TLV:ARIN 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	148.43	117.81	33.89	-10.84	197.99
Depreciation & Amortization	0.43	0.4	0.39	0.36	0.36
Asset Writedown	-163.98	-45.66	-6.55	52.47	-230.28
Stock-Based Compensation	1.14	-	-	-	-
Income (Loss) on Equity Investments	-41.32	-41.76	-12.74	-75.91	-
Change in Accounts Receivable	-11.72	-0.6	11.22	8.39	-4.91
Change in Accounts Payable	20.17	0.11	-8.92	-7.88	1.39
Change in Other Net Operating Assets	-	-	-	-	0.43
Other Operating Activities	113.84	19.25	28.66	78.34	47.62
Net Cash from Discontinued Operations	-	-	-	-	-3.38
Operating Cash Flow	66.99	49.55	45.95	44.92	9.21
Operating Cash Flow Growth	35.19%	7.84%	2.29%	387.53%	-63.20%
Acquisition of Real Estate Assets	-266.19	-129.5	-59.69	-421.58	-16.09
Sale of Real Estate Assets	10.09	9	-	-	0.06
Net Sale / Acq. of Real Estate Assets	-256.1	-120.5	-59.69	-421.58	-16.02
Cash Acquisition	-	-163.92	-	-15.66	-
Investment in Marketable & Equity Securities	-4	-43.88	-	37.5	-
Other Investing Activities	-79.2	-13.29	-27.47	-113.18	-0.82
Investing Cash Flow	-339.3	-329.28	-67.32	-512.92	-16.85
Short-Term Debt Issued	189.79	246.18	23	13	50
Long-Term Debt Issued	132.47	195.26	-	538.42	666
Total Debt Issued	322.26	441.44	23	551.42	716
Short-Term Debt Repaid	-20	-	-	-3	-320.12
Long-Term Debt Repaid	-25.09	-25.69	-33.98	-409.98	-356.29
Total Debt Repaid	-45.09	-25.69	-33.98	-412.98	-676.41
Net Debt Issued (Repaid)	277.17	415.75	-10.98	138.44	39.59
Issuance of Common Stock	123.06	19.43	-	306.23	164.15
Repurchase of Common Stock	-0.9	-14.43	-9.1	-	-
Common Dividends Paid	-12.52	-11.51	-	-	-
Other Financing Activities	-24.92	-31.45	-17.71	-14.1	-94.36
Foreign Exchange Rate Adjustments	-	-0.01	0.01	0.01	0.02
Miscellaneous Cash Flow Adjustments	-	-	-	0	-
Net Cash Flow	89.59	98.07	-59.15	-37.42	101.77
Cash Interest Paid	24.69	31.44	17.45	14.78	94
Cash Income Tax Paid	7.02	7.87	19.28	6.7	31.58
Levered Free Cash Flow	87.3	64.14	24.64	30.46	-3.04
Unlevered Free Cash Flow	118.98	94.97	49.02	58.24	12.71
Change in Working Capital	8.45	-0.48	2.31	0.51	-3.09

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