IST:LOGO 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	1,501	460.56	202.35	318.61	264.65
Depreciation & Amortization	141.36	112.84	-35.69	58.58	19.63
Other Amortization	615.92	535.34	447.91	269.08	59.25
Loss (Gain) From Sale of Assets	-776.33	-	-	-	-
Loss (Gain) From Sale of Investments	-133.06	-182.23	-169.22	-121.92	-
Provision & Write-off of Bad Debts	2.3	3.43	2.72	-3.39	-22.04
Other Operating Activities	623.49	925.17	-1.56	-439.93	-71.39
Change in Accounts Receivable	-349.34	-780.98	-409.52	-284.04	-13.47
Change in Inventory	-14.56	24.97	-47.28	-7.71	-3.08
Change in Accounts Payable	168.12	214.6	147.82	152.2	4.35
Change in Other Net Operating Assets	327.93	471.31	624.88	233.62	135.28
Operating Cash Flow	2,107	2,088	976.97	175.12	373.17
Operating Cash Flow Growth	0.90%	113.69%	457.89%	-53.07%	41.30%
Capital Expenditures	-27.78	-33.1	-759.89	-50.82	-4.66
Sale of Property, Plant & Equipment	111.62	4.26	2.37	2.77	0.32
Sale (Purchase) of Intangibles	-918.78	-1,006	-	-446.73	-135.6
Investment in Securities	141.01	658.68	-182.99	-309.07	-289.96
Other Investing Activities	-	-262.07	-7.73	230.12	33.96
Investing Cash Flow	-693.94	-638.03	-948.23	-573.73	-395.94
Long-Term Debt Issued	0.91	11.1	13.38	21.76	89.25
Long-Term Debt Repaid	-34.17	-49.64	-33.38	-91.94	-81.87
Net Debt Issued (Repaid)	-33.27	-38.54	-20	-70.18	7.39
Issuance of Common Stock	-	-	-	-	9.77
Repurchase of Common Stock	-	-161.76	-162.6	-36.75	-
Common Dividends Paid	-553.84	-568.45	-305.58	-178.21	-28.67
Other Financing Activities	-78.87	-258.45	-231.84	-130.71	-7.97
Financing Cash Flow	-665.98	-1,027	-720.02	-415.85	-19.49
Foreign Exchange Rate Adjustments	-	11.04	1,065	932.64	40.06
Miscellaneous Cash Flow Adjustments	-112.86	-294.62	-214.3	-442.71	-
Net Cash Flow	633.77	138.89	159.61	-324.52	-2.21
Free Cash Flow	2,079	2,055	217.08	124.3	368.5
Free Cash Flow Growth	1.18%	846.48%	74.65%	-66.27%	41.16%
Free Cash Flow Margin	35.84%	38.43%	6.92%	4.30%	48.06%
Free Cash Flow Per Share	22.16	21.86	2.27	1.29	3.81
Cash Interest Paid	214.95	435.37	170.83	130.71	7.97
Cash Income Tax Paid	-	17.61	167.31	80.48	25.26
Levered Free Cash Flow	2,497	-2,062	801.42	1,053	218.67
Unlevered Free Cash Flow	2,639	-1,787	969.93	1,136	225.03
Change in Working Capital	132.14	-70.1	315.9	94.08	123.08

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