IST:GESAN 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	903.41	1,760	992.11	650.45	220.49
Depreciation & Amortization	363.55	260.19	208.67	71.09	10.86
Other Amortization	145.34	122.71	83.14	31.75	3.61
Loss (Gain) From Sale of Assets	-22.52	-7.39	-	-	-
Asset Writedown & Restructuring Costs	-	-29.26	-30.26	-31.21	-1.75
Provision & Write-off of Bad Debts	88.87	170.27	22.39	-	-
Other Operating Activities	384.09	396.55	578.37	-51.15	155.29
Change in Accounts Receivable	1,295	-603.7	-695.07	-326.6	-291.54
Change in Inventory	-2,553	79.66	-687	-317.8	-95.88
Change in Accounts Payable	387.44	-	590.64	296.35	290.92
Change in Unearned Revenue	-2,377	-958.35	1,189	1,102	113.93
Change in Income Taxes	409.9	1,012	-	-	-
Change in Other Net Operating Assets	243.73	-1,922	-4,981	-1,129	-455.49
Operating Cash Flow	-731.24	280.5	-2,729	296.82	-49.56
Capital Expenditures	-1,614	-1,006	-1,321	-351.38	-128.29
Sale of Property, Plant & Equipment	27.29	31.55	143.23	6.68	-
Sale (Purchase) of Intangibles	-295.88	-232.27	-	-	-19.17
Sale (Purchase) of Real Estate	-25.13	-17.39	-	-	-
Other Investing Activities	755.86	-	412.78	16.37	6.05
Investing Cash Flow	-1,152	-1,224	-765.36	-328.34	-141.41
Long-Term Debt Issued	-	3,211	2,279	1,286	386.18
Long-Term Debt Repaid	-	-1,969	-1,911	-634.61	-382.59
Net Debt Issued (Repaid)	-	1,242	368.64	651.02	3.59
Issuance of Common Stock	-	-	3,128	-	245.65
Other Financing Activities	2,312	-507.48	-463.23	-83.42	-38.88
Financing Cash Flow	2,312	734.38	3,033	567.6	210.36
Foreign Exchange Rate Adjustments	-333.4	-356.22	-	-	-
Net Cash Flow	95	-564.98	-461.26	536.09	19.39
Free Cash Flow	-2,346	-725.04	-4,050	-54.56	-177.85
Free Cash Flow Margin	-11.39%	-3.65%	-26.85%	-0.73%	-14.44%
Free Cash Flow Per Share	-5.10	-1.58	-8.80	-0.12	-0.39
Cash Interest Paid	158.54	502.98	437.14	72.81	38.97
Cash Income Tax Paid	-2,364	618	468.49	108.77	21.87
Levered Free Cash Flow	-2,579	-2,769	-2,077	-1,208	-400.83
Unlevered Free Cash Flow	-2,480	-2,454	-1,752	-1,075	-363.9
Change in Working Capital	-2,594	-2,393	-4,584	-374.11	-438.06

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