Grupo SBF 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	327.97	536.26	169.15	205.02	498.16
Depreciation & Amortization	463.65	330.99	337.85	353.78	324.25
Other Amortization	-	95.5	75.72	4.46	-
Asset Writedown & Restructuring Costs	5.99	8.74	-3.57	-1.96	9.32
Loss (Gain) on Equity Investments	0.96	-0.52	0.92	-0.21	108.97
Stock-Based Compensation	-0.11	11.74	9.74	36.56	28.9
Provision & Write-off of Bad Debts	1.66	-0.74	-0.38	1.99	0.82
Other Operating Activities	265.87	-181.66	278.74	-45.95	-399.41
Change in Accounts Receivable	-214.22	-7.32	113.97	-411.91	-348.63
Change in Inventory	-404.43	-18.55	-30.94	-741.32	-177.15
Change in Accounts Payable	261.06	-14.4	-403.49	645.27	252.18
Change in Income Taxes	-94.73	622.29	403.12	245.58	-109.81
Change in Other Net Operating Assets	157.84	-312.4	-325.41	-153.21	219.49
Operating Cash Flow	641.71	1,070	625.41	138.1	407.08
Operating Cash Flow Growth	-40.02%	71.08%	352.86%	-66.07%	86.31%
Capital Expenditures	-290.15	-138.66	-126.47	-230.27	-187.51
Cash Acquisitions	-	-	-	-22.16	-220.19
Sale (Purchase) of Intangibles	-130.54	-121.45	-133.16	-141.46	-101.65
Investment in Securities	25	-	-	-	-
Investing Cash Flow	-395.69	-260.11	-259.63	-393.88	-509.35
Long-Term Debt Issued	564.12	298.01	781.1	498.63	316.66
Long-Term Debt Repaid	-528.17	-919.39	-656.54	-342.25	-187.39
Net Debt Issued (Repaid)	35.95	-621.38	124.56	156.38	129.28
Issuance of Common Stock	4.22	1.45	0.35	7	8.04
Repurchase of Common Stock	-125.97	-27.09	-	-	-
Common Dividends Paid	-127.36	-42.28	-33.09	-28.64	-
Other Financing Activities	-349.61	0.27	-	-10	-
Financing Cash Flow	-562.76	-689.03	91.82	124.74	137.32
Net Cash Flow	-316.74	120.8	457.6	-131.04	35.05
Free Cash Flow	351.56	931.27	498.95	-92.16	219.57
Free Cash Flow Growth	-62.25%	86.65%	-	-	92.93%
Free Cash Flow Margin	4.54%	13.02%	7.14%	-1.47%	4.30%
Free Cash Flow Per Share	1.63	3.72	1.99	-0.37	0.88
Cash Interest Paid	160.89	187.4	204.07	273.28	170.97
Cash Income Tax Paid	30.45	46.22	43.17	108	66.01
Levered Free Cash Flow	77.38	769.6	194.68	-405.7	-102.5
Unlevered Free Cash Flow	400.67	975.11	433.79	-136.37	133.21
Change in Working Capital	-424.28	269.63	-242.75	-415.6	-163.92

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