IST:TEZOL Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-60.9	145.71	37.85	681.43	255.05
Depreciation & Amortization	194.64	170.01	118.52	75.89	12.2
Loss (Gain) From Sale of Assets	-37.68	-3.07	-2.81	-6.19	-3.57
Loss (Gain) From Sale of Investments	-0.89	-1.12	-0.04	-	-
Provision & Write-off of Bad Debts	29.26	11.79	13.98	10.67	-
Other Operating Activities	-21.09	227.73	258.98	200.56	66.89
Change in Accounts Receivable	306.74	-577.16	53.82	-667.73	-98.81
Change in Inventory	913.67	478.71	-197.98	-160.79	-33.81
Change in Accounts Payable	-415.48	-8.69	392.56	233.25	68.86
Change in Other Net Operating Assets	-7.18	-137.39	-36.28	-111	-1.44
Operating Cash Flow	901.11	306.51	638.61	256.09	265.36
Operating Cash Flow Growth	-	-52.00%	149.37%	-3.49%	-
Capital Expenditures	-14.42	-323.65	-385.69	-400.53	-31.58
Sale of Property, Plant & Equipment	77.06	3.07	2.86	11.21	3.87
Investment in Securities	130.97	-303.06	-38.7	-	7.73
Other Investing Activities	345.6	366.6	-73.15	35.51	-25.16
Investing Cash Flow	539.21	-257.04	-494.67	-353.8	-45.14
Long-Term Debt Issued	-	405.5	395.59	444.72	307.44
Long-Term Debt Repaid	-	-269.18	-455.92	-610.03	-116.35
Net Debt Issued (Repaid)	-438.76	136.32	-60.34	-165.31	191.1
Common Dividends Paid	-95	-40.51	-	-122.59	-
Other Financing Activities	330.55	-189.29	-43.88	-97.01	-28.21
Financing Cash Flow	-203.21	-93.48	-104.22	-384.91	162.89
Foreign Exchange Rate Adjustments	-17	2.84	3.34	2.25	-
Miscellaneous Cash Flow Adjustments	-325.51	-54.55	-125.29	-493.27	-
Net Cash Flow	894.6	-95.71	-82.24	-973.65	383.1
Free Cash Flow	886.69	-17.14	252.92	-144.44	233.78
Free Cash Flow Margin	19.55%	-0.34%	4.80%	-3.40%	26.62%
Free Cash Flow Per Share	1.77	-0.03	0.51	-0.29	0.47
Cash Interest Paid	177.74	189.29	43.88	97.01	14.35
Cash Income Tax Paid	131.42	74.49	306.87	27.5	11.26
Levered Free Cash Flow	-2.44	-130.56	63.73	-1,177	-
Unlevered Free Cash Flow	57.7	-13.96	84.89	-1,113	-
Change in Working Capital	797.75	-244.53	212.13	-706.27	-65.21

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