Investor Presentaiton
Cash, Leverage and
Capital Distribution
Controlled indebtedness with improvement through new issuances in 2023
Debt overview
(R$ mn)
Amortization schedule
(R$ mn)
Gross debt
1,200.9
388
Cash and cash equivalents¹
(748.2)
266
Net debt
452.8
230
165
Net Debt/Equity (SE+MS)2
50.3%
Average cost of debt
(R$ mn)
Average cost:
IPCA + 7.23%
255%
CDI
■ TR
IPCA
Average overall cost of
13.78% y.y.3
48.5%
153
Average cost:
25.9%
TR + 8.74%
Corporate Net Debt/ Shareholders' Equity
13.0%
2023 2024
2025
2026
2027 +
Covenant tracking
(Net Corporate Debt/Equity; Covenant)
85%
85%
80%
80%
80%
80%
75%
15%
Average cost:
CDI +3.50%
50%
50%
30%
30%
15%
66%
67%
55%
15%
15%
15%
15%
42%
32%
33%
3%
10%
11%
10%
13%
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
Net Corporate Debt/Equity - Reported
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
25+
-
Covenants
Source: Press Release 3Q23
21
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