BVMF:GGPS3 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	684.02	657.83	643	517	400
Depreciation & Amortization	394.02	367.73	217.96	182.32	120
Other Amortization	29.95	12.31	6.04	2.68	-
Loss (Gain) From Sale of Assets	23.32	13.5	12	2	-6
Stock-Based Compensation	-	-	-	3	-
Provision & Write-off of Bad Debts	6.26	-1.83	-3	10	-8
Other Operating Activities	324.11	168.8	31	107	108
Change in Accounts Receivable	-316.93	-234.92	-343	-372	-234
Change in Inventory	-35.91	-6.67	-	-	-
Change in Accounts Payable	-88.56	-8.19	29	-2	1
Change in Income Taxes	-272.44	-195.8	-194	-224	-162
Change in Other Net Operating Assets	38.28	-20.23	25	178	154
Operating Cash Flow	786.12	752.53	424	404	373
Operating Cash Flow Growth	4.46%	77.48%	4.95%	8.31%	76.27%
Capital Expenditures	-255.24	-199.57	-146	-104	-71
Sale of Property, Plant & Equipment	25.26	16.52	14	9	18
Cash Acquisitions	-105.01	-1,329	-197	-294	-280
Sale (Purchase) of Intangibles	-6.58	-16.44	-1	-2	-
Investment in Securities	1,558	-291.58	536	-826	-991
Other Investing Activities	7.28	-4.89	6	-4	-9
Investing Cash Flow	1,224	-1,825	212	-1,221	-1,333
Long-Term Debt Issued	3,550	3,732	-	1,500	904
Long-Term Debt Repaid	-2,584	-1,913	-325	-333	-431
Net Debt Issued (Repaid)	965.78	1,818	-325	1,167	473
Issuance of Common Stock	32.78	48.64	31	33	1,133
Common Dividends Paid	-228.2	-228.41	-176	-1	-539
Other Financing Activities	-356.09	-88.14	-65	-145	-186
Financing Cash Flow	414.27	1,551	-535	1,054	881
Miscellaneous Cash Flow Adjustments	0	-	-	-	-
Net Cash Flow	2,424	478.54	101	237	-79
Free Cash Flow	530.88	552.96	278	300	302
Free Cash Flow Growth	-3.99%	98.91%	-7.33%	-0.66%	95.47%
Free Cash Flow Margin	3.07%	3.74%	2.61%	3.25%	4.57%
Free Cash Flow Per Share	0.78	0.74	0.37	0.41	0.42
Cash Interest Paid	658.75	538.62	421	222	71
Cash Income Tax Paid	86.37	76.25	162	122	63
Levered Free Cash Flow	223.87	46.96	57.28	192.97	-326.8
Unlevered Free Cash Flow	781.75	409.43	385.84	371.91	-268.81
Change in Working Capital	-675.56	-465.81	-483	-420	-241

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