IST:SILVR 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	-246.51	61.12	-36.54	154.22	-8.04
Depreciation & Amortization	174.45	82.59	101.51	70.72	13.26
Other Amortization	52.9	63.47	41.04	18.23	2.55
Loss (Gain) From Sale of Assets	-1.2	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	10.06	-
Provision & Write-off of Bad Debts	-	-	-	-	0.42
Other Operating Activities	144.99	132.59	-26.52	-82.99	31.37
Change in Accounts Receivable	56.2	94.81	423.83	39.55	-52.41
Change in Inventory	64.96	126.21	120.63	91.05	-88.48
Change in Accounts Payable	-29.51	-499.36	-481.79	-181.34	161.34
Change in Unearned Revenue	-1.26	-29.13	23.22	-	-
Change in Other Net Operating Assets	-60.11	155.53	-11.48	-7.79	-5.26
Operating Cash Flow	154.89	187.82	153.9	111.72	54.75
Operating Cash Flow Growth	-17.53%	22.04%	37.76%	104.04%	80.09%
Capital Expenditures	-17.87	-78.84	-103.52	-71.81	-22.83
Sale of Property, Plant & Equipment	1.3	-	0.3	0.06	0.23
Sale (Purchase) of Intangibles	-54.39	-32.98	-	-41.47	-13.45
Other Investing Activities	0.33	3.23	0.89	-41.49	0.01
Investing Cash Flow	-70.65	-108.59	-102.33	-154.71	-36.03
Long-Term Debt Issued	11.32	36.79	4.9	115.61	8.23
Long-Term Debt Repaid	-0.54	-	-49.66	-42.46	-20.6
Net Debt Issued (Repaid)	10.78	36.79	-44.76	73.15	-12.37
Other Financing Activities	-95.68	-77.49	-36.19	-13.12	-5.67
Financing Cash Flow	-84.9	-40.7	-80.95	60.03	-18.04
Foreign Exchange Rate Adjustments	-	-	-	0.12	3.46
Miscellaneous Cash Flow Adjustments	-1.51	-33.71	-42.16	10.75	-
Net Cash Flow	-2.16	4.82	-71.54	27.91	4.14
Free Cash Flow	137.02	108.98	50.38	39.91	31.92
Free Cash Flow Growth	25.73%	116.31%	26.25%	25.00%	65.67%
Free Cash Flow Margin	7.50%	4.23%	1.76%	1.24%	3.27%
Free Cash Flow Per Share	0.39	0.31	0.14	0.11	0.09
Cash Interest Paid	95.68	77.49	36.19	13.12	5.67
Cash Income Tax Paid	-0.13	0.14	0.03	-	-
Levered Free Cash Flow	-43.1	-130.51	84.62	-31.37	63.78
Unlevered Free Cash Flow	16.7	-82.08	107.24	-23.17	67.54
Change in Working Capital	30.27	-151.95	74.41	-58.53	15.19

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