IST:MEGAP 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	2015 - 2019
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	2015 - 2019
Net Income	445.76	484.94	356.64	81.37	15.97	20.04	Upgrade
Depreciation & Amortization	186.54	57.96	67.32	35.04	4.01	1.75	Upgrade
Provision & Write-off of Bad Debts	-	-	-	-	-	2.71	Upgrade
Other Operating Activities	926.79	-183.77	109.24	-6	14.62	-2.15	Upgrade
Change in Accounts Receivable	3,777	-6,052	-572.64	-592.27	-222.4	-45.89	Upgrade
Change in Inventory	-861.11	-440.24	-492.08	-115.84	-80.88	-2.94	Upgrade
Change in Accounts Payable	-3,740	5,865	297.72	594.06	141.93	47.1	Upgrade
Change in Unearned Revenue	-3,072	2,688	296.68	36.64	12.4	-0.57	Upgrade
Change in Other Net Operating Assets	2,439	-2,310	-77.12	-11.89	-15.84	-45.74	Upgrade
Operating Cash Flow	100.95	109.37	-14.25	21.1	-130.19	-25.68	Upgrade
Capital Expenditures	-121.21	-122.94	-292.14	-137.21	-37.6	-17.93	Upgrade
Sale of Property, Plant & Equipment	-	-	17.63	5.55	1.25	-	Upgrade
Sale (Purchase) of Intangibles	0.23	-	-	-1.51	-	-0.04	Upgrade
Investment in Securities	-0.05	-	-	-0.16	-	-	Upgrade
Investing Cash Flow	-121.03	-122.94	-274.51	-133.34	-36.35	-17.97	Upgrade
Long-Term Debt Issued	-	0.96	178.52	284.31	159.41	42.16	Upgrade
Long-Term Debt Repaid	-	-	-	-	-83.04	-13.26	Upgrade
Total Debt Repaid	128.51	-	-	-	-83.04	-13.26	Upgrade
Net Debt Issued (Repaid)	129.47	0.96	178.52	284.31	76.37	28.89	Upgrade
Issuance of Common Stock	-	25	262.74	-	100.91	13.22	Upgrade
Other Financing Activities	-1.52	-1.52	-233.32	-111.97	-9.27	-1.35	Upgrade
Financing Cash Flow	24.47	24.44	207.94	172.34	168.02	40.77	Upgrade
Miscellaneous Cash Flow Adjustments	0	-	0	0	-	-	Upgrade
Net Cash Flow	4.39	10.87	-80.82	60.11	1.48	-2.88	Upgrade
Free Cash Flow	-20.26	-13.57	-306.39	-116.11	-167.79	-43.61	Upgrade
Free Cash Flow Margin	-0.19%	-0.11%	-5.19%	-3.94%	-29.71%	-12.11%	Upgrade
Free Cash Flow Per Share	-0.07	-0.05	-1.23	-0.93	-1.34	-0.45	Upgrade
Cash Interest Paid	1.56	1.56	233.55	55.09	9.95	1.35	Upgrade
Cash Income Tax Paid	-	-0.08	0.47	-0.1	2.41	2.97	Upgrade
Levered Free Cash Flow	-363.64	-206.88	-701.21	-446.5	-195.21	-69.23	Upgrade
Unlevered Free Cash Flow	-332.72	-31.81	-513.87	-358.92	-177.76	-63.7	Upgrade
Change in Working Capital	-1,458	-249.76	-547.44	-89.3	-164.79	-48.03	Upgrade

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