IST:FONET 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	222.88	196.65	214.7	23.96	37.54
Depreciation & Amortization	49.76	46.41	34.44	15.27	3.66
Other Amortization	98.41	83.76	52.75	34.27	4.88
Provision & Write-off of Bad Debts	-	-	-	-0.2	0.15
Other Operating Activities	59.29	-35.54	-172.41	32.19	0.93
Change in Accounts Receivable	-71.97	-7.1	203.82	39.23	-59.34
Change in Inventory	-	4.14	0.11	-0.49	0.76
Change in Accounts Payable	-6.9	17.25	-1.42	-3.24	1.58
Change in Unearned Revenue	0.06	-0.04	-170.36	-	-
Change in Other Net Operating Assets	10.31	-2.71	23.22	2.87	40.88
Operating Cash Flow	361.84	302.83	184.85	143.85	31.03
Operating Cash Flow Growth	19.48%	63.82%	28.50%	363.57%	18.81%
Capital Expenditures	-35.06	-30.88	-8.38	-2.33	-1.48
Sale (Purchase) of Intangibles	-221.82	-226.52	-203.18	-114.57	-26.25
Investment in Securities	-30.13	-6.49	-	-	-
Other Investing Activities	10.26	4.95	-6.82	-	-0.46
Investing Cash Flow	-276.75	-258.94	-218.38	-116.9	-28.2
Long-Term Debt Issued	21.79	0.06	26.52	-	1.14
Long-Term Debt Repaid	-	-	-	-5.46	-
Net Debt Issued (Repaid)	21.79	0.06	26.52	-5.46	1.14
Repurchase of Common Stock	-	-	-15.6	-	-
Other Financing Activities	-8.53	-12.96	0.76	-2.69	-0.07
Financing Cash Flow	13.26	-12.9	11.67	-8.16	1.07
Miscellaneous Cash Flow Adjustments	-18.83	-9.66	-16.51	-15.94	-
Net Cash Flow	79.51	21.33	-38.36	2.85	3.91
Free Cash Flow	326.78	271.95	176.47	141.52	29.55
Free Cash Flow Growth	20.16%	54.10%	24.70%	378.96%	14.05%
Free Cash Flow Margin	38.22%	43.23%	48.93%	59.69%	34.57%
Free Cash Flow Per Share	0.35	0.29	0.19	0.15	0.03
Cash Interest Paid	17.7	8.83	1.03	0	-
Cash Income Tax Paid	-	-0.03	0.02	-0	-
Levered Free Cash Flow	-10.86	-52.61	-62.54	-36.47	-12.42
Unlevered Free Cash Flow	0.2	-47.09	-61.89	-36.1	-12.34
Change in Working Capital	-68.51	11.55	55.37	38.36	-16.12

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