Iguatemi 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	582.46	399.77	304.71	7.57	239.02
Depreciation & Amortization	114.79	179.29	174.38	159.03	155.39
Other Amortization	21.36	22.96	7.96	9.24	9.59
Gain (Loss) on Sale of Assets	-263.77	-168.1	9.05	25.92	10.51
Gain (Loss) on Sale of Investments	-	-	10.4	323.09	320.92
Stock-Based Compensation	18.22	15.8	14.41	13.56	-
Income (Loss) on Equity Investments	1.88	136.64	34.78	3.41	-2.83
Change in Accounts Receivable	-49.5	-15.14	-40.26	-67.11	-55.56
Change in Accounts Payable	13.04	-8.71	5.8	-1.5	-3.86
Change in Other Net Operating Assets	-27.22	-74.13	-53.52	-49.04	-70.85
Other Operating Activities	-202.95	-120.34	-174.4	-268.42	-488.03
Operating Cash Flow	328.86	447.11	378.1	192.74	174.44
Operating Cash Flow Growth	-26.45%	18.25%	96.17%	10.49%	26.10%
Acquisition of Real Estate Assets	-1,104	-339.92	-919.72	-175.62	-167.01
Sale of Real Estate Assets	310	113.66	-	-	-
Net Sale / Acq. of Real Estate Assets	-794.19	-226.26	-919.72	-175.62	-167.01
Cash Acquisition	-	-0.35	-	-6.25	-
Investment in Marketable & Equity Securities	264.43	-37.52	459.99	-228.5	120.12
Other Investing Activities	1.51	1.44	1.55	-0.44	-0.36
Investing Cash Flow	-528.25	-262.69	-458.19	-410.81	-47.25
Long-Term Debt Issued	700	1,000	1,167	-	565
Long-Term Debt Repaid	-233.2	-935.2	-915.72	-356.69	-671.87
Net Debt Issued (Repaid)	466.8	64.8	251.28	-356.69	-106.87
Issuance of Common Stock	-	-	-	689.7	-
Repurchase of Common Stock	-14.95	-59.91	-54.03	-11.85	-0.03
Common Dividends Paid	-199.74	-199.74	-109.86	-89.86	-9.97
Other Financing Activities	-65.75	-	-	-	-
Net Cash Flow	-13.03	-10.43	7.31	13.23	10.32
Cash Interest Paid	501.24	401.3	411.63	394.66	176.77
Cash Income Tax Paid	97.74	72.62	77.93	53.43	42.43
Levered Free Cash Flow	-899.82	206.16	-1,187	612.47	3.3
Unlevered Free Cash Flow	-557.24	451.36	-906.12	909.13	172.41
Change in Working Capital	49.96	-22.41	-14.17	-90	-99.61

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