BVMF:LWSA3 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	-225.45	42.19	-73.74	28.27	-15.75
Depreciation & Amortization	66.08	63.58	63.89	63.69	56.31
Other Amortization	75.94	66.84	54.26	39.26	31.02
Loss (Gain) From Sale of Investments	415.93	-	-	-	-
Stock-Based Compensation	16	14.97	15.7	13.6	12.22
Other Operating Activities	-71.82	25.26	176.7	85.33	55.76
Change in Accounts Receivable	-109.58	-3.99	-37.38	-168.8	-124.33
Change in Accounts Payable	2.4	-1.32	-8.45	7.23	4.04
Change in Unearned Revenue	21.88	2.5	10.54	23.18	11.39
Change in Income Taxes	27.62	-10.87	15.68	-6.46	-18.92
Change in Other Net Operating Assets	128.65	-53.16	54.89	127.62	140.02
Operating Cash Flow	347.65	146	272.1	212.92	151.77
Operating Cash Flow Growth	138.12%	-46.34%	27.80%	40.29%	122.44%
Capital Expenditures	-31.02	-29.05	-25.66	-42.36	-42.27
Sale of Property, Plant & Equipment	-	-	0.2	-	-
Cash Acquisitions	-	0.04	-	-28.06	-1,053
Sale (Purchase) of Intangibles	-91.84	-83.9	-75.26	-58.24	-42.14
Investment in Securities	18.1	-1.18	-4.95	-13.38	-
Other Investing Activities	-227.86	-560.84	-367.21	-174.67	-3.88
Investing Cash Flow	-332.62	-674.92	-472.87	-316.72	-1,141
Long-Term Debt Repaid	-25.47	-20.11	-18.56	-37.03	-65.59
Net Debt Issued (Repaid)	-25.47	-20.11	-18.56	-37.03	-65.59
Issuance of Common Stock	11.66	1.26	5.94	7.46	2,285
Repurchase of Common Stock	-48.07	-153.06	-15.77	-1.71	-45.76
Common Dividends Paid	-28.6	-40	-30.82	-	-
Other Financing Activities	-	-0.01	-0.04	-1.08	-4.35
Financing Cash Flow	-90.48	-211.93	-59.24	-32.37	2,169
Net Cash Flow	-75.45	-740.85	-260.01	-136.17	1,180
Free Cash Flow	316.63	116.95	246.44	170.56	109.5
Free Cash Flow Growth	170.75%	-52.54%	44.49%	55.77%	197.26%
Free Cash Flow Margin	21.27%	8.54%	19.06%	15.02%	13.68%
Free Cash Flow Per Share	0.57	0.20	0.42	0.29	0.18
Cash Interest Paid	-	0.01	0.04	8.51	17.85
Cash Income Tax Paid	16.76	74.31	70.98	47.54	29.01
Levered Free Cash Flow	-332.73	-419.99	395.76	317.53	137.06
Unlevered Free Cash Flow	-272.79	-328.55	399.48	321.68	142.11
Change in Working Capital	70.96	-66.83	35.29	-17.23	12.2

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