Blue Square Real Estate 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	763.85	652.87	633.7	295.65	555.63
Depreciation & Amortization	11.69	11.06	11.02	10.18	10.24
Gain (Loss) on Sale of Investments	-379.25	-214.8	-34.69	66.56	-116.62
Asset Writedown	-390.89	-384.99	-592.3	-385.93	-451.23
Income (Loss) on Equity Investments	-31.94	-20.11	-15.79	-17.15	-3.72
Change in Accounts Receivable	153.06	-96.15	-77.78	-46.8	-6.87
Change in Accounts Payable	24.22	-4.63	-5.02	8.04	3.96
Change in Other Net Operating Assets	14.17	12.93	19.08	-18.42	6.3
Other Operating Activities	459.17	426.78	405.27	358.08	281.37
Operating Cash Flow	578.84	525.85	327.17	305.04	315.73
Operating Cash Flow Growth	10.08%	60.73%	7.26%	-3.39%	153.32%
Acquisition of Real Estate Assets	-319.55	-541.71	-127.78	-312.11	-100.76
Sale of Real Estate Assets	-	-	-	44.92	9.94
Net Sale / Acq. of Real Estate Assets	-319.55	-541.71	-127.78	-267.19	-90.82
Investment in Marketable & Equity Securities	370.42	16.17	-37.8	-120.36	-120.61
Other Investing Activities	-366.56	-65.98	2.57	73.27	-77.91
Investing Cash Flow	-52.08	-1,006	-163	-277.31	-345.45
Short-Term Debt Issued	-	557.5	91.63	-	-
Long-Term Debt Issued	1,958	1,176	279.49	1,327	1,835
Total Debt Issued	1,958	1,734	371.12	1,327	1,835
Short-Term Debt Repaid	-217.29	-	-	-76.69	-54.43
Long-Term Debt Repaid	-1,455	-1,137	-363.05	-634	-1,918
Total Debt Repaid	-1,673	-1,137	-363.05	-710.69	-1,973
Net Debt Issued (Repaid)	285.25	596.78	8.07	615.88	-137.39
Issuance of Common Stock	-	-	-	125.23	27.81
Common Dividends Paid	-270	-380	-100	-80	-200
Other Financing Activities	-134.35	-130.96	-120.86	-100.06	-84.28
Foreign Exchange Rate Adjustments	-6.6	-2.52	0.98	1.68	-
Net Cash Flow	401.06	-396.54	-47.65	590.46	-423.59
Cash Interest Paid	122.28	130.96	120.86	100.06	87.33
Cash Income Tax Paid	-0.01	0.88	-4.08	5.57	25.62
Levered Free Cash Flow	735.08	-479.91	84.36	6.03	-194.01
Unlevered Free Cash Flow	896.12	-321.93	219.97	191.37	-168.93
Change in Working Capital	146.21	55.03	-80.04	-22.35	40.05

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