IST:PAMEL Cash Flow Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	-269.76	-351.41	269.84	142.42	3.04	2.85	Upgrade
Depreciation & Amortization	30.8	36.12	33.42	15.6	2.97	1.96	Upgrade
Asset Writedown	277.36	277.36	112.52	2.07	-	-	Upgrade
Change in Accounts Receivable	-0.96	-0.45	-2.02	1.09	-0.33	-0.05	Upgrade
Change in Accounts Payable	-4.76	-1.19	3.73	1.05	0.63	-0.22	Upgrade
Change in Other Net Operating Assets	22.19	-13.38	-123.61	-6.98	-1.29	-0.18	Upgrade
Other Operating Activities	29.29	61.7	-194.24	-121.45	-1.71	3.77	Upgrade
Operating Cash Flow	84.17	8.75	99.64	33.79	3.3	8.13	Upgrade
Operating Cash Flow Growth	30.18%	-91.21%	194.90%	922.99%	-59.39%	12.71%	Upgrade
Capital Expenditures	25.62	-96.63	-72.95	-30.62	-8.78	-0.14	Upgrade
Cash Acquisitions	-	-	-	-1.55	-	-	Upgrade
Investing Cash Flow	25.62	-96.63	-72.95	-32.17	-8.78	-0.14	Upgrade
Long-Term Debt Issued	-	-	-	-	-	3.79	Upgrade
Long-Term Debt Repaid	-	-24.95	-13.53	-37.62	-17.66	-18.27	Upgrade
Total Debt Repaid	-4.72	-24.95	-13.53	-37.62	-17.66	-18.27	Upgrade
Net Debt Issued (Repaid)	-4.72	-24.95	-13.53	-37.62	-17.66	-14.48	Upgrade
Other Financing Activities	-85.36	37.93	90.26	52	23.4	-0	Upgrade
Financing Cash Flow	-90.08	12.98	76.72	14.38	5.73	-14.48	Upgrade
Foreign Exchange Rate Adjustments	-	-	-	-5.64	-	-	Upgrade
Miscellaneous Cash Flow Adjustments	2.02	-10.56	-34.49	-	-	-	Upgrade
Net Cash Flow	21.72	-85.47	68.93	10.37	0.26	-6.49	Upgrade
Free Cash Flow	109.79	-87.88	26.7	3.17	-5.47	7.99	Upgrade
Free Cash Flow Growth	-	-	741.26%	-	-	11.69%	Upgrade
Free Cash Flow Margin	179.90%	-131.86%	34.03%	6.35%	-59.39%	97.01%	Upgrade
Free Cash Flow Per Share	3.53	-2.83	0.86	0.10	-0.20	0.47	Upgrade
Cash Interest Paid	26.69	0.6	1.68	0.71	1.49	0.01	Upgrade
Cash Income Tax Paid	-	5.63	2.39	-	-	-	Upgrade
Levered Free Cash Flow	-20.15	-128.6	-159.92	130.36	0.1	9.92	Upgrade
Unlevered Free Cash Flow	102.53	-25.63	-65.01	139.61	2.76	10.06	Upgrade
Change in Working Capital	16.47	-15.02	-121.9	-4.85	-0.99	-0.45	Upgrade

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