IST:ALCAR 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	-686.25	540.49	-594	482.85	71.95
Depreciation & Amortization	211.83	199.33	149.59	81.29	14.54
Loss (Gain) From Sale of Assets	-0.02	-1,166	-2.94	-660.41	-0.03
Asset Writedown & Restructuring Costs	-	-	-68.78	-	-
Provision & Write-off of Bad Debts	-1.28	1.69	-53.91	5.93	3.02
Other Operating Activities	374.78	545.01	-762.59	-173.64	-26.47
Change in Accounts Receivable	489.52	462.47	278.32	309.83	-162.06
Change in Inventory	-418.34	-649.76	-289.15	74.79	-112.82
Change in Accounts Payable	636.97	-74.24	446.56	-193.54	137.09
Change in Other Net Operating Assets	-279.95	267.15	212.96	-307.25	-61.31
Operating Cash Flow	327.27	126.16	-683.94	-380.15	-136.08
Operating Cash Flow Growth	159.40%	-	-	-	-
Capital Expenditures	-31.4	-172.63	-516.47	-62.56	-5.72
Sale of Property, Plant & Equipment	992.67	12.31	8.67	730.36	0.34
Sale (Purchase) of Intangibles	-15.9	-21.51	-21.26	-12.2	-5.2
Other Investing Activities	-	75.3	-	-	-
Investing Cash Flow	945.36	-106.53	-529.06	655.61	-10.58
Long-Term Debt Issued	1,424	2,056	1,474	535.32	224.18
Long-Term Debt Repaid	-1,353	-1,619	-1,041	-462.89	-8.88
Net Debt Issued (Repaid)	71.26	436.82	432.66	72.43	215.29
Common Dividends Paid	-788.34	-	-185.85	-	-24.84
Other Financing Activities	-137.15	-527.13	-	-	-
Financing Cash Flow	-854.23	-90.31	246.81	72.43	190.45
Foreign Exchange Rate Adjustments	86.35	1.98	-	-	-
Miscellaneous Cash Flow Adjustments	-77.81	-161.13	188.92	-	-
Net Cash Flow	426.95	-229.83	-777.26	347.89	43.8
Free Cash Flow	295.86	-46.47	-1,200	-442.72	-141.8
Free Cash Flow Margin	3.94%	-0.54%	-15.21%	-10.64%	-11.21%
Free Cash Flow Per Share	27.39	-4.30	-111.15	-40.99	-13.13
Cash Interest Paid	155.72	368.97	196.11	84.73	19.01
Cash Income Tax Paid	63.84	-15.26	16.83	61.88	18.45
Levered Free Cash Flow	1,772	-1,930	-921.17	-927.25	-152.52
Unlevered Free Cash Flow	1,788	-1,919	-906.06	-913.91	-133.24
Change in Working Capital	428.21	5.62	648.7	-116.17	-199.1

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