Ihlas 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	-3,232	-1,809	2,231	-887.45	208.74
Depreciation & Amortization	365.2	367.26	351.5	153.71	28.34
Loss (Gain) From Sale of Assets	54.35	-29.69	-7.96	-2.29	-1.98
Asset Writedown & Restructuring Costs	333.58	-309.16	-347.53	-713.89	-204.01
Provision & Write-off of Bad Debts	-83.83	-258.11	-163.92	-242.93	85.97
Other Operating Activities	1,003	-607.71	-2,123	-1,688	151.96
Change in Accounts Receivable	162.85	218.86	1,644	1,101	-430.68
Change in Inventory	1,360	2,935	-5,007	1,072	-577.81
Change in Accounts Payable	1,510	-991.73	1,926	-945.7	435.34
Change in Unearned Revenue	-1,438	527.73	-542.05	2,349	-485.71
Change in Other Net Operating Assets	-189.99	-366.91	1,162	-453.13	181.03
Operating Cash Flow	-155.36	-323.56	-877.97	-258.43	-608.81
Capital Expenditures	-283.46	-203.84	-220.6	-189.79	-80.18
Sale of Property, Plant & Equipment	19.59	10.42	19.19	6.52	2.96
Cash Acquisitions	-115.86	-	-	-	-0.02
Divestitures	-	91.24	-	-	-
Sale (Purchase) of Intangibles	-131.99	-95.01	-85.23	-34.54	-7.25
Sale (Purchase) of Real Estate	8.25	28.04	10.11	2.01	-1.23
Other Investing Activities	-	-	36.37	8.75	-49.54
Investing Cash Flow	-503.47	-169.15	-240.16	-207.04	-135.26
Long-Term Debt Issued	1,533	571.29	-	-	-
Long-Term Debt Repaid	-	-	-65.29	-367.94	-228.69
Net Debt Issued (Repaid)	1,533	571.29	-65.29	-367.94	-228.69
Issuance of Common Stock	-	-	113.32	142.93	1,150
Repurchase of Common Stock	-	-	-	-58.04	-98.23
Common Dividends Paid	-	-	-	-	-2.64
Other Financing Activities	-782.93	86.08	28.01	103.97	63.44
Financing Cash Flow	750.34	657.37	76.04	-179.08	883.82
Miscellaneous Cash Flow Adjustments	-130.71	-190.19	-	-	-
Net Cash Flow	-39.2	-25.53	-1,042	-644.55	139.75
Free Cash Flow	-438.82	-527.4	-1,099	-448.21	-688.99
Free Cash Flow Margin	-2.56%	-3.90%	-10.06%	-6.86%	-24.41%
Free Cash Flow Per Share	-0.29	-0.35	-0.73	-0.30	-0.51
Cash Interest Paid	874.91	145.79	57.24	48.86	40.73
Cash Income Tax Paid	44.63	87	112.22	94.19	20.76
Levered Free Cash Flow	-898.15	-3,672	-6,456	-5,741	-184.61
Unlevered Free Cash Flow	-261.74	-3,532	-6,388	-5,695	-156.29
Change in Working Capital	1,404	2,323	-817.79	3,123	-877.84

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