TLV:HARL 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	2,990	946	485	906	1,209
Depreciation & Amortization	507	150	150	385	322
Other Amortization	-	301	278	-	-
Gain (Loss) on Sale of Investments	-10,665	-7,768	-4,387	6,508	-9,394
Stock-Based Compensation	30	17	25	25	5
Change in Accounts Receivable	-	190	-204	-93	-72
Reinsurance Recoverable	-1,272	219	-515	130	-349
Change in Insurance Reserves / Liabilities	3,465	4,123	4,519	-4,095	12,126
Change in Other Net Operating Assets	10,570	-6,665	2,449	-3,896	-1,349
Other Operating Activities	-41	5,771	910	2,646	-345
Operating Cash Flow	5,427	-3,059	3,472	1,976	1,486
Operating Cash Flow Growth	-	-	75.71%	32.97%	5.17%
Capital Expenditures	-41	-45	-81	-35	-49
Sale of Property, Plant & Equipment	21	1	12	1	4
Purchase / Sale of Intangible Assets	-432	-421	-370	-337	-305
Cash Acquisitions	-9	-562	-51	-44	-92
Investment in Securities	-7	-32	-51	-90	-5
Other Investing Activities	-	48	30	134	-185
Investing Cash Flow	-468	-1,016	-511	-371	-632
Short-Term Debt Issued	250	1,998	27	-	531
Long-Term Debt Issued	1,633	594	1,588	-	1,306
Total Debt Issued	1,883	2,592	1,615	-	1,837
Total Debt Repaid	-2,461	-462	-438	-537	-958
Net Debt Issued (Repaid)	-578	2,130	1,177	-537	879
Repurchases of Common Stock	-251	-126	-67	-74	-40
Common Dividends Paid	-650	-550	-100	-400	-257
Other Financing Activities	29	-7	-3	-	-1
Financing Cash Flow	-1,450	1,447	1,007	-1,011	581
Foreign Exchange Rate Adjustments	-391	20	119	148	-171
Net Cash Flow	3,118	-2,608	4,087	742	1,264
Free Cash Flow	5,386	-3,104	3,391	1,941	1,437
Free Cash Flow Growth	-	-	74.70%	35.07%	4.97%
Free Cash Flow Margin	26.05%	-11.45%	13.61%	14.95%	5.30%
Free Cash Flow Per Share	25.18	-14.93	16.14	9.15	6.71
Cash Interest Paid	-	-	-	-	180
Cash Income Tax Paid	-	329	130	518	464
Levered Free Cash Flow	35,439	-3,712	745.25	6,630	-866.63
Unlevered Free Cash Flow	36,004	-3,308	1,035	6,861	-677.88
Change in Working Capital	12,745	-2,402	6,029	-8,210	10,183

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