IST:BARMA Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-97.96	-21.59	292.8	166.27	209.4	122.16
Depreciation & Amortization	277.66	263.68	215.74	134.94	87.77	14.88
Loss (Gain) From Sale of Assets	-15.72	-	-	-	-	-16.73
Provision & Write-off of Bad Debts	4.97	4.97	2.57	3.72	-	-0.5
Other Operating Activities	1,255	850.56	591.21	979.21	312.99	76.69
Change in Accounts Receivable	-42.04	68.12	-36.99	-206.45	-165.17	-157.06
Change in Inventory	-239.26	-27.26	72.84	39.48	-109.42	-80.31
Change in Accounts Payable	-508	279.81	266.45	64.15	-7.74	23.71
Change in Unearned Revenue	-27.07	13.18	-16.08	13.22	3.9	4.34
Change in Other Net Operating Assets	885.93	234.67	-368.43	-596	-175.02	-17.68
Operating Cash Flow	1,493	1,666	1,034	724.45	156.69	-30.48
Operating Cash Flow Growth	-16.48%	61.21%	42.66%	362.33%	-	-
Capital Expenditures	-2,590	-2,965	-3,290	-1,190	-191.13	-13.86
Sale of Property, Plant & Equipment	30.26	1.59	122.43	-	-	10.02
Sale (Purchase) of Intangibles	-47.8	-47.8	-2.31	-0.25	-	-0.12
Sale (Purchase) of Real Estate	-	-	-	-	-	10.64
Investing Cash Flow	-2,607	-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)	1,714	1,895	2,012	933.81	-26.09	50.69
Issuance of Common Stock	-	-	-	-	435.51	-
Other Financing Activities	-626.45	-537.32	-377.75	-48.44	-	-15.75
Financing Cash Flow	1,087	1,357	1,634	885.38	409.42	34.94
Miscellaneous Cash Flow Adjustments	-35.78	-38.49	-295.07	-203.47	-61.14	-
Net Cash Flow	-62.87	-26.61	-796.9	215.82	313.85	11.13
Free Cash Flow	-1,097	-1,299	-2,256	-465.84	-34.43	-44.35
Free Cash Flow Margin	-30.45%	-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	544.26	429.02	173.23	-	14.92
Cash Income Tax Paid	2.73	2.73	16.77	62.68	95.91	0.29
Levered Free Cash Flow	-2,739	-2,610	-2,971	-783.38	-621.74	-108.65
Unlevered Free Cash Flow	-2,322	-2,247	-2,703	-675.11	-548.57	-96.65
Change in Working Capital	69.58	568.52	-68.81	-559.68	-453.46	-226.99

Source: S&P Global Market Intelligence. Standard template. Financial Sources.