IST:DARDL 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	-1,207	-233.51	-88.03	265.11	-22.6
Depreciation & Amortization	404.73	405	183.13	84.88	11.33
Other Amortization	8.07	7.4	4.55	2.02	0.17
Loss (Gain) From Sale of Assets	-53.82	-12.62	-0.95	-2.53	-
Loss (Gain) From Sale of Investments	-1.92	-	-	-	-
Provision & Write-off of Bad Debts	0.69	-7.62	10.5	9.81	1.13
Other Operating Activities	1,143	-522.34	727.53	-816.2	17.56
Change in Accounts Receivable	-115.18	-411.63	-260.86	659.55	-238.59
Change in Inventory	-95.97	-249.52	-468.35	-210.21	-86.82
Change in Accounts Payable	-110.13	697.53	271.65	208.14	10.85
Change in Unearned Revenue	14.47	9.23	-15.4	3.15	23.25
Change in Other Net Operating Assets	-89.31	-494.42	-266.38	-471.57	-50.31
Operating Cash Flow	-102.17	-812.48	97.4	-267.84	-334.03
Capital Expenditures	-575.14	-745.86	-445.42	-305.74	-173.87
Sale of Property, Plant & Equipment	165.99	43.06	2.54	39.35	-
Cash Acquisitions	-	-	-	-208.7	-
Sale (Purchase) of Intangibles	-22.71	-25.56	-16.42	-25.83	-
Sale (Purchase) of Real Estate	-	-	-13.24	-1.08	-
Other Investing Activities	29.84	25.91	-	-	-
Investing Cash Flow	-402.02	-702.45	-472.53	-502	-173.87
Long-Term Debt Issued	4,973	4,060	3,596	2,753	1,357
Long-Term Debt Repaid	-3,676	-2,499	-2,613	-1,756	-1,337
Net Debt Issued (Repaid)	1,297	1,561	982.4	996.76	19.4
Issuance of Common Stock	815.7	1,126	-	-	536.39
Other Financing Activities	-1,413	-1,175	-473.62	-265.03	-39
Financing Cash Flow	698.91	1,512	508.78	731.73	516.79
Foreign Exchange Rate Adjustments	38.45	34.05	-	24.76	-
Miscellaneous Cash Flow Adjustments	-42.54	-45.92	-21.7	0	-
Net Cash Flow	190.63	-15.29	111.95	-13.35	8.88
Free Cash Flow	-677.31	-1,558	-348.02	-573.59	-507.91
Free Cash Flow Margin	-4.84%	-10.98%	-3.73%	-10.67%	-43.76%
Free Cash Flow Per Share	-0.46	-2.66	-0.59	-0.98	-2.20
Cash Interest Paid	1,413	1,175	473.62	265.03	39.26
Levered Free Cash Flow	-1,391	-1,463	-1,099	-1,167	-495.12
Unlevered Free Cash Flow	72.95	-293.36	-647.82	-987.54	-466.18
Change in Working Capital	-396.12	-448.8	-739.34	189.07	-341.61

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