BVMF:AFLT3 Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	23.83	34.03	28.71	37.49	99.81
Depreciation & Amortization	0.15	0.19	0.2	0.17	0.08
Asset Writedown	-	-	0.01	0.03	-
Change in Accounts Receivable	-4.12	2.23	-2.85	0.02	-2.27
Change in Accounts Payable	-3.24	1.19	-0.98	-1	3.71
Change in Income Taxes	2.78	0	-0.39	-1.57	-0.34
Change in Other Net Operating Assets	20.85	-25.26	-5.5	-16.67	-76.29
Other Operating Activities	6.84	-0.97	0.4	2.22	2.84
Operating Cash Flow	47.09	11.42	19.6	20.7	27.53
Operating Cash Flow Growth	312.45%	-41.75%	-5.32%	-24.79%	3.69%
Capital Expenditures	-0.11	-1.43	-0.38	-1.91	-1.25
Investing Cash Flow	-0.11	-1.43	-0.38	-1.91	-1.25
Long-Term Debt Issued	-	30	-	-	-
Long-Term Debt Repaid	-	-0.13	-0.2	-0.2	-0.2
Net Debt Issued (Repaid)	-	29.87	-0.2	-0.2	-0.2
Common Dividends Paid	-26.05	-35.47	-37.42	-14.88	-39.67
Financing Cash Flow	-26.05	-5.6	-37.62	-15.08	-39.87
Net Cash Flow	20.93	4.39	-18.4	3.71	-13.59
Free Cash Flow	46.98	9.98	19.23	18.79	26.28
Free Cash Flow Growth	370.59%	-48.07%	2.31%	-28.49%	3.26%
Free Cash Flow Margin	95.57%	11.61%	28.57%	26.08%	21.84%
Free Cash Flow Per Share	0.74	0.16	0.30	0.30	0.42
Cash Interest Paid	1.33	0	0.02	0.03	0.04
Cash Income Tax Paid	0.75	12.31	2.44	1.52	1.52
Levered Free Cash Flow	3.53	16.33	9.99	28.29	47.42
Unlevered Free Cash Flow	4.53	16.4	10	28.31	47.44
Change in Working Capital	16.27	-21.84	-9.72	-19.21	-75.19

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.