Shikun & Binui Energy 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	-200.51	172.79	159.55	52.95	53.15
Depreciation & Amortization	80.56	57.38	56.83	39.02	18.4
Other Amortization	-	0.33	0.31	-	-
Loss (Gain) on Equity Investments	35.47	-250.86	-183.28	-142.61	-113.99
Change in Accounts Receivable	-38.41	-10.71	8.21	-11.54	-1.3
Change in Accounts Payable	-25.76	26.22	5.87	12.14	-9.61
Change in Other Net Operating Assets	3.15	-3.41	-33.41	-8.32	14.16
Other Operating Activities	168.19	214.84	82.86	225.43	32.55
Operating Cash Flow	22.69	206.59	96.95	167.07	-6.64
Operating Cash Flow Growth	-89.02%	113.09%	-41.97%	-	-
Capital Expenditures	-305.03	-432.46	-294.69	-629.16	-255.76
Cash Acquisitions	-	-5.95	-	-29.7	-227.57
Sale (Purchase) of Intangibles	40.34	37.34	40.06	32.47	30.34
Investment in Securities	-13.48	-28.84	-	-122.81	-200.35
Other Investing Activities	98.16	175.32	133.47	-32.6	76.45
Investing Cash Flow	-180.01	-254.59	-121.16	-781.81	-576.89
Long-Term Debt Issued	649.22	260.53	797.06	1,203	729.3
Total Debt Issued	649.22	260.53	797.06	1,203	729.3
Long-Term Debt Repaid	-354.08	-59.27	-934.43	-726.18	-269.84
Total Debt Repaid	-354.08	-59.27	-934.43	-726.18	-269.84
Net Debt Issued (Repaid)	295.14	201.26	-137.37	476.67	459.46
Issuance of Common Stock	-	-	-	541.31	186.15
Other Financing Activities	-136.99	-132.96	3.87	-77.23	-47.06
Financing Cash Flow	158.15	68.3	-133.5	940.75	598.55
Foreign Exchange Rate Adjustments	-2.59	-0.1	0.71	5.33	-2.27
Net Cash Flow	-1.76	20.2	-157	331.33	12.75
Free Cash Flow	-282.34	-225.88	-197.74	-462.1	-262.4
Free Cash Flow Margin	-98.67%	-118.62%	-167.26%	-324.42%	-389.71%
Free Cash Flow Per Share	-0.31	-0.25	-0.22	-0.63	-0.44
Cash Interest Paid	-	132.96	87.42	77.23	47.06
Cash Income Tax Paid	-	0.82	2.71	1.47	0.06
Levered Free Cash Flow	-444.12	-424.69	-369.08	-680.14	-267.55
Unlevered Free Cash Flow	-326.4	-343.93	-275.27	-589.87	-206.76
Change in Working Capital	-61.02	12.1	-19.33	-7.72	3.25

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