IST:IZENR 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	695.09	-1,216	1,579	3,762	-
Depreciation & Amortization	642.86	764.42	391.26	264.43	-
Loss (Gain) on Sale of Assets	-0.23	-31.9	-0.25	3.47	-
Loss (Gain) on Sale of Investments	24.71	39.97	-8.73	-	-
Asset Writedown	-121.33	849.2	-	-	-
Change in Accounts Receivable	-36.85	76.14	-200.96	-57.37	-
Change in Inventory	71.36	697.88	711.61	-720.56	-
Change in Accounts Payable	-	-	15.56	25.07	-
Change in Other Net Operating Assets	112.14	79.41	-99.03	-205.49	-
Other Operating Activities	844.6	586.15	-1,359	-1,457	-
Operating Cash Flow	2,232	1,846	1,029	1,614	-
Operating Cash Flow Growth	20.96%	79.33%	-36.23%	-	-
Capital Expenditures	-839.72	-1,277	-684.93	-64.16	-
Sale of Property, Plant & Equipment	2.24	63.11	0.87	1.41	-
Cash Acquisitions	-	-	-	-97.39	-
Investment in Securities	-	-380.35	-91.7	-	-
Other Investing Activities	-618.2	-509.45	-1,327	12.93	-
Investing Cash Flow	-1,456	-2,104	-2,103	-147.21	-
Long-Term Debt Issued	545.67	451.54	1,371	1,734	-
Long-Term Debt Repaid	-171.29	-434.34	-1,757	-3,126	-
Net Debt Issued (Repaid)	374.38	17.19	-385.34	-1,392	-
Issuance of Common Stock	-	-	2,312	-	-
Other Financing Activities	-229.82	-88.27	-82.44	-204.35	-
Financing Cash Flow	144.56	-71.08	1,844	-1,596	-
Foreign Exchange Rate Adjustments	0.04	0.28	-	-	-
Miscellaneous Cash Flow Adjustments	-51.49	-251.63	-	-	-
Net Cash Flow	869.79	-580.73	770.38	-129.67	-
Free Cash Flow	1,393	568.38	344.21	1,550	-
Free Cash Flow Growth	145.02%	65.13%	-77.79%	-	-
Free Cash Flow Margin	15.29%	5.96%	3.16%	12.30%	-
Free Cash Flow Per Share	0.57	0.23	0.14	0.73	-
Cash Interest Paid	229.82	88.27	108.89	173.01	-
Cash Income Tax Paid	13.44	27.32	36.04	32.41	-
Levered Free Cash Flow	705.22	-600.46	-170.36	583.6	-
Unlevered Free Cash Flow	850.14	-489.72	-109.77	701.55	-
Change in Working Capital	146.65	853.43	427.19	-958.34	-

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