Panatlântica 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
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
Net Income	44.36	84.66	13.42	55.69	293.35	182.49
Depreciation & Amortization	16.74	14.64	13.18	11.24	10.07	9.78
Asset Writedown & Restructuring Costs	2.28	1.28	3.31	2.9	2.69	1.34
Loss (Gain) From Sale of Investments	15.11	15.11	-	-	-	-
Other Operating Activities	60.87	50.33	68.48	62.8	37.36	56.41
Change in Accounts Receivable	57.71	-19.67	-22.59	77.67	-30.44	-132.11
Change in Inventory	-33.44	-47.95	138.95	112.53	-305.55	69.83
Change in Accounts Payable	1.12	57.7	-21.02	-13.48	-0.32	3.01
Change in Income Taxes	48.7	30.73	74.49	-52.03	-115.98	-57.87
Change in Other Net Operating Assets	18.7	23.17	2.95	72.03	30.45	5.63
Operating Cash Flow	232.15	209.99	271.15	329.35	-78.37	138.51
Operating Cash Flow Growth	49.36%	-22.56%	-17.67%	-	-	9.59%
Capital Expenditures	-35.24	-42.74	-41.4	-67.98	-20.98	-13.42
Cash Acquisitions	-	-	-	-	-	-40
Sale (Purchase) of Intangibles	-1.14	-1.05	-1.25	-1.3	-1.11	-0.97
Investment in Securities	-	-	0.28	-	-	-
Investing Cash Flow	-36.38	-43.79	-42.37	-69.28	-22.09	-54.39
Long-Term Debt Issued	-	255.53	44.43	176.63	549.31	221.02
Long-Term Debt Repaid	-	-179.28	-370.03	-265.5	-199.91	-167.56
Net Debt Issued (Repaid)	-129.31	76.25	-325.59	-88.87	349.39	53.46
Common Dividends Paid	-152.89	-156.08	-13.23	-69.67	-43.34	-4.23
Other Financing Activities	-69.58	-59.75	-55.01	-107.04	-31.94	-19.39
Financing Cash Flow	-351.78	-139.58	-393.83	-265.58	274.11	29.84
Net Cash Flow	-156	26.62	-165.05	-5.51	173.65	113.95
Free Cash Flow	196.92	167.25	229.75	261.37	-99.35	125.08
Free Cash Flow Growth	69.20%	-27.20%	-12.10%	-	-	13.03%
Free Cash Flow Margin	9.59%	7.93%	12.23%	11.21%	-3.72%	8.71%
Free Cash Flow Per Share	8.23	6.99	9.60	10.92	-4.15	5.23
Cash Interest Paid	69.58	59.75	55.01	107.04	31.94	19.39
Levered Free Cash Flow	101.61	61.1	168.69	66.36	-238.76	13.25
Unlevered Free Cash Flow	146.35	100.8	228.23	146.28	-208.01	30.13
Change in Working Capital	92.79	43.97	172.77	196.72	-421.84	-111.51

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.