IST:SERNT 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	-1,656	838.25	1,387	1,120	-817.64
Depreciation & Amortization	331.05	292.56	224.67	240.07	178.3
Other Amortization	-	0.53	-	51.33	61.82
Asset Writedown & Restructuring Costs	13.46	-21.99	-12.2	-31.55	-1.97
Loss (Gain) on Equity Investments	-	-	201.3	-8.54	10.75
Provision & Write-off of Bad Debts	22.91	9.89	-0.22	57.04	21.11
Other Operating Activities	2,518	2,042	-186.48	-135.68	495.63
Change in Accounts Receivable	-385.98	132.37	550.85	43.7	-91.07
Change in Inventory	542.71	-791.58	-106.85	-165.69	-632.07
Change in Accounts Payable	-283.39	50.57	-249.3	68.42	-51.93
Change in Unearned Revenue	337.95	207.06	-70.62	-210.29	161.53
Change in Other Net Operating Assets	46.02	-287.3	-395.18	53.84	87.37
Operating Cash Flow	1,486	2,473	1,343	1,082	-578.18
Operating Cash Flow Growth	-39.90%	84.06%	24.12%	-	-
Capital Expenditures	-299.59	-117.7	-202.06	-64.81	-96.52
Sale (Purchase) of Real Estate	-30.55	-0.71	-5.4	-6.51	-
Investing Cash Flow	-330.14	-118.41	-207.46	-71.32	-96.52
Long-Term Debt Issued	629.05	2,020	1,122	1,440	1,224
Long-Term Debt Repaid	-914.66	-2,370	-2,169	-2,021	-253.4
Net Debt Issued (Repaid)	-285.61	-349.84	-1,046	-581.35	970.34
Issuance of Common Stock	1,631	-	317.63	-	-
Other Financing Activities	-2,457	-2,039	-375.57	-436.13	-144.09
Financing Cash Flow	-1,113	-2,389	-1,104	-1,017	826.26
Foreign Exchange Rate Adjustments	-5.77	-26.2	-21.68	-99.57	-17.04
Net Cash Flow	37.61	-60.82	9.99	-106.02	134.52
Free Cash Flow	1,186	2,355	1,141	1,018	-674.7
Free Cash Flow Growth	-49.62%	106.34%	12.16%	-	-
Free Cash Flow Margin	41.48%	87.16%	40.17%	25.95%	-24.34%
Free Cash Flow Per Share	3.01	6.00	4.37	12.72	-8.43
Cash Interest Paid	2,457	2,039	375.57	436.13	144.09
Levered Free Cash Flow	-456.15	-1,795	-405.81	212.54	-
Unlevered Free Cash Flow	538.09	-651.34	-43.36	651.34	-
Change in Working Capital	257.31	-688.88	-271.09	-210.01	-526.18

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