IST:EFOR 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	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-457.11	441.13	705.64	165.42	179.14
Depreciation & Amortization	96.31	76.68	50.44	29.61	22.57
Other Amortization	-	-	-	0.65	0.44
Loss (Gain) From Sale of Assets	2.14	9.09	-14.3	-4.32	-32.67
Asset Writedown & Restructuring Costs	136.08	-6.73	-337.33	-102.05	0.38
Provision & Write-off of Bad Debts	3.07	2.2	10.47	-	-
Other Operating Activities	108.07	-13.24	231.58	118	2.83
Change in Accounts Receivable	-1,008	-145.76	-47.09	-384.93	-287.33
Change in Inventory	-852.99	-1,192	-387.65	-356.5	-108.06
Change in Accounts Payable	2,443	1,835	-820.18	208.55	377.31
Change in Unearned Revenue	271.88	-156.94	386.23	-114.04	54.69
Change in Other Net Operating Assets	1,511	-568.37	159.45	-171.96	-12.71
Operating Cash Flow	2,254	281.07	-62.73	-611.56	196.59
Capital Expenditures	-445.87	-880.24	-581.95	-316.3	-25.62
Sale of Property, Plant & Equipment	8.81	14.62	57.58	11.88	63.18
Divestitures	-	-	-	-	-103.77
Sale (Purchase) of Real Estate	-	-	-	-	58.76
Other Investing Activities	-	-	0.26	7.53	9.11
Investing Cash Flow	-474	-858.33	-538.55	-320.79	1.66
Long-Term Debt Issued	-	109.06	608.3	703.52	-
Long-Term Debt Repaid	-	-	-	-	-101.61
Net Debt Issued (Repaid)	-1,393	109.06	608.3	703.52	-101.61
Issuance of Common Stock	-	973.71	150	196.87	73.19
Other Financing Activities	-213.21	-170.63	-149.93	-80.87	-22.69
Financing Cash Flow	-1,864	912.15	608.37	819.52	-51.11
Net Cash Flow	-83.92	334.89	7.09	-112.83	147.14
Free Cash Flow	1,808	-599.17	-644.67	-927.86	170.97
Free Cash Flow Margin	19.14%	-8.90%	-8.61%	-15.44%	6.51%
Free Cash Flow Per Share	0.80	-0.30	-0.71	-1351.97	5753.15
Cash Interest Paid	249.76	249.58	167.93	80.87	22.69
Cash Income Tax Paid	41.34	46.71	43.79	26.86	13.37
Levered Free Cash Flow	1,280	-648.35	-962.22	-876.12	-
Unlevered Free Cash Flow	1,530	-484.91	-851.76	-822.89	-
Change in Working Capital	2,365	-228.05	-709.24	-818.88	23.9

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