IST:IHLGM 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	654.76	-615.24	-1,677	-1,089	107.6
Depreciation & Amortization	35.5	24.8	13.89	12.74	1.89
Loss (Gain) From Sale of Assets	-	-0.13	-0.79	-	0.65
Asset Writedown & Restructuring Costs	35.82	-59.07	8.73	-23.39	-25.15
Loss (Gain) From Sale of Investments	0.03	0.03	0.02	54.26	13.72
Provision & Write-off of Bad Debts	-6.56	-73.22	31.92	58.23	32.56
Other Operating Activities	-196.54	37.99	-36.15	-94.83	-23.25
Change in Accounts Receivable	257.69	50.12	411.61	742.28	-11.89
Change in Inventory	-1,939	88.88	-655.31	1,105	185.95
Change in Accounts Payable	801.39	54.22	803.56	-71.37	-85.52
Change in Unearned Revenue	-288.5	-21.98	-8.55	-1,004	-307.54
Change in Other Net Operating Assets	665.18	450.92	820.74	141.63	49.6
Operating Cash Flow	19.44	-62.68	-286.93	-169.13	-61.38
Capital Expenditures	-9.4	-3.08	-5.97	-2.22	-0.82
Sale of Property, Plant & Equipment	-	2.06	-	1.09	0.13
Sale (Purchase) of Intangibles	-	-0.01	-	-0.05	-
Sale (Purchase) of Real Estate	-	0.6	0.88	-	-0.92
Investing Cash Flow	-9.4	-0.43	-5.09	-1.18	-1.61
Long-Term Debt Issued	0.14	-	-	-	-
Long-Term Debt Repaid	-20.12	-17.35	-77.88	-97.81	-10.03
Net Debt Issued (Repaid)	-19.98	-17.35	-77.88	-97.81	-10.03
Other Financing Activities	3.15	46.05	47.62	38.16	21.22
Financing Cash Flow	-16.83	28.71	-30.26	-59.65	11.19
Miscellaneous Cash Flow Adjustments	-13.78	-33.87	-	-	-
Net Cash Flow	-20.57	-68.27	-322.28	-229.96	-51.8
Free Cash Flow	10.04	-65.76	-292.9	-171.35	-62.19
Free Cash Flow Margin	0.58%	-10.44%	-44.57%	-14.94%	-6.53%
Free Cash Flow Per Share	0.01	-0.07	-0.29	-0.17	-0.06
Cash Interest Paid	7.32	11	19.67	33.72	2.75
Cash Income Tax Paid	3.3	36.46	33.49	17.23	5.01
Levered Free Cash Flow	-1,745	14.99	-747.26	-1,010	258.63
Unlevered Free Cash Flow	-1,730	27.66	-691.49	-999.48	263.1
Change in Working Capital	-503.57	622.16	1,372	913.13	-169.39

Source: S&P Global Market Intelligence. Standard template. Financial Sources.