Migros Ticaret A.S. 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	6,467	8,298	12,747	2,570	358.88
Depreciation & Amortization	16,070	13,060	8,934	1,178	907.19
Loss (Gain) From Sale of Assets	-105.52	-818.96	-528.34	-24.32	-225.21
Asset Writedown & Restructuring Costs	16.83	466.1	35.34	6.32	9.47
Provision & Write-off of Bad Debts	77.93	47.92	12.23	10.5	4.46
Other Operating Activities	3,444	2,887	558.13	14.53	1,169
Change in Accounts Receivable	-682.56	-1,063	652.7	-317.19	-5.37
Change in Inventory	-463.87	845.43	-4,969	-6,321	-1,413
Change in Accounts Payable	3,882	5,567	5,417	11,449	2,346
Change in Other Net Operating Assets	-50.4	6,480	-709.71	-526.3	102.54
Operating Cash Flow	28,655	35,816	22,187	8,040	3,253
Operating Cash Flow Growth	-19.99%	61.43%	175.96%	147.11%	7.63%
Capital Expenditures	-12,002	-11,447	-8,178	-2,262	-870.03
Sale of Property, Plant & Equipment	167.23	1,455	1,897	67.57	87.89
Cash Acquisitions	-	-1,331	-295.18	-104.5	-
Divestitures	-	1,043	-	-	374.45
Sale (Purchase) of Intangibles	-1,811	-1,511	-976.08	-	-99.36
Sale (Purchase) of Real Estate	-	-5	-98.34	-	-
Other Investing Activities	-317	-417.99	-	-	-
Investing Cash Flow	-13,963	-12,214	-7,650	-2,299	-507.05
Long-Term Debt Issued	793.23	3.41	1,875	708	922.52
Long-Term Debt Repaid	-9,270	-7,272	-6,365	-2,227	-2,830
Net Debt Issued (Repaid)	-8,476	-7,269	-4,490	-1,519	-1,908
Common Dividends Paid	-2,059	-2,635	-958.32	-	-
Other Financing Activities	1,246	1,325	511.81	-37.81	-316.01
Financing Cash Flow	-9,289	-8,579	-4,937	-1,557	-2,224
Foreign Exchange Rate Adjustments	13.09	-250.59	108.74	-137.7	-121.2
Miscellaneous Cash Flow Adjustments	-7,114	-8,638	-10,137	-	-
Net Cash Flow	-1,699	6,134	-429.09	4,046	401.55
Free Cash Flow	16,653	24,369	14,009	5,778	2,383
Free Cash Flow Growth	-31.66%	73.95%	142.47%	142.41%	-5.90%
Free Cash Flow Margin	4.04%	6.34%	5.34%	7.75%	6.57%
Free Cash Flow Per Share	91.98	134.60	77.38	31.91	13.16
Cash Interest Paid	28,347	29,988	11,344	2,692	1,705
Cash Income Tax Paid	1,869	1,169	429.59	470.77	144.7
Levered Free Cash Flow	-6,639	3,908	3,945	5,356	1,702
Unlevered Free Cash Flow	10,497	20,833	9,993	7,451	3,015
Change in Working Capital	2,685	11,830	391.31	4,284	1,029

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