Karsten Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	61.53	70.54	118.41	42.16	-21.15	57.49
Depreciation & Amortization	21.65	21.53	18.85	17.67	15.52	12.45
Other Amortization	0.36	0.36	0.4	0.43	0.51	0.94
Asset Writedown & Restructuring Costs	-6.53	0.35	11.12	1.04	2.3	0.08
Provision & Write-off of Bad Debts	2.95	1.74	0.82	3.59	3.74	-0.43
Other Operating Activities	-16.83	-16.5	-21.92	24.36	27.71	15.86
Change in Accounts Receivable	-4.25	-8.05	-4.14	-25.4	-29.67	-28.26
Change in Inventory	-35.04	-24.62	-0.54	22.35	33.25	-124.87
Change in Accounts Payable	6.45	-8.46	10.6	29.58	-5.23	18.5
Change in Income Taxes	-15.55	-16.94	-14.84	-5.63	58.85	17.8
Change in Other Net Operating Assets	39.28	37.77	7.36	18.42	-36.95	24.21
Operating Cash Flow	54.01	57.71	126.12	128.58	48.88	-6.24
Operating Cash Flow Growth	-53.22%	-54.24%	-1.91%	163.04%	-	-
Capital Expenditures	-14.03	-18.32	-33.89	-12.64	-24.94	-37.08
Investment in Securities	24.4	12.45	-2.15	-30.26	-7.47	32.3
Investing Cash Flow	10.37	-5.87	-36.04	-42.9	-32.41	-4.79
Long-Term Debt Issued	-	15.84	-	65.21	59.44	61.57
Long-Term Debt Repaid	-	-59.08	-78.55	-141.11	-70.4	-45.89
Net Debt Issued (Repaid)	-53.93	-43.25	-78.55	-75.91	-10.96	15.68
Other Financing Activities	-5.63	-4.91	-7.05	-9.34	-6.09	-7.01
Financing Cash Flow	-59.56	-48.16	-85.59	-85.25	-17.05	8.67
Foreign Exchange Rate Adjustments	0	0	-	-	-	-
Net Cash Flow	4.82	3.69	4.49	0.43	-0.57	-2.36
Free Cash Flow	39.98	39.39	92.24	115.94	23.95	-43.32
Free Cash Flow Growth	-44.91%	-57.29%	-20.44%	384.18%	-	-
Free Cash Flow Margin	5.24%	5.19%	13.19%	17.36%	3.91%	-7.88%
Free Cash Flow Per Share	-	6.35	14.87	18.68	3.86	-6.98
Cash Interest Paid	4.91	4.91	7.05	9.34	4.11	7.01
Cash Income Tax Paid	-	-	-	-	2.95	13.1
Levered Free Cash Flow	22.01	11.32	38.27	84.72	4.69	-126.37
Unlevered Free Cash Flow	31.25	21.42	53.57	100.24	17.4	-118.84
Change in Working Capital	-9.11	-20.3	-1.56	39.33	20.25	-92.62

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