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	478.55	139.33	1,108	26.19
Depreciation & Amortization	481.42	509.69	468.79	239.94	36.6
Other Amortization	1.87	1.07	1.82	1.82	0.4
Loss (Gain) on Sale of Assets	3.11	0.05	-29.23	-27.82	-0.91
Loss (Gain) on Equity Investments	-0.35	-	-	-	-
Change in Accounts Receivable	-195.11	-550.95	53.21	-830.41	-75.74
Change in Inventory	-44.19	-1.85	2.37	-45.76	-5.1
Change in Accounts Payable	-13.87	408.14	-36.94	85.85	0.21
Change in Other Net Operating Assets	-22.9	-120.22	-81.71	-66.15	92.26
Other Operating Activities	437.13	345.94	493.99	300.66	31.78
Operating Cash Flow	1,548	1,072	1,014	766.13	105.67
Operating Cash Flow Growth	44.32%	5.76%	32.35%	624.99%	31.55%
Capital Expenditures	-1,083	-789.6	-551.33	-342.13	-29.38
Sale of Property, Plant & Equipment	13.92	36.21	100.07	55.82	1.15
Cash Acquisitions	-18.62	-3.95	-	-	-
Sale (Purchase) of Intangibles	-	-	-	-0.91	-0.41
Investment in Securities	-	-	-	-	0.25
Investing Cash Flow	-1,087	-757.34	-451.27	-296.96	-28.39
Long-Term Debt Issued	82.98	302.6	-	-	10.89
Long-Term Debt Repaid	-83.74	-25.98	-76.33	-41.47	-99.22
Net Debt Issued (Repaid)	-0.75	276.62	-76.33	-41.47	-88.34
Issuance of Common Stock	-	-	-	-	123.28
Common Dividends Paid	-461.86	-492.77	-715.15	-35.78	-32.5
Other Financing Activities	90.47	51	57.34	20.61	-0.86
Financing Cash Flow	-372.14	-165.15	-734.15	-56.63	1.59
Foreign Exchange Rate Adjustments	-	-	-	-56.57	-
Miscellaneous Cash Flow Adjustments	-219.64	-140.5	-337.25	-	-
Net Cash Flow	-131.58	9.39	-508.71	355.97	78.87
Free Cash Flow	464.9	282.78	462.62	424	76.29
Free Cash Flow Growth	64.40%	-38.88%	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	0.41	0.67	0.61	0.11
Cash Interest Paid	58.35	49.26	30.73	24.76	7.95
Cash Income Tax Paid	280.01	163.07	-	90.48	2.2
Levered Free Cash Flow	69.02	261.42	317.53	433.53	47.29
Unlevered Free Cash Flow	105.49	297.9	336.74	455.35	55.11
Change in Working Capital	-276.07	-264.89	-63.07	-856.47	11.63

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