Cash Flow Statement

Operating Cash Flow

-62%

+49%

10Y

Currency: BRL

	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	873	745	798	881	939	1 056	1 103	1 144	1 131	1 120	1 118	1 049	1 058	1 064	1 049	1 074	1 061	1 113	1 117	1 081	1 071	968	926	978	1 001	1 070	2 844	2 203	2 262	1 830	110	1 446	1 388	1 665	1 708	1 297	1 331	1 893	2 022	2 088	2 379	2 309	2 563	2 713	3 132	3 369	3 786	4 151	4 382	4 683	4 723	4 717	4 562	4 461	4 314	4 227	4 215	4 176	4 221	4 133	3 993	4 184	4 314	4 577	4 733	4 816	4 858
Depreciation & Amortization	44	37	39	42	42	44	48	55	68	66	72	75	75	89	92	94	99	104	112	120	123	122	119	119	120	120	117	111	104	100	99	98	100	307	506	716	926	932	945	953	975	995	1 016	1 030	1 035	1 021	1 028	1 041	1 044	1 064	1 072	1 057	1 069	1 070	1 054	1 056	1 040	1 043	1 068	1 090	1 110	930	748	572	389	397	393
Change in Deffered Taxes	(112)	43	188	337	438	388	453	443	446	443	459	490	519	555	549	518	519	524	528	546	531	515	516	557	547	565	1 190	558	611	(437)	(1 167)	(344)	(407)	538	646	188	228	153	35	260	237	383	413	432	371	388	607	731	897	1 093	965	790	942	649	425	296	(43)	(46)	92	58	(9)	(106)	(51)	(97)	33	112	(0)
Stock-Based Compensation	19	32	44	60	50	43	37	31	46	50	53	54	0	0	0	0	0	0	0	0	0	0	0	29	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	84	108	126	103	78	34	46	88	90	92	78	81	84	87	89	89	88	90	94	95	100	103	103	104
Other Non-Cash Items	73	69	65	61	54	56	47	28	23	19	22	(89)	(105)	(120)	(127)	(33)	(28)	(36)	(41)	(50)	(39)	(31)	(36)	(65)	(39)	(25)	(2 449)	(729)	(720)	(153)	2 640	1 105	1 416	1 064	895	879	743	759	688	672	628	520	625	612	716	813	545	358	229	17	329	779	833	1 321	1 504	1 512	1 664	1 445	1 080	1 071	1 196	1 375	1 612	1 715	1 581	1 576	1 751
Cash Interest Paid	0	0	0	0	0	0	0	0	33	36	68	68	70	0	0	76	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Working Capital	800	428	(173)	(542)	(698)	(533)	(423)	40	270	271	420	159	66	(225)	(500)	(326)	(513)	272	328	221	778	343	265	266	(101)	(233)	(1 081)	(1 174)	(1 515)	(5 395)	(4 810)	(9 393)	(9 130)	(4 954)	(4 530)	8 112	8 041	7 066	6 747	(307)	(539)	(1 703)	(1 804)	(1 568)	(1 557)	(982)	(2 859)	(3 529)	(3 136)	(4 334)	(5 902)	(4 129)	(4 244)	207	4 897	2 802	2 712	1 156	135	(2 592)	(2 356)	(446)	(765)	2 531	391	(2 665)	(2 376)
Cash from Operating Activities	2 002 N/A	1 565 -22%	1 038 -34%	779 -25%	776 0%	1 011 +30%	1 228 +21%	1 710 +39%	1 937 +13%	1 919 -1%	2 090 +9%	1 684 -19%	1 612 -4%	1 362 -16%	1 063 -22%	1 328 +25%	1 140 -14%	1 978 +74%	2 046 +3%	1 918 -6%	2 463 +28%	1 917 -22%	1 789 -7%	1 854 +4%	1 527 -18%	1 496 -2%	619 -59%	969 +57%	743 -23%	(4 055) N/A	(3 127) +23%	(7 087) -127%	(6 633) +6%	(1 380) +79%	(774) +44%	11 191 N/A	11 267 +1%	10 803 -4%	10 435 -3%	3 667 -65%	3 681 +0%	2 504 -32%	2 813 +12%	3 220 +14%	3 697 +15%	4 610 +25%	3 108 -33%	2 753 -11%	3 415 +24%	2 524 -26%	1 188 -53%	3 214 +171%	3 161 -2%	7 709 +144%	12 195 +58%	9 893 -19%	9 588 -3%	7 774 -19%	6 596 -15%	3 760 -43%	3 933 +5%	5 937 +51%	5 858 -1%	9 297 +59%	7 127 -23%	4 237 -41%	4 625 +9%
Investing Cash Flow
Capital Expenditures	(64)	(48)	(56)	(66)	(80)	(101)	(90)	(165)	(152)	(125)	(124)	(46)	(41)	(37)	(32)	(68)	(78)	(92)	(130)	(129)	(139)	(126)	(88)	(55)	(50)	(76)	(81)	(74)	(71)	(38)	(35)	(45)	(85)	(97)	(101)	(101)	(81)	(75)	(75)	(143)	(118)	(135)	(155)	(140)	(154)	(168)	(200)	(222)	(219)	(210)	(193)	(188)	(174)	(154)	(147)	(137)	(142)	(137)	(105)	(74)	(63)	(71)	(91)	(97)	(103)	(116)	(122)
Other Items	15	9	7	(11)	(6)	(25)	(1 131)	(1 161)	(1 174)	(1 173)	(94)	(130)	(108)	(104)	(114)	(65)	(90)	(165)	(152)	(118)	(52)	30	35	(1)	(49)	(49)	1 165	1 138	1 234	5 581	4 339	4 339	4 211	(678)	(693)	(8 957)	(8 935)	(8 460)	(8 439)	(138)	(167)	(168)	(179)	(205)	(161)	(148)	914	(256)	(264)	(240)	(1 296)	(2 013)	(2 117)	(2 081)	(2 051)	(127)	(93)	(708)	(725)	(758)	(708)	(114)	(144)	(193)	(275)	(204)	(186)
Cash from Investing Activities	(49) N/A	(39) +20%	(50) -28%	(77) -54%	(87) -13%	(126) -45%	(1 222) -870%	(1 326) -9%	(1 326) N/A	(1 298) +2%	(218) +83%	(177) +19%	(149) +16%	(142) +5%	(146) -3%	(133) +9%	(168) -26%	(256) -52%	(282) -10%	(247) +12%	(191) +23%	(97) +49%	(53) +45%	(56) -5%	(99) -78%	(125) -26%	1 084 N/A	1 065 -2%	1 164 +9%	5 544 +376%	4 305 -22%	4 294 0%	4 126 -4%	(775) N/A	(795) -3%	(9 058) -1 039%	(9 016) +0%	(8 535) +5%	(8 513) +0%	(282) +97%	(285) -1%	(302) -6%	(334) -10%	(345) -3%	(314) +9%	(316) 0%	714 N/A	(478) N/A	(483) -1%	(451) +7%	(1 488) -230%	(2 201) -48%	(2 291) -4%	(2 235) +2%	(2 197) +2%	(264) +88%	(236) +11%	(845) -258%	(830) +2%	(833) 0%	(771) +7%	(185) +76%	(235) -27%	(291) -24%	(377) -30%	(320) +15%	(308) +4%
Financing Cash Flow
Net Issuance of Common Stock	(260)	(246)	(241)	(65)	11	0	(184)	(419)	(645)	(749)	(815)	(590)	(357)	(269)	(15)	8	22	(211)	(342)	(479)	(970)	(937)	(798)	(893)	(491)	(396)	(514)	(286)	(222)	(104)	0	0	0	0	0	1	1	1	1	1	1	1	(75)	(75)	(315)	(327)	(347)	(798)	(921)	(1 277)	(1 180)	(729)	(1 365)	(2 246)	(2 996)	(3 746)	(3 142)	(2 450)	(2 400)	(2 150)	(2 337)	(3 050)	(3 086)	(3 835)	(3 857)	(2 854)	(2 986)
Net Issuance of Debt	(22)	(512)	(158)	7	5	(10)	1 060	1 060	1 027	1 028	(72)	(1)	(68)	(67)	(76)	(76)	(81)	(81)	(85)	(85)	(91)	(92)	(91)	(91)	(97)	(96)	(114)	(114)	(141)	(141)	(144)	3 269	3 217	2 942	2 311	(1 346)	(1 321)	(1 229)	(541)	(1 901)	(1 879)	(552)	(632)	(618)	(625)	(555)	(310)	1 464	1 453	3 217	6 664	6 346	6 134	1 571	(2 927)	(1 841)	(3 421)	(1 576)	(439)	2 431	2 938	1 127	882	(1 663)	122	1 670	1 720
Cash Paid for Dividends	(421)	(693)	(576)	(631)	(669)	(820)	(890)	(973)	(1 007)	(968)	(890)	(889)	(1 040)	(862)	(920)	(1 148)	(915)	(1 290)	(1 346)	(1 109)	(1 109)	(857)	(776)	(741)	(741)	(801)	(855)	(1 427)	(1 427)	(1 187)	(1 148)	(584)	(900)	(872)	(738)	(779)	(924)	(1 041)	(1 401)	(1 529)	(1 487)	(1 621)	(1 780)	(2 062)	(2 315)	(3 208)	(2 907)	(3 884)	(4 307)	(5 241)	(6 244)	(6 705)	(5 871)	(4 701)	(4 120)	(2 610)	(2 667)	(2 129)	(2 018)	(1 994)	(2 193)	(2 308)	(2 129)	(2 044)	(1 815)	(1 470)	(1 363)
Other	0	(51)	(29)	(2)	0	0	0	0	0	0	0	(68)	0	0	0	0	0	0	0	0	0	0	0	0	(56)	(56)	(56)	(56)	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(1)	(1)	0	(0)	(34)	1 109	1 104	1 096	1 113	(32)	(31)	(31)	(46)	(1 361)	(61)	(698)	(974)	(1 297)	(1 583)	(1 509)	(1 300)	(1 454)	(1 270)	(1 257)	(1 578)
Cash from Financing Activities	(1 938) N/A	(1 502) +22%	(1 005) +33%	(691) +31%	(655) +5%	(830) -27%	(14) +98%	(331) -2 264%	(625) -89%	(687) -10%	(1 776) -159%	(1 547) +13%	(1 464) +5%	(1 198) +18%	(1 010) +16%	(1 216) -20%	(974) +20%	(1 582) -62%	(1 774) -12%	(1 673) +6%	(2 170) -30%	(1 886) +13%	(1 664) +12%	(1 725) -4%	(1 385) +20%	(1 349) +3%	(1 540) -14%	(1 884) -22%	(1 791) +5%	(1 433) +20%	(1 293) +10%	2 685 N/A	2 317 -14%	2 071 -11%	1 574 -24%	(2 124) N/A	(2 243) -6%	(2 270) -1%	(1 941) +15%	(3 429) -77%	(3 366) +2%	(2 173) +35%	(2 488) -15%	(2 756) -11%	(3 257) -18%	(4 089) -26%	(3 598) +12%	(2 110) +41%	(2 670) -27%	(2 205) +17%	352 N/A	(1 120) N/A	(1 133) -1%	(5 407) -377%	(10 088) -87%	(9 559) +5%	(9 291) +3%	(6 853) +26%	(5 831) +15%	(3 010) +48%	(3 176) -6%	(5 739) -81%	(5 633) +2%	(8 996) -60%	(6 820) +24%	(3 911) +43%	(4 207) -8%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(5)	(1)	(5)	1	(2)	10	28	16	29	86	(10)	(7)
Net Change in Cash	15 N/A	24 +60%	(17) N/A	11 N/A	34 +209%	55 +62%	(8) N/A	53 N/A	(14) N/A	(66) -371%	96 N/A	(40) N/A	(1) +98%	22 N/A	(93) N/A	(21) +77%	(2) +90%	140 N/A	(10) N/A	(2) +80%	102 N/A	(66) N/A	72 N/A	74 +2%	43 -42%	22 -49%	163 +641%	150 -8%	116 -23%	56 -52%	(115) N/A	(109) +5%	(190) -74%	(84) +56%	5 N/A	9 +83%	8 -13%	(2) N/A	(19) -834%	(44) -137%	29 N/A	29 -2%	(8) N/A	119 N/A	126 +6%	205 +63%	224 +9%	165 -26%	262 +59%	(132) N/A	51 N/A	(107) N/A	(263) -146%	67 N/A	(91) N/A	65 N/A	59 -8%	71 +20%	(63) N/A	(84) -33%	(4) +95%	41 N/A	6 -87%	39 +615%	16 -59%	(3) N/A	104 N/A
Free Cash Flow
Free Cash Flow	1 938 N/A	1 517 -22%	982 -35%	713 -27%	696 -2%	910 +31%	1 138 +25%	1 545 +36%	1 785 +16%	1 794 +1%	1 966 +10%	1 638 -17%	1 571 -4%	1 325 -16%	1 031 -22%	1 260 +22%	1 062 -16%	1 886 +78%	1 916 +2%	1 789 -7%	2 324 +30%	1 791 -23%	1 701 -5%	1 800 +6%	1 477 -18%	1 420 -4%	538 -62%	895 +66%	672 -25%	(4 093) N/A	(3 162) +23%	(7 133) -126%	(6 718) +6%	(1 477) +78%	(875) +41%	11 090 N/A	11 186 +1%	10 728 -4%	10 360 -3%	3 523 -66%	3 562 +1%	2 369 -33%	2 658 +12%	3 080 +16%	3 543 +15%	4 442 +25%	2 908 -35%	2 531 -13%	3 196 +26%	2 313 -28%	995 -57%	3 026 +204%	2 986 -1%	7 555 +153%	12 048 +59%	9 756 -19%	9 446 -3%	7 637 -19%	6 492 -15%	3 686 -43%	3 869 +5%	5 866 +52%	5 766 -2%	9 200 +60%	7 025 -24%	4 121 -41%	4 504 +9%

Income Statement Balance Sheet Cash Flow Statement

B3 SA Brasil Bolsa Balcao
BOVESPA:B3SA3

Cash Flow Statement

Cash Flow Statement
B3 SA Brasil Bolsa Balcao

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B3 SA Brasil Bolsa Balcao BOVESPA:B3SA3

Cash Flow Statement

Cash Flow Statement B3 SA Brasil Bolsa Balcao

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B3 SA Brasil Bolsa Balcao
BOVESPA:B3SA3

Cash Flow Statement
B3 SA Brasil Bolsa Balcao