IST:PAGYO Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,676	1,570	1,074	3,811	1,812	249.69
Depreciation & Amortization	1.42	1.06	0.39	1.13	0.76	0.13
Other Amortization	-	-	-	-	-	0.03
Asset Writedown	-955.76	-955.76	-611.24	-3,424	-1,649	-201.09
Change in Accounts Receivable	-104.15	-70.04	22.51	-9.34	-42.5	-5.48
Change in Accounts Payable	-181.65	-212.6	-414.51	647.28	12.06	2.5
Change in Other Net Operating Assets	0.13	7.53	20.81	9.13	9.04	3.25
Other Operating Activities	240.61	293.25	302.74	-294.09	46.81	-1.26
Operating Cash Flow	672.13	636.2	414.51	751.21	189.05	47.72
Operating Cash Flow Growth	37.72%	53.48%	-44.82%	297.36%	296.15%	61.55%
Acquisition of Real Estate Assets	-9.22	-7.59	-2.89	-1,072	-0.55	-0.57
Net Sale / Acq. of Real Estate Assets	-9.22	-7.59	-2.89	-1,072	-0.55	-0.57
Investing Cash Flow	-9.35	-7.72	-2.89	-1,073	-0.69	-0.58
Short-Term Debt Issued	-	-	-	-	9.89	-
Total Debt Issued	-	-	-	-	9.89	-
Short-Term Debt Repaid	-	-	-14.16	-3.36	-	-
Total Debt Repaid	-	-	-14.16	-3.36	-	-
Net Debt Issued (Repaid)	-	-	-14.16	-3.36	9.89	-
Common Dividends Paid	-508.53	-508.53	-365.7	-194.02	-78.62	-39.85
Other Financing Activities	57.79	51.47	96.7	57.07	10.23	1.37
Miscellaneous Cash Flow Adjustments	-63.87	-44.49	-18.74	75.25	-	-
Net Cash Flow	148.16	126.93	109.72	-386.6	129.86	8.66
Levered Free Cash Flow	1,080	1,010	712.23	416.38	101.83	8.88
Unlevered Free Cash Flow	1,136	1,067	797.4	426.28	101.83	9.23
Cash Income Tax Paid	-	-299.57	-387.63	-	0.32	0.05
Change in Working Capital	-285.85	-272.6	-372.81	648.76	-20.95	0.07