IST:FORMT 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	-108.03	-199.53	-131.47	-69.18	1.06
Depreciation & Amortization	89.74	81.89	26.3	33.69	6.81
Loss (Gain) From Sale of Assets	-	-	-	3.64	-
Asset Writedown & Restructuring Costs	-	-	17.39	-8.53	10.64
Provision & Write-off of Bad Debts	-	-	-	-0.81	-
Other Operating Activities	-126.19	8.58	-2.34	-90.49	-0.45
Change in Accounts Receivable	5.01	-89.69	77.08	54.34	-22.58
Change in Inventory	97.88	137.04	-142.54	28.58	-52.11
Change in Accounts Payable	-44.18	-12.29	-136.89	-7.53	6.75
Change in Unearned Revenue	-89.3	107.96	-22.63	56.07	8.81
Change in Income Taxes	-	-	-	0.76	-
Change in Other Net Operating Assets	35.56	15.48	75.78	-115.87	-22.23
Operating Cash Flow	-139.51	49.43	-239.33	-115.33	-63.29
Capital Expenditures	-120.64	-339.76	-181.5	-86.59	-43.72
Sale of Property, Plant & Equipment	10	23.98	23.89	20.75	-
Cash Acquisitions	-	-	-	-74.47	-
Sale (Purchase) of Intangibles	-	-	4.67	-	-
Investment in Securities	50.01	-	-	-	-
Investing Cash Flow	-60.63	-315.78	-152.94	-140.31	-43.72
Long-Term Debt Issued	0.68	208.39	104.84	122.29	-
Total Debt Issued	0.68	208.39	104.84	122.29	-
Long-Term Debt Repaid	-322.52	-2.85	-18.04	-	-30.75
Total Debt Repaid	-322.52	-2.85	-18.04	-	-30.75
Net Debt Issued (Repaid)	-321.84	205.54	86.79	122.29	-30.75
Issuance of Common Stock	616.24	-	449.8	38.46	170
Other Financing Activities	-	-	-	-	0
Financing Cash Flow	294.4	205.54	536.6	160.74	139.25
Miscellaneous Cash Flow Adjustments	-25.83	-65.61	-58.18	-	-
Net Cash Flow	68.43	-126.41	86.15	-94.89	32.23
Free Cash Flow	-260.15	-290.32	-420.83	-201.92	-107.02
Free Cash Flow Margin	-28.17%	-33.29%	-56.01%	-39.99%	-61.88%
Free Cash Flow Per Share	-0.24	-0.54	-0.78	-0.97	-0.54
Cash Income Tax Paid	-	-	-	-0.76	-
Levered Free Cash Flow	-206.7	-380.86	-510.65	-154.61	-114.12
Unlevered Free Cash Flow	-94.17	-262.34	-466.03	-95.21	-102.01
Change in Working Capital	4.96	158.49	-149.21	16.35	-81.36

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