IST:MERIT 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	754.96	467.9	121.66	15.55	3.9	Upgrade
Depreciation & Amortization	0.01	-	-	-	0	Upgrade
Loss (Gain) on Equity Investments	-468	-25.64	-	-	-	Upgrade
Other Operating Activities	-14.81	-381.99	-60.04	17.53	-0.68	Upgrade
Change in Accounts Receivable	-40.17	35.07	-47.73	-13.71	-6.55	Upgrade
Change in Accounts Payable	-0.04	-0.31	-1.71	2.23	0.07	Upgrade
Change in Other Net Operating Assets	6.91	-25.23	47.04	-10.91	16.29	Upgrade
Operating Cash Flow	238.87	69.8	59.2	10.7	13.03	Upgrade
Operating Cash Flow Growth	242.24%	17.89%	453.43%	-17.89%	240374.38%	Upgrade
Capital Expenditures	-0.3	-	-	-	-	Upgrade
Cash Acquisitions	-	-	-	-3.38	-	Upgrade
Investment in Securities	-403.11	-30.11	-	-	-233	Upgrade
Other Investing Activities	223.43	-	-	-	-	Upgrade
Investing Cash Flow	-179.98	-30.11	-	-3.38	-233	Upgrade
Issuance of Common Stock	-	-	-	-	219.98	Upgrade
Common Dividends Paid	-53.59	-41.17	-57.9	-5.1	-	Upgrade
Financing Cash Flow	-53.59	-41.17	-57.9	-5.1	219.98	Upgrade
Foreign Exchange Rate Adjustments	-	-	1.31	-	-	Upgrade
Miscellaneous Cash Flow Adjustments	-0.37	-0.46	-	-0.08	-	Upgrade
Net Cash Flow	4.92	-1.94	2.61	2.15	0.01	Upgrade
Free Cash Flow	238.56	69.8	59.2	10.7	13.03	Upgrade
Free Cash Flow Growth	241.80%	17.89%	453.43%	-17.89%	240374.38%	Upgrade
Free Cash Flow Margin	73.44%	35.43%	39.63%	9.50%	114.62%	Upgrade
Free Cash Flow Per Share	0.71	0.21	0.18	0.03	0.10	Upgrade
Cash Income Tax Paid	28.52	15.6	8.29	5.56	0.48	Upgrade
Levered Free Cash Flow	53.52	43.41	41.69	7.88	12.82	Upgrade
Unlevered Free Cash Flow	53.52	43.41	41.69	7.88	12.82	Upgrade
Change in Working Capital	-33.3	9.53	-2.41	-22.39	9.81	Upgrade

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