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 2025	FY 2024	FY 2023	FY 2022	FY 2021
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	Dec '21 Dec 31, 2021
Net Income	-61.63	-19.55	82.41	297.62	-62.22	-79.63
Depreciation & Amortization	57.84	58.27	57.18	54.06	35.97	38.72
Loss (Gain) on Sale of Investments	60.11	28.06	-83.66	-311.13	221.59	241.67
Stock-Based Compensation	1.96	1.83	2.35	2.4	-	-
Change in Accounts Receivable	1.27	0.06	18.04	19.14	-4.99	-10.99
Change in Accounts Payable	12.68	3.34	7.07	-8.87	3.25	17.27
Change in Other Net Operating Assets	-1.33	-28.06	8.59	-11.66	15.78	-3.43
Other Operating Activities	70.85	67.51	81.73	149.96	3.35	-79.88
Operating Cash Flow	141.75	111.44	173.7	191.51	212.73	123.72
Operating Cash Flow Growth	-3.38%	-35.84%	-9.30%	-9.98%	71.95%	231.13%
Capital Expenditures	-139.75	-107	-10.08	-17.44	-118.39	-59.44
Cash Acquisitions	-	-	-	-	-	21.05
Investment in Securities	-60	-60	-	-	-	-
Other Investing Activities	6.49	16.07	-18.74	-90.07	-140.52	-24.77
Investing Cash Flow	-193.26	-150.94	-28.82	-107.51	-258.91	-63.15
Long-Term Debt Issued	-	201.07	-	2.6	137.93	162.96
Long-Term Debt Repaid	-	-56.71	-59.54	-148.19	-47.61	-286.88
Net Debt Issued (Repaid)	190.37	144.36	-59.54	-145.59	90.33	-123.92
Issuance of Common Stock	2.61	-	-	139.53	106.65	233.67
Common Dividends Paid	-	-	-	-	-0.54	-77.91
Other Financing Activities	-77.55	-77.4	-77.93	-140.45	-48.35	-70.14
Financing Cash Flow	115.43	66.96	-137.46	-146.51	148.1	-38.31
Foreign Exchange Rate Adjustments	-19.03	-1.26	-4.38	19.8	9.71	-3.5
Net Cash Flow	44.89	26.21	3.04	-42.71	111.63	18.77
Free Cash Flow	2	4.44	163.62	174.07	94.34	64.28
Free Cash Flow Growth	-98.52%	-97.29%	-6.00%	84.50%	46.76%	-
Free Cash Flow Margin	1.00%	2.15%	81.95%	70.38%	37.48%	43.70%
Free Cash Flow Per Share	0.03	0.07	2.52	2.87	2.05	1.40
Cash Interest Paid	77.4	77.4	77.93	90.73	48.35	23.62
Cash Income Tax Paid	2.33	2.33	-	-	-	2.21
Levered Free Cash Flow	-21.57	-57.57	81.94	-31.48	27.37	98.71
Unlevered Free Cash Flow	28.48	-9.81	131.59	16.53	60.18	138.24
Change in Working Capital	12.62	-24.66	33.69	-1.39	14.05	2.84

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