IST:ZERGY Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	6.39	-300.7	134.45
Other Operating Activities	14.37	-7.17	63.84
Change in Accounts Receivable	-552.95	-728.58	-
Change in Inventory	-121.1	188.08	-2,892
Change in Accounts Payable	14.58	2.23	0.64
Change in Unearned Revenue	381.51	319.91	4,007
Change in Other Net Operating Assets	126.35	-237.11	-1,277
Operating Cash Flow	-134.7	-763.34	36.86
Capital Expenditures	-16.48	-	-0.03
Sale of Property, Plant & Equipment	12.97	0.02	-
Other Investing Activities	1.86	2.33	2.23
Investing Cash Flow	-1.66	2.35	2.2
Long-Term Debt Issued	-	735.34	-
Long-Term Debt Repaid	-	-304.91	-342.97
Net Debt Issued (Repaid)	688.72	430.43	-342.97
Issuance of Common Stock	0	441.26	385.27
Other Financing Activities	-448.62	-163.59	-
Financing Cash Flow	240.1	708.1	42.3
Miscellaneous Cash Flow Adjustments	-4.23	-25.01	-
Net Cash Flow	99.51	-77.89	81.35
Free Cash Flow	-151.19	-763.34	36.83
Free Cash Flow Margin	-13.27%	-31.37%	-
Free Cash Flow Per Share	-0.30	-1.50	0.15
Cash Interest Paid	448.62	163.59	-
Cash Income Tax Paid	0.09	-0.13	0.2
Levered Free Cash Flow	-	-596.88	-
Unlevered Free Cash Flow	-	-596.88	-
Change in Working Capital	-151.61	-455.47	-161.43

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