BVMF:HAPV3 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	-142.17	-649.3	-615.15	-1,720	497.8
Depreciation & Amortization	1,562	1,576	1,529	1,661	895.09
Other Amortization	-	140.66	95.69	65.21	211.15
Asset Writedown & Restructuring Costs	74.81	5.6	276.09	35.61	4.59
Loss (Gain) From Sale of Investments	26.21	0.2	-1.26	-0.25	-
Stock-Based Compensation	22.85	102.72	-15.98	-	-
Provision & Write-off of Bad Debts	31.13	12.34	39.64	37.1	211.3
Other Operating Activities	1,716	1,805	1,118	17.51	-282.97
Change in Accounts Receivable	60.71	55.15	988.03	1,469	-213.9
Change in Inventory	3.63	-47.82	-33.92	43.46	-50.24
Change in Accounts Payable	136.31	25.32	-157.73	-172.02	-44.53
Change in Unearned Revenue	719	-341.42	-591.56	1,161	-
Change in Income Taxes	-991.21	-691.46	-438.18	-532.45	-199.22
Change in Other Net Operating Assets	-1,122	727.6	137.37	-1,094	-777.56
Operating Cash Flow	2,063	2,711	2,318	971.91	251.5
Operating Cash Flow Growth	-23.90%	16.97%	138.50%	286.44%	-81.03%
Capital Expenditures	-742.89	-513.48	-168.27	-523.72	-587.8
Sale (Purchase) of Intangibles	-297.52	-292.84	-243.82	-212.27	-120.28
Investment in Securities	2,512	-1,390	-1,686	2,845	-3,681
Other Investing Activities	-16.25	-28.93	1,221	-9.18	11.26
Investing Cash Flow	1,456	-2,225	-877.63	2,100	-4,378
Long-Term Debt Issued	5,210	3,260	2,010	3,321	3,502
Long-Term Debt Repaid	-5,780	-2,572	-2,734	-2,780	-312.48
Net Debt Issued (Repaid)	-569.47	688.13	-724.48	541.45	3,189
Issuance of Common Stock	0.13	-	1,059	1.09	2,025
Repurchase of Common Stock	-386.37	-220.81	-24.19	-127.95	-299.82
Common Dividends Paid	-	-	-	-1,017	-284.59
Other Financing Activities	-2,285	-1,787	-1,589	-1,549	-299.32
Financing Cash Flow	-3,240	-1,319	-1,278	-2,151	4,330
Net Cash Flow	278.69	-833.39	162.23	920.66	204.05
Free Cash Flow	1,320	2,198	2,150	448.19	-336.29
Free Cash Flow Growth	-39.92%	2.24%	379.64%	-	-
Free Cash Flow Margin	4.18%	7.60%	7.69%	1.88%	-3.40%
Free Cash Flow Per Share	2.61	4.31	4.30	0.98	-1.32
Cash Interest Paid	-	1,369	1,404	1,360	64.63
Cash Income Tax Paid	-	250.61	214.64	72.03	382
Levered Free Cash Flow	-524.24	-29.36	562.6	1,531	-1,181
Unlevered Free Cash Flow	1,613	1,258	1,994	2,712	-955.19
Change in Working Capital	-1,193	-272.62	-96	875.63	-1,285

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