IST:PGSUS 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	13,750	13,285	20,908	7,100	-1,972
Depreciation & Amortization	18,579	11,761	7,637	4,380	2,772
Other Amortization	436.6	261.33	165.94	85.5	44.6
Loss (Gain) From Sale of Investments	-83.33	29.01	36.56	-84.61	23.99
Loss (Gain) on Equity Investments	-199.14	-157.72	-19.85	-19.3	-10.89
Provision & Write-off of Bad Debts	-3.8	-6.88	-15.34	16.3	-14.2
Other Operating Activities	4,480	8,853	-6,046	2,316	2,021
Change in Accounts Receivable	30.31	-782.32	213.55	-641.93	9.72
Change in Inventory	-194.68	-302.07	-201.63	-270.23	5.54
Change in Accounts Payable	3,233	561.76	81.71	1,088	241.18
Change in Unearned Revenue	-	-	891.61	2,598	393.36
Change in Other Net Operating Assets	-5,487	-4,462	-3,475	-1,683	-2.12
Operating Cash Flow	34,542	29,040	20,177	14,884	3,511
Operating Cash Flow Growth	18.95%	43.93%	35.56%	323.91%	2193.86%
Capital Expenditures	-2,299	-	-	-	-
Sale of Property, Plant & Equipment	-	2,568	265.75	461.5	35.71
Investment in Securities	-2,301	-1,683	-964.12	-2,110	-1,801
Other Investing Activities	-11,022	5,813	-10,255	-4,296	-1,776
Investing Cash Flow	-15,621	6,698	-10,953	-5,944	-3,542
Long-Term Debt Issued	23,346	27,202	8,096	2,338	4,070
Total Debt Issued	23,346	27,202	8,096	2,338	4,070
Long-Term Debt Repaid	-33,271	-31,017	-14,417	-8,477	-2,683
Total Debt Repaid	-33,271	-31,017	-14,417	-8,477	-2,683
Net Debt Issued (Repaid)	-9,926	-3,815	-6,321	-6,139	1,387
Other Financing Activities	-7,596	-7,033	-4,153	-2,057	-786.22
Financing Cash Flow	-17,521	-10,849	-10,474	-8,196	601.18
Foreign Exchange Rate Adjustments	7,188	5,291	6,771	2,837	2,800
Net Cash Flow	8,587	30,180	5,520	3,581	3,371
Free Cash Flow	32,243	29,040	20,177	14,884	3,511
Free Cash Flow Growth	11.03%	43.93%	35.56%	323.91%	2193.86%
Free Cash Flow Margin	20.92%	25.97%	28.61%	34.83%	32.92%
Free Cash Flow Per Share	64.49	58.08	40.35	29.77	7.02
Cash Interest Paid	10,543	8,942	4,784	2,317	982.7
Levered Free Cash Flow	30,968	27,789	15,349	12,340	724.58
Unlevered Free Cash Flow	36,627	32,784	18,550	13,614	1,387
Change in Working Capital	-2,418	-4,985	-2,489	1,090	647.68

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