BVMF:CSED3 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	296.87	144.31	100.46	6.61	82.96
Depreciation & Amortization	233.56	227.33	219.53	238.77	195.53
Other Amortization	36.12	27.98	45.55	0.67	1.15
Loss (Gain) From Sale of Assets	-0.72	-0.72	-0.72	-0.72	-1.33
Asset Writedown & Restructuring Costs	6.38	11.37	0.42	11.61	4.66
Provision & Write-off of Bad Debts	127.43	172.49	131.44	135.35	98.45
Other Operating Activities	282.25	258.61	311.67	320.9	196.7
Change in Accounts Receivable	-172.75	-112.97	-176.92	-169.47	-99.79
Change in Accounts Payable	38.96	-3.05	-10.84	7.55	-2.69
Change in Income Taxes	-12.95	6.53	-18.54	-17.17	-14.21
Change in Other Net Operating Assets	16.46	-12.98	-39.23	-20.42	4.29
Operating Cash Flow	851.61	718.9	562.81	513.68	465.71
Operating Cash Flow Growth	18.46%	27.73%	9.56%	10.30%	81.37%
Capital Expenditures	-76.23	-73.5	-121.66	-88.84	-55.14
Cash Acquisitions	-	-157.92	-	-	-
Divestitures	-	0.38	-	-	-
Sale (Purchase) of Intangibles	-42.47	-67.77	-81.24	-56.05	-32.55
Other Investing Activities	-227.93	-179.31	-	-68.34	-3.76
Investing Cash Flow	-346.63	-478.12	-202.9	-213.23	-91.45
Long-Term Debt Issued	846.25	469.57	-	-	-
Long-Term Debt Repaid	-751.15	-499.81	-567.87	-459.56	-440.71
Net Debt Issued (Repaid)	95.11	-30.24	-567.87	-459.56	-440.71
Issuance of Common Stock	-	-	-	-	1,071
Repurchase of Common Stock	-	-	-35.85	-23.13	-
Common Dividends Paid	-177	-60	-85.08	-50	-71.86
Other Financing Activities	-170.16	-118.13	-0.94	-	-60.61
Financing Cash Flow	-252.06	-208.36	-689.74	-532.7	497.82
Net Cash Flow	252.92	32.42	-329.83	-232.24	872.08
Free Cash Flow	775.37	645.4	441.15	424.84	410.57
Free Cash Flow Growth	20.14%	46.30%	3.84%	3.48%	84.13%
Free Cash Flow Margin	27.34%	25.13%	19.20%	20.95%	22.55%
Free Cash Flow Per Share	2.13	1.77	1.21	1.11	1.14
Cash Interest Paid	169.21	118.13	140.33	-	-
Cash Income Tax Paid	11.99	4.49	3.69	7.01	4.84
Levered Free Cash Flow	124.98	348.42	179	-62.05	233.78
Unlevered Free Cash Flow	369.85	574.01	418.75	207.02	414.94
Change in Working Capital	-130.27	-122.47	-245.53	-199.51	-112.4

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