IST:PAGYO 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	677.42	820.7	3,811	1,812	249.69	29.43	Upgrade
Depreciation & Amortization	0.63	0.29	1.13	0.76	0.13	0.13	Upgrade
Other Amortization	-	-	-	-	0.03	0.03	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-	-	0.01	Upgrade
Asset Writedown	-466.98	-466.98	-3,424	-1,649	-201.09	0.46	Upgrade
Change in Accounts Receivable	5.86	17.19	-9.34	-42.5	-5.48	1.7	Upgrade
Change in Accounts Payable	-184.23	-316.68	647.28	12.06	2.5	-0.75	Upgrade
Change in Other Net Operating Assets	-2.74	15.9	9.13	9.04	3.25	-2.04	Upgrade
Other Operating Activities	345.58	202.66	-294.09	46.81	-1.26	0.93	Upgrade
Operating Cash Flow	388.7	288.05	751.21	189.05	47.72	29.54	Upgrade
Operating Cash Flow Growth	-65.31%	-61.66%	297.36%	296.15%	61.55%	-47.77%	Upgrade
Acquisition of Real Estate Assets	-6.54	-2.21	-1,072	-0.55	-0.57	-7.82	Upgrade
Sale of Real Estate Assets	-	-	-	-	-	0.02	Upgrade
Net Sale / Acq. of Real Estate Assets	-6.54	-2.21	-1,072	-0.55	-0.57	-7.79	Upgrade
Investing Cash Flow	-6.54	-2.21	-1,073	-0.69	-0.58	-7.83	Upgrade
Short-Term Debt Issued	-	-	-	9.89	-	-	Upgrade
Total Debt Issued	-	-	-	9.89	-	-	Upgrade
Short-Term Debt Repaid	-	-10.82	-3.36	-	-	-	Upgrade
Total Debt Repaid	-16.47	-10.82	-3.36	-	-	-	Upgrade
Net Debt Issued (Repaid)	-16.47	-10.82	-3.36	9.89	-	-	Upgrade
Common Dividends Paid	-476.19	-279.39	-194.02	-78.62	-39.85	-38.54	Upgrade
Other Financing Activities	66.96	73.88	57.07	10.23	1.37	-	Upgrade
Miscellaneous Cash Flow Adjustments	20.43	14.31	75.25	-	-	-	Upgrade
Net Cash Flow	-23.1	83.83	-386.6	129.86	8.66	-16.83	Upgrade
Cash Income Tax Paid	34.48	-	-	0.32	0.05	-0.44	Upgrade
Levered Free Cash Flow	286.56	227.93	416.38	101.83	8.88	34.01	Upgrade
Unlevered Free Cash Flow	348.23	293	426.28	101.83	9.23	34.24	Upgrade
Change in Working Capital	-177.97	-284.82	648.76	-20.95	0.07	-1.74	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.