BVMF:EQMA3B 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	751.68	741.34	777.39	648.15	943.42
Depreciation & Amortization	390.61	306.96	251.33	229.15	220.31
Loss (Gain) on Sale of Investments	-179.24	-164.05	-162.55	-167.51	-406.16
Asset Writedown	-12.32	10.85	12.86	34.13	16.62
Stock-Based Compensation	34.84	-2.88	28.81	-	-
Change in Accounts Receivable	-361.61	-205.9	-270.13	0.38	-211.15
Change in Inventory	-7.56	-2.93	29.18	-6.01	-24
Change in Accounts Payable	57.93	-51.18	72.33	-131.01	32.38
Change in Income Taxes	97.92	8.01	-9.31	25.51	258.22
Change in Other Net Operating Assets	-325.39	-63.92	-125.76	-10.12	264.36
Other Operating Activities	229.02	174.36	-143.75	366.14	-534.25
Operating Cash Flow	806.94	921.31	632.99	1,046	630.86
Operating Cash Flow Growth	-12.41%	45.55%	-39.50%	65.86%	-55.13%
Sale (Purchase) of Intangibles	-870.17	-1,009	-892.64	-817.63	-462.2
Investment in Securities	868.64	-801.71	294.49	-99.43	714.29
Investing Cash Flow	-1.53	-1,811	-598.15	-917.06	252.09
Long-Term Debt Issued	708.69	1,448	903.18	838.97	764.18
Long-Term Debt Repaid	-1,153	-351.71	-268.41	-611.67	-1,104
Net Debt Issued (Repaid)	-443.99	1,096	634.77	227.3	-340.05
Common Dividends Paid	-449.76	-390.67	-458.39	-333.22	-758.36
Financing Cash Flow	-893.75	705.16	176.38	-105.92	-1,098
Net Cash Flow	-88.33	-184.39	211.22	23.36	-215.46
Cash Interest Paid	280.73	262	181.95	-	175.78
Cash Income Tax Paid	143.68	41.31	110.16	180.39	-
Levered Free Cash Flow	92.67	-191.71	-295.35	469.76	404.23
Unlevered Free Cash Flow	273.93	-56.67	-204.82	552.99	466.71
Change in Working Capital	-538.71	-315.93	-303.69	-121.25	319.82

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