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	1,486	1,436	1,867	1,868	1,889
Other Amortization	322	271	-	-	-
Loss (Gain) From Sale of Assets	-5	-8	-2	-8	-175
Asset Writedown & Restructuring Costs	-121	137	-	-	-
Loss (Gain) on Equity Investments	19	8	-	-	-
Stock-Based Compensation	22	21	10	11	27
Other Operating Activities	127	351	358	419	321
Change in Accounts Receivable	-39	67	-7	342	-229
Change in Inventory	54	-109	-15	-21	-19
Change in Accounts Payable	129	147	63	-41	-41
Change in Other Net Operating Assets	-149	53	-8	-67	-117
Operating Cash Flow	3,262	3,446	3,455	3,503	2,839
Operating Cash Flow Growth	-5.34%	-0.26%	-1.37%	23.39%	-11.83%
Capital Expenditures	-1,265	-1,356	-1,333	-1,353	-1,328
Sale of Property, Plant & Equipment	40	16	39	40	278
Cash Acquisitions	-	-	-14	-9	-
Divestitures	28	-	-	-	-
Sale (Purchase) of Intangibles	-413	-390	-375	-346	-363
Investment in Securities	-256	-674	-285	60	-231
Other Investing Activities	66	102	89	23	-2
Investing Cash Flow	-1,800	-2,302	-1,879	-1,585	-1,646
Long-Term Debt Issued	1,190	1,648	515	400	695
Long-Term Debt Repaid	-1,614	-1,520	-1,396	-1,740	-1,454
Net Debt Issued (Repaid)	-424	128	-881	-1,340	-759
Common Dividends Paid	-975	-781	-638	-534	-
Other Financing Activities	-232	-242	-235	-276	-301
Financing Cash Flow	-1,631	-895	-1,754	-2,150	-1,060
Miscellaneous Cash Flow Adjustments	28	-28	-	-	-
Net Cash Flow	-141	221	-178	-232	133
Free Cash Flow	1,997	2,090	2,122	2,150	1,511
Free Cash Flow Growth	-4.45%	-1.51%	-1.30%	42.29%	-27.60%
Free Cash Flow Margin	22.95%	23.52%	23.31%	23.93%	17.13%
Free Cash Flow Per Share	0.72	0.76	0.77	0.78	0.55
Cash Interest Paid	238	249	236	232	254
Cash Income Tax Paid	437	244	269	271	385
Levered Free Cash Flow	1,495	1,173	1,298	1,391	832.75
Unlevered Free Cash Flow	1,716	1,389	1,485	1,550	1,002
Change in Working Capital	-5	158	33	213	-406

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