Menora Mivtachim Holdings 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	2,351	1,684	516.08	536.04	655.68
Depreciation & Amortization	107.68	113.38	113.73	246.36	234.45
Other Amortization	175.91	170.2	161.86	-	-
Gain (Loss) on Sale of Assets	0.46	-0.06	-0.13	-0.35	-0.39
Gain (Loss) on Sale of Investments	-7,685	-5,655	-3,512	2,188	-5,450
Stock-Based Compensation	8.83	4.14	10.2	10.47	0.9
Change in Accounts Receivable	-	-	18.08	-187.49	-22.78
Reinsurance Recoverable	-	-	-191.52	-468.72	-483.31
Change in Insurance Reserves / Liabilities	-	-	1,821	-2,834	4,224
Change in Other Net Operating Assets	4,319	2,789	-699.56	-1,113	719.01
Other Operating Activities	3,032	2,604	1,737	1,275	1,521
Operating Cash Flow	2,227	1,659	-324.6	-637.87	1,239
Operating Cash Flow Growth	34.22%	-	-	-	-33.47%
Capital Expenditures	-32.08	-53.25	-26.61	-30.38	-57.83
Sale of Property, Plant & Equipment	0.64	0.28	0.6	0.51	1.71
Purchase / Sale of Intangible Assets	-217.14	-242.02	-227.21	-204.14	-186.5
Cash Acquisitions	4.78	-3.5	-9.79	70.61	-3.94
Investment in Securities	-1,051	-242.12	-5.62	-98.22	-12.7
Other Investing Activities	5.37	-4.19	-0.5	8.31	18.32
Investing Cash Flow	-1,289	-541.09	-269.12	-253.31	-240.94
Long-Term Debt Issued	1,473	316.43	396.17	389.02	-
Total Debt Repaid	-285.68	-384.39	-96.98	-184.49	-395.33
Net Debt Issued (Repaid)	1,188	-67.96	299.2	204.53	-395.33
Repurchases of Common Stock	-	-	-	-100.2	-
Common Dividends Paid	-600	-460.15	-175	-50	-100
Other Financing Activities	-24.49	-19.73	-20.2	135.65	-46.49
Financing Cash Flow	563.19	-547.84	104	189.98	-541.82
Foreign Exchange Rate Adjustments	-99.67	8	10.15	90.2	-14.17
Net Cash Flow	1,401	578.4	-479.57	-611	441.66
Free Cash Flow	2,195	1,606	-351.21	-668.25	1,181
Free Cash Flow Growth	36.67%	-	-	-	-35.24%
Free Cash Flow Margin	21.49%	18.39%	-2.82%	-11.47%	9.12%
Free Cash Flow Per Share	34.82	25.36	-5.51	-10.68	18.66
Cash Interest Paid	191.18	177.53	165.74	75.7	70.78
Cash Income Tax Paid	295.55	273.13	238.53	326.29	319.84
Levered Free Cash Flow	-1,144	-4,015	173.66	3,774	-649.56
Unlevered Free Cash Flow	-983.23	-3,883	307.7	3,858	-588.57
Change in Working Capital	4,319	2,789	762.18	-4,848	4,332

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.