IST:BEYAZ Cash Flow Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	199.31	-37.85	145.95	22.95	38.05	37.75
Depreciation & Amortization	34.63	41.25	20.47	7.11	1.13	0.87
Other Amortization	0.69	0.23	0.81	0.73	0.2	0.09
Loss (Gain) From Sale of Assets	-	-	-15.67	-	-	-
Other Operating Activities	398.39	283.29	451.3	130.83	3.82	41.65
Change in Accounts Receivable	-1.44	204.87	704.6	-729.65	24.66	56.34
Change in Inventory	173.91	359.94	154.36	-226.39	-3.19	-158.29
Change in Accounts Payable	-85.88	-	-	467.23	56.93	89.97
Change in Unearned Revenue	337.08	463.22	-142.52	117.19	-4.63	3.76
Change in Other Net Operating Assets	-74.99	-429.03	-476.55	295.21	-36.55	18.52
Operating Cash Flow	981.71	885.92	842.75	85.2	80.41	90.67
Operating Cash Flow Growth	242.27%	5.12%	889.11%	5.96%	-11.32%	-
Capital Expenditures	-324.14	-279.18	-55.3	-54.26	-25.71	-16.4
Sale of Property, Plant & Equipment	68.69	15.76	47.99	-	2.1	4.3
Cash Acquisitions	-5.21	-5.21	-	-	-15.24	-
Sale (Purchase) of Intangibles	-	-	-	-	-	-0.44
Sale (Purchase) of Real Estate	-	-	-	-	-	-0.35
Investment in Securities	-19.07	-	-	-	-	-
Investing Cash Flow	-279.73	-268.63	-7.31	-54.26	-38.85	-12.9
Long-Term Debt Issued	-	0.07	56.39	303.41	0.34	6.63
Long-Term Debt Repaid	-	-283.7	-232.72	-2.19	-38.62	-63.08
Net Debt Issued (Repaid)	-97.17	-283.62	-176.33	301.22	-38.29	-56.45
Common Dividends Paid	-24.27	-13.36	-71.85	-28.11	-9	-3.18
Financing Cash Flow	-121.43	-296.98	-248.18	273.11	-47.29	-59.63
Miscellaneous Cash Flow Adjustments	-216.3	-320.35	-388.13	-104.33	-	-
Net Cash Flow	364.25	-0.04	199.13	199.72	-5.73	18.15
Free Cash Flow	657.57	606.74	787.45	30.94	54.7	74.27
Free Cash Flow Growth	-	-22.95%	2445.11%	-43.44%	-26.34%	-
Free Cash Flow Margin	4.38%	4.00%	5.23%	0.55%	3.72%	5.71%
Free Cash Flow Per Share	6.59	6.09	7.90	0.31	0.55	0.74
Cash Income Tax Paid	65.88	44.44	53.21	-5.71	3.82	-3.02
Levered Free Cash Flow	338.17	309.11	233.35	-263.13	31.72	66.29
Unlevered Free Cash Flow	358.86	370.63	309.47	-241.17	33.56	70.64
Change in Working Capital	348.69	599.01	239.89	-76.41	37.22	10.31

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.