BVMF:CEEB3 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	2020 - 2016
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	2020 - 2016
Net Income	1,954	1,808	1,839	1,567	1,669	Upgrade
Depreciation & Amortization	1,060	966	872	772	674	Upgrade
Loss (Gain) on Sale of Investments	-869	-754	-665	-610	-748	Upgrade
Asset Writedown	71	52	75	84	42	Upgrade
Change in Accounts Receivable	-48	-69	-598	245	-435	Upgrade
Change in Accounts Payable	283	-11	29	-273	-43	Upgrade
Change in Other Net Operating Assets	-1,313	-47	-33	315	-971	Upgrade
Other Operating Activities	633	914	669	573	564	Upgrade
Operating Cash Flow	1,771	2,859	2,188	2,673	752	Upgrade
Operating Cash Flow Growth	-38.05%	30.67%	-18.14%	255.45%	-55.18%	Upgrade
Sale (Purchase) of Intangibles	-3,928	-2,948	-2,546	-2,724	-2,448	Upgrade
Investment in Securities	-249	-9	36	17	-41	Upgrade
Investing Cash Flow	-4,177	-2,957	-2,510	-2,707	-2,489	Upgrade
Long-Term Debt Issued	6,842	3,702	3,390	3,486	4,428	Upgrade
Long-Term Debt Repaid	-2,430	-2,627	-2,123	-1,672	-1,158	Upgrade
Net Debt Issued (Repaid)	4,412	1,075	1,267	1,814	3,270	Upgrade
Common Dividends Paid	-1,530	-711	-1,166	-1,674	-1,711	Upgrade
Other Financing Activities	354	303	175	246	354	Upgrade
Financing Cash Flow	3,236	667	276	386	1,913	Upgrade
Net Cash Flow	830	569	-46	352	176	Upgrade
Cash Interest Paid	1,449	1,129	1,030	873	393	Upgrade
Cash Income Tax Paid	51	-	-	-	208	Upgrade
Levered Free Cash Flow	-1,601	-140.25	-138.25	-147.75	-886.88	Upgrade
Unlevered Free Cash Flow	-509	692.88	632.38	531.63	-448.13	Upgrade
Change in Working Capital	-1,078	-127	-602	287	-1,449	Upgrade

Source: S&P Capital IQ. Utility template. Financial Sources.