Porto Seguro 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	3,381	2,645	2,266	1,140	1,544
Depreciation & Amortization	422.8	198.51	381.46	284.25	230.31
Other Amortization	-	235.83	-	-	-
Gain (Loss) on Sale of Assets	-28	-8.85	58.73	-118.66	-31.72
Change in Accounts Receivable	1.6	14.52	22.28	6.8	-1,086
Reinsurance Recoverable	-	-	-	-	12.97
Change in Income Taxes	826.3	1,325	919.2	365.24	414.29
Change in Deferred Taxes	352.3	-252.68	55.79	16.37	-618.87
Change in Insurance Reserves / Liabilities	578.4	-207.4	683.9	709.43	459.12
Change in Other Net Operating Assets	-246.6	-3,101	1,164	401.51	-450.3
Other Operating Activities	-1,442	-1,326	-893.92	-617.57	-297.56
Operating Cash Flow	1,368	2,415	69.77	2,851	1,852
Operating Cash Flow Growth	-43.34%	3361.70%	-97.55%	53.89%	28.75%
Capital Expenditures	-137.1	-103.12	-128.82	-849.39	-776.8
Sale of Property, Plant & Equipment	48.2	619.42	773.43	738.3	198.09
Purchase / Sale of Intangible Assets	-405.4	-283.46	-572.42	-1,415	-350.51
Other Investing Activities	-0.1	-	-	-	-
Investing Cash Flow	-494.4	232.84	72.19	-1,526	-929.22
Long-Term Debt Issued	2,048	1,664	2,342	2,570	2,253
Total Debt Repaid	-1,774	-2,187	-3,456	-2,232	-1,802
Net Debt Issued (Repaid)	273.1	-522.59	-1,113	338.16	451.33
Repurchases of Common Stock	-250.6	-200.82	-	-	-45.43
Common Dividends Paid	-1,190	-838.42	-357.09	-629.48	-844.07
Other Financing Activities	0.1	-	-	-	-
Financing Cash Flow	-1,168	-1,562	-1,470	-291.33	-438.17
Miscellaneous Cash Flow Adjustments	-0.1	-	-	-	-
Net Cash Flow	-293.6	1,086	-1,329	1,033	484.95
Free Cash Flow	1,231	2,312	-59.06	2,001	1,076
Free Cash Flow Growth	-46.74%	-	-	86.06%	0.61%
Free Cash Flow Margin	2.84%	6.22%	-0.17%	7.18%	4.70%
Free Cash Flow Per Share	1.92	3.56	-0.09	3.11	1.67
Cash Interest Paid	162.2	109.79	350.56	242.25	167.85
Cash Income Tax Paid	1,380	1,222	821.93	430.49	371.49
Levered Free Cash Flow	3,285	2,446	3,647	-4,177	2,350
Unlevered Free Cash Flow	3,570	2,501	3,845	-3,969	2,409
Change in Working Capital	-1,122	734.49	-1,416	1,335	-133.49

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