BVMF:EQMA3B 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	747.37	741.34	777.39	648.15	943.42	700.27
Depreciation & Amortization	384.64	306.96	251.33	229.15	220.31	190.47
Loss (Gain) on Sale of Investments	-196.67	-164.05	-162.55	-167.51	-406.16	-66.17
Asset Writedown	-13.33	10.85	12.86	34.13	16.62	8.18
Stock-Based Compensation	2.27	-2.88	28.81	-	-	-
Change in Accounts Receivable	-335.34	-205.9	-270.13	0.38	-211.15	-73.26
Change in Inventory	-11.55	-2.93	29.18	-6.01	-24	-3.05
Change in Accounts Payable	74.95	-51.18	72.33	-131.01	32.38	200.81
Change in Income Taxes	66.13	8.01	-9.31	25.51	258.22	125.05
Change in Other Net Operating Assets	-173.9	-63.92	-125.76	-10.12	264.36	36.12
Other Operating Activities	55.1	174.36	-143.75	366.14	-534.25	235.92
Operating Cash Flow	762.09	921.31	632.99	1,046	630.86	1,406
Operating Cash Flow Growth	-18.87%	45.55%	-39.50%	65.86%	-55.13%	33.74%
Sale (Purchase) of Intangibles	-1,070	-1,009	-892.64	-817.63	-462.2	-446.52
Investment in Securities	-200.91	-801.71	294.49	-99.43	714.29	-425.4
Investing Cash Flow	-1,271	-1,811	-598.15	-917.06	252.09	-871.92
Long-Term Debt Issued	-	1,448	903.18	838.97	764.18	284.44
Long-Term Debt Repaid	-	-351.71	-268.41	-611.67	-1,104	-393.87
Net Debt Issued (Repaid)	505.72	1,096	634.77	227.3	-340.05	-109.42
Common Dividends Paid	-	-390.67	-458.39	-333.22	-758.36	-479.93
Financing Cash Flow	505.72	705.16	176.38	-105.92	-1,098	-589.35
Net Cash Flow	-3.14	-184.39	211.22	23.36	-215.46	-55.26
Cash Interest Paid	101.04	262	181.95	-	175.78	92.26
Cash Income Tax Paid	15.86	41.31	110.16	180.39	-	-
Levered Free Cash Flow	-20.42	-191.71	-295.35	469.76	404.23	387.73
Unlevered Free Cash Flow	484.11	-56.67	-204.82	552.99	466.71	453.64
Change in Working Capital	-379.71	-315.93	-303.69	-121.25	319.82	285.67

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