Zephyrus Wing Energies Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2.25	82.41	297.62	-62.22	-79.63	-12.85
Depreciation & Amortization	61.1	59.93	54.06	35.97	38.72	19.62
Loss (Gain) on Sale of Investments	8.09	-83.66	-311.13	221.59	241.67	30.36
Stock-Based Compensation	2.03	2.35	2.4	-	-	-
Change in Accounts Receivable	-0.46	18.04	19.14	-4.99	-10.99	-0.35
Change in Accounts Payable	0.28	7.07	-8.87	3.25	17.27	0.37
Change in Other Net Operating Assets	-10.79	8.59	-11.66	15.78	-3.43	9.74
Other Operating Activities	70.09	78.98	149.96	3.35	-79.88	-9.52
Operating Cash Flow	132.58	173.7	191.51	212.73	123.72	37.36
Operating Cash Flow Growth	-10.93%	-9.30%	-9.98%	71.95%	231.13%	-
Capital Expenditures	-56.64	-10.08	-17.44	-118.39	-59.44	-385.73
Cash Acquisitions	-	-	-	-	21.05	-
Other Investing Activities	-6.69	-18.74	-90.07	-140.52	-24.77	-15.85
Investing Cash Flow	-123.88	-28.82	-107.51	-258.91	-63.15	-401.57
Long-Term Debt Issued	-	-	2.6	137.93	162.96	395.92
Long-Term Debt Repaid	-	-59.54	-148.19	-47.61	-286.88	-16.44
Net Debt Issued (Repaid)	111.84	-59.54	-145.59	90.33	-123.92	379.48
Issuance of Common Stock	-	-	139.53	106.65	233.67	0.11
Common Dividends Paid	-	-	-	-0.54	-77.91	-
Other Financing Activities	-75.99	-77.93	-140.45	-48.35	-70.14	-16.93
Financing Cash Flow	35.85	-137.46	-146.51	148.1	-38.31	362.66
Foreign Exchange Rate Adjustments	-10.09	-4.38	19.8	9.71	-3.5	-1.42
Net Cash Flow	34.46	3.04	-42.71	111.63	18.77	-2.97
Free Cash Flow	75.94	163.62	174.07	94.34	64.28	-348.37
Free Cash Flow Growth	-46.66%	-6.00%	84.50%	46.76%	-	-
Free Cash Flow Margin	36.38%	81.95%	69.13%	37.48%	43.70%	-693.40%
Free Cash Flow Per Share	1.17	2.52	2.87	2.05	1.40	-7.57
Cash Interest Paid	75.99	77.93	90.73	48.35	23.62	16.93
Cash Income Tax Paid	0.88	-	-	-	2.21	3.13
Levered Free Cash Flow	-	84.7	-28.67	27.37	98.71	-
Unlevered Free Cash Flow	-	134.34	19.34	60.18	138.24	-
Change in Working Capital	-10.97	33.69	-1.39	14.05	2.84	9.76

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