IST:ARMGD Cash Flow Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	830.25	808.62	280.58	18.94	465.25
Depreciation & Amortization	118.83	75.33	70.38	57.14	30.38
Loss (Gain) From Sale of Assets	-3.92	-1.07	-7.1	-6.95	-2.28
Other Operating Activities	-221.85	50.47	-376.28	-275.73	273.94
Change in Accounts Receivable	531.05	-236.87	286.66	-80.74	-325.63
Change in Inventory	-1,842	-951.76	-327.02	309.13	-1,116
Change in Accounts Payable	357.7	76.11	-216.23	-181.49	342.26
Change in Unearned Revenue	-292.64	-53.51	485.96	44.12	42.32
Change in Other Net Operating Assets	-174.27	-2,506	273.88	-28.17	-112.4
Operating Cash Flow	-692.56	-2,738	470.83	-143.75	-402.1
Capital Expenditures	-933.28	-439.77	-304.85	-276.65	-266.68
Sale of Property, Plant & Equipment	34.57	2.75	12.23	10.16	4.61
Sale (Purchase) of Intangibles	-4.54	-2.97	-2.85	-0.11	-0.65
Sale (Purchase) of Real Estate	-12.41	-52.05	-3.09	-221.9	-8.65
Investing Cash Flow	-915.66	-492.04	-298.56	-488.51	-271.36
Long-Term Debt Issued	-	7,196	5,195	6,170	3,411
Long-Term Debt Repaid	-	-5,308	-5,065	-4,693	-2,441
Net Debt Issued (Repaid)	-144.13	1,888	129.85	1,477	970.18
Issuance of Common Stock	1,677	1,677	-	-	-
Other Financing Activities	214.27	-405.46	-405.61	-390.91	-162.5
Financing Cash Flow	1,743	3,160	-275.76	1,087	807.67
Net Cash Flow	150.15	-70.37	-103.49	454.33	134.22
Free Cash Flow	-1,626	-3,178	165.98	-420.4	-668.77
Free Cash Flow Margin	-21.51%	-41.61%	1.90%	-5.40%	-10.68%
Free Cash Flow Per Share	-6.44	-14.42	0.75	-	-
Cash Interest Paid	441.89	595.59	500.15	422.69	165.96
Cash Income Tax Paid	37.39	31.43	19.85	12.89	15.37
Levered Free Cash Flow	-3,845	-3,930	238.72	-156.49	-
Unlevered Free Cash Flow	-3,568	-3,558	551.32	107.69	-
Change in Working Capital	-1,420	-3,672	503.25	62.85	-1,169

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.