Alupar Investimento 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	1,216	1,086	694.06	918.47	1,115
Depreciation & Amortization	185.79	178.16	153.91	149.58	139.56
Loss (Gain) on Equity Investments	-301.19	-149	-41.17	-5.97	-5.26
Asset Writedown	18.93	-2.71	12.42	7.77	3.08
Change in Accounts Receivable	2,960	2,690	2,642	2,575	-2,983
Change in Inventory	-0.71	0.51	-1.08	-0.96	-0.39
Change in Accounts Payable	-4.64	3.75	-47.5	40.73	-196.54
Change in Income Taxes	-48.2	-32.6	-28.8	13.44	24.17
Change in Unearned Revenue	129.05	189.37	154.19	116.33	-
Change in Other Net Operating Assets	-168.69	23.94	-14.77	-35.95	-14.45
Other Operating Activities	-1,968	-1,712	-1,147	-1,464	2,973
Operating Cash Flow	2,018	2,275	2,377	2,314	1,055
Operating Cash Flow Growth	-11.30%	-4.27%	2.72%	119.27%	-
Capital Expenditures	-91	-95.66	-360.41	-838.59	-214.78
Cash Acquisitions	-79.21	-	-2.72	-288.81	-
Sale (Purchase) of Intangibles	-10.81	-35.85	-17.6	-17.26	-17.1
Investment in Securities	390.72	-477.68	183.36	-99.91	-217
Other Investing Activities	-19.37	33.52	-	-	-
Investing Cash Flow	190.33	-575.66	-197.37	-1,245	-448.88
Long-Term Debt Issued	2,818	3,368	706.86	2,627	1,472
Long-Term Debt Repaid	-3,092	-3,037	-762.36	-1,362	-907.04
Net Debt Issued (Repaid)	-273.75	330.99	-55.5	1,265	564.85
Issuance of Common Stock	-	1.82	10.66	-	36.53
Common Dividends Paid	-875.62	-951.95	-1,113	-1,064	-879.17
Other Financing Activities	-1,183	-1,123	-1,061	-788.46	-623.54
Financing Cash Flow	-2,332	-1,742	-2,219	-587.07	-901.33
Foreign Exchange Rate Adjustments	2.65	26.66	12.23	-8.7	-2.46
Net Cash Flow	-121.35	-15.98	-27.27	473.36	-297.49
Free Cash Flow	1,927	2,180	2,016	1,475	840.4
Free Cash Flow Growth	-11.59%	8.10%	36.69%	75.52%	-
Free Cash Flow Margin	43.82%	54.46%	60.89%	38.48%	16.06%
Free Cash Flow Per Share	5.91	6.69	6.19	4.47	2.55
Cash Interest Paid	1,183	1,123	1,061	815.11	624.57
Cash Income Tax Paid	142.87	130.26	129.38	114.05	91.89
Levered Free Cash Flow	1,139	489.89	343.5	39.54	792.11
Unlevered Free Cash Flow	1,967	1,254	1,072	777.56	1,345
Change in Working Capital	2,867	2,875	2,704	2,708	-3,171

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