IST:MAKTK Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	301.02	212.08	153.58	72.97	23.62	6.5
Depreciation & Amortization	61.34	88.86	68.05	45.03	8.62	8.53
Asset Writedown & Restructuring Costs	-2.14	-2.14	19.4	-0.54	-	-
Provision & Write-off of Bad Debts	-1.91	-1.79	-2.83	1.12	0.07	0.52
Other Operating Activities	-204.76	-200.39	-5.57	4.73	2.37	2.1
Change in Accounts Receivable	41.89	-255.15	-31.77	28.17	22.17	0.4
Change in Inventory	66.87	-2.41	-17.15	-1.6	-18.26	-9.37
Change in Accounts Payable	-9.72	0.82	43.79	10.82	1.92	7.09
Change in Unearned Revenue	-201.75	145.98	38.85	25.35	-0.84	-1.84
Change in Other Net Operating Assets	-23.55	9.79	1.19	3.78	-69.93	-7.12
Operating Cash Flow	27.3	-4.35	267.54	189.83	-30.27	6.82
Operating Cash Flow Growth	-28.28%	-	40.94%	-	-	-4.93%
Capital Expenditures	-8.8	-38.41	-89.53	-135.55	-6.13	-0.43
Sale of Property, Plant & Equipment	-61.27	285.33	-	3.35	-	-
Sale (Purchase) of Intangibles	-	-	-0.24	-	-	-0.01
Other Investing Activities	184.68	-113.31	-85.82	-36.93	43.5	2.54
Investing Cash Flow	114.6	133.62	-175.59	-169.13	37.36	2.11
Short-Term Debt Repaid	-	-	-	-	-	-4.99
Long-Term Debt Repaid	-	-116.87	-77.57	-14.37	-6.2	-3.92
Total Debt Repaid	-136.82	-116.87	-77.57	-14.37	-6.2	-8.9
Net Debt Issued (Repaid)	-136.82	-116.87	-77.57	-14.37	-6.2	-8.9
Other Financing Activities	-3.88	-11.34	-11.99	-1.25	-1.2	-0.12
Financing Cash Flow	-140.7	-128.21	-89.56	-15.62	-7.39	-9.03
Foreign Exchange Rate Adjustments	-0.86	-1.56	-1.94	-5.04	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-0	-	-
Net Cash Flow	0.34	-0.5	0.45	0.04	-0.3	-0.1
Free Cash Flow	18.5	-42.76	178.01	54.28	-36.4	6.39
Free Cash Flow Growth	-	-	227.97%	-	-	-6.91%
Free Cash Flow Margin	2.25%	-4.71%	21.01%	12.34%	-29.40%	7.48%
Free Cash Flow Per Share	0.09	-0.21	0.89	0.27	-0.18	0.03
Cash Interest Paid	3.88	11.34	11.99	1.25	1.2	0.12
Cash Income Tax Paid	178.67	49.94	28.87	20.38	7.25	2.48
Levered Free Cash Flow	-195.23	-164.53	-113.54	-212.58	74.5	4.84
Unlevered Free Cash Flow	-192.81	-157.45	-106.05	-198.37	76.18	5.73
Change in Working Capital	-126.24	-100.97	34.91	66.52	-64.95	-10.84

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.