BVMF:PNVL3 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	112.83	105.51	92.91	86.35	79.43	56.15
Depreciation & Amortization	187.16	188.5	200.15	184.57	157.77	117.78
Other Amortization	38.52	20.25	-	-	-	-
Asset Writedown & Restructuring Costs	4.59	8.01	6.41	2.18	3.47	2.54
Provision & Write-off of Bad Debts	-0.19	1.37	0.11	1.11	0.38	-0.23
Other Operating Activities	114.57	104.98	65.43	35.51	-1.45	36.49
Change in Accounts Receivable	-77.59	5.94	-52.95	-76.14	-38.89	-8.74
Change in Inventory	26.73	-151.19	-103.01	-157.64	-164.46	-145.8
Change in Accounts Payable	0.61	-48.94	124.31	89.04	90.45	68.61
Change in Income Taxes	-5.79	15.02	18.97	15.76	9.75	-13.84
Change in Other Net Operating Assets	21.68	-25	-55.71	24.74	-5.28	18.04
Operating Cash Flow	423.17	224.45	296.62	205.48	131.18	130.98
Operating Cash Flow Growth	54.17%	-24.33%	44.35%	56.64%	0.15%	1.70%
Capital Expenditures	-137.29	-122.72	-114.42	-149.3	-110.05	-63.89
Sale (Purchase) of Intangibles	-38.18	-35.1	-25.02	-32.34	-25.54	-20.91
Investment in Securities	-141.37	102.13	-57.12	39.07	150.49	-305.7
Other Investing Activities	-	-	-	11.48	-	-
Investing Cash Flow	-316.84	-55.69	-196.56	-131.09	14.91	-390.5
Long-Term Debt Issued	-	281.73	425	150	-	99.3
Long-Term Debt Repaid	-	-318.39	-453.94	-203.17	-175.3	-203.2
Net Debt Issued (Repaid)	15.58	-36.66	-28.94	-53.17	-175.3	-103.9
Issuance of Common Stock	1.91	1.93	2.08	1.45	0.68	459.1
Repurchase of Common Stock	-6.71	-4.93	-0.72	-1.61	-20.41	-18.77
Common Dividends Paid	-26.2	-33.17	-28.72	-24.75	-20.44	-18.24
Other Financing Activities	-54.71	-43.89	-41.53	-25.04	-6.29	-
Financing Cash Flow	-70.12	-116.71	-97.83	-103.12	-221.76	318.19
Net Cash Flow	36.22	52.04	2.24	-28.72	-75.67	58.67
Free Cash Flow	285.88	101.73	182.2	56.18	21.13	67.1
Free Cash Flow Growth	81.45%	-44.17%	224.31%	165.85%	-68.50%	-24.84%
Free Cash Flow Margin	5.40%	2.06%	4.08%	1.41%	0.66%	2.38%
Free Cash Flow Per Share	1.92	0.68	1.22	0.38	0.14	0.44
Cash Interest Paid	54.71	43.89	41.53	25.04	6.29	-
Cash Income Tax Paid	13.84	10.31	3.56	4.66	4.7	8.21
Levered Free Cash Flow	100.71	-64.78	39.68	-54.03	-69.32	2.23
Unlevered Free Cash Flow	176.99	0.2	103.79	-10.27	-46.12	24.3
Change in Working Capital	-34.35	-204.17	-68.39	-104.24	-108.43	-81.75

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