BVMF:EZTC3 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	535.01	404.61	239.47	324.71	430.13
Depreciation & Amortization	12.04	24.89	19.77	11.9	3.63
Asset Writedown & Restructuring Costs	8.85	4.31	4.6	1.32	4.16
Loss (Gain) on Equity Investments	-65.62	-79.41	-102.64	-87.02	-76.52
Provision & Write-off of Bad Debts	4.94	17.14	13.54	4.1	-6.28
Other Operating Activities	-42.95	-48.62	-56.85	-98.18	-130.51
Change in Accounts Receivable	85.25	-484.58	-95.57	49.75	236.64
Change in Inventory	26.89	100.04	-321.73	-446.11	-586.05
Change in Accounts Payable	-4.27	2.57	-1.92	5.05	3.14
Change in Unearned Revenue	-12.18	-13.62	-37.25	-38.54	73.76
Change in Income Taxes	-37.62	-32.37	-25.3	-33.82	-31.69
Change in Other Net Operating Assets	-6.56	76.03	135.28	-42.81	84.06
Operating Cash Flow	503.79	-28.99	-228.6	-349.66	4.45
Capital Expenditures	-21.78	-11.64	-3.45	-18.09	-34.56
Cash Acquisitions	-77.29	-42.72	-59.87	-71.24	-38.44
Divestitures	16.57	26.53	-	0.36	40.57
Investment in Securities	-637.11	58.24	128.49	219.81	200.01
Other Investing Activities	-0	-	-	-	-
Investing Cash Flow	-719.6	30.4	65.18	130.84	167.58
Long-Term Debt Issued	1,187	736.41	434.34	498.8	29.74
Long-Term Debt Repaid	-674.74	-459.63	-117.33	-11.03	-8.55
Net Debt Issued (Repaid)	512.37	276.77	317.01	487.77	21.19
Repurchase of Common Stock	-	-	-	-61.4	-115.53
Common Dividends Paid	-338.88	-235.68	-44.69	-171.79	-96.24
Other Financing Activities	39.43	-45.03	-78.79	-51.37	-1.3
Financing Cash Flow	212.92	-3.93	193.53	203.21	-191.88
Miscellaneous Cash Flow Adjustments	-	0	-0	-	-
Net Cash Flow	-2.9	-2.52	30.11	-15.61	-19.85
Free Cash Flow	482.01	-40.64	-232.05	-367.75	-30.12
Free Cash Flow Margin	32.16%	-2.60%	-21.42%	-32.80%	-3.14%
Free Cash Flow Per Share	1.71	-0.15	-0.84	-1.32	-0.10
Cash Interest Paid	126.69	91.83	75.45	30.31	2.09
Cash Income Tax Paid	37.62	32.37	25.3	33.82	31.69
Levered Free Cash Flow	227.56	79.22	-283.32	-245.69	-58.78
Unlevered Free Cash Flow	278.64	104.9	-255.18	-225.88	-46.85
Change in Working Capital	51.51	-351.92	-346.49	-506.48	-220.15

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