PicS N.V. 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	1,091	217.57	34.52	-45.69	-1,558
Depreciation & Amortization	442.76	22.21	19.15	17.02	14.24
Other Amortization	-	270.7	150.3	57.37	35.21
Loss (Gain) From Sale of Assets	-	-	1	3.82	0.41
Asset Writedown & Restructuring Costs	-	91.88	5.2	-	0.85
Stock-Based Compensation	205.64	-	-	-	-
Provision & Write-off of Bad Debts	2,529	887.03	14.29	4.09	-
Other Operating Activities	-4,213	-2,061	-1,503	-1,372	137.09
Change in Accounts Receivable	-1,927	-520.38	-62.35	-776.28	-1,834
Change in Accounts Payable	2,505	2,746	266.37	63.69	258.72
Change in Other Net Operating Assets	-4,373	637.05	2,642	9,388	439.27
Operating Cash Flow	-3,739	2,291	1,567	7,340	-2,506
Operating Cash Flow Growth	-	46.18%	-78.65%	-	-
Capital Expenditures	-67.68	-57.74	-4.66	-5.33	-24.81
Cash Acquisitions	-	-1,943	-40.25	154.53	-54.82
Sale (Purchase) of Intangibles	-616.66	-521.24	-492.16	-212.44	-219.05
Investment in Securities	-	-	-	0.01	-0
Other Investing Activities	-	-3.07	-	-	-
Investing Cash Flow	-684.34	-2,525	-537.08	-63.23	-298.68
Short-Term Debt Issued	-	-	-	-	680.33
Long-Term Debt Issued	-	-	-	50	225
Total Debt Issued	-	-	-	50	905.33
Short-Term Debt Repaid	-	-	-	-	-245.76
Long-Term Debt Repaid	-7.97	-8.4	-12.25	-285.76	-8.85
Total Debt Repaid	-7.97	-8.4	-12.25	-285.76	-254.6
Net Debt Issued (Repaid)	-7.97	-8.4	-12.25	-235.76	650.72
Issuance of Common Stock	1,183	105.56	-	59.11	282.08
Other Financing Activities	-360	230	-	-887.81	1,909
Financing Cash Flow	815.41	327.15	-12.25	-1,064	2,842
Net Cash Flow	-3,608	92.62	1,018	6,212	37.42
Free Cash Flow	-3,807	2,233	1,562	7,334	-2,531
Free Cash Flow Growth	-	42.92%	-78.70%	-	-
Free Cash Flow Margin	-37.04%	40.09%	45.17%	249.87%	-221.09%
Free Cash Flow Per Share	-	-	45.74	207.69	-
Cash Interest Paid	-	1,326	1,148	640.97	347.24
Cash Income Tax Paid	-	381.57	85.25	-	-
Levered Free Cash Flow	-11,384	-7,110	-838.42	-1,384	-3,277
Unlevered Free Cash Flow	-9,197	-6,235	-123.34	-666.6	-2,999
Change in Working Capital	-3,794	2,862	2,846	8,676	-1,136

Updated Jan 20, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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