BVMF:CEEB3 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	1,954	1,808	1,839	1,567	1,669
Depreciation & Amortization	1,060	966	872	772	674
Loss (Gain) on Sale of Investments	-869	-754	-665	-610	-748
Asset Writedown	71	52	75	84	42
Change in Accounts Receivable	-48	-69	-598	245	-435
Change in Accounts Payable	283	-11	29	-273	-43
Change in Other Net Operating Assets	-1,313	-47	-33	315	-971
Other Operating Activities	633	914	669	573	564
Operating Cash Flow	1,771	2,859	2,188	2,673	752
Operating Cash Flow Growth	-38.05%	30.67%	-18.14%	255.45%	-55.18%
Sale (Purchase) of Intangibles	-3,928	-2,948	-2,546	-2,724	-2,448
Investment in Securities	-249	-9	36	17	-41
Investing Cash Flow	-4,177	-2,957	-2,510	-2,707	-2,489
Long-Term Debt Issued	6,842	3,702	3,390	3,486	4,428
Long-Term Debt Repaid	-2,430	-2,627	-2,123	-1,672	-1,158
Net Debt Issued (Repaid)	4,412	1,075	1,267	1,814	3,270
Common Dividends Paid	-1,530	-711	-1,166	-1,674	-1,711
Other Financing Activities	354	303	175	246	354
Financing Cash Flow	3,236	667	276	386	1,913
Net Cash Flow	830	569	-46	352	176
Cash Interest Paid	1,449	1,129	1,030	873	393
Cash Income Tax Paid	51	-	-	-	208
Levered Free Cash Flow	-1,601	-140.25	-138.25	-147.75	-886.88
Unlevered Free Cash Flow	-509	692.88	632.38	531.63	-448.13
Change in Working Capital	-1,078	-127	-602	287	-1,449

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