Ayen Enerji A.S. 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	236.46	1,032	1,959	2,508	111.66
Depreciation & Amortization	896.59	898.42	737.57	496.56	119.82
Other Amortization	18.55	32.66	4.38	15.94	2.25
Loss (Gain) on Sale of Assets	-	-	-	-	-6.92
Asset Writedown	20.58	-148.57	-217.92	35.61	-3.5
Change in Accounts Receivable	-52.17	-535.74	2,478	363.52	-163.89
Change in Accounts Payable	-103.86	385.78	-2,279	26.57	45.11
Change in Unearned Revenue	-36.98	156.34	-1.59	-104.57	36.44
Change in Other Net Operating Assets	-30.32	356.21	1,564	-200.64	-188.8
Other Operating Activities	684.88	618.82	-5,534	610.77	570.44
Operating Cash Flow	1,634	2,796	-1,247	3,887	522.79
Operating Cash Flow Growth	-41.57%	-	-	643.50%	26.73%
Capital Expenditures	-8.17	-3.94	-227.95	-115.03	-0.84
Sale of Property, Plant & Equipment	2.16	1.45	-	-	0.08
Sale (Purchase) of Intangibles	-0.19	-0.1	-0.26	-0.36	-0.02
Investing Cash Flow	-6.2	127.19	-228.21	-115.39	-0.79
Long-Term Debt Issued	1,141	8,466	1,408	1,916	410.78
Long-Term Debt Repaid	-1,809	-8,743	-2,902	-2,799	-653.21
Net Debt Issued (Repaid)	-668.48	-276.17	-1,494	-883.53	-242.43
Common Dividends Paid	-77.82	-239.11	-562.21	-64.57	-
Other Financing Activities	-1,288	-2,482	-2,245	-318.01	-140.97
Financing Cash Flow	-2,034	-2,998	-4,301	-1,266	-383.39
Foreign Exchange Rate Adjustments	91.04	102.69	1,616	128.37	33.59
Miscellaneous Cash Flow Adjustments	-21.97	-21.28	-80.7	-	-
Net Cash Flow	-337.45	7.13	-4,241	2,634	172.2
Free Cash Flow	1,626	2,792	-1,475	3,772	521.95
Free Cash Flow Growth	-41.78%	-	-	622.66%	124.63%
Free Cash Flow Margin	20.66%	32.89%	-19.33%	32.42%	33.15%
Free Cash Flow Per Share	5.86	10.06	-5.32	13.59	1.88
Cash Interest Paid	572.93	837.64	548.9	401.47	153.16
Cash Income Tax Paid	226.53	118.77	836.07	131.48	17
Levered Free Cash Flow	1,762	2,319	-1,003	2,649	89.03
Unlevered Free Cash Flow	2,120	2,777	-614.23	2,900	189.63
Change in Working Capital	-223.33	362.59	1,762	84.88	-271.15

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