BVMF:ENMT4 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	871.28	1,088	1,379	1,191	1,016
Depreciation & Amortization	363.7	308.53	278.53	242.08	238.31
Other Amortization	20.46	19.17	-	-	9.55
Loss (Gain) on Sale of Assets	91.86	48.71	71.75	41.78	63.49
Asset Writedown	-307.9	-297.05	-313.08	-240.79	-
Stock-Based Compensation	1.72	-0.21	0.86	1.39	1.77
Change in Accounts Receivable	-76.47	1,065	-746.09	-332.5	-360.09
Change in Inventory	-5.69	-5.15	0.45	-0.97	-1.42
Change in Accounts Payable	132.75	-37.79	91.62	-194.26	91.85
Change in Income Taxes	-130.3	-698.49	535.58	147.93	-66.33
Change in Other Net Operating Assets	-734.53	-665.28	-268.29	183.52	-1,252
Other Operating Activities	1,030	865.39	988.52	839.77	233.08
Operating Cash Flow	1,429	1,864	2,142	2,048	342.7
Operating Cash Flow Growth	-23.34%	-12.97%	4.59%	497.63%	-79.19%
Capital Expenditures	-1,803	-1,291	-786.26	-797.98	-535.89
Sale of Property, Plant & Equipment	11.12	4.5	43.92	22.46	54.67
Investment in Securities	898.75	-593.09	-131.02	-221.33	1,247
Investing Cash Flow	-893.53	-1,880	-873.36	-996.85	765.92
Long-Term Debt Issued	2,615	3,724	1,573	1,520	1,124
Long-Term Debt Repaid	-987.3	-2,478	-1,170	-1,047	-1,216
Net Debt Issued (Repaid)	1,628	1,247	402.65	472.95	-91.48
Common Dividends Paid	-1,204	-601.76	-776.77	-774.63	-1,119
Other Financing Activities	-904.56	-693.83	-887.26	-671.9	-171.74
Financing Cash Flow	-480.85	-48.88	-1,261	-973.58	-1,382
Net Cash Flow	54.88	-64.37	7.32	77.63	-273.7
Free Cash Flow	-374.14	573.09	1,356	1,250	-193.19
Free Cash Flow Growth	-	-57.73%	8.46%	-	-
Free Cash Flow Margin	-4.17%	6.98%	17.92%	17.53%	-2.69%
Free Cash Flow Per Share	-1.71	2.62	6.19	5.71	-0.88
Cash Interest Paid	702.19	537.71	388.84	342.47	199.3
Cash Income Tax Paid	192.08	115.03	173.46	184.65	124.05
Levered Free Cash Flow	-1,104	-139.53	160.91	462.08	-120.53
Unlevered Free Cash Flow	-595.13	209.35	671.42	975.88	46.07
Change in Working Capital	-814.23	-341.57	-386.73	-180.39	-1,296

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