BVMF:SAPR3 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	2,080	1,545	1,503	1,152	1,178
Depreciation & Amortization	594.47	559.95	480.11	433.42	394.47
Other Amortization	31.78	-	-	-	-
Asset Writedown & Restructuring Costs	21.39	19.1	2.72	18.84	18.71
Loss (Gain) From Sale of Investments	187.87	2.61	55.57	-14.42	-17.27
Loss (Gain) on Equity Investments	-	-	5.26	3.3	2.96
Provision & Write-off of Bad Debts	236.6	124.44	-69.7	192.26	103.83
Other Operating Activities	600.02	495.71	668.27	595.97	478.41
Change in Accounts Receivable	-108.07	-4.59	-250.12	-381.14	-327.26
Change in Inventory	-23.82	-3.88	7.64	-19.26	-3.82
Change in Accounts Payable	180.09	-18.48	56.78	25.9	58.41
Change in Unearned Revenue	-3.56	-3.56	-3.56	14.13	-4.2
Change in Income Taxes	-235.4	-50.06	-28.15	-52.98	-27.68
Change in Other Net Operating Assets	3,499	108.42	-45.91	23.7	-152.65
Operating Cash Flow	7,060	2,775	2,382	1,991	1,702
Operating Cash Flow Growth	154.43%	16.49%	19.64%	17.03%	6.64%
Capital Expenditures	-2,615	-1,909	-1,926	-1,744	-1,320
Investment in Securities	-	-	11.39	-5.18	-0.95
Investing Cash Flow	-2,615	-1,909	-1,915	-1,749	-1,321
Long-Term Debt Issued	904.08	1,234	1,026	1,073	799.22
Long-Term Debt Repaid	-530.89	-644.99	-562.18	-416.06	-548.27
Net Debt Issued (Repaid)	373.19	588.6	463.36	657.28	250.96
Common Dividends Paid	-412.74	-403.07	-385.54	-309.35	-267.58
Other Financing Activities	-598.04	-536.04	-468.14	-365.06	-255
Financing Cash Flow	-637.59	-350.51	-390.32	-17.13	-271.62
Net Cash Flow	3,807	515.6	77.23	224.81	108.8
Free Cash Flow	4,445	866.11	456.16	247.11	381.37
Free Cash Flow Growth	413.21%	89.87%	84.60%	-35.20%	-39.14%
Free Cash Flow Margin	61.69%	12.65%	7.25%	4.35%	7.33%
Free Cash Flow Per Share	14.71	2.87	1.51	0.82	1.26
Cash Interest Paid	524.69	451.29	412.89	326.65	230.74
Cash Income Tax Paid	324.98	455.5	603.49	469.3	457.46
Levered Free Cash Flow	2,375	-363.06	-112.16	-492.45	-9.22
Unlevered Free Cash Flow	2,749	-44.72	158.01	-244.84	164.06
Change in Working Capital	3,309	27.86	-263.33	-389.66	-457.2

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