IST:KOPOL 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	-43.96	395.12	342.1	445.14	149.58
Depreciation & Amortization	150.38	119.52	80.39	51.29	25.12
Provision & Write-off of Bad Debts	7.9	3.6	2.86	-0.74	-0.03
Other Operating Activities	277.78	169.79	282.81	-51.64	36.43
Change in Accounts Receivable	-2,141	-584.37	-568.23	-312.91	-283.32
Change in Inventory	75.94	-101.09	-85.96	-245.11	-85.52
Change in Accounts Payable	53	-949.33	1,603	-70.83	77.03
Change in Unearned Revenue	-12.32	22.02	-22.8	11.22	38.35
Change in Other Net Operating Assets	55.14	1,184	-1,340	-516.32	98.56
Operating Cash Flow	-1,577	259.58	357.12	-744.56	56.2
Operating Cash Flow Growth	-	-27.31%	-	-	-63.73%
Capital Expenditures	-179.01	-165.1	-144.75	-137.17	-11.84
Sale of Property, Plant & Equipment	-	-	-	0.05	0.03
Sale (Purchase) of Intangibles	-	-0.13	-0.06	-0.6	-0.04
Investing Cash Flow	-179.01	-165.23	-144.81	-137.72	-11.85
Long-Term Debt Issued	2,927	944.81	859.82	972.03	445.61
Long-Term Debt Repaid	-1,301	-536.5	-1,209	-102.71	-281.86
Net Debt Issued (Repaid)	1,626	408.31	-349.48	869.33	163.75
Issuance of Common Stock	-	-	554.05	183	-
Other Financing Activities	-230.39	-141.47	-103.37	-63.31	-11.22
Financing Cash Flow	1,396	266.83	101.19	989.02	152.52
Foreign Exchange Rate Adjustments	266.15	-118.39	-351.63	-62.39	-158.04
Net Cash Flow	-94.23	242.8	-38.12	44.35	38.84
Free Cash Flow	-1,756	94.48	212.37	-881.73	44.36
Free Cash Flow Growth	-	-55.51%	-	-	-69.50%
Free Cash Flow Margin	-32.13%	1.94%	5.90%	-30.33%	3.33%
Free Cash Flow Per Share	-1.35	0.07	0.16	-1.86	0.74
Cash Interest Paid	244.38	146.8	111.87	64.18	11.39
Cash Income Tax Paid	17.4	9.7	8.95	57.78	3.79
Levered Free Cash Flow	-1,654	-75.61	-165.02	-534.35	-99.61
Unlevered Free Cash Flow	-1,501	16.14	-95.1	-494.24	-92.49
Change in Working Capital	-1,969	-428.45	-351.05	-1,189	-154.89

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