Hedef Holding A.S 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	1,554	-1,672	-1,157	1,484	71.9
Depreciation & Amortization	11.57	3.95	3.4	1.25	0.13
Loss (Gain) From Sale of Assets	-	-	0.33	-	-
Asset Writedown & Restructuring Costs	-0.5	-4.85	0.66	-	-
Loss (Gain) From Sale of Investments	-2,553	-106.46	-1,100	-1,540	-45.4
Other Operating Activities	-201.99	-253.64	-466.59	358.74	7.66
Change in Accounts Receivable	-10.35	0.04	-0.71	0.06	-0.02
Change in Accounts Payable	-1.96	-10.15	8.61	-0.61	0.24
Change in Other Net Operating Assets	819.35	108.18	-6.31	-232.44	-17.51
Operating Cash Flow	147.82	1,538	1,747	70.73	-315.66
Operating Cash Flow Growth	-90.39%	-11.97%	2369.59%	-	-
Capital Expenditures	-0.31	-6.05	-0.77	-0.82	-1.46
Sale of Property, Plant & Equipment	0.45	0.2	1.38	1.26	0.14
Sale (Purchase) of Intangibles	-0.22	-10.91	-0.03	-0.33	-
Other Investing Activities	3.87	5.93	1.61	-	1.48
Investing Cash Flow	3.79	-10.84	2.19	0.12	0.15
Long-Term Debt Issued	-	-	-	2.33	-
Long-Term Debt Repaid	-9.18	-9	-1.97	-0.67	-0.11
Net Debt Issued (Repaid)	-9.18	-9	-1.97	1.66	-0.11
Issuance of Common Stock	738.99	28.05	-	-	314.65
Other Financing Activities	-52.1	5.19	-16.68	-69.2	-
Financing Cash Flow	677.71	24.24	-18.65	-67.54	314.53
Miscellaneous Cash Flow Adjustments	-827.36	-1,562	-1,728	-	-
Net Cash Flow	1.95	-11.24	2.42	3.31	-0.97
Free Cash Flow	147.5	1,532	1,746	69.92	-317.12
Free Cash Flow Growth	-90.37%	-12.28%	2397.39%	-	-
Free Cash Flow Margin	5.62%	805.96%	161.15%	2.64%	-385.97%
Free Cash Flow Per Share	0.08	0.82	0.93	0.04	-0.17
Cash Interest Paid	13.79	0.02	1.09	-	-
Cash Income Tax Paid	-0.01	-0.73	0.56	-	0.11
Levered Free Cash Flow	2,357	97.06	684.8	1,632	29.3
Unlevered Free Cash Flow	2,365	102.62	685.48	1,633	29.34
Change in Working Capital	1,338	3,571	4,467	-232.99	-349.95

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