidance

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Disclosures (application of items 59 and 61)

B64 To meet the objectives of item 59, the acquirer must disclose the following information for each business combination that occurs during the reporting period:

...

(q) the following information:

...

In the event that it is impracticable to disclose any of the information required by letter (q), the acquirer must disclose this fact and explain why its disclosure is impracticable. This Pronouncement uses the term “impracticable” with the same meaning as the Technical Pronouncement CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimates and Correction of Error.

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

Alters items 2, 3, 5A, 5B, 13, 17, 26A, 33 to 36A, 38 and 39, the titles before items 31 and 38 and
includes item 44N in CPC 31 – Non-Current Asset Held for Sale and Discontinued Operations, which shall enter into force with the following wording:

Scope

2 The classification, presentation and disclosure requirements of this Technical Pronouncement apply to all non-current assets recognized and to all groups of assets held for sale by the entity. The measurement requirements of this Pronouncement apply to all non-current assets recognized and to groups of assets held for sale (as defined in item 4), with the exception of the assets listed in item 5, which must continue to be measured in accordance with the specific pronouncements applicable.

3 Assets classified as non-current, in accordance with Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26– Presentation of Financial Statements, must not be reclassified as current assets until they meet the classification criteria as held for sale in accordance with this Pronouncement. Assets of a class that the entity would normally consider as non-current, and that are acquired for resale, must not be classified as current, unless they meet the classification criteria as held for sale in accordance with this Technical Pronouncement.

...

5A The classification, presentation, and measurement and disclosure required in this Technical Pronouncement applicable to non-current asset (or group of assets) classified as held for sale also apply to non-current asset (or group of assets) that is classified as destined to be distributed to partners in their capacity as owners (held for distribution to owners).

5B This Pronouncement specifies the disclosures required on non-current assets (or groups of assets) classified as held for sale or discontinued operations. Disclosures required by other Technical Pronouncements do not apply to these assets (or groups of assets) unless these Pronouncements require:

(a) specific disclosure regarding non-current assets (or groups of assets) classified as held for sale or discontinued operations; or

(b) disclosure on measurement of assets and liabilities of groups of assets held for sale that are not within the scope of the measurement requirements of this Technical Pronouncement and that these disclosures are not already available in other notes to the financial statements.

Additional disclosures on non-current assets (or groups of assets) classified as held for sale or discontinued operations may be necessary to meet the general disclosure requirements of CPC 51 and the requirements of CPC 23 – Basis of Preparation of Financial Statements CPC 26, in particular items 6A and 31A of CPC 2315 and 125 of this Standard.

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 Classification of non-current asset as held for sale Classification of non-current asset (or disposal group) as held for sale or held for distribution to owners ... Non-current asset to be disposed of 13 The entity shall not classify as held for sale the non-current asset or disposal group that is dedicated to be disposed of. This is because its carrying amount will be recovered principally through continuing use. However, if the disposal group classified as held for sale that will be disposed of meets the criteria in paragraphs 32(a) to (c), the entity shall present or disclose the results and cash flows of the held for sale asset as discontinued operations, in accordance with paragraphs 33 and 34, in the period in which it ceases to be used. Non-current assets to be disposed of include assets that are to be used until the end of their economic life and non-current assets that are to be closed rather than sold. ... Measurement of non-current asset classified as held for sale Measurement of non-current asset (or disposal group) classified as held for sale Measurement of non-current asset held for sale Measurement of non-current asset (or disposal group) ... 17 When it is expected that the sale will occur after one year, the entity shall measure the selling expenses at present value. Any increase in the present value of the selling expenses that results from the passage of time shall be presented in profit or loss as a finance cost, applying, where applicable, the provisions of Technical Pronouncement CPC 12 – Present Value Adjustment applying the requirements of CPC 51 regarding income and expenses arising from the remeasurement of a non-current asset (or disposal group) classified as held for sale. ... Change in a plan of sale or in a plan of distribution to owners ... 26A If the entity reclassifies an asset (or disposal group) directly from held for sale to held for distribution to owners, or directly from held for distribution to owners to held for sale, then the change in classification shall be considered as a continuation of the original plan of disposal. The entity:
(a) shall not follow the guidance in paragraphs 27 to 29 to account for this change. The entity shall apply the classification, presentation, measurement and disclosure requirements of this pronouncement applicable to the new method of disposal; ...

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 Presentation and disclosure ... Presentation of discontinued operation 31 A component of the entity comprises operations and cash flows that can be clearly distinguished, operationally and for purposes of disclosure in the financial statements, from the rest of the entity. In other words, a component of the entity will have been a cash-generating unit or a group of cash-generating units while held for use. ... 33 The entity shall present or disclose:
... (b) an analysis of the single amount referred to in paragraph (a) with:
(i) the revenues, expenses and profit or loss before tax of discontinued operations; (ii) the tax expenses related to profit as required by paragraph 81(h) of Technical Pronouncement CPC 32 – Income Taxes; (iii) the gains or losses recognized in measuring at fair value less costs to sell or on disposal of assets or disposal group held for sale that constitutes the discontinued operation; and (iv) the income tax expenses related to profit as required by paragraph 81(h) of Technical Pronouncement CPC 32. The analysis may be presented in the statement of profit or loss or disclosed in the notes to the financial statements or in the statement of profit or loss. If presented in the statement of profit or loss, it shall be presented in a separate section identified as related to discontinued operations, i.e., separately from continuing operations. The analysis is not required for disposal groups that are newly acquired subsidiaries that meet the criteria for classification as held for sale at the date of acquisition (see paragraph 11). (c) the net cash flows attributable to operating, investing and financing activities of discontinued operations. These disclosures may be presented in the statement of cash flows or disclosed in the notes to the financial statements or in the tables of the financial statements. These disclosures are not required for disposal groups that are newly acquired subsidiaries that meet the criteria for classification as held for sale at the date of acquisition (see paragraph 11). (d) the amount of profit or loss of continuing operations and of discontinued operations attributable to controlling shareholders. These information may be presented in the statement of profit or loss or disclosed alternatively in the notes to the financial statements dealing with profit or loss. 33A If the entity presents the statement of profit or loss for the period as a separate statement, as described in paragraph 12(b) of Technical Pronouncement CPC 26,

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 a section identified as related to discontinued operations shall be presented in the statement of profit or loss. 34 The entity shall re-present the presentations and disclosures of paragraph 33 for prior periods presented in the financial statements, so that the presentations and disclosures relate to all operations that have been discontinued at the date of the balance sheet of the last presented period. 35 Adjustments made in the current period in amounts previously classified in the category of discontinued operations, which are directly related to the disposal of a discontinued operation in a prior period, shall also be classified separately in the category of discontinued operations. The nature and amount of these adjustments shall be disclosed. Examples of circumstances in which these adjustments may occur include the following:
... 36 If the entity ceases to classify a component as held for sale, the results of the operations of the component previously classified in the category of discontinued operations, in accordance with paragraphs 33 to 35, shall be reclassified and included in the result of continuing operations in all periods presented. The amounts relating to prior periods shall be described as having been re-presented. 36A The entity that is committed to a plan of sale of control of a subsidiary shall present or disclose the information required in paragraphs 33 to 36 when the subsidiary is a group of assets and liabilities held for sale within the definition of discontinued operation as per paragraph 32. ... Non-current asset or disposal group classified as held for sale Presentation of non-current asset or disposal group classified as held for sale 38 The entity shall present the non-current asset classified as held for sale separately from other assets in the balance sheet. The liabilities of a disposal group classified as held for sale shall be presented separately from other liabilities in the balance sheet. These assets and liabilities shall not be offset nor presented in a single amount. The main classes of assets and liabilities classified as held for sale shall be presented separately in the balance sheet or disclosed in the notes to the financial statements, except as permitted by paragraph 39. The entity shall present separately any accumulated income or expense recognized directly in equity (other comprehensive income) related to a non-current asset or a disposal group classified as held for sale. 39 If the disposal group held for sale is a newly acquired subsidiary that meets the criteria for classification as held for sale at the date of acquisition (see paragraph 11), the presentation or disclosure of the main classes of assets and liabilities is not required. ...

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 (b) its objectives, policies and processes for managing its obligation to repurchase or redeem the instruments, when it is obliged to do so by the holders of these instruments, including any changes from the prior period; (c) the expected cash outflow upon redemption or repurchase of this class of financial instruments; and (d) information about how the expected cash outflow upon redemption or repurchase was determined. 19B If an entity has reclassified any of the following financial instruments between financial liabilities and equity, it shall disclose the amount reclassified to/from each category (financial liabilities or equity) and the time and reason for this reclassification:
(a) a financial instrument with a put option classified as an equity instrument applying paragraphs 16A and 16B of CPC 39, or (b) an instrument that imposes on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on the liquidation of the entity and that is classified as an equity instrument applying paragraphs 16C and 16D of CPC 39. Statements of profit or loss and other comprehensive income Items of income, expense, gain and loss 20 The entity shall present, subject to the presentation requirements of CPC 51 – Presentation and Disclosure in the Financial Statements, disclose the following items of income, expense, gain and loss, whether in the statement of comprehensive income or disclose them in the notes to the financial statements:
... Other disclosures
Accounting policies
21 In accordance with paragraph 27A of CPC 23 – Basis of Preparation of Financial Statements 117 of CPC 26 – Presentation of Financial Statements, the entity shall disclose material accounting policy information. It is expected that information about the basis (or bases) of measurement for financial instruments used in the preparation of the financial statements shall be material accounting policy information. Hedge accounting ... Effects of hedge accounting on the financial position and on the performance ... 24C The entity shall disclose, in table form, the following values separately by risk category for the types of hedges:

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 ... (b) for cash flow hedges and hedges of a net investment in a foreign operation:
... (iv) the amount reclassified from the cash flow hedge reserve or the foreign currency translation reserve to profit or loss as a reclassification adjustment (see CPC 51 CPC 26) (differentiating between the amounts for which hedge accounting had been previously used, but for which the future protected cash flows no longer are expected to occur, and the amounts that were transferred because the hedged item affected profit or loss); (v) the line item in the statement of comprehensive income that includes the reclassification adjustment (see CPC 51 CPC 26); and ... 24E The entity shall provide the reconciliation of each component of equity and the analysis of other comprehensive income in accordance with CPC 51 CPC 26, which, considered together:
... 24F The entity shall provide disclose the information required in paragraph 24E, separately, by risk category. This disaggregation by risk may be disclosed provided in the notes to the financial statements. Option to designate the credit exposure as measured at fair value through profit or loss 24G If the entity has designated the financial instrument, or part of that instrument, as measured at fair value through profit or loss because it uses a credit derivative to manage the credit risk of this financial instrument, the entity shall disclose:
... (c) upon discontinuing the measurement of the financial instrument, or part of that instrument, as at fair value through profit or loss, the fair value of this financial instrument that became the new carrying amount in accordance with paragraph 6.7.4 of CPC 48 and its respective nominal or principal amount (except to provide comparative information in accordance with CPC 51 CPC 26, the entity does not need to continue this disclosure in subsequent periods). ... Effective date and transition ... 44KK Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended paragraphs 3, 8, 20, 21, 24C, 24E, 24F, 24G, B5, B7 and B46, and added paragraphs 19A and 19B and a corresponding subtitle. The entity shall apply these amendments when applying CPC 51. ...

When it issued Technical Pronouncement Revision No. 28, the CPC transferred the requirements to disclose material accounting policy information from CPC 26 to CPC 23.

Amends paragraph 23 and includes paragraph 36D in CPC 22 – Segment Information, which shall enter into force with the following wording:
Disclosure
... Information about profit or loss, assets and liabilities 23 The entity shall disclose the value of profit or loss of each reportable segment. The entity shall disclose the total value of assets and liabilities of each reportable segment if this value is regularly presented to the chief operating decision maker. The entity shall also disclose the following information about each segment if the specified amounts are included in the value of profit or loss of the segment reviewed by the chief operating decision maker, or are regularly presented to this, even if not included in the value of profit or loss of the segment:
... (f) material items of income and expense disclosed in accordance with paragraph 42 of CPC 51 – Presentation and Disclosure in the Financial Statements paragraph 42 of CPC 26 – Presentation of Financial Statements; ... Transition and effective date ... 36D Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended paragraph 23. The entity shall apply these amendments when applying CPC 51.

Amends items 5.6.5, 5.6.7, 5.7.10, 6.5.11, 6.5.12, 6.5.14, 6.5.15, 6.7.2 and B4.1.2A and includes item 7.1.11 in CPC 48 – Financial Instruments, which shall enter into force with the following wording:

Chapter 5 – Measurement
...
5.6 Reclassification of financial assets
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5.6.5 If an entity reclassifies a financial asset from the measurement category of fair value through other comprehensive income to the measurement category of amortized cost, the financial asset must be reclassified at its fair value on the reclassification date. However, the cumulative gain or loss previously recognized in other comprehensive income must be transferred from equity and adjusted against the fair value of the financial asset on the reclassification date. As a result, the financial asset must be measured on the reclassification date as if it had always been measured at amortized cost. This adjustment will affect other comprehensive income, but will not affect profit or loss, and therefore must not be a reclassification adjustment (see CPC 51 – Presentation and Disclosure in Financial Statements and CPC 26 – Presentation of Financial Statements). The effective interest rate and the measurement of expected credit losses must not be adjusted as a result of the reclassification (see item B5.6.1).
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5.6.7 If an entity reclassifies a financial asset from the measurement category of fair value through other comprehensive income to the measurement category of fair value through profit or loss, the financial asset must continue to be measured at fair value. The cumulative gain or loss, previously recognized in other comprehensive income, must be reclassified from equity to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26) on the reclassification date.

5.7 Gains and losses
...
Financial assets measured at fair value through other comprehensive income
5.7.10 The gain or loss on a financial asset measured at fair value through other comprehensive income, in accordance with item 4.1.2A, must be recognized in other comprehensive income, except for gains or losses from impairment (see Section 5.5) and foreign exchange gains and losses (see items B5.7.2 and B5.7.2A), until the financial asset is derecognized or reclassified. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income must be reclassified from equity to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26). If the financial asset is reclassified from the measurement category of fair value through other comprehensive income, the entity must account for the cumulative gain or loss, previously recognized in other comprehensive income, in accordance with items 5.6.5 and 5.6.7. Interest calculated using the effective interest method must be recognized in profit or loss.
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Chapter 6 – Hedge Accounting
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6.5 Accounting for a qualifying hedge relationship
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Cash flow hedge
6.5.11 While the cash flow hedge meets the qualifying criteria of item 6.4.1, the hedge relationship must be accounted for as follows:
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(d) the amount accumulated in the cash flow hedge reserve, in accordance with letter (a), must be accounted for, as follows:
(i) if the hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, or the hedged forecast transaction for a non-financial asset or non-financial liability becomes a firm commitment for which fair value hedge accounting must be applied, the entity must transfer this amount from the cash flow hedge reserve and must include it directly in the initial cost or other carrying amount of the asset or liability. This is not a reclassification adjustment (see CPC 51 and CPC 26) and, therefore, does not affect other comprehensive income; (ii) for cash flow hedges that are not those covered by item (i), this amount must be reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26) in the same period or periods during which the expected future protected cash flows affect profit or loss (for example, in the periods when interest expense or revenue is recognized or when the expected sale occurs); (iii) however, if this amount is a loss and the entity expects that the entirety or any portion of this loss will not be recovered in one or more future periods, it must immediately reclassify the amount, which is not expected to be recovered, to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26).

6.5.12 When an entity discontinues hedge accounting for a cash flow hedge (see items 6.5.6 and 6.5.7(b)), it must account for the amount accumulated in the cash flow hedge reserve, in accordance with item 6.5.11(a), as follows:
...
(b) if no expected future protected cash flows are expected to occur, this amount must be immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26). It is still expected that a protected future cash flow, which ceased to be highly probable, will occur.

Hedges of a net investment in a foreign operation ...
6.5.14 The cumulative gain or loss in the hedging instrument, related to the effective portion of the hedge that has been accumulated in the foreign currency translation reserve, must be reclassified from equity to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26), in accordance with items 48 and 49 of CPC 02, upon the disposal or partial disposal of the foreign operation.

Accounting of option time value
6.5.15 When an entity separates the intrinsic value and the time value of the option contract and designates as a hedging instrument only the change in the intrinsic value of the option (see item 6.2.4(a)), it must account for the time value of the option, as specified below (see items B6.5.29 to B6.5.33):
...
(b) the change in the fair value of the option time value that covers the hedged item related to the transaction must be recognized in other comprehensive income to the extent that it relates to the hedged item and must be accumulated in a separate component of equity. The accumulated change in fair value resulting from the option time value, which has been accumulated in a separate component of equity (“value”), must be accounted for as follows:
(i) if the hedged item subsequently results in the recognition of a non-financial asset or non-financial liability, or a firm commitment for a non-financial asset or non-financial liability, for which fair value hedge accounting must be applied, the entity must transfer the amount from the separate component of equity and must include it directly in the initial cost or other carrying amount of the asset or liability. This is not a reclassification adjustment (see CPC 51 and CPC 26) and, therefore, does not affect other comprehensive income; (ii) for hedge relationships that are not those covered by item (i), this amount must be reclassified from the separate component of equity to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26) in the same period or periods during which the expected future protected cash flows affect profit or loss (for example, when an expected sale occurs); (iii) however, if it is not expected that the entirety or part of this value will be recovered in one or more future periods, the value that is not expected to be recovered must be immediately reclassified to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26); (c) the change in the fair value of the option time value that covers the hedged item, related to the time period, must be recognized in other comprehensive income to the extent that it relates to the hedged item and must be accumulated in a separate component of equity. The time value on the designation date of the option as a hedging instrument, to the extent that it relates to the hedged item, must be amortized systematically and rationally over the period during which the hedging instrument for the intrinsic value of the option may affect profit or loss (or other comprehensive income, if the hedged item is an equity instrument for which the entity has chosen to present changes in fair value in other comprehensive income, in accordance with item 5.7.5). Therefore, in each accounting period, the amortization amount must be reclassified from the separate component of equity to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26). However, if hedge accounting is discontinued for the hedge relationship that includes the change in the intrinsic value of the option as the hedging instrument, the net amount (i.e., including accumulated amortization) that has been accumulated in the separate component of equity must be immediately reclassified to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26). ...

6.7 Option to designate credit exposure as measured at fair value through profit or loss
...
Accounting for credit exposure designated at fair value through profit or loss
6.7.2 If the financial instrument is designated in accordance with item 6.7.1 as measured at fair value through profit or loss after its initial recognition, or has not been previously recognized, the difference at the time of designation between the carrying amount, if any, and the fair value must be immediately recognized in profit or loss. For financial assets measured at fair value through other comprehensive income, in accordance with item 4.1.2A, the cumulative gain or loss, previously recognized in other comprehensive income, must be immediately reclassified from equity to profit or loss as a reclassification adjustment (see CPC 51 and CPC 26).
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Chapter 7 – Effective Date and Transition
7.1 Effective Date
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7.1.11 Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended items 5.6.5, 5.6.7, 5.7.10, 6.5.11, 6.5.12, 6.5.14, 6.5.15, 6.7.2 and B4.1.2A. The entity must apply these amendments when applying CPC 51.
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Appendix B
Application Guidance
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When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis for Preparation of Financial Statements.

Includes a footnote in item C2 of CPC 36 (R3) – Consolidated Financial Statements, which shall enter into force with the following wording:

A footnote is added to “CPC 23 – Accounting Policies, Changes in Accounting Estimates and Errors” in item C2. The new text is underlined.

When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis for Preparation of Financial Statements.

Includes a footnote in item C1B of CPC 19 (R2) – Joint Arrangements, which shall enter into force with the following wording:

A footnote is added to “CPC 23 – Accounting Policies, Changes in Accounting Estimates and Errors” in item C1B. The new text is underlined.

When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis for Preparation of Financial Statements.

Amends item B14 and includes item C1E in CPC 45 – Disclosure of Interests in Other Entities, which shall enter into force with the following wording:

Appendix B
Application Guide
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Summarized financial information for subsidiaries, joint ventures and associates (items 12 and 21) ...
B14 The summarized financial information, disclosed, presented in accordance with items B12 and B13, must be the values included in the financial statements, prepared in conformity with the Pronouncements, Interpretations and Guidance of the CPC, from the joint venture or the associate (and not the entity’s share of these values). If the entity accounts for its interest in the joint venture or the associate using the equity method:
(a) the values included in the financial statements, prepared in conformity with the Pronouncements, Interpretations and Guidance of the CPC, from the joint venture or the associate must be adjusted to reflect adjustments made by the entity when using the equity method, such as, for example, fair value adjustments made upon acquisition and adjustments to reflect differences in accounting policies; (b) the entity must provide a reconciliation of the summarized financial information disclosed, presented, with the carrying amount of its interest in the joint venture or the associate. ...

Appendix C
Effective Date and Transition
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C1E Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended item B14. The entity must apply these amendments when applying CPC 51.

Amends item 51 and includes item C7 in CPC 46 – Fair Value Measurement, which shall enter into force with the following wording:

Measurement
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Application to financial assets and financial liabilities with market risk or counterparty credit risk positions ...
51 To use the exception in item 48, the entity must make a decision on accounting policy in accordance with Pronouncement CPC 23 – Basis for Preparation of Financial Statements – Accounting Policies, Changes in Accounting Estimates and Errors. The entity that uses the exception must apply this accounting policy, including its policy for allocation of adjustments to reflect the spread between bid and ask prices (see items 53 to 55) and credit adjustments (see item 56), if applicable, consistently from period to period for a specific portfolio. ...

Appendix C
Transitional Provisions
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C7 Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended item 51. The entity will apply these amendments when applying CPC 51.

Amends item 43 and includes item C1D in CPC 47 – Revenue from Contracts with Customers, which shall enter into force with the following wording:

Recognition
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Satisfaction of performance obligation
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Measurement of progress toward complete satisfaction of performance obligation ...
Methods for measuring progress
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43 As circumstances change over time, the entity must update its measurement of progress to reflect any changes in the outcome of the performance obligation. These changes in the entity’s measurement of progress must be accounted for as a change in accounting estimate in accordance with CPC 23 – Basis for Preparation of Financial Statements – Accounting Policies, Changes in Accounting Estimates and Errors. ...

Appendix C
Effective Date and Transition
Effective Date
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C1D Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended item 43. The entity will apply these amendments when applying CPC 51.

A footnote is added to “CPC 23 – Accounting Policies, Changes in Accounting Estimates and Errors” in item C3(a). The new text is underlined.

When issuing Technical Pronouncement Revision No. 28 on xxxxx of 2025, the CPC changed the title of CPC 23 to Basis for Preparation of Financial Statements.

Amends item 49 and includes item C1E in CPC 06 (R2) – Leases, which shall enter into force with the following wording:

Lessee
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Presentation
...

SECURITY AND EXCHANGE COMMISSION COMMISSION
Rua Sete de Setembro, 111/2-5º and 23-34º Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

49 In the statement of profit or loss and other comprehensive income, the lessee must present interest expenses on the lease liability separately from the depreciation charge for the right-of-use asset. Item 61 of CPC 51 – Presentation and Disclosure in Financial Statements requires an entity to classify in the financing category of the statement of profit or loss the interest expenses on the lease liability, identified by the entity that applies item 36(a) as a component of finance expenses, which item 82(b) of CPC 26 – Presentation of Financial Statements requires to be presented separately in the statement of profit or loss and other comprehensive income.

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Appendix C
Effective date and transition
Effective date

C1E Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended item 49. The entity shall apply these amendments when it applies CPC 51. A footnote is added to “CPC 23 – Accounting Policies, Changes in Accounting Estimates and Errors” in item C5(a). The new text is underlined.

When it issued Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis of Preparation of Financial Statements.

Amends items 91, 96, 103 and B129 and includes item C2B in CPC 50 – Insurance Contracts, which shall enter into force with the following wording:

Recognition and presentation of the statement of profit or loss (items B120 to B136)

...

Financial income or expense from insurance (see items B128 to B136)

...

91 If the entity transfers the group of insurance contracts or derecognizes the insurance contract, applying item 77:
(a) it must reclassify in profit or loss as a reclassification adjustment (see CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements) any remaining amounts from the group (or contract) that were previously recognized in other comprehensive income because the entity chose the accounting policy provided for in item 88(b);

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

(b) it must not reclassify in profit or loss as a reclassification adjustment (see CPC 51 CPC 26) any remaining amounts from the group (or contract) that were previously recognized in other comprehensive income because the entity chose the accounting policy provided for in item 89(b).

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Disclosure

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96 Items 41 to 43 of CPC 51 Items 29 to 31 of CPC 26 define the requirements regarding materiality and aggregation and disaggregation of information. Examples of characteristics aggregation bases that may be appropriate as a basis for disaggregating into information disclosed about insurance contracts are:
(a) type of contract (for example, significant product lines); (b) geographical area (for example, country or region); or (c) reportable segment, as defined in CPC 22 – Segment Information.

Explanation of recognized amounts

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103 The entity must disclose, separately, in the reconciliations required in item 100 each of the following amounts relating to insurance, if applicable:

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(c) investment components excluded from insurance revenue and insurance expenses (combined with premium refunds, unless premium refunds are disclosed presented as part of the cash flows in the period described in item 105(a)(i)).

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Appendix B
Application guidance

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Financial income or expense from insurance (items 87 to 92)

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B129 Items 88 and 89 require the entity to make the choice of accounting policy regarding whether to disaggregate insurance financial income or expenses for the period between profit or loss and other comprehensive income. The entity must apply its choice of accounting policy to portfolios of insurance contracts. When evaluating the appropriate accounting policy for the portfolio of insurance contracts, applying item 13 of CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors, the entity must consider for each portfolio the assets that the entity holds and how it accounts for these assets.

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

...

Appendix C
Effective date and transition
Effective date

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C2B Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended items 91, 96, 103 and B129. The entity shall apply these amendments when it applies CPC 51. A footnote is added to “CPC 23 – Accounting Policies, Changes in Accounting Estimates and Errors” in item C3(a). The new text is underlined.

When it issued Technical Pronouncement Revision No. 28 on xxxxx of 2025, the CPC changed the title of CPC 23 to Basis of Preparation of Financial Statements.

Amends item 39 and includes item 40H in CPC 16 (R1) – Inventories, which shall enter into force with the following wording:

Disclosure

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39 Some entities classify expenses by nature in the operational category of the statement of adopt a format for result in a way that results in values that are being presented disclosed that are not the cost of inventories recognized as expense during the period. According to this format, the entity presents an analysis of expenses using a classification based on the nature of expenses. In this case, the entity must present disclose the costs recognized as expenses item by item, by nature: raw materials and other materials, employee benefits labor costs and other costs, together with the value of the net difference between beginning and ending inventories of the period.

Effective date

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40H Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended item 39. The entity shall apply these amendments when it applies CPC 51.

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

Amends items 6, 10, 12, 14, 16, 17, 18, 20, 20A, 31, 32, 34A, 35, 46 and 47, includes items 33A, 34B, 34C, 34D and 64 and excludes items 33 and 34 in CPC 03 (R2) – Statement of Cash Flows, which shall enter into force with the following wording:

Definitions

6 The following terms are used in this Technical Pronouncement, with the meanings specified below:

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Investing activities are those relating to the acquisition and sale of long-term assets and other investments not included in cash equivalents and the receipt of interest and dividends as described in items 34A to 34D.

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Presentation of the statement of cash flows

10 The statement of cash flows must present the cash flows of the period classified by operating, investing and financing activities. When preparing the statement of cash flows, an entity shall apply this Pronouncement and also apply the general requirements for financial statements in items 9 to 43, 113 and 114 of CPC 51 – Presentation and Disclosure in Financial Statements.

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12 A single transaction may include cash flows classified in more than one activity. For example, when the cash payment of a loan includes principal and interest, the interest element may be classified as an operating activity and the principal element is classified as a financing activity.

Operating activities

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14 Cash flows arising from operating activities are basically derived from the main revenue-generating activities of the entity. Therefore, they generally result from transactions and other events that enter into the calculation of net profit or loss. Examples of cash flows that arise from operating activities are:
(a) cash receipts from the sale of goods and rendering of services; (b) cash receipts from royalties, fees, commissions and other revenue; (c) cash payments to suppliers for goods and services; (d) cash payments to and on behalf of employees; (e) [excluded] (f) cash payments or refunds for income taxes, unless they can be specifically associated with financing and investing activities; and

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

(g) cash receipts and payments from contracts held for immediate trading or available for future sale.
(h) cash receipts from dividends and cash receipts and payments of interest as described in items 34B to 34D.

Some transactions, such as the sale of a fixed asset item, may result in a gain or loss, which is included in the calculation of net profit or loss. The cash flows relating to such transactions are cash flows from investing activities. However, cash payments for the production or acquisition of assets held for rent to third parties that, subsequently, are sold, as described in item 68A of Technical Pronouncement CPC 27 – Property, Plant and Equipment, are cash flows arising from operating activities. The receipts from rents and subsequent sales of such assets are also cash flows from operating activities.

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Investing activities

16 The separate presentation disclosure of cash flows arising from investing activities is important because such cash flows represent the extent to which expenditures of resources are made by the entity with the purpose of generating profits and cash flows in the future. Only outflows that result in an asset recognized in the financial statements are eligible for classification as investing activities. Examples of cash flows arising from investing activities are:
(a) cash payments for the acquisition of property, plant and equipment, intangibles and other long-term assets. These payments include those related to capitalized development costs and to property, plant and equipment under construction.; (b) cash receipts resulting from the sale of property, plant and equipment, intangibles and other long-term assets.; (c) cash payments for the acquisition of equity instruments or debt instruments of other entities including and equity interests in associates and joint ventures (except those payments relating to instruments considered as cash equivalents or those held for immediate trading or future sale).; (d) cash receipts from the sale of equity instruments or debt instruments of other entities including and equity interests in associates and joint ventures (except those receipts relating to instruments considered as cash equivalents and those held for immediate trading or future sale).; (e) cash advances and loans made to third parties (except those advances and loans made by a financial institution).; (f) cash receipts from the settlement of advances or amortization of loans granted to third parties (except those advances and loans of a financial institution).; (g) cash payments relating to futures contracts, forward contracts, options contracts and swap contracts, except when these contracts are held for trading or marketing purposes or when the payments are classified as financing activities.; and

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

(h) cash receipts from futures, forward, option and swap contracts, except when such contracts are held for immediate trading or future sale, or the receipts are classified as financing activities. (i) cash receipts from interest and dividends as described in items 34A to 34D.

When a contract is accounted for as a hedge of an identifiable position, the cash flows of the contract must be classified in the same way as the cash flows of the position being hedged were classified.

Financing activities

17 The separate presentation disclosure of cash flows arising from financing activities is important because it is useful in predicting future cash flow requirements by capital providers to the entity. Examples of cash flows arising from financing activities are:
(a) cash received from the issuance of shares or other equity instruments; (b) cash payments to investors to acquire or redeem shares of the entity; (c) cash received from the issuance of debentures, loans, promissory notes, other debt instruments, mortgages and other short and long-term loans; (d) amortization of loans and financing; and (e) cash payments by the lessee to reduce the liability relating to lease.; (f) cash payments of dividends as described in item 33A; and (g) cash payments of interest as described in items 34A to 34D.

Presentation of operating activity cash flows

18 The entity must present the cash flows from operating activities, using alternatively:
(a) the direct method, under which the main classes of gross receipts and gross payments are disclosed; or (b) the indirect method, by which the operating profit or loss is adjusted for to:
(i) effects of transactions that do not involve cash,; (ii) by the effects of any deferrals or accruals on past or future operating cash receipts or cash payments,; (iii) revenues or expenses classified in the operational category in the statement of profit or loss for which the associated cash flows are classified as cash flows of investing or financing activities; and (iv) operating cash flows for which the associated revenues or expenses are not classified in the operational category of the statement of profit or loss and by the effects of items of income or expense associated with cash flows from investing or financing activities.

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025

...

20 According to the indirect method, the net cash flow from operating activities is determined by adjusting the operating profit or loss for the effects of:
(a) changes occurring in the period in inventories and in operating accounts receivable and payable; (b) items that do not affect cash, such as depreciation, provisions, and deferred taxes, unrealized exchange gains and losses classified in the operational category and equity method results when applicable; and (c) revenues or expenses classified in the operational category in the statement of profit or loss all other items treated treated as cash flows arising from investing and financing activities; and. (d) operating cash flows, such as taxes on profit (according to item 35), for which the corresponding revenues or expenses are not classified in the operational category in the statement of profit or loss.

Alternatively, the net cash flow from operating activities may be presented by the indirect method, showing the revenues and expenses classified disclosed in the statement of profit or loss, or other comprehensive income and the changes occurring in the period in inventories and in operating accounts receivable and payable and any other operating cash flows for which the corresponding revenues or expenses are not classified in the operational category.

20A The reconciliation between net operating profit or loss and net cash flow from operating activities must be provided, mandatorily, if the entity uses the direct method to determine the net flow of operating activities. The reconciliation must present, separately, by category, the main items to be reconciled, similar to what the entity using the indirect method must do regarding adjustments to net profit or operating loss to determine the net cash flow from operating activities.

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Interest and dividends

31 Cash flows relating to interest, dividends and interest on equity received and paid must be presented separately. Each of them must be classified consistently, from period to period, applying items 32, 33A and 34A to 34Das arising from operating, investing or financing activities.

32 The total amount of interest paid during the period is included disclosed in the statement of cash flows, whether it has been recognized as an expense in the statement of profit or loss, or has been capitalized, according to Technical Pronouncement CPC 20 – Borrowing Costs.

33 [Excluded] Interest paid and received and dividends and interest on equity received are commonly classified as operating cash flows in financial institutions. However, there is no consensus on the classification of these cash flows for other entities.

The interest paid and received and the dividends and equity dividends received may be classified as operating cash flows, because they enter into the determination of net income or loss. Alternatively, the interest paid and the interest, dividends and equity dividends received may be classified, respectively, as financing cash flows and investing cash flows, because they are costs of obtaining financial resources or returns on investments.

33A The entity must classify dividends paid as cash flows from financing activities.

34 [Deleted] Dividends and equity dividends paid may be classified as financing cash flows because they are costs of obtaining financial resources. Alternatively, dividends and equity dividends paid may be classified as a component of operating cash flows, in order to assist users in determining the entity's ability to pay dividends and equity dividends using operating cash flows.

34A This Pronouncement strongly encourages entities to classify interest, received or paid, and dividends and equity dividends received as operating cash flows, and dividends and equity dividends paid as financing cash flows. A different alternative must be followed by a note evidencing this fact. The entity, other than the entities described in item 34B, must classify:
(a) interest paid (as described in item 32) as cash flows from financing activities.
(b) interest and dividends received as cash flows from investing activities.

34B The entity that invests in assets or grants financing to customers as its main business activity (as determined by the application of items B30 to B41 of CPC 51) will determine how to classify dividends received, interest received and interest paid in the statement of cash flows, referring to how – applying CPC 51 – it classifies dividend revenue, interest revenue and interest expenses in the statement of income. The entity will classify the total of each of these cash flows in a single category in the statement of cash flows (i.e., as operating, investing or financing activities).

34C When applying item 34B, if the entity classifies the total of each of the dividend revenues, interest revenues and interest expenses in a single category of the statement of income, the entity will classify the total of each of the dividends received, interest received and interest paid as cash flows arising from the associated activity in the statement of cash flows. For example, if an entity classifies all its interest expenses in the financing category of the statement of income, the entity would classify all its interest paid as cash flows from financing activities.

34D When applying CPC 51, the entity may be required to classify each of the dividend revenues, interest revenues and interest expenses in more than one category of the statement of income. In this case, when applying item 34B, the entity will make an accounting policy choice to classify the corresponding cash flows in one of the associated activities in the statement of cash flows. For example, if an entity classifies interest expenses in the operating category and in the financing category of the statement of income, the entity will classify all its interest paid according to its accounting policy as cash flows from operating activities or cash flows from financing activities.

Income taxes and social contribution on net profit

35 Cash flows relating to taxes on profit must be presented disclosed separately and must be classified as cash flows from operating activities, unless they can be specifically identified as financing and investment activities.

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Components of cash and cash equivalents

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46 Due to the variety of cash management practices and banking products around the world, and with a view to alerting to Technical Pronouncement CPC 23 – Basis of Preparation of Financial Statements CPC 26 – Presentation of Financial Statements, the entity must disclose the policy it adopts in determining the composition of cash and cash equivalents.

47 The effect of any change in policy to determine the components of cash and cash equivalents, such as, for example, the change in the classification of financial instruments previously considered as part of the entity's investment portfolio, must be presented in accordance with Technical Pronouncement CPC 23 – Accounting Policies, Change in Estimate and Correction of Error.

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Effective date and transition

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64 Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, altered items 6, 10, 12, 14, 16, 17, 18, 20, 20A, 31, 32, 35, 46 and 47, added items 33A and from 34B to 34D, and deleted items 33 and 34. The entity will apply these changes when applying CPC 51.

Alters the title of the pronouncement and item 28 and items 1, 3, 5 and 11. Deletes item 2. Includes items 3A, 6A, 6B, 6C, 6D, 6E, 6F, 6G, 6H, 6J, 6K, 6L, 6M, 6N, 27A, 27B, 27C, 27D, 27E, 27F, 27G, 27H, 27I, 31A, 31B, 31C, 31D, 31E, 31F, 31G, 31H, 31I and 54J in CPC 23 - Accounting Policies, Change in Estimate and Correction of Error, which will come into force with the following wordings:

TECHNICAL PRONOUNCEMENT CPC 23
Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error

Objective

1 The objective of this Pronouncement is to define criteria for the selection and change of accounting policies, along with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and error correction. The Pronouncement aims to improve the relevance and reliability of the entity's financial statements, as well as to allow their comparability over time with the financial statements of other entities. improve the relevance and reliability of the entity's financial statements, and the comparability of these financial statements over time and with financial statements of other entities, prescribing the basis of preparation of financial statements that includes:
(a) general matters;
(b) the criteria for selection, change and disclosure of accounting policies; and (c) the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and error correction.

2 [Deleted] The disclosure requirements relating to accounting policies, except those relating to changes in accounting policies, are established in Technical Pronouncement CPC 26 – Presentation of Financial Statements.

Scope

3 This Pronouncement must be applied in determining the basis of preparation of Financial Statements, including selection and in the application of accounting policies, as well as in the accounting of changes in accounting policies, changes in accounting estimates and correction of errors of prior periods.

3A CPC 21 – Interim Statement establishes the requirements for the presentation and disclosure of condensed interim financial statements. Items 6A to 6N of this Pronouncement also apply to these interim financial statements.

...

Definitions

5 The following terms are used in this Pronouncement with the following meanings:

...

Material Information is defined defined in Appendix A of CPC 51 – Presentation and Disclosure in Financial Statements item 7 of CPC 26 and . Material is used in this Pronouncement with the same meaning.

...

Preparation basis – general matters

Appropriate presentation and compliance with CPC Pronouncements, Interpretations and Guidelines

6A Financial statements must appropriately present the financial and equity position, performance and cash flows of the entity. For appropriate presentation, a faithful representation of the effects of transactions, other events and conditions is necessary in accordance with the definitions and recognition criteria for assets, liabilities, revenues and expenses as established in CPC 00 – Conceptual Framework for Financial Reporting. It is presumed that the application of CPC technical pronouncements, interpretations and guidelines, with additional disclosure when necessary, results in financial statements that qualify as an appropriate representation.

6B The entity whose financial statements are in compliance with the Technical Pronouncements, Interpretations and Guidelines of the CPC must explicitly and unreservedly declare this compliance in the explanatory notes. The entity must not claim that its financial statements are in accordance with these Technical Pronouncements, Interpretations and Guidelines unless it complies with all their requirements.

6C In virtually all circumstances, appropriate representation is obtained by compliance with the applicable Technical Pronouncements, Interpretations and Guidelines of the CPC. Appropriate representation also requires the entity to:
(a) choose and apply accounting policies in accordance with this Pronouncement. This Pronouncement establishes a hierarchy in the guidance that management must follow in the absence of a Technical Pronouncement, Interpretation and Guideline that specifically applies to an item. (b) present information, including its accounting policies, in a manner that provides relevant, reliable, comparable and understandable information. (c) provide additional disclosures when compliance with the specific requirements contained in the Technical Pronouncements, Interpretations and Guidelines of the CPC is insufficient to allow users to understand the impact of certain transactions, other events and conditions on the financial and equity position and performance of the entity.

6D The entity cannot rectify inappropriate accounting policies through the disclosure of the accounting policies used or through explanatory notes or any other explanatory disclosure.

6E In extremely rare circumstances, in which management concludes that compliance with a requirement of a technical pronouncement, interpretation or CPC guideline would lead to such a misleading presentation that it would conflict with the objective of the financial statements established in CPC 00, the entity must not apply this requirement and must follow the provisions of item 6F, unless this procedure is strictly prohibited from a legal and regulatory point of view.

6F When the entity does not apply a requirement of a technical pronouncement, interpretation or CPC guideline in accordance with item 6E, it must disclose:
(a) that management concluded that the financial statements appropriately present the financial and equity position, performance and cash flows of the entity; (b) that it applied the technical pronouncements, interpretations and CPC guidelines, except for the non-application of a specific requirement for the purpose of obtaining adequate representation; (c) the title of the technical pronouncement, interpretation or CPC guideline that the entity did not apply, the nature of this exception, including the treatment that the Technical Pronouncement, Interpretation and CPC Guideline would require, the reason why this treatment would be so misleading that it would conflict with the objective of the Financial Statements, established in CPC 00, and the treatment effectively adopted; and (d) for each period presented, the financial impact of not applying the technical pronouncement, interpretation or CPC guideline in force on each item in the financial statements that would have been reported, had the unapplied requirement been complied with.

6G When the entity does not apply a requirement of a Technical Pronouncement, Interpretation or CPC Guideline in a prior period, and this procedure affects the amounts recognized in the financial statements of the current period, it must proceed with the disclosure established in items 6F(c) and 6F(d).

6H Item 6G applies, for example, when the entity fails to adopt in a prior period a certain requirement for the measurement of assets or liabilities, contained in a Technical Pronouncement, Interpretation or CPC Guideline, and this procedure has impacts on the measurement of changes in assets and liabilities recognized in the financial statements of the current period.

6I In extremely rare circumstances, in which management concludes that compliance with a requirement of a technical pronouncement, interpretation or CPC guideline would lead to such a misleading presentation that it would conflict with the objective of the financial statements established in CPC 00, but the current regulatory structure prohibits the non-application of the requirement, the entity must, to the greatest extent possible, reduce the identified inappropriate aspects in strict compliance with the technical pronouncement, interpretation or CPC guideline by disclosing:
(a) the title of the technical pronouncement, interpretation or CPC guideline in question, the nature of the requirement and the reasons that led management to conclude that compliance with this requirement would make the financial statements so misleading that

it would conflict with the objective of the financial statements established in CPC 00; and (b) for each period presented, the adjustments of each item in the financial statements that management concluded were necessary to obtain an appropriate representation.

6J For the purposes of items 6E to 6I, an item of information conflicts with the objective of the financial statements when it does not faithfully represent the transactions, other events and conditions it proposes to represent, or that could reasonably be expected to represent it, and consequently would likely influence the economic decisions made by users of the financial statements. When assessing whether compliance with a specific requirement of a technical pronouncement, interpretation or CPC guideline would result in such distorted disclosure as to conflict with the objective of the financial statements, established in CPC 00, management must consider:
(a) the reason why the objective of the financial statements is not achieved in this particular circumstance; and (b) how the entity's circumstances differ from the circumstances of other entities that comply with the requirement. If other entities in similar circumstances comply with the requirement, there is a rebuttable presumption that compliance with the requirement by the entity would not result in such misleading disclosure and, therefore, would not conflict with the objective of the financial statements, established in CPC 00.

Going Concern

6K When preparing financial statements, management must assess the entity's ability to continue operating in the foreseeable future. Financial statements must be prepared on the going concern assumption, unless management intends to liquidate the entity or cease its business, or still has no realistic alternative but to discontinue its activities. When management is aware, in making its assessment, of relevant uncertainties related to events or conditions that may cast significant doubt on the entity's ability to continue operating in the foreseeable future, these uncertainties must be disclosed. When financial statements are not prepared on the going concern assumption, this fact must be disclosed, along with the bases on which the financial statements were prepared and the reason why the entity's continuity is not assumed.

6L When assessing whether the going concern assumption is appropriate, management must take into account all available information about the future, which is the minimum period (but not limited to this period) of twelve months from the balance sheet date. The degree of consideration depends on the facts of each case. When the entity has a history of profitable operations and ready access to financial resources, the conclusion regarding the adequacy of the going concern assumption can be reached without detailed analysis. In other cases, management may need to analyze a wide range of factors related to current and expected profitability, debt settlement schedules and potential alternative sources of financing so that it can support its conclusion that the going concern assumption in the foreseeable future is adequate for this entity.

Accrual basis

6M The entity must prepare its financial statements, except for cash flow information, using the accrual basis.

6N When the accrual basis is used, items must be recognized as assets, liabilities, equity, revenues and expenses (elements of financial statements) when they satisfy the definitions and recognition criteria for these elements contained in CPC 00.

Accounting Policies

Selection and application of accounting policies

...

11 In exercising the judgments described in item 10, management must consult and consider the applicability of the following sources in descending order:

...

(b) the definitions, recognition criteria and measurement concepts for assets, liabilities, revenues and expenses contained in CPC 00 – Conceptual Framework for Financial Reporting.

...

Disclosure

Disclosure of selection and application of accounting policy

27A The entity must disclose material accounting policy information (see item 7). Accounting policy information is material if, when considered together with other information included in the entity's financial statements, it can reasonably be expected to influence the decisions that the primary users of general purpose financial statements make based on these financial statements.

27B Accounting policy information that relates to immaterial transactions, other events or conditions does not need to be disclosed. Accounting policy information may, however, be material due to the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information related to material transactions, other events or conditions is material in itself.

27C Accounting policy information is likely to be material if users of the entity's financial statements need it to understand other relevant information in the financial statements. For example, the entity is likely to consider the

COMMISSION OF SECURITIES AND EXCHANGE
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025 accounting policy information as material for their financial statements if these information relate to material transactions, other events or conditions and:
(a) the entity changed its accounting policy during the period of the financial statements and this change resulted in a material change in the information in the financial statements; (b) the entity chose the accounting policy from one or more options allowed by the Pronouncements, Interpretations and Guidelines of the CPC – this situation could arise if the entity opted to measure investment property at historical cost instead of fair value; (c) the accounting policy was developed in accordance with this Pronouncement in the absence of Pronouncement, Interpretation or Guideline of the CPC that applies specifically; (d) the accounting policy refers to an area for which the entity must make significant judgments or assumptions when applying an accounting policy, and the entity discloses these judgments or assumptions in accordance with items 27G and 31A; or (e) the accounting recognition required for them is complex and the users of the entity's financial statements would not understand these material transactions, other events or conditions - this situation could arise if the entity applies more than one CPC to a class of material transactions. 27D Accounting policy information that focuses on how the entity applied the requirements of other CPC Technical Pronouncements to its own circumstances provides entity-specific information that is more useful to users of the financial statements than standardized information, or information that only duplicates or summarizes the requirements of the CPC Technical Pronouncements. 27E If the entity discloses immaterial accounting policy information, such information should not obscure material accounting policy information. 27F The entity's conclusion that accounting policy information is immaterial does not affect the disclosure requirements established in other pronouncements, interpretations and CPC guidelines. 27G The entity must disclose, together with its material accounting policy information or in other notes to the financial statements, the judgments made, with the exception of those involving estimates (see item 31A), that management made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognized in the financial statements. 27H In the process of applying the entity's accounting policies, management exercises various judgments, in addition to those involving estimates, that may significantly affect the amounts recognized in the financial statements. For example, management exercises judgment when defining:

COMMISSION OF SECURITIES AND EXCHANGE
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025 (a) when substantially all significant risks and benefits of ownership of financial assets and, for lessors, the assets subject to lease are transferred to other entities; (b) whether, in substance, certain sales of goods arise from financing agreements and, therefore, do not give rise to sales revenue; and (c) whether the contractual terms of a financial asset give rise, at specified dates, to cash flows that consist exclusively of payments of principal and interest on the outstanding principal amount. 27I Some disclosures made in accordance with item 27G are required by other Pronouncements, Interpretations or Guidelines issued by the CPC. For example, the Technical Pronouncement CPC 45 – Disclosure of Interests in Other Entities requires that the entity disclose the judgments that were made in determining whether the entity controls another entity. The Technical Pronouncement CPC 28 – Investment Property requires the disclosure of the criteria used by the entity to distinguish investment property from owner-occupied property and property held for sale in the ordinary course of business, in situations where the classification of properties is difficult. Disclosure of changes in accounting policy 28 When the initial adoption of a Pronouncement, Interpretation or Guideline has effects in the current period or in any prior period, except if it is impracticable to determine the amount to be adjusted, or may have effects in future periods, the entity must disclose:
...
Disclosure of sources of uncertainty in estimation 31A The entity must disclose, in the notes to the financial statements, information about assumptions regarding the future and other main sources of uncertainty in estimates at the end of the reporting period that pose a significant risk of causing a material adjustment in the accounting values of assets and liabilities over the next financial year. With respect to these assets and liabilities, the notes to the financial statements must include explanatory details about:
(a) their nature; and
(b) their carrying amount at the end of the reporting period.
31B Defining the amounts of some assets and liabilities requires estimating the effects of future events uncertain on these assets and liabilities at the end of the reporting period. For example, in the absence of recently observed market prices, forward-looking estimates become necessary to measure the recoverable amount of fixed assets, the effect of technological obsolescence on inventories, provisions subject to the future outcome of ongoing litigation and long-term employee benefit liabilities, such as pension obligations. These estimates involve assumptions about these matters, such as the risk associated with cash flows or discount rates, future changes in wages and future changes in prices that affect other costs.

COMMISSION OF SECURITIES AND EXCHANGE
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025 31C The assumptions and other sources of estimation uncertainty disclosed in accordance with item 31A relate to estimates that require the most difficult, subjective or complex judgments by management. As the number of variables and assumptions that affect the possible future resolution of uncertainties increases, these judgments become more subjective and complex, increasing, consequently, the probability of a material adjustment in the accounting values of assets and liabilities. 31D The disclosures described in item 31A are not required for assets and liabilities that have a significant risk that their carrying amounts may undergo significant change over the next financial year if, at the end of the period of the financial statements, they are measured at fair value based on a quoted price in an active market for an identical asset or liability. In this case, fair values may change materially over the next financial year, but these changes will not be the result of assumptions or other sources of estimation uncertainty at the end of the period of the financial statements. 31E The disclosures described in item 31A must be presented in a way to help users of the financial statements understand the judgments that management made about the future and about other main sources of estimation uncertainty. The nature and extent of the information to be disclosed vary according to the nature of the assumptions and other circumstances. Examples of these types of disclosures are as follows:
(a) the nature of the assumptions or other uncertainties in estimates; (b) the sensitivity of the carrying amounts to the methods, assumptions and estimates underlying their calculation, including the reasons for this sensitivity; (c) the expected resolution of uncertainty and the variety of reasonably possible outcomes over the next financial year with respect to the carrying amounts of the assets and liabilities impacted; and (d) an explanation of changes made to assumptions adopted in the past with respect to these assets and liabilities, if the uncertainty remains unresolved. 31F This Pronouncement does not require the disclosure of projections or budgets when making the disclosures described in item 31A. 31G Sometimes it is impracticable to disclose the extent of the possible effects of an assumption or another main source of estimation uncertainty at the end of the reporting period. In these circumstances, the entity must disclose that it is reasonably possible, based on existing knowledge, that the values of the respective assets or liabilities over the next financial year may have to undergo material adjustments due to the observation of a reality different from those assumptions made. In all cases, the entity must disclose the nature and carrying amount of the specific asset or liability (or class of assets or liabilities) affected by these assumptions.

COMMISSION OF SECURITIES AND EXCHANGE
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025 31H The disclosures described in item 27G regarding specific judgments made by management in the process of applying the entity's accounting policies do not relate to the disclosures of the main sources of estimation uncertainty described in item 31A. 31I The disclosure of some of the assumptions from item 31A is required by other Technical Pronouncements or Technical Guidelines issued by the CPC. For example, the Technical Pronouncement CPC 25 – Provisions, Contingent Liabilities and Contingent Assets requires disclosure, in specific circumstances, of important assumptions regarding future events that affect certain provisions. The Technical Pronouncement CPC 46 – Fair Value Measurement requires the disclosure of significant assumptions (including the valuation techniques and information) that the entity applies in measuring the fair value of assets and liabilities that are measured at fair value. Effective date and transition ... 54J Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended items 1, 3, 5 and 11, added items 3A, 6A–6N, 27A–27I and 31A–31I and related titles and subtitles, added a subtitle above item 28 and excluded item 2. The entity will apply these changes when applying CPC 51.
18. Amends items 13 and 16 and includes item 23D in CPC 24 - Subsequent Event, which will enter into force with the following wording:
Recognition and measurement
...
Dividends
...
13 If dividends are declared after the accounting period to which the financial statements refer, but before the date of authorization for the issuance of these statements, these dividends should not be recognized as a liability at the end of that period, due to not meeting the criteria of a present obligation at the date of the financial statements as defined in Technical Pronouncement CPC 25 – Provisions, Contingent Liabilities and Contingent Liabilities. Such dividends must be disclosed in the notes to the financial statements in conformity with Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements. Going concern ...

COMMISSION OF SECURITIES AND EXCHANGE
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025 16 CPC 23 – Basis of Preparation of Financial Statements Technical Pronouncement CPC 26 – Presentation of Financial Statements specifies the disclosures required if:
(a) the financial statements are not prepared on the going concern assumption; or (b) management is aware of uncertainties related to events or conditions that may cast significant doubt on the entity's ability to continue in operation. The events and conditions requiring disclosure may arise after the accounting period to which the financial statements refer. ... Effective date ... 23D Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended items 13 and 16. The entity will apply these changes when applying CPC 51.
19. Amends the text of the subtitle “objective”, items 62A, 77, 78 and 81 and includes item 98N in CPC
32 - Income Taxes, which will enter into force with the following wording:
Objective
...
This Pronouncement requires the entity to account for the tax effects of transactions and of other events in the same way that it accounts for the transactions and other events themselves. Thus, for transactions and other events recognized in profit or loss, any related tax effects are also recognized in profit or loss. For transactions and other events recognized outside profit or loss (treated as other comprehensive income within equity – see Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements 26 – Presentation of Financial Statements on the demonstration of comprehensive income), any related tax effects must also be recognized outside profit or loss (in other comprehensive income or directly in equity, respectively). Similarly, the recognition of deferred tax assets and liabilities in a business combination affects the value of goodwill derived from the expectation of future profitability (goodwill) arising from that business combination or the value of a bargain purchase gain (bargain) recognized. ... Recognition of deferred and current tax ...

COMMISSION OF SECURITIES AND EXCHANGE
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025 Items recognized outside the statement of profit or loss ... 62A The Pronouncements, Interpretations and Guidelines of the Accounting Pronouncements Committee require or allow specific items to be credited or debited directly to equity. Examples of these items are:
(a) adjustment in the opening balance of retained earnings resulting from both a change in accounting policy that is applied retrospectively or the correction of an error (see the Technical Pronouncement CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Error Correction); and (b) amounts arising from initial recognition of the equity component of a hybrid financial instrument (see item 23). ... Presentation ... Tax Expense Tax expense (income) related to items recognized in profit or loss from ordinary (operating) activities 77 The tax expense (income) related to items recognized in profit or loss from operations in continuity ordinary (operating) activities must be presented in the category of taxes on profit in the statement of profit or loss. ... Exchange differences on assets and liabilities denominated in foreign currency and liabilities arising from income taxes foreign deferred tax asset or liability 78 Technical Pronouncement CPC 02 – Effects of Changes in Exchange Rates and Conversion of Financial Statements requires that certain exchange differences be recognized as income or expense, but does not specify where such differences should be presented in the statement of comprehensive income. Consequently, where If exchange differences on assets and liabilities denominated in foreign currency arising from income taxes foreign deferred tax assets or liabilities are recognized in the statement of comprehensive income in accordance with CPC 02, such differences may also must be classified applying the requirements of item 67 of CPC 51 – Presentation and Disclosure in Financial Statements as deferred tax expense (income), if that presentation is considered to be the most useful for users of the financial statements. Disclosure ... 81 The following must also be disclosed separately:

When it issued Technical Pronouncement Revision No. 28, the CPC changed the title of CPC 23
to Basis of Preparation of Financial Statements.

Amends item 51 and includes item 81O in CPC 27 – Property, Plant and Equipment, which will enter into force with the following wording:
Measurement after recognition
...
Depreciation
...
Depreciable amount and depreciation period
...

When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis of Preparation of Financial Statements.

Amends items 16, 29 and 32 and includes item 49 in CPC 07 (R1) – Government Grants and Assistance, which shall enter into force with the following wording:

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 Government grants ... 16 It is fundamental under the accrual basis that government grants be recognized in profit or loss systematically, over the periods in which the entity recognizes as expenses the respective costs that the grants are intended to compensate. Recognizing government grants in profit or loss based on their receipt does not comply with the accrual basis premise (see CPC 23 – Basis of Preparation of Financial Statements) and would only be acceptable if no other basis existed to allocate a grant to periods other than those in which it was received. It is fundamental, under the accrual basis, that government grant revenue be recognized on a systematic and rational basis, over the period necessary and matched with the corresponding expenses. Thus, recognizing government grant revenue in profit or loss at the time of its receipt is only admitted in cases where there is no basis for allocating the grant over the benefited periods. ... Presentation of the grant related to income in the statement of profit or loss 29 The grant related to income is classified and presented in the statement of profit or loss in accordance with Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements, either separately under a general title such as revenue, or alternatively, as a deduction from the related expense. The grant is sometimes presented as a credit in the statement of profit or loss, either separately under a general title such as “other revenues”, or alternatively, as a deduction from the related expense. The grant, whether by increasing income provided to the undertaking, or by reducing taxes or other expenses, must be recorded in the statement of profit or loss in the group of accounts according to its nature. ... Loss of government grant 32 A government grant that has to be returned must be accounted for as a revision of an accounting estimate (see Technical Pronouncement CPC 23 – Basis of Preparation of Financial Statements). The reimbursement must be applied first against any unamortized deferred credit related to the grant. To the extent that the reimbursement exceeds such deferred credit, or when there is no deferred credit, the reimbursement must be recognized immediately as an expense. The reimbursement of a grant related to an asset must be recorded by increasing the carrying amount of the asset or reducing the balance of deferred revenue by the reimbursable amount. The additional accumulated depreciation that should have been recognized up to the date as an expense in the
absence of the grant must be immediately recognized as an expense. A government grant that has to be returned must be accounted for as a revision of an accounting estimate (see Technical Pronouncement CPC 23 – Accounting Policies, Changes in Accounting Estimates and Errors). The reimbursement must be applied first against any unamortized deferred credit related to the grant. To the extent that the reimbursement exceeds such deferred credit, or when there is no deferred credit, the reimbursement must be recognized immediately as an expense. The reimbursement of a grant related to an asset must be recorded by increasing the carrying amount of the asset or reducing the balance of deferred

When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis of Preparation of Financial Statements.

When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis of Preparation of Financial Statements.

Amends item 10 and includes item 45L in CPC 18 (R3) - Investments in Associates and Joint Ventures, which shall enter into force with the following wording:

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 Equity method 10 Under the equity method, the investment in an associate or joint venture must be initially recognized at cost and its carrying amount will be increased or decreased by recognizing the investor's share of the profits or losses of the period, generated by the investee after acquisition. The investor's share of the investee's profit or loss for the period must be recognized in the investor's profit or loss. Distributions received from the investee reduce the carrying amount of the investment. Adjustments to the carrying amount of the investment are also necessary by recognizing the investor's proportional share of the variations in the balance of the components of other comprehensive income of the investee. Such variations include those arising from the revaluation of fixed assets, and foreign currency translation differences, when applicable. The investor's share in these changes must be recognized in the investor's other comprehensive income (see Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements). ... Transitional provisions ... 45L Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended item 10. The entity shall apply these amendments when applying CPC 51.
27. Amends items 8 and 25 and includes item 42 in CPC 42 - Accounting in Hyperinflationary Economies, which shall enter into force with the following wording:
Monetary updating of financial statements
...
8 The financial statements of the entity whose functional currency is the currency of a hyperinflationary economy, whether based on the historical cost approach or the current cost approach, shall be updated in terms of the current measurement unit at the end of the reporting period. The corresponding values for the previous period required by CPC 51 – Presentation and Disclosure in Financial Statements CPC 26– Presentation of Financial Statements and any information relating to previous periods must also be presented in terms of the current measurement unit at the end of the reporting period. For the purpose of presenting comparative values in a presentation currency different from the functional currency, items 42(b) and 43 of CPC 02 – Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements are applicable. ...

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 incurred on profit, recognized directly in equity, must be included in the total amount of income tax, deferred or current, or accounted for in equity and disclosed in accordance with Technical Pronouncement CPC 32 – Income Taxes.
40. Dividends classified as expense may be presented in the statement of comprehensive income or in the statement of profit or loss separately (if presented) or disclosed in the notes, either together with interest on other liabilities or in a separate line. In addition to the requirements of this Pronouncement, the presentation and disclosure of interest and dividends is subject to the requirements of CPC 51 26 – Presentation of Financial Statements and CPC 40 – Financial Instruments: Disclosure. In some circumstances, due to the difference between interest and dividends, regarding issues such as tax deductibility, the entity may determine that it will present interest expenses separately from dividend expenses in the statement of profit or loss and in the statement of comprehensive income separate disclosure of them in the statement of profit or loss is desirable. The disclosure of tax effects must be made in accordance with Technical Pronouncement CPC 32 – Income Taxes.
41 Gains and losses related to changes in the carrying amount of a financial liability must be recognized as revenue or expense in profit or loss, even when they relate to an instrument that includes a residual right in the entity's assets in exchange for cash or another financial asset (see item 18(b)). In accordance with CPC 51 Technical Pronouncement CPC 26 – Presentation of Financial Statements, the entity must present any gain or loss arising from the remeasurement of such instrument separately in the statement of profit or loss if such presentation is necessary to provide a useful structured summary of the entity's revenues and expenses when it is relevant to explaining the entity's performance. ... Effective date and transition ... 97U Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, amended items 34, 39, 40, 41 and AG29. The entity shall apply these amendments when applying CPC 51. ...
Appendix
Application Guide
CPC 39 – Financial Instruments: Presentation
...

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 Presentation Liability and equity (items 15 to 27) ... Treatment in consolidated financial statements AG29 In consolidated financial statements, the entity must present the non-controlling interests – interests of other parties in the equity and profit or loss of its subsidiaries – in accordance with Technical Pronouncements CPC 51 CPC 26 – Presentation of Financial Statements and CPC 36 – Consolidated Financial Statements. When classifying a financial instrument (or a component thereof) in the consolidated financial statements, the entity must consider all terms and conditions agreed between the group members and the instrument holders to determine whether the group as a whole has an obligation to deliver cash or another financial asset related to the instrument or settle it in a manner that will result in classification as a liability. When a subsidiary issues a financial instrument and the controlling company or another group company contracts additional terms directly with the bond holders (guarantee, for example), the group may not have autonomy over distributions or redemptions. Despite the fact that the subsidiary may appropriately classify the instruments without considering these additional terms in its individual balance sheets, the effect of other agreements between group members and the holders of the financial instruments must be considered to ensure that the consolidated financial statements reflect the contracts and transactions in which the group participates as a whole. To the extent that there is an obligation for settlement or a provision for such, the instrument (or the component subject to the obligation) must be classified as a financial liability instrument in the consolidated financial statements.
29. Amends items 4A, 13, 67A, 68 and 68A. Excludes 73 and 73A and includes items 73B, 73C and 74F in CPC 41 - Earnings per Share, which shall enter into force with the following wording:
Scope
...
4A If the entity presents the items of profit or loss in a separate statement of profit or loss from a statement of comprehensive income, as per item 12(b) of Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements, it must present earnings per share only in the statement of profit or loss. As the company presents, in accordance with items 81 and 82 of Technical Pronouncement CPC 26 – Presentation of Financial Statements, the components of profit or loss in the statement of profit or loss separately, it must present earnings per share only in the statement of profit or loss for the period. ...

Mensuração
Resultado básico por ação
...
Resultado
...
13 All items of income and expense attributable to holders of ordinary shares of the entity company that are recognized in the period, including expenses for taxes and dividends of preferred shares classified as liabilities, must be included in the determination of profit or loss for the period attributable to holders of ordinary shares (see CPC 51 Technical Pronouncement CPC 26 – Presentation of Financial Statements). ... Presentation ... 67A If the entity presents items of income and expense in a separate income statement from a statement of comprehensive income, as described in item 12(b) of CPC 51, it will present basic and diluted earnings per share, as required in items 66 and 67, in the income statement. As the company presents the components of profit or loss in the separate statement (items 81 and 82 of Technical Pronouncement CPC 26 – Presentation of Financial Statements), it must present basic and diluted earnings per share, as required in items 66 and 67 in that separate statement. 68 The entity company that reports discontinued operations must present disclose basic and diluted earnings per share relating to the discontinued operation, either in the own income statement or must disclose this information in the notes. 68A If the entity presents items of income and expense in a separate income statement from a statement of comprehensive income, as described in item 12(b) of CPC 51, it will present basic and diluted earnings per share for the discontinued operation, as required in item 68, in the income statement or disclose this information in the notes As the company presents the components of profit or loss in the separate statement (items 81 and 82 of Technical Pronouncement CPC 26 – Presentation of Financial Statements), it must present basic and diluted earnings per share for the discontinued operation, as required in item 68, in that separate statement or in notes. ... Disclosure ...

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 73 [Deleted]If If the company discloses, in addition to basic and diluted earnings per share, values per share using a component reported in the income statement different from that required by this Pronouncement, such values must be calculated using the weighted average number of ordinary shares determined in accordance with this Pronouncement. The basic and diluted earnings per share relating to this component must be disclosed with equal prominence and presented in the notes. The company must indicate the basis on which the numerator is determined, including whether the per share values are before or after taxes. If a component of the income statement is used and this is not presented as a line item in the income statement, a reconciliation between the component used and the line item that is in the income statement must be provided. 73A [Deleted]Item 73 also applies to companies that disclose, in addition to basic and diluted earnings per share, values per share using a component presented in the income statement (as described in items 81 and 82 of Technical Pronouncement CPC 26 – Presentation of Financial Statements), other than that required by this Pronouncement. 73B In addition to presenting basic earnings per share and diluted earnings per share required by this Pronouncement, the entity is authorized to disclose in the notes additional per share values using a performance measure as a numerator different from that required by items 12 to 18 and 33 to 35. However, this/these numerator(s) will be the value(s) attributable to holders of ordinary shares of the parent:
(a) a total or subtotal in items 69, 86 and 118 of CPC 51; or (b) a performance measure defined by management, as defined in item 117 of CPC 51. 73C If, when applying item 73B, an entity discloses an additional per share value, the entity:
(a) will disclose the additional basic and diluted per share values with equal prominence.
(b) will calculate the additional per share value using the weighted average number of ordinary shares determined in accordance with this Pronouncement. (c) will disclose the additional per share value in the notes. This information cannot be presented in the primary financial statements. (d) will disclose the information required by items 121 to 125 of CPC 51 for numerators that are performance measures defined by management. Effective date ... 74F Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, changed items 4A, 13, 67A, 68, 68A, added items 73B and 73C and deleted items 73 and 73A. The entity must apply these changes when applying CPC 51.
30. Changes items 4, 5, 7, 8, 9, 10, 11A, 12, 20, 24 and 43 and includes items 16A(m) and 61 in CPC 21
(R1) - Interim Financial Statements, which will enter into force with the following wording:

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 Definitions 4 The following terms are used in this Pronouncement with the meanings specified:
…
Interim financial statement means a financial statement containing a complete set of financial statements (as also described in Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements or a set of condensed financial statements (as also described in this Pronouncement) for an interim period. Content of the interim financial statement 5 CPC 51 Technical Pronouncement CPC 26 defines a complete set of financial statements as including the following components:
(a) statement (or statements) of financial performance for the period balance sheet at the end of the period; (b) balance sheet at the end of the period; income statements:
(i) for the period;
(ii) comprehensive for the period;
(c) statement of changes in equity for the period; (d) statement of cash flows for the period; (e) notes to the financial statements for the reporting period, material accounting policy information and other explanatory information; (ea) comparative information relating to the with the previous period, as specified in items 31 and 32 of CPC 5138 and 38A of Technical Pronouncement CPC 26; (f) balance sheet at the beginning of the previous period, if required by item 37 of CPC 51; and (g) statement of added value for the period, as per Technical Pronouncement CPC 09 – Statement of Added Value, if required by law or by some regulatory body or even if presented voluntarily. ... The entity may use titles for the statements different from those used in this Pronouncement. For example, an entity may use the title “statement of financial position” instead of “balance sheet.” 7 This Pronouncement does not prohibit or discourage entities from disclosing or publishing the complete set of financial statements (as described in CPC 51 Technical Pronouncement CPC 26 – Presentation of Financial Statements) in their interim reports, instead of the condensed financial statements and the notes selected. This Pronouncement also does not prohibit or discourage entities from including in the condensed financial statements more than the minimum items or notes selected in accordance with this Pronouncement. The guidance on

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 recognition and measurement of this Pronouncement also apply to the complete financial statements that are presented for interim periods, and such statements must include all disclosures required by this Pronouncement (particularly the selected notes of item 16A), as well as those required by other pronouncements. Minimum components of the interim financial statement 8 The interim financial statement must include, at least, the following components:
(a) condensed statement (or condensed statements) of financial performance condensed balance sheet; (b) condensed balance sheet (b1) condensed statement of income for the fiscal year; (b2) condensed statement of comprehensive income; (c) condensed statement of changes in equity; (d) condensed statement of cash flows; and (e) selected notes. 8A If the entity presents items of income and expense in a separate income statement from a statement of comprehensive income, as described in item 12(b) of CPC 51, it must present the condensed interim information from the income statement. The statement of comprehensive income may be presented as part of the statement of changes in equity. See Technical Pronouncement CPC 26 – Presentation of Financial Statements. Form and content of the interim financial statement 9 If the entity discloses or publishes the complete set of financial statements in its interim report, the form and content of these statements must be in compliance with the requirements of CPC 51 Technical Pronouncement CPC 26 – Presentation of Financial Statements, for the complete set of financial statements. 10 If the entity discloses or publishes the set of condensed financial statements in its interim reports, such condensed statements must include, at minimum, each of the groups or subgroups of accounts and their totals that were presented in the most recent annual financial statements and the selected notes as required by this Pronouncement. When preparing condensed financial statements, the entity must apply this Pronouncement and also the requirements of items 41 to 45 of CPC 51 and items 6A to 6N of CPC 23 – Basis of Preparation of Financial Statements. Additional line items must be included if their omissions would make the interim financial statement misleading. ... 11A If the entity presents items of income and expense in a separate income statement from a statement of comprehensive income, as described in item 12(b) of CPC 51, it will present basic earnings per share and diluted earnings per share in the income statement. 12 CPC 51 Technical Pronouncement CPC 26 – Presentation of Financial Statements provides guidance on the structure of financial statements. The Implementation Guide

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025 of Technical Pronouncement CPC 26 – Presentation of Financial Statements illustrates ways by which the balance sheet, the statement of comprehensive income and the statement of changes in equity must be presented. ... Other disclosures 16A In addition to the disclosure of significant events and transactions, in accordance with items 15 to 15C, the entity must include the following information in the notes to the interim financial statements or in any other place in these statements. The following disclosures must be made both in the interim financial statements or incorporated by cross-reference from the interim financial statements to other statements (such as management commentary or risk report), which are available to users of the financial statements under the same conditions as the interim financial statements and at the same time. If users of the financial statements do not have access to the information incorporated by cross-reference, under the same conditions and at the same time, the interim financial report is incomplete. They must be normally disclosed based on the accumulated value from the beginning of the year to the date (year-to-date basis):
…
(m) the disclosures on performance measures defined by management required by items 121 to 125 of CPC 51.
...
Periods for which interim financial statements must be presented 20 Interim financial statements must include the financial statements (condensed or complete) for the following periods:
…
(b) statement (or statements) of financial performance income statement and statement of comprehensive income for the current interim period and accumulated in the current fiscal year, compared with those of the interim periods of the previous fiscal year (current and accumulated in the year). As allowed in CPC 51 Technical Pronouncement CPC 26 – Presentation of Financial Statements, the interim report may present for each period the statement (or statements) of financial performance the statement of comprehensive income may be presented in a separate tabular statement or included within the changes in equity; ... Materiality ... 24 Technical Pronouncement CPC 51 CPC 26 defines material information and requires separate disclosure of material items, including (for example) discontinued operations, and CPC 23 – Accounting Policies, Change in Estimates and Correction of Errors requires separate disclosures of material items, errors and changes in accounting policies. The two Pronouncements do not contain quantitative guidance regarding materiality.

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025
24. CPC 51 Technical Pronouncement CPC 26 – Presentation of Financial Statements
defines material information and requires separate disclosure of material items, including (for example) discontinued operations, and Technical Pronouncement CPC 23 – Basis of Presentation of Financial Statements Accounting Policies, Change in Estimates and Correction of Errors requires separate disclosures of material items, errors and changes in accounting policies. The two Pronouncements do not contain quantitative guidance regarding to materiality. define as material an item if its omission or misstatement could influence the economic decisions of users of the financial statements. Technical Pronouncement CPC 26 requires separate disclosures of material items, including (for example) discontinued operations, and Technical Pronouncement CPC 23 requires disclosure of changes in accounting estimates, errors and changes in accounting policies. The two Pronouncements do not contain quantitative guidance regarding to materiality. ... Restatement of statements of previous interim periods 43 The change in accounting policy, other than by specification of a new Technical Pronouncement of the CPC, must be reflected:
(a) by restatement of the financial statements of previous interim periods of the current fiscal year and of the comparable financial statements of interim periods of any previous fiscal year that will be restated in the annual financial statements in accordance with Technical Pronouncement CPC 23 – Accounting Policies, Change in Estimates and Correction of Errors; or (b) when it is impracticable to determine the cumulative effects at the beginning of the fiscal year of the application of the new accounting policy to all previous periods, by adjusting the financial statements of previous interim periods of the current fiscal year and of the comparable interim statements of previous fiscal years, by applying the new accounting policy prospectively from the earliest date that is practicable. Effective date ... 61 Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, changed items 4, 5, 7, 8, 8A, 9, 10, 11A, 12, 20, 24 and 43 and added item 16A(m). The entity will apply these changes when applying CPC 51. In interim financial statements in the first year of application of CPC 51, an entity will apply items C4 to C6 of Appendix C of CPC 51.
31. Changes item 102, includes item 130N and changes the references and item 5 of the Interpretation
Technical in CPC 04 (R1) - Intangible Asset, which will enter into force with the following wording:

CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation
of Financial Statements
CPC 16 – Inventories
CPC 27 – Property, Plant and Equipment
CPC 06 – Leases
CPC 01 – Impairment of Assets
CPC 04 – Intangible Assets
CPC 15 – Business Combinations
CPC 47 – Revenue from Contracts with Customers

50 The entity must present the reconciliation of changes in the carrying amount of biological assets between the beginning and the end of the current period. The reconciliation includes:

53 Agricultural activity is often exposed to climate, disease, and other natural risks. If an event occurs and gives rise to a material item of income or expense, the nature and total must be disclosed in accordance with Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26– Presentation of Financial Statements. Examples of such events include virus outbreaks, floods, drought, frost, and insect pests.

... Date of validity and transition ...

66 Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, altered items 50 and 53. The entity will apply these changes when applying CPC 51.

Amends items 6 and 8 and includes references and item 9C in ICPC 12 - Changes in Liabilities for Decommissioning, Restoration and Other Similar Liabilities, which shall enter into force with the following wording:

References

CPC 06 – Leases
CPC 51 – Presentation and Disclosure in Financial Statements
CPC 23 – Basis of Preparation of Financial Statements
CPC 27 – Property, Plant and Equipment
CPC 20 – Borrowing Costs
CPC 01 – Impairment of Assets
CPC 25 – Provisions, Contingent Liabilities and Contingent Assets

... Consensus ...

6 If the respective asset has been measured using the revaluation method (when legally possible):

…
(d) Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements requires that items of other comprehensive income be presented as line items in the statement of comprehensive income disclosure in the statement of comprehensive income of each component of other income or expense. In complying with this requirement, the change in the revaluation reserve resulting from the change in liability shall be identified and presented disclosed separately as such.

... 8 The periodic reversal of the discount shall be recognized in profit or loss as interest expense on liabilities arising from transactions that do not involve only obtaining financing financing cost as it occurs and classified – applying item 61 of Technical Pronouncement CPC 51 – in the financing category of the statement of profit or loss. The capitalization provided for in Technical Pronouncement CPC 20 – Borrowing Costs is not permitted.

Date of validity

... 9C Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, altered items 6 and 8 and added the references. The entity will apply these changes when applying CPC 51.

… 35. Amends the references in ICPC 13 - Rights to Participation Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds, which shall enter into force with the following wording:

References

CPC 48 – Financial Instruments
CPC 36 – Consolidated Financial Statements
CPC 19 – Joint Arrangements
CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
CPC 18 – Investment in Associate, Subsidiary and Joint Venture
CPC 25 – Provisions, Contingent Liabilities and Contingent Assets

Amends the references in ICPC 15 - Liability Arising from Participation in a Specific Market – Waste Electrical and Electronic Equipment, which shall enter into force with the following wording:

References

Technical Pronouncement CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
Technical Pronouncement CPC 25 – Provisions, Contingent Liabilities and Contingent Assets

Amends the references in ICPC 01 (R1) – Concession Contracts, which shall enter into force with the following wording:

References

CPC 00 – Conceptual Framework for Financial Reporting
CPC 37 – First-time Adoption of International Financial Reporting Standards
CPC 40 – Financial Instruments: Disclosures
CPC 48 – Financial Instruments
CPC 47 – Revenue from Contracts with Customers
CPC 06 – Leases
CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
CPC 27 – Property, Plant and Equipment
CPC 07 – Government Grants and Assistance
CPC 20 – Borrowing Costs
CPC 39 – Financial Instruments: Presentation
CPC 01 – Impairment of Assets
CPC 25 – Provisions, Contingent Liabilities and Contingent Assets
CPC 04 – Intangible Assets
ICPC 17 – Concession Contracts: Disclosure

Amends items 10 and the references and includes item 27D in ICPC 20 - Limit of Defined Benefit Asset, Minimum Funding Requirements and its Interaction, which shall enter into force with the following wording:

References

CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements
CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
CPC 33 – Employee Benefits
CPC 25 – Provisions, Contingent Liabilities and Contingent Assets

... Consensus
Availability of a refund or reduction in future contributions ...

10 In accordance with CPC 23 Technical Pronouncement CPC 26 – Presentation of Financial Statements, the entity must disclose information about the main sources of uncertainty in the estimate at the end of the period of the financial statements that have a significant risk of causing a relevant adjustment in the carrying amount of the net asset or liability recognized in the balance sheet. This could include the disclosure of any restrictions on the current ability to realize the surplus or the disclosure of the basis used to determine the value of the available economic benefit.

... Date of validity ...

27D Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, altered item 10. The entity will apply these changes when applying CPC 51.

Amends item 2 and the references and includes item 21 in ICPC 07 - Distribution of Profits In Kind, which shall enter into force with the following wording:

References

Technical Pronouncement CPC 15 – Business Combinations
Technical Pronouncement CPC 31 – Non-Current Assets Held for Sale and Discontinued Operations
Technical Pronouncement CPC 40 – Financial Instruments: Disclosure

Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements
Technical Pronouncement CPC 24 – Events After the Reporting Period
Technical Pronouncement CPC 35 – Separate Financial Statements
Technical Pronouncement CPC 36 – Consolidated Financial Statements
Technical Pronouncement CPC 46 – Measuring Fair Value

... Context ...

The Accounting Pronouncements Committee (CPC) does not provide guidance on how the entity should measure distributions of its profits to those entitled to them (commonly, and here, referred to as dividends). Technical Pronouncement CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements requires the entity to present the details of dividends (understood, for the purposes of this Pronouncement, as representing profit distributions for companies that are not joint-stock companies) recognized as distributions to its shareholders and other beneficiaries in the statement of changes in equity or disclose in the notes to the financial statements.

... Effective date ...

21 Technical Pronouncement Revision No. 28, approved by the CPC on XXXXX of 2025, altered item 2. The entity will apply these changes when applying CPC 51.

Amends items 23(b), 26, 34(b) and 69 in ICPC 09 (R3) – Individual Financial Statements, Separate Financial Statements, Consolidated Financial Statements and Application of the Equity Method, which shall enter into force with the following wording:

23 (b) the goodwill from future profitability expectations (goodwill) of the investment in the subsidiary, represented by the positive difference between (i) the sum of the amount given in exchange for control (amount paid or payable relative to the purchase of the shareholding that conferred control) with the fair value of any pre-existing interest, if any; and (ii) the acquirer's share of the fair value of the assets and liabilities of the acquired entity already net of the deferred tax liability (or increased by the deferred tax asset). Note that this goodwill should only be classified in the intangibles subgroup separately in the consolidated balance sheet, never in the individual balance sheet, where it must remain integrating the accounting balance of the investment, which is presented in the investment subgroup as goodwill from future profitability expectations; after all, the goodwill thus calculated is pertinent to the acquired, paid by the acquirer (in cases where there was a purchase, for example) and for this, individually, represents part of the cost of its investment, even if subject to impairment.

26 In the consolidated balance sheet, the goodwill from the combination must be recorded in the intangible asset subgroup separately because it refers to the future profitability expectations of the acquired subsidiary, whose assets and liabilities are consolidated in those of the parent. In the parent's individual balance sheet, the part of this goodwill attributable to the parent must integrate the accounting balance of the investment and, therefore, remain in the investment subgroup of the non-current asset group, because, for the investor, it is part of its investment in the acquisition of the subsidiary, not being an asset that is part of its financial and equity position (as said above, this part of the future profitability expectation belongs to the subsidiary). The impairment recognition process, on the other hand, must be applied both to the goodwill account in the consolidated balance sheet (see Technical Pronouncement CPC 01 – Impairment of Assets), as well as to the sub-account also of goodwill from future profitability expectations (goodwill) in the individual balance sheet.

34 (b) the difference mentioned in item 23(b), represented by the goodwill, must continue to be classified in the intangible group separately in the consolidated statements, adjusted by the goodwill attributable to non-controlling interests only if this non-controlling interest is measured at fair value.

Example of the fair value adjustment of assets and liabilities in the consolidation at the date of acquisition of control: (...)

Consolidated Balance Sheet of Co. A at the date of acquisition of control of Co. B

Diverse Assets $ 2,700() Liabilities $ 1,000 () Intangible (g Goodwill) $ 254 Deferred tax liability $ 90 Capital $ 1,300 Non-controlling interest $ 564 () Totals $ 2,954 $ 2,954

[...] Consolidated Balance Sheet of Co. A at the date of acquisition of control of Co. B (with non-controlling interest at fair value)

Diverse Assets $ 2,700 Liabilities $ 1,000
Intangible (g Goodwill) $ 360 Deferred tax liability $ 90 Capital $ 1,300 Non-controlling interest $ 670 (*) Totals $ 3,060 $ 3,060

[...] COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 238, DE 23 DE DEZEMBRO DE 2025

In the parent's separate financial statements, if presented, the capital transactions mentioned in item 66 must be considered as changes in its investments, whether measured at fair value or at cost.

[...] Consolidated Balance Sheet 1 of Co. A

Diverse Assets $ 2,250
Goodwill (*) $ 300 Capital $ 1,500
Reserves $ 800
Non-controlling interest $ 250
$ 2,550 $ 2,550

(*) Note that the goodwill (goodwill) is registered separately, in the consolidated balance sheet, in the intangible asset, at account level, and not at sub-account level as in the individual balance sheet. (...)

[...] According to the determination of Technical Pronouncement CPC 36, the accounting for these $ 25 must be as a reduction of consolidated equity. For consistency, and so that the individual balance sheet has the same equity as the consolidated one, there must also be a reduction in the equity of the individual balance sheet of Co. A. In the case in question, this reduction, explained after seeing, ahead, the consolidated balance sheet, will be the one related to the additional goodwill (goodwill) in this acquisition, which will not be treated as an increase in its intangible asset. However, in practice these transactions occur on dates subsequent to the combination date, so that the amount paid for the purchase of a larger part of the subsidiary's capital may contain not only goodwill, but also appreciation (at current prices). Despite this, what can be recorded in the investment account for the additional purchase of shares is only the equity value of the additional share purchased, provided that the parent has measured the non-controlling interest at fair value at the date of the combination, because if the alternative criterion had been used, then in the consolidated statements the existing goodwill must be fully attributable only to the parent.

Amends items 11 and the references and includes item 18 in ICPC 16 - Extinguishment of Financial Liabilities with Equity Instruments, which shall enter into force with the following wording:

References

CPC 00 – Conceptual Framework for Financial Reporting
CPC 10 – Share-based Payment
CPC 15 – Business Combinations

CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements
CPC 48 – Financial Instruments
CPC 39 – Financial Instruments: Presentation
CPC 46 – Measuring Fair Value

... Consensus ...

11 The entity must present disclose the gain or loss recognized in accordance with items 9 and 10 as a separate item in the statement of profit or loss or must disclose in the notes.

Date of transition

... 18 Technical Pronouncement Revision No. 28, approved by the CPC on October 10, 2025, altered item 11. The entity will apply these changes when applying CPC 51.

Amends the references in ICPC 18 – Stripping Costs in the Production Phase of a Surface Mine, which shall enter into force with the following wording:

References

CPC 00 – Conceptual Framework for Financial Reporting
CPC 04 – Intangible Assets
CPC 16 – Inventories
CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements
CPC 27 – Property, Plant and Equipment

Amends the references in ICPC 19 – Taxes, which shall enter into force with the following wording:

References

CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation of Financial Statements
CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
CPC 32 – Income Taxes
CPC 07 – Government Grants and Assistance
CPC 05 – Related Party Disclosures
CPC 21 – Interim Financial Reporting
CPC 25 – Provisions, Contingent Liabilities and Contingent Assets
ICPC 15 - Liability Arising from Participation in a Specific Market – Waste Electrical and Electronic Equipment

A footnote is added to “CPC 23 – Accounting Policies, Change in Estimate and Correction of Error” in item A2. The new text is underlined.

When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis of Preparation of Financial Statements.

Amends the references in ICPC 21 - Foreign Currency Transaction and Advance, which shall enter into force with the following wording:

References

CPC 00 – Conceptual Framework for Financial Reporting
CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
CPC 02 – Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements

A footnote is added to “CPC 23 – Accounting Policies, Change in Estimate and Correction of Error” in item A2. The new text is underlined.

When issuing Technical Pronouncement Revision No. 28 on October 10, 2025, the CPC changed the title of CPC 23 to Basis of Preparation of Financial Statements.

Amends items 14 and A4 and the references and includes item B1A in ICPC 22 - Uncertainty over Income Tax Treatments, which shall enter into force with the following wording:

References

CPC 26 – Presentation of Financial Statements
CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error
CPC 24 – Events After the Reporting Period
CPC 32 – Income Taxes

... Consensus ...

Changes in facts and circumstances

... 14 The entity must reflect the effect of a change in facts and circumstances or new information as a change in accounting estimate, applying CPC 23 – Basis of Preparation of Financial Statements Accounting Policies, Change in Estimate and Correction of Error. The entity must apply CPC 24 – Events After the Reporting Period to determine if the change occurring after the end of the accounting period is an event that requires adjustments or not.

... Appendix A – Application Guidance
Disclosure

A4 When there is uncertainty over income tax treatments, the entity must determine whether it should disclose:
(a) judgments made in determining taxable profit (tax loss), tax base, unused tax losses, unused tax credits and tax rates, applying item 27G of CPC 23 122 of CPC 26; and (b) information about the assumptions and information made in determining taxable profit (tax loss), tax base, unused tax losses, unused tax credits and tax rates, applying the items from 31A to 31E of CPC 23125 to 129 of CPC 26.

... Appendix B
Date of validity and transition

CVM RESOLUTION NO. 238, OF DECEMBER 23, 2025
Effective Date
...
B1A The Review of Technical Pronouncements No. 28, approved by the CPC on October 10, 2025, modified items 14 and A4. The entity shall apply these amendments when applying CPC 51.
46. Amends the references in ICPC 17 - Concession Contracts: Disclosure, which shall now
be effective with the following wording:

References

CPC 51 – Presentation and Disclosure in Financial Statements CPC 26 – Presentation
of Financial Statements
CPC 27 – Property, Plant and Equipment
CPC 06 – Leases
CPC 25 – Provisions, Contingent Liabilities and Contingent Assets
CPC 04 – Intangible Assets
ICPC 01 – Concession Contracts

Lineage: No known changes