Eneva 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	1,158	42.01	217.69	375.77	1,173
Depreciation & Amortization	2,794	1,690	1,612	838.52	608.84
Other Amortization	-	-	125.44	12.65	7.97
Loss (Gain) on Equity Investments	0.62	-6.84	-	-2.8	0.72
Asset Writedown	-	634.75	-	23.79	-149.62
Change in Accounts Receivable	-278.7	-544.64	-156.03	180.51	6.44
Change in Inventory	-215.21	225.61	-140.22	-83.81	-366.2
Change in Accounts Payable	-11.11	-467.99	-417.71	-573.56	-330.82
Change in Income Taxes	-113.99	135.5	-5.93	-17.66	-60.73
Change in Other Net Operating Assets	191.69	-49.62	28.11	95.77	-19.57
Other Operating Activities	1,611	2,497	1,527	418.89	362.46
Operating Cash Flow	5,136	4,156	2,790	1,268	1,233
Operating Cash Flow Growth	23.58%	48.94%	120.03%	2.86%	-1.06%
Capital Expenditures	-5,659	-2,557	-2,564	-2,163	-1,136
Cash Acquisitions	-	-932.91	-	-5,864	-
Divestitures	-	2.02	39.13	-	-
Investment in Securities	581.3	82.8	794.68	-1,063	-109.86
Investing Cash Flow	-5,078	-3,405	-1,730	-9,089	-1,246
Long-Term Debt Issued	3,132	3,428	7,104	6,540	480.87
Total Debt Issued	3,132	3,428	7,104	6,540	480.87
Long-Term Debt Repaid	-2,180	-7,088	-7,257	-1,300	-181.3
Net Debt Issued (Repaid)	952.68	-3,660	-153.26	5,239	299.58
Issuance of Common Stock	-	3,151	-	4,200	-
Repurchase of Common Stock	-222.21	-	-	-	-154.26
Other Financing Activities	-1,834	610.6	143.84	-1,319	-525.07
Financing Cash Flow	-1,104	101.76	-9.42	8,120	-379.75
Net Cash Flow	-1,046	852.19	1,051	299.01	-392.64
Free Cash Flow	-523.55	1,599	226.37	-894.8	96.97
Free Cash Flow Growth	-	606.16%	-	-	-
Free Cash Flow Margin	-2.84%	14.04%	2.24%	-14.60%	1.89%
Free Cash Flow Per Share	-0.27	0.96	0.14	-0.64	0.08
Cash Interest Paid	1,558	1,682	1,859	952.08	403.57
Cash Income Tax Paid	261.06	287.98	217.08	75.18	95
Levered Free Cash Flow	-906.99	484.34	-1,492	-713.9	-112.52
Unlevered Free Cash Flow	-58.17	1,559	-423.59	-129.12	22.23
Change in Working Capital	-427.32	-701.14	-691.78	-398.74	-770.88

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