IST:MAKTK 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	-29.16	277.6	153.58	72.97	23.62
Depreciation & Amortization	111.03	116.31	68.05	45.03	8.62
Asset Writedown & Restructuring Costs	-	-	-	-0.54	-
Provision & Write-off of Bad Debts	0.2	0.18	0.27	1.12	0.07
Other Operating Activities	-36.48	-267.62	10.74	4.73	2.37
Change in Accounts Receivable	206.73	-333.97	-31.77	28.17	22.17
Change in Inventory	91.84	-3.15	-17.15	-1.6	-18.26
Change in Accounts Payable	-29.5	1.07	43.79	10.82	1.92
Change in Unearned Revenue	-303.48	191.07	38.85	25.35	-0.84
Change in Other Net Operating Assets	14.82	12.81	1.19	3.78	-69.93
Operating Cash Flow	26	-5.69	267.54	189.83	-30.27
Operating Cash Flow Growth	-	-	40.94%	-	-
Capital Expenditures	-54.1	-50.27	-89.53	-135.55	-6.13
Sale of Property, Plant & Equipment	-	373.48	-	3.35	-
Sale (Purchase) of Intangibles	-1.58	-	-0.24	-	-
Other Investing Activities	115.7	-148.31	-85.82	-36.93	43.5
Investing Cash Flow	60.02	174.9	-175.59	-169.13	37.36
Long-Term Debt Repaid	-27.26	-152.97	-77.57	-14.37	-6.2
Total Debt Repaid	-27.26	-152.97	-77.57	-14.37	-6.2
Net Debt Issued (Repaid)	-27.26	-152.97	-77.57	-14.37	-6.2
Other Financing Activities	-58.76	-14.84	-11.99	-1.25	-1.2
Financing Cash Flow	-86.02	-167.81	-89.56	-15.62	-7.39
Foreign Exchange Rate Adjustments	-0.01	-2.05	-1.94	-5.04	-
Miscellaneous Cash Flow Adjustments	-	-	-	-0	-
Net Cash Flow	-0	-0.66	0.45	0.04	-0.3
Free Cash Flow	-28.09	-55.97	178.01	54.28	-36.4
Free Cash Flow Growth	-	-	227.97%	-	-
Free Cash Flow Margin	-2.63%	-4.71%	21.01%	12.34%	-29.40%
Free Cash Flow Per Share	-0.14	-0.28	0.89	0.27	-0.18
Cash Interest Paid	58.76	14.84	11.99	1.25	1.2
Cash Income Tax Paid	92.83	65.37	28.87	20.38	7.25
Levered Free Cash Flow	19.3	-303.26	-113.54	-212.58	74.5
Unlevered Free Cash Flow	47.11	-293.98	-106.05	-198.37	76.18
Change in Working Capital	-19.59	-132.17	34.91	66.52	-64.95

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