Minupar Participações Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	520.77	12.03	11.89	6.53	33.77	16.55	Upgrade
Depreciation & Amortization	10.02	8.36	10.58	7.02	6.41	6.41	Upgrade
Other Amortization	0.06	0.09	0.06	-	-	-	Upgrade
Asset Writedown & Restructuring Costs	-4.72	4.6	11.4	10.01	0.54	-0.15	Upgrade
Provision & Write-off of Bad Debts	0.11	0.1	0.76	0.1	2.57	-0.43	Upgrade
Other Operating Activities	-120.95	31.26	24.38	46.6	24.58	12.69	Upgrade
Change in Accounts Receivable	-6.3	-4.5	-3.35	-17.45	-12.23	-38.41	Upgrade
Change in Inventory	-5.3	-5.76	-6.52	-4.96	-2.18	-3.01	Upgrade
Change in Accounts Payable	-1.04	0.17	3.6	1.59	2.15	3.57	Upgrade
Change in Income Taxes	-330.08	-8.12	-13.97	-10.41	-24	-4.1	Upgrade
Change in Other Net Operating Assets	79.81	-5.12	-24.04	-9.9	-27.13	13.94	Upgrade
Operating Cash Flow	142.86	33.11	14.82	29.14	4.53	7.09	Upgrade
Operating Cash Flow Growth	294.52%	123.43%	-49.14%	543.93%	-36.16%	-12.54%	Upgrade
Capital Expenditures	-25.72	-34.4	-19.4	-10.48	-4.13	-7.59	Upgrade
Sale (Purchase) of Intangibles	-0.13	-0.37	-0.05	-0.03	-0.1	-0.05	Upgrade
Investing Cash Flow	-25.85	-34.77	-19.45	-10.51	-4.23	-7.64	Upgrade
Long-Term Debt Issued	-	2.16	0.08	-	-	-	Upgrade
Long-Term Debt Repaid	-	-0.41	-0.35	-0.22	-0.13	-0.09	Upgrade
Net Debt Issued (Repaid)	2.05	1.75	-0.26	-0.22	-0.13	-0.09	Upgrade
Other Financing Activities	-0	-0	-5.37	-8.71	0.55	0.5	Upgrade
Financing Cash Flow	2.04	1.75	-5.63	-8.93	0.43	0.41	Upgrade
Net Cash Flow	119.06	0.09	-10.26	9.69	0.72	-0.15	Upgrade
Free Cash Flow	117.15	-1.29	-4.58	18.66	0.39	-0.5	Upgrade
Free Cash Flow Growth	6437.16%	-	-	4635.53%	-	-	Upgrade
Free Cash Flow Margin	27.38%	-0.36%	-1.24%	5.10%	0.12%	-0.19%	Upgrade
Free Cash Flow Per Share	5.08	-0.02	-0.06	0.26	0.01	-0.01	Upgrade
Levered Free Cash Flow	-424.42	17.14	19.96	89.79	17.12	-5.83	Upgrade
Unlevered Free Cash Flow	-403.46	36.5	39.88	89.79	17.12	11.13	Upgrade
Change in Working Capital	-262.91	-23.34	-44.27	-41.14	-63.38	-28.01	Upgrade

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