BIG Shopping Centers 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	1,763	1,459	860.99	1,205	1,048
Depreciation & Amortization	13.74	9.51	8.72	10.07	10.36
Asset Writedown	-1,418	-1,357	-512.76	-1,122	-816.68
Stock-Based Compensation	33.83	41.33	24.14	70.68	23
Income (Loss) on Equity Investments	-214.59	-253.73	-119.3	-221.42	-363.08
Change in Accounts Receivable	53.06	-7.26	-48.95	-51.25	-58.3
Change in Accounts Payable	-36.65	-4.45	17.85	73	6.58
Change in Other Net Operating Assets	-51.49	45.43	-40.25	201.62	-38.78
Other Operating Activities	772.67	903.71	460.77	645.14	613.22
Operating Cash Flow	889.44	806.96	652.32	693.84	604.18
Operating Cash Flow Growth	10.22%	23.71%	-5.99%	14.84%	279.54%
Acquisition of Real Estate Assets	-1,993	-3,430	-2,375	-2,229	-2,103
Sale of Real Estate Assets	339.95	116.39	137.92	799.41	343.06
Net Sale / Acq. of Real Estate Assets	-1,653	-3,314	-2,237	-1,429	-1,760
Cash Acquisition	-155.09	-	-214.18	-	470.38
Investment in Marketable & Equity Securities	-47.65	388.96	-526.48	-179.49	-30.01
Other Investing Activities	88.37	-37.03	-310.19	-429.59	-82.82
Investing Cash Flow	-1,785	-2,974	-3,425	-1,899	-1,184
Short-Term Debt Issued	-	151.93	239.84	192.49	305.15
Long-Term Debt Issued	6,404	4,675	3,561	4,916	3,514
Total Debt Issued	6,404	4,827	3,801	5,109	3,819
Short-Term Debt Repaid	-1,047	-	-	-	-
Long-Term Debt Repaid	-4,455	-1,751	-1,839	-3,508	-1,944
Total Debt Repaid	-5,502	-1,751	-1,839	-3,508	-1,944
Net Debt Issued (Repaid)	902.56	3,077	1,962	1,601	1,875
Issuance of Common Stock	83.93	12.17	44.45	0.15	429.93
Repurchase of Common Stock	-	-	-50.29	-	-
Common Dividends Paid	-200	-	-	-	-200
Other Financing Activities	715.24	34.89	-51.99	-42.46	-158.4
Foreign Exchange Rate Adjustments	-55.8	-38.98	38.77	90.78	-51.52
Net Cash Flow	550.1	917.46	-829.51	444.96	1,315
Cash Interest Paid	816.16	662.83	500.38	391.79	361.56
Cash Income Tax Paid	143.31	91.94	68.07	186.04	376.34
Levered Free Cash Flow	504.45	670.99	113.67	394.63	218.96
Unlevered Free Cash Flow	1,175	1,284	572.4	874.59	521.03
Change in Working Capital	-61.23	3.42	-70.23	106.3	89.05

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