| BRL millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | 4,292.6 | 13,595.6 | 2,167.7 | 402.6 | (1,538.1) | (1,963.0) | −27.6% | |
| Depreciation & amortization | 2,522.1 | 2,218.2 | 2,877.7 | 3,379.1 | 3,791.4 | 4,075.6 | +7.5% | |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Change in working capital | 4,294.4 | 512.4 | (4,666.7) | 4,689.7 | 4,478.8 | (1,505.2) | −133.6% | |
| Operating cash flow | 9,576.9 | 14,793.3 | 2,042.8 | 7,292.6 | 8,650.5 | (954.1) | −111.0% | |
| Capital expenditure | (1,683.8) | (2,864.7) | (5,376.3) | (4,408.1) | (5,494.3) | (5,819.3) | −5.9% | |
| Acquisitions | 0.0 | (991.5) | (5,317.5) | 114.8 | 4,419.8 | (148.7) | −103.4% | |
| Investing cash flow | (1,863.7) | 447.9 | (11,454.5) | (4,589.1) | (1,119.7) | (6,003.1) | −436.1% | |
| Dividends paid | (309.4) | (3,290.5) | (3,756.7) | (3,980.9) | (2,535.3) | (681.6) | +73.1% | |
| Share buybacks | 0.0 | (1,516.4) | (410.6) | 0.0 | (336.2) | 0.0 | +100.0% | |
| Debt issued / repaid | 1,533.6 | (4,907.9) | 9,249.0 | 5,506.4 | 2,912.8 | (967.5) | −133.2% | |
| Financing cash flow | 1,185.1 | (8,529.9) | 4,747.0 | 1,323.6 | (103.8) | (1,741.4) | −1577.1% | |
| Free cash flow | 7,893.0 | 11,928.6 | (3,333.5) | 2,884.5 | 3,156.2 | (6,773.4) | −314.6% | |
| Net change in cash | 8,855.6 | 6,701.9 | (4,655.1) | 4,054.9 | 7,264.0 | (6,252.0) | −186.1% |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
Statements are reported in BRL; the shares trade in USD.
