IST:MERIT 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
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
Net Income	436.13	357.47	121.66	15.55	3.9	2.44
Depreciation & Amortization	-	-	-	-	0	0
Loss (Gain) on Equity Investments	-158.15	-19.59	-	-	-	-
Other Operating Activities	-182.5	-279.49	-60.04	17.53	-0.68	-0.22
Change in Accounts Receivable	-36.27	13.23	-47.73	-13.71	-6.55	11.64
Change in Accounts Payable	0.47	-0.14	-1.71	2.23	0.07	-0.27
Change in Other Net Operating Assets	15.25	-17.68	47.04	-10.91	16.29	-13.6
Operating Cash Flow	74.93	53.8	59.2	10.7	13.03	0.01
Operating Cash Flow Growth	0.02%	-9.13%	453.43%	-17.89%	240374.38%	-78.29%
Cash Acquisitions	-	-	-	-3.38	-	-
Investment in Securities	-257.49	-23	-	-	-233	-
Investing Cash Flow	-34.06	-23	-	-3.38	-233	-
Issuance of Common Stock	-	-	-	-	219.98	-
Common Dividends Paid	-43.36	-31.45	-57.9	-5.1	-	-
Financing Cash Flow	-43.36	-31.45	-57.9	-5.1	219.98	-
Foreign Exchange Rate Adjustments	-2.48	-0.66	1.31	-	-	-
Miscellaneous Cash Flow Adjustments	0.58	-	-	-0.08	-	-
Net Cash Flow	-4.39	-1.31	2.61	2.15	0.01	0.01
Cash Income Tax Paid	16	11.92	8.29	5.56	0.48	0.42
Levered Free Cash Flow	31.85	40.26	41.69	7.88	12.82	-0.61
Unlevered Free Cash Flow	31.86	40.26	41.69	7.88	12.82	-0.58
Change in Working Capital	-20.55	-4.59	-2.41	-22.39	9.81	-2.22

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.