IST:NTGAZ 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	900.6	365.6	139.33	1,108	26.19
Depreciation & Amortization	483.29	389.4	468.79	239.94	36.6
Other Amortization	-	0.82	1.82	1.82	0.4
Loss (Gain) on Sale of Assets	3.11	0.03	-29.23	-27.82	-0.91
Loss (Gain) on Equity Investments	-0.35	-	-	-	-
Change in Accounts Receivable	-195.11	-420.92	53.21	-830.41	-75.74
Change in Inventory	-44.19	-1.42	2.37	-45.76	-5.1
Change in Accounts Payable	-13.87	311.81	-36.94	85.85	0.21
Change in Other Net Operating Assets	-27.47	-123.71	-81.71	-66.15	92.26
Other Operating Activities	441.7	296.16	493.99	300.66	31.78
Operating Cash Flow	1,548	819.28	1,014	766.13	105.67
Operating Cash Flow Growth	88.91%	-19.20%	32.35%	624.99%	31.55%
Capital Expenditures	-1,083	-603.24	-551.33	-342.13	-29.38
Sale of Property, Plant & Equipment	13.92	27.66	100.07	55.82	1.15
Cash Acquisitions	-18.62	-3.02	-	-	-
Sale (Purchase) of Intangibles	-	-	-	-0.91	-0.41
Investment in Securities	-	-	-	-	0.25
Investing Cash Flow	-1,087	-578.59	-451.27	-296.96	-28.39
Short-Term Debt Issued	-	231.19	-	-	-
Long-Term Debt Issued	82.98	-	-	-	10.89
Total Debt Issued	82.98	231.19	-	-	10.89
Long-Term Debt Repaid	-83.74	-19.85	-76.33	-41.47	-99.22
Net Debt Issued (Repaid)	-0.75	211.33	-76.33	-41.47	-88.34
Issuance of Common Stock	-	-	-	-	123.28
Common Dividends Paid	-461.86	-376.47	-715.15	-35.78	-32.5
Other Financing Activities	90.47	38.96	57.34	20.61	-0.86
Financing Cash Flow	-372.14	-126.18	-734.15	-56.63	1.59
Foreign Exchange Rate Adjustments	-	-	-	-56.57	-
Miscellaneous Cash Flow Adjustments	-219.64	-107.34	-337.25	-	-
Net Cash Flow	-131.58	7.17	-508.71	355.97	78.87
Free Cash Flow	464.9	216.04	462.62	424	76.29
Free Cash Flow Growth	115.19%	-53.30%	9.11%	455.75%	20.66%
Free Cash Flow Margin	5.85%	3.77%	7.93%	6.05%	10.96%
Free Cash Flow Per Share	0.67	0.31	0.67	0.61	0.11
Cash Interest Paid	-	37.63	30.73	24.76	7.95
Cash Income Tax Paid	-	-	-	90.48	2.2
Levered Free Cash Flow	-11.43	265.8	317.53	433.53	47.29
Unlevered Free Cash Flow	31.92	293.79	336.74	455.35	55.11
Change in Working Capital	-280.64	-234.24	-63.07	-856.47	11.63

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