IST:HOROZ 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	-68.09	916.38	196.94	305.21	279.17
Depreciation & Amortization	1,522	1,669	1,132	573.36	417.6
Loss (Gain) From Sale of Assets	-7.33	5.67	-9.64	2.24	-4.23
Asset Writedown & Restructuring Costs	40.97	22	-	18.63	-46.78
Loss (Gain) on Equity Investments	-	-	-48.88	-51.84	-52.98
Provision & Write-off of Bad Debts	41.19	-10.3	12.33	9.5	14.31
Other Operating Activities	290.16	-483.36	-243.91	-155.06	-133.6
Change in Accounts Receivable	-995.1	-272.94	-841.54	-412.52	-138.25
Change in Inventory	-13.22	-	-	-	-
Change in Accounts Payable	363.48	125.45	560.87	335.27	188.37
Change in Unearned Revenue	25.98	-22.58	11.58	44.51	5.86
Change in Other Net Operating Assets	-432.24	77.81	-17.29	-84.47	14.22
Operating Cash Flow	768.02	2,027	801.35	584.83	543.69
Operating Cash Flow Growth	-62.11%	152.93%	37.02%	7.57%	-
Capital Expenditures	-388.1	-523.91	-206.23	-158.17	-199.3
Sale of Property, Plant & Equipment	21.01	93.12	22.39	12.5	13.01
Investment in Securities	-96.9	-	-	-	-
Investing Cash Flow	-463.99	-430.79	-183.85	-145.67	-186.29
Long-Term Debt Issued	566.95	138.45	296.02	121.19	142.98
Long-Term Debt Repaid	-933.8	-779.56	-476.83	-292.59	-286.08
Net Debt Issued (Repaid)	-366.85	-641.11	-180.81	-171.4	-143.1
Issuance of Common Stock	-	1,406	-	-	-
Other Financing Activities	-397.6	-423.56	-394	-256.17	-208.86
Financing Cash Flow	-764.45	341.25	-574.81	-427.57	-351.96
Miscellaneous Cash Flow Adjustments	-323.88	-766.73	-25.23	-	-
Net Cash Flow	-784.3	1,171	17.46	11.59	5.45
Free Cash Flow	379.92	1,503	595.12	426.66	344.39
Free Cash Flow Growth	-74.72%	152.55%	39.48%	23.89%	-
Free Cash Flow Margin	3.16%	13.33%	7.56%	10.43%	10.03%
Free Cash Flow Per Share	4.20	16.61	8.21	4.27	3.44
Cash Interest Paid	309.23	330.63	394	256.17	208.86
Cash Income Tax Paid	-27.8	-2	77.82	20.38	2.73
Levered Free Cash Flow	36.32	865.34	301.98	122.33	-
Unlevered Free Cash Flow	360.4	1,280	554.47	283.47	-
Change in Working Capital	-1,051	-92.25	-286.38	-117.21	70.21

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