BVMF:LAND3 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	4.75	7.33	35.21	137.17	38.02
Depreciation & Amortization	3.24	3.4	3.93	5.8	5.44
Gain (Loss) on Sale of Assets	0.42	-1.77	-	3.33	2.03
Gain (Loss) on Sale of Investments	-4.32	-4.64	-4.11	-2.74	-0.77
Change in Accounts Receivable	-4.87	-0.3	8.58	-1.31	-27.45
Change in Other Net Operating Assets	-23.82	4.45	-1.46	-5.1	-31.86
Other Operating Activities	60.52	18.16	15.55	-84.77	36.89
Operating Cash Flow	36.02	27.47	53.72	45.57	115.31
Operating Cash Flow Growth	31.14%	-48.87%	17.86%	-60.48%	1781.06%
Acquisition of Real Estate Assets	-1.5	-0.19	-0.57	-0.54	-
Sale of Real Estate Assets	3.72	2.58	-	-	-
Net Sale / Acq. of Real Estate Assets	2.22	2.39	-0.57	-0.54	-
Investing Cash Flow	2.22	2.39	-0.57	-0.54	-74.75
Long-Term Debt Issued	20.98	35.51	121.17	26	-
Long-Term Debt Repaid	-49.44	-50.25	-44	-66.87	-49.51
Net Debt Issued (Repaid)	-28.47	-14.74	77.17	-40.87	-49.51
Repurchase of Common Stock	-	-	-	-5.15	-
Common Dividends Paid	-6.96	-8.36	-130.28	-19.71	-
Other Financing Activities	-	-	-	-0.47	-2.03
Net Cash Flow	2.81	6.75	0.03	-21.16	-10.98
Cash Interest Paid	12.98	9.09	9.41	7.84	9.23
Cash Income Tax Paid	10.74	7.58	12.25	8.03	-
Levered Free Cash Flow	-17.65	9	-2.36	99.48	5.04
Unlevered Free Cash Flow	-10.5	17.22	5.72	107.04	12.47
Change in Working Capital	-28.96	4.41	-1.51	-13.21	33.7

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