IST:ZERGY 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	57.69	-313.79	134.45
Depreciation & Amortization	0.84	-	-
Gain (Loss) on Sale of Assets	-0.57	-	-
Change in Accounts Receivable	187.98	-760.31	-
Change in Accounts Payable	513.2	2.33	0.64
Change in Other Net Operating Assets	166.98	-247.44	-1,277
Other Operating Activities	-25.06	-7.49	63.84
Operating Cash Flow	-698.69	-796.58	36.86
Acquisition of Real Estate Assets	-6.7	-	-0.03
Net Sale / Acq. of Real Estate Assets	-6.7	-	-0.03
Investment in Marketable & Equity Securities	-1,025	0.02	-
Other Investing Activities	5.93	2.44	2.23
Investing Cash Flow	-1,026	2.45	2.2
Long-Term Debt Issued	2,075	767.37	-
Long-Term Debt Repaid	-1,432	-318.19	-342.97
Net Debt Issued (Repaid)	643.44	449.18	-342.97
Issuance of Common Stock	1,469	460.48	385.27
Other Financing Activities	-379.7	-170.72	-
Miscellaneous Cash Flow Adjustments	-0.85	-26.1	-
Net Cash Flow	7.5	-81.29	81.35
Cash Interest Paid	379.7	170.72	-
Cash Income Tax Paid	0.2	-0.14	0.2
Levered Free Cash Flow	-508	-707.91	-
Unlevered Free Cash Flow	-507.94	-707.91	-
Change in Working Capital	-731.6	-475.3	-161.43

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