IST:KERVN 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	-46.51	376.57	-536.27	-131.56	-40.2
Depreciation & Amortization	32	56.15	52.17	33.83	2.89
Loss (Gain) From Sale of Assets	-	-	-	-	7.11
Asset Writedown & Restructuring Costs	-	-	-	-	-617.59
Provision & Write-off of Bad Debts	-	-	-	-	40.75
Other Operating Activities	192.4	141.62	456.43	6.52	681.83
Change in Accounts Receivable	-219.94	-73.94	3.47	13.71	-52.06
Change in Inventory	0.01	0.16	-0.17	-0.06	6.36
Change in Accounts Payable	813.87	920.05	226.38	145.57	17.67
Change in Unearned Revenue	-13.29	-71.38	-0.47	-8.36	14.99
Change in Other Net Operating Assets	7.05	-18.6	15.9	221.79	-0.24
Operating Cash Flow	765.6	1,331	217.44	281.44	61.5
Operating Cash Flow Growth	-42.46%	511.96%	-22.74%	357.64%	-
Capital Expenditures	-0.31	-1.34	-	-	-
Sale of Property, Plant & Equipment	-	-	0.1	235.17	0
Sale (Purchase) of Intangibles	-9.47	-9.96	-3.71	-3.73	-
Sale (Purchase) of Real Estate	-37.46	-1,982	-3,000	-1,401	-
Investing Cash Flow	-47.23	-1,993	-3,004	-1,170	0
Long-Term Debt Issued	1,416	55.33	1,989	580.33	-
Long-Term Debt Repaid	-	-	-	-	-66.99
Net Debt Issued (Repaid)	1,416	55.33	1,989	580.33	-66.99
Issuance of Common Stock	-	-	-	-	5.58
Other Financing Activities	-219.38	0.37	4.49	-3.56	-
Financing Cash Flow	1,196	55.7	1,994	576.77	-61.42
Foreign Exchange Rate Adjustments	-	-	-	310.54	-
Miscellaneous Cash Flow Adjustments	-1,914	607.05	794.51	-	-
Net Cash Flow	1.12	0.53	1.72	-1.09	0.08
Free Cash Flow	765.29	1,329	217.44	281.44	61.5
Free Cash Flow Growth	-42.43%	511.34%	-22.74%	357.64%	-
Free Cash Flow Margin	142335.56%	41598.14%	18600.81%	3958897.58%	83.12%
Free Cash Flow Per Share	-	2.26	0.37	0.48	0.10
Levered Free Cash Flow	-4.18	-570.07	348.91	222.09	175.68
Unlevered Free Cash Flow	910.76	-476.19	459.4	337.83	187.7
Change in Working Capital	587.71	756.29	245.11	372.65	-13.28

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