IST:PAMEL 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	-289.53	-459.97	269.84	142.42	3.04	Upgrade
Depreciation & Amortization	38.97	47.11	33.42	15.6	2.97	Upgrade
Asset Writedown	209.09	363.05	112.52	2.07	-	Upgrade
Change in Accounts Receivable	-1.56	-0.59	-2.02	1.09	-0.33	Upgrade
Change in Accounts Payable	-0.26	-1.56	3.73	1.05	0.63	Upgrade
Change in Other Net Operating Assets	-26.93	-17.54	-123.61	-6.98	-1.29	Upgrade
Other Operating Activities	94.34	80.94	-194.24	-121.45	-1.71	Upgrade
Operating Cash Flow	24.12	11.43	99.64	33.79	3.3	Upgrade
Operating Cash Flow Growth	110.92%	-88.53%	194.90%	922.99%	-59.39%	Upgrade
Capital Expenditures	-0.08	-126.49	-72.95	-30.62	-8.78	Upgrade
Cash Acquisitions	-	-	-	-1.55	-	Upgrade
Investing Cash Flow	-0.08	-126.49	-72.95	-32.17	-8.78	Upgrade
Long-Term Debt Repaid	-6.62	-32.66	-13.53	-37.62	-17.66	Upgrade
Total Debt Repaid	-6.62	-32.66	-13.53	-37.62	-17.66	Upgrade
Net Debt Issued (Repaid)	-6.62	-32.66	-13.53	-37.62	-17.66	Upgrade
Other Financing Activities	-15.65	49.65	90.26	52	23.4	Upgrade
Financing Cash Flow	-22.27	16.99	76.72	14.38	5.73	Upgrade
Foreign Exchange Rate Adjustments	-	-	-	-5.64	-	Upgrade
Miscellaneous Cash Flow Adjustments	-0.67	-13.83	-34.49	-	-	Upgrade
Net Cash Flow	1.11	-111.9	68.93	10.37	0.26	Upgrade
Free Cash Flow	24.04	-115.05	26.7	3.17	-5.47	Upgrade
Free Cash Flow Growth	-	-	741.26%	-	-	Upgrade
Free Cash Flow Margin	30.25%	-131.89%	34.03%	6.35%	-59.39%	Upgrade
Free Cash Flow Per Share	0.77	-3.70	0.86	0.10	-0.20	Upgrade
Cash Interest Paid	26.39	0.78	1.68	0.71	1.49	Upgrade
Cash Income Tax Paid	0.5	7.37	2.39	-	-	Upgrade
Levered Free Cash Flow	-55.94	-166.32	-159.92	130.36	0.1	Upgrade
Unlevered Free Cash Flow	94.05	-31.54	-65.01	139.61	2.76	Upgrade
Change in Working Capital	-28.75	-19.69	-121.9	-4.85	-0.99	Upgrade

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