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	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	2019
Net Income	2.25	82.41	297.62	-62.22	-79.63	-12.85	Upgrade
Depreciation & Amortization	61.1	59.93	54.06	35.97	38.72	19.62	Upgrade
Loss (Gain) on Sale of Investments	8.09	-83.66	-311.13	221.59	241.67	30.36	Upgrade
Stock-Based Compensation	2.03	2.35	2.4	-	-	-	Upgrade
Change in Accounts Receivable	-0.46	18.04	19.14	-4.99	-10.99	-0.35	Upgrade
Change in Accounts Payable	0.28	7.07	-8.87	3.25	17.27	0.37	Upgrade
Change in Other Net Operating Assets	-10.79	8.59	-11.66	15.78	-3.43	9.74	Upgrade
Other Operating Activities	70.09	78.98	149.96	3.35	-79.88	-9.52	Upgrade
Operating Cash Flow	132.58	173.7	191.51	212.73	123.72	37.36	Upgrade
Operating Cash Flow Growth	-10.93%	-9.30%	-9.98%	71.95%	231.13%	-	Upgrade
Capital Expenditures	-56.64	-10.08	-17.44	-118.39	-59.44	-385.73	Upgrade
Cash Acquisitions	-	-	-	-	21.05	-	Upgrade
Other Investing Activities	-6.69	-18.74	-90.07	-140.52	-24.77	-15.85	Upgrade
Investing Cash Flow	-123.88	-28.82	-107.51	-258.91	-63.15	-401.57	Upgrade
Long-Term Debt Issued	-	-	2.6	137.93	162.96	395.92	Upgrade
Long-Term Debt Repaid	-	-59.54	-148.19	-47.61	-286.88	-16.44	Upgrade
Net Debt Issued (Repaid)	111.84	-59.54	-145.59	90.33	-123.92	379.48	Upgrade
Issuance of Common Stock	-	-	139.53	106.65	233.67	0.11	Upgrade
Common Dividends Paid	-	-	-	-0.54	-77.91	-	Upgrade
Other Financing Activities	-75.99	-77.93	-140.45	-48.35	-70.14	-16.93	Upgrade
Financing Cash Flow	35.85	-137.46	-146.51	148.1	-38.31	362.66	Upgrade
Foreign Exchange Rate Adjustments	-10.09	-4.38	19.8	9.71	-3.5	-1.42	Upgrade
Net Cash Flow	34.46	3.04	-42.71	111.63	18.77	-2.97	Upgrade
Free Cash Flow	75.94	163.62	174.07	94.34	64.28	-348.37	Upgrade
Free Cash Flow Growth	-46.66%	-6.00%	84.50%	46.76%	-	-	Upgrade
Free Cash Flow Margin	36.38%	81.95%	69.13%	37.48%	43.70%	-693.40%	Upgrade
Free Cash Flow Per Share	1.17	2.52	2.87	2.05	1.40	-7.57	Upgrade
Cash Interest Paid	75.99	77.93	90.73	48.35	23.62	16.93	Upgrade
Cash Income Tax Paid	0.88	-	-	-	2.21	3.13	Upgrade
Levered Free Cash Flow	-	84.7	-28.67	27.37	98.71	-	Upgrade
Unlevered Free Cash Flow	-	134.34	19.34	60.18	138.24	-	Upgrade
Change in Working Capital	-10.97	33.69	-1.39	14.05	2.84	9.76	Upgrade

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