IST:PINSU 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	4.29	45.06	292.41	70.38	-63.78
Depreciation & Amortization	284.13	262.92	194.32	132.17	30.8
Other Amortization	-	-	-	2.51	0.53
Loss (Gain) From Sale of Assets	-7.27	-0.37	-1.87	-0.96	0.48
Loss (Gain) From Sale of Investments	-	-	25.3	21.62	-
Provision & Write-off of Bad Debts	3	1.62	0.86	0.42	0.86
Other Operating Activities	48.04	72.43	-182.94	-215.8	54.65
Change in Accounts Receivable	-90.77	-75.07	-120.63	-67.26	-13.63
Change in Inventory	32.68	-9.6	21.19	11.27	-14.17
Change in Accounts Payable	-0.94	11.88	-79.66	100.02	48.56
Change in Unearned Revenue	14.96	7.33	-4.13	8.43	-2.11
Change in Other Net Operating Assets	70.73	52.51	-7.34	-6.49	-4.76
Operating Cash Flow	358.85	368.71	137.51	56.31	37.44
Operating Cash Flow Growth	-2.68%	168.13%	144.19%	50.43%	11.17%
Capital Expenditures	-91.87	-113.13	-30.46	-40.54	-22.8
Sale of Property, Plant & Equipment	15.59	12.09	1.87	0.96	1.58
Sale (Purchase) of Intangibles	-20.41	-20.67	-	-0.95	-0.47
Investment in Securities	-	-	32.81	-	-
Other Investing Activities	30.27	19.64	0.9	4.07	1.69
Investing Cash Flow	-66.42	-102.07	5.12	-36.46	-19.99
Short-Term Debt Issued	-	-	-	6.3	-
Long-Term Debt Issued	890.27	605.37	554.21	615.88	206.66
Total Debt Issued	890.27	605.37	554.21	622.18	206.66
Short-Term Debt Repaid	-	-21.61	-17.59	-	-5.21
Long-Term Debt Repaid	-824.67	-567.14	-564.06	-551.64	-214.77
Total Debt Repaid	-824.67	-588.75	-581.65	-551.64	-219.97
Net Debt Issued (Repaid)	65.6	16.62	-27.44	70.53	-13.31
Issuance of Common Stock	-	-	-	-	50.15
Other Financing Activities	-335.28	-253.94	-115.09	-87.39	-35.88
Financing Cash Flow	-269.68	-237.31	-142.53	-16.85	0.96
Foreign Exchange Rate Adjustments	0.2	0	-	-	-
Miscellaneous Cash Flow Adjustments	-10.47	-19.53	-27.94	-26.02	-
Net Cash Flow	12.47	9.8	-27.84	-23.02	18.41
Free Cash Flow	266.97	255.59	107.06	15.77	14.64
Free Cash Flow Growth	4.45%	138.74%	578.87%	7.71%	-44.96%
Free Cash Flow Margin	9.94%	9.98%	6.14%	1.42%	4.53%
Free Cash Flow Per Share	0.94	0.90	0.38	0.06	0.09
Cash Interest Paid	179.41	194.08	122.64	87.39	35.88
Levered Free Cash Flow	-49.92	-68.61	118.35	-17.25	-1.36
Unlevered Free Cash Flow	106.57	82.4	214.92	42.25	24.61
Change in Working Capital	26.66	-12.95	-190.57	45.97	13.89

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.