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	Sep '25 Sep 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	54.19	170.2	163.28	148.59	58.06	17.53	Upgrade
Depreciation & Amortization	242.9	191.39	177.88	129.39	52.38	16.13	Upgrade
Loss (Gain) From Sale of Assets	12.09	12.09	7.78	7.78	2.24	-	Upgrade
Loss (Gain) From Sale of Investments	-79.53	-79.53	-32.07	-	-	-	Upgrade
Stock-Based Compensation	-6.37	2.19	4.84	4.84	-	-	Upgrade
Provision & Write-off of Bad Debts	14.57	10.53	10.87	5.27	0.67	0.28	Upgrade
Other Operating Activities	-1.8	-30.69	-21.07	-949.97	-591.4	-90.17	Upgrade
Change in Accounts Receivable	93.21	-228.07	-98.97	-72.27	-106.9	-15.69	Upgrade
Change in Inventory	-10.17	-18.74	-21.71	-9.51	-10.04	-1.99	Upgrade
Change in Accounts Payable	46.02	-4.29	-80.59	67.19	30.06	6.05	Upgrade
Change in Income Taxes	-25.2	10.01	38.5	-34.85	-19.16	-7.93	Upgrade
Change in Other Net Operating Assets	-19.9	3.04	-22.57	9.94	-8.5	0.79	Upgrade
Operating Cash Flow	323.85	38.14	126.16	-693.61	-592.59	-74.98	Upgrade
Operating Cash Flow Growth	565.69%	-69.77%	-	-	-	-	Upgrade
Cash Acquisitions	-18.34	-	-1.87	-84.47	-135.34	-	Upgrade
Sale (Purchase) of Intangibles	-0.01	-0.87	-8.95	-4.91	-1.14	-0.41	Upgrade
Investment in Securities	656.34	90.52	-443.12	1,666	-	-	Upgrade
Other Investing Activities	0	10.28	-	-1.41	20.02	-	Upgrade
Investing Cash Flow	638	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)	-421.26	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	-1	-	-	-8.12	-	-	Upgrade
Common Dividends Paid	-30.01	-106.8	-100	-99.48	-49.19	-21.39	Upgrade
Other Financing Activities	-382.77	-341.47	-216.47	-	-	-	Upgrade
Financing Cash Flow	-835.04	-181.56	-356.19	53.23	2,292	153.37	Upgrade
Net Cash Flow	126.8	-43.49	-683.95	934.92	1,583	77.97	Upgrade
Cash Interest Paid	428.77	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	232.85	85.05	281.58	229.31	26.62	18.5	Upgrade
Unlevered Free Cash Flow	495.05	337.61	498.76	396.83	66.21	28.62	Upgrade
Change in Working Capital	83.96	-238.04	-185.34	-39.5	-114.53	-18.75	Upgrade

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