BVMF:PNVL3 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	124.61	105.51	92.91	86.35	79.43
Depreciation & Amortization	232.54	188.5	200.15	184.57	157.77
Other Amortization	-	20.25	-	-	-
Asset Writedown & Restructuring Costs	3.34	8.01	6.41	2.18	3.47
Provision & Write-off of Bad Debts	-3.02	1.37	0.11	1.11	0.38
Other Operating Activities	116.05	104.98	65.43	35.51	-1.45
Change in Accounts Receivable	-126.46	5.94	-52.95	-76.14	-38.89
Change in Inventory	-15.27	-151.19	-103.01	-157.64	-164.46
Change in Accounts Payable	94.48	-48.94	124.31	89.04	90.45
Change in Income Taxes	9.24	15.02	18.97	15.76	9.75
Change in Other Net Operating Assets	37.59	-25	-55.71	24.74	-5.28
Operating Cash Flow	473.1	224.45	296.62	205.48	131.18
Operating Cash Flow Growth	110.78%	-24.33%	44.35%	56.64%	0.15%
Capital Expenditures	-122.15	-122.72	-114.42	-149.3	-110.05
Sale (Purchase) of Intangibles	-37.94	-35.1	-25.02	-32.34	-25.54
Investment in Securities	-223.26	102.13	-57.12	39.07	150.49
Other Investing Activities	-	-	-	11.48	-
Investing Cash Flow	-383.35	-55.69	-196.56	-131.09	14.91
Long-Term Debt Issued	281.28	281.73	425	150	-
Long-Term Debt Repaid	-323.16	-318.39	-453.94	-203.17	-175.3
Net Debt Issued (Repaid)	-41.88	-36.66	-28.94	-53.17	-175.3
Issuance of Common Stock	1.91	1.93	2.08	1.45	0.68
Repurchase of Common Stock	-7.78	-4.93	-0.72	-1.61	-20.41
Common Dividends Paid	-26.46	-33.17	-28.72	-24.75	-20.44
Other Financing Activities	-51.81	-43.89	-41.53	-25.04	-6.29
Financing Cash Flow	-126.01	-116.71	-97.83	-103.12	-221.76
Net Cash Flow	-36.25	52.04	2.24	-28.72	-75.67
Free Cash Flow	350.95	101.73	182.2	56.18	21.13
Free Cash Flow Growth	245.00%	-44.17%	224.31%	165.85%	-68.50%
Free Cash Flow Margin	6.37%	2.06%	4.08%	1.41%	0.66%
Free Cash Flow Per Share	2.34	0.68	1.22	0.38	0.14
Cash Interest Paid	-	43.89	41.53	25.04	6.29
Cash Income Tax Paid	-	10.31	3.56	4.66	4.7
Levered Free Cash Flow	157.19	-64.78	39.68	-54.03	-69.32
Unlevered Free Cash Flow	263.76	0.2	103.79	-10.27	-46.12
Change in Working Capital	-0.41	-204.17	-68.39	-104.24	-108.43

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.