C. Mer Industries 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	41.25	34.43	16.28	-5.64	2.6
Depreciation & Amortization	16.11	16.82	23.57	23.13	24.11
Other Amortization	3.07	4.57	-	-	-
Loss (Gain) From Sale of Assets	-0.11	-0.14	1.02	-0.05	-0.02
Loss (Gain) From Sale of Investments	-	2.96	-	14.9	-0.45
Loss (Gain) on Equity Investments	-2.63	-2.7	-2.75	-2.65	-1.73
Stock-Based Compensation	1.25	0.94	0.2	0.25	0.15
Other Operating Activities	11.78	7.74	14.85	5.3	6.2
Change in Accounts Receivable	12.49	-44.04	-18.66	-25.59	8.52
Change in Inventory	-15	-3.81	-2.28	-8.14	2.35
Change in Accounts Payable	-14.57	13.43	-6.11	30.92	-3.35
Change in Unearned Revenue	-0.01	3.32	1.91	-1.17	0.63
Change in Other Net Operating Assets	25.75	12	3.55	22.7	3.35
Operating Cash Flow	79.38	45.52	31.58	53.96	42.36
Operating Cash Flow Growth	74.40%	44.14%	-41.48%	27.40%	852.96%
Capital Expenditures	-4.48	-6.79	-4.21	-1.47	-1.16
Sale of Property, Plant & Equipment	0.29	0.34	0.48	0.44	0.23
Sale (Purchase) of Intangibles	-7.37	-3.47	-2.8	-2.95	-3.21
Investment in Securities	-	-	-	-	1.21
Investing Cash Flow	-11.56	-9.92	-6.52	-3.97	-2.93
Short-Term Debt Issued	-	-	-	3.37	-
Long-Term Debt Issued	-	1.04	50	0.22	-
Total Debt Issued	-	1.04	50	3.59	-
Short-Term Debt Repaid	-1.22	-6.57	-53.49	-	-5.09
Long-Term Debt Repaid	-51.55	-18.8	-23.19	-29.53	-35.61
Total Debt Repaid	-52.77	-25.36	-76.68	-29.53	-40.7
Net Debt Issued (Repaid)	-52.77	-24.32	-26.68	-25.94	-40.7
Financing Cash Flow	-52.77	-24.32	-26.68	-25.94	-40.7
Foreign Exchange Rate Adjustments	0.11	-2.02	0.03	0.61	-0.48
Net Cash Flow	15.16	9.25	-1.6	24.66	-1.74
Free Cash Flow	74.9	38.73	27.37	52.5	41.2
Free Cash Flow Growth	93.40%	41.50%	-47.86%	27.43%	1278.85%
Free Cash Flow Margin	11.24%	5.83%	4.24%	10.23%	9.47%
Free Cash Flow Per Share	5.49	2.88	2.09	4.04	3.16
Cash Interest Paid	11.02	14.62	14.43	11	10.38
Cash Income Tax Paid	0.44	0.41	0.24	0.07	0.17
Levered Free Cash Flow	56.74	42.58	11.84	43.05	40.82
Unlevered Free Cash Flow	63.69	52.56	22.25	50.37	47.7
Change in Working Capital	8.66	-19.1	-21.59	18.72	11.5

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