Azevedo & Travassos 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	-603.82	-618.31	-266.49	-50.81	-79.97	190.14
Depreciation & Amortization	215.86	215.79	39.69	36.96	38.89	0.68
Asset Writedown & Restructuring Costs	48.73	43.67	61.38	-24.18	-29.7	-0.63
Loss (Gain) on Equity Investments	11.99	11.99	-	-	0.04	5.22
Other Operating Activities	206.71	219.84	-59.57	-54.1	-65.9	7.42
Change in Accounts Receivable	-63.56	-33.7	12.65	10.22	-55.71	-20.36
Change in Inventory	2.05	-49.39	4.45	19.64	1.99	8.46
Change in Accounts Payable	37.83	37.67	14.82	33.9	12.21	-166.83
Change in Income Taxes	-49.04	-32.4	48.08	24.93	35.29	-4.71
Change in Other Net Operating Assets	233.57	195.85	42.63	-86.06	50.34	-27.11
Operating Cash Flow	40.32	-9	-102.37	-89.5	-92.54	-7.72
Capital Expenditures	59.8	-678.82	-13.21	-186.45	-	-120.83
Investing Cash Flow	-100.69	-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)	88.94	119.11	30.88	-4.56	14.87	-17.02
Issuance of Common Stock	155.38	751.01	85.75	270.93	70	153.27
Other Financing Activities	-155.37	-155.37	-	-	-	-
Financing Cash Flow	88.95	714.74	116.63	266.37	84.87	136.25
Net Cash Flow	28.57	26.92	1.06	-9.58	-7.67	7.7
Free Cash Flow	100.11	-687.82	-115.57	-275.95	-92.54	-128.55
Free Cash Flow Margin	22.45%	-196.84%	-76.12%	-64.20%	-24.07%	-167.25%
Free Cash Flow Per Share	0.17	-1.16	-0.58	-1.63	-1.20	-2.36
Levered Free Cash Flow	172.03	-604.85	-127.21	-107.18	-28.15	-228.55
Unlevered Free Cash Flow	259.87	-516.73	-75.11	-81.88	-11.72	-226.16
Change in Working Capital	160.85	118.02	122.63	2.62	44.11	-210.55