Gafisa 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	-544.54	-40.58	-195.31	-83.17	81.26
Depreciation & Amortization	15.5	13.98	21.61	34.7	20.89
Other Amortization	18.03	25.39	4.01	0	1.63
Loss (Gain) From Sale of Assets	-	-	29.23	-29.21	-41.56
Asset Writedown & Restructuring Costs	-92.15	-85.07	-	-	150.35
Loss (Gain) on Equity Investments	84.86	14.45	-18.32	12.08	-36.19
Stock-Based Compensation	-	0.01	0.32	1.47	2.01
Provision & Write-off of Bad Debts	-	-	-24.18	-16.08	-20
Other Operating Activities	201.3	-3.35	227.62	300.23	242.16
Change in Accounts Receivable	-63.01	-139.78	-26.54	-190.07	172.46
Change in Inventory	402.73	475.6	509.99	-617.48	-620.02
Change in Accounts Payable	32.8	46.93	35.42	-41.64	-66.19
Change in Income Taxes	99.34	29.75	-22.31	-21.28	-77.41
Change in Other Net Operating Assets	-343.59	-182.89	-500.9	559.83	76.31
Operating Cash Flow	-185.33	160.71	132.6	-90.61	-114.31
Operating Cash Flow Growth	-	21.20%	-	-	-
Capital Expenditures	-13.45	-12.03	-14.92	-129.33	-203.02
Cash Acquisitions	-	-	-	-	-258.06
Investment in Securities	47.39	-127.15	239.96	139.89	15.72
Other Investing Activities	-	30.75	-151.29	-	-
Investing Cash Flow	33.95	-108.44	73.75	10.56	-445.36
Long-Term Debt Issued	759.65	475.29	299.09	77.5	764.04
Long-Term Debt Repaid	-706.14	-715.91	-704.24	-9.87	-198.71
Total Debt Repaid	-706.14	-715.91	-704.24	-9.87	-198.71
Net Debt Issued (Repaid)	53.5	-240.62	-405.14	67.63	565.33
Issuance of Common Stock	115.81	184.98	129.21	-	0.72
Other Financing Activities	-9.23	-	58.47	-	-
Financing Cash Flow	160.08	-55.64	-217.46	67.63	566.05
Foreign Exchange Rate Adjustments	-	-	0.43	-	-
Net Cash Flow	8.7	-3.37	-10.68	-12.42	6.39
Free Cash Flow	-198.78	148.68	117.68	-219.94	-317.34
Free Cash Flow Growth	-	26.34%	-	-	-
Free Cash Flow Margin	-32.08%	14.69%	10.66%	-19.36%	-38.78%
Free Cash Flow Per Share	-24.78	31.99	39.62	-117.52	-191.00
Cash Income Tax Paid	9.72	18.76	21.94	7.51	77.6
Levered Free Cash Flow	238.32	-56.73	73.39	-996.86	-767.02
Unlevered Free Cash Flow	329.53	-6.85	132.38	-909	-743.09
Change in Working Capital	128.26	229.61	-4.33	-310.63	-514.85

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