IST:ARMGD 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	689.59	1,058	280.58	18.94	465.25
Depreciation & Amortization	167.28	98.6	70.38	57.14	30.38
Loss (Gain) From Sale of Assets	-4.52	-1.4	-7.1	-6.95	-2.28
Provision & Write-off of Bad Debts	9.79	-	-	-	-
Other Operating Activities	-943.27	-43.52	-376.28	-275.73	273.94
Change in Accounts Receivable	-203.48	-310.05	286.66	-80.74	-325.63
Change in Inventory	-1,923	-1,246	-327.02	309.13	-1,116
Change in Accounts Payable	-	-	-216.23	-181.49	342.26
Change in Unearned Revenue	-570.21	-70.04	485.96	44.12	42.32
Change in Other Net Operating Assets	981.63	-3,180	273.88	-28.17	-112.4
Operating Cash Flow	-1,796	-3,694	470.83	-143.75	-402.1
Capital Expenditures	-1,048	-575.63	-304.85	-276.65	-266.68
Sale of Property, Plant & Equipment	54.68	3.62	12.23	10.16	4.61
Cash Acquisitions	-50.29	-	-	-	-
Sale (Purchase) of Intangibles	-1.91	-3.88	-2.85	-0.11	-0.65
Sale (Purchase) of Real Estate	-31.04	-68.13	-3.09	-221.9	-8.65
Other Investing Activities	244.4	-	-	-	-
Investing Cash Flow	-831.79	-644.02	-298.56	-488.51	-271.36
Long-Term Debt Issued	11,115	9,420	5,195	6,170	3,411
Long-Term Debt Repaid	-9,317	-6,948	-5,065	-4,693	-2,441
Net Debt Issued (Repaid)	1,798	2,472	129.85	1,477	970.18
Issuance of Common Stock	-	2,195	-	-	-
Repurchase of Common Stock	-4.42	-	-	-	-
Other Financing Activities	35.04	-530.6	-405.61	-390.91	-162.5
Financing Cash Flow	1,829	4,136	-275.76	1,087	807.67
Miscellaneous Cash Flow Adjustments	365.42	109.45	-	-	-
Net Cash Flow	-434.17	-92.1	-103.49	454.33	134.22
Free Cash Flow	-2,844	-4,269	165.98	-420.4	-668.77
Free Cash Flow Margin	-23.40%	-43.17%	1.90%	-5.40%	-10.68%
Free Cash Flow Per Share	-10.76	-16.18	0.75	-	-
Cash Interest Paid	628.67	779.48	500.15	422.69	165.96
Cash Income Tax Paid	57.28	35.3	19.85	12.89	15.37
Levered Free Cash Flow	-1,661	-5,755	238.72	-156.49	-
Unlevered Free Cash Flow	-1,267	-5,268	551.32	107.69	-
Change in Working Capital	-1,715	-4,806	503.25	62.85	-1,169

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