I.B.I.- Managing & Underwriting Ltd (TLV:IBIU)

TLV:IBIU Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	38.84	18.33	8.27	14.24	42.79	31.1
Depreciation & Amortization, Total	0.76	0.74	0.84	1.04	0.93	0.97
Gain (Loss) On Sale of Investments	-23.93	-5.88	1.4	1.55	-0.16	-4.23
Stock-Based Compensation	3.94	3.39	3.67	3.06	0.4	0.98
Change in Accounts Receivable	2.78	-1.68	0.2	-0.78	1.29	0.08
Change in Other Net Operating Assets	11.23	2.7	6.94	-32.97	8.7	15.63
Other Operating Activities	6.84	1.96	8.29	-7.57	-6.14	0.48
Operating Cash Flow	41.41	19.56	29.61	-21.43	47.88	45.01
Capital Expenditures	-0.13	-0.02	-0.03	-0.05	-0.07	-0.17
Investment in Securities	5.53	-29.34	-51.67	10.72	-9.14	10.95
Investing Cash Flow	5.4	-29.35	-51.71	10.67	-9.21	13.63
Short-Term Debt Repaid	-	-	-	-	-	-0.21
Long-Term Debt Repaid	-	-0.75	-0.84	-0.94	-0.89	-0.92
Total Debt Repaid	-0.76	-0.75	-0.84	-0.94	-0.89	-1.14
Net Debt Issued (Repaid)	-0.76	-0.75	-0.84	-0.94	-0.89	-1.14
Issuance of Common Stock	-	-	46.39	0	0.01	0
Common Dividends Paid	-27.7	-12	-6.5	-26.3	-47.4	-23
Financing Cash Flow	-28.46	-12.75	39.05	-27.24	-48.28	-24.13
Net Cash Flow	18.35	-22.54	16.95	-37.99	-9.61	34.51
Free Cash Flow	41.28	19.54	29.57	-21.48	47.81	44.84
Free Cash Flow Growth	91.64%	-33.92%	-	-	6.63%	-0.31%
Free Cash Flow Margin	48.59%	45.84%	107.55%	-48.49%	45.54%	54.55%
Free Cash Flow Per Share	1.31	0.63	1.11	-0.94	1.70	2.19
Cash Interest Paid	0.03	0.03	0.04	0.04	-	0.02
Cash Income Tax Paid	6.38	4.22	-5.71	12.42	21.69	8.32

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