Reit Azorim - H.F Living 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	-4.4	-37.66	-75.16	-51.9	250.83
Gain (Loss) on Sale of Assets	11.54	0.41	-	-	-
Asset Writedown	-15.67	7.25	46.07	-8.03	-259.82
Stock-Based Compensation	1.59	1.63	-	2.94	-
Change in Accounts Receivable	-3.95	-1.01	-1.14	-0.67	-0.09
Change in Accounts Payable	-2.24	2.37	0.01	0.13	1.25
Change in Other Net Operating Assets	-0.05	-1.71	-0.61	4.95	9.17
Other Operating Activities	50.72	61.24	52.83	72.84	8.21
Operating Cash Flow	37.54	32.52	22	20.27	9.55
Operating Cash Flow Growth	15.45%	47.80%	8.55%	112.21%	127.68%
Acquisition of Real Estate Assets	-119	-121.5	-137.18	-1,109	-541.47
Sale of Real Estate Assets	186.65	51.95	-	-	-
Net Sale / Acq. of Real Estate Assets	67.65	-69.55	-137.18	-1,109	-541.47
Other Investing Activities	99.49	7.01	68.51	-37.08	-19.27
Investing Cash Flow	167.13	-62.54	-68.68	-1,146	-560.74
Short-Term Debt Issued	-	-	-	-	99.4
Long-Term Debt Issued	517.23	130.09	161.49	1,240	273.26
Total Debt Issued	517.23	130.09	161.49	1,240	372.66
Short-Term Debt Repaid	-531.48	-7.43	-	-	-
Long-Term Debt Repaid	-259.28	-16.87	-224.42	-4.61	-1.41
Total Debt Repaid	-790.76	-24.3	-224.42	-4.61	-1.41
Net Debt Issued (Repaid)	-273.53	105.79	-62.93	1,235	371.25
Issuance of Common Stock	-	69.45	93.34	92.37	-
Other Financing Activities	-76.56	-72.55	-81.7	-35.35	-11.63
Net Cash Flow	-145.42	72.66	-97.96	166.13	-191.56
Cash Interest Paid	76.56	72.55	81.7	35.35	11.63
Levered Free Cash Flow	46.67	-109.15	-5.04	-75.09	-40.01
Unlevered Free Cash Flow	90.04	-68.12	32.04	-27.13	-34.79
Change in Working Capital	-6.24	-0.35	-1.74	4.41	10.33

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