IST:HOROZ Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-246.29	700.1	196.94	305.21	279.17
Depreciation & Amortization	1,113	1,281	1,132	573.36	417.6
Loss (Gain) From Sale of Assets	1.22	-4.33	-9.64	2.24	-4.23
Asset Writedown & Restructuring Costs	-	-	-	18.63	-46.78
Loss (Gain) on Equity Investments	-	-	-48.88	-51.84	-52.98
Provision & Write-off of Bad Debts	14.18	-3.15	12.33	9.5	14.31
Other Operating Activities	-756.04	-1,326	-243.91	-155.06	-133.6
Change in Accounts Receivable	-89.81	-131.99	-841.54	-412.52	-138.25
Change in Accounts Payable	233.56	65.74	560.87	335.27	188.37
Change in Unearned Revenue	-8.31	-17.81	11.58	44.51	5.86
Change in Other Net Operating Assets	-106.37	-24.83	-17.29	-84.47	14.22
Operating Cash Flow	660.56	1,060	801.35	584.83	543.69
Operating Cash Flow Growth	-40.16%	32.34%	37.02%	7.57%	-
Capital Expenditures	-334.52	-402.92	-206.23	-158.17	-199.3
Sale of Property, Plant & Equipment	3.89	71.14	22.39	12.5	13.01
Other Investing Activities	-285.95	567.81	-	-	-
Investing Cash Flow	-616.58	236.03	-183.85	-145.67	-186.29
Long-Term Debt Issued	-	-	296.02	121.19	142.98
Long-Term Debt Repaid	-	-1,075	-476.83	-292.59	-286.08
Net Debt Issued (Repaid)	-450.01	-1,075	-180.81	-171.4	-143.1
Issuance of Common Stock	-	1,073	-	-	-
Other Financing Activities	-116.58	-326.03	-394	-256.17	-208.86
Financing Cash Flow	-840.9	-327.65	-574.81	-427.57	-351.96
Miscellaneous Cash Flow Adjustments	-264.63	-25.14	-25.23	-	-
Net Cash Flow	-1,062	943.73	17.46	11.59	5.45
Free Cash Flow	326.04	657.57	595.12	426.66	344.39
Free Cash Flow Growth	-50.48%	10.49%	39.48%	23.89%	-
Free Cash Flow Margin	3.66%	7.64%	7.56%	10.43%	10.03%
Free Cash Flow Per Share	3.60	7.27	8.21	4.27	3.44
Cash Interest Paid	51.28	255.03	394	256.17	208.86
Cash Income Tax Paid	80.62	83.76	77.82	20.38	2.73
Levered Free Cash Flow	-33.89	730.16	301.98	122.33	-
Unlevered Free Cash Flow	166.67	1,047	554.47	283.47	-
Change in Working Capital	12.49	-108.89	-286.38	-117.21	70.21

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.