IST:BESTE 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	190.26	122	52.91	69.7
Depreciation & Amortization	155.54	237.25	80.82	55.47
Loss (Gain) on Sale of Assets	-	-	-	-0.64
Change in Accounts Receivable	-17.11	0.94	-12.86	3.77
Change in Accounts Payable	3.04	11.08	2.18	-8.45
Change in Unearned Revenue	-	-	-0.18	-2.82
Change in Other Net Operating Assets	-17.34	-7.22	8.46	12.23
Other Operating Activities	-28.28	14.87	55.6	15.65
Operating Cash Flow	286.12	378.93	186.93	144.91
Operating Cash Flow Growth	-24.49%	102.71%	28.99%	-
Capital Expenditures	-49.2	-157.56	-5.87	-5.97
Investing Cash Flow	-49.2	-157.56	-5.87	-5.97
Long-Term Debt Issued	125	14.73	-	-
Long-Term Debt Repaid	-241.12	-197.47	-144.44	-98.48
Net Debt Issued (Repaid)	-116.12	-182.75	-144.44	-98.48
Issuance of Common Stock	-	-	11.48	-
Other Financing Activities	-48.51	-47.44	-35.82	-42.01
Financing Cash Flow	-164.63	-230.18	-168.79	-140.48
Foreign Exchange Rate Adjustments	-14.75	-2.24	-	-
Net Cash Flow	57.53	-11.06	12.27	-1.54
Free Cash Flow	236.92	221.36	181.06	138.94
Free Cash Flow Growth	7.03%	22.26%	30.31%	-
Free Cash Flow Margin	52.80%	64.07%	62.97%	77.64%
Free Cash Flow Per Share	1.58	2.01	3.19	2.78
Cash Interest Paid	50.41	52.51	56.32	42.97
Levered Free Cash Flow	113.52	81.92	105.53	-
Unlevered Free Cash Flow	154.86	114.74	140.73	-
Change in Working Capital	-31.4	4.8	-2.41	4.73

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