IST:ELITE 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	247.06	394.85	185.89	-60.55	38.03
Depreciation & Amortization	82.78	45.9	29.04	6.34	3.57
Provision & Write-off of Bad Debts	2.13	-	-	-	-
Other Operating Activities	-207.76	-81.37	-13.55	-56.47	2.57
Change in Accounts Receivable	176.72	-82.41	-41.46	357.05	-191.94
Change in Inventory	47.27	-51.85	7.46	0.43	-2.7
Change in Accounts Payable	-130.71	-37.97	9.73	-285.24	97.2
Change in Unearned Revenue	-0.28	-	-	26.45	-
Change in Other Net Operating Assets	28.21	28.22	1.74	10.26	31.03
Operating Cash Flow	245.43	215.36	178.86	-1.74	-22.24
Operating Cash Flow Growth	13.96%	20.41%	-	-	-
Capital Expenditures	-101.41	-84.8	-76.46	-31.41	-3.45
Sale of Property, Plant & Equipment	12.13	-	0.25	7.92	-
Sale (Purchase) of Real Estate	-	-	-	-10.88	-
Other Investing Activities	-0.01	-	-	-	-0.03
Investing Cash Flow	-89.29	-84.8	-76.2	-34.36	-3.49
Long-Term Debt Issued	55.51	147.62	129.64	30	83.21
Long-Term Debt Repaid	-	-211.83	-62.68	-91.26	-99.91
Net Debt Issued (Repaid)	55.51	-64.21	66.96	-61.26	-16.71
Issuance of Common Stock	-	-	-	-	61.2
Common Dividends Paid	-	-	-114.77	-123.94	-
Other Financing Activities	-103.19	-	-	-	25.43
Financing Cash Flow	-47.68	-64.21	-47.81	-185.2	69.92
Foreign Exchange Rate Adjustments	-	-8.61	-	-	-
Miscellaneous Cash Flow Adjustments	-27.76	-14.25	-44.07	-	-
Net Cash Flow	80.71	43.49	10.77	-221.3	44.2
Free Cash Flow	144.02	130.56	102.4	-33.15	-25.69
Free Cash Flow Growth	10.31%	27.51%	-	-	-
Free Cash Flow Margin	6.70%	7.43%	8.29%	-3.16%	-8.42%
Free Cash Flow Per Share	-	1.01	0.79	-0.26	-0.20
Cash Interest Paid	-	47.43	17.89	-	2.03
Cash Income Tax Paid	-	-	-	25.8	10.85
Levered Free Cash Flow	34.86	119.35	-142.99	-178.85	12.73
Unlevered Free Cash Flow	80.98	148.99	-131.81	-174.92	14
Change in Working Capital	121.22	-144.01	-22.52	108.95	-66.41

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