BVMF:CSMG3 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	1,416	1,317	1,379	843.36	537.59
Depreciation & Amortization	946.44	801.01	789.57	730.13	748.65
Asset Writedown	-29.67	-2.37	27.21	13.25	12.59
Change in Accounts Receivable	-298.19	-211.64	-383.66	-204.71	-169.67
Change in Inventory	-1.13	6.63	3.8	-29.08	-22.65
Change in Accounts Payable	70.72	-29.4	89.68	-9.37	94.68
Change in Income Taxes	455.7	323.81	384.29	211.8	207.2
Change in Other Net Operating Assets	132.94	31.15	-56.99	-378.24	206.93
Other Operating Activities	-575.1	-400.43	-684.44	-266.05	-166.57
Operating Cash Flow	2,332	2,051	1,734	1,117	1,675
Operating Cash Flow Growth	13.71%	18.23%	55.22%	-33.29%	-3.74%
Capital Expenditures	-83.02	-77.84	-66.45	-78.88	-31.18
Sale of Property, Plant & Equipment	36.65	6.93	3.9	3.48	5.01
Sale (Purchase) of Intangibles	-2,664	-2,018	-1,484	-1,188	-985.94
Investment in Securities	-111.09	-162.66	-36.63	-4.28	-54.03
Other Investing Activities	6.1	22.12	16.32	29.25	164.25
Investing Cash Flow	-2,816	-2,230	-1,567	-1,239	-901.9
Long-Term Debt Issued	1,977	1,756	1,498	876	895.16
Long-Term Debt Repaid	-751.24	-746.41	-957.87	-802.41	-812.29
Net Debt Issued (Repaid)	1,226	1,010	540.49	73.6	82.87
Common Dividends Paid	-220.94	-735.56	-185.54	-	-57.37
Other Financing Activities	-659.15	-484.59	-613.58	-139.58	-294.41
Financing Cash Flow	345.79	-210.17	-258.63	-65.99	-268.91
Net Cash Flow	-138.43	-389.34	-90.87	-187.42	504.1
Free Cash Flow	2,249	1,973	1,668	1,038	1,644
Free Cash Flow Growth	13.98%	18.28%	60.61%	-36.82%	-4.78%
Free Cash Flow Margin	26.99%	25.04%	22.53%	16.81%	27.88%
Free Cash Flow Per Share	5.93	5.20	4.40	2.73	4.34
Cash Interest Paid	586.25	438.95	435.46	357.53	218.52
Cash Income Tax Paid	438.58	462	349.82	203.59	307.29
Levered Free Cash Flow	-874.32	-715.54	324.76	48.6	530.45
Unlevered Free Cash Flow	-552.02	-492.75	454.9	48.6	530.45
Change in Working Capital	360.04	120.54	37.13	-409.59	316.5

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