JSL S.A. 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	81.7	207.31	351.78	194.18	270.78
Depreciation & Amortization	800.35	592.8	433.36	290.02	226.26
Other Amortization	17.03	16.24	13.23	11.48	7.88
Asset Writedown & Restructuring Costs	-	-	-	9.5	-
Stock-Based Compensation	0.14	-	-	-	0.27
Other Operating Activities	573.26	-920.85	-1,945	-177.41	-851.88
Change in Accounts Receivable	-370.39	-225.76	-285.91	103.07	-247.2
Change in Inventory	15.19	-35.34	-2.52	-5.53	-9.16
Change in Accounts Payable	8.07	-39.37	-35.49	88.67	0.29
Change in Other Net Operating Assets	84.85	108.96	255.84	197.08	338.4
Operating Cash Flow	1,210	-296.01	-1,215	711.05	-264.37
Capital Expenditures	-143.19	-107.87	-87.91	-89.09	-185.83
Cash Acquisitions	-	-	-62.16	1.48	-229.26
Divestitures	-0.89	-	-	-	-
Other Investing Activities	-	-	-	-	-0
Investing Cash Flow	-144.08	-107.87	-150.08	-87.61	-415.09
Short-Term Debt Issued	-	2.52	-	-	-
Long-Term Debt Issued	764.9	2,453	2,781	124.5	1,543
Total Debt Issued	764.9	2,456	2,781	124.5	1,543
Short-Term Debt Repaid	-2.2	-	-	-	-
Long-Term Debt Repaid	-1,829	-2,086	-941.17	-167.75	-628.12
Total Debt Repaid	-1,831	-2,086	-941.17	-167.75	-628.12
Net Debt Issued (Repaid)	-1,066	369.85	1,840	-43.25	914.84
Repurchase of Common Stock	-0.51	-0.32	-0.05	-1.5	-
Common Dividends Paid	-106.55	-	-134.78	-99.87	-32.86
Other Financing Activities	-94.63	-152.35	-93.44	-148.58	-114.15
Financing Cash Flow	-1,267	217.18	1,612	-293.2	767.83
Foreign Exchange Rate Adjustments	-0.03	18.65	-11.05	-7.56	-
Miscellaneous Cash Flow Adjustments	-	-	-100.7	-	-
Net Cash Flow	-201.4	-168.05	135.24	322.67	88.38
Free Cash Flow	1,067	-403.88	-1,302	621.96	-450.2
Free Cash Flow Margin	11.07%	-4.46%	-17.20%	10.33%	-10.48%
Free Cash Flow Per Share	3.75	-1.42	-4.58	2.92	-2.11
Cash Interest Paid	842.83	808.85	569.94	450.3	161.7
Cash Income Tax Paid	2.3	11.21	20.77	24.63	27.32
Levered Free Cash Flow	923.1	65.06	-204.35	784.9	125.57
Unlevered Free Cash Flow	1,647	754.56	311.39	1,168	364.73
Change in Working Capital	-262.27	-191.51	-68.09	383.28	82.32

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