ETGA Group 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	37.23	33.52	26.58	33.38	27.64
Depreciation & Amortization	12.42	9.92	7.43	6.15	5.79
Other Amortization	1.4	1.57	-	-	-
Stock-Based Compensation	0.73	0.64	0.87	1.47	0.74
Other Operating Activities	47.53	31.91	31.07	17.91	12.12
Change in Accounts Receivable	-150.41	-150.88	-20.61	-140.67	-169.91
Change in Accounts Payable	-14.18	24.15	-16.11	-39.53	53.73
Change in Other Net Operating Assets	151.43	121.89	-2.81	99.15	22.41
Operating Cash Flow	86.14	72.72	26.43	-22.15	-47.49
Operating Cash Flow Growth	18.45%	175.19%	-	-	-
Capital Expenditures	-0.52	-2.85	-0.69	-2.81	-0.07
Sale of Property, Plant & Equipment	0.18	0.2	0.08	0.18	0.07
Cash Acquisitions	-82.5	-57.92	-	-	-
Sale (Purchase) of Intangibles	-0.18	-0.67	-3.35	-1	-0.61
Investment in Securities	-	-	-	-	-0.02
Investing Cash Flow	-83.02	-61.24	-3.96	-3.63	-0.63
Short-Term Debt Issued	87.96	19.45	-	12.5	-
Total Debt Issued	87.96	19.45	-	12.5	-
Short-Term Debt Repaid	-	-	-8.57	-	-9.36
Long-Term Debt Repaid	-4.89	-8.29	-3.07	-2.47	-2.75
Total Debt Repaid	-4.89	-8.29	-11.64	-2.47	-12.11
Net Debt Issued (Repaid)	83.07	11.16	-11.64	10.03	-12.11
Issuance of Common Stock	-	-	-	-	124.87
Repurchase of Common Stock	-	-0.57	-4.67	-	-
Common Dividends Paid	-37	-20	-11.5	-20	-18.83
Financing Cash Flow	46.07	-9.41	-27.8	-9.97	93.92
Foreign Exchange Rate Adjustments	-5.78	0.81	0.68	3.09	-0.9
Net Cash Flow	43.42	2.87	-4.66	-32.65	44.91
Free Cash Flow	85.62	69.88	25.73	-24.95	-47.56
Free Cash Flow Growth	22.53%	171.55%	-	-	-
Free Cash Flow Margin	13.69%	12.56%	7.25%	-3.88%	-9.23%
Free Cash Flow Per Share	3.86	3.16	1.15	-1.12	-2.45
Cash Interest Paid	23.52	14.81	10.34	3.41	1.19
Cash Income Tax Paid	13.5	9.98	8.61	13.99	8.55
Levered Free Cash Flow	34.86	-76.45	-4.66	-60.22	-75.33
Unlevered Free Cash Flow	37.51	-74.74	-3.57	-59.4	-74.66
Change in Working Capital	-13.17	-4.84	-39.53	-81.05	-93.78

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