IST:RAYSG 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	3,796	2,212	901.94	179.72	68.32	58.92	Upgrade
Depreciation & Amortization	101.51	77.72	30.26	19.87	11.49	9.9	Upgrade
Other Operating Activities	3,231	5,213	-1,332	913.45	-144.62	54.09	Upgrade
Operating Cash Flow	7,128	7,503	-399.64	1,113	-64.81	122.92	Upgrade
Operating Cash Flow Growth	174.40%	-	-	-	-	7.99%	Upgrade
Capital Expenditures	-153.66	-113.8	-82.89	-20.24	-1.01	-10.16	Upgrade
Sale of Property, Plant & Equipment	4.39	7.36	0.46	-	0.04	0.75	Upgrade
Purchase / Sale of Intangible Assets	-25.82	-19.89	-31.2	-10.01	-8.05	-	Upgrade
Investment in Securities	3,386	-567.97	725.79	-46.23	-376.73	-44.43	Upgrade
Other Investing Activities	990.23	1,954	677.54	192.76	115.69	72.75	Upgrade
Investing Cash Flow	4,201	1,260	1,290	116.28	-270.07	18.91	Upgrade
Total Debt Repaid	-0.85	-4.94	-4.96	-4.71	-2.69	-2.82	Upgrade
Net Debt Issued (Repaid)	-0.02	-4.94	-4.96	-4.71	-2.69	-2.82	Upgrade
Financing Cash Flow	-0.02	-4.94	-4.96	-4.71	-2.69	-2.82	Upgrade
Foreign Exchange Rate Adjustments	-426.24	-139.35	419.73	83.2	109.49	21.88	Upgrade
Net Cash Flow	10,903	8,618	1,305	1,308	-228.08	160.88	Upgrade
Free Cash Flow	6,975	7,389	-482.54	1,093	-65.82	112.75	Upgrade
Free Cash Flow Growth	153.13%	-	-	-	-	0.68%	Upgrade
Free Cash Flow Margin	27.04%	57.67%	-10.21%	66.10%	-7.20%	17.47%	Upgrade
Free Cash Flow Per Share	42.77	45.31	-2.96	6.70	-0.40	0.69	Upgrade
Cash Interest Paid	2.48	0.69	0.79	0.75	0.54	0.67	Upgrade
Cash Income Tax Paid	1,196	675.71	281.61	60.75	40.71	29.5	Upgrade
Levered Free Cash Flow	11,534	8,862	1,821	1,225	69.54	158.83	Upgrade
Unlevered Free Cash Flow	11,534	8,862	1,821	1,225	69.54	158.83	Upgrade

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