IST:HDFGS 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	296.22	-385.76	-463.82	415.91	19.71
Depreciation & Amortization	2.81	2.44	0.81	0.57	0.32
Loss (Gain) From Sale of Investments	-675.45	-785.39	-411.19	-883.99	14.76
Other Operating Activities	85.13	-60.56	110.36	-36.53	-0.11
Change in Accounts Receivable	2.88	-2.83	-0.04	2.81	2.28
Change in Accounts Payable	0.31	-0.35	0.1	-0.37	-0.01
Change in Other Net Operating Assets	240.92	1,925	1,815	294.82	-147.47
Operating Cash Flow	-47.18	692.39	1,052	-206.78	-110.51
Operating Cash Flow Growth	-	-34.16%	-	-	-
Capital Expenditures	-0.03	-0.77	-0.24	-1.14	-0.06
Sale of Property, Plant & Equipment	0.19	0.4	0.03	0.72	0.34
Divestitures	-	117.8	-	-	-
Sale (Purchase) of Intangibles	-0.18	-0.05	-0.09	-0.13	-
Investment in Securities	137.25	31.94	-183.35	-	-
Other Investing Activities	-0.07	-0.24	0.27	-	-
Investing Cash Flow	137.16	149.08	-183.38	-0.55	0.28
Long-Term Debt Issued	-	-	-	1.79	-
Long-Term Debt Repaid	-1.29	-0.8	-0.38	-	-
Net Debt Issued (Repaid)	-1.29	-0.8	-0.38	1.79	-
Issuance of Common Stock	569.27	-	-	173.55	140.12
Repurchase of Common Stock	-	-	-	-	-41.71
Other Financing Activities	-2.36	0.08	0.5	0	-
Financing Cash Flow	565.61	-0.72	0.12	175.34	98.41
Miscellaneous Cash Flow Adjustments	-659.04	-836.98	-872.45	-	-
Net Cash Flow	-3.45	3.77	-4	-31.99	-11.81
Free Cash Flow	-47.2	691.62	1,051	-207.92	-110.57
Free Cash Flow Growth	-	-34.22%	-	-	-
Free Cash Flow Margin	-4.29%	118.40%	166.20%	-20.60%	-582.53%
Free Cash Flow Per Share	-0.04	1.22	1.86	-0.37	-0.20
Cash Interest Paid	0.86	1.65	0.18	-	-
Cash Income Tax Paid	0.17	0.03	-0.34	-0.97	-
Levered Free Cash Flow	704.04	278.64	400.6	591.47	-1.37
Unlevered Free Cash Flow	704.57	279.92	400.71	591.49	-1.33
Change in Working Capital	244.11	1,922	1,816	297.26	-145.2

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