BVMF:ARML3 Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2018 - 2019
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2018 - 2019
Net Income	73.13	170.2	163.28	148.59	58.06	17.53	Upgrade
Depreciation & Amortization	231.24	191.39	177.88	129.39	52.38	16.13	Upgrade
Loss (Gain) From Sale of Assets	4.71	12.09	7.78	7.78	2.24	-	Upgrade
Loss (Gain) From Sale of Investments	-88.13	-79.53	-32.07	-	-	-	Upgrade
Stock-Based Compensation	-5.29	2.19	4.84	4.84	-	-	Upgrade
Provision & Write-off of Bad Debts	14.94	10.53	10.87	5.27	0.67	0.28	Upgrade
Other Operating Activities	31.23	-30.69	-21.07	-949.97	-591.4	-90.17	Upgrade
Change in Accounts Receivable	68.48	-228.07	-98.97	-72.27	-106.9	-15.69	Upgrade
Change in Inventory	-18.79	-18.74	-21.71	-9.51	-10.04	-1.99	Upgrade
Change in Accounts Payable	84.01	-4.29	-80.59	67.19	30.06	6.05	Upgrade
Change in Income Taxes	-18.5	10.01	38.5	-34.85	-19.16	-7.93	Upgrade
Change in Other Net Operating Assets	33.91	3.04	-22.57	9.94	-8.5	0.79	Upgrade
Operating Cash Flow	410.95	38.14	126.16	-693.61	-592.59	-74.98	Upgrade
Operating Cash Flow Growth	549.99%	-69.77%	-	-	-	-	Upgrade
Cash Acquisitions	-8.87	-	-1.87	-84.47	-135.34	-	Upgrade
Sale (Purchase) of Intangibles	-0.87	-0.87	-8.95	-4.91	-1.14	-0.41	Upgrade
Investment in Securities	680.17	90.52	-443.12	1,666	-	-	Upgrade
Other Investing Activities	10.28	10.28	-	-1.41	20.02	-	Upgrade
Investing Cash Flow	680.71	99.94	-453.93	1,575	-116.46	-0.41	Upgrade
Long-Term Debt Issued	-	1,661	-	778.55	1,641	136.6	Upgrade
Long-Term Debt Repaid	-	-1,394	-43.01	-617.72	-291.27	-32.65	Upgrade
Net Debt Issued (Repaid)	-422.59	266.71	-43.01	160.83	1,350	103.95	Upgrade
Issuance of Common Stock	-	-	3.3	-	991.64	70.81	Upgrade
Repurchase of Common Stock	-	-	-	-8.12	-	-	Upgrade
Common Dividends Paid	-95.05	-106.8	-100	-99.48	-49.19	-21.39	Upgrade
Other Financing Activities	-453.08	-341.47	-216.47	-	-	-	Upgrade
Financing Cash Flow	-970.73	-181.56	-356.19	53.23	2,292	153.37	Upgrade
Net Cash Flow	120.92	-43.49	-683.95	934.92	1,583	77.97	Upgrade
Cash Interest Paid	274.05	336.89	306.5	238.5	51.16	13.05	Upgrade
Cash Income Tax Paid	10.84	8.24	-	6.08	3.5	-	Upgrade
Levered Free Cash Flow	-68.83	85.05	281.58	229.31	26.62	18.5	Upgrade
Unlevered Free Cash Flow	202.78	337.61	498.76	396.83	66.21	28.62	Upgrade
Change in Working Capital	149.12	-238.04	-185.34	-39.5	-114.53	-18.75	Upgrade

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.