IST:MANAS Cash Flow Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-447.78	-410.74	-147.96	56.89	-39.4	4.11
Depreciation & Amortization	57.21	59.29	34.39	20.84	10.9	1.21
Other Amortization	56.09	56.09	4.78	3.72	1.56	0.47
Asset Writedown & Restructuring Costs	25.62	25.62	-145.63	-5.18	-	-
Provision & Write-off of Bad Debts	-	-	-	-	-	0.14
Other Operating Activities	387.86	325.09	92.54	-58.33	-1.81	1.43
Change in Accounts Receivable	38.26	78.09	-43.07	73.19	26.41	-30.27
Change in Inventory	-116.07	-32.01	-88.34	-98.35	-32.72	-16.57
Change in Accounts Payable	-27.59	50.92	15.07	-56.58	23.55	7.48
Change in Unearned Revenue	33.09	25.74	-42.48	22.08	20.8	-2.25
Change in Other Net Operating Assets	83.5	116.76	244.24	-29.05	-51.62	-4.05
Operating Cash Flow	89.87	294.83	-76.46	-70.77	-42.32	-38.31
Capital Expenditures	-5.68	-7.56	-35.85	-13.19	-74.29	-0.94
Sale of Property, Plant & Equipment	3.23	2.91	1.82	2.98	0.64	-
Sale (Purchase) of Intangibles	-0.62	-33.6	-126.11	-36.99	-21.69	-3.97
Sale (Purchase) of Real Estate	-	-	-	-2.53	-	-
Investment in Securities	-	-	-	-0.53	-	-
Other Investing Activities	-4.93	-	-	-1.96	-	-0
Investing Cash Flow	-8	-38.25	-160.14	-52.21	-95.34	-4.92
Long-Term Debt Issued	-	501.58	1,324	587.62	356.64	36.07
Long-Term Debt Repaid	-	-433.99	-955.13	-442.56	-188.75	-69.11
Net Debt Issued (Repaid)	160.39	67.59	368.39	145.06	167.89	-33.04
Issuance of Common Stock	177.25	-	110.72	-	-	77.22
Other Financing Activities	-408.78	-312.03	-243.84	-57.94	-15.65	-
Financing Cash Flow	-71.14	-244.44	235.27	87.12	152.24	44.18
Net Cash Flow	8.86	12.14	-1.32	-35.86	14.58	0.96
Free Cash Flow	84.19	287.27	-112.31	-83.96	-116.61	-39.25
Free Cash Flow Margin	17.42%	55.62%	-23.61%	-21.12%	-43.27%	-40.72%
Free Cash Flow Per Share	-	1.74	-1.22	-1.05	-1.41	-0.47
Cash Interest Paid	312.11	312.11	243.85	58.15	16.12	-
Cash Income Tax Paid	-	-	-	48	-32.85	-
Levered Free Cash Flow	-371.3	68.7	-419.73	-138.07	-216.51	-37.97
Unlevered Free Cash Flow	-114.02	268.51	-258.7	-95.16	-205.49	-33.29
Change in Working Capital	11.19	239.5	85.42	-88.71	-13.58	-45.66

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