BVMF:CEEB5 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	2019 - 2015
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	2019 - 2015
Net Income	2,085	1,808	1,839	1,567	1,669	1,219	Upgrade
Depreciation & Amortization	1,041	966	872	772	674	574	Upgrade
Loss (Gain) on Sale of Investments	-1,000	-754	-665	-610	-748	-280	Upgrade
Asset Writedown	89	52	75	84	42	30	Upgrade
Change in Accounts Receivable	-261	-69	-598	245	-435	-35	Upgrade
Change in Accounts Payable	21	-11	29	-273	-43	114	Upgrade
Change in Other Net Operating Assets	-667	-47	-33	315	-971	-119	Upgrade
Other Operating Activities	910	914	669	573	564	175	Upgrade
Operating Cash Flow	2,218	2,859	2,188	2,673	752	1,678	Upgrade
Operating Cash Flow Growth	-24.38%	30.67%	-18.14%	255.45%	-55.18%	15.41%	Upgrade
Sale (Purchase) of Intangibles	-3,781	-2,948	-2,546	-2,724	-2,448	-1,961	Upgrade
Investment in Securities	-57	-9	36	17	-41	-4	Upgrade
Investing Cash Flow	-3,838	-2,957	-2,510	-2,707	-2,489	-1,965	Upgrade
Long-Term Debt Issued	-	3,702	3,390	3,486	4,428	1,391	Upgrade
Long-Term Debt Repaid	-	-2,627	-2,123	-1,672	-1,158	-2,360	Upgrade
Net Debt Issued (Repaid)	2,526	1,075	1,267	1,814	3,270	-969	Upgrade
Common Dividends Paid	-792	-711	-1,166	-1,674	-1,711	-112	Upgrade
Other Financing Activities	180	303	175	246	354	990	Upgrade
Financing Cash Flow	1,914	667	276	386	1,913	-91	Upgrade
Net Cash Flow	294	569	-46	352	176	-378	Upgrade
Cash Interest Paid	1,128	1,129	1,030	873	393	300	Upgrade
Cash Income Tax Paid	51	-	-	-	208	186	Upgrade
Levered Free Cash Flow	-1,457	-140.25	-138.25	-147.75	-886.88	43.38	Upgrade
Unlevered Free Cash Flow	-434.13	692.88	632.38	531.63	-448.13	278.38	Upgrade
Change in Working Capital	-907	-127	-602	287	-1,449	-40	Upgrade

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