Mivne Real Estate (K.D) 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	693.22	549.31	332.56	1,277	941.78
Depreciation & Amortization	23.69	22.97	12.24	8.68	12.94
Gain (Loss) on Sale of Assets	8.18	13.84	-	-7.57	-
Gain (Loss) on Sale of Investments	-	-	-	-10.75	-
Asset Writedown	-483.3	-364.78	61.92	-1,347	-756.38
Stock-Based Compensation	3.91	9.49	2.37	2.98	6.19
Income (Loss) on Equity Investments	34.73	-10.39	-24.7	-10.79	-21.28
Change in Accounts Receivable	-101.02	-142.3	-97.44	-16.1	37.59
Change in Accounts Payable	-7.07	-26.38	-9.8	23.9	7.85
Change in Other Net Operating Assets	21.43	-19.41	-9.25	10.83	-12.91
Other Operating Activities	645.95	479.6	140.61	512.39	187.54
Operating Cash Flow	839.71	511.95	408.51	443.53	403.31
Operating Cash Flow Growth	64.02%	25.32%	-7.90%	9.97%	-1.10%
Acquisition of Real Estate Assets	-707.53	-871.62	-508.98	-1,053	-718.08
Sale of Real Estate Assets	138.39	162.45	6.65	40	186.54
Net Sale / Acq. of Real Estate Assets	-569.15	-709.17	-502.33	-1,013	-531.54
Cash Acquisition	-49.7	-	-	-14.92	-
Investment in Marketable & Equity Securities	-91.35	-5.96	20.91	-178.61	14.04
Other Investing Activities	-14.42	-12.53	-11.82	-	45.82
Investing Cash Flow	-724.62	-728.3	-400.23	-1,205	-399.98
Short-Term Debt Issued	192.19	-	-	98.09	7.42
Long-Term Debt Issued	1,447	672.26	2,337	842.18	1,489
Total Debt Issued	1,640	672.26	2,337	940.26	1,497
Short-Term Debt Repaid	-	-	-33	-	-
Long-Term Debt Repaid	-1,006	-276.78	-1,285	-691.27	-872.42
Total Debt Repaid	-1,006	-276.78	-1,318	-691.27	-872.42
Net Debt Issued (Repaid)	633.36	395.49	1,018	249	624.13
Issuance of Common Stock	-	-	-	16.06	78.06
Repurchase of Common Stock	-194.08	-180	-	-	-
Common Dividends Paid	-70	-115	-287	-255	-205
Other Financing Activities	-3.21	-2.08	-2.08	-2.08	-2.08
Foreign Exchange Rate Adjustments	-0.53	-6.25	6.62	9.64	-7.63
Net Cash Flow	480.64	-124.19	744.05	-743.94	490.81
Cash Interest Paid	-	180.65	205.69	127.71	179.81
Cash Income Tax Paid	-	63.68	10.18	35.73	7.49
Levered Free Cash Flow	47.46	114.93	184.4	294.63	138.46
Unlevered Free Cash Flow	305.33	237.46	295.27	376.64	224.75
Change in Working Capital	-86.66	-188.1	-116.49	18.62	32.53

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