IST:VESBE 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	-6,322	347.95	6,821	211.79	1,519
Depreciation & Amortization	3,406	3,585	2,666	1,789	344.18
Other Amortization	436.07	406.28	157.38	195.68	40.34
Loss (Gain) From Sale of Assets	-9.3	-19.3	-18.34	-10.04	-4.34
Provision & Write-off of Bad Debts	48.76	60.15	0.95	-0.43	-
Other Operating Activities	1,175	550.26	-6,310	-1,033	407.2
Change in Accounts Receivable	-783.37	-1,048	-9,701	-272.6	-1,868
Change in Inventory	4,269	757.68	584.32	-56.46	-1,700
Change in Accounts Payable	4,217	5,598	12,550	1,509	3,087
Change in Unearned Revenue	33.66	-595.87	436.93	396.76	-
Change in Other Net Operating Assets	1,175	490.8	-1,547	221.3	-264.91
Operating Cash Flow	7,647	10,133	5,641	2,950	1,561
Operating Cash Flow Growth	-24.54%	79.62%	91.20%	89.06%	171.77%
Capital Expenditures	-2,969	-3,867	-5,186	-5,089	-633.96
Sale of Property, Plant & Equipment	12.23	36.81	28.71	32.33	31.51
Sale (Purchase) of Intangibles	-933.77	-1,004	-668.56	-253.47	-125.22
Sale (Purchase) of Real Estate	-	-314.07	-1.42	-915.84	-0.08
Other Investing Activities	-6,823	-735.08	3,094	1,066	-774.62
Investing Cash Flow	-10,713	-5,884	-2,733	-5,161	-1,502
Long-Term Debt Issued	37,010	16,889	10,152	12,050	2,789
Short-Term Debt Repaid	-	-	-	-3,779	-
Long-Term Debt Repaid	-29,530	-8,266	-13,561	-3,454	-1,894
Total Debt Repaid	-29,530	-8,266	-13,561	-7,233	-1,894
Net Debt Issued (Repaid)	7,481	8,623	-3,409	4,817	895.71
Common Dividends Paid	-78.8	-1,789	-784.58	-1,406	-800
Other Financing Activities	-5,173	-10,609	1,449	-1,201	-228.2
Financing Cash Flow	2,229	-3,775	-2,744	2,210	-132.49
Foreign Exchange Rate Adjustments	3.62	-2.26	53.4	-	-
Miscellaneous Cash Flow Adjustments	-341.01	-421.52	-541.26	648.25	-
Net Cash Flow	-1,175	50.85	-323.57	648.27	-74.32
Free Cash Flow	4,678	6,266	455.64	-2,139	926.59
Free Cash Flow Growth	-25.34%	1275.23%	-	-	450.70%
Free Cash Flow Margin	6.29%	6.35%	0.52%	-3.59%	5.73%
Free Cash Flow Per Share	2.92	3.92	0.28	-1.34	0.58
Cash Interest Paid	6,379	5,624	2,629	1,224	301.59
Cash Income Tax Paid	-11.41	1.42	195.79	7.49	7.3
Levered Free Cash Flow	-3,891	-3,139	-1,714	-8,082	-723.93
Unlevered Free Cash Flow	825.65	425.4	-17.86	-7,253	-513.34
Change in Working Capital	8,912	5,203	2,324	1,798	-745.42

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