IST:BIGEN 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
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
Net Income	-55.57	323.44	779.13	233.95	99.19
Depreciation & Amortization	255.69	198.59	94.49	54.1	9.75
Loss (Gain) on Sale of Assets	-0.36	-0.36	-0.03	-10.79	-25.32
Change in Accounts Receivable	-217.14	-8.66	-44.52	-10.07	1.99
Change in Inventory	-3.4	-1.27	-1.6	-1	-1.34
Change in Accounts Payable	-30.69	111.22	-8.07	2.91	-6.31
Change in Unearned Revenue	6.45	-3.68	6.69	-0.03	1.72
Change in Other Net Operating Assets	-8.01	-92.93	-244.05	219.59	295.74
Other Operating Activities	564.28	171.7	-258.79	42.11	7.2
Operating Cash Flow	511.25	698.05	323.24	530.77	382.6
Operating Cash Flow Growth	121.24%	115.95%	-39.10%	38.72%	-
Capital Expenditures	-685.46	-817.26	-4.42	-3.34	-7
Sale of Property, Plant & Equipment	113.18	0.35	0.6	0.04	0.18
Cash Acquisitions	-483.41	-50.5	-375.24	-385	-344.2
Sale (Purchase) of Intangibles	-0.75	-0.75	-	-28.86	-14.99
Other Investing Activities	45.64	10.84	3.49	0.5	0.44
Investing Cash Flow	-960.6	-857.32	-375.57	-390.65	-304.63
Long-Term Debt Issued	-	562.04	440.57	24.13	113.37
Long-Term Debt Repaid	-	-266.68	-292.88	-130.43	-32.11
Net Debt Issued (Repaid)	-61.79	295.36	147.69	-106.3	81.26
Issuance of Common Stock	897.22	-	360	110.04	-
Financing Cash Flow	835.43	295.36	507.69	3.74	81.26
Foreign Exchange Rate Adjustments	-273.54	-225.36	-319.67	-147.87	-118.03
Net Cash Flow	112.53	-89.26	135.69	-4.01	41.21
Free Cash Flow	-174.21	-119.21	318.83	527.42	375.6
Free Cash Flow Growth	-	-	-39.55%	40.42%	-
Free Cash Flow Margin	-11.44%	-10.90%	52.47%	140.08%	406.16%
Free Cash Flow Per Share	-0.32	-0.24	2.10	10.24	62.60
Cash Income Tax Paid	29.34	25.58	14.14	5.23	4.29
Levered Free Cash Flow	-857.35	-482.59	-223.06	275.84	-
Unlevered Free Cash Flow	-480.41	-348.89	-114.61	319.81	-
Change in Working Capital	-252.79	4.68	-291.55	211.4	291.8

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