TLV:HARL Cash Flow Statement

Financials in millions ILS. Fiscal year is January - December.

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	1,870	946	485	906	1,209	724	Upgrade
Depreciation & Amortization	224	150	150	385	322	289	Upgrade
Other Amortization	301	301	278	-	-	-	Upgrade
Gain (Loss) on Sale of Investments	-9,494	-7,768	-4,387	6,508	-9,394	-2,429	Upgrade
Stock-Based Compensation	24	17	25	25	5	-	Upgrade
Change in Accounts Receivable	-656	190	-204	-93	-72	58	Upgrade
Reinsurance Recoverable	167	219	-515	130	-349	-85	Upgrade
Change in Insurance Reserves / Liabilities	5,656	4,123	4,519	-4,095	12,126	3,693	Upgrade
Change in Other Net Operating Assets	-2,659	-6,665	2,449	-3,896	-1,349	126	Upgrade
Other Operating Activities	6,834	5,771	910	2,646	-345	-950	Upgrade
Operating Cash Flow	2,075	-3,059	3,472	1,976	1,486	1,413	Upgrade
Operating Cash Flow Growth	-	-	75.71%	32.97%	5.17%	-	Upgrade
Capital Expenditures	-40	-45	-81	-35	-49	-44	Upgrade
Sale of Property, Plant & Equipment	4	1	12	1	4	1	Upgrade
Purchase / Sale of Intangible Assets	-420	-421	-370	-337	-305	-303	Upgrade
Cash Acquisitions	-571	-562	-51	-44	-92	-	Upgrade
Investment in Securities	-52	-32	-51	-90	-5	143	Upgrade
Other Investing Activities	48	48	30	134	-185	-	Upgrade
Investing Cash Flow	-1,031	-1,016	-511	-371	-632	-203	Upgrade
Short-Term Debt Issued	-	1,998	27	-	531	-	Upgrade
Long-Term Debt Issued	-	594	1,588	-	1,306	395	Upgrade
Total Debt Issued	3,010	2,592	1,615	-	1,837	395	Upgrade
Total Debt Repaid	-259	-462	-438	-537	-958	-360	Upgrade
Net Debt Issued (Repaid)	2,751	2,130	1,177	-537	879	35	Upgrade
Repurchases of Common Stock	-113	-126	-67	-74	-40	-	Upgrade
Common Dividends Paid	-650	-550	-100	-400	-257	-	Upgrade
Other Financing Activities	6	-7	-3	-	-1	-	Upgrade
Financing Cash Flow	1,994	1,447	1,007	-1,011	581	35	Upgrade
Foreign Exchange Rate Adjustments	-537	20	119	148	-171	175	Upgrade
Net Cash Flow	2,501	-2,608	4,087	742	1,264	1,420	Upgrade
Free Cash Flow	2,035	-3,104	3,391	1,941	1,437	1,369	Upgrade
Free Cash Flow Growth	-	-	74.70%	35.07%	4.97%	-	Upgrade
Free Cash Flow Margin	7.02%	-11.45%	13.61%	14.95%	5.30%	7.34%	Upgrade
Free Cash Flow Per Share	9.80	-14.93	16.14	9.15	6.71	6.39	Upgrade
Cash Interest Paid	10	-	-	-	180	179	Upgrade
Cash Income Tax Paid	1,013	329	130	518	464	291	Upgrade
Levered Free Cash Flow	-33,484	-3,712	745.25	6,630	-866.63	2,787	Upgrade
Unlevered Free Cash Flow	-32,896	-3,308	1,035	6,861	-677.88	2,945	Upgrade
Change in Working Capital	2,363	-2,402	6,029	-8,210	10,183	3,764	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.