IST:CRDFA 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	2020 - 2016
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	2020 - 2016
Net Income	916.25	119.38	66.11	30.15	13.53	Upgrade
Depreciation & Amortization	11.58	8.81	3.1	0.55	0.93	Upgrade
Other Operating Activities	-11.58	-8.81	-3.1	-0.55	-0.93	Upgrade
Change in Accounts Receivable	-885.58	-443.48	-233.45	-97.01	-88.67	Upgrade
Change in Other Net Operating Assets	-1,172	37.95	215.94	31.71	38.5	Upgrade
Operating Cash Flow	-1,141	-286.15	48.6	-35.15	-36.64	Upgrade
Capital Expenditures	-27.61	-6.67	-16.43	-0.87	-0.17	Upgrade
Sale of Property, Plant & Equipment	1.55	0.02	0.01	-	-	Upgrade
Other Investing Activities	-	-	-0	-	-	Upgrade
Investing Cash Flow	-26.06	-6.65	-16.42	-0.87	-0.17	Upgrade
Short-Term Debt Issued	19,652	14,793	8,190	19,229	2,587	Upgrade
Total Debt Issued	19,652	14,793	8,190	19,229	2,587	Upgrade
Short-Term Debt Repaid	-18,426	-14,473	-8,230	-19,224	-2,501	Upgrade
Total Debt Repaid	-18,426	-14,473	-8,230	-19,224	-2,501	Upgrade
Net Debt Issued (Repaid)	1,227	319.31	-40.04	5.27	85.89	Upgrade
Financing Cash Flow	1,227	319.31	-40.04	5.27	85.89	Upgrade
Net Cash Flow	59.38	26.51	-7.86	-30.75	49.08	Upgrade
Free Cash Flow	-1,169	-292.83	32.17	-36.02	-36.81	Upgrade
Free Cash Flow Margin	-112.93%	-45.93%	10.38%	-22.70%	-38.09%	Upgrade
Free Cash Flow Per Share	-11.69	-2.93	0.32	-0.42	-0.37	Upgrade
Cash Interest Paid	579.53	334.97	150.91	82.95	57.7	Upgrade
Cash Income Tax Paid	96.84	66.21	19.48	13.04	2.64	Upgrade
Levered Free Cash Flow	-726.1	-315	-180.52	-72.51	-76.72	Upgrade
Unlevered Free Cash Flow	-363.89	-105.64	-86.19	-20.67	-40.66	Upgrade
Change in Working Capital	-2,057	-405.54	-17.51	-65.31	-50.17	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.