Notes

June 30, 2026

June 30, 2025

Operating activities

Net profit/(loss)

76,422

-89,686

Adjustment for non-cash items:

- Share of the profit or loss of associates and joint ventures accounted for using the equity method

13,534

-34,152

- Unrealized (gains) losses arising from changes in fair value

-10,573

-18,506

- Unrealized (gains) losses arising from changes in foreign exchange rates

-51,109

204,830

- Unrealized (gains) losses arising from other changes

18,168

9,083

- Amortization of premiums/discounts debentures and notes

11,672

38,642

- Impairment charges on financial assets, loan commitments and guarantees

12,515

-32,202

- Depreciation, amortization and impairment of PP&E and intangible assets

6,963

5,871

- Income tax expense/(gain)

7,643

-9

Changes in:

- Income taxes payable / receivable

-2,343

-4,079

- Loans

-372,340

-111,233

- Equity investments

74,769

91,014

- Other assets and liabilities

-5,460

53,023

- Short-term deposits > 3 months

-

-1,665

- Short-term credits

-65,132

50,110

Net cash flow from operating activities

-285,271

161,041

Investing activities

Purchase of interest-bearing securities

-794,077

-19,950

Redemption/sale of interest-bearing securities

66,381

58,302

Investments in PP&E and intangible assets

-10,516

-9,988

Disinvestments in PP&E and intangible assets

-

5,722

Investments in associates/joint ventures

-8,388

-15,367

Disinvestments in and dividends from associates/joint ventures

9,214

2,769

Net cash flow from investing activities

-737,386

21,488

Financing activities

Proceeds from issuance of debentures and notes

(6)

2,052,783

1,210,163

Redemption of debentures and notes

(6)

-1,346,584

-984,675

Lease payments

-320

-1,608

Dividend paid

-2,004

-10,591

Net cash flow from financing activities

703,875

213,289

Net cash flow

-318,782

395,818

Cash and cash equivalents

Cash balances with Banks and short-term deposits at January 1

1,210,364

1,507,715

Net foreign exchange difference

14,327

-52,809

Total cash flow

-318,782

395,818

Cash balances with Banks and short-term deposits at June 30

905,909

1,850,724

Additional information on operational cash flows from interest and dividends

Interest received

289,556

275,318

Interest paid

-138,740

-148,467

Dividend received

17,529

14,086

Interest paid for lease liabilities

-9

-40

Income tax received/(paid)

-13,386

-3,557