BVMF:ECOR3 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	885.85	904.1	569.56	245.7	372.04
Depreciation & Amortization	1,320	958.26	798.11	567.41	679.78
Other Amortization	116.32	84.64	-	35.64	28.97
Asset Writedown & Restructuring Costs	-154.26	63.09	191.71	111.67	15.6
Loss (Gain) on Equity Investments	-	-	-	-	0.02
Provision & Write-off of Bad Debts	-5.43	4.09	-0.42	1.59	-1.88
Other Operating Activities	4,013	3,270	2,745	1,625	1,478
Change in Accounts Receivable	-119.79	-9.24	-154.74	-122.9	-19.07
Change in Accounts Payable	208.09	20.07	188.05	121.75	111.47
Change in Income Taxes	-751.34	-862.92	-480.68	-316.56	-297.98
Change in Other Net Operating Assets	-703.07	-496.52	-305.24	-376.09	-493.97
Operating Cash Flow	4,809	3,936	3,551	1,886	1,873
Operating Cash Flow Growth	22.19%	10.83%	88.30%	0.68%	27.32%
Capital Expenditures	-301.31	-264.36	-219.54	-169.42	-81.74
Divestitures	-	-	-	-	0.15
Sale (Purchase) of Intangibles	-6,583	-3,681	-4,835	-2,516	-2,271
Investment in Securities	-1,963	-610.36	-749.22	52.51	-48.75
Other Investing Activities	-101.94	-9.14	-14.21	28.47	-1,067
Investing Cash Flow	-8,949	-4,565	-5,818	-2,605	-3,468
Long-Term Debt Issued	12,381	4,759	8,022	4,322	3,876
Long-Term Debt Repaid	-7,106	-3,123	-1,769	-2,859	-2,739
Net Debt Issued (Repaid)	5,276	1,636	6,253	1,463	1,138
Issuance of Common Stock	-	-	-	-	1,693
Common Dividends Paid	-214.72	-135.27	-58.35	-5.28	-
Other Financing Activities	-2,072	-2,059	-1,783	-1,430	-508.02
Financing Cash Flow	2,989	-557.44	4,411	28.04	2,323
Net Cash Flow	-1,151	-1,187	2,145	-690.81	728.05
Free Cash Flow	4,507	3,671	3,331	1,716	1,791
Free Cash Flow Growth	22.78%	10.20%	94.09%	-4.18%	27.95%
Free Cash Flow Margin	39.12%	37.19%	37.66%	28.32%	38.51%
Free Cash Flow Per Share	6.48	5.28	4.79	2.47	2.84
Cash Interest Paid	2,088	1,943	1,675	1,338	622.76
Cash Income Tax Paid	724.15	809.9	515.53	304.25	293.9
Levered Free Cash Flow	-4,023	-1,840	-2,116	-1,645	-1,104
Unlevered Free Cash Flow	-2,821	-939.17	-2,116	-1,129	-792.48
Change in Working Capital	-1,366	-1,349	-752.62	-693.8	-699.55

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