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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	881.8	751.68	741.34	777.39	648.15	943.42
Depreciation & Amortization	394.05	390.61	306.96	251.33	229.15	220.31
Loss (Gain) on Sale of Investments	-187.03	-179.24	-164.05	-162.55	-167.51	-406.16
Asset Writedown	-17.54	-12.32	10.85	12.86	34.13	16.62
Stock-Based Compensation	45.21	34.84	-2.88	28.81	-	-
Change in Accounts Receivable	-468.08	-361.61	-205.9	-270.13	0.38	-211.15
Change in Inventory	-6.07	-7.56	-2.93	29.18	-6.01	-24
Change in Accounts Payable	-11.16	57.93	-51.18	72.33	-131.01	32.38
Change in Income Taxes	94.8	97.92	8.01	-9.31	25.51	258.22
Change in Other Net Operating Assets	-268.39	-325.39	-63.92	-125.76	-10.12	264.36
Other Operating Activities	436.25	229.02	174.36	-143.75	366.14	-534.25
Operating Cash Flow	1,046	806.94	921.31	632.99	1,046	630.86
Operating Cash Flow Growth	19.61%	-12.41%	45.55%	-39.50%	65.86%	-55.13%
Sale (Purchase) of Intangibles	-837.47	-870.17	-1,009	-892.64	-817.63	-462.2
Investment in Securities	392.46	868.64	-801.71	294.49	-99.43	714.29
Investing Cash Flow	-444.96	-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)	9.26	-443.99	1,096	634.77	227.3	-340.05
Common Dividends Paid	-449.76	-449.76	-390.67	-458.39	-333.22	-758.36
Financing Cash Flow	-440.49	-893.75	705.16	176.38	-105.92	-1,098
Net Cash Flow	160.49	-88.33	-184.39	211.22	23.36	-215.46
Cash Interest Paid	280.73	280.73	262	181.95	-	175.78
Cash Income Tax Paid	143.68	143.68	41.31	110.16	180.39	-
Levered Free Cash Flow	244.01	92.67	-191.71	-295.35	469.76	404.23
Unlevered Free Cash Flow	424.19	273.93	-56.67	-204.82	552.99	466.71
Change in Working Capital	-658.89	-538.71	-315.93	-303.69	-121.25	319.82