IST:ZRGYO 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	7,556	4,002	5,989	9,112	1,320
Depreciation & Amortization	1.56	13.45	8.61	6.01	0.93
Asset Writedown	-8,343	-6,944	-6,691	-10,472	-1,047
Income (Loss) on Equity Investments	-	-	-	-	-0.41
Change in Accounts Receivable	172.58	357.68	-779.28	-17.42	-1.91
Change in Accounts Payable	221.19	72.35	293.3	-13.53	152.16
Change in Other Net Operating Assets	502.12	-86.29	363.1	698.59	-195
Other Operating Activities	4,037	5,578	-257.79	741.78	-86.27
Operating Cash Flow	1,286	3,870	-1,010	124.36	180.85
Operating Cash Flow Growth	-66.77%	-	-	-31.24%	77.94%
Acquisition of Real Estate Assets	-2,851	-3,731	-4,543	-3,329	-1,238
Sale of Real Estate Assets	746.44	1,464	4,184	301.87	0.04
Net Sale / Acq. of Real Estate Assets	-2,105	-2,267	-359.36	-3,027	-1,238
Investment in Marketable & Equity Securities	-	-	537.8	-	-
Investing Cash Flow	-2,105	-2,267	178.45	-3,027	-1,238
Long-Term Debt Issued	4,335	2,892	4,311	1,911	201.25
Total Debt Issued	4,335	2,892	4,311	1,911	201.25
Long-Term Debt Repaid	-1,665	-1,231	-309.72	-1.37	-402.77
Total Debt Repaid	-1,665	-1,231	-309.72	-1.37	-402.77
Net Debt Issued (Repaid)	2,670	1,661	4,001	1,910	-201.52
Issuance of Common Stock	-	-	-	0.59	1,851
Common Dividends Paid	-397.73	-297.5	-38.21	-29.92	-
Other Financing Activities	-2,168	-3,034	-876.07	-25.77	-20.76
Foreign Exchange Rate Adjustments	69.64	45.68	31.6	1.65	1.6
Miscellaneous Cash Flow Adjustments	-134.5	-1,186	-380.41	-	-
Net Cash Flow	-778.96	-1,208	1,907	-1,046	573.64
Cash Interest Paid	2,168	3,034	876.07	25.77	20.76
Levered Free Cash Flow	-403.39	-270.92	-763.05	203.34	185.84
Unlevered Free Cash Flow	1,008	1,666	-215.29	243.17	188.49
Change in Working Capital	-1,966	1,221	-58.61	737.03	-6.48

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