IST:BFREN 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	108.5	123.58	-90.82	116.94	40.27
Depreciation & Amortization	101.56	114.54	78.96	42.11	9.65
Loss (Gain) From Sale of Assets	-5.83	-26.72	-	-	-5.48
Provision & Write-off of Bad Debts	1.46	-0.15	-1.34	0.54	0.05
Other Operating Activities	73.26	115.98	164.55	-11.81	8.32
Change in Accounts Receivable	-188.44	-38.71	-79.23	-25.88	-14.78
Change in Inventory	-18.79	10.28	-2.15	10.1	-15.44
Change in Accounts Payable	-58.68	274.68	-355.97	170.54	14.88
Change in Unearned Revenue	4.31	-11.74	28.35	-	-
Change in Income Taxes	-	-	-	-0.43	-
Change in Other Net Operating Assets	-13.42	-458	539.21	3.38	2.32
Operating Cash Flow	3.93	103.75	281.55	305.49	39.8
Operating Cash Flow Growth	-96.22%	-63.15%	-7.84%	667.48%	33.05%
Capital Expenditures	-6.82	-27.54	-30.04	-176.41	-9.21
Sale of Property, Plant & Equipment	11.42	44.26	-	1.85	7.7
Sale (Purchase) of Intangibles	1.17	-0.46	-0.02	-	-0.61
Investing Cash Flow	5.77	16.26	-30.07	-174.56	-2.11
Long-Term Debt Issued	-	73.62	-	42.41	-
Long-Term Debt Repaid	-107.52	-40.24	-33.45	-27.98	-6.11
Net Debt Issued (Repaid)	-107.52	33.38	-33.45	14.42	-6.11
Issuance of Common Stock	91.89	-	-	-	-
Common Dividends Paid	-	-	-137.02	-86.61	-35.5
Other Financing Activities	-11.28	-40.8	-28.19	1	1.03
Financing Cash Flow	-26.91	-7.41	-198.66	-71.19	-40.58
Miscellaneous Cash Flow Adjustments	-54.01	-103.43	-61.51	-40.05	-
Net Cash Flow	-71.22	9.16	-8.68	19.69	-2.89
Free Cash Flow	-2.89	76.21	251.5	129.09	30.6
Free Cash Flow Growth	-	-69.70%	94.84%	321.88%	13.69%
Free Cash Flow Margin	-0.10%	2.82%	14.39%	9.96%	9.58%
Free Cash Flow Per Share	-0.03	2.49	8.21	4.21	1.00
Cash Interest Paid	36.77	51.38	28.19	0.06	-
Cash Income Tax Paid	24.8	-	17.11	8.79	11.49
Levered Free Cash Flow	3.98	126.75	-118.11	16.79	0.05
Unlevered Free Cash Flow	32.22	167.11	-91.02	20.12	0.28
Change in Working Capital	-275.02	-223.49	130.21	157.7	-13.01

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