IST:CVKMD 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	141.41	1,249	435.79	630.86	39.32
Depreciation & Amortization	369.3	402.75	172.48	97.04	34.39
Asset Writedown & Restructuring Costs	-1.62	-20.8	43.67	-	14.19
Provision & Write-off of Bad Debts	3.37	-	2.6	2.04	0.2
Other Operating Activities	693.91	394.36	120.88	271.33	25.4
Change in Accounts Receivable	144.02	217.8	68.4	-137.13	-15.95
Change in Inventory	-366.27	384.61	-343.73	151.41	-78.9
Change in Accounts Payable	-177.69	-263.27	452.59	16.66	6.29
Change in Unearned Revenue	2,798	112.94	23.26	-109.71	-158.35
Change in Other Net Operating Assets	-213.64	6,704	-614.97	-617.47	233.85
Operating Cash Flow	3,390	9,181	360.97	304.87	100.42
Operating Cash Flow Growth	-63.07%	2443.34%	18.40%	203.59%	102.64%
Capital Expenditures	-2,098	-2,441	-732.71	-232.58	-65.7
Sale of Property, Plant & Equipment	214.95	23.1	27.48	19.47	8.08
Sale (Purchase) of Intangibles	-37.29	-13.86	-2.03	-0.99	-0.33
Sale (Purchase) of Real Estate	-30.98	-19.39	-64.81	-	-
Investing Cash Flow	-1,951	-2,452	-772.07	-214.1	-57.95
Long-Term Debt Issued	1,165	1,529	259.93	147.98	4.84
Long-Term Debt Repaid	-1,947	-720.88	-212.13	-93.54	-11.24
Net Debt Issued (Repaid)	-782.29	808.29	47.8	54.44	-6.4
Issuance of Common Stock	193.91	599.77	1,483	-	-
Other Financing Activities	-257.58	-8,451	197.85	-65.87	-1.1
Financing Cash Flow	-845.96	-7,043	1,729	-11.43	-7.5
Foreign Exchange Rate Adjustments	278.84	-	-	-	-
Miscellaneous Cash Flow Adjustments	-398.78	-391.03	-364.39	-95.3	-
Net Cash Flow	473.42	-704.57	953.04	-15.96	34.97
Free Cash Flow	1,293	6,739	-371.73	72.28	34.72
Free Cash Flow Growth	-80.82%	-	-	108.18%	101.55%
Free Cash Flow Margin	39.44%	164.22%	-14.47%	3.81%	11.99%
Free Cash Flow Per Share	1.07	4.81	-0.28	0.06	2.98
Cash Interest Paid	385.89	266.42	29.2	18.65	1.25
Levered Free Cash Flow	394.41	831.04	-121.87	-78.73	-16.74
Unlevered Free Cash Flow	635.59	997.56	-103.62	-67.08	-15.96
Change in Working Capital	2,184	7,156	-414.45	-696.4	-13.06

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