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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	67.86	67.08	170.2	163.28	148.59	58.06
Depreciation & Amortization	274.06	237.35	200.33	177.88	129.39	52.38
Other Amortization	3.1	3.1	3.15	-	-	-
Loss (Gain) From Sale of Assets	22.91	-15.55	-22.71	7.78	7.78	2.24
Loss (Gain) From Sale of Investments	-60.69	-60.69	-79.53	-32.07	-	-
Stock-Based Compensation	4.4	-2.54	2.19	4.84	4.84	-
Provision & Write-off of Bad Debts	5.53	13.68	10.53	10.87	5.27	0.67
Other Operating Activities	-421.36	-220.41	-7.99	-21.07	-949.97	-591.4
Change in Accounts Receivable	72.59	145.63	-228.07	-98.97	-72.27	-106.9
Change in Inventory	-6.91	-6.22	-18.74	-21.71	-9.51	-10.04
Change in Accounts Payable	348.84	306.88	-4.29	-80.59	67.19	30.06
Change in Income Taxes	-32.49	-21.13	8.11	38.5	-34.85	-19.16
Change in Other Net Operating Assets	-23.24	3.48	3.04	-22.57	9.94	-8.5
Operating Cash Flow	254.61	450.65	36.24	126.16	-693.61	-592.59
Operating Cash Flow Growth	18.85%	1143.64%	-71.28%	-	-	-
Cash Acquisitions	-55.64	0.59	10.28	-1.87	-84.47	-135.34
Sale (Purchase) of Intangibles	-0.35	-0.01	-0.87	-8.95	-4.91	-1.14
Investment in Securities	-679.08	-534.77	90.52	-443.12	1,666	-
Other Investing Activities	-1.29	-	-	-	-1.41	20.02
Investing Cash Flow	-736.36	-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)	520.71	471.61	266.71	-43.01	160.83	1,350
Issuance of Common Stock	-	-	-	3.3	-	991.64
Repurchase of Common Stock	-1.78	-1.78	-	-	-8.12	-
Common Dividends Paid	-24.33	-29.06	-106.8	-100	-99.48	-49.19
Other Financing Activities	-321.53	-328.49	-339.57	-216.47	-	-
Financing Cash Flow	173.08	112.27	-179.66	-356.19	53.23	2,292
Net Cash Flow	-308.67	28.73	-43.49	-683.95	934.92	1,583
Cash Interest Paid	425.36	381.74	336.89	306.5	238.5	51.16
Cash Income Tax Paid	4.68	2.6	8.24	-	6.08	3.5
Levered Free Cash Flow	137.93	183.44	94.84	281.58	229.31	26.62
Unlevered Free Cash Flow	433.28	453.35	347.4	498.76	396.83	66.21
Change in Working Capital	358.8	428.64	-239.95	-185.34	-39.5	-114.53

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