Grazziotin 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	83.86	104.65	95.65	119.07	174.78
Depreciation & Amortization	59.18	60.13	58.4	48.36	37.17
Asset Writedown & Restructuring Costs	7.72	9.34	-2.85	1.1	15.08
Loss (Gain) on Equity Investments	-4.54	-1.27	-11.4	-25.95	-43.63
Provision & Write-off of Bad Debts	34.09	17.8	29.46	51.92	20.22
Other Operating Activities	-2.89	2.85	9.03	13.51	-68.52
Change in Accounts Receivable	-0.76	-27.3	-16.56	-14.09	17.62
Change in Inventory	-5.41	-1.86	-27.14	-13.69	-34.74
Change in Accounts Payable	-14.94	8.11	11.32	8.22	5.3
Change in Income Taxes	1.75	-13.98	-0.03	31.02	11.27
Change in Other Net Operating Assets	-9.98	-3.33	7.08	9.84	-10.12
Operating Cash Flow	148.07	155.13	152.97	229.31	124.44
Operating Cash Flow Growth	-4.55%	1.42%	-33.29%	84.27%	-34.48%
Capital Expenditures	-35.96	-52.39	-65.75	-76.15	-45.25
Investment in Securities	-0.14	-0.13	-0.07	-0.09	-0.05
Investing Cash Flow	-36.1	-52.52	-65.82	-76.24	-45.3
Short-Term Debt Issued	-	-	-	25	-
Total Debt Issued	-	-	-	25	-
Short-Term Debt Repaid	-	-	-	-25	-
Long-Term Debt Repaid	-25.63	-30.08	-23.12	-21.83	-23.88
Total Debt Repaid	-25.63	-30.08	-23.12	-46.83	-23.88
Net Debt Issued (Repaid)	-25.63	-30.08	-23.12	-21.83	-23.88
Issuance of Common Stock	1.3	13.2	20.51	0.89	0.92
Repurchase of Common Stock	-18.65	-1.37	-	-	-14.95
Common Dividends Paid	-129.12	-45.88	-41.17	-42.2	-22.17
Financing Cash Flow	-172.1	-64.14	-43.78	-63.15	-60.07
Miscellaneous Cash Flow Adjustments	-	-	-	-	-165.07
Net Cash Flow	-60.13	38.47	43.37	89.92	-146
Free Cash Flow	112.11	102.74	87.22	153.16	79.19
Free Cash Flow Growth	9.12%	17.80%	-43.05%	93.39%	-51.64%
Free Cash Flow Margin	15.05%	14.10%	12.89%	22.45%	12.90%
Free Cash Flow Per Share	4.66	4.23	3.73	6.81	3.47
Cash Interest Paid	12.96	14.4	13.9	15.28	8.18
Cash Income Tax Paid	7.38	15.37	15	8.33	55.16
Levered Free Cash Flow	69.42	28.2	39.42	69.82	-120.57
Unlevered Free Cash Flow	78.07	37.1	48.11	78.34	-115.45
Change in Working Capital	-29.34	-38.36	-25.33	21.31	-10.67

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