IST:MERCN 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	141.91	-78.4	87.83	101.45	121.58
Depreciation & Amortization	68.18	77.07	51.43	37.45	8.02
Other Amortization	13.16	7.83	5.18	4.6	0.82
Asset Writedown & Restructuring Costs	-82.44	-72.66	-177.6	-100.08	-12.18
Loss (Gain) on Equity Investments	13.98	15.1	-17.35	-	-
Provision & Write-off of Bad Debts	1.28	21.98	4.86	-31.33	13.01
Other Operating Activities	5.58	343.99	261.66	-58.95	9.19
Change in Accounts Receivable	-32.3	75.23	-485.23	269.93	-92.89
Change in Inventory	-172.7	300	269.65	-41.83	-105.39
Change in Accounts Payable	72.8	-10.62	161.53	-182.88	51.42
Change in Unearned Revenue	-1.78	-23.84	-29.32	23.64	-4.6
Change in Other Net Operating Assets	33.34	83.52	-111.27	-104.23	-90.76
Operating Cash Flow	61.01	739.19	21.36	-82.23	-101.78
Operating Cash Flow Growth	-91.75%	3360.12%	-	-	-
Capital Expenditures	-123.21	-121.11	-372.63	-63.05	-47.14
Sale of Property, Plant & Equipment	-	9.29	8.17	0.23	0.99
Cash Acquisitions	-	-	-72.4	-	-
Sale (Purchase) of Real Estate	50	-	-5.96	-	-
Other Investing Activities	119.56	134.22	68.48	20.88	-
Investing Cash Flow	46.34	22.39	-374.33	-41.95	-46.15
Long-Term Debt Issued	251.67	-	701.7	157.04	241.87
Long-Term Debt Repaid	-	-129.47	-4.09	-2.77	-178.81
Net Debt Issued (Repaid)	251.67	-129.47	697.61	154.27	63.06
Issuance of Common Stock	-	-	-	-	155.78
Common Dividends Paid	-8.5	-19.99	-25.16	-2.54	-0.9
Other Financing Activities	-296.88	-548.75	-374.93	-3.51	-39.97
Financing Cash Flow	-53.71	-698.21	297.52	148.22	177.98
Foreign Exchange Rate Adjustments	-36.47	-47.86	33.49	22.89	7.39
Miscellaneous Cash Flow Adjustments	-53.74	-73.02	-86.81	-	-
Net Cash Flow	-36.57	-57.51	-108.77	46.92	37.44
Free Cash Flow	-62.21	618.08	-351.26	-145.28	-148.92
Free Cash Flow Margin	-2.15%	17.95%	-10.09%	-5.12%	-22.37%
Free Cash Flow Per Share	-0.33	3.25	-1.84	-0.76	-0.78
Cash Interest Paid	296.88	548.75	374.93	3.51	39.86
Cash Income Tax Paid	-	-13.29	5.27	59.51	2.37
Levered Free Cash Flow	192.55	-20.3	-384.13	-510.05	-159.87
Unlevered Free Cash Flow	378.1	322.67	-149.79	-416.56	-134.96
Change in Working Capital	-100.64	424.29	-194.65	-35.36	-242.22

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