IST:VSNMD 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	FY
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	64.58	-33.5	201.81	276.47	264.59
Depreciation & Amortization	304.57	323.75	219.91	133.23	67.16
Loss (Gain) From Sale of Assets	2.26	1.76	4.33	1.12	0.48
Asset Writedown & Restructuring Costs	-	-	-23.61	-	-
Loss (Gain) From Sale of Investments	-	-0.01	0.03	-	-
Provision & Write-off of Bad Debts	4.9	-0.06	0.31	-	-
Other Operating Activities	-64.93	-15.71	-10.08	-47.33	-134.46
Change in Accounts Receivable	-27.15	-0.93	-4.34	6.14	-60.84
Change in Inventory	-20.2	-17.05	-6.2	-42.58	-29.55
Change in Accounts Payable	-19.38	-22.21	-43.25	-57.2	106.05
Change in Unearned Revenue	-4.78	-3.3	-1.16	-	-
Change in Income Taxes	-	-	-	-0.43	-7.04
Change in Other Net Operating Assets	-36.7	-19.31	20.84	79.63	-71.16
Operating Cash Flow	203.17	213.44	358.59	349.06	135.22
Operating Cash Flow Growth	-4.81%	-40.48%	2.73%	158.14%	-
Capital Expenditures	-254.3	-376.36	-103.12	-402.67	-504.67
Sale of Property, Plant & Equipment	7.41	3.38	2.6	0.42	9.78
Sale (Purchase) of Real Estate	-10.73	-	-	-	-
Other Investing Activities	-	17.37	-13.25	0.02	0.17
Investing Cash Flow	-257.62	-355.61	-113.76	-402.23	-494.72
Long-Term Debt Issued	183.31	334.78	236.51	98.09	479.32
Long-Term Debt Repaid	-376.68	-207.12	-322.54	-	-
Net Debt Issued (Repaid)	-193.38	127.66	-86.03	98.09	479.32
Issuance of Common Stock	20.22	-	-	-	-
Common Dividends Paid	-52.63	-	-	-	-
Other Financing Activities	815.5	-50.96	-52.89	-64.85	-52.31
Financing Cash Flow	589.71	76.69	-138.93	33.24	427.01
Miscellaneous Cash Flow Adjustments	-57.93	-31.86	-30.2	-22.15	-15.44
Net Cash Flow	477.33	-97.33	75.7	-42.08	52.06
Free Cash Flow	-51.13	-162.91	255.47	-53.61	-369.45
Free Cash Flow Margin	-3.59%	-11.17%	17.96%	-3.84%	-39.98%
Free Cash Flow Per Share	-0.45	-1.63	5.90	-1.68	-11.54
Cash Interest Paid	12.25	38.04	52.9	66.66	59.7
Cash Income Tax Paid	17.05	24.52	0.61	0.43	7.04
Levered Free Cash Flow	-29.04	-173.76	-	-204.57	-
Unlevered Free Cash Flow	-17.47	-147.63	-	-162.12	-
Change in Working Capital	-108.2	-62.8	-34.11	-14.44	-62.54

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