IST:BARMA 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	-21.59	292.8	166.27	209.4	122.16
Depreciation & Amortization	263.68	215.74	134.94	87.77	14.88
Loss (Gain) From Sale of Assets	-	-	-	-	-16.73
Provision & Write-off of Bad Debts	4.97	2.57	3.72	-	-0.5
Other Operating Activities	850.56	591.21	979.21	312.99	76.69
Change in Accounts Receivable	68.12	-36.99	-206.45	-165.17	-157.06
Change in Inventory	-27.26	72.84	39.48	-109.42	-80.31
Change in Accounts Payable	279.81	266.45	64.15	-7.74	23.71
Change in Unearned Revenue	13.18	-16.08	13.22	3.9	4.34
Change in Other Net Operating Assets	234.67	-368.43	-596	-175.02	-17.68
Operating Cash Flow	1,666	1,034	724.45	156.69	-30.48
Operating Cash Flow Growth	61.21%	42.66%	362.33%	-	-
Capital Expenditures	-2,965	-3,290	-1,190	-191.13	-13.86
Sale of Property, Plant & Equipment	1.59	122.43	-	-	10.02
Sale (Purchase) of Intangibles	-47.8	-2.31	-0.25	-	-0.12
Sale (Purchase) of Real Estate	-	-	-	-	10.64
Investing Cash Flow	-3,012	-3,170	-1,191	-191.13	6.68
Long-Term Debt Issued	1,895	2,012	933.81	-	465.24
Long-Term Debt Repaid	-	-	-	-26.09	-414.56
Net Debt Issued (Repaid)	1,895	2,012	933.81	-26.09	50.69
Issuance of Common Stock	-	-	-	435.51	-
Other Financing Activities	-537.32	-377.75	-48.44	-	-15.75
Financing Cash Flow	1,357	1,634	885.38	409.42	34.94
Miscellaneous Cash Flow Adjustments	-38.49	-295.07	-203.47	-61.14	-
Net Cash Flow	-26.61	-796.9	215.82	313.85	11.13
Free Cash Flow	-1,299	-2,256	-465.84	-34.43	-44.35
Free Cash Flow Margin	-38.44%	-64.58%	-16.29%	-1.21%	-5.75%
Free Cash Flow Per Share	-4.95	-8.59	-1.77	-0.13	-0.20
Cash Interest Paid	544.26	429.02	173.23	-	14.92
Cash Income Tax Paid	2.73	16.77	62.68	95.91	0.29
Levered Free Cash Flow	-2,610	-2,971	-783.38	-621.74	-108.65
Unlevered Free Cash Flow	-2,247	-2,703	-675.11	-548.57	-96.65
Change in Working Capital	568.52	-68.81	-559.68	-453.46	-226.99

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