IST:ULUSE 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	-241.02	-946.43	-658.2	-92.4	-74.41
Depreciation & Amortization	181.18	194.22	161.62	110.01	16.22
Other Amortization	5.79	1.73	1.27	2.39	0.49
Loss (Gain) From Sale of Assets	15.57	-1.64	-	-	-
Provision & Write-off of Bad Debts	5.98	13.74	1.83	11.42	30.33
Other Operating Activities	128.75	-116.66	-50.96	-233.82	8.87
Change in Accounts Receivable	330.81	230.1	184.75	146.52	-185.1
Change in Inventory	-776.06	-79.52	57.31	369.58	-247.56
Change in Accounts Payable	789.9	711.37	29.58	-408.66	520.06
Change in Unearned Revenue	-4.86	-15.58	5.87	-33.23	-
Change in Other Net Operating Assets	-7.69	-318.71	191.19	19.69	-192.78
Operating Cash Flow	428.37	-327.38	-75.74	-108.5	-123.86
Capital Expenditures	-214.62	-59.5	-101.53	-50.53	-63.02
Sale of Property, Plant & Equipment	-	6.51	16.19	10.19	5.18
Sale (Purchase) of Intangibles	-0.03	-	-	-	-107.24
Other Investing Activities	-34.15	-	-	-	-
Investing Cash Flow	-248.8	-52.99	-85.33	-40.33	-165.08
Short-Term Debt Issued	-	-	-	-	268.8
Long-Term Debt Issued	-	932.4	874.21	596.81	-
Total Debt Issued	-	932.4	874.21	596.81	268.8
Short-Term Debt Repaid	-	-	-	-352.99	-37.5
Long-Term Debt Repaid	-28.32	-544	-530.65	-14.74	-4.93
Total Debt Repaid	-28.32	-544	-530.65	-367.72	-42.43
Net Debt Issued (Repaid)	-28.32	388.4	343.56	229.09	226.37
Other Financing Activities	-	-255.18	36.71	3.59	3.49
Financing Cash Flow	-28.32	133.22	380.27	232.68	229.86
Foreign Exchange Rate Adjustments	45.72	180.87	85.42	-17.57	-9.6
Miscellaneous Cash Flow Adjustments	-79.21	-178.35	-96.44	-	-
Net Cash Flow	117.76	-244.63	208.17	66.27	-68.68
Free Cash Flow	213.75	-386.88	-177.27	-159.03	-186.88
Free Cash Flow Margin	2.95%	-5.97%	-2.84%	-3.74%	-19.56%
Free Cash Flow Per Share	2.67	-4.84	-2.22	-1.99	-2.34
Cash Interest Paid	-	153.76	28.26	2.54	-
Cash Income Tax Paid	58.16	0.17	-	-	-
Levered Free Cash Flow	289.64	-166.39	-60.86	-303.4	-268.1
Unlevered Free Cash Flow	396.14	-46.19	87.24	-178.33	-259.45
Change in Working Capital	332.11	527.66	468.7	93.89	-105.38

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