IST:BIENY 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	-1,613	-2,752	166.74	539.28	579.78
Depreciation & Amortization	860.77	675.91	501.99	308.16	61.85
Loss (Gain) From Sale of Assets	-14.52	-	-0.15	-7.59	-1.33
Loss (Gain) From Sale of Investments	-41.36	-322.54	-451.19	-5.35	-
Provision & Write-off of Bad Debts	-	-	-	-	11.51
Other Operating Activities	1,673	-1,506	-586.98	-353.7	214.03
Change in Accounts Receivable	-2,717	1,509	1,395	576.69	-833.6
Change in Inventory	216.69	1,521	-1,318	-634	-113.42
Change in Accounts Payable	2,015	-647.38	-280.71	2.41	215.12
Change in Other Net Operating Assets	1,801	-38.26	-1,398	-1,365	-89.98
Operating Cash Flow	2,180	-1,567	-1,972	-938.91	48.69
Operating Cash Flow Growth	-	-	-	-	-1.96%
Capital Expenditures	-3,290	-2,058	-789.56	-1,160	-59.99
Sale of Property, Plant & Equipment	35.67	-	53.24	1,268	3.03
Sale (Purchase) of Intangibles	50.38	-67.73	-9.69	-7.73	-0.51
Sale (Purchase) of Real Estate	-59.94	-2.73	-212.29	20.79	-91.86
Investment in Securities	510.95	3,210	-2,404	193.63	0.26
Investing Cash Flow	-2,753	1,081	-3,362	314.97	-149.07
Short-Term Debt Issued	-	-	-	-	236.11
Long-Term Debt Issued	6,658	4,227	4,315	2,854	667.22
Total Debt Issued	6,658	4,227	4,315	2,854	903.32
Long-Term Debt Repaid	-5,474	-4,138	-3,261	-1,407	-777.47
Total Debt Repaid	-5,474	-4,138	-3,261	-1,407	-777.47
Net Debt Issued (Repaid)	1,184	89.02	1,054	1,447	125.86
Issuance of Common Stock	-	-	4,304	-	-
Other Financing Activities	-653.13	-167.78	-234.72	-335.91	-74.69
Financing Cash Flow	531.15	-78.76	5,124	1,111	51.17
Miscellaneous Cash Flow Adjustments	-37.25	-	-	-	-
Net Cash Flow	-78.91	-564.77	-210.22	486.81	-49.22
Free Cash Flow	-1,110	-3,626	-2,761	-2,099	-11.31
Free Cash Flow Margin	-9.25%	-34.40%	-21.84%	-20.79%	-0.48%
Free Cash Flow Per Share	-3.07	-10.04	-7.65	-7.27	-
Cash Interest Paid	721.46	595.93	535.48	335.19	75.38
Cash Income Tax Paid	-	1.38	178.41	13.44	-5.71
Levered Free Cash Flow	-1,086	-1,232	-2,544	-2,391	-358.98
Unlevered Free Cash Flow	-385.25	-750.77	-1,857	-2,118	-266.82
Change in Working Capital	1,315	2,345	-1,602	-1,420	-821.87

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