Raia Drogasil 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	1,297	1,200	1,055	996.11	751.93
Depreciation & Amortization	1,873	1,646	1,562	1,421	1,264
Other Amortization	210.63	215.29	150.23	99.32	67.68
Loss (Gain) From Sale of Assets	68.52	115.85	68.43	29.23	23.87
Asset Writedown & Restructuring Costs	-2.04	-5.66	-2.21	-1.07	-0.11
Loss (Gain) on Equity Investments	-1.99	-1.07	12.51	-0.82	1.13
Stock-Based Compensation	27.98	38.03	33.22	22.6	15.09
Provision & Write-off of Bad Debts	20.4	21.29	12.78	7.25	7.73
Other Operating Activities	-58.68	-86.08	349.64	43.44	-121.75
Change in Accounts Receivable	-754.23	396.89	-788.19	-583.6	-161.87
Change in Inventory	-1,161	-1,235	-1,070	-1,035	-896.81
Change in Accounts Payable	1,104	709.6	840.16	611.54	390.75
Change in Income Taxes	-29.84	-290.39	-122.4	-160.2	-36
Change in Other Net Operating Assets	-163.64	46.72	-316.24	232.81	251.54
Operating Cash Flow	2,431	2,771	1,785	1,682	1,557
Operating Cash Flow Growth	-12.29%	55.22%	6.13%	8.04%	5.39%
Capital Expenditures	-1,403	-1,284	-1,305	-1,189	-855.6
Sale of Property, Plant & Equipment	0.65	4.27	0.15	0.13	0.81
Cash Acquisitions	-	-117.82	-2.7	-	-0.08
Investment in Securities	-3.41	-15.71	-	-40	-12.64
Other Investing Activities	-	-	-	-0.8	-18.45
Investing Cash Flow	-1,406	-1,413	-1,307	-1,229	-885.95
Long-Term Debt Issued	1,190	688.87	1,059	1,460	338.23
Long-Term Debt Repaid	-1,575	-1,384	-1,092	-1,511	-1,195
Net Debt Issued (Repaid)	-385.05	-694.81	-33.52	-51.17	-856.97
Repurchase of Common Stock	-5.48	-73.29	-	-	-73.23
Common Dividends Paid	-652.76	-474.57	-465.9	-324.08	-265.03
Financing Cash Flow	-1,043	-1,243	-499.42	-375.25	-1,195
Net Cash Flow	-18.38	115.68	-21.22	77.42	-524.24
Free Cash Flow	1,028	1,488	480.75	493.34	701.34
Free Cash Flow Growth	-30.92%	209.44%	-2.55%	-29.66%	-12.42%
Free Cash Flow Margin	2.32%	3.83%	1.42%	1.70%	2.91%
Free Cash Flow Per Share	0.62	0.88	0.28	0.28	0.40
Cash Interest Paid	948.45	773.61	659.68	517.31	300.53
Cash Income Tax Paid	190.25	367.36	68.66	233.18	373.98
Levered Free Cash Flow	551.07	1,556	516.36	221.53	713.8
Unlevered Free Cash Flow	1,214	2,060	976.5	569.65	909.68
Change in Working Capital	-1,004	-372.23	-1,457	-934.8	-452.39

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