BVMF:CXSE3 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	4,292	3,765	3,582	3,009	1,896	Upgrade
Depreciation & Amortization	1.14	0.02	0	0.01	0.03	Upgrade
Loss (Gain) on Equity Investments	-3,280	-2,683	-2,669	-2,041	-1,328	Upgrade
Other Operating Activities	3,304	2,418	1,914	1,346	1,017	Upgrade
Change in Accounts Receivable	-8.12	-0.82	-46.81	59.37	-27.96	Upgrade
Change in Accounts Payable	-22.61	28.22	-1.42	34.39	25.48	Upgrade
Change in Income Taxes	-16.79	24.98	18.27	-7.54	19.2	Upgrade
Change in Other Net Operating Assets	3.57	47.07	30.83	15.93	-16.91	Upgrade
Operating Cash Flow	4,273	3,600	2,827	2,416	1,585	Upgrade
Operating Cash Flow Growth	18.71%	27.31%	17.02%	52.42%	-46.48%	Upgrade
Investment in Securities	-486.59	-358.69	202.65	-425.36	411.48	Upgrade
Other Investing Activities	-	-	-	-45	-161.25	Upgrade
Investing Cash Flow	-486.59	-358.69	202.65	-470.36	250.23	Upgrade
Long-Term Debt Repaid	-1.49	-	-	-	-	Upgrade
Net Debt Issued (Repaid)	-1.49	-	-	-	-	Upgrade
Common Dividends Paid	-3,785	-3,241	-3,030	-1,946	-1,835	Upgrade
Financing Cash Flow	-3,787	-3,241	-3,030	-1,946	-1,835	Upgrade
Net Cash Flow	-0.13	0.01	-0.29	0.25	0.43	Upgrade
Levered Free Cash Flow	3,336	2,143	3,138	2,508	563.47	Upgrade
Unlevered Free Cash Flow	3,337	2,144	3,138	2,508	563.47	Upgrade
Change in Working Capital	-43.58	99.58	0.88	102.15	-0.19	Upgrade

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