TLV:BEZQ 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	1,417	1,072	1,189	1,000	1,183
Depreciation & Amortization	1,060	1,436	1,441	1,868	1,889
Other Amortization	-	271	269	-	-
Loss (Gain) From Sale of Assets	-5	-8	-2	-8	-175
Asset Writedown & Restructuring Costs	-	137	157	-	-
Loss (Gain) on Equity Investments	-	8	-	-	-
Stock-Based Compensation	10	21	10	11	27
Other Operating Activities	108	294	355	419	321
Change in Accounts Receivable	21	67	-7	342	-229
Change in Inventory	-	-109	-15	-21	-19
Change in Accounts Payable	-566	147	63	-41	-41
Change in Other Net Operating Assets	147	110	-5	-67	-117
Operating Cash Flow	2,192	3,446	3,455	3,503	2,839
Operating Cash Flow Growth	-36.39%	-0.26%	-1.37%	23.39%	-11.83%
Capital Expenditures	-938	-1,356	-1,333	-1,353	-1,328
Sale of Property, Plant & Equipment	39	16	39	40	278
Cash Acquisitions	-	-	-14	-9	-
Divestitures	34	-	-	-	-
Sale (Purchase) of Intangibles	-159	-390	-375	-346	-363
Investment in Securities	-259	-674	-285	60	-231
Other Investing Activities	86	102	89	23	-2
Investing Cash Flow	-1,197	-2,302	-1,879	-1,585	-1,646
Long-Term Debt Issued	1,190	1,648	515	400	695
Long-Term Debt Repaid	-1,288	-1,520	-1,396	-1,740	-1,454
Net Debt Issued (Repaid)	-98	128	-881	-1,340	-759
Common Dividends Paid	-975	-781	-638	-534	-
Other Financing Activities	-213	-242	-235	-276	-301
Financing Cash Flow	-1,286	-895	-1,754	-2,150	-1,060
Miscellaneous Cash Flow Adjustments	-	-28	-	-	-
Net Cash Flow	-291	221	-178	-232	133
Free Cash Flow	1,254	2,090	2,122	2,150	1,511
Free Cash Flow Growth	-40.00%	-1.51%	-1.30%	42.29%	-27.60%
Free Cash Flow Margin	28.32%	23.52%	23.31%	23.93%	17.13%
Free Cash Flow Per Share	-	0.76	0.77	0.78	0.55
Cash Interest Paid	-	249	236	232	254
Cash Income Tax Paid	-	244	269	271	385
Levered Free Cash Flow	472.38	1,173	1,239	1,391	832.75
Unlevered Free Cash Flow	739.25	1,389	1,426	1,550	1,002
Change in Working Capital	-398	215	36	213	-406

Source: S&P Global Market Intelligence. Standard template. Financial Sources.