Ayalon Insurance Company 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	426.07	251.23	84.91	166.68	-114.09
Depreciation & Amortization	22.93	22.62	28.44	79.86	67.54
Other Amortization	76.68	67.69	59.29	-	-
Gain (Loss) on Sale of Investments	-1,420	-751.36	-545.17	239.46	-779.94
Stock-Based Compensation	0.49	-	-	-	-
Change in Accounts Receivable	902.13	753.84	-101.05	-45.48	-18.7
Reinsurance Recoverable	-3.87	30.07	-202.4	137.6	-266.14
Change in Insurance Reserves / Liabilities	-	-	816.06	-537.68	1,421
Change in Other Net Operating Assets	-9.25	-555.15	-444.24	-29.03	-720.99
Other Operating Activities	328.55	403.83	221.29	224.54	237.62
Operating Cash Flow	309.67	196.04	-46.36	299.53	-306.02
Operating Cash Flow Growth	57.96%	-	-	-	-
Capital Expenditures	-9.78	-12.62	-5.71	-6.22	-10.69
Purchase / Sale of Intangible Assets	-112.02	-114.68	-99.66	-103.5	-72.5
Investment in Securities	-0.59	-	-5.4	100.3	-3.69
Other Investing Activities	4.81	4.43	2.13	1.81	4.33
Investing Cash Flow	-117.58	-122.87	-108.65	-7.62	-82.55
Long-Term Debt Issued	265	20	-	184.77	156.46
Total Debt Repaid	-313.73	-9.6	-9.66	-251.18	-13
Net Debt Issued (Repaid)	-48.73	10.4	-9.66	-66.41	143.46
Issuance of Common Stock	141.49	-	5	5	-
Common Dividends Paid	-155	-60	-	-	-
Other Financing Activities	7.74	-	-	-	0.46
Financing Cash Flow	-54.5	-49.6	-4.66	-61.41	143.92
Net Cash Flow	137.58	23.56	-159.66	230.51	-244.65
Free Cash Flow	299.89	183.42	-52.07	293.31	-316.71
Free Cash Flow Growth	63.50%	-	-	-	-
Free Cash Flow Margin	4.72%	3.15%	-1.42%	12.81%	-10.34%
Free Cash Flow Per Share	11.20	6.96	-1.99	14.31	-17.40
Cash Interest Paid	48.75	45.49	44.61	31.41	24.86
Cash Income Tax Paid	161.71	44.09	-35.56	2.43	-23.13
Levered Free Cash Flow	-2,211	485.71	-1,116	970.83	-1,709
Unlevered Free Cash Flow	-2,179	519.68	-1,078	994.67	-1,683
Change in Working Capital	889.01	228.77	102.42	-351.44	391.18

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