PBG S.A. 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	-291.74	-102.04	-35.13	153.1	216.17
Depreciation & Amortization	206.72	159.63	123.99	83.18	66.34
Other Amortization	-	23.82	14.13	8.79	4.89
Asset Writedown & Restructuring Costs	0.01	2.7	34.87	-	0.99
Provision & Write-off of Bad Debts	-1.33	3.08	1.13	-1.62	-0.44
Other Operating Activities	31.71	41.82	-31.19	-34.8	31.17
Change in Accounts Receivable	38.58	-3.16	44.34	62.73	-86.1
Change in Inventory	-55.08	-37.46	-32.52	-177.66	-89.07
Change in Accounts Payable	104.18	27.14	80.9	61.6	93.37
Change in Unearned Revenue	14.82	29.67	32.2	14.94	-
Change in Income Taxes	152.64	3.97	19.34	-12.85	50.01
Change in Other Net Operating Assets	2.04	-54.36	-65.71	69.61	0.76
Operating Cash Flow	202.54	94.81	186.33	227.02	288.1
Operating Cash Flow Growth	113.63%	-49.12%	-17.92%	-21.20%	32.51%
Capital Expenditures	-88.84	-120.86	-273.15	-238.75	-96.59
Sale of Property, Plant & Equipment	-	-	-	55.76	-
Sale (Purchase) of Intangibles	-44.26	-39.94	-56.68	-22.99	-18.19
Investment in Securities	-	-	-3	-	-
Other Investing Activities	-1.54	-23.1	-	-	-0.16
Investing Cash Flow	-134.63	-183.9	-332.83	-205.97	-114.93
Long-Term Debt Issued	753.99	304.83	644.82	192.9	513.74
Long-Term Debt Repaid	-688.59	-598.64	-238.33	-100.69	-507.53
Net Debt Issued (Repaid)	65.4	-293.81	406.5	92.21	6.21
Repurchase of Common Stock	-	-	-	-	-153.72
Common Dividends Paid	-	-	-29.62	-46.88	-162.27
Other Financing Activities	-39.44	-26.6	-	-	-
Financing Cash Flow	25.96	-320.41	376.88	45.33	-309.78
Foreign Exchange Rate Adjustments	-2	2.47	-	-	-
Net Cash Flow	91.87	-407.03	230.38	66.37	-136.61
Free Cash Flow	113.71	-26.05	-86.82	-11.73	191.52
Free Cash Flow Growth	-	-	-	-	77.38%
Free Cash Flow Margin	4.36%	-1.08%	-3.96%	-0.53%	10.02%
Free Cash Flow Per Share	-	-0.18	-0.62	-0.08	1.30
Cash Interest Paid	-	172.09	118.91	79.66	40.67
Cash Income Tax Paid	-	29.22	32.85	58.42	33.77
Levered Free Cash Flow	46.19	-40.21	-124.37	-0.42	106.24
Unlevered Free Cash Flow	295.07	73	-33.43	57.84	142.76
Change in Working Capital	257.16	-34.2	78.54	18.36	-31.02

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