Energy of Minas Gerais Co DRC (CIG-C) Cash Flow Statement
Where CIG-C’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$4.00B −27.3% vs 2024
- Capital expenditures
- R$685.4M 1.6% of revenue
- Free cash flow
- R$3.31B 7.7% margin
- Returned to shareholders
- R$3.89B 117% of free cash flow
- Change in cash
- R$217.8M cash at year-end R$1.90B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CIG-C operating cash flow, capex and free cash flow
CIG-C cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$6.61B2022 | R$4.00B2025 | −15.5%/yr | |
| Capital expenditures | R$292.0M2022 | R$685.4M2025 | +32.9%/yr | |
| Free cash flow | R$6.32B2022 | R$3.31B2025 | −19.4%/yr | |
| Free cash flow margin | 18.3%2022 | 7.7%2025 | −10.6 pts | |
| Operating cash flow / net income | 4.702022 | 0.832025 | −3.87 | |
| Dividends paid | R$2.09B2022 | R$3.89B2025 | +23.0%/yr | |
| Capex / revenue | 0.8%2022 | 1.6%2025 | +0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CIG-C cash flow by activity
CIG-C net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CIG-C cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | R$4.80B | R$7.12B | R$5.76B | R$1.41B |
| Depreciation & amortization | R$1.53B | R$1.38B | R$1.27B | R$1.18B |
| Stock-based compensation | — | — | −R$2.77B | — |
| Change in working capital | −R$160.2M | R$453.0M | R$509.7M | R$841.0M |
| Other non-cash items | −R$2.18B | −R$3.45B | R$1.87B | R$3.18B |
| Cash from operating activities | R$4.00B | R$5.50B | R$6.64B | R$6.61B |
| Investing activities | ||||
| Capital expenditures | −R$685.4M | −R$919.0M | −R$1.26B | −R$292.0M |
| Investments (net) | R$808.5M | −R$2.38B | −R$3.97B | −R$3.21B |
| Acquisitions & other investing | −R$6.66B | R$919.0M | R$1.27B | R$292.0M |
| Cash from investing activities | −R$6.53B | −R$2.38B | −R$3.97B | −R$3.21B |
| Financing activities | ||||
| Dividends paid | −R$3.89B | −R$4.29B | −R$1.82B | −R$2.09B |
| Net borrowing (repayment) | R$6.56B | R$1.53B | −R$758.0M | −R$698.0M |
| Shares issued | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$128.8M | R$0 | R$0 | R$0 |
| Cash from financing activities | R$2.54B | −R$2.76B | −R$2.58B | −R$2.79B |
| Summary | ||||
| Net change in cash | R$217.8M | R$361.0M | R$96.0M | R$616.0M |
| Cash at end of period | R$1.90B | R$1.90B | R$1.54B | R$1.44B |
| Free cash flow | R$3.31B | R$4.58B | R$5.38B | R$6.32B |
| Free cash flow margin | 7.7% | 11.5% | 14.6% | 18.3% |
| Capex / revenue | 1.6% | 2.3% | 3.4% | 0.8% |
| Operating cash flow / net income | 0.83 | 0.77 | 1.15 | 4.70 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | R$945.0M | R$960.2M | R$1.90B | R$3.02B | R$209.5M | R$1.04B | R$998.0M | R$591.4M | R$324.0M | R$232.7M | R$1.89B | R$3.9M |
| Depreciation & amortization | R$410.6M | R$398.9M | R$429.7M | R$1.11B | R$367.8M | R$364.0M | −R$303.5M | R$341.1M | R$338.5M | R$329.0M | R$351.5M | R$923,000 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −R$1.61B | −R$347,000 |
| Change in working capital | −R$559.4M | R$608.5M | −R$590.2M | R$294.1M | R$3.2M | −R$85.0M | −R$217.8M | R$145.1M | −R$2.2M | R$27.6M | −R$399.9M | R$314,000 |
| Other non-cash items | −R$241.1M | −R$869.5M | −R$1.06B | −R$1.00B | −R$406.7M | R$54.0M | −R$2.54B | −R$761.9M | −R$405.4M | −R$256.9M | R$1.65B | −R$4,000 |
| Cash from operating activities | R$555.1M | R$1.10B | R$681.6M | R$3.42B | R$173.8M | R$1.37B | −R$2.06B | R$315.7M | R$254.9M | R$332.4M | R$1.88B | R$4.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −R$29.7M | −R$51.4M | −R$241.3M | −R$4.42B | −R$35.9M | −R$1.76B | R$0 | −R$40.0M | −R$24.4M | −R$30.9M | −R$434.1M | −R$4.3M |
| Investments (net) | — | — | R$1.89B | −R$334.0M | — | −R$2.76B | R$3.61B | −R$3.20B | −R$304.0M | −R$2.49B | R$2.66B | −R$4.2M |
| Acquisitions & other investing | −R$1.49B | −R$1.54B | −R$3.58B | R$0 | −R$61.2M | R$1.76B | — | R$3.17B | R$271.5M | R$2.01B | −R$2.03B | −R$1.68B |
| Cash from investing activities | −R$1.52B | −R$1.60B | −R$1.93B | −R$4.75B | −R$97.1M | −R$2.76B | — | −R$65.5M | −R$56.9M | −R$504.2M | R$188.4M | −R$1.69B |
| Financing activities | ||||||||||||
| Dividends paid | −R$1.42B | −R$2.18B | −R$2.18B | −R$1.77B | −R$308.0M | −R$239.8M | −R$1.32B | −R$288.6M | −R$289.1M | −R$182.7M | −R$910.9M | −R$912,000 |
| Net borrowing (repayment) | — | — | R$1.34B | R$2.66B | — | R$2.74B | −R$3.46B | R$3.66B | −R$153.2M | R$1.49B | — | −R$172.7M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$3.17B | R$2.17B | R$2.53B | R$0 | −R$21.8M | R$239.8M | R$1.44B | −R$3.22B | R$119.9M | −R$1.00B | −R$1.97B | R$173.9M |
| Cash from financing activities | R$1.75B | −R$16.4M | R$1.69B | R$884.0M | −R$329.8M | R$2.74B | −R$3.34B | R$152.1M | −R$322.4M | R$301.5M | −R$2.88B | R$304,000 |
| Summary | ||||||||||||
| Net change in cash | R$784.8M | −R$429.3M | R$407.7M | −R$446.0M | −R$244.3M | R$1.35B | — | R$390.6M | −R$153.4M | R$118.5M | −R$818.2M | R$915,000 |
| Cash at end of period | R$2.16B | R$1.36B | R$1.90B | R$1.45B | R$322.1M | R$3.24B | R$1.90B | R$672.2M | R$281.6M | R$435.0M | R$1.54B | R$2.4M |
| Free cash flow | R$525.5M | R$1.05B | R$440.3M | −R$996.0M | R$138.0M | −R$390.0M | R$1.19B | R$275.7M | R$230.5M | R$301.5M | R$1.44B | R$516,000 |
| Free cash flow margin | 4.7% | 10.0% | 3.8% | −9.5% | 1.3% | −4.0% | 12.7% | 2.7% | 2.6% | 3.4% | 14.5% | 0.0% |
| Capex / revenue | 0.3% | 0.5% | 2.1% | 42.0% | 0.3% | 18.2% | 0.0% | 0.4% | 0.3% | 0.3% | 4.4% | 0.0% |
| Operating cash flow / net income | 0.59 | 1.14 | 0.36 | 1.13 | 0.83 | 1.32 | −2.07 | 0.53 | 0.79 | 1.43 | 1.00 | 1.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
CIG-C cash generation
In fiscal 2025 (ended December 31, 2025), Energy of Minas Gerais Co DRC generated R$4.0 billion of cash from operations (down 27.3%) and spent R$685.4 million on capital expenditures, leaving free cash flow of R$3.3 billion, 7.7% of revenue. It returned R$3.9 billion to shareholders through dividends (R$3.9 billion) and net share buybacks (R$0). Cash and equivalents rose by R$217.8 million over the year.
Related: CIG-C income statement, CIG-C balance sheet, CIG-C dividend history. See the CIG-C stock overview for the latest quote and news.
CIG-C cash flow FAQ
What is Energy of Minas Gerais Co DRC's free cash flow?
Energy of Minas Gerais Co DRC's free cash flow was R$3.3 billion in fiscal 2025: R$4.0 billion of operating cash flow minus R$685.4 million of capital expenditures It was R$4.6 billion a year earlier..
How much cash does Energy of Minas Gerais Co DRC generate from operations?
Energy of Minas Gerais Co DRC generated R$4.0 billion of cash from operating activities in fiscal 2025, 0.83 times its net income of R$4.8 billion.
How much does Energy of Minas Gerais Co DRC spend on capital expenditures?
Energy of Minas Gerais Co DRC spent R$685.4 million on capital expenditures in fiscal 2025, 1.6% of revenue, compared with R$919.0 million the year before.
How much does Energy of Minas Gerais Co DRC pay in dividends?
Energy of Minas Gerais Co DRC paid R$3.9 billion in dividends in fiscal 2025, 117.5% of free cash flow.
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