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Consolidated statement of cash flows - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Income before income taxes R$ 860,945 R$ 676,391 R$ 429,582
Adjustments to reconcile income before income taxes      
Depreciation and amortization expenses 373,344 333,341 289,511
Write-off of property and equipment 3,062 2,539 1,910
Write-off of intangible assets 275 244 413
Allowance for expected credit losses 57,090 60,894 74,552
Share-based compensation expense 15,318 32,424 31,535
Net foreign exchange differences 1,816 7,027 681
Accrued interest 316,379 254,386 285,447
Accrued interest on lease liabilities 123,067 111,966 100,849
Share of profit of equity-accounted investee, net of tax (13,916) (11,737) (9,495)
Provision (reversal) for legal proceedings 23,250 9,705 (40,044)
Changes in assets and liabilities      
Trade receivables (177,602) (97,449) (131,336)
Recoverable taxes (10,749) 18,107 (15,353)
Other assets (10,798) 11,220 88,427
Trade payables (4,499) 18,126 24,500
Taxes payable (18,109) (14,798) 3,278
Advances from customers (3,013) 6,329 (17,892)
Labor and social obligations 9,450 8,414 31,525
Payments of legal proceedings (6,873) (4,637) (16,781)
Other liabilities 9,196 30,687 (42,542)
Net cash flows from operating activities before income taxes 1,547,633 1,453,179 1,088,767
Income taxes paid (16,046) (20,520) (45,144)
Net cash flows from operating activities 1,531,587 1,432,659 1,043,623
Investing activities      
Acquisition of property and equipment (166,014) (136,924) (118,435)
Acquisition of intangibles assets (197,997) (255,691) (126,993)
Dividends received 15,553 7,501 9,900
Acquisition of non-controlling interest (21,000)
Acquisition of assets and subsidiaries, net of cash acquired (144,076) (627,568) (815,005)
Payments of interest (14,536) (78,931) (71,518)
Net cash flows used in investing activities (507,070) (1,091,613) (1,143,051)
Financing activities      
Payments of principal of loans and financing (1,624,911) (128,696) (112,630)
Payments of interest (309,337) (177,192) (175,889)
Proceeds from loans and financing 1,494,881 491,593 5,288
Payments of principal of lease liabilities (49,411) (41,221) (31,473)
Payments of interest of lease liabilities (121,475) (111,605) (103,911)
Treasury shares repurchase (77,002) (12,369)
Proceeds from exercise of stock options 25,733 9,376 9,791
Dividends paid (146,813) (18,289) (18,750)
Net cash flows from (used in) financing activities (808,335) 23,966 (439,943)
Net foreign exchange differences (1,816) (7,027) (681)
Net increase (decrease) in cash and cash equivalents 214,366 357,985 (540,052)
Cash and cash equivalents at the beginning of the year 911,015 553,030 1,093,082
Cash and cash equivalents at the end of the year R$ 1,125,381 R$ 911,015 R$ 553,030