Syn Prop & Tech Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	118.27	546.26	-10.04	-57	1,287	50.66
Depreciation & Amortization	42.41	79.27	60.82	61.79	68.76	65.95
Other Amortization	1.97	1.55	1.17	4.39	4.54	1.91
Gain (Loss) on Sale of Assets	30.92	-475.44	2.56	-	-	-
Gain (Loss) on Sale of Investments	-24.87	-337.3	-	-	-	-
Asset Writedown	-31	-4.34	-0.34	3.06	9.19	2.45
Income (Loss) on Equity Investments	-4.34	-1.95	2.53	2.82	-6.99	-6.3
Change in Accounts Receivable	-84.28	-35.1	0.95	-0.98	9.51	-47.91
Change in Accounts Payable	17.22	1.9	-17.29	12.19	9.73	-0.65
Change in Other Net Operating Assets	-0.43	11.88	1.39	-17.65	-131.34	-40.91
Other Operating Activities	-31.22	243.08	61.51	28.65	1,038	84.19
Operating Cash Flow	21.03	91.26	74.19	17.62	2,202	120.36
Operating Cash Flow Growth	-81.61%	23.01%	321.09%	-99.20%	1729.72%	-32.98%
Acquisition of Real Estate Assets	-15.98	-8.89	-25.38	-73.01	-2.64	-137.86
Sale of Real Estate Assets	751.91	492.89	-	-	629.45	-
Net Sale / Acq. of Real Estate Assets	735.93	484	-25.38	-73.01	626.81	-137.86
Investment in Marketable & Equity Securities	499.11	1,079	64.03	433.89	-1,025	237.33
Other Investing Activities	-	10.29	-	-	-	-
Investing Cash Flow	1,235	1,574	38.66	359.32	-398.02	99.46
Long-Term Debt Issued	-	-	-	-	300	-
Long-Term Debt Repaid	-	-166.96	-65.25	-602.03	-240.74	-126.53
Net Debt Issued (Repaid)	-374.86	-166.96	-65.25	-602.03	59.26	-126.53
Repurchase of Common Stock	-330.11	-	-	-	-	-181.11
Common Dividends Paid	-70.01	-440	-	-80	-1,250	-135
Other Financing Activities	-792.41	-955.73	-14.51	-9.53	-322.5	-22.41
Foreign Exchange Rate Adjustments	0.97	0.97	-0.14	-	-	-
Net Cash Flow	-310.36	103.24	32.95	-314.63	290.95	-245.23
Cash Interest Paid	145.99	144.02	171.12	194.82	84.35	81.26
Cash Income Tax Paid	46.5	148.3	11.1	23.47	24.82	39.66
Levered Free Cash Flow	321.38	-321.28	39.37	35.37	948.58	90.66
Unlevered Free Cash Flow	403.8	-225.28	159.05	168.49	1,047	156.46
Change in Working Capital	-81.43	36.27	-41.39	-29.39	-194.5	-91.69

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.