IST:AYDEM 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	-2,804	-15,406	-1,848	4,973	-120.29
Depreciation & Amortization	2,810	3,936	3,073	2,146	454.36
Other Amortization	1.92	1.93	1.88	1.47	0.34
Loss (Gain) on Sale of Assets	0.15	6.18	106.58	-8.5	-2.93
Asset Writedown	187.43	24,409	4,964	4,954	-
Change in Accounts Receivable	2,518	-162.6	213.46	-1,750	-94.53
Change in Inventory	-4.83	13.11	-0.35	13.12	-0.21
Change in Accounts Payable	-5.95	-461.64	-548.29	598.5	18.5
Change in Other Net Operating Assets	1,097	1,088	-219.51	-725.36	-115.52
Other Operating Activities	3,170	-8,653	625.97	-3,413	1,162
Operating Cash Flow	6,970	4,771	6,368	6,789	1,302
Operating Cash Flow Growth	46.07%	-25.07%	-6.19%	421.55%	21.34%
Capital Expenditures	-285.03	-903.74	-3,132	-2,246	-198.03
Sale of Property, Plant & Equipment	0.57	121.78	435.88	12	6.68
Investment in Securities	866.41	-916.82	-292.23	-19.24	-
Other Investing Activities	142.01	595.09	612.5	73.65	-58.58
Investing Cash Flow	723.97	-1,104	-2,376	-2,180	-249.93
Long-Term Debt Issued	23,283	-	-	-	6,245
Short-Term Debt Repaid	-	-	-	-	-8.08
Long-Term Debt Repaid	-28,765	-67.48	-1,265	-1,795	-5,713
Total Debt Repaid	-28,765	-67.48	-1,265	-1,795	-5,721
Net Debt Issued (Repaid)	-5,482	-67.48	-1,265	-1,795	524.24
Issuance of Common Stock	-	-	-	233.91	45.1
Repurchase of Common Stock	-	-	-172.52	-77.79	-
Common Dividends Paid	-	-499.26	-	-	-
Other Financing Activities	-2,922	-2,579	-2,281	-1,835	-240.98
Financing Cash Flow	-8,404	-3,146	-3,718	-3,474	328.36
Miscellaneous Cash Flow Adjustments	-259.43	-871.64	-1,340	-3,133	-
Net Cash Flow	-969.46	-349.62	-1,066	-1,998	1,380
Free Cash Flow	6,685	3,868	3,236	4,542	1,104
Free Cash Flow Growth	72.83%	19.51%	-28.75%	311.58%	10.57%
Free Cash Flow Margin	51.74%	44.88%	35.25%	60.04%	88.95%
Free Cash Flow Per Share	9.56	5.53	4.62	6.48	1.57
Cash Interest Paid	2,922	2,579	2,281	1,835	240.98
Cash Income Tax Paid	-	-	-	11.72	5.86
Levered Free Cash Flow	5,395	1,120	-1,865	-531.06	146.76
Unlevered Free Cash Flow	7,182	2,928	-254.92	572.02	451.96
Change in Working Capital	3,604	477.09	-554.68	-1,864	-191.76

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