IST:MACKO 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	321.56	255.42	219.95	113.41	85.54
Depreciation & Amortization	70.11	40.03	30.6	21.91	5.2
Loss (Gain) From Sale of Investments	26.14	-	-	-	-
Provision & Write-off of Bad Debts	1.97	0.57	0.53	0.38	-0.56
Other Operating Activities	75.5	40.79	89.31	79.94	4.46
Change in Accounts Receivable	-72.34	-15.5	-36.32	-12	-14.49
Change in Accounts Payable	-13.04	1.57	-4.83	-1.24	1.34
Change in Unearned Revenue	-0.62	0.31	-0.26	0.39	-0.01
Change in Other Net Operating Assets	-154.73	-64.78	-60.34	-5.3	62.77
Operating Cash Flow	254.54	258.42	238.64	197.48	144.24
Operating Cash Flow Growth	-1.50%	8.29%	20.84%	36.91%	-
Capital Expenditures	-9.06	-4.43	-9.71	-3.75	-0.27
Cash Acquisitions	-	-	-	-	-48.99
Sale (Purchase) of Intangibles	-61.61	-35.57	-26.2	-6.35	-4.01
Investing Cash Flow	-70.68	-40.01	-35.91	-10.1	-53.27
Long-Term Debt Issued	309.77	3.73	12.95	-	-
Long-Term Debt Repaid	-249.58	-10.71	-17.49	-5.37	-0.42
Net Debt Issued (Repaid)	60.19	-6.98	-4.54	-5.37	-0.42
Issuance of Common Stock	-	-	-	-	0.75
Repurchase of Common Stock	-105.74	-	-	-	-
Common Dividends Paid	-123.41	-239.81	-142.74	-68.65	-101.29
Other Financing Activities	-24.4	1.93	9.83	0.36	0.34
Financing Cash Flow	-193.34	-244.86	-137.45	-73.66	-100.62
Foreign Exchange Rate Adjustments	18.01	7.15	-13.63	4.8	9.1
Miscellaneous Cash Flow Adjustments	-33.81	-44.55	-92.4	-84.99	-
Net Cash Flow	-25.28	-63.85	-40.76	33.53	-0.54
Free Cash Flow	245.47	253.98	228.92	193.74	143.97
Free Cash Flow Growth	-3.35%	10.95%	18.16%	34.56%	-
Free Cash Flow Margin	22.32%	36.42%	42.14%	56.69%	126.46%
Free Cash Flow Per Share	3.50	2.54	2.29	2.12	8.08
Cash Interest Paid	27.74	-	-	-	-
Levered Free Cash Flow	183.08	77.21	126.94	73.28	-
Unlevered Free Cash Flow	209.38	78.26	128.04	74.21	-
Change in Working Capital	-240.74	-78.39	-101.75	-18.15	49.61

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