IST:NATEN 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	-1,114	-49.55	117.21	-94.57	611.99
Depreciation & Amortization	504.12	332.34	350.8	308.27	90.7
Loss (Gain) on Sale of Assets	-	-	-	-61.04	-0.62
Loss (Gain) on Sale of Investments	895.33	-243.55	-530.85	-	-170.17
Loss (Gain) on Equity Investments	-0.1	-	-	-	-
Asset Writedown	1,541	1,517	427.38	2,108	-2,046
Change in Accounts Receivable	792.3	230.71	810.46	-158.19	-430.9
Change in Inventory	30.24	14.83	-12.63	-32.3	18.63
Change in Accounts Payable	-101.45	-314.08	-358.23	130.62	308.06
Change in Unearned Revenue	-16.11	-67.57	-15.15	29.99	15.53
Change in Other Net Operating Assets	7.46	294.99	-206.04	-601.04	33.02
Other Operating Activities	-2,002	-1,187	-897.53	-2,624	1,116
Operating Cash Flow	536	528.16	-314.59	-994.76	-454.05
Operating Cash Flow Growth	1.48%	-	-	-	-
Capital Expenditures	-118.05	-156.13	-97.46	-205.12	-169.79
Sale of Property, Plant & Equipment	49.75	100.28	47.62	85.65	26.73
Cash Acquisitions	-316.01	-	-	-	-
Investment in Securities	-	-	-810.26	-562.37	-
Other Investing Activities	357.27	60.33	213.55	491.82	60.21
Investing Cash Flow	-27.04	4.49	-646.55	-190.02	-82.85
Long-Term Debt Issued	1,005	1,337	1,934	522.96	899.75
Long-Term Debt Repaid	-1,381	-1,099	-1,375	-583.67	-
Net Debt Issued (Repaid)	-376	237.99	559.68	-60.71	899.75
Issuance of Common Stock	-	-	-	-	324.16
Repurchase of Common Stock	-	-4.45	-1.03	-6.63	-
Common Dividends Paid	-	-	-85.88	-103.52	-
Other Financing Activities	165.42	-911.88	383.64	-393.67	-74.92
Financing Cash Flow	-210.58	-678.33	856.41	-564.54	1,149
Miscellaneous Cash Flow Adjustments	-38.87	-120.49	-220.44	-	-
Net Cash Flow	259.51	-266.17	-325.17	-1,749	612.09
Free Cash Flow	417.94	372.03	-412.05	-1,200	-623.83
Free Cash Flow Growth	12.34%	-	-	-	-
Free Cash Flow Margin	26.02%	25.61%	-15.48%	-64.23%	-100.08%
Free Cash Flow Per Share	-	0.45	-0.50	-1.45	-0.76
Cash Interest Paid	-	434.03	400.08	206.49	76.07
Cash Income Tax Paid	-	20.3	31.64	-4.69	4.48
Levered Free Cash Flow	545.39	-590.91	549.1	-770.3	-91.45
Unlevered Free Cash Flow	1,493	-307.2	808.62	-641.25	-37.11
Change in Working Capital	712.43	158.87	218.41	-630.91	-55.67

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