IST:BEYAZ 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	132.33	-49.55	145.95	22.95	38.05
Depreciation & Amortization	39.9	53.99	20.47	7.11	1.13
Other Amortization	0.36	0.3	0.81	0.73	0.2
Loss (Gain) From Sale of Assets	-	-	-15.67	-	-
Asset Writedown & Restructuring Costs	-	-7.72	-	-	-
Other Operating Activities	368.55	378.53	451.3	130.83	3.82
Change in Accounts Receivable	-561.87	268.16	704.6	-729.65	24.66
Change in Inventory	-438.92	471.13	154.36	-226.39	-3.19
Change in Accounts Payable	-	-	-	467.23	56.93
Change in Unearned Revenue	-62.32	606.32	-142.52	117.19	-4.63
Change in Other Net Operating Assets	1,175	-561.56	-476.55	295.21	-36.55
Operating Cash Flow	652.89	1,160	842.75	85.2	80.41
Operating Cash Flow Growth	-43.70%	37.60%	889.11%	5.96%	-11.32%
Capital Expenditures	-393.59	-365.43	-55.3	-54.26	-25.71
Sale of Property, Plant & Equipment	54.42	20.62	47.99	-	2.1
Cash Acquisitions	-44	-6.81	-	-	-15.24
Investing Cash Flow	-383.17	-351.62	-7.31	-54.26	-38.85
Long-Term Debt Issued	575	0.09	56.39	303.41	0.34
Long-Term Debt Repaid	-178.66	-371.34	-232.72	-2.19	-38.62
Net Debt Issued (Repaid)	396.34	-371.24	-176.33	301.22	-38.29
Common Dividends Paid	-12.51	-17.48	-71.85	-28.11	-9
Financing Cash Flow	383.83	-388.72	-248.18	273.11	-47.29
Miscellaneous Cash Flow Adjustments	-102.92	-419.31	-388.13	-104.33	-
Net Cash Flow	550.62	-0.05	199.13	199.72	-5.73
Free Cash Flow	259.29	794.18	787.45	30.94	54.7
Free Cash Flow Growth	-67.35%	0.85%	2445.11%	-43.44%	-26.34%
Free Cash Flow Margin	1.28%	4.00%	5.23%	0.55%	3.72%
Free Cash Flow Per Share	2.60	7.97	7.90	0.31	0.55
Cash Income Tax Paid	96.56	58.17	53.21	-5.71	3.82
Levered Free Cash Flow	-63.38	319.63	233.35	-263.13	31.72
Unlevered Free Cash Flow	-25.33	398.79	309.47	-241.17	33.56
Change in Working Capital	111.74	784.05	239.89	-76.41	37.22

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