BVMF:MILS3 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	300.85	284.89	277.93	216.51	102.49
Depreciation & Amortization	261.86	224.88	212.77	167.61	144.84
Other Amortization	14	8.61	7.7	-	-
Loss (Gain) From Sale of Assets	23.19	21.26	-	-	7.96
Asset Writedown & Restructuring Costs	-	-1.09	13.4	9.18	-0.1
Stock-Based Compensation	22.5	15.56	16.21	12.09	4.59
Provision & Write-off of Bad Debts	33.14	25.38	26.64	26.32	12.67
Other Operating Activities	161.94	74.15	14.93	-10.97	-8.01
Change in Accounts Receivable	-114.83	-90.33	-98.95	-116.58	-64.21
Change in Inventory	6.51	-27.75	0.63	-1.64	-31.01
Change in Accounts Payable	-90.11	-44.03	-104.14	183.87	11.06
Change in Income Taxes	105.05	0.83	33.92	28.56	32.32
Change in Other Net Operating Assets	-418.15	-549.81	-525.44	-370.09	-77.93
Operating Cash Flow	305.94	-57.45	-124.4	144.85	134.66
Operating Cash Flow Growth	-	-	-	7.57%	-10.37%
Capital Expenditures	-52.36	-41.88	-44.56	-61.61	-36.49
Cash Acquisitions	-2.44	-75.38	-	-60.16	15.29
Investment in Securities	70.53	-226.36	-	-39.92	-94.91
Other Investing Activities	-176.81	-	-	1.58	-
Investing Cash Flow	-161.08	-343.63	-44.56	-160.11	-116.11
Long-Term Debt Issued	549.8	1,130	100	727.38	-
Long-Term Debt Repaid	-658.64	-439	-115.99	-92.31	-85.33
Net Debt Issued (Repaid)	-108.83	691.19	-15.99	635.07	-85.33
Issuance of Common Stock	-	-	-	63.22	0.69
Repurchase of Common Stock	-11.63	-169.23	-	-42.39	-55.1
Common Dividends Paid	-	-33.91	-1.21	-12.81	-43.09
Other Financing Activities	-132.45	-91.4	-47.08	-50.42	-11.91
Financing Cash Flow	-252.91	396.65	-64.28	592.68	-194.73
Net Cash Flow	-108.05	-4.43	-233.24	577.41	-176.19
Free Cash Flow	253.58	-99.33	-168.97	83.24	98.17
Free Cash Flow Growth	-	-	-	-15.21%	-29.90%
Free Cash Flow Margin	13.80%	-6.30%	-12.26%	7.62%	13.30%
Free Cash Flow Per Share	1.05	-0.41	-0.69	0.40	0.47
Cash Interest Paid	246.77	156.16	132.08	53.71	11.94
Cash Income Tax Paid	41.58	38.96	66.57	73.63	27.52
Levered Free Cash Flow	640.76	217.75	223.33	387.34	130.13
Unlevered Free Cash Flow	827.18	332.86	315.9	387.34	150.44
Change in Working Capital	-511.53	-711.09	-693.99	-275.88	-129.78

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