BVMF:ARML3 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	67.08	170.2	163.28	148.59	58.06
Depreciation & Amortization	237.35	200.33	177.88	129.39	52.38
Other Amortization	3.1	3.15	-	-	-
Loss (Gain) From Sale of Assets	-15.55	-22.71	7.78	7.78	2.24
Loss (Gain) From Sale of Investments	-60.69	-79.53	-32.07	-	-
Stock-Based Compensation	-2.54	2.19	4.84	4.84	-
Provision & Write-off of Bad Debts	13.68	10.53	10.87	5.27	0.67
Other Operating Activities	-220.41	-7.99	-21.07	-949.97	-591.4
Change in Accounts Receivable	145.63	-228.07	-98.97	-72.27	-106.9
Change in Inventory	-6.22	-18.74	-21.71	-9.51	-10.04
Change in Accounts Payable	306.88	-4.29	-80.59	67.19	30.06
Change in Income Taxes	-21.13	8.11	38.5	-34.85	-19.16
Change in Other Net Operating Assets	3.48	3.04	-22.57	9.94	-8.5
Operating Cash Flow	450.65	36.24	126.16	-693.61	-592.59
Operating Cash Flow Growth	1143.64%	-71.28%	-	-	-
Cash Acquisitions	0.59	10.28	-1.87	-84.47	-135.34
Sale (Purchase) of Intangibles	-0.01	-0.87	-8.95	-4.91	-1.14
Investment in Securities	-534.77	90.52	-443.12	1,666	-
Other Investing Activities	-	-	-	-1.41	20.02
Investing Cash Flow	-534.19	99.94	-453.93	1,575	-116.46
Long-Term Debt Issued	496.62	1,661	-	778.55	1,641
Long-Term Debt Repaid	-25.01	-1,394	-43.01	-617.72	-291.27
Net Debt Issued (Repaid)	471.61	266.71	-43.01	160.83	1,350
Issuance of Common Stock	-	-	3.3	-	991.64
Repurchase of Common Stock	-1.78	-	-	-8.12	-
Common Dividends Paid	-29.06	-106.8	-100	-99.48	-49.19
Other Financing Activities	-328.49	-339.57	-216.47	-	-
Financing Cash Flow	112.27	-179.66	-356.19	53.23	2,292
Net Cash Flow	28.73	-43.49	-683.95	934.92	1,583
Cash Interest Paid	381.74	336.89	306.5	238.5	51.16
Cash Income Tax Paid	2.6	8.24	-	6.08	3.5
Levered Free Cash Flow	183.44	94.84	281.58	229.31	26.62
Unlevered Free Cash Flow	453.35	347.4	498.76	396.83	66.21
Change in Working Capital	428.64	-239.95	-185.34	-39.5	-114.53

Source: S&P Global Market Intelligence. Standard template. Financial Sources.