BVMF:GSHP3 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	22.17	-815.27	93.17	-86.77	-256.47
Depreciation & Amortization	2.85	0.95	2.09	3.01	3.04
Other Amortization	-	1.19	-	-	-
Asset Writedown	81.14	153.51	22.57	16.14	-3.32
Change in Accounts Receivable	4.01	60.28	12.49	14.77	27.68
Change in Accounts Payable	1.35	-4.64	9.22	-1	-14.63
Change in Other Net Operating Assets	1	0.48	-0.07	-7.15	-20.05
Other Operating Activities	-204.31	612.82	-127.51	-16.45	224.46
Operating Cash Flow	-39.84	-8.57	-62.89	-125.89	-39.65
Acquisition of Real Estate Assets	-14.87	-73	-119.84	-98.58	-165.13
Sale of Real Estate Assets	9.25	176.51	0.08	164.08	2.69
Net Sale / Acq. of Real Estate Assets	-5.62	103.51	-119.76	65.5	-162.44
Investment in Marketable & Equity Securities	0.53	-0.05	-0.05	1.41	249.82
Other Investing Activities	15.79	1.81	-	-	-
Investing Cash Flow	10.7	105.27	-119.81	66.92	87.38
Long-Term Debt Issued	-	-	137.1	-	-
Long-Term Debt Repaid	-49.26	-44.88	-32.41	-126.03	-35.7
Net Debt Issued (Repaid)	-49.26	-44.88	104.69	-126.03	-35.7
Other Financing Activities	12.77	0.64	43.49	42.75	143.78
Net Cash Flow	-65.63	52.46	-34.52	-142.25	155.81
Cash Interest Paid	-	79.62	72.85	70.78	83.76
Levered Free Cash Flow	-2.77	38.53	-357.59	-171.9	-80.16
Unlevered Free Cash Flow	4.76	150.45	-260.98	-171.9	28.84
Change in Working Capital	60.51	37.57	-49.16	-38.39	-8.8

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