IST:ORCAY 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	-161.4	-134.14	-45.11	-7.32	2.54
Depreciation & Amortization	30.21	24.56	14.39	8.19	2.61
Other Amortization	-	-	-	-	0.01
Loss (Gain) From Sale of Assets	-0.89	-2.6	-25.89	-4.88	-0.4
Asset Writedown & Restructuring Costs	-	-	-	-	-1.09
Loss (Gain) From Sale of Investments	-1.97	-	-	-	-
Provision & Write-off of Bad Debts	15.69	9.18	-2.96	-8.45	2.12
Other Operating Activities	192.79	152.91	73.26	57.08	6.19
Change in Accounts Receivable	-22.79	-45.85	221.42	112.61	-105.83
Change in Inventory	85.69	54.96	112.94	-207.98	-27.19
Change in Accounts Payable	-9.74	19.9	-3.54	-346.98	119.74
Change in Unearned Revenue	-126.18	145.71	7.53	2.48	0.35
Change in Other Net Operating Assets	7.98	84.89	-164.14	15.78	-12.37
Operating Cash Flow	9.39	309.52	187.88	-379.46	-13.31
Operating Cash Flow Growth	-96.97%	64.74%	-	-	-
Capital Expenditures	-6.26	-72.21	-85.81	-11.18	-0.99
Sale of Property, Plant & Equipment	2.39	4.28	103.29	6.58	0.65
Sale (Purchase) of Intangibles	-	-	-	-	-0.01
Sale (Purchase) of Real Estate	-	-	-	34.23	-12.71
Other Investing Activities	-	-	-	-	2.45
Investing Cash Flow	-3.87	-67.93	17.48	29.63	-10.62
Long-Term Debt Issued	13.23	-	-	309.32	34.8
Short-Term Debt Repaid	-	-	-	-	-0.18
Long-Term Debt Repaid	-	-28.98	-116.55	-	-62.54
Total Debt Repaid	-	-28.98	-116.55	-	-62.72
Net Debt Issued (Repaid)	13.23	-28.98	-116.55	309.32	-27.92
Issuance of Common Stock	160	-	-	-	77
Other Financing Activities	-190.99	-191.7	-112.9	-34.82	-6.34
Financing Cash Flow	-17.75	-220.68	-229.45	274.5	42.74
Net Cash Flow	-12.24	20.91	-24.09	-75.34	18.81
Free Cash Flow	3.12	237.31	102.07	-390.65	-14.31
Free Cash Flow Growth	-98.68%	132.50%	-	-	-
Free Cash Flow Margin	0.47%	40.96%	12.91%	-58.38%	-8.74%
Free Cash Flow Per Share	0.03	2.97	1.28	-4.88	-0.18
Cash Interest Paid	226.33	222.62	116.23	34.82	6.34
Cash Income Tax Paid	-	2.46	37.86	20.42	0.42
Levered Free Cash Flow	170.83	-51.71	-147.65	-506.25	-20.38
Unlevered Free Cash Flow	319.92	97.56	-70.62	-477.78	-12.97
Change in Working Capital	-65.04	259.62	174.2	-424.08	-25.3

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