IST:ARZUM 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	-931.17	-399.96	76.49	-157.81	50.13
Depreciation & Amortization	177.09	120.04	95.74	47.81	10.06
Other Amortization	-	2	2.33	1.56	0.27
Loss (Gain) From Sale of Assets	-3.76	-0.4	3.63	-	-0.86
Provision & Write-off of Bad Debts	2.27	1.84	0.5	3.11	2.7
Other Operating Activities	384.73	323.16	435.43	271.48	28.94
Change in Accounts Receivable	862.54	24.35	-240.06	-93.55	-30.46
Change in Inventory	673.34	-284.58	4.21	281.86	-82.22
Change in Accounts Payable	21.92	59.38	216.4	-56.54	10.77
Change in Unearned Revenue	-	-	-	-	1.46
Change in Other Net Operating Assets	298.14	2.16	-72.96	68.62	-18.51
Operating Cash Flow	1,485	-152.01	521.7	366.54	-27.72
Operating Cash Flow Growth	-	-	42.33%	-	-
Capital Expenditures	-86.92	-43.87	-36.94	-42.86	-17.13
Sale of Property, Plant & Equipment	7.82	3.72	-	-	1.82
Sale (Purchase) of Intangibles	-	-26.22	-11.46	-11.9	-5.48
Other Investing Activities	-73.03	-46.77	-95.16	-3.36	1.18
Investing Cash Flow	-152.13	-113.14	-143.56	-58.12	-19.61
Short-Term Debt Issued	1,430	1,015	889.37	411.93	-
Long-Term Debt Issued	741.9	1,327	1,098	834.01	334.88
Total Debt Issued	2,172	2,341	1,987	1,246	334.88
Long-Term Debt Repaid	-3,259	-1,434	-2,160	-962.87	-189.46
Net Debt Issued (Repaid)	-1,087	907.74	-172.58	283.08	145.42
Issuance of Common Stock	315.06	-	-	-	-
Common Dividends Paid	-	-	-27.21	-28.52	-11.77
Other Financing Activities	-540.58	-752.4	-299.87	-136.29	-27.42
Financing Cash Flow	-1,313	155.34	-499.67	118.26	106.22
Foreign Exchange Rate Adjustments	-6.46	7.27	8.69	1.22	5.91
Miscellaneous Cash Flow Adjustments	-47.88	-91.86	-296.84	-162.61	-
Net Cash Flow	-34.26	-194.4	-409.68	265.29	64.81
Free Cash Flow	1,398	-195.88	484.76	323.68	-44.85
Free Cash Flow Growth	-	-	49.77%	-	-
Free Cash Flow Margin	26.46%	-3.53%	9.10%	11.06%	-5.50%
Free Cash Flow Per Share	-	-0.65	1.62	1.08	-0.15
Cash Interest Paid	-	806.32	351.56	155.76	24.66
Cash Income Tax Paid	-	72.01	130.73	68.65	13.31
Levered Free Cash Flow	520.35	-546.99	-462.44	-622.24	-98.44
Unlevered Free Cash Flow	1,341	40.53	-161.92	-494.28	-77.61
Change in Working Capital	1,856	-198.69	-92.41	200.39	-118.96

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