IST:FZLGY 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	-425.35	-340.02	355.61	604.62	292.55
Depreciation & Amortization	3.84	7.57	8.24	7.01	19.25
Gain (Loss) on Sale of Assets	-	2.48	-133.87	-	-
Asset Writedown	259.95	-9.67	203.66	-646.6	-
Change in Accounts Receivable	512.19	606.33	-499.64	1,899	-754.7
Change in Accounts Payable	400.16	-185.5	-329.88	481.14	24.62
Change in Other Net Operating Assets	443.78	-210.15	-324.69	230.83	-379.52
Other Operating Activities	-387.65	-108.8	-219.58	5.61	82.87
Operating Cash Flow	-1,000	-270.47	-1,069	-1,312	563.78
Operating Cash Flow Growth	-	-	-	-	1533.50%
Acquisition of Real Estate Assets	-52.9	-3.37	-6.18	-126.25	-421.01
Sale of Real Estate Assets	10.87	1,088	88.51	747.62	3.05
Net Sale / Acq. of Real Estate Assets	-42.03	1,084	82.33	621.37	-417.96
Cash Acquisition	-	-	-	278.59	-
Other Investing Activities	-	-	-	-	-95.9
Investing Cash Flow	-42.63	1,084	82.33	704.56	-419.07
Long-Term Debt Issued	1,177	392.68	506.23	-	143.21
Long-Term Debt Repaid	-497.2	-614.02	-294.31	-481.84	-
Net Debt Issued (Repaid)	679.85	-221.34	211.92	-481.84	143.21
Issuance of Common Stock	-	-	975.78	135.73	371.27
Common Dividends Paid	-	-227.63	-85.1	-	-
Other Financing Activities	-	-	-	-	-360.1
Miscellaneous Cash Flow Adjustments	-19.71	-46.4	-23.25	-	-
Net Cash Flow	-382.81	318.6	92.32	-953.44	299.08
Cash Income Tax Paid	406.35	8.9	240.43	15.61	-
Levered Free Cash Flow	-3,078	-3,349	-3,002	-2,058	248.94
Unlevered Free Cash Flow	-2,839	-3,227	-2,862	-2,005	261.66
Change in Working Capital	-451.12	177.96	-1,283	-1,283	169.11

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.