IST:IZENR 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	FY 2020
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	Dec '20 Dec 31, 2020
Net Income	592.58	-928.78	1,579	3,762	-	-
Depreciation & Amortization	506.05	566.79	391.26	264.43	-	-
Loss (Gain) on Sale of Assets	6.24	-24.37	-0.25	3.47	-	-
Loss (Gain) on Sale of Investments	-87.33	30.54	-8.73	-	-	-
Asset Writedown	235.84	235.84	-	-	-	-
Change in Accounts Receivable	-27.46	-33.45	-200.96	-57.37	-	-
Change in Inventory	-838.93	533.17	711.61	-720.56	-	-
Change in Accounts Payable	-11.54	-97.8	15.56	25.07	-	-
Change in Other Net Operating Assets	104.85	-109.41	-99.03	-205.49	-	-
Other Operating Activities	523.17	436.77	-1,359	-1,457	-	-
Operating Cash Flow	1,003	609.29	1,029	1,614	-	-
Operating Cash Flow Growth	513.67%	-40.80%	-36.23%	-	-	-
Capital Expenditures	-735.9	-545.6	-684.93	-64.16	-	-
Sale of Property, Plant & Equipment	-11.31	48.22	0.87	1.41	-	-
Cash Acquisitions	314.82	-	-	-97.39	-	-
Investment in Securities	-290.58	-290.58	-91.7	-	-	-
Other Investing Activities	-847.23	-434.95	-1,327	12.93	-	-
Investing Cash Flow	-1,570	-1,223	-2,103	-147.21	-	-
Long-Term Debt Issued	-	344.97	1,371	1,734	-	-
Long-Term Debt Repaid	-	-320.79	-1,757	-3,126	-	-
Net Debt Issued (Repaid)	404.57	24.18	-385.34	-1,392	-	-
Issuance of Common Stock	-	-	2,312	-	-	-
Other Financing Activities	-132.88	-21.7	-82.44	-204.35	-	-
Financing Cash Flow	271.68	2.47	1,844	-1,596	-	-
Foreign Exchange Rate Adjustments	0.23	-0.22	-	-	-	-
Miscellaneous Cash Flow Adjustments	-23.2	167.7	-	-	-	-
Net Cash Flow	-318.01	-443.67	770.38	-129.67	-	-
Free Cash Flow	267.58	63.69	344.21	1,550	-	-
Free Cash Flow Growth	-	-81.50%	-77.79%	-	-	-
Free Cash Flow Margin	3.78%	0.88%	3.16%	12.30%	-	-
Free Cash Flow Per Share	0.11	0.03	0.14	0.73	-	-
Cash Interest Paid	184.95	67.44	108.89	173.01	-	-
Cash Income Tax Paid	0.8	20.88	36.04	32.41	-	-
Levered Free Cash Flow	-440.92	427.83	-170.36	583.6	-	-
Unlevered Free Cash Flow	-324.1	512.44	-109.77	701.55	-	-
Change in Working Capital	-773.08	292.5	427.19	-958.34	-	-

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