BVMF:UCAS3 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	-11.55	12.45	15.17	32.95	25.94
Depreciation & Amortization	17	13.04	8.51	7.82	9.42
Other Amortization	0.49	0.45	0.41	0.42	-
Asset Writedown & Restructuring Costs	2.92	3.79	0.51	1.68	0.81
Provision & Write-off of Bad Debts	2.63	1.06	-1.89	0.42	0.29
Other Operating Activities	11.85	-6.31	-7.75	-4.18	3.61
Change in Accounts Receivable	-5.99	-3.73	11.2	0.96	-6.54
Change in Inventory	-3.85	1.09	7.83	1.84	-13.78
Change in Accounts Payable	0.44	1.3	-1.57	3.02	1.02
Change in Unearned Revenue	12.56	-8.58	4.41	-33.32	53.42
Change in Income Taxes	2.56	-1.2	1.2	0.05	-2.23
Change in Other Net Operating Assets	-2.32	0.1	3.61	-7.31	0.22
Operating Cash Flow	26.73	13.46	41.61	4.34	72.17
Operating Cash Flow Growth	98.66%	-67.66%	858.49%	-93.98%	152.48%
Capital Expenditures	-37.09	-46.66	-32.07	-53	-30.95
Sale (Purchase) of Intangibles	-0.59	-1.19	-3.13	-0.55	-0.64
Investment in Securities	-4.33	18.83	-35.52	23.32	-28.21
Investing Cash Flow	-42	-29.03	-70.72	-30.23	-59.8
Long-Term Debt Issued	61.68	23.54	49.23	-	17
Long-Term Debt Repaid	-4.47	-6.06	-6.23	-4.74	-2.37
Net Debt Issued (Repaid)	57.21	17.47	43	-4.74	14.63
Common Dividends Paid	-10.55	-11.67	-10.62	-	-6.99
Other Financing Activities	-5.36	-4.22	-1.32	-6.34	-7.28
Financing Cash Flow	41.31	1.58	31.07	-11.08	0.35
Foreign Exchange Rate Adjustments	2.57	-1.77	0.61	0.24	-0.06
Net Cash Flow	28.6	-15.76	2.57	-36.72	12.67
Free Cash Flow	-10.35	-33.2	9.54	-48.66	41.22
Free Cash Flow Growth	-	-	-	-	91.51%
Free Cash Flow Margin	-4.33%	-14.65%	4.39%	-19.81%	18.68%
Free Cash Flow Per Share	-0.16	-0.50	0.14	-0.74	0.62
Cash Interest Paid	5.36	4.22	1.32	1.47	1
Cash Income Tax Paid	0.03	3.77	5.64	5.69	7.42
Levered Free Cash Flow	-30.79	-49.65	-5.82	-56.03	33.83
Unlevered Free Cash Flow	-25.96	-47.32	-4.99	-54.95	37.13
Change in Working Capital	3.39	-11.02	26.66	-34.76	32.11

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