IST:MCARD 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	734.67	763.1	378.16
Depreciation & Amortization	211.84	143.97	119.97
Other Amortization	5.58	5.23	0.82
Asset Writedown & Restructuring Costs	-3.67	-13.46	20.36
Provision & Write-off of Bad Debts	-43	-34.25	-9.91
Other Operating Activities	107.02	107.62	-17.11
Change in Accounts Receivable	-422.2	-344.89	-586.26
Change in Inventory	-0.18	0.54	16.26
Change in Accounts Payable	737.94	703.58	1,057
Change in Other Net Operating Assets	-402.16	-368.03	-208.22
Operating Cash Flow	925.86	963.39	771.38
Operating Cash Flow Growth	-3.90%	24.89%	-
Cash Acquisitions	-668.37	-439.53	-411
Other Investing Activities	125.73	104.54	0.24
Investing Cash Flow	-542.65	-335	-410.76
Long-Term Debt Issued	379.15	134.19	71.61
Net Debt Issued (Repaid)	379.15	134.19	71.61
Common Dividends Paid	-685.24	-351.84	-
Other Financing Activities	-47.13	79.19	14.61
Financing Cash Flow	-353.21	-138.45	86.22
Foreign Exchange Rate Adjustments	-154.94	-157.46	-110.17
Net Cash Flow	-124.94	332.48	336.67
Cash Interest Paid	118.5	28.76	24.73
Cash Income Tax Paid	61.76	-9.68	-32.17
Levered Free Cash Flow	653.06	661.5	-
Unlevered Free Cash Flow	727.12	679.48	-
Change in Working Capital	-86.59	-8.81	279.08

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