IST:MERIT 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	FY 2020	2019 - 2015
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	Dec '20 Dec 31, 2020	2019 - 2015
Net Income	436.13	357.47	121.66	15.55	3.9	2.44	Upgrade
Depreciation & Amortization	-	-	-	-	0	0	Upgrade
Loss (Gain) on Equity Investments	-158.15	-19.59	-	-	-	-	Upgrade
Other Operating Activities	-182.5	-279.49	-60.04	17.53	-0.68	-0.22	Upgrade
Change in Accounts Receivable	-36.27	13.23	-47.73	-13.71	-6.55	11.64	Upgrade
Change in Accounts Payable	0.47	-0.14	-1.71	2.23	0.07	-0.27	Upgrade
Change in Other Net Operating Assets	15.25	-17.68	47.04	-10.91	16.29	-13.6	Upgrade
Operating Cash Flow	74.93	53.8	59.2	10.7	13.03	0.01	Upgrade
Operating Cash Flow Growth	0.02%	-9.13%	453.43%	-17.89%	240374.38%	-78.29%	Upgrade
Cash Acquisitions	-	-	-	-3.38	-	-	Upgrade
Investment in Securities	-257.49	-23	-	-	-233	-	Upgrade
Investing Cash Flow	-34.06	-23	-	-3.38	-233	-	Upgrade
Issuance of Common Stock	-	-	-	-	219.98	-	Upgrade
Common Dividends Paid	-43.36	-31.45	-57.9	-5.1	-	-	Upgrade
Financing Cash Flow	-43.36	-31.45	-57.9	-5.1	219.98	-	Upgrade
Foreign Exchange Rate Adjustments	-2.48	-0.66	1.31	-	-	-	Upgrade
Miscellaneous Cash Flow Adjustments	0.58	-	-	-0.08	-	-	Upgrade
Net Cash Flow	-4.39	-1.31	2.61	2.15	0.01	0.01	Upgrade
Cash Income Tax Paid	16	11.92	8.29	5.56	0.48	0.42	Upgrade
Levered Free Cash Flow	31.85	40.26	41.69	7.88	12.82	-0.61	Upgrade
Unlevered Free Cash Flow	31.86	40.26	41.69	7.88	12.82	-0.58	Upgrade
Change in Working Capital	-20.55	-4.59	-2.41	-22.39	9.81	-2.22	Upgrade

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