Banco BTG Pactual 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	15,947	11,789	9,925	7,842	6,342
Depreciation & Amortization	1,142	1,128	990.46	833.67	113.47
Gain (Loss) on Sale of Investments	581.33	-	-	-	-
Provision for Credit Losses	5,582	2,844	2,410	4,367	826.27
Change in Other Net Operating Assets	-74,417	-32,481	-50,166	1,450	-76,452
Other Operating Activities	357.69	4,428	1,695	1,963	2,464
Operating Cash Flow	-50,946	-13,682	-36,188	15,707	-68,239
Capital Expenditures	-263.39	-245.45	-138.17	-277.18	-231.07
Cash Acquisitions	-	-	-51.64	-1,526	-3,694
Investment in Securities	-366.7	-420.76	199.69	905.46	3,515
Income (Loss) Equity Investments	-1,207	-1,390	-1,042	-748.44	-1,640
Purchase / Sale of Intangibles	-1,601	-402.07	-396	-1,296	-4,204
Other Investing Activities	664.23	405.44	821.14	1,677	852.78
Investing Cash Flow	-1,567	-662.84	435.01	-517.53	-3,761
Long-Term Debt Issued	15,755	31,824	17,486	10,647	15,748
Long-Term Debt Repaid	-57.56	-2,401	-	-	-
Net Debt Issued (Repaid)	15,697	29,424	17,486	10,647	15,748
Issuance of Common Stock	-	-	-	-	5,797
Repurchase of Common Stock	-109.77	-101.53	-301.18	-231.25	-
Common Dividends Paid	-4,020	-2,995	-2,845	-2,025	-1,746
Net Increase (Decrease) in Deposit Accounts	26,277	16,617	17,523	6,195	52,590
Other Financing Activities	286.29	1,422	313.76	-707.98	2,640
Financing Cash Flow	38,131	44,366	32,177	13,877	75,029
Foreign Exchange Rate Adjustments	889.28	-373.9	-101.84	55.68	-
Net Cash Flow	-13,493	29,647	-3,678	29,122	3,028
Free Cash Flow	-51,210	-13,928	-36,326	15,429	-68,470
Free Cash Flow Margin	-122.55%	-40.10%	-116.72%	57.92%	-406.06%
Free Cash Flow Per Share	-10.80	-2.94	-7.66	3.24	-14.39

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