IST:FORTE 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	2,329	-82.02	12.19	55.28	23.46
Depreciation & Amortization	51.66	19.04	9.74	5.78	1.05
Other Amortization	-	10.19	6.67	3.3	0.19
Asset Writedown & Restructuring Costs	-	3.83	5.56	-	-
Loss (Gain) From Sale of Investments	25.9	-	-	-	-
Provision & Write-off of Bad Debts	2.17	2.33	0.34	1.15	-0.1
Other Operating Activities	781.43	104.29	219.21	88.1	-8.26
Change in Accounts Receivable	-	-226.04	109.43	5.41	-28.05
Change in Inventory	-704.54	146.86	-7.96	-86.92	5.15
Change in Accounts Payable	356.04	123.68	-76.06	-77.36	-1.48
Change in Unearned Revenue	322.11	-10.05	12.02	-1.67	-0.97
Change in Other Net Operating Assets	-289.87	3.06	4.08	-14.64	-0.14
Operating Cash Flow	2,874	95.18	295.19	-21.56	-9.16
Operating Cash Flow Growth	2919.47%	-67.75%	-	-	-
Capital Expenditures	-45.06	-68.04	-44.73	-3.39	-0.43
Sale of Property, Plant & Equipment	7.41	2.86	0.37	-	0
Sale (Purchase) of Intangibles	-203.93	-151.72	-83.96	-33.75	-6.63
Sale (Purchase) of Real Estate	-12.74	-	-63.85	-	-
Other Investing Activities	-	0	0	-	-
Investing Cash Flow	-254.32	-216.9	-192.17	-37.15	-7.06
Long-Term Debt Issued	1,653	113.51	149.96	206.71	2.41
Long-Term Debt Repaid	-464.8	-122.96	-329.82	-63.47	-2.97
Net Debt Issued (Repaid)	1,188	-9.45	-179.86	143.24	-0.56
Issuance of Common Stock	-	-	529.6	-	-
Common Dividends Paid	-	-8.47	-56.41	-	-
Other Financing Activities	-3,349	0.12	18.15	-6.84	-10.83
Financing Cash Flow	-2,161	-17.81	311.49	136.4	-11.39
Foreign Exchange Rate Adjustments	-2.11	-0.23	-0.26	-	-
Miscellaneous Cash Flow Adjustments	-88.32	-90.83	-208.82	-61.42	-
Net Cash Flow	368.47	-230.57	205.44	16.27	-27.6
Free Cash Flow	2,829	27.15	250.46	-24.95	-9.58
Free Cash Flow Growth	10321.59%	-89.16%	-	-	-
Free Cash Flow Margin	116.05%	1.52%	26.09%	-3.64%	-4.45%
Free Cash Flow Per Share	-	0.41	4.72	-0.56	-0.69
Cash Interest Paid	-	49.69	35.87	10.24	0.04
Levered Free Cash Flow	-819.15	-110.88	4.18	-166.43	-17.89
Unlevered Free Cash Flow	-511.73	-79.83	26.6	-160.03	-17.87
Change in Working Capital	-316.26	37.52	41.49	-175.17	-25.48

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