IST:TARKM 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	-97.11	132.55	-250.01	420.54	27.12
Depreciation & Amortization	50.9	47.76	33.01	9.58	3.44
Provision & Write-off of Bad Debts	-	-	-0.14	-	-
Other Operating Activities	34.98	-359.85	919.12	116.13	0.48
Change in Accounts Receivable	-29.6	-122.73	-92.83	-21.93	3.46
Change in Inventory	41.85	373.72	-57.18	-353.44	-197.99
Change in Accounts Payable	168.29	101.87	-23.56	25.97	33.33
Change in Unearned Revenue	-7.28	-6.1	2.79	-20.35	36.59
Change in Other Net Operating Assets	165.69	-53.36	-76.68	-98.93	-25.02
Operating Cash Flow	327.73	113.85	454.53	77.56	-118.59
Operating Cash Flow Growth	187.85%	-74.95%	486.00%	-	-
Capital Expenditures	-907.94	-376.75	-162.17	-170.66	-6.21
Sale of Property, Plant & Equipment	0.01	-	-	1.17	0.01
Sale (Purchase) of Intangibles	-5.81	-1.56	-	-0.98	-0.61
Investing Cash Flow	-913.74	-378.32	-162.17	-170.47	-6.82
Long-Term Debt Issued	1,348	3.06	-	712.61	171.32
Long-Term Debt Repaid	-848.03	-47.82	-604.84	-553.99	-29.94
Net Debt Issued (Repaid)	499.6	-44.76	-604.84	158.62	141.38
Issuance of Common Stock	-	-	759.89	-	-
Other Financing Activities	-102.33	97.76	-	-	-
Financing Cash Flow	397.27	53	155.06	158.62	141.38
Miscellaneous Cash Flow Adjustments	-61.81	-210.08	-48.41	-33.43	-
Net Cash Flow	-250.56	-421.55	399	32.27	15.97
Free Cash Flow	-580.21	-262.9	292.36	-93.1	-124.8
Free Cash Flow Margin	-28.44%	-14.29%	20.35%	-6.68%	-49.54%
Free Cash Flow Per Share	-27.63	-12.52	13.92	-5.82	-7.80
Cash Interest Paid	117.75	87.96	3.51	10.14	24.61
Cash Income Tax Paid	12.16	-4.44	17.88	19.06	1.03
Levered Free Cash Flow	-507.23	-380.62	-76.66	-591.25	-112.03
Unlevered Free Cash Flow	-433.64	-325.65	-1.43	-535.82	-96.64
Change in Working Capital	338.96	293.39	-247.46	-468.68	-149.64

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