TLV:SMT 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	601.43	199.8	-197.16	335.37	397.76
Depreciation & Amortization	14.47	7.63	7.96	5.28	5.28
Gain (Loss) on Sale of Assets	-0.06	-0.01	-0.28	-0.13	-39.53
Gain (Loss) on Sale of Investments	-0.34	2.52	8.9	2.81	-0.16
Asset Writedown	222.8	164.78	554.04	-446.49	-473
Stock-Based Compensation	0.96	1.68	0.92	0.53	0.91
Income (Loss) on Equity Investments	-554.42	-29.37	-	-	-
Change in Accounts Receivable	-49.93	-8.71	-55.02	-49.47	19.3
Change in Accounts Payable	13.18	4.86	-16.02	12.44	2.42
Change in Other Net Operating Assets	-26.6	-20.88	-50.1	-6.89	1.86
Other Operating Activities	124.41	97.36	96.93	520.73	391.89
Operating Cash Flow	345.9	419.66	350.19	374.17	289.94
Operating Cash Flow Growth	-17.58%	19.84%	-6.41%	29.05%	2.03%
Acquisition of Real Estate Assets	-452.23	-218.74	-300.97	-1,015	-1,113
Sale of Real Estate Assets	102.63	51.42	339.72	149.02	110.17
Net Sale / Acq. of Real Estate Assets	-349.6	-167.32	38.75	-865.87	-1,003
Cash Acquisition	-99	-	-	-16.79	-
Investment in Marketable & Equity Securities	824.94	-245.78	-122.81	-160.66	-259.56
Other Investing Activities	68.81	115.76	16.04	16.35	2.71
Investing Cash Flow	408.8	-295.48	-66.54	-1,027	944.97
Short-Term Debt Issued	-	-	201.6	20.78	-
Long-Term Debt Issued	711.47	446.08	476.92	723.17	213.47
Total Debt Issued	711.47	446.08	678.52	743.95	213.47
Short-Term Debt Repaid	-12.3	-201.69	-	-	-1.77
Long-Term Debt Repaid	-1,235	-348.55	-786.5	-342.63	-310.7
Total Debt Repaid	-1,247	-550.24	-786.5	-342.63	-312.46
Net Debt Issued (Repaid)	-535.41	-104.16	-107.98	401.31	-99
Repurchase of Common Stock	-	-	-	-8.71	-
Common Dividends Paid	-290.41	-32.79	-4.68	-35.15	-
Other Financing Activities	-179.41	-225.17	-245.18	-167.06	-123.28
Foreign Exchange Rate Adjustments	-27.7	-17.9	93.94	92.02	-170.83
Net Cash Flow	-278.23	-255.84	19.74	-370.38	841.8
Cash Interest Paid	157.16	177.27	213.27	147.6	102.85
Cash Income Tax Paid	11.92	10.48	12.98	13.47	8.73
Levered Free Cash Flow	197.43	109.52	36.32	-648.26	-812.59
Unlevered Free Cash Flow	299.53	230.32	169.08	-555.8	-749.61
Change in Working Capital	-63.35	-24.73	-121.13	-43.93	6.8

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