BVMF:SCAR3 Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-83.91	-64.37	-32.74	305.21	-80.24	30.44
Depreciation & Amortization	60.79	52.93	54.77	50.73	61.32	50.43
Gain (Loss) on Sale of Assets	-23.41	-23.41	-60.75	-547.75	18.75	-
Gain (Loss) on Sale of Investments	6.91	0.08	-	-	-	-8.24
Asset Writedown	8.57	6.23	23.51	12.78	7.96	-
Stock-Based Compensation	0.32	0.47	1.44	3.82	2.73	3.02
Change in Accounts Receivable	-5.56	-4.73	7.69	18.62	-83.38	-3.59
Change in Accounts Payable	-	-	-	-	-6.1	3.31
Change in Other Net Operating Assets	-121.3	-110.17	-163.1	-131.7	-202.52	-60.9
Other Operating Activities	149.49	161.36	128.05	283.12	225.1	122.22
Operating Cash Flow	-83.3	-61.43	-108.85	-7.84	-44.38	119.38
Operating Cash Flow Growth	-	-	-	-	-	71.09%
Acquisition of Real Estate Assets	-106.33	-109.8	-44.63	-72.37	-118.7	-773.17
Sale of Real Estate Assets	-30.91	-	-	-	-	-
Net Sale / Acq. of Real Estate Assets	-137.24	-109.8	-44.63	-72.37	-118.7	-773.17
Cash Acquisition	-	-	2	-	1.3	-
Investment in Marketable & Equity Securities	108.52	-0.39	488.22	527.93	10.72	-45.34
Other Investing Activities	0	-	-	-	-	-5
Investing Cash Flow	-28.72	-110.19	445.59	455.57	-106.68	-824.09
Long-Term Debt Issued	-	-	-	10.41	718.13	541.17
Long-Term Debt Repaid	-	-155.11	-319.97	-344.75	-569.54	-192.94
Net Debt Issued (Repaid)	-305.76	-155.11	-319.97	-334.35	148.59	348.23
Issuance of Common Stock	-	-	-	-	8.49	8.49
Repurchase of Common Stock	-3.03	-3.95	-2.52	-	-1.46	-22.43
Common Dividends Paid	-403.54	-502.71	-99.38	-	-8.18	-20.74
Other Financing Activities	825.24	827.14	-34.26	-5.14	-	-
Net Cash Flow	0.9	-6.25	-119.38	108.23	-3.63	-391.16
Cash Interest Paid	126.28	126.28	138.88	199.81	208.35	-
Cash Income Tax Paid	23.54	23.54	38.17	46.01	20.85	25.71
Levered Free Cash Flow	813.17	576.16	92.32	124.26	-109.19	-11.59
Unlevered Free Cash Flow	910.81	660.18	184.06	290	35.51	50.33
Change in Working Capital	-179.87	-172.49	-219.84	-132.54	-274.57	-83.04

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