Azevedo & Travassos 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	-618.31	-266.49	-50.81	-79.97	190.14
Depreciation & Amortization	215.79	39.69	36.96	38.89	0.68
Asset Writedown & Restructuring Costs	43.67	61.38	-24.18	-29.7	-0.63
Loss (Gain) on Equity Investments	11.99	-	-	0.04	5.22
Other Operating Activities	219.84	-59.57	-54.1	-65.9	7.42
Change in Accounts Receivable	-33.7	12.65	10.22	-55.71	-20.36
Change in Inventory	-49.39	4.45	19.64	1.99	8.46
Change in Accounts Payable	37.67	14.82	33.9	12.21	-166.83
Change in Income Taxes	-32.4	48.08	24.93	35.29	-4.71
Change in Other Net Operating Assets	195.85	42.63	-86.06	50.34	-27.11
Operating Cash Flow	-9	-102.37	-89.5	-92.54	-7.72
Capital Expenditures	-678.82	-13.21	-186.45	-	-120.83
Investing Cash Flow	-678.82	-13.21	-186.45	-	-120.83
Long-Term Debt Issued	119.11	30.88	-	14.87	-
Long-Term Debt Repaid	-	-	-4.56	-	-17.02
Net Debt Issued (Repaid)	119.11	30.88	-4.56	14.87	-17.02
Issuance of Common Stock	751.01	85.75	270.93	70	153.27
Other Financing Activities	-155.37	-	-	-	-
Financing Cash Flow	714.74	116.63	266.37	84.87	136.25
Net Cash Flow	26.92	1.06	-9.58	-7.67	7.7
Free Cash Flow	-687.82	-115.57	-275.95	-92.54	-128.55
Free Cash Flow Margin	-196.84%	-76.12%	-64.20%	-24.07%	-167.25%
Free Cash Flow Per Share	-1.16	-0.58	-1.63	-1.20	-2.36
Levered Free Cash Flow	-604.85	-127.21	-107.18	-28.15	-228.55
Unlevered Free Cash Flow	-516.73	-75.11	-81.88	-11.72	-226.16
Change in Working Capital	118.02	122.63	2.62	44.11	-210.55

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