Ülker Bisküvi Sanayi A.S. (IST:ULKER)

Ülker Bisküvi Sanayi A.S. Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	3,302	4,875	9,687	4,878	984.79	-464.33
Depreciation & Amortization	2,654	2,452	2,383	1,710	1,168	230.01
Loss (Gain) From Sale of Assets	-3.73	-2.98	-4.93	-6.46	-55.5	-7.06
Loss (Gain) From Sale of Investments	-0.98	-1.1	-1.32	-8.09	3,057	-123.33
Provision & Write-off of Bad Debts	52.48	50.57	34.24	23.81	20.94	1.17
Other Operating Activities	12,784	13,274	9,407	10,197	3,842	2,816
Change in Accounts Receivable	-2,098	-2,488	-2,711	-2,241	-1,769	-1,268
Change in Inventory	-5,309	-9,732	-4,284	-3,624	-2,705	-1,243
Change in Accounts Payable	1,669	1,097	2,078	2,266	2,664	639.74
Change in Other Net Operating Assets	-4,164	-3,621	-9,012	-2,582	-3,185	-554.07
Operating Cash Flow	8,885	5,903	7,576	10,613	4,022	27.34
Operating Cash Flow Growth	579.18%	-22.08%	-28.62%	163.90%	14610.80%	-95.66%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-1,681	-1,716	-3,341	-1,730	-1,326	-558.32
Sale of Property, Plant & Equipment	160.92	161.55	15.07	130.56	190.34	94.72
Cash Acquisitions	-	-	-	-	-	-3,771
Divestitures	-	-	-	-	-	423.47
Sale (Purchase) of Intangibles	-59.5	-23.04	-11.32	-5.08	-11.08	-1.39
Sale (Purchase) of Real Estate	-	-	-	-	-	26.15
Investment in Securities	-10.45	-7.95	-20.08	493.49	11,888	-
Other Investing Activities	4,456	4,546	3,806	491.66	-405.01	2,243
Investing Cash Flow	2,866	2,961	449.26	-619.19	10,337	-1,544

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	28,926	36,286	1,687	3,946	1,588
Total Debt Issued	29,785	28,926	36,286	1,687	3,946	1,588
Short-Term Debt Repaid	-	-	-	-	-	-0.12
Long-Term Debt Repaid	-	-33,561	-21,882	-11,648	-5,946	-1,706
Total Debt Repaid	-39,090	-33,561	-21,882	-11,648	-5,946	-1,706
Net Debt Issued (Repaid)	-9,304	-4,635	14,404	-9,961	-2,000	-117.75
Common Dividends Paid	-	-	-	-	-	-276.6
Other Financing Activities	-12,399	-13,204	-6,711	-5,000	-4,232	-861.02
Financing Cash Flow	-21,704	-17,839	7,693	-14,960	-6,232	-1,255

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	3,908	5,985	3,459	8,434	2,172	1,941
Miscellaneous Cash Flow Adjustments	-7,004	-8,127	-6,771	-8,655	-3,182	-
Net Cash Flow	-13,048	-11,117	12,405	-5,186	7,116	-830.69

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	7,204	4,188	4,236	8,884	2,696	-530.98
Free Cash Flow Growth	-	-1.13%	-52.32%	229.50%	-	-
Free Cash Flow Margin	6.52%	3.74%	3.85%	11.02%	5.19%	-4.23%
Free Cash Flow Per Share	19.51	11.34	11.47	24.06	7.30	-1.55
Levered Free Cash Flow	-6,816	-889.15	-4,558	-238.87	-10,416	-547.96
Unlevered Free Cash Flow	-3,150	2,647	-660.54	3,344	-7,754	-46.62

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	5,408	5,225	5,409	5,300	3,852	756.75
Cash Income Tax Paid	1,217	1,123	1,299	1,958	1,256	393.37
Change in Working Capital	-9,902	-14,744	-13,928	-6,181	-4,995	-2,425

Data Source: S&P Global Market Intelligence Last updated: Mar 31, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 7, 2026

Data Sources Report a data error