IST:RAYSG 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
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
Net Income	3,796	2,212	901.94	179.72	68.32	58.92
Depreciation & Amortization	101.51	77.72	30.26	19.87	11.49	9.9
Other Operating Activities	3,231	5,213	-1,332	913.45	-144.62	54.09
Operating Cash Flow	7,128	7,503	-399.64	1,113	-64.81	122.92
Operating Cash Flow Growth	174.40%	-	-	-	-	7.99%
Capital Expenditures	-153.66	-113.8	-82.89	-20.24	-1.01	-10.16
Sale of Property, Plant & Equipment	4.39	7.36	0.46	-	0.04	0.75
Purchase / Sale of Intangible Assets	-25.82	-19.89	-31.2	-10.01	-8.05	-
Investment in Securities	3,386	-567.97	725.79	-46.23	-376.73	-44.43
Other Investing Activities	990.23	1,954	677.54	192.76	115.69	72.75
Investing Cash Flow	4,201	1,260	1,290	116.28	-270.07	18.91
Total Debt Repaid	-0.85	-4.94	-4.96	-4.71	-2.69	-2.82
Net Debt Issued (Repaid)	-0.02	-4.94	-4.96	-4.71	-2.69	-2.82
Financing Cash Flow	-0.02	-4.94	-4.96	-4.71	-2.69	-2.82
Foreign Exchange Rate Adjustments	-426.24	-139.35	419.73	83.2	109.49	21.88
Net Cash Flow	10,903	8,618	1,305	1,308	-228.08	160.88
Free Cash Flow	6,975	7,389	-482.54	1,093	-65.82	112.75
Free Cash Flow Growth	153.13%	-	-	-	-	0.68%
Free Cash Flow Margin	27.04%	57.67%	-10.21%	66.10%	-7.20%	17.47%
Free Cash Flow Per Share	42.77	45.31	-2.96	6.70	-0.40	0.69
Cash Interest Paid	2.48	0.69	0.79	0.75	0.54	0.67
Cash Income Tax Paid	1,196	675.71	281.61	60.75	40.71	29.5
Levered Free Cash Flow	11,534	8,862	1,821	1,225	69.54	158.83
Unlevered Free Cash Flow	11,534	8,862	1,821	1,225	69.54	158.83

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