Minerva 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	810.49	-1,559	421.05	652.53	598.88
Depreciation & Amortization	974.42	641.77	512.43	414.53	346.79
Other Amortization	-	26.91	-	-	-
Loss (Gain) From Sale of Assets	-	5.65	15.56	71.24	4.96
Asset Writedown & Restructuring Costs	-	33.44	-	-	-
Stock-Based Compensation	46.65	36.57	31.37	18.29	-
Provision & Write-off of Bad Debts	43.17	27.12	11.12	3.44	7.04
Other Operating Activities	1,967	6,410	1,586	1,096	1,622
Change in Accounts Receivable	-2,651	-1,947	120.19	208.48	-644.62
Change in Inventory	-398.78	-2,047	-212.11	512.85	-1,194
Change in Accounts Payable	3,751	2,420	99.06	-283.78	1,380
Change in Income Taxes	-439.03	-509.52	225.85	45.87	292.08
Change in Other Net Operating Assets	632.57	3,017	-113.14	395.01	181.59
Operating Cash Flow	4,736	6,556	2,697	3,135	2,595
Operating Cash Flow Growth	-27.76%	143.06%	-13.95%	20.81%	-19.52%
Capital Expenditures	-1,120	-717.06	-693.32	-763.59	-467.9
Cash Acquisitions	-	-	-	-802.62	-
Sale (Purchase) of Intangibles	-19.07	-25.7	-21.58	-49.67	-36.28
Investment in Securities	-63.2	-5,723	-1,769	-42.26	-64.34
Other Investing Activities	-33.44	-	-	-	-
Investing Cash Flow	-1,236	-6,466	-2,484	-1,658	-568.52
Long-Term Debt Issued	5,766	10,893	9,533	5,746	7,032
Long-Term Debt Repaid	-10,206	-10,169	-3,819	-6,937	-8,713
Net Debt Issued (Repaid)	-4,440	723.81	5,714	-1,192	-1,682
Issuance of Common Stock	2,032	-	6.14	12.46	312.15
Common Dividends Paid	-162.12	-	-114	-328.08	-383.44
Other Financing Activities	-4.23	75.89	-70.5	55.36	-19.24
Financing Cash Flow	-2,574	799.69	5,354	-1,452	-1,972
Foreign Exchange Rate Adjustments	-355.25	892.11	39.48	-255.17	856.82
Net Cash Flow	570.47	1,782	5,607	-230.55	910.58
Free Cash Flow	3,616	5,839	2,004	2,371	2,127
Free Cash Flow Growth	-38.08%	191.36%	-15.47%	11.49%	-26.58%
Free Cash Flow Margin	6.59%	17.14%	7.45%	7.65%	7.89%
Free Cash Flow Per Share	3.67	9.93	3.42	4.06	3.64
Levered Free Cash Flow	1,283	577.68	457.97	1,268	467.64
Unlevered Free Cash Flow	3,276	2,476	1,477	2,031	1,101
Change in Working Capital	894.64	934.19	119.85	878.43	14.98

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.