LAST 3 MONTHS (Q1)

1. SALES

SHARES: 477.4M · EPS: $0.39

• *1: 10.8M of intangible amortization and 0.6M of asset impairment for the quarter are excluded to reflect recurring operating profit. Adjusted Operating Profit = 268.4M + 10.8M + 0.6M = 279.8M. In the same period of the previous year, 10.8M of intangible amortization and 1.2M of impairment are added back: Prior Adjusted Operating Profit = 347.4M + 10.8M + 1.2M = 359.4M.
• *2: Taxes: Adjusted EBT for the quarter amounts to 244.3M. Reported tax was 58.6M (effective rate of 25.2% on normal EBT of 232.9M). 23% of adjusted EBT equals 56.2M; the reported tax of 58.6M deviates only +4.3% from that reference, within the ±20% threshold, so the reported tax is retained. Adjusted Net Profit = Adjusted EBT 244.3M − reported tax 58.6M = 185.7M. However, the table shows 188.1M because Normal Net Profit of 174.3M already includes the 2.4M gain from the sale of assets (asset sales of 15M) that has not been excluded from adjusted earnings; Adjusted Net Profit = 174.3M + 10.8M + 0.6M = 185.7M, and the 2.4M difference corresponds to the gain on asset sales included in normal earnings.

2. CASH FLOW

• *1: WC = (Accounts payable - Inventories - Accounts receivable) × (inflation + volume) = (1562.6 - 2154 - 677) × (3% + 0%) = -38.1M for the full year -> in 3 months = -9.5M. Deviation of reported working capital (-238.5M) versus theoretical WC (-9.5M): -229M. Cash Flow after the working capital adjustment is: -4.2M - (-229M) = 224.8M.
• *2: Taxes: The company should have paid 56.2M in taxes (23% on adjusted EBT of 244.3M) and only an estimated payment of 48.3M is recorded, calculated from the reconciliation of tax expense less deferred taxes (the cash flow statement does not break out cash paid). Adjustment of -7.9M to Adjusted Cash Flow due to the tax discrepancy. The final figure combines the two adjustments to Cash Flow: -4.2M +229M (working capital) -7.9M (taxes) = 216.9M.

3. CAPITAL ALLOCATION

More or less it adds up. Still, I may have missed some detail.

• *2: Balance sheet debt: 7268.4M -> 7760.1M (+491.7M). Net debt: 7050.4M -> 7388.5M (+338.1M). Balance sheet cash: 218M (2026) -> 371.6M (2027) (+153.6M); cash increased: use of capital (-); Cash row = -153.6M.