Altshuler Shaham Finance 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
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
Net Income	127.78	113.07	137.93	213.12	258.26
Depreciation & Amortization	16.81	17.06	17	17.67	19.19
Other Amortization	44.42	53.56	52.7	52.7	-9.05
Loss (Gain) From Sale of Assets	-0.17	0.87	0.05	0.75	7.71
Loss (Gain) From Sale of Investments	-	-	-	6.62	1.73
Loss (Gain) on Equity Investments	-24.77	0.19	-	-	-
Stock-Based Compensation	5.74	1.02	1.66	4.04	11.4
Provision & Write-off of Bad Debts	5.71	1.34	-	-	-
Other Operating Activities	-23.34	9.07	6.02	37.77	11.86
Change in Accounts Receivable	-296.9	-58.8	7.81	20.1	13.38
Change in Accounts Payable	-10.99	-12.53	-48.31	-122.7	-62.17
Change in Other Net Operating Assets	328.22	30.19	58.09	-0.3	-6.65
Operating Cash Flow	172.51	155.05	232.94	229.75	206.93
Operating Cash Flow Growth	11.26%	-33.44%	1.39%	11.03%	72.70%
Capital Expenditures	-3.22	-1.47	-3.51	-21.62	-7.71
Cash Acquisitions	-	-26.83	-	-37.35	-
Sale (Purchase) of Intangibles	-19.69	-15.27	-17.71	-39.76	-32.6
Investment in Securities	-48.36	3.63	35.15	66.36	-614.43
Other Investing Activities	13.26	-0.62	32.11	9.16	-
Investing Cash Flow	-58.02	-40.56	46.05	-23.21	-654.74
Long-Term Debt Issued	263.06	93.83	0.21	75.65	1,240
Long-Term Debt Repaid	-293.37	-154.18	-147.86	-204.24	-1,373
Total Debt Repaid	-293.37	-154.18	-147.86	-204.24	-1,373
Net Debt Issued (Repaid)	-30.31	-60.35	-147.66	-128.59	-133.1
Issuance of Common Stock	-	-	-	-	75.68
Common Dividends Paid	-85	-86	-112	-278	-102
Other Financing Activities	4.3	-	-	-	-
Financing Cash Flow	-111.01	-146.35	-259.66	-406.59	-159.42
Miscellaneous Cash Flow Adjustments	-	-	-	-	763.75
Net Cash Flow	3.48	-31.87	19.34	-200.05	156.52
Free Cash Flow	169.29	153.58	229.44	208.13	199.23
Free Cash Flow Growth	10.23%	-33.06%	10.24%	4.47%	74.43%
Free Cash Flow Margin	18.11%	16.66%	23.14%	16.23%	13.99%
Free Cash Flow Per Share	0.85	0.77	1.15	1.04	1.01
Cash Interest Paid	15.32	11.97	11.49	12.82	20.49
Cash Income Tax Paid	47.04	34.47	46.29	144.06	129.33
Levered Free Cash Flow	35.79	119.16	172.53	108.7	170.2
Unlevered Free Cash Flow	48.83	125.82	180.08	116.86	183.3
Change in Working Capital	20.33	-41.14	17.59	-102.9	-55.45

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.