v3.25.4
Consolidated Statements of Cash Flows - BRL (R$)
R$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Income before taxes R$ 7,270,943 R$ 6,763,809 R$ 5,573,916
Adjustment for:      
Depreciation and amortization 14,944,404 14,202,285 13,389,573
Foreign exchange on loans and derivative financial instruments 102,020 (66,345) 57,836
Indexation accruals on assets and liabilities 570,031 (61,273) 583,912
Equity 18,227 4,351 10,710
Losses (gains) on write-off/sale of assets (594,237) (405,088) (403,335)
Impairment losses - trade accounts receivable 1,581,337 1,523,263 1,362,678
Change in liability provision 167,696 93,049 24,320
Pension plans and other post-retirement benefits (39,988) 84,351 66,734
Provisions for tax, civil, labor and regulatory contingencies 731,863 321,936 661,743
Interest expense 2,325,052 2,141,361 2,092,184
Partial debt reversal through post-closing price adjustment - Garliava Acquisition 0 0 (244,229)
Reversals of provisions for fines for canceling leases and dismantling contracts (22,626) (15,881) (340,034)
Adjustments for the reversal of provisions for customer refunds (90,663) 0 0
Adjustments for gains (losses) on the revaluation of equity interests in the acquisition of control and other investment gains (134,904) 0 0
Other 68,019 43,100 28,858
Changes in assets and liabilities      
Trade accounts receivable (2,446,687) (1,661,763) (1,943,089)
Inventories (423,198) (311,237) (100,838)
Taxes recoverable (797,300) (444,717) (376,330)
Prepaid expenses (924,228) (1,052,392) (473,260)
Other assets 33,819 160,656 61,646
Personnel, social charges and benefits 38,897 24,494 169,537
Trade accounts payable 507,945 1,097,113 800,249
Taxes, charges and contributions 1,898,270 888,489 2,421,640
Write-offs for payments of provision for legal demands, contingent liabilities, fines for canceling lease contracts and amounts to be refunded to customers (988,197) (861,325) (1,742,676)
Other liabilities 125,871 348,417 60,147
Total adjustments 16,651,423 16,052,844 16,167,976
Cash generated from operations 23,922,366 22,816,653 21,741,892
Interest paid (2,308,755) (2,078,021) (2,054,278)
Income and social contribution taxes paid (896,209) (862,064) (901,688)
Net cash generated by operating activities 20,717,402 19,876,568 18,785,926
Cash flows from investing activities      
Additions to PP&E, intangible assets and others (9,457,557) (9,324,123) (8,811,346)
Proceeds from sale of PP&E 436,542 376,591 434,446
Payment for acquisition of investments and capital contribution in subsidiary (1,064,753) (168,521) (63,799)
Receipts (payments), net of judicial deposits 156,957 45,454 393,649
Net payments of receipts from financial investments (88,708) (5,302) 0
Receipt of dividends and interest on equity 0 51 0
Cash received from sale of investments 0 161,057 196,057
Net cash used in investing activities (10,017,519) (8,914,793) (7,850,993)
Cash flows from financing activities      
Additions from loans and debentures 20,000 83,084 30,025
Payments of loans, financing, debentures, leases, 5G licenses and contingent liabilities (5,232,024) (3,495,039) (4,451,943)
Receipts - derivative financial instruments 48,330 105,240 27,484
Payments - derivative financial instruments (135,550) (50,910) (135,198)
Payment for acquisitions of shares for treasury (1,746,480) (1,299,583) (488,758)
Dividend and interest on equity paid (2,187,402) (2,532,399) (3,832,612)
Capital subscriptions made by noncontrolling shareholders in subsidiaries 1,833 21,933 511
Payments to shareholders for reduction of share capital (1,947,628) (1,461,279) 0
Receipts from reverse stock split and stock split 949,354 0 0
Payments for reverse stock split and stock split (124,631) 0 0
Payments of costs related to reverse stock split and stock split operations (4,444) 0 0
Net cash used in financing activities (10,358,642) (8,628,953) (8,850,491)
Increase (decrease) in cash and cash equivalents 341,241 2,332,822 2,084,442
Cash and cash equivalents at beginning of the year 6,691,098 4,358,276 2,273,834
Cash and cash equivalents at end of the year R$ 7,032,339 R$ 6,691,098 R$ 4,358,276