IST:CATES 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	1,788	-4,489	2,197	2,537	-169.72
Depreciation & Amortization	825.81	1,181	1,056	638.32	87.14
Loss (Gain) on Sale of Assets	0.15	0.64	2.31	-	-
Asset Writedown	-2,750	5,923	842.57	-	-
Change in Accounts Receivable	-515.38	472.17	251.08	-701.25	-16.84
Change in Inventory	162.42	80.44	12.77	-93.58	-20.76
Change in Accounts Payable	-13.53	-563.98	177.8	66.39	15.12
Change in Other Net Operating Assets	341.78	-469.69	675.66	-226.56	-13.79
Other Operating Activities	861.92	-1,766	-2,691	-1,518	134.9
Operating Cash Flow	711.74	368.56	2,524	702.08	16.05
Operating Cash Flow Growth	93.11%	-85.40%	259.57%	4274.20%	-87.79%
Capital Expenditures	-57.41	-83.98	-513.08	-246.89	-18.72
Sale (Purchase) of Intangibles	-0.48	-0.46	-1.07	-1.12	-0.22
Investment in Securities	-	-	-	-	0.1
Investing Cash Flow	-57.89	-84.44	-514.15	-248.01	-18.84
Long-Term Debt Repaid	-31.57	-990.85	-1,400	-452.34	-53.76
Net Debt Issued (Repaid)	-31.57	-990.85	-1,400	-452.34	-53.76
Issuance of Common Stock	-	-	1,733	71.19	-
Repurchase of Common Stock	-	-7.81	-	-	-
Other Financing Activities	165.21	-260.45	-728.01	-36.31	-21.17
Financing Cash Flow	133.63	-1,259	-394.76	-417.46	-74.93
Foreign Exchange Rate Adjustments	-134.86	-664.43	-23.24	-7.41	-
Net Cash Flow	652.63	-1,639	1,592	29.2	-77.72
Free Cash Flow	654.33	284.58	2,011	455.19	-2.67
Free Cash Flow Growth	129.93%	-85.85%	341.89%	-	-
Free Cash Flow Margin	10.07%	4.03%	26.31%	7.10%	-0.42%
Free Cash Flow Per Share	3.96	1.72	14.51	5.73	-0.06
Cash Interest Paid	-	710.15	733.43	37.68	22.94
Cash Income Tax Paid	119.36	141.03	220.56	-	-
Levered Free Cash Flow	673.77	71.48	1,187	-8	-61.44
Unlevered Free Cash Flow	704	161.54	1,562	362.52	-0.3
Change in Working Capital	-24.72	-481.06	1,117	-955	-36.27

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