IST:DERHL 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	9.16	33.56	106.78	56.08	27.33
Depreciation & Amortization	142.3	97.34	65.36	43.44	3.62
Loss (Gain) From Sale of Assets	-	-8.68	-0.32	-1.28	-0.46
Asset Writedown & Restructuring Costs	5.66	5.74	8.93	-5.76	-1.73
Loss (Gain) on Equity Investments	-	-	-	-	-33.03
Provision & Write-off of Bad Debts	-0.14	-0.19	0.34	0.12	-0.1
Other Operating Activities	55.01	134.67	-455.02	1,108	0.37
Change in Accounts Receivable	-333.97	-412.23	40.03	-287.72	4.89
Change in Inventory	48.39	-537.61	-180.57	-22.72	-13.66
Change in Accounts Payable	65.9	7.04	246.8	-206.91	15.31
Change in Unearned Revenue	4.51	-5.39	46.92	-34.5	0.63
Change in Other Net Operating Assets	-65.78	-1.7	18.39	79.43	-19.88
Operating Cash Flow	-68.98	-687.46	-102.34	728.34	-16.73
Capital Expenditures	-219.45	-16.96	-22.62	-653.4	-12.87
Sale of Property, Plant & Equipment	-	-	107.12	1.05	1.99
Divestitures	-	-	86.07	-	-
Sale (Purchase) of Intangibles	-3.22	-2.58	-3.47	-1.69	-0.63
Sale (Purchase) of Real Estate	-10.44	-	-6.5	-	0.6
Investing Cash Flow	-233.11	-19.54	160.61	-654.04	-10.9
Long-Term Debt Issued	465.6	395.02	-	-	75.81
Long-Term Debt Repaid	-135.55	-244.59	-186.27	-175.89	-6.11
Net Debt Issued (Repaid)	330.06	150.42	-186.27	-175.89	69.69
Issuance of Common Stock	-	606.03	108.28	47.25	-
Other Financing Activities	-	-	14.85	-	-9.76
Financing Cash Flow	330.06	756.45	-63.13	-128.64	59.94
Foreign Exchange Rate Adjustments	8.54	-0.06	-	-	-
Miscellaneous Cash Flow Adjustments	-29.52	-67.34	35.08	-	-
Net Cash Flow	7	-17.95	30.22	-54.34	32.3
Free Cash Flow	-288.43	-704.42	-124.96	74.95	-29.6
Free Cash Flow Margin	-6.66%	-17.47%	-4.84%	4.44%	-9.58%
Free Cash Flow Per Share	-1.46	-3.57	-0.83	1.00	-0.45
Cash Interest Paid	392.6	200.63	-	0.42	0.54
Cash Income Tax Paid	49.17	28.08	18.16	12.65	1.48
Levered Free Cash Flow	-213.17	-1,073	-505.73	-790.95	-21.81
Unlevered Free Cash Flow	32.21	-947.17	-412.56	-753.01	-20.49
Change in Working Capital	-280.96	-949.89	171.57	-472.42	-12.72

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