IST:VRGYO 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-431.3	-555.74	831.97	135.23
Depreciation & Amortization	1.67	1.64	1.76	1.38
Gain (Loss) on Sale of Assets	-	-2.82	-1.51	-
Asset Writedown	-37.06	-18.93	-158.53	-93.92
Change in Accounts Receivable	-106.87	-2.42	-16.18	-41.64
Change in Accounts Payable	0.63	-2.02	-41.3	4.2
Change in Other Net Operating Assets	515.47	-570.05	-829.33	10.72
Other Operating Activities	30.19	642.69	-701.49	25.97
Operating Cash Flow	-7.12	-674.51	-866.33	-10.18
Acquisition of Real Estate Assets	-108.48	-0.03	-40.07	-0.08
Sale of Real Estate Assets	-	2.92	1.57	1.34
Net Sale / Acq. of Real Estate Assets	-108.48	2.89	-38.51	1.27
Other Investing Activities	11.49	182.01	53.67	-
Investing Cash Flow	-96.99	184.89	15.16	1.27
Long-Term Debt Issued	606.76	231.62	-	-
Long-Term Debt Repaid	-431.35	-33.8	-	-
Net Debt Issued (Repaid)	175.4	197.82	-	-
Issuance of Common Stock	-	-	1,302	-
Repurchase of Common Stock	-	-16.85	-	-
Other Financing Activities	-67.45	-1.05	-0	-
Miscellaneous Cash Flow Adjustments	-1.23	-280.2	-	-
Net Cash Flow	2.62	-589.9	450.38	-8.91
Cash Interest Paid	67.45	1.05	0	-
Levered Free Cash Flow	-709.53	-5,265	-1,047	-
Unlevered Free Cash Flow	-573.87	-5,261	-1,046	-
Change in Working Capital	429.38	-741.34	-838.54	-78.84

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