BVMF:EQMA3B 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	751.68	741.34	777.39	648.15	943.42	Upgrade
Depreciation & Amortization	390.61	306.96	251.33	229.15	220.31	Upgrade
Loss (Gain) on Sale of Investments	-179.24	-164.05	-162.55	-167.51	-406.16	Upgrade
Asset Writedown	-12.32	10.85	12.86	34.13	16.62	Upgrade
Stock-Based Compensation	34.84	-2.88	28.81	-	-	Upgrade
Change in Accounts Receivable	-361.61	-205.9	-270.13	0.38	-211.15	Upgrade
Change in Inventory	-7.56	-2.93	29.18	-6.01	-24	Upgrade
Change in Accounts Payable	57.93	-51.18	72.33	-131.01	32.38	Upgrade
Change in Income Taxes	97.92	8.01	-9.31	25.51	258.22	Upgrade
Change in Other Net Operating Assets	-325.39	-63.92	-125.76	-10.12	264.36	Upgrade
Other Operating Activities	229.02	174.36	-143.75	366.14	-534.25	Upgrade
Operating Cash Flow	806.94	921.31	632.99	1,046	630.86	Upgrade
Operating Cash Flow Growth	-12.41%	45.55%	-39.50%	65.86%	-55.13%	Upgrade
Sale (Purchase) of Intangibles	-870.17	-1,009	-892.64	-817.63	-462.2	Upgrade
Investment in Securities	868.64	-801.71	294.49	-99.43	714.29	Upgrade
Investing Cash Flow	-1.53	-1,811	-598.15	-917.06	252.09	Upgrade
Long-Term Debt Issued	708.69	1,448	903.18	838.97	764.18	Upgrade
Long-Term Debt Repaid	-1,153	-351.71	-268.41	-611.67	-1,104	Upgrade
Net Debt Issued (Repaid)	-443.99	1,096	634.77	227.3	-340.05	Upgrade
Common Dividends Paid	-449.76	-390.67	-458.39	-333.22	-758.36	Upgrade
Financing Cash Flow	-893.75	705.16	176.38	-105.92	-1,098	Upgrade
Net Cash Flow	-88.33	-184.39	211.22	23.36	-215.46	Upgrade
Cash Interest Paid	280.73	262	181.95	-	175.78	Upgrade
Cash Income Tax Paid	143.68	41.31	110.16	180.39	-	Upgrade
Levered Free Cash Flow	92.67	-191.71	-295.35	469.76	404.23	Upgrade
Unlevered Free Cash Flow	273.93	-56.67	-204.82	552.99	466.71	Upgrade
Change in Working Capital	-538.71	-315.93	-303.69	-121.25	319.82	Upgrade

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