IST:FORTE 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	1,884	-82.02	12.19	55.28	23.46	31.29
Depreciation & Amortization	28.64	19.04	9.74	5.78	1.05	0.86
Other Amortization	20.98	10.19	6.67	3.3	0.19	-
Asset Writedown & Restructuring Costs	3.83	3.83	5.56	-	-	-
Provision & Write-off of Bad Debts	6.69	2.33	0.34	1.15	-0.1	0.07
Other Operating Activities	-1,626	104.29	219.21	88.1	-8.26	16.22
Change in Accounts Receivable	-238.75	-226.04	109.43	5.41	-28.05	-36.99
Change in Inventory	-199.21	146.86	-7.96	-86.92	5.15	-15.78
Change in Accounts Payable	615.71	123.68	-76.06	-77.36	-1.48	55.08
Change in Unearned Revenue	353.47	-10.05	12.02	-1.67	-0.97	-4.24
Change in Other Net Operating Assets	-474.86	3.06	4.08	-14.64	-0.14	0.33
Operating Cash Flow	374.34	95.18	295.19	-21.56	-9.16	46.85
Operating Cash Flow Growth	190.81%	-67.75%	-	-	-	-
Capital Expenditures	-159.78	-68.04	-44.73	-3.39	-0.43	-1.1
Sale of Property, Plant & Equipment	82.29	2.86	0.37	-	0	-
Sale (Purchase) of Intangibles	-147.62	-151.72	-83.96	-33.75	-6.63	-3.01
Sale (Purchase) of Real Estate	-	-	-63.85	-	-	-
Other Investing Activities	0	0	0	-	-	-
Investing Cash Flow	-225.11	-216.9	-192.17	-37.15	-7.06	-4.11
Long-Term Debt Issued	-	113.51	149.96	206.71	2.41	2.11
Long-Term Debt Repaid	-	-122.96	-329.82	-63.47	-2.97	-2.7
Net Debt Issued (Repaid)	838.9	-9.45	-179.86	143.24	-0.56	-0.59
Issuance of Common Stock	-	-	529.6	-	-	-
Common Dividends Paid	-	-8.47	-56.41	-	-	-
Other Financing Activities	-781.77	0.12	18.15	-6.84	-10.83	0.56
Financing Cash Flow	57.13	-17.81	311.49	136.4	-11.39	-0.03
Foreign Exchange Rate Adjustments	3.89	-0.23	-0.26	-	-	-
Miscellaneous Cash Flow Adjustments	-43.58	-90.83	-208.82	-61.42	-	-
Net Cash Flow	166.68	-230.57	205.44	16.27	-27.6	42.72
Free Cash Flow	214.56	27.15	250.46	-24.95	-9.58	45.75
Free Cash Flow Growth	518.47%	-89.16%	-	-	-	-
Free Cash Flow Margin	12.04%	1.52%	26.09%	-3.64%	-4.45%	22.39%
Free Cash Flow Per Share	3.15	0.41	4.72	-0.56	-0.69	19.06
Cash Interest Paid	2.82	49.69	35.87	10.24	0.04	0.01
Levered Free Cash Flow	-737.92	-110.88	4.18	-166.43	-17.89	-
Unlevered Free Cash Flow	-583.92	-79.83	26.6	-160.03	-17.87	-
Change in Working Capital	56.36	37.52	41.49	-175.17	-25.48	-1.59

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