Phoenix Financial 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	3,223	2,391	777.4	1,257	1,965
Depreciation & Amortization	239.09	236.41	153.07	408.66	354.19
Other Amortization	343	325.74	253.23	-	-
Gain (Loss) on Sale of Assets	12.81	-0.61	0	-	-
Gain (Loss) on Sale of Investments	-18,399	-15,938	-9,214	6,519	-14,722
Stock-Based Compensation	91.69	44.91	31.48	23.47	9.72
Change in Accounts Receivable	-693.1	-358.46	-	-	-
Reinsurance Recoverable	-272.22	-256.91	-856.01	-365.7	-274.89
Change in Insurance Reserves / Liabilities	20,005	13,605	9,070	-1,241	20,415
Change in Other Net Operating Assets	31.38	-149.24	-305.2	101.3	46.31
Other Operating Activities	160.04	166.71	2,718	-2,286	-2,234
Operating Cash Flow	4,200	-701.54	2,182	2,729	4,547
Operating Cash Flow Growth	-	-	-20.07%	-39.98%	-4.70%
Capital Expenditures	-311.34	-359.43	-389.18	-190.14	-78.39
Sale of Property, Plant & Equipment	-	1.75	1.03	0.34	0.2
Purchase / Sale of Intangible Assets	-439.67	-532.5	-648.88	-334.73	-283.39
Cash Acquisitions	-217.28	-76.77	-434.54	-27.59	-475.52
Investment in Securities	568.73	-221.47	8.89	-10.54	-18.07
Other Investing Activities	-11.21	5.07	1.43	26.68	44.02
Investing Cash Flow	-410.78	-1,183	-1,462	-535.97	-214.98
Short-Term Debt Issued	1,484	239.79	1,162	1,128	90
Long-Term Debt Issued	5,071	2,624	2,440	1,910	829.08
Total Debt Issued	6,555	2,864	3,602	3,039	919.08
Total Debt Repaid	-3,101	-1,959	-1,214	-701.72	-633.93
Net Debt Issued (Repaid)	3,454	905.04	2,389	2,337	285.15
Repurchases of Common Stock	-301.75	-183.02	-38.24	-55.86	-73.36
Common Dividends Paid	-1,515	-535	-297.17	-581	-580
Other Financing Activities	-613.19	-192.36	-214.49	-34.95	-34.48
Financing Cash Flow	1,024	-5.34	1,839	1,665	-402.69
Net Cash Flow	4,814	-1,890	2,558	3,859	3,930
Free Cash Flow	3,889	-1,061	1,792	2,539	4,469
Free Cash Flow Growth	-	-	-29.41%	-43.18%	-3.56%
Free Cash Flow Margin	20.11%	-6.54%	8.21%	23.83%	15.98%
Free Cash Flow Per Share	15.32	-4.18	7.01	9.93	17.39
Cash Interest Paid	473.36	429.47	280.81	178.99	125.85
Cash Income Tax Paid	1,407	653.47	289.97	708.23	796.59
Levered Free Cash Flow	-3,617	-917.6	-3,389	7,173	-746.98
Unlevered Free Cash Flow	-3,314	-655.81	-3,156	7,360	-620.26
Change in Working Capital	18,648	12,218	7,447	-2,836	19,673

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