BVMF:INEP4 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	-498.82	-232.7	474.83	-353.87	1,287
Depreciation & Amortization	5.84	6.42	9.07	7.68	9.56
Other Amortization	0.06	-	-	-	-
Loss (Gain) From Sale of Assets	-	-	74.51	1.81	13.96
Loss (Gain) From Sale of Investments	4.08	2.19	-	-	-
Loss (Gain) on Equity Investments	4.98	15.95	11.61	13.22	0.99
Other Operating Activities	247.36	63.73	-693.74	158.85	-797.78
Change in Accounts Receivable	132.05	-2.19	5.94	-13.15	374.54
Change in Inventory	1.44	1.06	-3.18	1.69	-3.1
Change in Accounts Payable	-16.3	-4.85	0.46	-6.71	-20.04
Change in Unearned Revenue	-55.11	22.33	2.87	-1.66	-3.93
Change in Income Taxes	-2.79	40.38	29.13	68.39	-663.78
Change in Other Net Operating Assets	-115.2	91.52	65.87	178.09	-115.49
Operating Cash Flow	-307.02	-0.24	-25.24	67.02	107.69
Operating Cash Flow Growth	-	-	-	-37.76%	-
Capital Expenditures	-2.51	-0.2	-0.68	-0.65	-34.57
Sale of Property, Plant & Equipment	3.8	-	-	-	-
Cash Acquisitions	379.82	-	-1.79	-	-
Investment in Securities	9.9	-	-	-0.02	-
Other Investing Activities	25.06	-4.27	-34.22	-7.02	-3.12
Investing Cash Flow	416.07	-4.47	-36.68	-7.69	-37.7
Long-Term Debt Issued	0.7	3.18	97.91	29.56	53.53
Long-Term Debt Repaid	-74.7	-0.07	-46.76	-76.95	-113.44
Net Debt Issued (Repaid)	-74	3.12	51.15	-47.39	-59.91
Issuance of Common Stock	32.49	-	-	-	-
Other Financing Activities	-50.48	-	10.9	-20.41	-
Financing Cash Flow	-91.99	3.12	62.04	-67.8	-59.91
Net Cash Flow	17.06	-1.59	0.12	-8.47	10.08
Free Cash Flow	-309.52	-0.44	-25.92	66.37	73.11
Free Cash Flow Growth	-	-	-	-9.22%	-
Free Cash Flow Margin	-4759.70%	-9.97%	-399.75%	619.05%	299.83%
Free Cash Flow Per Share	-6.32	-0.01	-0.58	1.81	2.19
Cash Interest Paid	50.48	-	-	20.41	-
Levered Free Cash Flow	-604.37	91.14	-282.74	-63.51	-274.12
Unlevered Free Cash Flow	-573	121.32	-165.69	120.72	-170.92
Change in Working Capital	-55.9	148.25	101.08	226.65	-391.13

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