IST:ALVES 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	102.9	136.12	420.94	47.6	16.14
Depreciation & Amortization	185.27	144.52	63.05	15.98	3.95
Other Amortization	20.03	19.22	-	-	-
Loss (Gain) From Sale of Assets	-	-0.14	5.19	0.78	0.03
Asset Writedown & Restructuring Costs	-	0.86	-0	-	-
Other Operating Activities	1,563	-99.99	32.12	153.31	-2.61
Change in Accounts Receivable	-509.13	-590.28	-101.81	-47.93	-68.83
Change in Inventory	-2,251	-194.21	114.57	-67.27	-68.75
Change in Accounts Payable	361.12	326.58	-227.3	15.94	81.85
Change in Unearned Revenue	106.86	250.02	-239.29	-	-
Change in Other Net Operating Assets	-349.88	-117.35	-128.92	-74.65	87.53
Operating Cash Flow	-770.42	-124.64	-61.45	43.76	49.31
Operating Cash Flow Growth	-	-	-	-11.26%	-
Capital Expenditures	-659.82	-976.64	-360.34	-131.07	-6.67
Sale of Property, Plant & Equipment	449.02	0.16	13.09	25.09	2.24
Sale (Purchase) of Real Estate	-	-	-	-	-2.06
Other Investing Activities	20.99	65.99	0.04	-	-
Investing Cash Flow	-189.8	-910.49	-347.21	-105.98	-6.5
Short-Term Debt Issued	-	-	-	-	0
Long-Term Debt Issued	5,152	2,763	680.05	67.02	53.56
Total Debt Issued	5,152	2,763	680.05	67.02	53.56
Long-Term Debt Repaid	-2,952	-2,330	-145.36	-19.09	-8.09
Net Debt Issued (Repaid)	2,200	432.97	534.69	47.93	45.47
Issuance of Common Stock	-	1,227	43.31	55	-
Common Dividends Paid	-	-	-	-	-6.21
Other Financing Activities	-1,109	-545.06	-163.27	-15.46	-80
Financing Cash Flow	1,091	1,115	414.73	87.47	-40.74
Miscellaneous Cash Flow Adjustments	-32.53	-13.66	-	-9.45	-
Net Cash Flow	98.09	66.3	6.07	15.8	2.07
Free Cash Flow	-1,430	-1,101	-421.79	-87.31	42.63
Free Cash Flow Margin	-14.80%	-15.59%	-9.12%	-5.63%	10.07%
Free Cash Flow Per Share	-0.89	-0.69	-0.26	-0.17	0.53
Cash Interest Paid	1,109	571.32	203.17	-	-
Cash Income Tax Paid	-88.16	55.34	8.37	2.84	0.37
Levered Free Cash Flow	-2,161	-1,140	-754.08	-411.86	1.65
Unlevered Free Cash Flow	-1,330	-783.03	-627.1	-355.08	16.31
Change in Working Capital	-2,642	-325.24	-582.75	-173.91	31.8

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