BVMF:FESA3 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	188.38	327.51	382.89	1,062	642.88
Depreciation & Amortization	273.7	256.65	212.79	171.15	155.81
Other Amortization	4.2	3.89	3.23	2.03	1.33
Asset Writedown & Restructuring Costs	-142.61	-73.02	-71.73	-34.11	-25.51
Provision & Write-off of Bad Debts	-	-	-	-3.95	-
Other Operating Activities	-83.31	-135.96	-98.34	-304.04	-110.93
Change in Accounts Receivable	-1.29	11.94	12.06	82.95	-128.26
Change in Inventory	66.55	-22.95	66.94	-155.55	-119.47
Change in Accounts Payable	49.03	-16.98	20.09	20.19	37.4
Change in Unearned Revenue	-0.54	-18.96	-31.79	56.32	-
Change in Income Taxes	77.47	55.24	-7.4	243.05	235.67
Change in Other Net Operating Assets	-28.39	-30.24	-12.16	54.27	70.83
Operating Cash Flow	403.19	357.12	476.57	1,195	759.73
Operating Cash Flow Growth	12.90%	-25.06%	-60.11%	57.24%	194.84%
Capital Expenditures	-300.12	-288.67	-328.84	-260.25	-126.42
Sale of Property, Plant & Equipment	1.29	1.79	2.03	1.38	0.44
Sale (Purchase) of Intangibles	-	-	-	-	-0.7
Investment in Securities	27.83	189.71	81.61	-123.02	-250.1
Other Investing Activities	-	-	0.24	-	-
Investing Cash Flow	-271	-97.17	-244.97	-381.89	-376.78
Long-Term Debt Issued	200	196.1	-	-	2.79
Long-Term Debt Repaid	-304.72	-160.18	-137.99	-106.37	-152.45
Net Debt Issued (Repaid)	-104.72	35.92	-137.99	-106.37	-149.66
Repurchase of Common Stock	-10.19	-	-	-	-
Common Dividends Paid	-108.64	-173.62	-225.92	-448.75	-104.56
Other Financing Activities	-	-	-	-	-2.71
Financing Cash Flow	-223.55	-137.69	-363.91	-555.12	-256.93
Foreign Exchange Rate Adjustments	-	0.05	-	-	-
Net Cash Flow	-91.36	122.3	-132.32	257.59	126.02
Free Cash Flow	103.07	68.45	147.73	934.35	633.31
Free Cash Flow Growth	50.58%	-53.67%	-84.19%	47.53%	232.29%
Free Cash Flow Margin	4.42%	3.06%	6.07%	29.77%	26.50%
Free Cash Flow Per Share	0.30	0.20	0.43	2.75	1.86
Cash Interest Paid	26.3	26.45	33.35	35.47	30.59
Cash Income Tax Paid	16.75	44.6	43.54	204.65	54.57
Levered Free Cash Flow	173.33	-138.65	37.6	588.94	306.04
Unlevered Free Cash Flow	197.31	-118.39	56.75	611.6	325.29
Change in Working Capital	162.83	-21.95	47.73	301.24	96.16

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