IST:ERCB 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	-405.84	28.57	92.17	184.75	24.68
Depreciation & Amortization	299.11	250.17	174.8	118.21	53.95
Other Amortization	-	6.21	3.66	2.04	0.77
Loss (Gain) From Sale of Assets	-0.07	-0.87	-0.33	-0.05	-0.09
Asset Writedown & Restructuring Costs	-	-22.25	-13.09	-12.09	-40.73
Provision & Write-off of Bad Debts	-5.2	1.09	-0.67	-0.14	-2.59
Other Operating Activities	1,486	1,009	1,173	416	414.42
Change in Accounts Receivable	-1,418	-929.5	-170.98	-442.79	6.31
Change in Inventory	361.3	515.82	-751.22	-301.64	-107.65
Change in Accounts Payable	-42.11	1,718	976.88	634.29	105.36
Change in Other Net Operating Assets	-1,021	-2,055	-1,628	-667.35	-421.99
Operating Cash Flow	-746.05	521.19	-143.98	-68.76	32.45
Operating Cash Flow Growth	-	-	-	-	-34.99%
Capital Expenditures	-98.58	-143.35	-314.98	-33.1	-10.77
Sale of Property, Plant & Equipment	0.42	1.62	0.34	0.24	0.09
Sale (Purchase) of Intangibles	-20.97	-11.18	-6.83	-4.7	-3.55
Investment in Securities	-0.35	-0.18	-0.06	-0.03	-0.01
Other Investing Activities	-	-	-	-	2.45
Investing Cash Flow	-119.47	-153.07	-321.52	-37.59	-11.79
Long-Term Debt Issued	4,789	3,736	2,998	822.59	610.12
Long-Term Debt Repaid	-4,462	-3,234	-2,161	-639.22	-509.93
Net Debt Issued (Repaid)	327.42	501.72	837.21	183.37	100.19
Issuance of Common Stock	961.07	-	-	-	-
Other Financing Activities	-848.99	-740.39	-327.39	-126.74	-29.53
Financing Cash Flow	439.5	-238.66	509.82	56.64	70.66
Foreign Exchange Rate Adjustments	92.97	49.15	87.65	-	-
Net Cash Flow	-333.06	178.6	131.97	-49.72	91.32
Free Cash Flow	-844.63	377.84	-458.96	-101.87	21.68
Free Cash Flow Growth	-	-	-	-	-46.16%
Free Cash Flow Margin	-11.94%	5.21%	-5.56%	-2.90%	2.06%
Free Cash Flow Per Share	-	4.86	-5.90	-1.31	0.28
Cash Interest Paid	-	764.75	357.93	137.98	45.9
Cash Income Tax Paid	-	12.61	-4.45	8.46	2.36
Levered Free Cash Flow	-1,570	-1,033	-2,028	-586.19	-280.86
Unlevered Free Cash Flow	-404.74	-649.15	-1,861	-521	-259.53
Change in Working Capital	-2,120	-751.08	-1,573	-777.49	-417.96

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