IST:KUVVA 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	-188.64	254.22	139.79	3.44	0.61
Depreciation & Amortization	338.02	38.88	18.95	5.52	0.05
Loss (Gain) From Sale of Investments	-	-	-	-	2.9
Loss (Gain) on Equity Investments	-	-	-	-	-1.48
Provision & Write-off of Bad Debts	2.7	0.48	-1.27	-1.35	3.42
Other Operating Activities	-82.14	-294.24	121.31	31.37	-1.47
Change in Accounts Receivable	283.56	732.55	-40.9	-14.09	-1.28
Change in Inventory	-44.12	-7.5	7.06	-7.8	-
Change in Accounts Payable	-34.32	118.76	8.16	9.59	-0.03
Change in Unearned Revenue	-21.56	33.67	-0.01	1.03	0.08
Change in Other Net Operating Assets	-332.69	19.95	-447.4	-124.09	5.97
Operating Cash Flow	-79.19	896.77	-194.3	-96.37	8.77
Capital Expenditures	-91.34	-823.81	-176.26	-27.15	-
Sale of Property, Plant & Equipment	30.3	-	0.31	-	-
Sale (Purchase) of Intangibles	-21.87	-	-	-	-0.01
Investment in Securities	-	-	-	31.13	-
Investing Cash Flow	-82.91	-823.81	-175.95	3.98	-0.01
Long-Term Debt Issued	217.39	-	-	79.68	-
Total Debt Issued	217.39	-	-	79.68	-
Long-Term Debt Repaid	-0.13	-50.97	-81.7	-	-3.98
Total Debt Repaid	-0.13	-50.97	-81.7	-	-3.98
Net Debt Issued (Repaid)	217.26	-50.97	-81.7	79.68	-3.98
Issuance of Common Stock	-	-	440.69	24.02	-
Other Financing Activities	-85.82	-	0.21	-10.69	-
Financing Cash Flow	131.43	-50.97	359.2	93.01	-3.98
Miscellaneous Cash Flow Adjustments	3.15	7.28	-	-5.09	-
Net Cash Flow	-27.52	29.27	-11.05	-4.47	4.78
Free Cash Flow	-170.53	72.95	-370.57	-123.52	8.77
Free Cash Flow Margin	-17.74%	5.45%	-350.06%	-238.10%	243.53%
Free Cash Flow Per Share	-5.49	2.35	-11.94	-4.92	0.65
Cash Interest Paid	88.6	-	-	12.23	-
Cash Income Tax Paid	0.11	-	-	-	-
Levered Free Cash Flow	-458.77	451.54	-174.23	-46.8	4.69
Unlevered Free Cash Flow	-403.4	548.79	-155.94	-39.16	4.69
Change in Working Capital	-149.13	897.43	-473.09	-135.35	4.74

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