BVMF:ESTR4 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	142.14	-24.26	-21.81	-46.51	-4.31
Depreciation & Amortization	2.85	2.3	1.33	2.91	3.1
Other Operating Activities	-	-	0	-	-
Change in Accounts Receivable	0.82	4.39	7.83	12.91	-11.03
Change in Inventory	-1.33	-0.68	13.81	-11.62	-13.39
Change in Accounts Payable	17.45	-0.39	5.84	0.29	0.49
Change in Income Taxes	-254.64	22.06	36.87	1.66	-0.95
Change in Other Net Operating Assets	-115.63	-21.78	-32.66	-2.41	3.32
Operating Cash Flow	-208.45	-18.47	11.1	-42.89	-22.89
Capital Expenditures	-1.65	-	-	-3.37	-2.01
Sale of Property, Plant & Equipment	-	0.07	1.05	-	-
Sale (Purchase) of Intangibles	-0	-0.01	0	0.01	-0
Other Investing Activities	184.95	-0.15	0.01	37.53	-
Investing Cash Flow	183.3	-0.1	1.06	34.18	-2.02
Long-Term Debt Issued	25.25	18.32	-	8.35	18.77
Long-Term Debt Repaid	-	-	-12.02	-	-
Net Debt Issued (Repaid)	25.25	18.32	-12.02	8.35	18.77
Financing Cash Flow	25.25	18.32	-12.02	8.35	18.77
Net Cash Flow	0.1	-0.24	0.14	-0.36	-6.13
Free Cash Flow	-210.1	-18.47	11.1	-46.25	-24.9
Free Cash Flow Margin	-139.31%	-11.96%	6.91%	-26.22%	-13.91%
Free Cash Flow Per Share	-25.99	-2.29	1.37	-5.72	-3.08
Levered Free Cash Flow	-287.66	51.93	28.68	-3.2	-0.02
Unlevered Free Cash Flow	-210.4	93.74	70.58	45.09	24.97
Change in Working Capital	-353.44	3.49	31.58	0.72	-21.68