IST:SURGY 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	976.65	430.32	1,313	611.88
Depreciation & Amortization	2.19	2.19	0.65	0.05
Asset Writedown	-816.97	-1,551	-1,511	-747.19
Change in Accounts Receivable	235.33	-492.01	116.73	-46.15
Change in Accounts Payable	-20.61	27.9	-2.22	36.6
Change in Other Net Operating Assets	13.37	0.48	0.6	9.47
Other Operating Activities	-1,296	951.91	43.35	42.07
Operating Cash Flow	-703.5	-471.49	626.13	132.5
Operating Cash Flow Growth	-	-	372.54%	-
Acquisition of Real Estate Assets	-	-	-	-0.43
Sale of Real Estate Assets	231.94	361.05	32.33	23.63
Net Sale / Acq. of Real Estate Assets	231.94	361.05	32.33	23.2
Other Investing Activities	307.2	735.16	-	-
Investing Cash Flow	539.13	1,096	32.33	23.2
Short-Term Debt Issued	-	52.48	-	-
Total Debt Issued	-	52.48	-	-
Short-Term Debt Repaid	-52.48	-	-	-
Total Debt Repaid	-52.48	-	-	-
Net Debt Issued (Repaid)	-52.48	52.48	-	-
Issuance of Common Stock	4.54	-	75	45.07
Repurchase of Common Stock	-	-4.54	-	-
Other Financing Activities	197.41	-1,060	313.42	-199.02
Miscellaneous Cash Flow Adjustments	-16.85	-407.95	-386.92	-
Net Cash Flow	-31.75	-795.02	659.97	1.76
Levered Free Cash Flow	301.49	-1,942	-632.56	-
Unlevered Free Cash Flow	318.1	-1,941	-632.56	-
Change in Working Capital	430.32	-304.8	780.33	225.69

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