BVMF:MEAL3 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	-148.97	-76.28	-82	72.67	-80.45
Depreciation & Amortization	187.55	203.24	221.13	211.71	154.94
Other Amortization	12.7	12.02	6.94	4.09	4.51
Asset Writedown & Restructuring Costs	24.88	-26.01	-14.65	14.74	88.57
Loss (Gain) on Equity Investments	1.09	-30.25	-6	-10.39	-12.45
Stock-Based Compensation	3.44	4.15	-0.08	4.09	2.79
Provision & Write-off of Bad Debts	0.94	-5.54	3.07	6.24	-1.6
Other Operating Activities	1.08	-34.1	-44.71	39.46	51.37
Change in Accounts Receivable	4.99	5.58	5.3	-23.48	-56.57
Change in Inventory	-2.22	-1.36	-1.02	-6.96	-7.92
Change in Accounts Payable	-57.94	-68.43	-8.13	-52.09	-27.58
Change in Income Taxes	62.71	74.97	66.04	33.13	0.66
Change in Other Net Operating Assets	-33.94	-8.01	6.04	-241.25	-33.86
Operating Cash Flow	69.68	66.63	105.63	-73.04	125.3
Operating Cash Flow Growth	4.58%	-36.92%	-	-	-
Capital Expenditures	-67.64	-79.01	-130.22	-107.83	-182.47
Sale of Property, Plant & Equipment	-	52.46	-	-	-
Divestitures	199.73	-	-	-	-
Investment in Securities	-	4.95	114.94	-	-
Other Investing Activities	-20.92	20.02	101.29	173.88	-10.13
Investing Cash Flow	111.16	-1.58	86.01	66.06	-192.6
Long-Term Debt Issued	84.23	110	502.4	256.42	-
Long-Term Debt Repaid	-302.9	-175.05	-733.12	-340.18	-24.06
Net Debt Issued (Repaid)	-218.68	-65.05	-230.72	-83.76	-24.06
Common Dividends Paid	-	-	-	-	-2.72
Other Financing Activities	-6.8	-16.07	-6.88	-75.84	-5.95
Financing Cash Flow	-225.47	-81.12	-237.61	-159.61	-32.73
Foreign Exchange Rate Adjustments	-1.98	4.71	-10.14	-9.44	23.73
Miscellaneous Cash Flow Adjustments	-	-	-	-0	-
Net Cash Flow	-46.61	-11.36	-56.1	-176.03	-76.3
Free Cash Flow	2.04	-12.38	-24.58	-180.86	-57.17
Free Cash Flow Margin	0.12%	-0.68%	-1.10%	-8.65%	-3.28%
Free Cash Flow Per Share	0.01	-0.04	-0.09	-0.63	-0.20
Cash Interest Paid	114.91	109.43	133.28	113.53	8.88
Cash Income Tax Paid	0.52	0.13	2.98	3.64	-5.67
Levered Free Cash Flow	-162.22	69.14	78.82	2.52	-41.67
Unlevered Free Cash Flow	-82.32	139.48	169.03	76.87	9.03
Change in Working Capital	-26.4	2.75	68.23	-290.66	-125.28

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