Vulcabras S.A. (BVMF:VULC3)

Vulcabras Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	1,139	1,165	569.87	494.89	469.9	313.83
Depreciation & Amortization	130.27	127.19	103.45	96.15	79.86	71.66
Other Amortization	4.21	4.06	2.83	2.57	2.39	2.12
Asset Writedown & Restructuring Costs	10.2	4.5	11.86	6.17	10.17	10.47
Loss (Gain) on Equity Investments	-4.16	-3.78	-6.14	-7.86	-5.3	-3.07
Stock-Based Compensation	2.42	5.59	2.2	1.27	-0.08	1.7
Provision & Write-off of Bad Debts	1.78	1.36	5.58	-0.3	14.54	-11.93
Other Operating Activities	-591.75	-570.85	29.77	8.67	-101.13	-99.61
Change in Accounts Receivable	-87.78	-96.34	-154.73	-60.77	-166.4	-33.4
Change in Inventory	-199.68	-193.16	-107.78	-36.76	-100.71	-258.12
Change in Accounts Payable	4.19	-3.5	7.97	-21.43	26.88	69.15
Change in Income Taxes	89.82	76.82	83.79	56.84	46.28	35.91
Change in Other Net Operating Assets	9.53	24.41	15.83	-16.2	24.24	-0.33
Operating Cash Flow	508.4	541.59	564.51	523.25	300.63	98.37
Operating Cash Flow Growth	-2.43%	-4.06%	7.88%	74.06%	205.60%	497.49%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-232.81	-233.04	-195.82	-137.12	-157.22	-130.36
Sale of Property, Plant & Equipment	0.92	0.63	0.91	1.54	1.06	1.39
Cash Acquisitions	-	-	-	-	-	-37.27
Sale (Purchase) of Intangibles	-7.04	-8.36	-7.16	-1.7	-2.54	-2.52
Investment in Securities	-9.05	4.06	13.03	-2.82	2.26	77.22
Other Investing Activities	4.82	4.82	5.64	2.86	0.13	-
Investing Cash Flow	-243.16	-231.89	-183.39	-137.24	-156.31	-91.55

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	790.55	199.86	334	337.63	190.51
Long-Term Debt Repaid	-	-215.47	-306.08	-324.9	-303.47	-153.88
Net Debt Issued (Repaid)	716.01	575.09	-106.22	9.1	34.16	36.63
Issuance of Common Stock	4.32	4.41	511.79	1.64	-	-
Repurchase of Common Stock	-	-11.54	-35.39	-3.9	-6.12	-
Common Dividends Paid	-877.01	-978.65	-783.02	-229.11	-90.93	-86.01
Other Financing Activities	-3	-3	-21.59	-	-	-
Financing Cash Flow	-159.68	-413.69	-434.43	-222.27	-62.89	-49.38

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	0.26	0.29	-0.04	0.09	1.13	-1.35
Net Cash Flow	105.83	-103.69	-53.36	163.82	82.56	-43.92

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	275.59	308.55	368.69	386.14	143.41	-31.99
Free Cash Flow Growth	-11.36%	-16.31%	-4.52%	169.26%	-	-
Free Cash Flow Margin	7.58%	8.67%	12.09%	13.70%	5.65%	-1.71%
Free Cash Flow Per Share	0.97	1.13	1.36	1.56	0.58	-0.13
Levered Free Cash Flow	-24.81	-116.11	211.36	54.29	36.7	-163.27
Unlevered Free Cash Flow	46.77	-58.89	241.36	87.4	64.03	-144.24

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	83.87	41.06	52.7	53.81	34.56	27.31
Cash Income Tax Paid	49.9	41.82	19.77	49.43	24.2	20.36
Change in Working Capital	-183.92	-191.77	-154.91	-78.32	-169.7	-186.79

Data Source: S&P Global Market Intelligence Last updated: Mar 31, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Jul 26, 2026

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