IST:PAGYO 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	1,570	1,074	3,811	1,812	249.69	Upgrade
Depreciation & Amortization	1.06	0.39	1.13	0.76	0.13	Upgrade
Other Amortization	-	-	-	-	0.03	Upgrade
Asset Writedown	-955.76	-611.24	-3,424	-1,649	-201.09	Upgrade
Change in Accounts Receivable	-70.04	22.51	-9.34	-42.5	-5.48	Upgrade
Change in Accounts Payable	-212.6	-414.51	647.28	12.06	2.5	Upgrade
Change in Other Net Operating Assets	7.53	20.81	9.13	9.04	3.25	Upgrade
Other Operating Activities	293.25	302.74	-294.09	46.81	-1.26	Upgrade
Operating Cash Flow	636.2	414.51	751.21	189.05	47.72	Upgrade
Operating Cash Flow Growth	53.48%	-44.82%	297.36%	296.15%	61.55%	Upgrade
Acquisition of Real Estate Assets	-7.59	-2.89	-1,072	-0.55	-0.57	Upgrade
Net Sale / Acq. of Real Estate Assets	-7.59	-2.89	-1,072	-0.55	-0.57	Upgrade
Investing Cash Flow	-7.72	-2.89	-1,073	-0.69	-0.58	Upgrade
Short-Term Debt Issued	-	-	-	9.89	-	Upgrade
Total Debt Issued	-	-	-	9.89	-	Upgrade
Short-Term Debt Repaid	-	-14.16	-3.36	-	-	Upgrade
Total Debt Repaid	-	-14.16	-3.36	-	-	Upgrade
Net Debt Issued (Repaid)	-	-14.16	-3.36	9.89	-	Upgrade
Common Dividends Paid	-508.53	-365.7	-194.02	-78.62	-39.85	Upgrade
Other Financing Activities	51.47	96.7	57.07	10.23	1.37	Upgrade
Miscellaneous Cash Flow Adjustments	-44.49	-18.74	75.25	-	-	Upgrade
Net Cash Flow	126.93	109.72	-386.6	129.86	8.66	Upgrade
Cash Income Tax Paid	-299.57	-387.63	-	0.32	0.05	Upgrade
Levered Free Cash Flow	1,010	712.23	416.38	101.83	8.88	Upgrade
Unlevered Free Cash Flow	1,067	797.4	426.28	101.83	9.23	Upgrade
Change in Working Capital	-272.6	-372.81	648.76	-20.95	0.07	Upgrade

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