v3.26.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net profit for the year $ 359.0 $ 354.6 $ 164.3
Adjustment to net profit for items not affecting cash      
Depreciation and amortization expenses 259.5 243.6 241.7
Realization of contribution from suppliers (27.5) (30.2) (29.8)
Losses (reversal) of impairment losses of inventories 3.6 7.0 (4.8)
Adjustment to fair value - Financial investments 11.8 19.3 (0.4)
Expect credit losses (reversal) 11.8 21.1 (10.2)
(Gain) loss on disposal of fixed assets and investments [1] 7.4 6.2 (29.3)
Income tax and social contribution (91.4) 202.4 (43.6)
Accrued interest 111.3 174.6 189.7
Interest on marketable securities, net (18.3) (18.1) (7.0)
Share of (profit) loss of investments accounted for under the equity method 6.9 4.3 (10.2)
Foreign exchange, net 36.7 8.7 7.1
Other provisions 25.5 55.4 (7.3)
Others 6.7 5.2 10.9
Changes in assets      
Financial investments 86.6 (117.7) 22.9
Derivative financial instruments (19.3) (41.5) 21.2
Accounts receivable 25.9 (159.3) (4.6)
Contract assets 60.5 (114.1) (4.6)
Customer financing 22.1 25.1 6.6
Inventories (382.2) (370.2) (287.1)
Other assets (66.2) (49.4) (112.4)
Changes in liabilities      
Trade accounts payable and Trade accounts payable - Supplier finance arrangements 174.3 204.8 50.2
Other payables 406.3 24.1 69.1
Contract liabilities 150.7 748.1 576.8
Taxes and payroll charges payable (67.2) (58.2) 98.6
Unearned income 7.0 2.9 2.8
Net cash generated in operating activities 1,101.5 1,148.7 910.6
Income taxes paid (73.6) (101.2) (120.8)
Interest paid (157.9) (176.3) (172.8)
Net cash provided by operating activities 870.0 871.2 617.0
Investing activities      
Acquisition of property, plant and equipment (187.2) (200.4) (238.7)
Proceeds from sale of property, plant and equipment 17.1 12.2 19.3
Additions to intangible assets (296.7) (265.8) (192.1)
Additions to investments in subsidiaries and affiliates, net of cash acquired (12.3) (18.3) (24.0)
Proceeds from sale of financial investments 384.5 49.5 41.2
Investment sale 0.0 0.0 60.2
Acquisition of financial investments (423.6) (238.0) (58.8)
Loans (granted to) collected from customers (93.5) 60.5 (60.5)
Dividends received 0.0 0.6 5.8
Net cash used in investing activities (611.7) (599.7) (447.6)
Financing activities      
Proceeds from loans and financing 2,957.2 775.2 2,000.7
Repayment of loans and financing (2,814.4) (1,155.3) (2,331.9)
Capital increase 0.0 0.0 9.5
Dividends and interest on own capital (23.6) 0.0 (13.4)
Proceeds from the sale of receivables 40.0 0.0 0.0
Receipt in the offering of subsidiary shares 210.0 65.6 0.0
Costs in the offering of subsidiary shares (12.5) (2.4) 0.0
Repurchases of common shares (186.8) 0.0 0.0
Lease payments (23.8) (18.8) (13.6)
Net cash generated (used) by financing activities 146.1 (335.7) (348.7)
Increase (decrease) in cash and cash equivalents 404.5 (64.2) (179.3)
Effects of exchange rate changes on cash and cash equivalents (17.7) 0.9 (10.0)
Cash and cash equivalents at the beginning of the year 1,563.0 1,626.3 1,815.6
Cash and cash equivalents at the end of the year $ 1,949.8 $ 1,563.0 $ 1,626.3
[1] Fixed assets comprise property, plant and equipment, intangible, right of use.