TLV:MGDL 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	1,832	1,419	587.18	750.97	1,388
Depreciation & Amortization	102	91	83.65	180.5	191.55
Other Amortization	191	128	105.81	-	-
Gain (Loss) on Sale of Assets	4	2	8.78	2.41	3.69
Gain (Loss) on Sale of Investments	-24,911	-19,908	-12,940	9,298	-20,351
Stock-Based Compensation	-6	8	6.46	-	-
Change in Accounts Receivable	11,778	10,496	176.23	-50.63	16.38
Reinsurance Recoverable	-172	-29	-147.27	-54.88	-123.85
Change in Insurance Reserves / Liabilities	-	-	8,958	-9,194	19,203
Change in Other Net Operating Assets	10,904	2,563	-603.58	-10,871	741.62
Other Operating Activities	6,048	8,724	6,454	7,847	6,484
Operating Cash Flow	5,597	3,378	2,443	-2,854	7,123
Operating Cash Flow Growth	65.69%	38.27%	-	-	-
Capital Expenditures	-76	-39	-38.11	-33.56	-38.57
Sale of Property, Plant & Equipment	-	-	0.1	0.11	0.09
Purchase / Sale of Intangible Assets	-340	-289	-254	-222.25	-203.93
Investment in Securities	11	-26	7.09	0.54	-3.26
Other Investing Activities	1	1	0.89	0.51	0.41
Investing Cash Flow	-404	-353	-284.03	-254.66	-245.25
Short-Term Debt Issued	-	-	-	-	33.14
Long-Term Debt Issued	1,094	420	659.68	1,821	425.53
Total Debt Issued	1,094	420	659.68	1,821	458.67
Total Debt Repaid	-536	-441	-1,936	-65.2	-31.34
Net Debt Issued (Repaid)	558	-21	-1,276	1,755	427.33
Common Dividends Paid	-	-55	-57	-	-47
Other Financing Activities	87	705	-5.63	-48.66	-4.27
Financing Cash Flow	645	629	-1,348	1,185	773.24
Foreign Exchange Rate Adjustments	-203	89	-54.44	202.43	-25.29
Net Cash Flow	5,635	3,743	756.1	-1,722	7,625
Free Cash Flow	5,521	3,339	2,405	-2,888	7,084
Free Cash Flow Growth	65.35%	38.84%	-	-	-
Free Cash Flow Margin	45.04%	29.83%	8.47%	-46.85%	19.31%
Free Cash Flow Per Share	5.20	3.17	2.28	-2.74	6.72
Cash Interest Paid	339	273	267.93	164.55	162.14
Cash Income Tax Paid	860	296	178.98	611.04	316.32
Levered Free Cash Flow	-14,456	-65,483	1,158	5,598	2,213
Unlevered Free Cash Flow	-14,272	-65,316	1,301	5,729	2,321
Change in Working Capital	22,510	13,030	8,299	-20,267	19,766

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