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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	242.39	222.88	196.65	214.7	23.96	37.54
Depreciation & Amortization	56.02	49.76	46.41	34.44	15.27	3.66
Other Amortization	98.41	98.41	83.76	52.75	34.27	4.88
Provision & Write-off of Bad Debts	-	-	-	-	-0.2	0.15
Other Operating Activities	73.41	59.29	-35.54	-172.41	32.19	0.93
Change in Accounts Receivable	-66.26	-71.97	-7.1	203.82	39.23	-59.34
Change in Inventory	-6.81	-	4.14	0.11	-0.49	0.76
Change in Accounts Payable	-4.63	-6.9	17.25	-1.42	-3.24	1.58
Change in Unearned Revenue	0.59	0.06	-0.04	-170.36	-	-
Change in Other Net Operating Assets	17.06	10.31	-2.71	23.22	2.87	40.88
Operating Cash Flow	410.17	361.84	302.83	184.85	143.85	31.03
Operating Cash Flow Growth	113.76%	19.48%	63.82%	28.50%	363.57%	18.81%
Capital Expenditures	-35.6	-35.06	-30.88	-8.38	-2.33	-1.48
Sale (Purchase) of Intangibles	-247.03	-221.82	-226.52	-203.18	-114.57	-26.25
Investment in Securities	-47.23	-30.13	-6.49	-	-	-
Other Investing Activities	15.73	10.26	4.95	-6.82	-	-0.46
Investing Cash Flow	-314.13	-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)	6.67	21.79	0.06	26.52	-5.46	1.14
Repurchase of Common Stock	-	-	-	-15.6	-	-
Other Financing Activities	-11.77	-8.53	-12.96	0.76	-2.69	-0.07
Financing Cash Flow	-5.1	13.26	-12.9	11.67	-8.16	1.07
Miscellaneous Cash Flow Adjustments	-26.67	-18.83	-9.66	-16.51	-15.94	-
Net Cash Flow	64.26	79.51	21.33	-38.36	2.85	3.91
Free Cash Flow	374.57	326.78	271.95	176.47	141.52	29.55
Free Cash Flow Growth	120.07%	20.16%	54.10%	24.70%	378.96%	14.05%
Free Cash Flow Margin	41.72%	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	17.7	8.83	1.03	0	-
Cash Income Tax Paid	-	-	-0.03	0.02	-0	-
Levered Free Cash Flow	-22.98	-10.86	-52.61	-62.54	-36.47	-12.42
Unlevered Free Cash Flow	-10.66	0.2	-47.09	-61.89	-36.1	-12.34
Change in Working Capital	-60.05	-68.51	11.55	55.37	38.36	-16.12

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