TIM S.A. 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 2020	FY 2019	FY 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '16 Dec 31, 2016
Net Income	4,560	3,632	-	-	1,013
Depreciation & Amortization	7,078	7,026	5,527	-	3,785
Stock-Based Compensation	17	27.18	-	-	3.8
Other Adjustments	3,435	989.11	1,717	-82	1,506
Change in Receivables	-988.14	-1,605	-390.58	-	-291.83
Changes in Inventories	-63.68	38.53	-43.58	-	-2.21
Changes in Accounts Payable	185.37	304.01	-818.77	-	-296.01
Changes in Accrued Expenses	8.02	-32.93	54.02	-	12.91
Changes in Income Taxes Payable	495.52	719.41	939.82	-	-8.21
Changes in Unearned Revenue	-74.16	-70.05	-87.53	-	-337.81
Changes in Other Operating Activities	-850.7	-635.31	-200.58	-	-392.6
Operating Cash Flow	13,440	12,331	8,674	-82	4,992
Operating Cash Flow Growth	8.99%	42.16%	-	-	16.69%
Capital Expenditures	-4,541	-4,551	-3,891	-1,595	-4,502
Sale of Property, Plant & Equipment	-	-	-	-	133.71
Purchases of Investments	-7,492	-7,493	-	-	-
Other Investing Activities	-49.89	-	-1,429	-	140.39
Investing Cash Flow	-12,084	-12,044	-5,320	-1,595	-4,228
Long-Term Debt Issued	503.35	1,006	1,800	-	1,304
Long-Term Debt Repaid	-493.71	-2,359	-1,880	-	-2,686
Net Long-Term Debt Issued (Repaid)	9.64	-1,352	-79.71	-	-1,381
Common Dividends Paid	-5,360	-2,721	-1,153	-	-460.31
Other Financing Activities	-4,130	-3,344	-1,723	-	105.59
Financing Cash Flow	-9,528	-7,196	-3,090	-	-1,736
Net Cash Flow	351.58	-6,909	264.09	-1,677	-972.22
Free Cash Flow	8,899	7,780	4,783	-1,677	489.85
Free Cash Flow Growth	14.37%	62.67%	-	-	-
FCF Margin	-	30.57%	27.70%	-	3.14%
Free Cash Flow Per Share	-	16.07	9.88	-3.46	1.01
Levered Free Cash Flow	6,806	5,068	3,411	-1,595	-1,611
Unlevered Free Cash Flow	8,581	8,305	4,294	-1,595	180.99

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.