IST:ULUUN 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	-130.94	-161.08	-937.27	2,602	139.6
Depreciation & Amortization	777.33	654.23	495.2	223.59	10.49
Other Amortization	-	2.64	1.88	9.63	0.32
Other Operating Activities	-1,108	84.06	-433.88	-158.56	-49.62
Change in Accounts Receivable	-1,057	2,363	-2,221	-3,460	69.43
Change in Inventory	113.63	740.25	95.93	445.93	-309.05
Change in Accounts Payable	4,643	1,282	2,717	1,010	644.03
Change in Other Net Operating Assets	-1,503	-1,415	-686.82	712.01	-277.51
Operating Cash Flow	1,734	3,551	-969.24	1,385	227.69
Operating Cash Flow Growth	-51.16%	-	-	508.35%	-
Capital Expenditures	-	-971.72	-1,807	-867.78	-99.78
Sale of Property, Plant & Equipment	231.05	1,023	360.76	61.12	2.97
Sale (Purchase) of Intangibles	-1,699	-8.47	-8.41	-15.34	-2.69
Sale (Purchase) of Real Estate	-	-214.04	-	-	-
Investment in Securities	-	-196.3	-133	-	-
Other Investing Activities	2.26	27.98	-321.29	-120.49	-133.92
Investing Cash Flow	-1,466	-339.13	-1,909	-942.48	-233.42
Long-Term Debt Issued	11,681	5,636	13,141	6,162	630.94
Long-Term Debt Repaid	-12,955	-5,129	-9,931	-4,762	-464.66
Net Debt Issued (Repaid)	-1,274	507.17	3,210	1,399	166.28
Issuance of Common Stock	-	-	-	-	106.47
Common Dividends Paid	-	-	-473.12	-	-
Other Financing Activities	866.3	-1,754	-1,295	-775.63	-136.6
Financing Cash Flow	-408.06	-1,247	1,442	623.83	136.15
Foreign Exchange Rate Adjustments	265.44	-109.7	398.93	87.17	40.64
Net Cash Flow	125.93	1,855	-1,037	1,154	171.06
Free Cash Flow	1,734	2,579	-2,776	517.38	127.91
Free Cash Flow Growth	-32.75%	-	-	304.48%	-
Free Cash Flow Margin	2.59%	5.27%	-4.85%	1.37%	1.37%
Free Cash Flow Per Share	-	3.44	-3.94	0.72	0.17
Cash Interest Paid	-	2,851	1,891	924.66	152.79
Levered Free Cash Flow	3,040	711.67	-4,372	-2,253	-431.24
Unlevered Free Cash Flow	7,133	2,580	-3,152	-1,657	-325.54
Change in Working Capital	2,196	2,971	-95.17	-1,292	126.91

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