Vulcabras Balance Sheet

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
Cash & Equivalents	203.97	307.66	361.02	197.2	114.64
Short-Term Investments	-	-	0	0	-
Cash & Short-Term Investments	203.97	307.66	361.02	197.2	114.64
Cash Growth	-33.70%	-14.78%	83.07%	72.02%	-52.14%
Accounts Receivable	1,078	988.31	830.67	769.46	616.28
Other Receivables	221.28	152.24	158.61	44.76	67.82
Receivables	1,299	1,141	989.28	814.22	684.09
Inventory	834.91	648.39	583.53	567.83	493.5
Other Current Assets	40.63	31.16	26.79	13.86	7.07
Total Current Assets	2,379	2,128	1,961	1,593	1,299
Property, Plant & Equipment	663.14	542.47	435.55	397.15	319.78
Long-Term Investments	74.95	70.89	76.33	84.6	70.3
Goodwill	199.68	199.68	199.68	199.68	199.68
Other Intangible Assets	17.36	13.05	8.44	9.42	9.41
Long-Term Accounts Receivable	2.88	3.75	3.87	5.15	3.63
Long-Term Deferred Tax Assets	374.55	7.26	1.29	13.59	0.49
Other Long-Term Assets	167.56	28.44	89.37	218.06	92.65
Total Assets	3,879	2,993	2,775	2,521	1,995
Accounts Payable	90.36	94.95	83.78	104.93	78.01
Accrued Expenses	126.65	105.98	84.31	75.68	59.92
Current Portion of Long-Term Debt	331.93	200.21	234.5	283.64	291.5
Current Portion of Leases	9.77	7.86	8.43	8.51	7.13
Current Income Taxes Payable	72.16	55.36	39.33	19.67	8.94
Other Current Liabilities	97.27	204.53	61.33	77.55	46.83
Total Current Liabilities	728.13	668.88	511.68	569.97	494.9
Long-Term Debt	644.34	136.64	203.25	151.86	87.79
Long-Term Leases	28.66	22.43	6.86	12.06	12.65
Long-Term Deferred Tax Liabilities	1.91	1.99	2.07	17.08	2.27
Other Long-Term Liabilities	48.6	53.02	55.99	57.96	41.06
Total Liabilities	1,452	882.97	779.86	808.92	638.68
Common Stock	1,575	1,274	1,108	1,107	1,107
Additional Paid-In Capital	683.47	325	-	-	-
Retained Earnings	180.06	513.63	862.75	576.09	217.62
Treasury Stock	-56.95	-45.41	-10.02	-6.12	-
Comprehensive Income & Other	45.22	43.2	33.9	34.8	31.89
Total Common Equity	2,427	2,110	1,995	1,711	1,356
Minority Interest	0.34	0.36	0.31	0.35	0.34
Shareholders' Equity	2,427	2,110	1,995	1,712	1,357
Total Liabilities & Equity	3,879	2,993	2,775	2,521	1,995
Total Debt	1,015	367.14	453.05	456.06	399.07
Net Cash (Debt)	-810.73	-59.48	-92.02	-258.86	-284.44
Net Cash Per Share	-2.96	-0.22	-0.37	-1.05	-1.14
Filing Date Shares Outstanding	312.63	270.79	245.24	245.26	245.76
Total Common Shares Outstanding	312.63	271.55	245.24	245.26	245.76
Working Capital	1,651	1,459	1,449	1,023	804.39
Book Value Per Share	7.76	7.77	8.13	6.98	5.52
Tangible Book Value	2,210	1,897	1,787	1,502	1,147
Tangible Book Value Per Share	7.07	6.99	7.29	6.13	4.67
Land	3.73	3.73	3.73	3.73	3.33
Buildings	202.46	190.33	165.4	156.35	131.11
Machinery	1,118	974.59	870.75	810.58	749.82
Construction In Progress	35.89	20.59	19.06	3.18	7.72
Leasehold Improvements	5.41	5.29	6.66	6.28	6.26

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