BVMF:VAMO3 Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	307.51	328.7	380.97	586.96	1,792	402.38
Depreciation & Amortization	1,088	1,037	749.66	547.12	321.96	296.11
Other Amortization	1.26	1.07	0.96	-	-	-
Asset Writedown & Restructuring Costs	20.73	18.55	24.42	26.35	6.45	1.24
Stock-Based Compensation	-	-	-	-	0.01	0.12
Provision & Write-off of Bad Debts	89.07	91.32	184.61	84.67	28.62	15.74
Other Operating Activities	292.1	-1,777	-1,953	-1,964	-8,406	-2,452
Change in Accounts Receivable	-684.22	-582.79	-316.55	-334.81	-632.25	-283.36
Change in Inventory	-11.19	-26.69	28.87	28.99	-372.42	-171.8
Change in Accounts Payable	-340.75	51.2	122.86	-1,954	2,059	64.15
Change in Income Taxes	21.19	13.37	-54.06	-39.32	-19.36	-47.34
Change in Other Net Operating Assets	71.87	-29.55	106.08	-224.38	1,985	-2,698
Operating Cash Flow	855.88	-874.64	-725.39	-3,242	-3,237	-4,872
Capital Expenditures	-42.24	-39.82	-32.04	-	-73.97	-46.69
Sale of Property, Plant & Equipment	-	-	-	0.48	-	-
Cash Acquisitions	-9.51	-9.2	-68.69	-	-62.35	-26.93
Sale (Purchase) of Intangibles	-4.58	-3.61	-0.22	-0.84	-4.64	-4.9
Investment in Securities	2.57	-0.88	-	-	-	-
Other Investing Activities	-	-	-5.89	1,353	917.98	-
Investing Cash Flow	-53.76	-53.51	-106.84	1,353	777.02	-78.52
Long-Term Debt Issued	-	6,144	2,638	3,030	1,164	3,799
Long-Term Debt Repaid	-	-4,800	-708	-566.5	-295.21	-498.83
Net Debt Issued (Repaid)	-376.5	1,344	1,930	2,464	868.98	3,300
Issuance of Common Stock	-	-	-	106.05	623.86	1,941
Repurchase of Common Stock	-11.76	-62.42	-100.97	-	-0.6	-
Common Dividends Paid	-249.1	-249.1	-340.57	-17.6	-	-190.81
Other Financing Activities	-65.52	67.84	-601.19	-650.98	899.02	34.85
Financing Cash Flow	-702.88	1,101	887.4	1,901	2,391	5,086
Net Cash Flow	99.24	172.49	55.17	12.73	-68.66	134.76
Free Cash Flow	813.63	-914.46	-757.43	-3,242	-3,311	-4,919
Free Cash Flow Margin	13.46%	-15.89%	-16.12%	-91.34%	-67.38%	-174.22%
Free Cash Flow Per Share	0.77	-0.86	-0.70	-3.07	-1.26	-5.41
Cash Interest Paid	1,900	1,824	1,215	833.03	593.87	222.41
Cash Income Tax Paid	1.83	1.04	5.36	5.28	98.45	52.88
Levered Free Cash Flow	858.42	939.73	2,881	-1,411	2,743	208.65
Unlevered Free Cash Flow	2,289	2,360	3,993	-544.03	2,743	385.66
Change in Working Capital	-943.1	-574.46	-112.8	-2,523	3,020	-3,136

Source: S&P Global Market Intelligence. Standard template. Financial Sources.