BVMF:HBRE3 Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	29.98	27.5	47.65	131.82	63.04	156.16
Depreciation & Amortization	7.05	7.04	4.54	1.98	0.92	0.62
Gain (Loss) on Sale of Investments	-	-	-	0.69	0.18	231.72
Asset Writedown	49.77	48.18	-184.44	-388.18	-159.13	-158.4
Stock-Based Compensation	0.09	0.2	-0.81	0.73	0.97	1.77
Income (Loss) on Equity Investments	0.57	6.96	1.15	18.51	19.28	5.11
Change in Accounts Receivable	-3.12	-280.82	4.59	-37.65	3.3	-11.4
Change in Accounts Payable	-0.59	4.17	-5.23	4.81	1.93	2.45
Change in Other Net Operating Assets	106.9	33.42	-233.95	-216.38	-61.36	-226.89
Other Operating Activities	274.42	265.29	272.3	380.2	228.39	169.95
Operating Cash Flow	462.45	108.93	-79.58	-107.84	89.77	173.87
Operating Cash Flow Growth	-	-	-	-	-48.37%	51.55%
Acquisition of Real Estate Assets	-136.77	-110.94	-108.05	-9.81	-611.69	-652.71
Sale of Real Estate Assets	106.56	106.56	-	54.82	342.86	50.19
Net Sale / Acq. of Real Estate Assets	-30.21	-4.38	-108.05	45.01	-268.83	-602.52
Investment in Marketable & Equity Securities	-93.76	-23.32	-34.78	74.59	154.22	-544.99
Other Investing Activities	10.74	7.75	11.48	-5.35	-23.48	1.16
Investing Cash Flow	-113.22	-19.95	-131.35	114.25	-138.09	-1,146
Long-Term Debt Issued	-	316.35	336.72	132.85	144.27	237.43
Long-Term Debt Repaid	-	-177.15	-90.14	-98.58	-69.87	-163.75
Net Debt Issued (Repaid)	-15.21	139.2	246.58	34.27	74.4	73.68
Issuance of Common Stock	-	-	-	-	-	729.62
Common & Preferred Dividends Paid	-1.6	-1.6	-0.64	-	-	-
Total Dividends Paid	-1.6	-1.6	-0.64	-	-	-
Other Financing Activities	-333.73	-234.24	-28.65	-63.11	-33.41	120.78
Net Cash Flow	-1.3	-7.66	6.36	-22.43	-7.34	-48.41
Cash Interest Paid	196.88	170.07	114.73	89.79	62.78	-
Cash Income Tax Paid	12.25	10.84	9.48	9.21	29.48	2.16
Levered Free Cash Flow	386.73	-167.46	-167.9	-271.35	39.78	-132.5
Unlevered Free Cash Flow	514.94	-45.24	-78.03	-194.67	115.87	-55.35
Change in Working Capital	99.6	-247.18	-221.95	-254.86	-61.18	-234.89

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