IST:EFOR 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	2.25	577.41	705.64	165.42	179.14
Depreciation & Amortization	140.83	100.36	50.44	29.61	22.57
Other Amortization	-	-	-	0.65	0.44
Loss (Gain) From Sale of Assets	-11.49	11.89	-14.3	-4.32	-32.67
Asset Writedown & Restructuring Costs	67.18	-	-337.33	-102.05	0.38
Provision & Write-off of Bad Debts	13.78	2.88	10.47	-	-
Other Operating Activities	521.48	-26.15	231.58	118	2.83
Change in Accounts Receivable	101.18	-190.79	-47.09	-384.93	-287.33
Change in Inventory	-452.52	-1,561	-387.65	-356.5	-108.06
Change in Accounts Payable	2,170	2,402	-820.18	208.55	377.31
Change in Unearned Revenue	-577.68	-205.42	386.23	-114.04	54.69
Change in Other Net Operating Assets	369.8	-743.95	159.45	-171.96	-12.71
Operating Cash Flow	2,344	367.9	-62.73	-611.56	196.59
Operating Cash Flow Growth	537.23%	-	-	-	-
Capital Expenditures	-327.25	-1,152	-581.95	-316.3	-25.62
Sale of Property, Plant & Equipment	30.48	19.14	57.58	11.88	63.18
Cash Acquisitions	-37.6	-	-	-	-
Divestitures	-	-	-	-	-103.77
Sale (Purchase) of Real Estate	-	-	-	-	58.76
Other Investing Activities	-	-	0.26	7.53	9.11
Investing Cash Flow	-300.25	-1,123	-538.55	-320.79	1.66
Long-Term Debt Issued	-	142.76	608.3	703.52	-
Long-Term Debt Repaid	-887.92	-	-	-	-101.61
Net Debt Issued (Repaid)	-887.92	142.76	608.3	703.52	-101.61
Issuance of Common Stock	-	1,275	150	196.87	73.19
Repurchase of Common Stock	-134.12	-	-	-	-
Common Dividends Paid	-54.96	-	-	-	-
Other Financing Activities	-307.12	-223.34	-149.93	-80.87	-22.69
Financing Cash Flow	-1,384	1,194	608.37	819.52	-51.11
Miscellaneous Cash Flow Adjustments	133.91	-73.15	-	-	-
Net Cash Flow	793.93	365.19	7.09	-112.83	147.14
Free Cash Flow	2,017	-784.27	-644.67	-927.86	170.97
Free Cash Flow Margin	16.35%	-8.90%	-8.61%	-15.44%	6.51%
Free Cash Flow Per Share	0.93	-0.36	-0.71	-1351.97	5753.15
Cash Interest Paid	360.56	326.67	167.93	80.87	22.69
Cash Income Tax Paid	11.59	61.14	43.79	26.86	13.37
Levered Free Cash Flow	2,263	-1,352	-962.22	-876.12	-
Unlevered Free Cash Flow	2,498	-1,138	-851.76	-822.89	-
Change in Working Capital	1,610	-298.5	-709.24	-818.88	23.9

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