IST:SANFM 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	1.8	61.79	63.4	56.72	30.81
Depreciation & Amortization	56.61	52.5	38.75	20.67	4.41
Other Amortization	0.15	0.24	0.29	0.2	0.07
Loss (Gain) From Sale of Assets	-	-69.13	-1.6	-	-0.23
Asset Writedown & Restructuring Costs	1.37	9.84	-23.66	-4.77	-21.47
Provision & Write-off of Bad Debts	-0.2	0.19	2.54	0.43	-0.65
Other Operating Activities	10.62	-75.05	-127.02	12.18	4.68
Change in Accounts Receivable	-139.97	-42.49	-146.84	-40.74	-7.96
Change in Inventory	18.18	-50.7	-28.49	-62.22	-10.81
Change in Accounts Payable	41.18	-39.82	89.72	16	15.83
Change in Unearned Revenue	4.01	6.96	5.64	-0.23	1.61
Change in Other Net Operating Assets	25.68	-31.56	-39.55	-9.86	-4.39
Operating Cash Flow	19.42	-177.23	-166.81	-11.61	11.91
Operating Cash Flow Growth	-	-	-	-	48.15%
Capital Expenditures	-275.31	-19.39	-23.82	-26.59	-4.96
Sale of Property, Plant & Equipment	2.63	3.41	0.64	1.1	0.47
Sale (Purchase) of Intangibles	-0.14	-0.04	-	-0.06	-0.09
Sale (Purchase) of Real Estate	-	395.21	-42.71	-1.2	-1.13
Other Investing Activities	-	0.09	-0.08	-	-
Investing Cash Flow	-272.82	379.29	-65.96	-26.75	-5.71
Long-Term Debt Issued	455.66	132.22	308.97	22.44	10.38
Long-Term Debt Repaid	-9.1	-33.83	-30	-20.19	-3.5
Net Debt Issued (Repaid)	446.56	98.38	278.97	2.25	6.88
Repurchase of Common Stock	-22.28	-	-	-	-
Common Dividends Paid	-9.68	-3.99	-7.12	-	-
Other Financing Activities	-23.27	-35.19	-62.74	-12.24	-3.59
Financing Cash Flow	391.33	59.21	209.1	-10	3.29
Foreign Exchange Rate Adjustments	1.02	0.76	0.06	0.66	0.36
Miscellaneous Cash Flow Adjustments	-65.42	-46.4	-31.26	-	-
Net Cash Flow	73.53	215.61	-54.87	-47.69	9.86
Free Cash Flow	-255.88	-196.62	-190.63	-38.19	6.95
Free Cash Flow Growth	-	-	-	-	190.21%
Free Cash Flow Margin	-22.23%	-17.38%	-18.69%	-6.25%	4.81%
Free Cash Flow Per Share	-0.68	-0.52	-0.51	-0.10	0.02
Cash Interest Paid	37.63	35.19	62.74	12.24	3.59
Cash Income Tax Paid	-3.47	-5.34	-4.19	1.17	-0.54
Levered Free Cash Flow	-194.32	-178.46	-92.3	-107.58	5.29
Unlevered Free Cash Flow	-157.65	-146.01	-40.94	-92.61	11.3
Change in Working Capital	-50.93	-157.61	-119.51	-97.05	-5.72

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