IST:EMNIS 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	-31.62	6.41	99.67	18.47	8.14	Upgrade
Depreciation & Amortization	20.06	54.7	84.08	9.49	5.67	Upgrade
Provision & Write-off of Bad Debts	2.07	-	-	-0.16	0.16	Upgrade
Other Operating Activities	6.7	-13.56	0.91	7.79	-1.85	Upgrade
Change in Accounts Receivable	-27.34	20.15	-15.24	-3.24	-9.05	Upgrade
Change in Inventory	23.86	16.27	-39.44	-15.94	-4	Upgrade
Change in Accounts Payable	-11.53	-38.65	-64.94	12.84	23.29	Upgrade
Change in Unearned Revenue	-	-	-	0.72	-	Upgrade
Change in Other Net Operating Assets	16.68	32.54	46.18	-4.35	-13.39	Upgrade
Operating Cash Flow	-1.1	77.86	111.22	25.64	8.97	Upgrade
Operating Cash Flow Growth	-	-30.00%	333.88%	185.72%	406.82%	Upgrade
Capital Expenditures	-0.09	-75.33	-127.12	-0.81	-0.24	Upgrade
Other Investing Activities	-	2.88	-2.32	-	-	Upgrade
Investing Cash Flow	-0.09	-72.45	-129.44	-0.81	-0.24	Upgrade
Long-Term Debt Issued	-	-	0.51	-	-	Upgrade
Long-Term Debt Repaid	-	-6.75	-	-	-5.86	Upgrade
Net Debt Issued (Repaid)	-	-6.75	0.51	-	-5.86	Upgrade
Issuance of Common Stock	-	-	18.25	-	-	Upgrade
Other Financing Activities	-	-	-	-26.42	-	Upgrade
Financing Cash Flow	-	-6.75	18.76	-26.42	-5.86	Upgrade
Miscellaneous Cash Flow Adjustments	-0.53	-2.4	-1.11	-	-	Upgrade
Net Cash Flow	-1.72	-3.74	-0.56	-1.59	2.87	Upgrade
Free Cash Flow	-1.19	2.53	-15.89	24.82	8.73	Upgrade
Free Cash Flow Growth	-	-	-	184.29%	451.49%	Upgrade
Free Cash Flow Margin	-0.25%	0.66%	-3.52%	12.52%	9.72%	Upgrade
Free Cash Flow Per Share	-	0.41	-2.56	4.00	1.41	Upgrade
Cash Interest Paid	-	-	-	2.37	1.74	Upgrade
Levered Free Cash Flow	-17.19	59.37	-124.72	-25.11	-21.2	Upgrade
Unlevered Free Cash Flow	-17.09	60.55	-106.23	-13.06	-7.87	Upgrade
Change in Working Capital	1.67	30.31	-73.44	-9.97	-3.15	Upgrade

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