BVMF:TELB3 Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	56.17	-66.57	-127.36	-168.46	-126.82	-106.23	Upgrade
Depreciation & Amortization	264.15	262.23	253.54	242.09	254.34	214.81	Upgrade
Other Amortization	14.71	7.81	-	-	-	-	Upgrade
Asset Writedown & Restructuring Costs	-1.37	2.67	0.38	16.64	-	-	Upgrade
Loss (Gain) on Equity Investments	0.63	1.01	2.25	6.5	6.27	3.62	Upgrade
Provision & Write-off of Bad Debts	2.32	2.75	1.31	-1.04	-0.52	-1.05	Upgrade
Other Operating Activities	-50.62	-74.28	70.08	98.25	75.5	38.37	Upgrade
Change in Accounts Receivable	-273.86	-59.17	-72.33	-18.39	8.75	-1.04	Upgrade
Change in Accounts Payable	57.66	1.3	-32.38	-38.49	-20.12	9.05	Upgrade
Change in Income Taxes	-13.15	-0.05	-12.09	-28.28	-15.08	-12.41	Upgrade
Change in Other Net Operating Assets	-11.63	43.94	43.8	-22.31	-30.44	-18.12	Upgrade
Operating Cash Flow	45.01	121.64	127.22	86.51	151.88	127.01	Upgrade
Operating Cash Flow Growth	-75.83%	-4.39%	47.05%	-43.04%	19.59%	-	Upgrade
Capital Expenditures	-27.07	-41.77	-77.84	-53.27	-40.01	-38.03	Upgrade
Investment in Securities	39.97	-	-	-	-	-822.35	Upgrade
Investing Cash Flow	12.9	-41.77	-77.84	-53.27	-40.01	-860.38	Upgrade
Long-Term Debt Repaid	-	-50.94	-51.22	-55.23	-54.84	-34.97	Upgrade
Net Debt Issued (Repaid)	-63.17	-50.94	-51.22	-55.23	-54.84	-34.97	Upgrade
Issuance of Common Stock	2.46	14.49	44.41	30.86	-	-	Upgrade
Other Financing Activities	58.2	1.26	-14.47	70.9	71.92	60.09	Upgrade
Financing Cash Flow	-2.51	-35.19	-21.29	46.53	17.08	25.12	Upgrade
Net Cash Flow	55.4	44.68	28.1	79.77	128.96	-708.25	Upgrade
Free Cash Flow	17.94	79.86	49.39	33.24	111.88	88.98	Upgrade
Free Cash Flow Growth	-85.81%	61.71%	48.56%	-70.28%	25.74%	-	Upgrade
Free Cash Flow Margin	3.88%	19.28%	11.85%	9.56%	39.17%	33.35%	Upgrade
Free Cash Flow Per Share	0.20	0.93	0.57	0.39	1.65	1.31	Upgrade
Cash Interest Paid	1.37	3.27	4.49	5.82	7.11	8.19	Upgrade
Cash Income Tax Paid	7.89	-	6.02	-	-	-	Upgrade
Levered Free Cash Flow	-117.42	21.05	-96.13	36.46	129.52	-708.31	Upgrade
Unlevered Free Cash Flow	37.65	150.49	40.54	168.31	192.33	-652.52	Upgrade
Change in Working Capital	-240.99	-13.98	-73	-107.47	-56.89	-22.51	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.