IST:ARTMS 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	243.59	297.04	6.39	5.18	17.22
Depreciation & Amortization	133.32	60.02	49.75	71.76	8.05
Loss (Gain) From Sale of Assets	-1.24	-4.06	-5.35	-2.03	-0.2
Asset Writedown & Restructuring Costs	3.58	-	-	-24	0.6
Provision & Write-off of Bad Debts	-6.62	-6.3	-1.83	2.09	-
Other Operating Activities	471.24	-27.56	71.93	47.89	4.68
Change in Accounts Receivable	357.66	-31.76	-143	-17.62	10.54
Change in Inventory	-520.46	-429.71	360.96	172.31	-75.6
Change in Accounts Payable	-42.52	-116.36	-73.4	-82.07	57.73
Change in Unearned Revenue	-34.81	-37.59	-17.02	9.97	-
Change in Other Net Operating Assets	24.73	145.98	-235.85	66.55	-0.11
Operating Cash Flow	628.47	-150.3	12.56	250.03	22.93
Operating Cash Flow Growth	-	-	-94.98%	990.41%	-50.16%
Capital Expenditures	-681.86	-90.7	-5.61	-25.86	-5.2
Sale of Property, Plant & Equipment	3.41	56.3	6.46	2.8	3.22
Sale (Purchase) of Intangibles	-2.73	-0.58	-	-	-
Sale (Purchase) of Real Estate	-11.83	-	-	-	-
Investment in Securities	-	-	-	0.27	-0.1
Investing Cash Flow	-693.01	-34.99	0.85	-22.79	-2.08
Long-Term Debt Issued	232.09	-	84.48	-	20
Long-Term Debt Repaid	-194.96	-537.39	-5.05	-179.02	-2.71
Net Debt Issued (Repaid)	37.13	-537.39	79.44	-179.02	17.29
Issuance of Common Stock	-	790.78	-	-	-
Other Financing Activities	54.52	88.78	-92.63	-68.95	-37.88
Financing Cash Flow	91.65	342.17	-13.19	-247.97	-20.59
Miscellaneous Cash Flow Adjustments	-44.56	7.31	5.06	11.47	-
Net Cash Flow	-17.45	164.19	5.28	-9.27	0.26
Free Cash Flow	-53.38	-241	6.95	224.17	17.73
Free Cash Flow Growth	-	-	-96.90%	1164.47%	-56.29%
Free Cash Flow Margin	-8.38%	-17.91%	0.58%	37.06%	8.16%
Free Cash Flow Per Share	-0.76	-3.44	0.19	5.63	0.49
Cash Interest Paid	-	-	-	68.95	24.55
Cash Income Tax Paid	24.92	20.05	12.93	4.99	1.3
Levered Free Cash Flow	-800.17	-546.94	-238.8	-273.33	-28.59
Unlevered Free Cash Flow	-756.47	-505.76	-174.64	-225.92	-13.24
Change in Working Capital	-215.41	-469.44	-108.32	149.14	-7.44

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