IST:ADEL Cash Flow Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	-502.37	24.4	629.44	-19.43	-12.7
Depreciation & Amortization	143.92	194.36	157.49	89.61	13.48
Other Amortization	25.55	22.59	-	10.93	3.21
Loss (Gain) From Sale of Assets	2.56	-0.01	-0.52	-0.57	-0.54
Asset Writedown & Restructuring Costs	-0.74	-2.61	14.69	0.54	0.14
Loss (Gain) on Equity Investments	-	-	-	-0.13	-0.08
Provision & Write-off of Bad Debts	1.52	1.46	0.75	0.69	0.87
Other Operating Activities	268.62	268.84	-515.97	-115.5	62.66
Change in Accounts Receivable	16.39	49.73	-47.85	156.89	-35.8
Change in Inventory	-75.8	128.04	-181.06	-78.98	28.64
Change in Accounts Payable	-51.87	-88.31	75.58	3.63	-2.32
Change in Unearned Revenue	-53.22	-220.06	214.04	3.78	2.47
Change in Other Net Operating Assets	-38.24	79.56	10.18	53.27	-19.02
Operating Cash Flow	-263.67	458	356.77	104.72	41
Operating Cash Flow Growth	-	28.37%	240.69%	155.40%	-54.70%
Capital Expenditures	-39.7	-69.52	-26.37	-38.59	-10.78
Sale of Property, Plant & Equipment	4.55	0.58	9.64	2.95	0.57
Sale (Purchase) of Intangibles	-50.28	-16.52	-29.44	-8.1	-4.89
Investment in Securities	-	-	-1.62	-	-
Investing Cash Flow	-85.43	-85.46	-47.79	-43.74	-15.1
Long-Term Debt Issued	3,819	1,979	2,388	1,029	805.35
Long-Term Debt Repaid	-3,031	-2,277	-1,664	-1,076	-697.32
Net Debt Issued (Repaid)	788.1	-297.89	723.38	-47.2	108.03
Common Dividends Paid	-156.56	-208.65	-28.59	-26.65	-30
Other Financing Activities	-647.71	-116.76	-281.35	-169.46	-42.6
Financing Cash Flow	-16.17	-623.3	413.44	-243.3	35.43
Foreign Exchange Rate Adjustments	-101.33	-365.21	-285.26	-260.2	-
Net Cash Flow	-466.6	-615.97	437.17	-442.51	61.33
Free Cash Flow	-303.37	388.48	330.41	66.13	30.23
Free Cash Flow Growth	-	17.58%	399.63%	118.79%	-63.66%
Free Cash Flow Margin	-14.45%	10.94%	10.12%	3.95%	6.22%
Free Cash Flow Per Share	-1.17	1.50	1.27	0.25	0.12
Cash Interest Paid	729.3	671	320.4	241.48	54.4
Cash Income Tax Paid	-115.55	29.52	278.7	32.62	-9.54
Levered Free Cash Flow	-644.11	-359.73	-144.52	-437.68	-67.64
Unlevered Free Cash Flow	-176.61	109.64	141.82	-261.64	-26.01
Change in Working Capital	-202.74	-51.04	70.89	138.59	-26.03

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.