Altshuler Shaham Finance 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
Period Ending	Sep '25 Sep 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
Net Income	113.08	113.07	137.93	213.12	258.26	138.26
Depreciation & Amortization	17.04	17.15	17	17.67	19.19	25.04
Other Amortization	46.68	53.47	52.7	52.7	-9.05	-
Loss (Gain) From Sale of Assets	-0.4	0.87	0.05	0.75	7.71	0.06
Loss (Gain) From Sale of Investments	-5.54	-5.54	-6.34	6.62	1.73	-4.1
Loss (Gain) on Equity Investments	-20.25	0.19	-	-	-	-
Stock-Based Compensation	6.02	1.02	1.66	4.04	11.4	11.93
Provision & Write-off of Bad Debts	5.53	1.34	-	-	-	-
Other Operating Activities	-1.24	12.73	70.24	37.77	11.86	7.69
Change in Accounts Receivable	-299.16	-58.8	7.81	20.1	13.38	-6.91
Change in Accounts Payable	-8.38	-12.53	-48.31	-122.7	-62.17	57.04
Change in Other Net Operating Assets	269.54	32.08	0.21	-0.3	-6.65	-109.19
Operating Cash Flow	122.93	155.05	232.94	229.75	206.93	119.82
Operating Cash Flow Growth	-26.95%	-33.44%	1.39%	11.03%	72.70%	29.42%
Capital Expenditures	-2.5	-1.47	-3.51	-21.62	-7.71	-5.6
Cash Acquisitions	2.07	-26.83	-	-37.35	-	-
Sale (Purchase) of Intangibles	-21.99	-15.27	-17.71	-39.76	-32.6	-18.02
Investment in Securities	-81.28	3.63	35.15	66.36	-614.43	1.65
Other Investing Activities	10.77	-0.62	32.11	9.16	-	0.29
Investing Cash Flow	-92.92	-40.56	46.05	-23.21	-654.74	-21.68
Long-Term Debt Issued	-	93.83	0.21	75.65	1,240	165.78
Long-Term Debt Repaid	-	-154.18	-147.86	-204.24	-1,373	-138.91
Total Debt Repaid	-245.41	-154.18	-147.86	-204.24	-1,373	-138.91
Net Debt Issued (Repaid)	9.96	-60.35	-147.66	-128.59	-133.1	26.86
Issuance of Common Stock	-	-	-	-	75.68	-
Common Dividends Paid	-84	-86	-112	-278	-102	-64
Financing Cash Flow	-26.98	-146.35	-259.66	-406.59	-159.42	-37.14
Miscellaneous Cash Flow Adjustments	-	-	-	-	763.75	-
Net Cash Flow	3.03	-31.87	19.34	-200.05	156.52	61
Free Cash Flow	120.43	153.58	229.44	208.13	199.23	114.22
Free Cash Flow Growth	-27.36%	-33.06%	10.24%	4.47%	74.43%	40.71%
Free Cash Flow Margin	12.78%	16.51%	22.61%	16.23%	13.99%	12.64%
Free Cash Flow Per Share	0.61	0.77	1.15	1.04	1.01	0.58
Cash Interest Paid	14.52	11.97	11.49	12.82	20.49	6.22
Cash Income Tax Paid	46.69	34.47	46.29	144.06	129.33	71.85
Levered Free Cash Flow	134.43	88.44	187.01	108.7	170.2	-
Unlevered Free Cash Flow	145.29	95.04	194.55	116.86	183.3	-
Change in Working Capital	-38	-39.25	-40.29	-102.9	-55.45	-59.06

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.