IST:MCARD 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
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	795.19	734.67	763.1	378.16
Depreciation & Amortization	226.72	211.84	143.97	119.97
Other Amortization	7.35	5.58	5.23	0.82
Asset Writedown & Restructuring Costs	79.16	-3.67	-13.46	20.36
Provision & Write-off of Bad Debts	-44.53	-43	-34.25	-9.91
Other Operating Activities	308.59	107.02	107.62	-17.11
Change in Accounts Receivable	247.92	-422.2	-344.89	-586.26
Change in Inventory	-2.33	-0.18	0.54	16.26
Change in Accounts Payable	-1,755	737.94	703.58	1,057
Change in Other Net Operating Assets	-73.54	-402.16	-368.03	-208.22
Operating Cash Flow	-863.96	925.86	963.39	771.38
Operating Cash Flow Growth	-	-3.90%	24.89%	-
Cash Acquisitions	-668.37	-668.37	-439.53	-411
Other Investing Activities	125.73	125.73	104.54	0.24
Investing Cash Flow	-480.69	-542.65	-335	-410.76
Long-Term Debt Issued	-	379.15	134.19	71.61
Net Debt Issued (Repaid)	317.57	379.15	134.19	71.61
Common Dividends Paid	-123.41	-685.24	-351.84	-
Other Financing Activities	-102.37	-47.13	79.19	14.61
Financing Cash Flow	1,034	-353.21	-138.45	86.22
Foreign Exchange Rate Adjustments	118.9	-154.94	-157.46	-110.17
Net Cash Flow	-191.64	-124.94	332.48	336.67
Cash Interest Paid	174.58	118.5	28.76	24.73
Cash Income Tax Paid	61.76	61.76	-9.68	-32.17
Levered Free Cash Flow	-	653.06	661.5	-
Unlevered Free Cash Flow	-	727.12	679.48	-
Change in Working Capital	-2,236	-86.59	-8.81	279.08