IST:GARAN 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	2015 - 2019
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	2015 - 2019
Net Income	24,971	91,243	86,375	58,285	13,467	6,656	Upgrade
Depreciation & Amortization	1,076	3,707	2,246	1,242	942.71	827.5	Upgrade
Other Amortization	-	-	-	-	-	171.57	Upgrade
Change in Trading Asset Securities	-7,081	-3,410	-3,179	1,894	382.14	-3,097	Upgrade
Change in Other Net Operating Assets	-1,007,217	-806,625	-518,598	-326,007	-193,670	-90,896	Upgrade
Other Operating Activities	115,511	13,228	-22,487	-9,572	-11,507	8,477	Upgrade
Operating Cash Flow	-872,741	-701,857	-455,644	-274,158	-190,386	-77,862	Upgrade
Capital Expenditures	-15,353	-9,430	-5,115	-2,130	-1,286	-1,902	Upgrade
Sale of Property, Plant and Equipment	5,643	2,036	861.37	304.44	667.95	803.75	Upgrade
Cash Acquisitions	-	-	-	-190.82	-	-	Upgrade
Investment in Securities	-51,868	-39,453	-77,509	-53,235	-11,788	-11,051	Upgrade
Other Investing Activities	-	-	-	-	-	6,964	Upgrade
Investing Cash Flow	-61,578	-46,847	-81,762	-55,251	-12,406	-5,185	Upgrade
Long-Term Debt Issued	-	154,718	60,266	45,197	46,948	22,795	Upgrade
Long-Term Debt Repaid	-	-46,110	-41,044	-18,220	-16,986	-17,451	Upgrade
Net Debt Issued (Repaid)	159,263	108,608	19,223	26,977	29,962	5,344	Upgrade
Common Dividends Paid	-18,963	-13,100	-8,776	-1,307	-623.8	-	Upgrade
Net Increase (Decrease) in Deposit Accounts	878,046	556,034	646,925	319,923	222,691	80,776	Upgrade
Other Financing Activities	-	-241.39	-	-	-	-	Upgrade
Financing Cash Flow	1,018,346	651,300	657,371	345,592	252,029	86,120	Upgrade
Foreign Exchange Rate Adjustments	12,358	6,963	23,957	10,819	20,461	2,461	Upgrade
Net Cash Flow	96,385	-90,441	143,922	27,002	69,699	5,534	Upgrade
Free Cash Flow	-888,094	-711,287	-460,759	-276,288	-191,672	-79,764	Upgrade
Free Cash Flow Margin	-291.89%	-311.43%	-287.69%	-258.30%	-472.26%	-340.02%	Upgrade
Free Cash Flow Per Share	-	-169.35	-109.70	-65.78	-45.64	-18.99	Upgrade
Cash Interest Paid	138,879	400,105	119,579	41,065	22,669	19,118	Upgrade
Cash Income Tax Paid	9,286	38,803	22,319	19,598	5,017	3,381	Upgrade

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