BVMF:ECOR3 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	922.74	904.1	569.56	245.7	372.04	-423.99
Depreciation & Amortization	1,221	958.26	779.62	567.41	679.78	531.67
Other Amortization	129.35	84.64	55.5	35.64	28.97	33.81
Asset Writedown & Restructuring Costs	-111.43	63.09	192.22	111.67	15.6	391.01
Loss (Gain) on Equity Investments	-	-	-	-	0.02	0
Provision & Write-off of Bad Debts	-4.53	4.09	-0.42	1.59	-1.88	1.99
Other Operating Activities	3,771	3,270	2,707	1,625	1,478	1,108
Change in Accounts Receivable	-74.8	-9.24	-154.41	-122.9	-19.07	-20.85
Change in Accounts Payable	96.84	20.08	187.72	121.75	111.47	16.41
Change in Income Taxes	-818.69	-862.92	-480.68	-316.56	-297.98	20.77
Change in Other Net Operating Assets	-670.3	-496.52	-305.24	-376.09	-493.97	-181.57
Operating Cash Flow	4,461	3,936	3,551	1,886	1,873	1,471
Operating Cash Flow Growth	16.28%	10.83%	88.30%	0.68%	27.32%	4.81%
Capital Expenditures	-302.37	-264.36	-219.54	-169.42	-81.74	-71.14
Divestitures	-	-	-	-	0.15	0.08
Sale (Purchase) of Intangibles	-6,362	-3,681	-4,835	-2,516	-2,271	-1,032
Investment in Securities	636.32	-610.36	-749.22	52.51	-48.75	53.89
Other Investing Activities	-49.22	-9.14	-14.21	28.47	-1,067	-3.05
Investing Cash Flow	-6,077	-4,565	-5,818	-2,605	-3,468	-1,052
Long-Term Debt Issued	-	4,759	8,022	4,322	3,876	2,646
Long-Term Debt Repaid	-	-3,123	-1,769	-2,859	-2,739	-2,889
Net Debt Issued (Repaid)	4,034	1,636	6,253	1,463	1,138	-243.27
Issuance of Common Stock	-	-	-	-	1,693	24.82
Common Dividends Paid	-214.72	-135.27	-58.35	-5.28	-	-
Other Financing Activities	-2,206	-2,059	-1,783	-1,430	-508.02	-714.71
Financing Cash Flow	1,613	-557.44	4,411	28.04	2,323	-933.16
Net Cash Flow	-3.4	-1,187	2,145	-690.81	728.05	-514.03
Free Cash Flow	4,158	3,671	3,331	1,716	1,791	1,400
Free Cash Flow Growth	14.64%	10.20%	94.09%	-4.18%	27.95%	257.31%
Free Cash Flow Margin	38.03%	37.19%	37.66%	28.32%	38.51%	35.00%
Free Cash Flow Per Share	5.98	5.28	4.79	2.47	2.84	2.51
Cash Interest Paid	2,184	1,943	1,675	1,338	622.76	619.12
Cash Income Tax Paid	754.14	809.9	515.53	304.25	293.9	327.76
Levered Free Cash Flow	-3,994	-1,840	-2,884	-1,645	-1,104	208.05
Unlevered Free Cash Flow	-2,887	-939.17	-2,110	-1,129	-792.48	474.05
Change in Working Capital	-1,467	-1,349	-752.62	-693.8	-699.55	-165.25

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