IST:EMPAE 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	82.71	88.35	305.36
Depreciation & Amortization	32.43	18.68	11.02
Loss (Gain) From Sale of Assets	0.58	-0.63	-
Other Operating Activities	29.96	11.22	184.51
Change in Accounts Receivable	-271.08	132.91	-368.11
Change in Inventory	-249.74	0.82	26.42
Change in Accounts Payable	310.47	-183.09	218.23
Change in Other Net Operating Assets	-22.81	-32.22	49.48
Operating Cash Flow	-87.49	36.04	426.92
Operating Cash Flow Growth	-	-91.56%	-
Capital Expenditures	-47.52	-5.49	-1.22
Sale of Property, Plant & Equipment	-	0.63	-
Sale (Purchase) of Intangibles	-0.85	-0.25	-0.57
Investment in Securities	-12.21	-	-
Investing Cash Flow	-60.58	-5.1	-1.8
Long-Term Debt Issued	129.68	-	109.22
Long-Term Debt Repaid	-22.26	-89.75	-4.74
Net Debt Issued (Repaid)	107.42	-89.75	104.48
Common Dividends Paid	-71.35	-98.54	-138.37
Other Financing Activities	-0.49	-	-0.25
Financing Cash Flow	35.58	-188.29	-34.14
Foreign Exchange Rate Adjustments	-0.09	-	-
Miscellaneous Cash Flow Adjustments	-23.32	-79	-39.02
Net Cash Flow	-135.91	-236.35	351.95
Free Cash Flow	-135.01	30.55	425.7
Free Cash Flow Growth	-	-92.82%	-
Free Cash Flow Margin	-3.72%	0.87%	8.36%
Free Cash Flow Per Share	-0.96	0.22	3.02
Cash Interest Paid	0.49	-	0.25
Cash Income Tax Paid	91.12	110.23	170.23
Levered Free Cash Flow	-8.18	146.16	-
Unlevered Free Cash Flow	10.63	156.24	-
Change in Working Capital	-233.16	-81.58	-73.98

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