HEPS 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	-5,699	-1,605	109.05	-6,917	-3,330
Depreciation & Amortization	3,171	833.53	857.97	1,220	637.01
Other Amortization	-	1,215	837.23	-	-
Asset Writedown & Restructuring Costs	269.46	-	-	-	-
Loss (Gain) From Sale of Investments	-64.7	-127.62	-342.92	108.26	116.68
Stock-Based Compensation	-492.47	179.95	153.62	361.85	280.71
Provision & Write-off of Bad Debts	560.04	270.19	74.26	46.32	24.22
Other Operating Activities	8,995	6,327	6,905	4,741	754.06
Change in Accounts Receivable	-97.51	-2,071	-2,087	-686.27	140.88
Change in Inventory	-1,159	-354.31	-1,696	2,613	-1,851
Change in Accounts Payable	6,571	-226.35	1,507	-1,872	3,538
Change in Unearned Revenue	289.88	-149.68	419.83	662.33	38.35
Change in Other Net Operating Assets	-1,361	1,247	508.08	742.95	-396.1
Operating Cash Flow	11,284	5,698	7,247	1,020	-47.39
Operating Cash Flow Growth	98.05%	-21.37%	610.10%	-	-
Capital Expenditures	-2,415	-2,011	-1,666	-2,011	-645.08
Sale of Property, Plant & Equipment	7.36	14.79	10.91	1.19	4.52
Cash Acquisitions	-	-	-	-10.94	-
Investment in Securities	1,009	-280.91	-2,374	3,863	-2,722
Other Investing Activities	3,964	3,171	1,606	765.29	246.56
Investing Cash Flow	2,565	894.71	-2,423	2,607	-3,116
Long-Term Debt Issued	8,390	5,223	833.55	2,247	5,829
Total Debt Issued	8,390	5,223	833.55	2,247	5,829
Long-Term Debt Repaid	-10,983	-4,263	-992.21	-3,257	-6,623
Total Debt Repaid	-10,983	-4,263	-992.21	-3,257	-6,623
Net Debt Issued (Repaid)	-2,593	960.87	-158.66	-1,010	-793.84
Issuance of Common Stock	4,172	-	-	-	13,616
Repurchase of Common Stock	-	-	-69.34	-	-
Other Financing Activities	-10,818	-6,827	-4,580	-2,498	-1,974
Financing Cash Flow	-9,239	-5,866	-4,808	-3,508	10,848
Foreign Exchange Rate Adjustments	36.75	49.92	251.83	2,321	2,994
Miscellaneous Cash Flow Adjustments	-2,184	-1,967	-4,841	-4,827	-2,541
Net Cash Flow	2,464	-1,191	-4,573	-2,386	8,138
Free Cash Flow	8,870	3,687	5,581	-990.82	-692.48
Free Cash Flow Growth	140.56%	-33.93%	-	-	-
Free Cash Flow Margin	10.48%	6.46%	10.87%	-2.59%	-2.79%
Free Cash Flow Per Share	28.01	11.23	17.18	-3.04	-2.27
Cash Interest Paid	10,818	6,827	4,580	2,498	1,974
Levered Free Cash Flow	-169.11	-2,316	-691.43	-2,221	-1,204
Unlevered Free Cash Flow	7,329	-525.17	551.76	-1,716	-841.77
Change in Working Capital	4,243	-1,555	-1,348	1,460	1,470

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

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