IST:GEREL 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	-212.1	252.22	-166.58	-30.71	6.99	8.48
Depreciation & Amortization	23.72	26.85	20.75	14.33	3.31	4.76
Provision & Write-off of Bad Debts	-30.97	-52.45	-85.97	4.76	-	-
Other Operating Activities	677.19	764.27	183.42	-161.66	-6.7	1.79
Change in Accounts Receivable	0.11	34.17	41.52	117.15	-80.75	11.49
Change in Inventory	244.34	-533.92	108.72	-3.15	-32.85	-13.61
Change in Accounts Payable	-177.96	699.81	-0.09	-31.69	42.04	8.28
Change in Unearned Revenue	-13.21	-28.81	-117.83	87.38	9.89	-8.9
Change in Other Net Operating Assets	-124.21	-262.38	172.51	-36.83	22.67	3.63
Operating Cash Flow	386.9	899.76	156.44	-40.41	-35.4	15.92
Operating Cash Flow Growth	-	475.14%	-	-	-	-
Capital Expenditures	-740.93	-907.49	-22.54	-4.57	-0.84	-5.6
Sale of Property, Plant & Equipment	-9.42	38.75	0.07	1.35	0.12	1.08
Sale (Purchase) of Intangibles	-	-	-	-0.95	-0.03	-0.06
Investment in Securities	-	-	-	-0.15	-	-
Other Investing Activities	-	-	-	-	-0.64	3.38
Investing Cash Flow	-750.35	-868.75	-22.47	-4.33	-1.39	-1.19
Long-Term Debt Issued	-	601.83	32.77	199.36	56.05	36.28
Long-Term Debt Repaid	-	-1.36	-97.2	-253.83	-	-
Total Debt Repaid	-197.07	-1.36	-97.2	-253.83	-	-
Net Debt Issued (Repaid)	335.46	600.47	-64.44	-54.48	56.05	36.28
Issuance of Common Stock	1,630	-	-	-	-	-
Repurchase of Common Stock	-667.14	-667.14	-	-	-	-
Other Financing Activities	-828.2	-	-29.45	-15.93	-	-
Financing Cash Flow	469.7	-66.67	-93.88	-70.4	56.05	36.28
Foreign Exchange Rate Adjustments	-	-	-	55.41	-7.66	-17.35
Miscellaneous Cash Flow Adjustments	-1.95	-8.7	-103.85	-	-0	-
Net Cash Flow	104.3	-44.36	-63.77	-59.73	11.6	33.66
Free Cash Flow	-354.02	-7.74	133.9	-44.98	-36.24	10.33
Free Cash Flow Margin	-19.50%	-0.29%	6.35%	-2.80%	-9.52%	4.07%
Free Cash Flow Per Share	-1.04	-0.03	0.56	-0.19	-0.15	0.04
Cash Interest Paid	-	-	-	17.15	-	-
Cash Income Tax Paid	3.06	-4.76	17.59	24.77	2.99	-
Levered Free Cash Flow	-1,597	-1,718	-133.95	-70.49	-57.03	-7.68
Unlevered Free Cash Flow	-1,532	-1,662	-48.55	-53.6	-49.31	2.77
Change in Working Capital	-70.93	-91.13	204.82	132.86	-39	0.89

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.