IST:ARDYZ 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	541.85	488.5	618.52	279.29	151.26
Depreciation & Amortization	334.29	242.43	81.89	8.29	1.7
Other Amortization	407.19	244.71	126.62	72.76	10.42
Loss (Gain) From Sale of Assets	-	-0.05	-1.81	-0.52	-0.02
Provision & Write-off of Bad Debts	-	-	-	-	1.71
Other Operating Activities	27.71	-116.28	16.84	188.09	-0.62
Change in Accounts Receivable	-1,649	808.62	-449.23	-460.3	-55.06
Change in Inventory	-93.8	0.73	15.19	-8.39	-0.83
Change in Accounts Payable	-10.98	-23.04	-350.7	248.09	16.26
Change in Unearned Revenue	123.34	81.07	41.17	-	-
Change in Other Net Operating Assets	884.19	112.81	91.89	-98.23	-0.63
Operating Cash Flow	600.85	1,938	184.77	229.07	124.21
Operating Cash Flow Growth	-69.00%	949.05%	-19.34%	84.42%	129.20%
Capital Expenditures	-2,047	-2,066	-519.99	-312.24	-0.77
Sale of Property, Plant & Equipment	-	2.1	2.57	-	0.25
Cash Acquisitions	-7.25	-36.75	-1.46	-5.31	-11.09
Sale (Purchase) of Intangibles	-	-	-	-	-74.89
Investment in Securities	667.73	-	-	-	-
Investing Cash Flow	-1,387	-2,100	-518.88	-317.55	-86.5
Long-Term Debt Issued	1,240	465.81	333.23	89.21	-
Long-Term Debt Repaid	-471.11	-244.39	-	-	-2.35
Net Debt Issued (Repaid)	769.39	221.42	333.23	89.21	-2.35
Issuance of Common Stock	152.27	-	-	-	-
Other Financing Activities	-0.54	-5.75	-	-	1.38
Financing Cash Flow	921.12	215.67	333.23	89.21	-0.98
Miscellaneous Cash Flow Adjustments	-16.32	-17.7	-36.34	-133.41	-
Net Cash Flow	118.99	35.91	-37.21	-132.68	36.74
Free Cash Flow	-1,446	-127.4	-335.22	-83.17	123.45
Free Cash Flow Growth	-	-	-	-	151.86%
Free Cash Flow Margin	-34.23%	-4.67%	-20.36%	-8.41%	44.37%
Free Cash Flow Per Share	-4.49	-0.75	-1.97	-0.49	3.37
Cash Interest Paid	-	-	-	-	1.44
Cash Income Tax Paid	-0.16	0.27	0.25	0.59	0.19
Levered Free Cash Flow	-1,702	-986.73	-395.38	-341.57	-10.89
Unlevered Free Cash Flow	-1,223	-679.14	-244.02	-327.62	-9.98
Change in Working Capital	-710.18	1,079	-657.28	-318.84	-40.25

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