IST:MAKIM 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	19.83	72.47	193.73	95.9	57.14
Depreciation & Amortization	33.77	27.23	9.61	4.34	0.77
Loss (Gain) From Sale of Assets	-33.11	-0.03	-	-	-
Provision & Write-off of Bad Debts	8.92	-0.13	-0.12	0.02	0.11
Other Operating Activities	152.01	186.48	45.38	6.69	0.62
Change in Accounts Receivable	-158.17	126.99	-163.34	-49.56	-17.21
Change in Inventory	-30.69	-50.75	-32.01	-16.86	-5.93
Change in Accounts Payable	113.52	69.78	11.18	13.95	3.55
Change in Unearned Revenue	-1.61	-9.05	13.24	-3.72	2.09
Change in Other Net Operating Assets	8.27	6.73	-29.96	7.92	-13.79
Operating Cash Flow	112.73	429.72	47.72	58.67	27.34
Operating Cash Flow Growth	-73.77%	800.45%	-18.66%	114.55%	62.41%
Capital Expenditures	-76.23	-373.22	-87.22	-67.47	-19.82
Sale of Property, Plant & Equipment	5.38	4.12	0.07	-	-
Sale (Purchase) of Real Estate	35.64	-	-	-	-
Investment in Securities	-33.62	3.97	-4.44	-	0.51
Investing Cash Flow	-68.83	-365.13	-91.6	-67.47	-19.31
Long-Term Debt Issued	203.16	209.87	263.68	10.58	1
Long-Term Debt Repaid	-111.06	-96.23	-138.9	-2.56	-
Net Debt Issued (Repaid)	92.1	113.65	124.78	8.01	1
Repurchase of Common Stock	-8.6	-	-	-	-
Common Dividends Paid	-	-	-	-	-9.12
Other Financing Activities	-49.63	-53.44	-17.8	-0.4	-0.24
Financing Cash Flow	33.87	60.21	106.97	7.61	-8.36
Miscellaneous Cash Flow Adjustments	-52	-42.39	-27.38	-31.77	-
Net Cash Flow	25.78	82.4	35.71	-32.97	-0.33
Free Cash Flow	36.5	56.5	-39.5	-8.8	7.52
Free Cash Flow Growth	-35.39%	-	-	-	-51.29%
Free Cash Flow Margin	2.61%	4.10%	-3.46%	-1.59%	5.19%
Free Cash Flow Per Share	0.33	0.50	-0.35	-0.08	0.07
Cash Interest Paid	49.63	53.44	17.8	0.4	0.24
Cash Income Tax Paid	2.66	5.77	-10.23	0.04	1.22
Levered Free Cash Flow	-14.35	-147.53	-95.15	-134.59	-19.33
Unlevered Free Cash Flow	19.58	-114.13	-74.31	-133.41	-18.83
Change in Working Capital	-68.67	143.7	-200.88	-48.28	-31.3

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