IST:KERVN Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,603	-46.51	492.91	-536.27	-131.56	-40.2
Depreciation & Amortization	7.38	32	73.5	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	-1,149	192.4	185.37	456.43	6.52	681.83
Change in Accounts Receivable	-376.18	-219.94	-96.78	3.47	13.71	-52.06
Change in Inventory	-0	0.01	0.21	-0.17	-0.06	6.36
Change in Accounts Payable	-600.24	813.87	1,204	226.38	145.57	17.67
Change in Unearned Revenue	1,368	-13.29	-93.43	-0.47	-8.36	14.99
Change in Other Net Operating Assets	-21.65	7.05	-24.35	15.9	221.79	-0.24
Operating Cash Flow	831.3	765.6	1,742	217.44	281.44	61.5
Operating Cash Flow Growth	-41.82%	-56.04%	701.00%	-22.74%	357.64%	-
Capital Expenditures	0.19	-0.31	-1.76	-	-	-
Sale of Property, Plant & Equipment	0.02	-	-	0.1	235.17	0
Sale (Purchase) of Intangibles	-9.3	-9.47	-13.03	-3.71	-3.73	-
Sale (Purchase) of Real Estate	3,176	-37.46	-2,594	-3,000	-1,401	-
Investing Cash Flow	3,167	-47.23	-2,608	-3,004	-1,170	0
Long-Term Debt Issued	-	1,416	72.42	1,989	580.33	-
Long-Term Debt Repaid	-	-	-	-	-	-66.99
Net Debt Issued (Repaid)	-4,209	1,416	72.42	1,989	580.33	-66.99
Issuance of Common Stock	-	-	-	-	-	5.58
Other Financing Activities	40.06	-219.38	0.49	4.49	-3.56	-
Financing Cash Flow	-4,169	1,196	72.91	1,994	576.77	-61.42
Foreign Exchange Rate Adjustments	-	-	-	-	310.54	-
Miscellaneous Cash Flow Adjustments	172.1	-1,914	794.58	794.51	-	-
Net Cash Flow	0.77	1.12	0.69	1.72	-1.09	0.08
Free Cash Flow	831.49	765.29	1,740	217.44	281.44	61.5
Free Cash Flow Growth	-41.78%	-56.02%	700.19%	-22.74%	357.64%	-
Free Cash Flow Margin	-	142335.56%	41598.15%	18600.81%	3958897.58%	83.12%
Free Cash Flow Per Share	-	1.30	2.96	0.37	0.48	0.10
Levered Free Cash Flow	575.13	156.47	-422.76	348.91	222.09	175.68
Unlevered Free Cash Flow	575.13	186.56	-299.87	459.4	337.83	187.7
Change in Working Capital	370.22	587.71	989.93	245.11	372.65	-13.28

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