Generation Capital Cash Flow Statement

Financials in millions ILS. Fiscal year is January - December.

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2018
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2018
Net Income	543.08	90.11	277.2	175.45	229.87	Upgrade
Loss (Gain) From Sale of Investments	-594.3	-137.31	-360.41	-240.13	-221.33	Upgrade
Stock-Based Compensation	7.18	3.97	-	7.38	6.75	Upgrade
Other Operating Activities	188.08	73.45	127.18	89.68	67.87	Upgrade
Change in Accounts Receivable	3.83	2.28	-9.41	-0.7	-0.36	Upgrade
Change in Accounts Payable	1.67	-0.6	-10.28	1.55	3.14	Upgrade
Operating Cash Flow	149.53	31.9	24.28	33.23	85.93	Upgrade
Operating Cash Flow Growth	368.74%	31.39%	-26.93%	-61.33%	-	Upgrade
Investment in Securities	-275.94	-93.01	-298.6	-492.59	-840.67	Upgrade
Other Investing Activities	6.8	-5.04	-10.08	11.5	-11.5	Upgrade
Investing Cash Flow	-269.14	-98.04	-358.68	-481.09	-852.17	Upgrade
Short-Term Debt Issued	-	18.28	-	-	-	Upgrade
Long-Term Debt Issued	283.2	595.04	530.31	881.97	639	Upgrade
Total Debt Issued	283.2	613.32	530.31	881.97	639	Upgrade
Short-Term Debt Repaid	-18.28	-	-	-	-	Upgrade
Long-Term Debt Repaid	-393.8	-592.88	-353.15	-198.5	-74	Upgrade
Total Debt Repaid	-412.08	-592.88	-353.15	-198.5	-74	Upgrade
Net Debt Issued (Repaid)	-128.88	20.44	177.16	683.47	565	Upgrade
Issuance of Common Stock	280	-	-	-	163.14	Upgrade
Common Dividends Paid	-45	-	-	-55	-50	Upgrade
Other Financing Activities	-4.1	-	-	-	-13.34	Upgrade
Financing Cash Flow	102.03	20.44	177.16	628.47	664.8	Upgrade
Net Cash Flow	-17.58	-45.7	-157.24	180.6	-101.45	Upgrade
Cash Interest Paid	44.2	40.87	23.06	14.93	9.38	Upgrade
Levered Free Cash Flow	471.77	190.43	166.32	186.67	213.41	Upgrade
Unlevered Free Cash Flow	503.36	218.73	187.31	198.76	217.69	Upgrade
Change in Working Capital	5.5	1.68	-19.69	0.85	2.78	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.