IST:ARZUM 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	FY 2020
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	Dec '20 Dec 31, 2020
Net Income	-469.99	-399.96	76.49	-157.81	50.13	36.47
Depreciation & Amortization	177.64	120.04	95.74	47.81	10.06	7.94
Other Amortization	1.72	2	2.33	1.56	0.27	0.24
Loss (Gain) From Sale of Assets	-4.35	-0.4	3.63	-	-0.86	-0.03
Provision & Write-off of Bad Debts	-0.88	1.84	0.5	3.11	2.7	0.88
Other Operating Activities	191.59	323.16	435.43	271.48	28.94	8.53
Change in Accounts Receivable	843.23	24.35	-240.06	-93.55	-30.46	-71.52
Change in Inventory	776.7	-284.58	4.21	281.86	-82.22	-89.79
Change in Accounts Payable	333.9	59.38	216.4	-56.54	10.77	99.62
Change in Unearned Revenue	-	-	-	-	1.46	17.47
Change in Other Net Operating Assets	316.43	2.16	-72.96	68.62	-18.51	-8.35
Operating Cash Flow	2,166	-152.01	521.7	366.54	-27.72	1.46
Operating Cash Flow Growth	-	-	42.33%	-	-	-95.48%
Capital Expenditures	-21.79	-43.87	-36.94	-42.86	-17.13	-14.39
Sale of Property, Plant & Equipment	6.77	3.72	-	-	1.82	0.35
Sale (Purchase) of Intangibles	-41.72	-26.22	-11.46	-11.9	-5.48	-2.27
Other Investing Activities	-98.97	-46.77	-95.16	-3.36	1.18	1.38
Investing Cash Flow	-155.71	-113.14	-143.56	-58.12	-19.61	-14.93
Short-Term Debt Issued	-	1,015	889.37	411.93	-	-
Long-Term Debt Issued	-	1,327	1,098	834.01	334.88	258.18
Total Debt Issued	1,847	2,341	1,987	1,246	334.88	258.18
Long-Term Debt Repaid	-	-1,434	-2,160	-962.87	-189.46	-215.32
Net Debt Issued (Repaid)	-1,186	907.74	-172.58	283.08	145.42	42.86
Common Dividends Paid	-	-	-27.21	-28.52	-11.77	-3.82
Other Financing Activities	-684.64	-752.4	-299.87	-136.29	-27.42	-4.69
Financing Cash Flow	-1,568	155.34	-499.67	118.26	106.22	34.36
Foreign Exchange Rate Adjustments	2.3	7.27	8.69	1.22	5.91	0.65
Miscellaneous Cash Flow Adjustments	-287.41	-91.86	-296.84	-162.61	-	-
Net Cash Flow	156.92	-194.4	-409.68	265.29	64.81	21.53
Free Cash Flow	2,144	-195.88	484.76	323.68	-44.85	-12.93
Free Cash Flow Growth	-	-	49.77%	-	-	-
Free Cash Flow Margin	44.69%	-3.53%	9.10%	11.06%	-5.50%	-2.13%
Free Cash Flow Per Share	4.08	-0.65	1.62	1.08	-0.15	-0.04
Cash Interest Paid	772.47	806.32	351.56	155.76	24.66	10.46
Cash Income Tax Paid	-	72.01	130.73	68.65	13.31	19.28
Levered Free Cash Flow	359.72	-546.99	-462.44	-622.24	-98.44	-19.42
Unlevered Free Cash Flow	976.96	40.53	-161.92	-494.28	-77.61	-12.74
Change in Working Capital	2,270	-198.69	-92.41	200.39	-118.96	-52.56

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