IRB-Brasil Resseguros 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	390.95	805.74	-123.85	-420.74	-682.7
Depreciation & Amortization	10.51	11.47	5.49	49.52	8.38
Other Amortization	74.56	84.41	52.32	-	36
Gain (Loss) on Sale of Assets	0.15	0.47	0.05	-81.32	1.42
Gain (Loss) on Sale of Investments	-	-	-0.02	15.94	-0.16
Change in Accounts Receivable	-57.85	110.23	-	-	-
Reinsurance Recoverable	134.93	-47.38	226.09	567.2	2,398
Change in Accounts Payable	10.99	0.65	-	-	-
Change in Income Taxes	178	36.89	-18.84	-87.94	-1,024
Change in Deferred Taxes	67.21	251.95	-	-	-
Change in Insurance Reserves / Liabilities	-	-	-	-	-631.8
Change in Other Net Operating Assets	155.54	54.63	566.15	-697.44	-863.44
Other Operating Activities	-302.2	-294.64	-39.32	-136.36	1,148
Operating Cash Flow	250.92	149.31	490.81	-1,235	-129.86
Operating Cash Flow Growth	68.05%	-69.58%	-	-	-
Capital Expenditures	-8.95	-25.68	-23.32	-	-5.17
Sale of Property, Plant & Equipment	-	-	-	79.22	-
Purchase / Sale of Intangible Assets	-31.55	-64.68	-65.04	-60.94	-55.25
Investment in Securities	-	-	-	-	222.49
Investing Cash Flow	-40.5	-90.36	-88.36	75.53	162.07
Long-Term Debt Issued	-	-	100	-	-
Total Debt Repaid	-205.84	-92.82	-466.32	-	-0.93
Net Debt Issued (Repaid)	-205.84	-92.82	-366.32	-	-0.93
Issuance of Common Stock	-	-	-	1,200	-
Common Dividends Paid	-	-	-	-0.01	-24.82
Other Financing Activities	-1.78	-	-7.81	-41.76	-1.1
Financing Cash Flow	-207.63	-92.82	-374.13	1,158	-26.84
Foreign Exchange Rate Adjustments	-10.43	32.4	-25.77	-19.46	18.85
Net Cash Flow	-7.63	-1.47	2.54	-20.98	24.21
Free Cash Flow	241.97	123.63	467.49	-1,235	-135.04
Free Cash Flow Growth	95.72%	-73.55%	-	-	-
Free Cash Flow Margin	4.61%	1.91%	8.00%	-15.91%	-1.14%
Free Cash Flow Per Share	2.96	1.51	5.71	-29.54	-3.23
Cash Interest Paid	98.36	35.85	112.42	93.72	54.02
Cash Income Tax Paid	175.46	96.13	33.54	12.13	10.68
Levered Free Cash Flow	-1,365	-918.58	1,044	-4,172	1,963
Unlevered Free Cash Flow	-1,365	-857.66	1,044	-4,016	2,002
Change in Working Capital	100.75	-449.02	585.84	-662.33	-636.35

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