IST:AYCES 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	-68.16	-181.86	-42.2	17.3	16.12
Depreciation & Amortization	120.2	101.58	71.06	38.79	8.82
Loss (Gain) From Sale of Assets	-	-	-	-	-0.06
Loss (Gain) on Equity Investments	-	-	-	-	-0.02
Provision & Write-off of Bad Debts	-	-0.01	0.08	-0.2	-0.01
Other Operating Activities	-20.86	112.73	29.2	-61.86	-1.9
Change in Accounts Receivable	-0.88	1.45	-2.18	1.44	-1.9
Change in Inventory	-0.41	-0.01	2.23	-0.59	-0.66
Change in Accounts Payable	11.81	6.67	7.29	0.07	5.33
Change in Unearned Revenue	-3.84	-4.76	-0.29	4.61	4.65
Change in Other Net Operating Assets	8	-0.6	6.08	-8.79	-4.18
Operating Cash Flow	45.86	35.19	71.26	-9.23	26.21
Operating Cash Flow Growth	30.32%	-50.62%	-	-	751.42%
Capital Expenditures	-40.09	-44.28	-38.83	-	-6.63
Sale of Property, Plant & Equipment	-	-	-	24.35	0.14
Sale (Purchase) of Intangibles	-	-0.38	-0.59	0.31	-0.7
Sale (Purchase) of Real Estate	-	-	-13.76	-1.36	-
Other Investing Activities	3.56	6.61	0.58	4.6	-0.75
Investing Cash Flow	-36.54	-38.05	-52.6	27.89	-7.95
Short-Term Debt Issued	5	-	-	-	-
Total Debt Issued	5	-	-	-	-
Short-Term Debt Repaid	-14.01	-10.98	-	-	-
Long-Term Debt Repaid	-	-	-9.07	-4.15	-6.93
Total Debt Repaid	-14.01	-10.98	-9.07	-4.15	-6.93
Net Debt Issued (Repaid)	-9.01	-10.98	-9.07	-4.15	-6.93
Other Financing Activities	-9.91	-8.03	-7.29	-0.55	-1.23
Financing Cash Flow	-18.92	-19.01	-16.36	-4.7	-8.16
Foreign Exchange Rate Adjustments	0	-	13.51	2.99	0.52
Miscellaneous Cash Flow Adjustments	-7.79	-18.11	-27.77	-	-
Net Cash Flow	-17.38	-39.98	-11.97	16.96	10.62
Free Cash Flow	5.76	-9.09	32.43	-9.23	19.58
Free Cash Flow Growth	-	-	-	-	758.07%
Free Cash Flow Margin	1.52%	-2.23%	10.05%	-4.72%	31.03%
Free Cash Flow Per Share	0.23	-0.36	1.30	-0.37	0.78
Cash Interest Paid	9.91	8.03	10.98	-	1.23
Cash Income Tax Paid	-	-	-	2.38	2.62
Levered Free Cash Flow	19.53	13.29	25.8	53.15	10.73
Unlevered Free Cash Flow	25.72	18.31	32.66	56.89	12.79
Change in Working Capital	14.68	2.75	13.12	-3.26	3.25

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