Michlol Finance Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	54.42	50.31	50.93	41.03	26.44	5.95
Depreciation & Amortization	1.97	1.95	1.99	1.99	1.79	0.83
Stock-Based Compensation	1.23	1.34	1.42	3.28	5.66	10.78
Other Operating Activities	-0.3	-0.07	1.02	-3.08	4.93	0.02
Change in Accounts Receivable	-0.6	0.12	-1.69	0.75	-0.1	-1.56
Change in Accounts Payable	25.9	22.96	-0.37	-2.57	12.45	10.99
Change in Income Taxes	-5.93	2.03	0.65	1.21	4.03	6.14
Change in Other Net Operating Assets	329.73	-186.57	-239.81	20.66	-201.54	-130.22
Operating Cash Flow	404.73	-109.77	-187.66	64.65	-146.3	-96.89
Capital Expenditures	-0.29	-0.37	-0.22	-0.3	-0.34	-0.77
Investment in Securities	5	5	6.68	-	-2.5	-6.5
Investing Cash Flow	4.7	4.63	6.46	-0.3	-2.84	-7.27
Long-Term Debt Issued	-	134.4	231.43	-	155.12	-
Total Debt Issued	134.4	134.4	231.43	-	155.12	-
Long-Term Debt Repaid	-	-76.66	-47.34	-39.57	-0.74	-0.42
Net Debt Issued (Repaid)	57.68	57.74	184.09	-39.57	154.37	-0.42
Issuance of Common Stock	68.06	53.82	-	15.1	-	106.12
Common Dividends Paid	-5.01	-5.01	-5	-	-	-
Financing Cash Flow	120.72	106.55	179.09	-24.46	154.37	105.7
Net Cash Flow	530.15	1.4	-2.11	39.89	5.24	1.54
Free Cash Flow	404.44	-110.14	-187.88	64.35	-146.64	-97.66
Free Cash Flow Margin	171.14%	-49.95%	-91.76%	35.26%	-148.88%	-242.67%
Free Cash Flow Per Share	8.77	-2.47	-4.32	1.52	-3.58	-3.22
Cash Interest Paid	101.39	101.39	92.46	81.12	20.3	10.52
Cash Income Tax Paid	16.6	16.6	18.07	7.58	2.83	0.14
Levered Free Cash Flow	-98.26	-495.4	-180.98	-306.57	80.08	-139.89
Unlevered Free Cash Flow	-29.71	-430.96	-122.59	-254.48	96.24	-133.36
Change in Working Capital	347.41	-163.3	-243.02	21.43	-185.12	-114.47