Light Balance Sheet

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Equivalents	154.75	110.77	185.8	292.07	43.89	396.78
Short-Term Investments	1,262	1,636	2,904	1,805	2,040	3,208
Accounts Receivable	1,739	1,712	1,744	1,337	1,040	2,442
Other Receivables	1,202	1,074	1,690	1,584	1,178	862.56
Inventory	98.94	91.74	80.16	56.86	75.63	65.66
Prepaid Expenses	-	20.75	25.89	28.46	-	28.84
Other Current Assets	553.89	667.31	305.31	218.81	395.84	2,293
Total Current Assets	5,011	5,313	6,934	5,334	4,773	9,324
Property, Plant & Equipment	2,414	2,459	2,286	2,225	2,233	1,870
Regulatory Assets	-	-	-	-	41.54	308.39
Other Intangible Assets	12,085	11,895	11,202	10,797	10,165	9,656
Long-Term Investments	196.71	203.44	228.58	3.99	43.62	357.76
Long-Term Deferred Tax Assets	3,104	247.23	555.01	535.51	859.46	895.72
Long-Term Accounts Receivable	1,795	1,821	1,513	1,818	2,081	1,779
Other Long-Term Assets	3,677	3,796	2,625	3,003	3,909	4,088
Total Assets	28,283	25,733	25,344	23,717	24,106	28,278
Accounts Payable	2,489	2,405	1,952	1,402	1,235	1,930
Accrued Expenses	1,034	1,135	797.82	813.65	630.55	1,049
Current Portion of Long-Term Debt	1,222	1,205	724.99	11,338	1,005	1,934
Current Unearned Revenue	-	-	-	-	-	169.22
Current Portion of Leases	85.24	78.42	42.84	28.9	24.07	25.11
Current Income Taxes Payable	20.99	0.65	4.79	222.8	95.15	94.37
Other Current Liabilities	2,266	1,672	1,512	1,699	2,654	1,487
Total Current Liabilities	7,120	6,506	5,034	15,504	5,644	6,689
Long-Term Debt	8,530	8,491	8,802	-	10,124	9,215
Long-Term Leases	293.48	297.39	232.87	199.95	215.8	38.16
Pension & Post-Retirement Benefits	189.76	181.93	168.67	283.55	277.2	-
Long-Term Deferred Tax Liabilities	288.19	318.48	291.01	119	190.06	275.26
Other Long-Term Liabilities	3,539	4,490	5,597	4,514	4,810	3,328
Total Liabilities	19,960	20,285	20,125	20,621	21,261	19,545
Common Stock	5,392	5,392	5,392	5,392	5,392	5,392
Retained Earnings	2,458	-366.72	-593.68	-2,253	-2,523	3,135
Comprehensive Income & Other	472.78	423.22	419.94	-43.72	-24.93	206.05
Shareholders' Equity	8,323	5,449	5,218	3,096	2,845	8,733
Total Liabilities & Equity	28,283	25,733	25,344	23,717	24,106	28,278
Total Debt	10,130	10,072	9,803	11,567	11,369	11,212
Net Cash (Debt)	-8,714	-8,325	-6,713	-9,470	-9,286	-7,607
Net Cash Per Share	-6.26	-5.98	-4.83	-25.82	-25.31	-20.74
Filing Date Shares Outstanding	372.56	372.56	372.56	372.56	372.56	372.56
Total Common Shares Outstanding	372.56	372.56	372.56	372.56	372.56	372.56
Working Capital	-2,109	-1,193	1,900	-10,171	-871.57	2,635
Book Value Per Share	22.34	14.63	14.01	8.31	7.64	23.44
Tangible Book Value	-3,762	-6,446	-5,984	-7,702	-7,320	-922.44
Tangible Book Value Per Share	-10.10	-17.30	-16.06	-20.67	-19.65	-2.48
Machinery	3,409	3,433	-	-	-	-
Construction In Progress	580.65	602.38	449.89	399.31	650	-