BVMF:SMFT3 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	638.69	436.44	1,037	-89.43	-634.58
Depreciation & Amortization	1,727	1,393	1,141	889.84	779.31
Other Amortization	29.76	18.88	16.5	12.41	11.81
Asset Writedown & Restructuring Costs	56.85	43.99	35.42	49.75	23.57
Loss (Gain) on Equity Investments	-5.02	-0.85	1.09	-6.57	15
Stock-Based Compensation	8.15	22.37	37.02	15.93	32.59
Provision & Write-off of Bad Debts	4.99	2.9	-1.84	-0.14	1.64
Other Operating Activities	-339.27	-217.93	-1,026	-260.04	-99.77
Change in Accounts Receivable	-131.49	-203.14	-74.21	-75.81	-36.42
Change in Accounts Payable	182.12	43.52	135.83	39.8	9.49
Change in Income Taxes	-39.53	-67.63	76.14	-31.65	-
Change in Other Net Operating Assets	-40.01	-96.41	-66.78	-10.27	-69.1
Operating Cash Flow	2,093	1,376	1,310	533.83	33.53
Operating Cash Flow Growth	52.13%	4.98%	145.45%	1492.19%	-
Capital Expenditures	-2,323	-1,819	-1,322	-1,005	-475.9
Sale of Property, Plant & Equipment	-	-	19.7	19.18	-
Cash Acquisitions	-115.89	-368.15	-106.02	-1.33	-176.25
Sale (Purchase) of Intangibles	-16.21	-60.92	-15.24	-17.05	-5.94
Investment in Securities	-296.88	286.62	462.04	373.7	-1,668
Other Investing Activities	-35.07	-68.87	-28.59	-9.62	-11.76
Investing Cash Flow	-2,771	-2,055	-993.39	-647.34	-2,348
Long-Term Debt Issued	2,761	3,804	1,100	819.39	1,930
Long-Term Debt Repaid	-1,992	-2,677	-1,293	-1,334	-1,261
Net Debt Issued (Repaid)	768.96	1,127	-193.25	-514.48	669.35
Issuance of Common Stock	6.56	-	-	-	2,709
Repurchase of Common Stock	-0.76	-	-	-	-
Other Financing Activities	-218.24	-120.39	-278.57	-13.75	-119.35
Financing Cash Flow	556.52	1,006	-471.82	-528.24	3,259
Foreign Exchange Rate Adjustments	-37.92	60.29	6.94	-64.67	-6.39
Net Cash Flow	-159.82	387.19	-147.99	-706.41	938.22
Free Cash Flow	-230.23	-443.63	-11.27	-470.73	-442.37
Free Cash Flow Margin	-3.18%	-7.95%	-0.27%	-16.06%	-25.92%
Free Cash Flow Per Share	-0.37	-0.73	-0.02	-0.80	-0.84
Cash Interest Paid	1,260	942.61	791.88	635.38	389.87
Cash Income Tax Paid	130.11	104.27	48.6	25.44	19.14
Levered Free Cash Flow	-13.22	-456.33	153.65	-259.89	-244.63
Unlevered Free Cash Flow	812.61	186.2	668.5	176.23	50.47
Change in Working Capital	-28.9	-323.66	70.99	-77.93	-96.03

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