Azrieli Group 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	2015 - 2019
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	2015 - 2019
Net Income	1,646	1,477	2,225	1,797	2,889	189	Upgrade
Depreciation & Amortization	23	20	70	16	20	28	Upgrade
Gain (Loss) on Sale of Investments	-	-	-1,213	9	-6	1	Upgrade
Asset Writedown	-1,082	-913	-912	-1,481	-2,441	770	Upgrade
Stock-Based Compensation	15	8	-	-	-	-	Upgrade
Income (Loss) on Equity Investments	5	5	77	73	-310	-99	Upgrade
Change in Accounts Receivable	-450	35	-107	42	-23	-36	Upgrade
Change in Accounts Payable	189	-51	1	9	11	5	Upgrade
Change in Other Net Operating Assets	-20	-9	1	1	1	-	Upgrade
Other Operating Activities	1,462	1,241	1,225	1,286	1,214	83	Upgrade
Operating Cash Flow	1,782	1,816	1,371	1,753	1,357	941	Upgrade
Operating Cash Flow Growth	8.59%	32.46%	-21.79%	29.18%	44.21%	-40.63%	Upgrade
Acquisition of Real Estate Assets	-2,879	-3,117	-3,709	-2,064	-1,152	-1,234	Upgrade
Sale of Real Estate Assets	1	31	1	3	61	10	Upgrade
Net Sale / Acq. of Real Estate Assets	-2,878	-3,086	-3,708	-2,061	-1,091	-1,224	Upgrade
Cash Acquisition	-536	-	-228	-477	-2,380	-	Upgrade
Investment in Marketable & Equity Securities	-73	-24	2,399	-316	433	-147	Upgrade
Other Investing Activities	197	187	65	44	91	209	Upgrade
Investing Cash Flow	-3,499	-3,139	-1,472	-2,820	-2,991	-1,172	Upgrade
Short-Term Debt Issued	-	-	710	-	-	-	Upgrade
Long-Term Debt Issued	-	4,741	3,280	4,068	3,903	1,672	Upgrade
Total Debt Issued	6,538	4,741	3,990	4,068	3,903	1,672	Upgrade
Short-Term Debt Repaid	-	-90	-	-561	-9	-350	Upgrade
Long-Term Debt Repaid	-	-2,092	-1,151	-938	-1,186	-740	Upgrade
Total Debt Repaid	-2,446	-2,182	-1,151	-1,499	-1,195	-1,090	Upgrade
Net Debt Issued (Repaid)	4,092	2,559	2,839	2,569	2,708	582	Upgrade
Common Dividends Paid	-800	-1,000	-700	-650	-600	-300	Upgrade
Other Financing Activities	-703	-484	-455	-352	-216	-234	Upgrade
Foreign Exchange Rate Adjustments	-98	-34	-72	18	-18	-11	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-	-	-	-2	Upgrade
Net Cash Flow	774	-282	1,511	518	240	-196	Upgrade
Cash Interest Paid	708	485	455	355	220	227	Upgrade
Cash Income Tax Paid	154	151	204	29	82	123	Upgrade
Levered Free Cash Flow	-555	581.25	111.63	1,059	979.13	282	Upgrade
Unlevered Free Cash Flow	230	1,198	653.5	1,685	1,253	352	Upgrade
Change in Working Capital	-287	-22	-101	53	-9	-31	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.