IST:ASELS 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	29,950	20,025	10,526	1,282	7,131
Depreciation & Amortization	5,549	4,319	4,912	2,446	432.19
Loss (Gain) on Equity Investments	254.22	75.91	2.13	-31.9	2.82
Provision & Write-off of Bad Debts	-10.06	-57.85	4.36	-31.71	7.73
Other Operating Activities	23,701	17,709	12,683	12,236	5,087
Change in Accounts Receivable	-21,944	2,901	-27,186	-20,714	-6,490
Change in Inventory	-16,631	4,509	-5,988	-1,281	-2,094
Change in Accounts Payable	13,659	-1,045	8,537	7,089	1,962
Change in Unearned Revenue	35,515	-9,675	-365.07	1,465	-2,506
Change in Other Net Operating Assets	-21,140	-10,729	8,966	9,584	-1,100
Operating Cash Flow	48,902	28,034	12,092	12,044	2,433
Operating Cash Flow Growth	74.44%	131.85%	0.39%	395.14%	41.54%
Capital Expenditures	-13,968	-7,889	-7,641	-4,723	-1,388
Sale of Property, Plant & Equipment	490.4	869.63	444.28	119.28	6.4
Sale (Purchase) of Intangibles	-24,200	-19,990	-10,331	-7,445	-2,051
Other Investing Activities	-1,207	-933.64	661.6	194.52	-73
Investing Cash Flow	-38,885	-27,943	-16,866	-11,855	-3,506
Long-Term Debt Issued	29,175	45,263	28,177	17,619	6,009
Long-Term Debt Repaid	-27,217	-31,929	-21,867	-12,409	-6,659
Net Debt Issued (Repaid)	1,959	13,334	6,310	5,210	-650.91
Common Dividends Paid	-	-222.05	-316.53	-414.16	-103.39
Financing Cash Flow	1,959	13,112	5,994	4,796	-754.3
Foreign Exchange Rate Adjustments	473.7	-61.23	104.9	276.78	240.54
Miscellaneous Cash Flow Adjustments	-5,140	-3,840	-5,318	-2,639	-
Net Cash Flow	7,310	9,302	-3,994	2,623	-1,587
Free Cash Flow	34,934	20,145	4,451	7,321	1,044
Free Cash Flow Growth	73.41%	352.60%	-39.21%	601.00%	21.57%
Free Cash Flow Margin	19.36%	12.80%	4.19%	10.95%	5.19%
Free Cash Flow Per Share	7.66	4.42	0.98	1.61	0.23
Cash Income Tax Paid	514.1	70.78	1,631	9.08	4.63
Levered Free Cash Flow	-12,656	-10,965	-27,078	-22,670	-2,979
Unlevered Free Cash Flow	-8,770	-7,376	-24,300	-21,407	-2,591
Change in Working Capital	-10,541	-14,037	-16,036	-3,856	-10,228

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