Urbanica (Palo) Retail Cash Flow Statement

Financials in millions ILS. Fiscal year is January - December.

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	46.53	63.62	110.39	60.58	29.31
Depreciation & Amortization	93.89	87.5	72.2	61.73	24.94
Other Amortization	0.21	0.21	-	0	-
Stock-Based Compensation	1.11	1.1	0.56	0.97	0.75
Other Operating Activities	-19.35	-1.95	4.71	-0.31	-9.7
Change in Accounts Receivable	17.16	22.89	-1.52	-16.07	-3.11
Change in Inventory	13.11	3.95	-55.78	6.37	-26.05
Change in Unearned Revenue	0.56	0.57	0.49	0.16	0.13
Change in Other Net Operating Assets	8.76	8.84	-14.65	8.34	1.07
Operating Cash Flow	154.08	186.73	116.41	121.78	17.33
Operating Cash Flow Growth	31.56%	60.41%	-4.41%	602.61%	-
Capital Expenditures	-47.86	-49.32	-39.49	-21.03	-8.28
Other Investing Activities	-2.56	-2.38	-0.82	-1.03	0.38
Investing Cash Flow	-50.43	-51.7	-40.31	-22.06	-7.9
Long-Term Debt Issued	-	-	-	30	-
Long-Term Debt Repaid	-	-52.09	-75.5	-37.62	-22.15
Net Debt Issued (Repaid)	-55.81	-52.09	-75.5	-7.62	-22.15
Issuance of Common Stock	399.87	399.87	-	-	-
Common Dividends Paid	-200	-225	-95.08	-20	-30
Financing Cash Flow	145.28	122.78	-170.59	-27.62	-52.15
Net Cash Flow	248.93	257.81	-94.49	72.11	-42.71
Free Cash Flow	106.21	137.41	76.92	100.75	9.06
Free Cash Flow Growth	43.89%	78.64%	-23.66%	1012.53%	-
Free Cash Flow Margin	10.97%	13.96%	8.08%	13.67%	-
Free Cash Flow Per Share	0.78	1.08	0.77	1.00	0.14
Cash Interest Paid	36.78	35.31	29.28	24.24	15.17
Cash Income Tax Paid	39.08	26.82	28.97	18.16	14.18
Levered Free Cash Flow	25.58	112.58	33.03	-	-
Unlevered Free Cash Flow	51.14	135.74	52.41	-	-
Change in Working Capital	32.49	36.25	-71.45	-1.2	-27.96