LAST 3 MONTHS (Q1)

1. SALES

SHARES: 534.7M · EPS: $0.79

• *1: Adjusted Operating Profit: the non-cash loss of $23.7M from the valuation of the Brazil business classified as held for sale is excluded (633.6M + 23.7M = 657.3M). In the same quarter of the previous year, the gain of $1,054.4M from the sale of the U.S. yogurt business is excluded (1,725.8M - 1,054.4M = 671.4M).
• *2: Taxes: Adjusted EBT amounts to $525.7M (502M + 23.7M). The reported tax of $122.8M represents an effective rate of 24.5% on normal EBT, but on adjusted EBT the implied rate would be 23.4%, within the range of ±20% with respect to the 23% reference (normalized tax = 23% × 525.7M = $120.9M). The reported tax of $122.8M is retained: Adjusted Net Income = 525.7M - 122.8M = $402.9M. However, the table shows $404.8M when incorporating $18.9M of after-tax earnings from joint ventures (non-controlling) that are added to the attributable result: 525.7M - 122.8M + 18.9M = $421.8M... revised: Adjusted Net Income = adjusted EBT - reported tax + result from joint ventures = 525.7M - 122.8M + 18.9M = $421.8M. The figure in the table is adjusted to $421.8M.

2. CASH FLOW

• *1: WC = (Accounts payable - Inventories - Accounts receivable) × (inflation + volume) = (3715.2 - 2163.2 - 1775.2) × (4.5% + 0%) = -10M for the full year -> in 3 months = -2.5M. Deviation of reported working capital (-251.5M) versus theoretical WC (-2.5M): -249M. Cash Flow after the working capital adjustment is: 297.8M - (-249M) = 546.8M.
• *2: Taxes: The company should have paid 120.9M in taxes (23% on adjusted EBT of 525.7M) and has only paid 20.7M in cash according to the cash flow statement. Adjustment of -100.2M to Adjusted Cash Flow due to the tax discrepancy. The final figure combines the two adjustments to Cash Flow: 297.8M +249M (working capital) -100.2M (taxes) = 446.6M.

3. CAPITAL ALLOCATION

More or less it adds up. Still, it's possible that I missed some detail.

• *1: Balance sheet debt: 13538M -> 13615.6M (+77.6M). Net debt: 13084.2M -> 13182.5M (+98.3M). Balance sheet cash: 453.8M (2026) -> 433.1M (2027) (-20.7M); cash decreased: source of liquidity (+); Cash row = +20.7M.