BVMF:LAVV3 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	414.07	342.51	231.45	114.89	177.73
Depreciation & Amortization	10.86	6.9	0.92	0.88	0.79
Loss (Gain) on Equity Investments	-98.38	-66.8	-35.71	1.32	-4.15
Provision & Write-off of Bad Debts	18.68	12.74	10.55	3.48	-1.19
Other Operating Activities	-54.77	67.01	-8.5	-30.87	29.99
Change in Accounts Receivable	-315.1	-462.14	-265.11	-50.94	-56.89
Change in Inventory	-492.37	-307.52	-71.24	-51.35	-
Change in Accounts Payable	25.4	46.5	0.16	7.32	6.6
Change in Unearned Revenue	107.34	72.08	-61.94	43.9	68.26
Change in Income Taxes	64.74	-38.53	-24.56	-20.6	-6.15
Change in Other Net Operating Assets	144.83	339.76	-27.41	61.99	-373.12
Operating Cash Flow	-174.69	12.52	-251.39	80.01	-158.14
Capital Expenditures	-18.27	-16.47	-11.12	-	-3.37
Sale of Property, Plant & Equipment	-	-	-	0.21	-
Sale (Purchase) of Real Estate	-0.87	-	-	-	-
Investment in Securities	18.16	-294.18	188.61	86.91	-444.09
Other Investing Activities	55.07	42.36	14.52	-10.6	-2.49
Investing Cash Flow	54.09	-268.29	192.01	76.52	-449.95
Short-Term Debt Issued	-	7.08	-	-	-
Long-Term Debt Issued	544.21	161.78	197.1	42.33	1.52
Total Debt Issued	544.21	168.86	197.1	42.33	1.52
Short-Term Debt Repaid	-2.22	-	-14.36	-	-
Long-Term Debt Repaid	-294.24	-169.69	-29.22	-1.3	-57.68
Total Debt Repaid	-296.46	-169.69	-43.58	-1.3	-57.68
Net Debt Issued (Repaid)	247.75	-0.83	153.52	41.04	-56.16
Issuance of Common Stock	35.84	-	71.53	9.27	-
Repurchase of Common Stock	-	-	-5.5	-46.02	-54.05
Common Dividends Paid	-461.22	-158.38	-153.07	-132.76	-155.95
Other Financing Activities	383.79	475.65	-1.52	-	-20.85
Financing Cash Flow	206.16	316.44	64.96	-128.47	-287
Net Cash Flow	85.55	60.68	5.58	28.07	-895.09
Free Cash Flow	-192.96	-3.95	-262.51	80.01	-161.51
Free Cash Flow Margin	-10.96%	-0.26%	-29.06%	14.41%	-26.51%
Free Cash Flow Per Share	-0.99	-0.02	-1.34	0.40	-0.76
Cash Interest Paid	80.85	36.44	8.41	0.14	2.27
Cash Income Tax Paid	70.68	6.26	6.74	6.83	16.97
Levered Free Cash Flow	-514.79	-139.43	-160.07	-399.57	-25.02
Unlevered Free Cash Flow	-475.41	-125.74	-159.75	-397.48	-24.84
Change in Working Capital	-465.16	-349.85	-450.1	-9.68	-361.3

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