Polygon Real Estate Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019 - 2015
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2019 - 2015
Net Income	18.51	19.3	16.84	21.58	10.61	8.65	Upgrade
Depreciation & Amortization	5.29	5.33	5.35	5.45	5.57	4.96	Upgrade
Loss (Gain) From Sale of Investments	-	-	-	-	-4.08	-1.01	Upgrade
Other Operating Activities	1.19	1.77	-8.47	-12.32	1.53	1.86	Upgrade
Change in Accounts Receivable	0.11	0.39	1.56	1.88	-1.81	-2.64	Upgrade
Change in Accounts Payable	-0.19	0.08	-0.32	0.07	0.19	-0.22	Upgrade
Change in Other Net Operating Assets	-0.96	-3.86	0.99	-0.36	2.94	0.64	Upgrade
Operating Cash Flow	23.96	23.01	15.95	16.3	14.96	12.24	Upgrade
Operating Cash Flow Growth	16.95%	44.26%	-2.14%	9.00%	22.21%	-2.00%	Upgrade
Capital Expenditures	-	-	-0.01	-	-	-	Upgrade
Sale (Purchase) of Real Estate	-0.13	-0.02	-0.18	-1.05	-0.83	-0.89	Upgrade
Investment in Securities	-	-	0.46	8.72	-	-5.2	Upgrade
Other Investing Activities	-	-	5.09	14.17	-	-	Upgrade
Investing Cash Flow	-0.13	-0.02	5.36	21.84	-0.83	-6.09	Upgrade
Short-Term Debt Repaid	-	-	-	-	-	-2.7	Upgrade
Long-Term Debt Repaid	-	-	-	-7	-6.42	-0.58	Upgrade
Total Debt Repaid	-	-	-	-7	-6.42	-3.28	Upgrade
Net Debt Issued (Repaid)	-	-	-	-7	-6.42	-3.28	Upgrade
Financing Cash Flow	-	-	-	-7	-6.42	-3.28	Upgrade
Net Cash Flow	23.83	22.99	21.32	31.14	7.7	2.87	Upgrade
Free Cash Flow	23.96	23.01	15.94	16.3	14.96	12.24	Upgrade
Free Cash Flow Growth	16.99%	44.35%	-2.21%	9.00%	22.21%	-2.00%	Upgrade
Free Cash Flow Margin	77.94%	76.70%	55.65%	60.99%	65.65%	62.39%	Upgrade
Free Cash Flow Per Share	4.66	4.47	3.10	3.17	2.91	2.38	Upgrade
Cash Interest Paid	-	-	-	0.58	0.06	0.19	Upgrade
Cash Income Tax Paid	3.93	3.52	8.19	4.94	1.99	0.84	Upgrade
Levered Free Cash Flow	18.04	17.42	14.74	16.89	13.59	11.37	Upgrade
Unlevered Free Cash Flow	18.06	17.43	14.75	17.04	13.78	11.57	Upgrade
Change in Working Capital	-1.03	-3.39	2.23	1.59	1.33	-2.23	Upgrade

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