CSU Digital Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	94.26	91.18	88.42	73.57	60.49	46.78
Depreciation & Amortization	38.69	39.98	39.79	35.86	34.45	34.41
Other Amortization	24.79	21.73	24.11	25.71	25.5	25.53
Asset Writedown & Restructuring Costs	1.4	0.81	0.65	0.97	0.05	0.73
Stock-Based Compensation	0.9	0.88	0.61	0.44	0.27	0.73
Provision & Write-off of Bad Debts	-0.37	-0.95	-2.64	0.53	0.21	0.42
Other Operating Activities	-18.39	-23.89	-16.2	-22.73	-25.77	-18.79
Change in Accounts Receivable	-17.33	-6.46	2.07	-9.24	-8.62	23.15
Change in Inventory	0.21	-0.93	1.14	-0.62	-0.46	-0.11
Change in Accounts Payable	16.07	10.85	-3.41	6.63	-4.58	-13.82
Change in Other Net Operating Assets	43.71	42.98	17.64	20.44	34.58	26.9
Operating Cash Flow	183.92	176.17	152.19	131.57	116.11	125.93
Operating Cash Flow Growth	18.89%	15.76%	15.67%	13.32%	-7.80%	42.82%
Capital Expenditures	-9.56	-7	-4.14	-3.29	-3.43	-8.58
Sale (Purchase) of Intangibles	-68.84	-67.46	-57.86	-52.34	-46.19	-40.08
Investment in Securities	-	-	-	-	-10.54	-
Investing Cash Flow	-78.4	-74.47	-62	-55.63	-60.17	-48.66
Long-Term Debt Issued	-	-	-	-	-	20
Long-Term Debt Repaid	-	-45.9	-43.74	-42.58	-39.61	-32.99
Net Debt Issued (Repaid)	-42.77	-45.9	-43.74	-42.58	-39.61	-12.99
Common Dividends Paid	-42.68	-34.52	-57.61	-30.2	-16.8	-9.07
Other Financing Activities	-0	-0	-	-	-	-
Financing Cash Flow	-85.45	-80.42	-101.36	-72.78	-56.41	-22.05
Foreign Exchange Rate Adjustments	-0.26	-0.38	-	-	-	-
Miscellaneous Cash Flow Adjustments	-	-	-0	-	-	-
Net Cash Flow	19.82	20.91	-11.17	3.16	-0.47	55.22
Free Cash Flow	174.36	169.16	148.05	128.28	112.68	117.35
Free Cash Flow Growth	16.34%	14.26%	15.41%	13.85%	-3.98%	51.16%
Free Cash Flow Margin	28.83%	29.80%	27.92%	23.88%	21.92%	25.69%
Free Cash Flow Per Share	4.23	4.11	3.60	3.14	2.75	2.86
Cash Interest Paid	2.42	4.67	9.45	7.88	8.1	9.07
Cash Income Tax Paid	22.2	27.26	19.39	25.01	26.1	16.02
Levered Free Cash Flow	81.23	88.76	47.26	69.28	59.87	74.15
Unlevered Free Cash Flow	85.78	94.24	53.49	75.49	65.18	79.46
Change in Working Capital	42.66	46.44	17.44	17.21	20.92	36.13

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.