Menora Mivtachim Holdings 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
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
Net Income	1,714	1,080	516.08	536.04	655.68	647.69
Depreciation & Amortization	109.92	113.69	113.73	246.36	234.45	204.52
Other Amortization	170.2	170.2	161.86	-	-	-
Gain (Loss) on Sale of Assets	0.42	-0.06	-0.13	-0.35	-0.39	-0.1
Gain (Loss) on Sale of Investments	-7,484	-5,469	-3,512	2,188	-5,450	-1,644
Stock-Based Compensation	4.03	4.14	10.2	10.47	0.9	0.21
Change in Accounts Receivable	-58.75	-58.75	18.08	-187.49	-22.78	-79.52
Reinsurance Recoverable	-238.78	-238.78	-191.52	-468.72	-483.31	-423.78
Change in Insurance Reserves / Liabilities	3,262	3,262	1,821	-2,834	4,224	-1,054
Change in Other Net Operating Assets	2,347	773.33	-699.56	-1,113	719.01	688.81
Other Operating Activities	2,893	2,281	1,737	1,275	1,521	3,546
Operating Cash Flow	2,449	1,659	-324.6	-637.87	1,239	1,862
Operating Cash Flow Growth	82.73%	-	-	-	-33.47%	207.12%
Capital Expenditures	-48.19	-53.25	-26.61	-30.38	-57.83	-38.44
Sale of Property, Plant & Equipment	0.29	0.28	0.6	0.51	1.71	0.58
Purchase / Sale of Intangible Assets	-222.9	-242.5	-227.21	-204.14	-186.5	-175.85
Cash Acquisitions	4.78	-3.5	-9.79	70.61	-3.94	-
Investment in Securities	-472.59	-242.12	-5.62	-98.22	-12.7	-235.67
Other Investing Activities	-3.3	-3.71	-0.5	8.31	18.32	9.26
Investing Cash Flow	-738.2	-541.09	-269.12	-253.31	-240.94	-440.12
Long-Term Debt Issued	-	316.43	396.17	389.02	-	204.94
Total Debt Repaid	-1,384	-384.39	-96.98	-184.49	-395.33	-171.62
Net Debt Issued (Repaid)	948.62	-67.96	299.2	204.53	-395.33	33.31
Repurchases of Common Stock	-	-	-	-100.2	-	-
Common Dividends Paid	-715.15	-460.15	-175	-50	-100	-
Other Financing Activities	-20.69	-19.73	-20.2	135.65	-46.49	-3.08
Financing Cash Flow	212.78	-547.84	104	189.98	-541.82	30.23
Foreign Exchange Rate Adjustments	-93.83	8	10.15	90.2	-14.17	-37.71
Net Cash Flow	1,830	578.4	-479.57	-611	441.66	1,414
Free Cash Flow	2,401	1,606	-351.21	-668.25	1,181	1,823
Free Cash Flow Growth	83.69%	-	-	-	-35.24%	223.62%
Free Cash Flow Margin	15.07%	10.90%	-2.82%	-11.47%	9.12%	19.07%
Free Cash Flow Per Share	37.79	25.36	-5.51	-10.68	18.66	28.82
Cash Interest Paid	169.44	177.53	165.74	75.7	70.78	79.18
Cash Income Tax Paid	319.85	273.13	238.53	326.29	319.84	315.86
Levered Free Cash Flow	-11,719	204.81	173.66	3,774	-649.56	-887.53
Unlevered Free Cash Flow	-11,553	352.29	307.7	3,858	-588.57	-843.44
Change in Working Capital	5,105	3,531	762.18	-4,848	4,332	-910.18

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