IST:PAPIL 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	-89.27	-19.38	78.18	-48.66	24.66
Depreciation & Amortization	27.17	4.17	7.24	5.77	1.28
Other Amortization	-	22.47	10.85	6.06	0.62
Loss (Gain) From Sale of Assets	-0.1	-	-	-	-
Loss (Gain) From Sale of Investments	-	-118.86	-141.74	-28.88	-
Provision & Write-off of Bad Debts	-	-	-0.24	0.1	-
Other Operating Activities	151.99	302.36	96.32	67.68	3.47
Change in Accounts Receivable	163.66	-121.22	24.5	4.78	-9.54
Change in Inventory	-96.38	54.9	-27.69	5.51	-0.43
Change in Accounts Payable	30.06	9.6	-3.95	2.38	0.17
Change in Unearned Revenue	-	-	-	-	-0.31
Change in Other Net Operating Assets	-36.54	-3.99	4.43	0.83	-1.53
Operating Cash Flow	150.6	130.05	47.91	15.57	18.39
Operating Cash Flow Growth	15.79%	171.47%	207.73%	-15.36%	-
Capital Expenditures	-13.03	-5.04	-1.65	-1.02	-0.2
Sale of Property, Plant & Equipment	0.35	-	-	-	-
Sale (Purchase) of Intangibles	-62.34	-43.01	-47.5	-14.57	-5.96
Investment in Securities	-228.96	-44.82	4.93	-67.65	-
Investing Cash Flow	-303.98	-92.86	-44.22	-83.25	-6.16
Long-Term Debt Issued	155.59	-	-	-	-
Long-Term Debt Repaid	-6.76	-2.55	-5.51	-3.89	-1.16
Net Debt Issued (Repaid)	148.82	-2.55	-5.51	-3.89	-1.16
Issuance of Common Stock	-	5.85	-	-	-
Repurchase of Common Stock	-	-	-1.56	-3.92	-
Common Dividends Paid	-	-2.25	-4.77	-0.82	-0.5
Other Financing Activities	-2.82	1.47	4.13	7.34	3.75
Financing Cash Flow	146	2.52	-7.71	-1.28	2.09
Foreign Exchange Rate Adjustments	0.63	0.13	-0.09	11.19	0.2
Miscellaneous Cash Flow Adjustments	-8.78	-88.99	-53.69	-82.36	-
Net Cash Flow	-15.53	-49.15	-57.81	-140.13	14.52
Free Cash Flow	137.57	125.02	46.26	14.54	18.19
Free Cash Flow Growth	10.04%	170.26%	218.08%	-20.05%	-
Free Cash Flow Margin	99.98%	53.41%	43.22%	19.85%	61.88%
Free Cash Flow Per Share	-	0.61	0.23	0.07	0.09
Cash Income Tax Paid	-	1.64	6.79	9.41	1.08
Levered Free Cash Flow	-46.9	-62.64	-62.05	-57.14	-14.68
Unlevered Free Cash Flow	-23.96	-60.16	-61.54	-56.71	-14.27
Change in Working Capital	60.8	-60.71	-2.7	13.5	-11.64

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