BVMF:CXSE3 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	4,292	3,765	3,582	3,009	1,896
Depreciation & Amortization	1.14	0.02	0	0.01	0.03
Loss (Gain) on Equity Investments	-3,280	-2,683	-2,669	-2,041	-1,328
Other Operating Activities	3,304	2,418	1,914	1,346	1,017
Change in Accounts Receivable	-8.12	-0.82	-46.81	59.37	-27.96
Change in Accounts Payable	-22.61	28.22	-1.42	34.39	25.48
Change in Income Taxes	-16.79	24.98	18.27	-7.54	19.2
Change in Other Net Operating Assets	3.57	47.07	30.83	15.93	-16.91
Operating Cash Flow	4,273	3,600	2,827	2,416	1,585
Operating Cash Flow Growth	18.71%	27.31%	17.02%	52.42%	-46.48%
Investment in Securities	-486.59	-358.69	202.65	-425.36	411.48
Other Investing Activities	-	-	-	-45	-161.25
Investing Cash Flow	-486.59	-358.69	202.65	-470.36	250.23
Long-Term Debt Repaid	-1.49	-	-	-	-
Net Debt Issued (Repaid)	-1.49	-	-	-	-
Common Dividends Paid	-3,785	-3,241	-3,030	-1,946	-1,835
Financing Cash Flow	-3,787	-3,241	-3,030	-1,946	-1,835
Net Cash Flow	-0.13	0.01	-0.29	0.25	0.43
Levered Free Cash Flow	3,336	2,143	3,138	2,508	563.47
Unlevered Free Cash Flow	3,337	2,144	3,138	2,508	563.47
Change in Working Capital	-43.58	99.58	0.88	102.15	-0.19

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.