Desktop 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	80.77	89.67	102.34	47.98	25.79
Depreciation & Amortization	206.37	195	154.62	97.6	56.05
Other Amortization	13.04	19.98	11.32	8.48	4.58
Asset Writedown & Restructuring Costs	6.13	3.69	1.35	1.64	2.89
Stock-Based Compensation	1.77	2.47	1.54	5.18	5.12
Provision & Write-off of Bad Debts	37.74	31.61	38.99	31.46	20.42
Other Operating Activities	180.07	81.53	57.48	28.01	0.53
Change in Accounts Receivable	-33.39	-81.69	-53.66	-59.88	-31.61
Change in Accounts Payable	-41.55	-16.65	-42.77	-31.56	66.96
Change in Income Taxes	-13.92	-5.14	-21.67	-29.17	-36.56
Change in Other Net Operating Assets	-43.99	-25.14	-39.83	-11.26	638.81
Operating Cash Flow	392.68	288.81	205.71	88.47	752.98
Operating Cash Flow Growth	35.96%	40.40%	132.51%	-88.25%	738.52%
Capital Expenditures	-373.9	-356.27	-299.04	-400.02	-1,177
Cash Acquisitions	-	-	2.87	0.68	-341.48
Investment in Securities	81.66	12.6	22.53	149.77	-280.81
Investing Cash Flow	-292.24	-343.67	-273.63	-249.57	-1,799
Long-Term Debt Issued	1,252	1,000	350	500	550.3
Long-Term Debt Repaid	-1,033	-838.93	-98.16	-372.04	-116.49
Net Debt Issued (Repaid)	219.04	161.07	251.84	127.96	433.81
Issuance of Common Stock	3.47	2.89	251.37	1.37	741.52
Repurchase of Common Stock	-	-1.68	-0.36	-	-
Common Dividends Paid	-4.27	-5.27	-2.15	-1.23	-
Other Financing Activities	-145	-140.84	-171.74	-39.86	-42.94
Financing Cash Flow	73.25	16.16	328.95	88.24	1,132
Net Cash Flow	173.69	-38.7	261.03	-72.86	86.55
Free Cash Flow	18.78	-67.46	-93.33	-311.55	-423.54
Free Cash Flow Margin	1.54%	-5.98%	-9.46%	-43.83%	-121.39%
Free Cash Flow Per Share	0.16	-0.53	-0.82	-3.49	-5.90
Cash Interest Paid	-	199.97	134.23	110.06	27.95
Cash Income Tax Paid	-	17.31	29.79	30.79	12.39
Levered Free Cash Flow	-20.3	-121.87	-143.78	-75.95	-1,128
Unlevered Free Cash Flow	128.07	24.23	-11.26	38.12	-1,098
Change in Working Capital	-132.85	-128.6	-157.92	-131.88	637.6

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