IST:GZNMI 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	-129.71	-23.33	-155.66	520.56	17.52
Depreciation & Amortization	208.67	114.09	20.1	6.41	1.26
Loss (Gain) From Sale of Assets	-	-	-	-0.07	-
Asset Writedown & Restructuring Costs	-0.81	-	0.09	-	-
Loss (Gain) From Sale of Investments	-39.99	67.72	-334.98	-596.34	-0.36
Loss (Gain) on Equity Investments	-	5.23	-59.15	-	-
Provision & Write-off of Bad Debts	-	-	0.51	0.61	6.49
Other Operating Activities	166.59	308.62	69.63	48.53	4.29
Change in Accounts Receivable	-376.86	24.84	-130.82	-7.1	-7.73
Change in Inventory	-0.51	-1.08	-	-	-
Change in Accounts Payable	284.74	278.31	91.03	-39.95	19.33
Change in Other Net Operating Assets	36.04	-498.66	-318.67	37.4	-30.99
Operating Cash Flow	148.15	275.74	-817.91	-29.96	9.82
Operating Cash Flow Growth	-46.27%	-	-	-	-
Capital Expenditures	-604.09	-48.05	-78.55	-6.66	-1.34
Sale of Property, Plant & Equipment	132.02	2.08	13.67	0.4	-
Cash Acquisitions	-	-	-36.91	-56.28	-
Sale (Purchase) of Intangibles	-3.11	-0.86	-2.52	-0.95	-0.03
Investment in Securities	11.68	36.72	1,060	-208.57	-0.54
Other Investing Activities	223.55	32.96	12.4	13.34	0.44
Investing Cash Flow	-239.95	22.85	967.63	-258.73	-1.47
Long-Term Debt Issued	1,735	1,083	2.25	-	-
Long-Term Debt Repaid	-1,458	-958.25	-4.49	-3.13	-11.13
Net Debt Issued (Repaid)	276.31	124.93	-2.24	-3.13	-11.13
Issuance of Common Stock	-	-	-	284.33	12.69
Other Financing Activities	-387.85	-155	-69.86	-	-2.28
Financing Cash Flow	-111.54	-30.08	-72.1	281.19	-0.72
Foreign Exchange Rate Adjustments	-84.43	-39.28	-	-	-
Net Cash Flow	-287.78	229.23	77.61	-7.5	7.63
Free Cash Flow	-455.95	227.69	-896.47	-36.62	8.48
Free Cash Flow Margin	-13.16%	6.81%	-42.02%	-3.86%	5.00%
Free Cash Flow Per Share	-7.01	3.50	-13.79	-0.56	0.56
Cash Interest Paid	387.85	155	69.86	-	2.28
Cash Income Tax Paid	-	16.96	24.43	21.92	3.41
Levered Free Cash Flow	-762.15	-283.93	-482.73	-53.16	-
Unlevered Free Cash Flow	-449.74	-178.82	-439.07	-41.58	-
Change in Working Capital	-56.59	-196.59	-358.47	-9.65	-19.38

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