Direcional Engenharia 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	789.34	638.38	331.56	190.02	146.6
Depreciation & Amortization	80.74	70.07	60.56	53.43	51.29
Loss (Gain) From Sale of Investments	-73.53	-137.15	-51.7	-83.35	-21.17
Loss (Gain) on Equity Investments	-62.63	-86.53	-53.7	-21.76	-17.56
Stock-Based Compensation	18.38	7.54	6.04	2.91	3.28
Provision & Write-off of Bad Debts	203.46	128.7	13.58	21.63	18.55
Other Operating Activities	422.97	194.8	139.13	191.45	154.7
Change in Accounts Receivable	-1,093	-908.53	-321.37	-223.47	-119.45
Change in Inventory	295.41	373.74	8.92	249.19	176.19
Change in Accounts Payable	22.18	-20.35	-26.78	7.77	-34.89
Change in Unearned Revenue	10.37	38.81	46.81	-3.17	-7.67
Change in Income Taxes	5.01	-15.09	-76.09	-22.69	-10.87
Change in Other Net Operating Assets	-226.77	-214.28	-249.61	-143.58	-251.34
Operating Cash Flow	398.42	76.25	-171.01	220.36	90
Operating Cash Flow Growth	422.50%	-	-	144.83%	-68.46%
Capital Expenditures	-64.23	-53.97	-7.06	-39.35	-14.19
Sale (Purchase) of Intangibles	-15.1	-24.08	-17.06	-17.34	-14.2
Investment in Securities	-55.11	-32.96	-58.53	-0.94	-70.4
Other Investing Activities	41.97	18.43	43.78	8.49	11.45
Investing Cash Flow	-92.48	-92.58	-38.87	-49.13	-87.34
Long-Term Debt Issued	1,797	947.53	606.89	561.49	155.31
Long-Term Debt Repaid	-690.6	-703.7	-693.38	-455.73	-8.5
Net Debt Issued (Repaid)	1,106	243.83	-86.49	105.77	146.8
Issuance of Common Stock	-	-	406.88	-	50.72
Repurchase of Common Stock	-33.49	-	-	-5.54	-31.97
Common Dividends Paid	-1,451	-358.38	-104.29	-69.96	-100.15
Other Financing Activities	479.56	288.96	-105.37	-192.31	-75.68
Financing Cash Flow	101.34	174.41	110.74	-162.05	-10.28
Net Cash Flow	407.29	158.08	-99.15	9.17	-7.62
Free Cash Flow	334.19	22.28	-178.07	181.01	75.81
Free Cash Flow Growth	1399.91%	-	-	138.75%	-72.30%
Free Cash Flow Margin	7.70%	0.66%	-7.56%	8.37%	4.27%
Free Cash Flow Per Share	0.64	0.04	-0.36	0.40	0.17
Cash Interest Paid	184.91	120.39	145.2	114.19	60.82
Cash Income Tax Paid	72.62	48.06	8.3	37.33	32.97
Levered Free Cash Flow	-449.52	137.69	-174	514.41	193.16
Unlevered Free Cash Flow	-390.5	185.23	-174	610.87	193.16
Change in Working Capital	-987.27	-745.7	-618.12	-135.94	-248.04

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