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  "documentTitle": "2025 05 28 Goldman Sachs Brazil Commodities Days",
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  "notes": "The slide quantifies the tax benefit derived from PPA adjustments and goodwill amortization.",
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      "text": "~ R$0.6 bn of tax benefit/year",
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      "text": "1On top of the operational synergies. 2Based on PPA as disclosed on 2019 Financial Statements – Note 1.2 (1.2). 3Estimate considering 10 years fiscal amortization period.",
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      "text": "Adjusted Balance Sheet to fair value (EBT reduction) R$18.0 bn ~R$1.2 bn annually; Goodwill (tax base reduction) R$7.9 bn ~R$0.8 bn annually; Total R$25.9 bn R$2.0 bn annually ~ R$0.6 bn of tax benefit/year",
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      "text": "Tax synergy Deal with Fibria",
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