IST:ORGE 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	593.29	904.72	315.15	138.23	103.96
Depreciation & Amortization	12.93	16.06	8.67	4.82	1.34
Loss (Gain) From Sale of Assets	-	-0.31	-	-	-0.05
Asset Writedown & Restructuring Costs	-22.34	48.23	11.18	-50.16	-31.58
Provision & Write-off of Bad Debts	-	-	-	-	0.23
Other Operating Activities	339.73	160.95	39.8	20.85	9.25
Change in Accounts Receivable	-946.98	-1,034	-703.83	-0.6	-148.09
Change in Inventory	-94.12	34.96	189.59	-24.36	-39.93
Change in Accounts Payable	119.9	-248.61	150.35	-97.51	91.12
Change in Other Net Operating Assets	125.94	15.5	-4.5	-38.22	-7.45
Operating Cash Flow	128.36	-102.06	6.41	-46.96	-21.19
Capital Expenditures	-25.24	-30.12	-16.62	-2.96	-1.76
Sale of Property, Plant & Equipment	2.7	0.32	-	-	0.1
Sale (Purchase) of Real Estate	-	107.41	-	-	-
Investing Cash Flow	-22.54	77.61	-16.62	-2.96	-1.66
Long-Term Debt Issued	-	71.86	148.13	104.5	-
Long-Term Debt Repaid	-12.11	-212.16	-39.52	-0.64	-11
Net Debt Issued (Repaid)	-12.11	-140.3	108.61	103.86	-11
Issuance of Common Stock	57.77	-	13.9	18.63	-
Repurchase of Common Stock	-	-81.02	-	-	-
Other Financing Activities	-13.86	-80.18	-55.93	-56.2	-6.22
Financing Cash Flow	31.8	-301.5	66.59	66.29	-17.21
Foreign Exchange Rate Adjustments	-	-	57.08	-	-
Miscellaneous Cash Flow Adjustments	-56.85	120.37	-	-	-
Net Cash Flow	80.77	-205.58	113.46	16.37	-40.07
Free Cash Flow	103.12	-132.17	-10.21	-49.92	-22.95
Free Cash Flow Margin	2.95%	-2.94%	-0.36%	-3.55%	-7.43%
Free Cash Flow Per Share	1.29	-1.65	-0.13	-0.62	-0.29
Cash Interest Paid	13.86	80.18	55.93	56.2	6.22
Cash Income Tax Paid	53.3	22.32	13.58	-3.15	10.32
Levered Free Cash Flow	305.87	-340.27	-52.82	-394.08	-47.59
Unlevered Free Cash Flow	319.46	-257.51	8.63	-354.76	-43.48
Change in Working Capital	-795.25	-1,232	-368.4	-160.69	-104.35

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