IST:MAGEN 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	-1,616	-368.95	448.79	-1,243	1,010
Depreciation & Amortization	432.26	391.79	295.22	269.48	86.14
Loss (Gain) on Sale of Assets	-	-	-1.8	-6.65	-
Loss (Gain) on Sale of Investments	895.33	-318.79	-530.85	-	-360.1
Asset Writedown	1,590	1,691	480.41	2,107	-550.38
Stock-Based Compensation	-	-	-	-	-317.75
Change in Accounts Receivable	512.18	361.74	509.44	-84.33	-291.89
Change in Inventory	20.28	19.15	-53.18	-0.57	-1.02
Change in Accounts Payable	-57.21	-193.76	-363.37	73.81	110.18
Change in Unearned Revenue	-9.16	-7.46	28.21	-20.31	2.37
Change in Other Net Operating Assets	28.85	59.58	-49.14	-170.46	-21.6
Other Operating Activities	-1,010	-1,369	-1,202	-820.24	-494.41
Operating Cash Flow	787.03	265.44	-438.62	104.59	-828.26
Operating Cash Flow Growth	196.50%	-	-	-	-
Capital Expenditures	-96.81	-82.44	-55.46	-158.28	-
Sale of Property, Plant & Equipment	43.83	13.95	30.31	29.09	-
Cash Acquisitions	-316.01	-	-	-	0.05
Investment in Securities	-	-	-1,009	-424.84	-
Other Investing Activities	92.74	62.6	210.58	19.33	-112.3
Investing Cash Flow	-276.25	-5.9	-823.39	-534.7	-112.25
Long-Term Debt Issued	960.78	1,551	1,519	186.55	920.26
Long-Term Debt Repaid	-1,229	-1,154	-1,158	-614.54	-
Net Debt Issued (Repaid)	-267.98	396.67	361.81	-427.99	920.26
Issuance of Common Stock	-	-	-	-	824.94
Repurchase of Common Stock	-2.97	-39.78	-41.5	-	-
Common Dividends Paid	-	-	-20.65	-143.24	-
Other Financing Activities	-8.36	-803.1	862.34	-965.96	-0.95
Financing Cash Flow	-279.31	-446.22	1,162	-1,537	1,744
Foreign Exchange Rate Adjustments	-	-	-209.58	-	-
Miscellaneous Cash Flow Adjustments	35.59	-149.76	-	-	-
Net Cash Flow	267.06	-336.44	-309.59	-1,967	803.74
Free Cash Flow	690.22	182.99	-494.08	-53.68	-828.26
Free Cash Flow Growth	277.18%	-	-	-	-
Free Cash Flow Margin	50.18%	12.32%	-45.11%	-4.33%	-162.78%
Free Cash Flow Per Share	0.23	0.06	-0.17	-0.02	-0.28
Cash Interest Paid	607.83	482.57	320.24	146.88	92.53
Cash Income Tax Paid	1.27	-6.69	3.7	-1.6	1.05
Levered Free Cash Flow	1,069	-502.81	1,168	-1,163	-330.41
Unlevered Free Cash Flow	1,449	-201.21	1,381	-1,071	-272.58
Change in Working Capital	494.93	239.24	71.97	-201.86	-201.96

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