BVMF:EUCA4 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	319.11	198.03	422.21	257.5	427.97
Depreciation & Amortization	335.56	285.3	247.35	177.49	140.96
Other Amortization	2.18	1.52	1.06	0.75	0.52
Asset Writedown & Restructuring Costs	-107.88	-85.58	-106.25	-80.15	-76.43
Loss (Gain) From Sale of Investments	0.2	0.11	0.24	-0.19	1.61
Other Operating Activities	70.36	147.82	-156.46	107.01	57.98
Change in Accounts Receivable	96.99	-64.88	-47.79	-18.93	-112.69
Change in Inventory	-158.25	-73.54	84.43	-144.64	-156.36
Change in Accounts Payable	26.23	37.28	-3.67	-116.48	119.49
Change in Income Taxes	-11.7	66.66	15.96	36.85	64.57
Change in Other Net Operating Assets	-51.36	-68.49	-52.89	-66.09	68.46
Operating Cash Flow	521.45	444.23	404.18	177.22	517.99
Operating Cash Flow Growth	17.38%	9.91%	128.07%	-65.79%	195.42%
Capital Expenditures	-354.79	-254.12	-273.3	-247.9	-428.29
Cash Acquisitions	-	-	-4.63	-	-
Investment in Securities	-	97.08	-24.92	-	-
Investing Cash Flow	-354.79	-157.04	-302.85	-247.9	-428.29
Long-Term Debt Issued	652.93	395.1	480.6	331.6	290.65
Total Debt Issued	652.93	395.1	480.6	331.6	290.65
Short-Term Debt Repaid	-	-	-	-	-10.24
Long-Term Debt Repaid	-422.53	-458.12	-449.03	-258.97	-299.49
Total Debt Repaid	-422.53	-458.12	-449.03	-258.97	-309.72
Net Debt Issued (Repaid)	230.41	-63.02	31.57	72.63	-19.07
Common Dividends Paid	-111.08	-16.98	-121.1	-24	-32.89
Financing Cash Flow	119.33	-80	-89.54	48.63	-51.96
Foreign Exchange Rate Adjustments	-3.1	5.8	-1.32	-	-
Net Cash Flow	282.89	212.99	10.48	-22.06	37.74
Free Cash Flow	166.66	190.11	130.88	-70.69	89.7
Free Cash Flow Growth	-12.34%	45.26%	-	-	-
Free Cash Flow Margin	5.37%	6.65%	4.89%	-2.81%	3.66%
Free Cash Flow Per Share	1.81	2.06	1.42	-0.77	0.97
Levered Free Cash Flow	88.51	215.53	-138.67	-22.52	-161.32
Unlevered Free Cash Flow	180.38	284.81	-68.13	31.99	-126.48
Change in Working Capital	-98.08	-102.96	-3.97	-285.2	-34.61

Source: S&P Global Market Intelligence. Standard template. Financial Sources.