FRA:PJXB 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	110,129	36,606	124,606	188,328	106,668
Depreciation & Amortization	87,969	74,129	69,327	71,876	54,320
Other Amortization	836	705	499	376	292
Loss (Gain) From Sale of Assets	-126	-1,171	-6,511	-5,883	-10,669
Asset Writedown & Restructuring Costs	6,315	4,224	11,576	6,393	-7,089
Loss (Gain) on Equity Investments	242	3,467	1,480	-1,291	-8,427
Provision & Write-off of Bad Debts	440	1,536	205	331	-187
Other Operating Activities	20,062	104,596	33,154	42,861	109,804
Change in Accounts Receivable	-2,608	9,207	672	1,891	-10,783
Change in Inventory	-4,918	-1,560	7,926	-6,029	-12,651
Change in Accounts Payable	5,574	5,439	-4,741	-2,223	5,667
Change in Income Taxes	-	-	-	-12,903	3,234
Change in Other Net Operating Assets	-23,582	-33,141	-22,497	-28,317	-27,053
Operating Cash Flow	200,333	204,037	215,696	255,410	203,126
Operating Cash Flow Growth	-1.81%	-5.41%	-15.55%	25.74%	37.15%
Capital Expenditures	-108,714	-79,856	-60,315	-49,656	-34,134
Sale of Property, Plant & Equipment	3,550	4,381	18,232	24,815	25,494
Investment in Securities	16,204	374	117	-17,210	-130
Other Investing Activities	2,846	2,738	2,471	37,674	19,843
Investing Cash Flow	-86,114	-72,363	-39,495	-4,377	11,073
Long-Term Debt Issued	29,628	12,027	10,716	15,156	9,647
Long-Term Debt Repaid	-71,066	-78,605	-52,415	-75,386	-144,949
Net Debt Issued (Repaid)	-41,438	-66,578	-41,699	-60,230	-135,302
Repurchase of Common Stock	-	-1,919	-3,644	-	-
Common Dividends Paid	-35,656	-42,956	-97,925	-194,200	-72,153
Other Financing Activities	-10,479	-11,172	-10,167	-9,726	-12,842
Financing Cash Flow	-97,122	-179,974	-153,435	-264,156	-220,297
Foreign Exchange Rate Adjustments	-1,743	6,941	-2,876	-3,636	3,650
Net Cash Flow	15,354	-41,359	19,890	-16,759	-2,448
Free Cash Flow	91,619	124,181	155,381	205,754	168,992
Free Cash Flow Growth	-26.22%	-20.08%	-24.48%	21.75%	43.05%
Free Cash Flow Margin	18.41%	25.30%	30.35%	32.09%	37.33%
Free Cash Flow Per Share	7.11	9.63	11.93	15.77	12.96
Cash Interest Paid	10,311	10,276	9,900	9,664	12,155
Cash Income Tax Paid	28,108	36,400	50,712	59,147	11,651
Levered Free Cash Flow	85,002	101,608	151,033	234,829	98,256
Unlevered Free Cash Flow	85,445	103,534	154,081	243,448	108,756
Change in Working Capital	-25,534	-20,055	-18,640	-47,581	-41,586

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