BVMF:ORVR3 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	60.14	60.9	40.12	-149.01	-62.03
Depreciation & Amortization	156.15	131.12	165.66	135.35	53.4
Other Amortization	23.62	-	-	0.92	20.06
Loss (Gain) From Sale of Assets	-	-	-135	-5.5	-
Asset Writedown & Restructuring Costs	24.13	26.74	78.45	-14.41	4.47
Loss (Gain) on Equity Investments	-6.82	-14.69	-11.06	-7.72	-0.72
Stock-Based Compensation	-	-	-	11.83	41.79
Provision & Write-off of Bad Debts	-21.49	9.78	-7.03	5.17	4.12
Other Operating Activities	52.31	15.3	-57.77	49.4	-57.66
Change in Accounts Receivable	-48.63	-12.58	43.33	-54.75	-59.2
Change in Accounts Payable	21.93	11.93	-16.21	-2.9	-26.31
Change in Unearned Revenue	3.46	-2.32	3.14	-0.97	5.23
Change in Income Taxes	-4.08	-7.89	13.62	56.47	16.49
Change in Other Net Operating Assets	-17.85	-34.33	-81.78	-11.23	-32.81
Operating Cash Flow	242.88	183.96	35.48	12.67	-93.17
Operating Cash Flow Growth	32.03%	418.49%	180.07%	-	-
Capital Expenditures	-630.98	-556.07	-255.33	-197.35	-122.84
Cash Acquisitions	-30.18	-171.68	-11.85	-406.98	-
Divestitures	-	-	135	-	-
Investment in Securities	82.15	-105.22	67.92	354.09	-393.4
Other Investing Activities	-	0.58	-11.77	-	-
Investing Cash Flow	-579.01	-832.39	-76.04	-250.24	-516.23
Long-Term Debt Issued	950.75	1,196	130	460	515
Long-Term Debt Repaid	-839.39	-521.43	-69.7	-47.18	-249.07
Net Debt Issued (Repaid)	111.36	674.57	60.3	412.82	265.93
Issuance of Common Stock	603.8	-	87.49	-	359.98
Other Financing Activities	-21.19	21.13	13.32	-9.29	-19.63
Financing Cash Flow	693.98	695.7	161.11	403.53	606.28
Net Cash Flow	357.85	47.27	120.55	165.96	-3.13
Free Cash Flow	-388.09	-372.11	-219.86	-184.68	-216.01
Free Cash Flow Margin	-36.95%	-41.19%	-28.32%	-29.49%	-49.60%
Free Cash Flow Per Share	-4.04	-4.49	-2.63	-2.58	-3.03
Cash Interest Paid	211.97	158.25	137.36	77.8	98.46
Cash Income Tax Paid	27.56	25.28	32.9	21.21	8.27
Levered Free Cash Flow	-450.55	-369.94	5.54	-48.45	-8.07
Unlevered Free Cash Flow	-293.39	-250.73	5.54	-49.36	-28.12
Change in Working Capital	-45.17	-45.19	-37.9	-13.37	-96.59

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