IST:MERIT 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	754.96	467.9	121.66	15.55	3.9
Depreciation & Amortization	0.01	-	-	-	0
Loss (Gain) on Equity Investments	-468	-25.64	-	-	-
Other Operating Activities	-14.81	-381.99	-60.04	17.53	-0.68
Change in Accounts Receivable	-40.17	35.07	-47.73	-13.71	-6.55
Change in Accounts Payable	-0.04	-0.31	-1.71	2.23	0.07
Change in Other Net Operating Assets	6.91	-25.23	47.04	-10.91	16.29
Operating Cash Flow	238.87	69.8	59.2	10.7	13.03
Operating Cash Flow Growth	242.24%	17.89%	453.43%	-17.89%	240374.38%
Capital Expenditures	-0.3	-	-	-	-
Cash Acquisitions	-	-	-	-3.38	-
Investment in Securities	-403.11	-30.11	-	-	-233
Other Investing Activities	223.43	-	-	-	-
Investing Cash Flow	-179.98	-30.11	-	-3.38	-233
Issuance of Common Stock	-	-	-	-	219.98
Common Dividends Paid	-53.59	-41.17	-57.9	-5.1	-
Financing Cash Flow	-53.59	-41.17	-57.9	-5.1	219.98
Foreign Exchange Rate Adjustments	-	-	1.31	-	-
Miscellaneous Cash Flow Adjustments	-0.37	-0.46	-	-0.08	-
Net Cash Flow	4.92	-1.94	2.61	2.15	0.01
Free Cash Flow	238.56	69.8	59.2	10.7	13.03
Free Cash Flow Growth	241.80%	17.89%	453.43%	-17.89%	240374.38%
Free Cash Flow Margin	73.44%	35.43%	39.63%	9.50%	114.62%
Free Cash Flow Per Share	0.71	2.49	0.18	0.03	0.10
Cash Income Tax Paid	28.52	15.6	8.29	5.56	0.48
Levered Free Cash Flow	53.52	43.41	41.69	7.88	12.82
Unlevered Free Cash Flow	53.52	43.41	41.69	7.88	12.82
Change in Working Capital	-33.3	9.53	-2.41	-22.39	9.81

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