IST:FONET Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	138.5	150.24	214.7	23.96	37.54	27.74
Depreciation & Amortization	-21.47	35.46	34.44	15.27	3.66	2.07
Other Amortization	133.43	63.99	52.75	34.27	4.88	5.08
Provision & Write-off of Bad Debts	-2.02	-2.02	-	-0.2	0.15	-0.32
Other Operating Activities	-3.99	-20.87	-172.41	32.19	0.93	0.99
Change in Accounts Receivable	51.85	-5.42	203.82	39.23	-59.34	-9.4
Change in Inventory	-41.75	3.17	0.11	-0.49	0.76	-0.77
Change in Accounts Payable	1.48	13.18	-1.42	-3.24	1.58	-0.35
Change in Unearned Revenue	0.15	-0.03	-170.36	-	-	-
Change in Other Net Operating Assets	-9.53	-6.33	23.22	2.87	40.88	1.09
Operating Cash Flow	246.61	231.36	184.85	143.85	31.03	26.12
Operating Cash Flow Growth	13.01%	25.16%	28.50%	363.57%	18.81%	105.28%
Capital Expenditures	-20.58	-23.59	-8.38	-2.33	-1.48	-0.21
Sale (Purchase) of Intangibles	-190.03	-173.06	-203.18	-114.57	-26.25	-19.74
Other Investing Activities	3.04	3.78	-6.82	-	-0.46	-0.37
Investing Cash Flow	-215.37	-192.87	-218.38	-116.9	-28.2	-20.32
Long-Term Debt Issued	-	0.05	26.52	-	1.14	-
Long-Term Debt Repaid	-	-3.15	-	-5.46	-	-0.03
Net Debt Issued (Repaid)	0.9	-3.1	26.52	-5.46	1.14	-0.03
Repurchase of Common Stock	-	-	-15.6	-	-	-
Other Financing Activities	-9.36	-11.71	0.76	-2.69	-0.07	-0.07
Financing Cash Flow	-8.46	-14.81	11.67	-8.16	1.07	-0.1
Miscellaneous Cash Flow Adjustments	-10.67	-7.38	-16.51	-15.94	-	-
Net Cash Flow	12.11	16.3	-38.36	2.85	3.91	5.69
Free Cash Flow	226.03	207.77	176.47	141.52	29.55	25.91
Free Cash Flow Growth	8.23%	17.73%	24.70%	378.96%	14.05%	123.11%
Free Cash Flow Margin	42.93%	43.23%	48.93%	59.69%	34.57%	39.91%
Free Cash Flow Per Share	0.24	0.22	0.19	0.15	0.03	0.03
Cash Interest Paid	13.97	6.75	1.03	0	-	0.07
Cash Income Tax Paid	-	-0.02	0.02	-0	-	-
Levered Free Cash Flow	-30.13	-40.2	-62.54	-36.47	-12.42	-4.83
Unlevered Free Cash Flow	-21.4	-35.98	-61.89	-36.1	-12.34	-4.68
Change in Working Capital	2.17	4.57	55.37	38.36	-16.12	-9.44

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