Ultrapar Participações 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	2,748	2,526	2,518	1,538	818.61
Depreciation & Amortization	1,219	900.67	848.89	738.9	660.2
Stock-Based Compensation	40.56	57.46	38.91	9.94	9.36
Other Adjustments	3,507	4,337	4,008	3,110	1,949
Change in Receivables	-185.61	180.34	259.88	-779.24	-956.78
Changes in Inventories	-151.28	371.24	645.3	-1,005	-1,627
Changes in Accounts Payable	-31.82	-1,210	-1,700	1,558	2,426
Changes in Accrued Expenses	47.62	-17.02	30.97	130.59	63.07
Changes in Income Taxes Payable	-949.44	-	-	-	-
Changes in Other Operating Activities	-821.84	-3,411	-2,799	-3,297	-756.85
Operating Cash Flow	5,453	3,736	3,850	2,005	2,586
Operating Cash Flow Growth	45.96%	-2.97%	92.04%	-22.48%	-17.59%
Capital Expenditures	-2,005	-1,787	-1,287	-1,207	-1,028
Purchases of Intangible Assets	-	-	-	-	-237.49
Purchases of Investments	-1,511	-4,202	73.97	1,568	1,863
Proceeds from Business Divestments	429.28	1,386	512.83	2,840	322.49
Other Investing Activities	241.11	-1,785	-321.03	4,702	-195.5
Investing Cash Flow	-2,846	-6,388	-1,022	7,903	724.14
Long-Term Debt Issued	8,669	4,180	2,903	1,520	1,384
Long-Term Debt Repaid	-5,134	-2,719	-3,150	-5,849	-2,426
Net Long-Term Debt Issued (Repaid)	3,535	1,461	-246.49	-4,329	-1,043
Common Dividends Paid	-2,172	-833.66	-400.03	-638.28	-705.75
Other Financing Activities	-2,832	-1,861	-1,848	-1,943	-1,607
Financing Cash Flow	-1,470	-1,234	-2,494	-6,911	-3,356
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-44.98	-	32.38	-49.27	52.01
Net Cash Flow	1,092	-3,854	303.92	2,954	6.56
Free Cash Flow	3,447	1,948	2,562	797.86	1,558
Free Cash Flow Growth	76.93%	-23.96%	221.17%	-48.77%	-34.76%
FCF Margin	2.42%	1.46%	2.03%	0.56%	1.42%
Free Cash Flow Per Share	3.15	1.74	2.32	0.73	1.42
Levered Free Cash Flow	3,296	-1,329	-2,068	-5,609	-455
Unlevered Free Cash Flow	1,742	-920.98	-289.72	37.96	1,403

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