Arcelik A.s.BIST: ARCLK

2025 9 Month Financial Statements

Oct 24, 2025 at 4:25 PM UTC · Issued by Arcelik A.s.

Watch Arcelik A.s explain itArcelik A S Unsp/Adr (ACKAY) Q2 2026 Earnings Call · Replay · Jul 29

(CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD JANUARY 1 - SEPTEMBER 30, 2025 ARÇELİK ANONİM ŞİRKETİ

CONTENTS PAGES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ..................................... 1-3

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS............................................... 4

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME ........... 5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY... 6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ..................................................... 7

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 8-58

NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS 8

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 10

NOTE 3 - BUSINESS COMBINATION 18

NOTE 4 - SEGMENT REPORTING 21

NOTE 5 - CASH AND CASH EQUIVALENTS 23

NOTE 6 - FINANCIAL INVESTMENTS 23

NOTE 7 - BORROWINGS 24

NOTE 8 - DERIVATIVE INSTRUMENTS 29

NOTE 9- TRADE RECEIVABLES AND PAYABLES 30

NOTE 10 - OTHER PAYABLES 31

NOTE 11 - INVENTORIES 31

NOTE 12 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 31

NOTE 13 - PROPERTY, PLANT AND EQUIPMENT 32

NOTE 14 - OTHER INTANGIBLE ASSETS 33

NOTE 15 -ASSETS HELD FOR SALE 33

NOTE 16 - COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES 34

NOTE 17 - OTHER PROVISIONS 35

NOTE 18 - PREPAID EXPENSES 35

NOTE 19 - CURRENT INCOME TAX ASSETS 35

NOTE 20 - EMPLOYEE BENEFIT OBLIGATIONS 36

NOTE 21 - OTHER ASSETS AND LIABILITIES 36

NOTE 22 - EQUITY 37

NOTE 23 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES 40

NOTE 24 - INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES 41

NOTE 25 - FINANCIAL INCOME 41

NOTE 26 - FINANCIAL EXPENSES 41

NOTE 27 - EXPLANATIONS REGARDING NET MONETARY POSITION GAINS/(LOSES) 42

NOTE 28 - TAX ASSETS AND LIABILITIES 43

NOTE 29 - EARNINGS PER SHARE 45

NOTE 30 - RELATED PARTY DISCLOSURES 46

NOTE 31 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 48

NOTE 32 - FINANCIAL INSTRUMENTS 56

NOTE 33 - SUPPLEMENTARY CASH FLOW INFORMATION 58

NOTE 34 - EVENTS AFTER BALANCE SHEET DATE 58

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2025, AND DECEMBER 31, 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2025

unless otherwise indicated.)

Unaudited Audited

	Notes	September 30, 2025	December 31, 2024
ASSETS
Current assets: Cash and cash equivalents	5	71,440,375	63,738,076
Trade receivables -Due from related parties	30	1,287,512	808,972
-Trade receivables, third parties	9	124,041,403	115,748,940
Other receivables
-Other receivables, related parties		-	50,133
-Other receivables, third parties		1,538,518	1,229,835
Derivative instruments	8	478,030	513,490
Inventories	11	92,623,047	89,962,394
Prepaid expenses	18	5,478,693	6,055,953
Current income tax assets	19	2,936,351	2,317,288
Other current assets	21	7,374,454	7,393,375
Subtotal		307,198,383	287,818,456

Assets held for sale	15	3,648,996	-

Total current assets		310,847,379	287,818,456
Non-current assets: Financial investments	6	307,974	294,684
Trade receivables -Trade receivables, third parties	9	369,792	43,711
Derivative instruments	8	-	43,715
Investments accounted for using the equity method	12	3,276,157	3,132,415
Property, plant and equipment Intangible assets -Goodwill	13	109,233,714 10,249,809	113,909,894 10,720,340
-Other intangible assets	14	46,393,613	45,547,947
Prepaid expenses	18	4,756,768	6,913,571
Deferred tax assets	28	30,801,861	28,885,426
Other non-current assets		1,944,218	1,555,981
Total non-current assets		207,333,906	211,047,684

Total assets		518,181,285	498,866,140

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2025, AND DECEMBER 31, 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2025

unless otherwise indicated.)

Unaudited Audited

	Notes	September 30, 2025	December 31, 2024
LIABILITIES
Current liabilities: Short-term borrowings	7	105,867,461	64,443,459
Short-term portion of long-term borrowings	7	36,519,426	13,657,515
Trade payables -Due to related parties	30	5,638,899	7,058,883
-Trade payables, third parties	9	113,126,430	121,367,974
Derivative instruments	8	615,676	410,256
Employee benefit obligations Other payables -Other payables, related parties	20	15,690,736 1,962	21,462,610 1,511
-Other payables, third parties	10	10,728,109	7,312,310
Current income tax liabilities	28	246,797	344,410
Provisions -Other provisions	17	12,184,997	17,025,411
Other current liabilities	21	25,682,444	24,412,862
Total current liabilities		326,302,937	277,497,201
Non-current liabilities: Long-term borrowings	7	79,286,229	95,045,884
Provisions -Provision for employee benefits		10,336,289	9,310,635
-Other provisions	17	4,616,984	3,650,881
Derivative instruments	8	2,131,711	-
Deferred tax liabilities	28	6,297,061	5,873,946
Other non-current liabilities	21	15,138,804	13,335,644
Total non-current liabilities		117,807,078	127,216,990

Total liabilities		444,110,015	404,714,191

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2025, AND DECEMBER 31, 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2025 unless otherwise indicated.)

		Unaudited	Audited
	Notes	September 30, 2025	December 31, 2024
EQUITY
Paid-in capital	22	675,728	675,728
Adjustment to share capital	22	28,859,276	28,859,276
Treasury shares Other accumulated comprehensive income and expense	22	(14,202,367)	(14,452,695)

not to be reclassified to profit or loss

Gains/ losses on revaluation and remeasurement

-Gain/loss arising from defined

benefit plans (6,375,214) (5,096,490)

Other accumulated comprehensive income and expense to

be reclassified to profit or loss
-Currency translation differences	12,755,127		14,454,415
-Gains/(losses) from financial assets measured at fair
value through other comprehensive income	41,881		4,257
-Gains/ losses on hedge -Gains/ losses on hedges of net investment
in foreign operations		(24,331,779)	(18,644,190)
-Gains/ losses on cash flow hedges		(4,807,097)	(97,048)
Restricted reserves	22	22,624,092	22,874,420
Retained earnings		59,316,071	53,555,797
Net income for the period		(6,435,806)	2,118,608
Equity holders of the parent		68,119,912	84,252,078
Non-controlling interest		5,951,358	9,899,871
Total equity		74,071,270	94,151,949

Total liabilities and equity		518,181,285	498,866,140

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS FOR THE PERIOD ENDED SEPTEMBER 30, 2025, AND 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2025

unless otherwise indicated.)

Unaudited

	Notes	January 1-September 30, 2025	January 1-September 30, 2024	July 1-September 30, 2025	July 1-September 30, 2024
Net sales	4	379,269,284	401,698,160	124,445,638	140,479,552
Cost of sales		(270,388,594)	(290,031,410)	(88,265,861)	(103,388,362)
Gross profit	4	108,880,690	111,666,750	36,179,777	37,091,190
General administrative expenses		(23,500,202)	(22,906,524)	(6,934,109)	(7,796,015)
Marketing expenses		(74,937,652)	(77,556,321)	(24,980,641)	(26,832,225)
Research and development expenses		(4,689,082)	(4,609,499)	(1,489,405)	(2,005,419)
Other income from operating activities	23	16,029,161	33,377,146	3,944,002	4,402,096
Other expenses from operating activities	23	(13,859,137)	(16,679,746)	(4,489,720)	(7,429,507)
Operating profit		7,923,778	23,291,806	2,229,904	(2,569,880)
Income from investment activities	24	99,987	1,483,670	26,088	12,005
Expenses from investment activities	24	(59,446)	(220,214)	(44,654)	(32,561)
Share of profit/loss of investments accounted
for using the equity method	12	(149,939)	(309,801)	(75,491)	27,153
Operating income before financial income		7,814,380	24,245,461	2,135,847	(2,563,283)
Financial income	25	14,070,714	22,602,420	5,253,406	7,749,038
Financial expenses	26	(38,466,622)	(45,524,591)	(11,800,310)	(17,284,576)
Net monetary position gains	27	12,342,212	15,254,837	3,703,373	4,315,778
Profit/(loss) from continuing operations before tax		(4,239,316)	16,578,127	(707,684)	(7,783,043)
Tax income/(expense), continuing operations
- Taxes on expense	28	(1,232,031)	(2,260,224)	(104,990)	(157,150)
- Deferred tax income/(expense)	28	(2,267,112)	3,557,735	(1,525,766)	1,540,278
Net income/(loss)		(7,738,459)	17,875,638	(2,338,440)	(6,399,915)
Attributable to
Non-controlling interest		(1,302,653)	(1,124,012)	(283,021)	(808,260)
Equity holders of the parent	29	(6,435,806)	18,999,650	(2,055,419)	(5,591,655)
Earnings/(loss) per share (kurus)	29	(10.597)	31.309	(3.384)	(9.214)

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2025

unless otherwise indicated.)

Unaudited

	January 1-September	January 1-September	July 1-September	July 1-September
	30,	30,	30,	30,
	2025	2024	2025	2024
Net income/(loss)	(7,738,459)	17,875,638	(2,338,440)	(6,399,915)
Other comprehensive income
Not to be reclassified to profit or loss	(1,664,355)	(517,215)	(164,473)	(1,456,041)
Gain/(loss) arising from defined benefit plans	(1,661,495)	(512,975)	(164,176)	(1,458,021)
Share of other comprehensive income of investments
accounted for using equity method that will not be
reclassified to profit or loss	(2,860)	(4,240)	(297)	1,980
Not to be reclassified to profit or loss, tax effect	385,631	106,863	47,877	360,685
Gain/(loss) arising from defined benefit plans, tax effect	385,631	106,863	47,877	360,685
To be reclassified to profit or loss	(14,263,935)	(15,521,922)	(4,892,186)	(3,858,137)
Currency translation differences	(328,927)	(12,745,941)	(1,826,228)	(1,967,976)
Other comprehensive expense related with hedges
of net investments in foreign operations	(7,583,452)	(3,714,830)	(767,895)	(1,927,650)
Other comprehensive income related with cash flow
hedge	(6,286,349)	786,792	(2,298,280)	81,005
Share of other comprehensive income of investments
accounted for using the equity method that will be
reclassified to profit or loss	(102,831)	179,843	(37,932)	(43,364)
-Currency translation differences of investments
accounted for using the equity method	(104,798)	179,843	(39,784)	(43,364)
-Gain from cash flow hedges of investments
accounted for using equity method	1,967	-	1,852	-
Other losses not to be reclassified to profit or loss	37,624	(27,786)	38,149	(152)
To be reclassified to profit or loss, tax effect 3,470,196		732,679	767,018	461,601
Other comprehensive income related with hedges of net
investments in foreign operations, tax effect	1,895,863	928,707	191,975	481,912
Other comprehensive income related with cash flow
hedge,
tax effect	1,574,333	(196,697)	575,043	(20,251)
Tax effect other comprehensive expense on financial
assets at fair value through other comprehensive
income	-	669	-	(60)
Other comprehensive loss (net of tax)	(12,072,463)	(15,199,595)	(4,241,764)	(4,491,892)
Total comprehensive expense	(19,810,922)	2,676,043	(6,580,204)	(10,891,807)
Attributable to:
Non-controlling interest	(1,274,045)	20,365	(541,060)	(533,027)
Equity holders of the parent	(18,536,877)	2,655,678	(6,039,144)	(10,358,780)

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIOD ENDED SEPTEMBER 30, 2025, AND 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2025 unless otherwise indicated.)

Other comprehensive income not to be reclassified under profit

Other comprehensive income to be reclassified under

and loss profit and loss Retained earnings Gains/ losses on

financial assets

	Paid-in capital	Adjustment to share capital	Treasury shares	Gain/(loss) arising from defined benefit plans	measured at fair value throughout comprehensive income	Gains/losses on hedge	Currency translation differences	Restricted reserves	Retained earnings	Net income/(loss)	Equity holders of the parent	Non-controlling interest	Total equity
Balance at January 1, 2024-
Previously reported	675,728	28,859,276	(14,452,695)	(4,226,726)	29,493	(17,880,965)	45,777,947	22,874,420	34,630,873	-	96,287,351	11,578,108	107,865,459
Restatement effect (Note 2.1)	-	-	-	-	-	-	(13,321,649)	-	18,924,924	-	5,603,275	(5,603,275)	-
Balance at January 1, 2024-
Restated	675,728	28,859,276	(14,452,695)	(4,226,726)	29,493	(17,880,965)	32,456,298	22,874,420	53,555,797	-	101,890,626	5,974,833	107,865,459
Transfers	-	-	-	-	-	-	-	-	-	-	-	-	-
Total comprehensive
income(loss)	-	-	-	(410,352)	(27,117)	(2,196,028)	(13,710,475)	-	-	18,999,650	2,655,678	20,365	2,676,043
Net income/(loss)	-	-	-	-	-	-	-	-	-	18,999,650	18,999,650	(1,124,012)	17,875,638
Other comprehensive
income/(loss)	-	-	-	(410,352)	(27,117)	(2,196,028)	(13,710,475)	-	-	-	(16,343,972)	1,144,377	(15,199,595)
Dividends	-	-	-	-	-	-	-	-	-	-	-	(1,145,742)	(1,145,742)
Transactions with non-
controlling shares	-	-	-	-	-	-	-	-	-	-	-	6,055,234	6,055,234
Acquisition of a subsidiary	-	-	-	-	-	-	-	-	-	-	-	6,352,758	6,352,758
As of September 30, 2024	675,728	28,859,276	(14,452,695)	(4,637,078)	2,376	(20,076,993)	18,745,823	22,874,420	53,555,797	18,999,650	104,546,304	17,257,448	121,803,752
Balance at January 1, 2025	675,728	28,859,276	(14,452,695)	(5,096,490)	4,257	(18,741,238)	14,454,415	22,874,420	53,555,797	2,118,608	84,252,078	9,899,871	94,151,949
Transfers	-	-	-	-	-	-	(1,236,955)	-	5,603,110	(2,118,608)	2,247,547	(2,247,547)	-
Total comprehensive
income(loss)	-	-	-	(1,278,724)	37,624	(10,397,638)	(462,333)	-	-	(6,435,806)	(18,536,877)	(1,274,045)	(19,810,922)
Net income/(loss)	-	-	-	-	-	-	-	-	-	(6,435,806)	(6,435,806)	(1,302,653)	(7,738,459)
Other comprehensive
income(loss)	-	-	-	(1,278,724)	37,624	(10,397,638)	(462,333)	-	-	-	(12,101,071)	28,608	(12,072,463)
Dividends	-	-	-	-	-	-	-	-	-	-	-	(426,921)	(426,921)
Increase/(decrease) arising from
the sale of treasury shares	-	-	250,328	-	-	-	-	(250,328)	157,164	-	157,164	-	157,164
As of September 30, 2025	675,728	28,859,276	(14,202,367)	(6,375,214)	41,881	(29,138,876)	12,755,127	22,624,092	59,316,071	(6,435,806)	68,119,912	5,951,358	74,071,270

The accompanying notes form an integral part of these condensed interim consolidated financial statements

Sensitivity: Internal / Non-Personal Data

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIDOD ENDED SEPTEMBER 30, 2025, AND 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2025 unless otherwise indicated.)

Unaudited

January 1-

September 30,

January 1-

September 30,

Notes 2025 2024

Cash flows from operating activities:

Net income/(loss): (7,738,459) 17,875,638

Adjustments to reconcile net cash provided from operating activities to net income after taxes

Adjustments for depreciation and amortisation expense	13,14	16,951,747	15,357,720
Adjustments for impairment loss	33	379,489	(266,484)
Adjustments for provisions	33	5,151,375	8,422,125
Adjustments for interest income	25	(3,213,575)	(2,912,866)
Adjustments for interest expense	26	18,746,018	13,401,580
Adjustments for income arised from government grants	23	(625,462)	(612,587)
Adjustments for unrealised foreign exchange losses (gains)		4,037,432	5,091,627
Adjustments for fair value losses on derivative financial instruments	25,26	2,369,852	5,093,151
Adjustments for undistributed profits of investments accounted for using equity method	12	149,939	309,801
Adjustments for tax expense/income	28	3,499,143	(1,297,511)
Adjustments for losses (gains) on disposal of non-current assets	24	(10,641)	174,005
Adjustment for bargained acquisition profit	23	-	(21,351,920)
Other adjustments to reconcile profit	25,26	2,432,343	1,749,676
Adjustments for dividend (income)	24	(413)	(2,911)
Adjustments for contingent liabilities	24,26	485,993	(909,844)
Adjustments related to losses (gains) arising from the disposal of subsidiaries, joint ventures, and financial investments or changes in their shares	24	(29,487)	(25,706)
Adjustment for monetary gain/(loss)		(13,956,598)	(36,516,598)
Adjustments regarding net profit reconciliation for the period		28,628,696	3,578,896
Changes in operating assets and liabilities: Adjustments for decrease (increase) in trade receivables		(9,240,903)	10,722,213
Adjustments for decrease (increase) in inventories		(2,757,707)	2,353,030
Decrease (increase) in prepaid expenses		577,260	(2,483,519)
Adjustments for increase (decrease) in trade payables		(9,981,172)	(20,482,108)
Increase (decrease) in employee benefit liabilities		(2,000,126)	(2,212,639)
Adjustments for increase (decrease) in other operating payables		3,415,081	(1,534,670)
Increase (decrease) in government grants and assistance		271,177	321,051
Other adjustments for other increase (decrease) in working capital		(4,086,796)	(7,174,098)
Income taxes refund (paid)		(1,663,456)	(747,266)
Other cash outflows	20	(4,868,182)	-
Cash flows from operating activities		(1,706,128)	(17,659,110)
Investing activities: Cash outflows from accusations/payments to gain control of subsidiaries	3	-	11,308,747
Cash inflows from disposals resulting in loss of control of subsidiaries		13,196	-
Cash outflows due to share acquisition or capital increase in affiliates and / or joint ventures	12	(501,697)	(660,013)
Cash outflows from purchases of property, plant and equipment and intangible assets		(10,849,422)	(18,855,884)
Cash inflows from sale of property, plant and equipment and intangible assets		284,199	365,833
Dividends received	12,24	128,465	72,597
Cash outflows due to sale of shares in associates or joint ventures or capital reduction	6	(13,228)	(18,303)
Cash inflows from the disposal of equity or debt instruments of other entities or funds	6	-	28,333
Cash flows from investing activities		(10,938,487)	(7,758,690)
Financing activities: Proceeds from borrowings	7	149,405,961	131,566,221
Repayments of borrowings	7	(111,254,196)	(118,113,101)
Bonds issued	7	13,524,693	9,502,409
Payments of lease liabilities	7	(4,467,527)	(3,842,385)
Dividends paid		(426,921)	(1,145,742)
Cash inflows from derivative instruments (net)		(6,237,929)	(3,055,012)
Cash inflows from the sale of treasury shares	22	157,165	-
Interest paid		(18,373,723)	(13,479,096)
Interest received		3,175,436	2,827,548
Other outflows of cash	25,26	(2,432,343)	(1,749,676)
Cash flows from financing activities		23,070,616	2,511,166

Inflation impact on cash and cash equivalents Net increase/(decrease) in cash and cash equivalents before currency translation differences		(6,334,616) 4,091,385	(10,948,381) (33,855,015)
Effect of currency translation differences		3,572,775	(8,856,565)
Net increase/(decrease) in cash and cash equivalents		7,664,160	(42,711,580)
Cash and cash equivalents at January 1	5	63,638,723	88,331,367
Cash and cash equivalents at September 30	5	71,302,883	45,619,787

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

‌NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS

Arçelik Anonim Şirketi ("Arçelik" or "the Company") and its subsidiaries (collectively, "the Group") undertake all commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. The Group operates fourty manufacturing plants in Turkey, Romania, Russia, China, Republic of South Africa, Poland, Slovakia, Italy, Thailand, Pakistan, India, Bangladesh and Egypt. The Company is controlled by Koç Holding A.Ş., the parent company, Koç Family and the companies owned by Koç Family (Note 22). The Company's head office is located at: Karaağaç Caddesi No: 2-6 Sütlüce 34445 Beyoğlu Istanbul / Turkey.

The Company is registered to the Capital Markets Board ("CMB") and its shares have been quoted on the Borsa Istanbul ("BIST") since 1986. As of September 30, 2025, the publicly listed shares are 25.15% of the total shares. (December 31, 2024: 25.15%) (Includes treasury shares of 10.00% as of September 30, 2025,

and December 31, 2024: 10.19%)

The average number of personnel employed by categories in the Group is 12,895 monthly paid (1 January -30 September 2024: 13,022) and 37,182 hourly paid (1 January - 30 September 2024: 38,040) totaling to

50,077 (1 January - 30 September 2024: 51,062).

Country of

Subsidiaries and branches

Continuing operations as of balance sheet date:

incorporation Core business Nature of business

Arcelik Hitachi Home Appliances B.V. (Arçelik Hitachi) Netherlands Investment Holding Arcelik Hitachi Home Appliances IBC Co. Ltd. Thailand Service Service Arcelik Hitachi Home Appliances Sales (Hong Kong) Limited Hong Kong, China Sales Consumer Durables Arcelik Hitachi Home Appliances Sales (Malaysia) Sdn. Bhd. Malaysia Sales Consumer Durables Arcelik Hitachi Home Appliances Sales (Middle East) Fze United Arab Emirates Sales Consumer Durables Arcelik Hitachi Home Appliances (Shanghai) Co., Ltd. China Production/Sales Consumer Durables Arcelik Hitachi Home Appliances Sales (Singapore) Pte. Ltd Singapore Sales Consumer Durables Arcelik Hitachi Home Appliances Sales (Thailand) Ltd. Thailand Sales Consumer Durables Arcelik Hitachi Home Appliances (Thailand) Ltd. Thailand Production/Sales Consumer Durables Arcelik Hitachi Home Appliances Sales (Vietnam) Co., Ltd. Vietnam Sales Consumer Durables Arcelik Hitachi Taiwan Home Appliances Sales Ltd. Taiwan Sales Consumer Durables

Arch R&D Co. Ltd. ("Arch R&D") China R&D Developing technology and design

Arctic Foundation ("Arctic Foundation") Romania Foundation Foundation

Arcwaste Collection SRL ("Arcwaste") (*)Romania Service Service

Arçelik Pazarlama A.Ş. ("Pazarlama A.Ş.") Turkey Service/Sales/Marketing Consumer Durables/Electronics Bauknecht AG ("Bauknecht") Switzerland Sales Consumer Durables Bauknecht Hausgeräte Gmbh ("Bauknecht Hausgeräte") Germany Sales Consumer Durables Beko A and NZ Pty Ltd. ("Beko Australia") Australia Sales Consumer Durables Beko A and NZ Pty Ltd. New Zealand Branch ("Beko New Zealand") (*)New Zealand Sales Consumer Durables Beko AE LLC (Beko AE) United Arab Emirates Sales Consumer Durables Beko Algeria EURL ("Beko Algeria") Algeria Sales Consumer Durables

Beko APAC IBC Co. ("Beko APAC") Thailand Service Service Beko Appliances Malaysia Sdn. Bhd. ("Beko Malaysia") Malaysia Sales Consumer Durables Beko Austria AG ("Beko Austria") Austria Sales Consumer Durables/Electronics Beko Azerbaycan MMC ("Beko Azerbaycan") Azerbaijan Sales Consumer Durables

Beko B.V. ("Beko B.V.") Netherlands Investment Holding Beko Balkans D.O.O ("Beko Balkans") Serbia Sales Consumer Durables/Electronics Beko Bangladesh B.V ("Beko Bangladesh") Netherlands Investment Holding

Beko Belgium N.V. ("Beko Belgium") Belgium Sales Consumer Durables

Beko Canada INC ("Beko Canada") Canada Sales Consumer Durables Beko Central Asia LLC ("Beko Central Asia") Kazakhstan Sales Consumer Durables Beko Croatia d.o.o ("Beko Croatia") Croatia Sales Consumer Durables Beko Egypt Home Appliances Industries LLC ("Beko Egypt LLC") Egypt Production/Sales Consumer Durables/Electronics Beko Egypt Trading LLC ("Beko Egypt") Egypt Sales Consumer Durables

Beko Electrical Appliances Co. Ltd. ("Beko China") China Sales Consumer Durables

Beko Europe Austria GmbH (Beko Europe Austria") Austria Sales Consumer Durables

Beko Europe B.V. ("Beko Europe") Netherlands Investment Holding

Beko Europe Bulgaria EOOD ("Beko Bulgaria") Bulgaria Sales Consumer Durables Beko Europe Denmark A/S ("Beko Europe Denmark") Denmark Service Service Beko Europe Estonia OÜ ("Beko Estonia") Estonia Sales Consumer Durables

Beko Europe Iberia, S.A. ("Beko Iberia") Portugal Sales Consumer Durables

Beko Europe Latvia SIA ("Beko Latvia") Latvia Sales Consumer Durables Beko Europe Lithuania UAB ("Beko Lithuania") Lithuanian Sales Consumer Durables Beko Europe Management SRL ("Beko Europe Management") Italy Sales Consumer Durables Beko Europe R&D SRL ("Beko R&D") Italy R&D Developing technology and design

Beko France S.A.S. ("Beko France") France Sales Consumer Durables/Electronics

Beko Germany GmbH ("Beko Germany") Germany Sales Consumer Durables/Electronics

Beko Greece SMSA ("Beko Greece") Greece Production/Sales Consumer Durables Beko Gulf DMCC ("Beko Gulf DMCC ") United Arab Emirates Production/Sales Consumer Durables Beko Gulf FZE ("Beko Gulf") United Arab Emirates Sales Consumer Durables/Electronics

NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS (Continued)

Country of

Subsidiaries and branches (continued) incorporation Core business Nature of business

Continuing operations as of balance sheet date: (continued)

Beko Hong Kong Ltd. ("Beko Hong Kong") Hong Kong, China	Purchase	Consumer Durables/Electronics
Beko Hungary Kft ("Beko Hungary") Hungary	Sales	Consumer Durables/Electronics
Beko International SA ("Beko International") (**)Switzerland	Treasury	Treasury
Beko Ireland (Beko PLC Branch) ("Beko Ireland") (*)Republic of Ireland	Sales	Consumer Durables/Electronics
Beko Italy Manufacturing SRL (Beko Italy Manufacturing") Italy	Production/Sales	Consumer Durables/Electronics
Beko Italy SRL ("Beko Italy") Italy	Sales	Consumer Durables/Electronics
Beko LLC. ("Beko Russia") Russia	Production/Sales	Consumer Durables/Electronics
Beko Maghreb Sarl ("Beko Maghreb") Morocco	Sales	Consumer Durables
Beko Manufacturing Slovakia spol. S.R.O. ("Beko Manufacturing Slovakia ") Slovakia	Purchase	Consumer Durables/Electronics
Beko Morocco Household Appliances SARL ("Beko Morocco") Morocco	Sales	Consumer Durables/Electronics
Beko Netherlands B.V. ("Beko Netherlands") Netherlands	Sales	Consumer Durables
Beko Nordic AB, Finland Rep Office of Beko Nordic AB ("Beko Finland") (*)Finland	Sales	Consumer Durables/Electronics
Beko Nordic AB. ("Beko Sweden") Sweden	Sales	Consumer Durables/Electronics
Beko Nordic AS ("Beko Norway") Norway	Sales	Consumer Durables/Electronics
Beko Nordic DK, Denmark Branch of Beko Nordic AS ("Beko Denmark") (*)Denmark	Sales	Consumer Durables/Electronics
Beko Pilipinas Corporation ("Beko Philippines") Republic of the Philippines	Sales	Consumer Durables
Beko Plc. ("Beko UK") England	Sales	Consumer Durables/Electronics
Beko Poland Manufacturing Sp. Z O.O. ("Beko Poland Manufacturing") Poland	Production/Sales	Consumer Durables/Electronics
Beko Portugal, Unipessoal LDA ("Beko Portugal") Portugal	Sales	Consumer Durables/Electronics
Beko Romania SA ("Arctic") Romania	Production/Sales	Consumer Durables/Electronics
Beko S.A. ("Beko Polska") Poland	Sales	Consumer Durables/Electronics
Beko S.A., Czech Branch of Beko S.A. ("Beko Czech") Czech Republic	Sales	Consumer Durables/Electronics
Beko Shanghai Trading Co Ltd. ("Beko Shanghai") China	Sales	Consumer Durables/Electronics
Beko Slovakia S.R.O. ("Beko Slovakia") Slovakia	Sales	Consumer Durables/Electronics
Beko Spain Electronics S.L. ("Beko Spain") Spain	Sales	Consumer Durables/Electronics
Beko Switzerland GmbH ("Beko Switzerland") Switzerland	Sales	Consumer Durables/Electronics
Beko Thai Co. Ltd. ("Beko Thailand") Thailand	Production/Sales	Consumer Durables
Beko Ukraine LLC. ("Beko Ukraine") Ukraine	Sales	Consumer Durables
Beko US INC. ("Beko US") United States of America	Sales	Consumer Durables
Dawlance ( Private) Ltd. ("Dawlance") Pakistan	Production/Sales	Consumer Durables
Defy Appliances (Proprietary) Ltd. ("Defy") Republic of the South Africa	Production/Sales	Consumer Durables
Defy (Botswana) (Proprietary) Ltd. ("Defy Botswana") Botsvana	Sales	Consumer Durables
Defy (Namibia) (Proprietary) Ltd. ("Defy Namibia") Namibia	Sales	Consumer Durables
Defy Sales East Africa Limited ("Defy Kenya") Kenya	Sales	Consumer Durables
Defy (Swaziland) (Proprietary) Ltd. ("Defy Swaziland") Svaziland	Sales	Consumer Durables
DEL Electronics (Private) Ltd. ("DEL") Pakistan	Sales	Consumer Durables
European Appliances Balkans d.o.o. Beograd ("European Balkans") Serbia	Service	Service
European Appliances Belgium NV ("European Belgium") Belgium	Sales	Consumer Durables
European Appliances Croatia d.o.o. ("European Croatia") Croatia	Sales	Consumer Durables
European Appliances Czech spol. S.R.O. ("European Czech") Czech Republic	Sales	Consumer Durables
European Appliances Finland OY ("European Finland") Finland	Service	Service
European Appliances France Holdings SAS ("European France Holdings") France	Investment	Holding
European Appliances France SAS ("European France") France	Sales	Consumer Durables
European Appliances Greece SA("European Greece") Greece	Sales	Consumer Durables
European Appliances Hungary KFT ("European Hungary") Hungary	Sales	Consumer Durables
European Appliances Italy SRL ("Eurapean Italy") Italy	Sales	Consumer Durables
European Appliances Netherlands BV ("European Netherlands") Netherlands	Sales	Consumer Durables
European Appliances Nordic AB ("European Nordic") Sweden	Sales	Consumer Durables
European Appliances Norway AS ("European Norway ") Norway	Service	Service
European Appliances Poland Sp. Z.O.O.("European Poland") Poland	Sales	Consumer Durables
European Appliances Romania SRL ("European Romania") Romania	Sales	Consumer Durables
European Appliances Slovakia spol. S.R.O. ("European Slovakia") Slovakia	Sales	Consumer Durables
European Appliances Ukraine LLC ("European Ukraine") Ukraine	Sales	Consumer Durables
European Home Appliances Spain S.A. ("European Spain") Spain	Sales	Consumer Durables
General Domestic Appliances Holdings LTD ("General Appliances") England	Investment	Holding
Grundig Multimedia A.G. ("Grundig Switzerland") Switzerland	Sales	Electronics
Hotpoint Ireland Ltd ("Hotpoint Ireland") Republic of Ireland	Sales	Consumer Durables
Hotpoint UK Appliances Limited ("Hotpoint UK") England	Sales	Consumer Durables/Electronics
IHP Appliances LLC ("IHP Appliances") Russia	Production/Sales	Consumer Durables/Electronics
IHP Kazakhstan LLP ("IHP Kazakhstan") Kazakhstan	Sales	Consumer Durables/Electronics
Indesit Company UK Holdings LTD ("Indesit UK ") England	Investment	Holding
IRE Beteiligungs GmbH ("IRE Beteiligungs") Germany	Sales	Electronics
Pan Asia Private Equity Ltd. ("Pan Asia") British Virgin Islands	Investment	Holding
PT Beko Appliances Indonesia ("PT Indonesia") Indonesia	Sales	Consumer Durables
PT Home Appliances IND ("PT IND") Indonesia	Sales	Consumer Durables
PT. Arcelik Hitachi Home Appliances Sales Indonesia (Arçelik Hitachi Indonesia) Indonesia	Sales	Consumer Durables
Singer Bangladesh Limited ("Singer Bangladesh") Bangladesh	Production/Sales	Consumer Durables/Electronics
United Refrigeration Industries Ltd. ("URIL") Pakistan	Production/Sales	Consumer Durables

(*)Branches of the Subsidiary, which operate in a different country, are separately presented.

(**)The trade name of the subsidiary Indesit Company International Business S.A. has been updated to Beko International S.A. as of September 18, 2025, and the

registration procedures regarding this change have been completed in the relevant country's registry.

NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS (Continued)

Subsidiaries and branches (continued)

Country of

Ceased operations as of reporting date: incorporation	Core business	Nature of business
Beko Cesko ("Beko Cesko") Czech Republic	-	-
Grundig Intermedia Ges.m.b.H ("Grundig Austria") Austria	-	-
Vietbeko LLC. ("Vietbeko") Vietnam	-	-
Associates Koç Finansman A.Ş. ("Koç Finansman") Turkey	Finance	Consumer Finance
Ram Dış Ticaret A.Ş. ("Ram Dış Ticaret") Turkey	Sales	Foreign Trade
Joint Ventures Arçelik-LG Klima Sanayi ve Ticaret A.Ş. ("Arçelik-LG") Turkey	Production/Sales	Consumer Durables
VoltBek Home Appliances Private Limited ("VoltBek") India	Production/Sales	Consumer Durables
Approval of consolidated financial statements

‌The consolidated financial statements as of and for the period ended 30 September 2025 were approved for issue by the Board of Directors on 24 October 2025.

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

Basis of presentation Financial reporting standards
The condensed consolidated financial statements of the Group have been prepared in accordance with the Turkish Financial Reporting Standards, ("TFRS") and interpretations as adopted in line with international standards by the Public Oversight Accounting and Auditing Standards Authority of Turkey ("POA") in line with the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board of Turkey ("CMB") on June 13, 2013 which is published on Official Gazette numbered 28676. TFRS are updated in harmony with the changes and updates in International Financial and Accounting Standards ("IFRS") by the communiqués announced by the POA.
The condensed interim consolidated financial statements are presented in accordance with "Announcement regarding with TAS Taxonomy" which was published on July 3, 2024 by POA and the format and mandatory information recommended by CMB.
The Group prepared its condensed consolidated interim financial statements for the six months period ended September 30, 2025, in accordance with TAS 34 "Interim Reporting" standard. Interim condensed consolidated financial statements do not include all the information required for the annual financial statements and therefore they should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2024.
Foreign subsidiaries have prepared their statutory financial statements in accordance with the related local laws and regulations. Condensed consolidated financial statements have been prepared under the historical cost convention except for the derivative instruments, contingent liabilities and available for sale financial assets presented at fair values.
NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Basis of presentation (Continued) Financial reporting in hyperinflationary economy

Pursuant to the decision of the Capital Markets Board of Türkiye (CMB) dated December 28, 2023 and numbered

81/1820, it has been resolved that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards (TFRS) shall implement inflation accounting by applying the provisions of TAS 29 "Financial Reporting in Hyperinflationary Economies", starting from their annual financial statements for the periods ending on or after December 31, 2023.

The Group has prepared its consolidated financial statements for the period ended 30 September 2025 by applying TAS 29, based on the relevant Capital Markets Board (CMB) decision, the announcement made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2023, and the published 'Implementation Guide on Financial Reporting in Hyperinflationary Economies.

According to the standard, financial statements prepared in the currency of a hyperinflationary economy must be expressed in terms of the purchasing power of that currency as of the balance sheet date. Prior period financial statements are also restated in the same current measurement unit as of the end of the reporting period for comparative purposes. Accordingly, the Group has restated and presented its consolidated financial statements dated September 30, 2024 and December 31, 2024 in purchasing power terms as of September 30, 2025.

The adjustments made in accordance with TAS 29 were performed using the adjustment coefficient calculated based on the Consumer Price Index ("CPI") published by the Turkish Statistical Institute ("TÜİK"). As of September 30, 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:

Period End	Index	Conversion Factor	Three-year Inflation Rate
September 30, 2025	3,367.22	1.00000	222%
December 31, 2024	2,684.55	1.25430	291%
September 30, 2024	2,526.16	1.33294	343%

The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:

The consolidated financial statements for the current period, prepared in Turkish Lira (TRY), are expressed in terms of purchasing power at the balance sheet date. Amounts from prior reporting periods have also been adjusted to reflect the purchasing power at the end of the current reporting period.

Monetary assets and liabilities are not adjusted as they are already stated in terms of current purchasing power at the balance sheet date. Where the inflation-adjusted values of non-monetary items exceed their recoverable amount or net realizable value, the provisions of TAS 36 "Impairment of Assets" and TAS 2 "Inventories" are applied, respectively.
Non-monetary assets, liabilities, and equity items that are not expressed in terms of current purchasing power at the balance sheet date have been adjusted using the relevant adjustment coefficients.
All items in the comprehensive income statement, except for those relating to the effects of non-monetary items in the statement of financial position, have been indexed using coefficients calculated based on the periods when the related income and expense accounts were initially recognized in the financial statements.
The effect of inflation on the Group's net monetary asset position for the current period is recognized in the consolidated income statement under "net monetary position gain/(loss)" (Note 27).

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2.1 Basis of presentation (Continued) New and amended standards and interpretations

The accounting policies adopted in preparation of the consolidated financial statements as of September 30, 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of January 1, 2025 and thereafter. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.

The new standards, amendments and interpretations which are effective as of January 1, 2025 are as follows:
- Amendments to TAS 21 - Lack of exchangeability
  The amendments did not have a significant impact on the financial position or performance of the Group.
Standards issued but not yet effective and not early adopted
Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the condensed consolidated financial statements are as follows. the Group will make the necessary changes if not indicated otherwise, which will be affecting the consolidated financial statements and disclosures, when the new standards and interpretations become effective.
- Amendments to TFRS 10 and TAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
  The Group will wait until the final amendment to assess the impacts of the changes.
- TFRS 17 - The new Standard for insurance contracts
  The standard is not applicable for the Group and will not have an impact on the financial position or performance of the Group.
- Amendments to TFRS 9 and TFRS 7 - Classification and measurement of financial instruments
- Annual Improvements to TFRSs - Volume 11
- Amendments to TFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity
- TFRS 18 - The new Standard for Presentation and Disclosure in Financial Statements
  The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group.
- TFRS 19 - Subsidiaries without Public Accountability: Disclosures The standard is not applicable for the Group.

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2.1 Basis of presentation (Continued) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in TRY, which is the functional currency of Arçelik and the presentation currency of the Group.

Financial statements of subsidiaries operating in countries other than Turkey

The Financial statements of subsidiaries operating in countries other than Turkey are compiled by the TFRS promulgated by the POA to reflect the proper presentation and content. Subsidiaries' assets and liabilities are translated into TRY from the foreign exchange rate at the reporting date and income and expenses are translated into TRY at the average foreign exchange rate and indexing has been applied to bring the income and expenses to the current period's purchasing power. Exchange differences arising from the translation of the opening net assets and differences between the average and balance sheet date rates are recognized in the "currency translation difference" under the use of equity.

Consolidation principles

The consolidated financial statements include the accounts of the parent company, Arçelik, and its Subsidiaries and Associates on the basis set out in sections (b) to (f) below. The financial statements of the companies included in the consolidation have been prepared as of the date of the consolidated financial statements and are based on the statutory records with adjustments and reclassifications for the purpose of presentation in conformity TAS/TFRS promulgated by the POA as set out in the communiqué numbered II-14.1, and Group accounting and disclosure policies.
Subsidiaries are the Companies controlled by Arçelik when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Subsidiaries are consolidated from the date on which the control is transferred to the Group and are no longer consolidated from the date that the control ceases.

The statement of financial position and statements profit or loss of the Subsidiaries are consolidated on a line-by-line basis and the carrying value of the investment held by Arçelik and its Subsidiaries is eliminated against the related shareholders' equity. Intercompany transactions and balances between Arçelik and its Subsidiaries are eliminated on consolidation. The cost of, and the dividends arising from, shares held by Arçelik in its Subsidiaries are eliminated from shareholders' equity and income for the year, respectively.

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2.1 Basis of presentation (Continued) Consolidation principles (Continued)

The table below sets out all Subsidiaries included in the scope of consolidation discloses their direct and indirect ownership, which are identical to their economic interests, as of September 30, 2025, and December 31, 2024 (%) and their functional currencies:

September 30, 2025 December 31, 2024

Continuing operations as of balance sheet date:	Functional currency	Ownership Interest	Effective shareholding	Ownership Interest	Effective shareholding
Arçelik Hitachi	Euro	60	60	60	60
Arçelik Hitachi Dubai	Dirham	60	60	60	60
Arçelik Hitachi Hong Kong	Hong Kong Dollar	60	60	60	60
Arçelik Hitachi Indonesia	Indonesian Rup.	40.5	40.5	40.5	40.5
Arçelik Hitachi Malaysia	Malaysian Ringgit	60	60	60	60
Arçelik Hitachi Sales Thailand	Thai Baht	60	60	60	60
Arçelik Hitachi Shangai	Chinese Yuan	57	57	57	57
Arçelik Hitachi Singapore	Singapore Dollar	60	60	60	60
Arçelik Hitachi Taiwan	Taiwanese Dollar	60	60	60	60
Arçelik Hitachi Thailand	Thai Baht	50.4	50.4	50.4	50.4
Arçelik Hitachi Thailand IBC	Thai Baht	60	60	60	60
Arçelik Hitachi Vietnam	Vietnamese Dong	60	60	60	60
Arch R&D	Chinese Yuan	100	100	100	100
Arctic Foundation	Romanian Lei	72.54	72.54	72.54	72.54
Arcwaste	Romanian Lei	72.54	72.54	72.54	72.54
Bauknecht	Swiss Franc	75	75	75	75
Bauknecht Hausgeräte	Euro	75	75	75	75
Beko AE	Dirham	100	100	100	100
Beko Algeria	Algerian Dinar	100	100	100	100
Beko APAC	Thai Baht	100	100	100	100
Beko Australia	Australian Dollar	100	100	100	100
Beko Austria	Euro	75	75	75	75
Beko Azerbaycan	Azerbaijan Manat	100	100	100	100
Beko B.V.	Euro	100	100	100	100
Beko Balkans	Serbian Dinar	75	75	75	75
Beko Bangladesh	Euro	100	100	100	100
Beko Belgium	Euro	75	75	75	75
Beko Bulgaria	Bulgarian Lev	75	75	75	75
Beko Canada	Canadian Dollar	100	100	100	100
Beko Central Asia	Kazakhstan Tenge	100	100	100	100
Beko China	Chinese Yuan	100	100	100	100
Beko Croatia	Croation Kuna	75	75	75	75
Beko Czech	Czech Koruna	75	75	75	75
Beko Denmark	Danish Krone	75	75	75	75
Beko Egypt	Egyptian Lira	100	100	100	100
Beko Egypt LLC	Egyptian Lira	100	100	100	100
Beko Estonia	Euro	75	75	75	75
Beko Europe	Euro	75	75	75	75
Beko Europe Austria	Euro	75	75	75	75
Beko Europe Denmark	Danish Krone	75	75	75	75
Beko Europe Management	Euro	75	75	75	75
Beko Finland	Euro	75	75	75	75
Beko France	Euro	75	75	75	75
Beko Germany	Euro	75	75	75	75
Beko Greece	Euro	75	75	75	75
Beko Gulf	Dirham	100	100	100	100
Beko Gulf DMCC	Dirham	100	100	100	100
Beko Holdings (*)	Euro	-	-	75	75
Beko Hong Kong	US Dollar	100	100	100	100
Beko Hungary	Hungarian Forint	75	75	75	75
Beko Iberia	Euro	75	75	75	75
Beko International	Swiss Franc	75	75	75	75
Beko Ireland	Euro	75	75	75	75
Beko Israel (**)	New Israeli Shekel	-	-	100	100
Beko Italy	Euro	75	75	75	75
Beko Italy Manufacturing	Euro	75	75	75	75
Beko Latvia	Euro	75	75	75	75
Beko Lithuania	Euro	75	75	75	75
Beko Maghreb	Moroccan Dirham	100	100	100	100
Beko Malaysia	Malaysian Ringgit	100	100	100	100
Beko Manufacturing Slovakia	Euro	75	75	75	75
Beko Morocco	Moroccan Dirham	100	100	100	100

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2.1 Basis of presentation (Continued) Consolidation principles (Continued)

		September 30, 2025		December 31, 2024
Continuing operations as of balance sheet date:	Functional	Ownership	Effective	Ownership	Effective
(Continued)	currency	Interest	shareholding	Interest	shareholding
Beko Netherlands	Euro	75	75	75	75
Beko New Zealand	New Zealand Dollar	100	100	100	100
Beko Norway	Norwegian Kroner	75	75	75	75
Beko Philippines	Philippine Peso	100	100	100	100
Beko Poland Manufacturing	Euro	75	75	75	75
Beko Polska	Polish Zloty	75	75	75	75
Beko Portugal	Euro	75	75	75	75
Beko Romania	Romanian Lei	72.54	72.54	72.54	72.54
Beko Russia	Russian Ruble	100	100	100	100
Beko Shanghai	Chinese Yuan	100	100	100	100
Beko Slovakia	Euro	75	75	75	75
Beko Spain	Euro	75	75	75	75
Beko Sweden	Swedish Krona	75	75	75	75
Beko Switzerland	Swiss Franc	75	75	75	75
Beko Thailand	Thai Baht	100	100	100	100
Beko UK	British Pound	75	75	75	75
Beko Ukraine	Ukrainian Hryvnia	75	75	75	75
Beko US	US Dollar	100	100	100	100
Beko R&D	Euro	75	75	75	75
Dawlance	Pakistani Rupee	100	100	100	100
Defy	South Africa Rand	100	100	100	100
Defy Botswana	Botswana Pula	100	100	100	100
Defy Kenya	Kenya Shilling	100	100	100	100
Defy Namibia	Namibian Dollar	100	100	100	100
Defy Swaziland	Svazi Lilangeni	100	100	100	100
DEL	Pakistani Rupee	100	100	100	100
European Balkans	Serbian Dinar	75	75	75	75
European Belgium	Euro	75	75	75	75
European Croatia	Euro	75	75	75	75
European Czech	Czech Koruna	75	75	75	75
European Finland	Euro	75	75	75	75
European France	Euro	75	75	75	75
European France Holdings	Euro	75	75	75	75
European Greece	Euro	75	75	75	75
European Hungary	Hungarian Forint	75	75	75	75
European Italy	Euro	75	75	75	75
European Netherlands	Euro	75	75	75	75
European Nordic	Swedish Krona	75	75	75	75
European Norway	Norwegian Kroner	75	75	75	75
European Poland	Polish Zloty	75	75	75	75
European Romania	Romanian Lei	75	75	75	75
European Slovakia	Euro	75	75	75	75
European Spain	Euro	75	75	75	75
European Ukraine	Ukrainian Hryvnia	75	75	75	75
General Appliances	British Pound	75	75	75	75
Grundig Switzerland	Swiss Franc	75	75	75	75
Hotpoint Ireland	Euro	75	75	75	75
Hotpoint UK	British Pound	75	75	75	75
IHP Appliances	Russian Ruble	100	100	100	100
IHP Appliances Sales (***)	Russian Ruble	-	-	100	100
IHP Kazakhstan	Kazakhstan Tenge	100	100	100	100
Indesit UK	British Pound	75	75	75	75
Ire Beteiligungs	Euro	75	75	75	75
Pan Asia	US Dollar	100	100	100	100
Pazarlama A.Ş.	Turkish Lira	100	100	100	100
PT Home Appliances IND	Indonesian Rupiah	67	67	67	67
PT Beko Appliances Indonesia	Indonesian Rupiah	100	100	100	100
Singer Bangladesh	Bangladeshi Taka	56.99	56.99	56.99	56.99
United Refrigeration Industries	Pakistani Rupee	100	100	100	100

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2.1 Basis of presentation (Continued) Consolidation principles (Continued)

September 30, 2025 December 31, 2024

Ceased operations as of balance sheet date:	Functional currency	Ownership Interest	Effective shareholding	Ownership Interest	Effective shareholding
Beko Cesko	Czech Koruna-	75	75	100	100
Grundig Austria	Euro-	75	75	100	100
Vietbeko	Vietnamese Dong-	100	100	100	100

(*)Beko Europe Holdings BV has merged into Beko Europe BV, a subsidiary of the Group, as of April 2025.

(**)All shares of Beko Israel Household Appliances Ltd. ("Beko Israel"), a 100% owned subsidiary of the Group, were sold on 24 February 2025.

(***)IHP Appliances Sales has merged into IHP Appliances, a subsidiary of the Group, as of January 2025.

Associates and joint ventures are companies in which the Group has attributable interest of more than 20% and less than 50% of the ordinary share capital held for the long-term and over which a significant influence is exercised. Associates are accounted for using the equity method.

Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. The Group ceases to account the associate using the equity method if it loses the significant influence or the net investment in the associate becomes nil, unless it has entered to a liability or a commitment. After the date of the caesura of the significant influence, the investment is carried at fair value.

The table below sets out all associates and joint ventures shows their direct and indirect ownership as of September 30, 2025 and December 31 2024 (%):

	September 30, 2025	December 31, 2024
Arçelik - LG	45.00	45.00
Koç Finansman	47.00	47.00
Ram Dış Ticaret	33.50	33.50
VoltBek	49.00	49.00

Financial assets in which the Group has ownership interests below 20%, or in which a significant influence is not exercised by the Group that have quoted market prices in active markets and/or whose fair values can be reliably measured are classified as financial assets measured at fair value through other comprehensive income in the consolidated financial statements.
The non-controlling share in the net assets and results of Subsidiaries for the year are separately classified as "non-controlling interest" in the consolidated statements of financial position and consolidated statements of profit or loss.

Going concern

The Group prepared consolidated financial statements in accordance with the going concern assumption.

Offsetting

Financial assets and liabilities are offset and reported in the net amount when there is a legally enforceable right or when there is an intention to settle the assets and liabilities on a net basis or realize the assets and settle the liabilities simultaneously.

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Basis of presentation (Continued) Comparatives and restatement of prior periods' financial statements
The consolidated financial statements of the Group include comparative financial information to enable the determination of the trends in the financial position and performance. Comparative figures are reclassified, where necessary, to conform to changes in presentation in the current period consolidated financial statements and the significant changes are explained.
Except changes pointed below paragraphs, Group has applied consistent accounting policies in the preparation of consolidated financial statements presented the Group does not have any other significant changes in accounting policy and accounting estimates in the current period.
Due to the restatement resulting from the indexing of the shareholding of subsidiaries operating abroad by the parent company, net monetary position gains/(losses) arising from this restatement have been classified among the consolidated net profit for the period, consolidated retained earnings, non-controlling interests and consolidated foreign exchange translation differences in the statement of changes in equity as of January 1, 2024, and September 30, 2024. The amounts restated for the September 30, 2025 purchasing power are indicated below, respectively.
As of January 1, 2024, a reclassification of TRY (13,321,649) in foreign exchange translation differences, TRY (5,603,275) in non-controlling interests, and TRY 18,924,924 in retained earnings was made.
As of September 30, 2024, the reclassifications were as follows: TRY 18,924,924 in retained earnings, TRY (17,642,080) in foreign exchange translation differences, TRY (5,603,275) in non-controlling interests, and TRY 4,320,431 in net profit for the period. The reclassifications have also been reported in the comparative period's financial position statement and income statement.
These changes do not have any impact on the Group's total equity.
Except for the restatements detailed above, the Group's adjustments arising from the provisional accounting of business combinations completed in 2024, upon finalization of the purchase price allocation, have been disclosed in Note 3.
Restatement and errors in the accounting policies and estimates
Any change in the accounting policies resulted from the first-time adoption of a new standard is made either retrospectively or prospectively in accordance with the transition requirements. Changes without any transition requirement, material changes in accounting policies or material errors are corrected, retrospectively by restating the prior period condensed consolidated financial statements. If changes in accounting estimates are related to only one period, they are recognized in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.
Summary of Significant Accounting Policies

The condensed consolidated financial statements for the interim period ended September 30, 2025, have been prepared in accordance with TAS 34, Interim Financial Reporting. The significant accounting policies used in the preparation of the condensed consolidated financial statements are consistent with those disclosed in detail in the consolidated financial statements as at December 31, 2024. Consequently, the interim condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2024.

NOTE 3 - BUSINESS COMBINATION Impact of the final recognition and measurement of business combinations

The business combinations carried out by the Group in 2024, the details of which are disclosed below, were provisionally accounted for in the consolidated financial statements as of September 30, 2024. The purchase price allocation (PPA) study was finalized in 2024, and the effects of the final accounting were reflected in the consolidated financial statements as of December 31, 2024.In accordance with TFRS 3 - Business Combinations, the statement of profit or loss, cash flows and other comprehensive income and the statement of changes in equity for the comparative period ended September 30, 2024 have been retrospectively adjusted in the consolidated financial statements for the period ended September 30, 2025.

The purchase price for the acquisition of Whirlpool Corporation's manufacturing, sales, and marketing subsidiaries operating in Europe was determined as 25% of the fair value of Arçelik's own manufacturing, sales, and marketing subsidiaries operating in Europe prior to the transfer. As the fair values of these subsidiaries had not yet been determined at the time of the provisional accounting, a provisional fair value was assumed to be 75% of the provisionally recognized net assets of Whirlpool Corporation's European manufacturing, sales, and marketing subsidiaries acquired.Accordingly, an amount of TRY 22,953,567 was recognized in retained earnings as a contribution from the parent company, Arçelik.Following the finalization of the purchase price allocation, the amounts relating to the parent company's contribution and the total net identifiable assets of Whirlpool Corporation's European subsidiaries were retrospectively adjusted. As a result of this adjustment, an income from bargained acquisition amounting to TRY 21,006,262 was recognized in the statement of profit or loss.

In line with the Group's growth strategy in the Middle East and North Africa ("MENA") region, and as disclosed in public announcements dated January 17, 2023 and June 23, 2023, all shares of Whirlpool MEEA DMCC and Whirlpool Maroc S.a r.l., two subsidiaries operating in the MENA market and incorporated in the United Arab Emirates and Morocco respectively, along with Whirlpool's other operations in the MENA region, were transferred to Beko B.V. on April 1, 2024, following the closing procedures set forth in the MENA share purchase agreement.

As the fair values of these subsidiaries had not been determined during the comparative period at the time of the provisional accounting, the completion of the purchase price allocation study resulted in a retrospective adjustment, and an income of TRY 345,658 arising from a bargain purchase was recognized in the comparative statement of profit or loss.

In order to contribute to the Group's growth target in the European region, as stated in the material event disclosure dated January 17, 2023, and in line with Arçelik's growth strategy, a Shareholder Agreement has been signed between Arçelik and Whirlpool Corporation for the merger of all of Whirlpool Corporation's production, sales, and marketing subsidiaries operating in Europe under a new company, Beko Europe BV, which will be controlled by Arçelik with a 75% shareholding, and Whirlpool Corporation holding a non-controlling interest with a 25% shareholding. Additionally, as of April 1, 2024, the relevant agreements, including the Partnership Agreement, Brand License Agreements, and agreements related to operations and supply principles, have been signed in accordance with the principles mentioned in the material event disclosure dated January 17, 2023. Thus, as of April 1, 2024, the control of all production, sales, and marketing subsidiaries of Whirlpool Corporation operating in Europe has been transferred to Arçelik.

NOTE 3 - BUSINESS COMBINATION (Continued)

The purchase price, the fair valu es of the acquired assets and liabilities used provisionally within the scope of TFRS 3 are summarized in the table below:

1 April 2024

Purchase price - cash	6,055,234
Contingent purchase price (*)	1,851,712
Total purchase price	7,906,946
Cash and cash equivalents	11,618,614
Trade receivables	33,558,232
Provision for expected credit loss (Note 9)	(1,345,812)
Derivative instruments	65,876
Inventories	25,342,604
Provision for inventories	(1,470,021)
Other current assets	5,931,239
Property, plant, and equipment (Note 13)	41,367,766
Intangible assets (Note 14)	10,052,613
Deferred tax assets (Note 28)	17,273,924
Other non-current assets	1,587,034
Trade payables and other payables	(69,817,876)
Deferred tax liabilities (Note 28)	(2,832,895)
Lease liabilities (Note 7)	(7,988,578)
Retirement benefit obligation provision	(7,616,412)
Other liabilities	(20,460,342)
Total net identifiable assets (100%)	35,265,966
Net assets corresponding to the acquired 75% stake	26,449,475
Non-controlling interest fair value adjustment (**)	2,463,733
Representing the 75% share acquired	28,913,208
Income from bargained acquisition (Note 23) (***)	(21,006,262)
Total consideration transferred	7,906,946

(*)The contingent purchase price refers to the amounts to be paid if Beko Europe B.V. benefits from unused tax losses and tax incentives in Italy and Poland. The amounts likely to be paid are recorded as contingent liabilities under business combinations.

(**)According to TFRS 3, non-controlling interests can be measured based on the proportional share of net assets or fair value. The non-controlling interests arising from this acquisition have been recorded at their fair values, which have been calculated using the discounted cash flow method. The difference between the proportional share of net assets and fair value has been included in the calculation of the bargained price.

(***)The gain of TRY 21,006,262 resulting from the bargained acquisition is recognized under "Other Income from Operating Activities".

The details of the cash inflow resulting from the acquisition are as follows:

Total consideration in cash -

Cash and cash equivalents - acquired 11,618,614

Cash inflow due to acquisition of subsidiary (net) 11,618,614 NOTE 3 - BUSINESS COMBINATION (Continued)

To contribute to the Group's growth target in the Middle East and North Africa region, as stated in the announcements dated January 17, 2023 and June 23, 2023, all shares of Whirlpool's two subsidiaries, Whirlpool MEEA DMCC and Whirlpool Maroc S.a r.l., operating in the Middle East and North Africa ("MENA") market, established in the United Arab Emirates and Morocco, and Whirlpool's operations in the MENA region, were acquired by Beko B.V. on April 1, 2024, following the closing transactions stipulated in the MENA share purchase agreement.

Additionally, as of April 1, 2024, a Partnership Agreement, Trademark License Agreements, and other agreements related to operations and supply terms were signed between Beko B.V. and Whirlpool Corporation, in accordance with the principles outlined in the January 17, 2023, material event disclosure.

The purchase price, the fair values of the acquired assets and liabilities used provisionally within the scope of TFRS 3 are summarized in the table below:

1 April 2024

Cash and cash equivalents	907,672
Trade receivables	776,503
Provision for expected credit loss (Note 9)	(55,027)
Inventories	569,641
Provision for inventories	(4,536)
Other current assets	44,348
Property, plant and equipment (Note 13)	16,480
Intangible assets (Note 14)	513,910
Deferred tax assets (Note 28)	46,594
Trade payables and other payables	(876,684)
Deferred tax liabilities (Note 28)	(116,719)
Other liabilities	(258,985)
Total net identifiable assets (100%)	1,563,197
Income from bargained acquisition (Note 23) (*)	(345,658)
Total consideration transferred	1,217,539

(*) The gain of TRY (345,658) resulting from the bargained acquisition is recognized under "Other Income from Operating Activities".

The details of the cash inflow resulting from the acquisition are as follows:

Total consideration transferred - cash	(1,217,539)
Cash and cash equivalents - acquired	907,672
Net cash outflow from the acquisition	(309,867)

‌NOTE 4 - SEGMENT REPORTING

The reportable segments of Arçelik have been organized by management into white goods and consumer electronics. White goods' reportable segment comprises washing machines, dryers, dishwashers, refrigerators, ovens, cookers and the services provided for these products. The consumer goods reportable segment comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products. Other segments comprise the revenues from air conditioners, home appliances and furniture and kitchen gadgets except products included in white goods and consumer electronics.

Arçelik's reportable segments are strategic business units that present various products and services. Each segment is managed independently due to differences in required technologies and marketing strategies.

Information about the operational segments is as follows. The performance of operational segments is evaluated based on gross profitability.

The operational segments, prepared in accordance with the reportable segments for the six-month period ended September 30, 2025, are as follows:

	White goods	Consumer electronics	Other	Total
Net sales (*)	284,841,201	18,530,388	75,897,695	379,269,284
Gross profit	79,353,283	1,914,839	27,612,568	108,880,690
Depreciation and amortization	15,926,201	626,267	653,615	17,206,083
Capital expenditures	10,133,422	607,724	362,612	11,103,758

(*) The Group recognized net sales amounting to TRY 372,331,689 with respect to the performance obligations satisfied at a point in time for the period ended September 30, 2025 (2024: TRY 396,713,395).

The operational segments, prepared in accordance with the reportable segments for the six-month period ended September 30, 2024, are as follows:

	White goods	Consumer electronics	Other	Total
Net sales	304,323,652	21,152,244	76,222,264	401,698,160
Gross profit	83,128,374	3,298,640	25,239,736	111,666,750
Depreciation and amortization	14,274,996	579,893	585,033	15,439,922
Capital expenditures	17,399,701	998,507	539,878	18,938,086

‌NOTE 4 - SEGMENT REPORTING (Continued)

The operational segments for the period from July 1 to September 30, 2025 have been prepared in accordance with the reportable segments and are presented as follows:

	White goods	Consumer electronics	Other	Total
Net sales (*)	96,575,300	5,859,688	22,010,650	124,445,638
Gross profit	27,575,849	558,264	8,045,664	36,179,777
Depreciation and amortization	5,431,900	205,813	253,043	5,890,756
Capital expenditures	2,955,509	175,313	124,616	3,255,438

(*) For the period from July 1 to September 30, 2025, the Group recognized net sales of TRY 121,946,796 related to performance obligations satisfied at a point in time. (July 1- September 30, 2024: TRY 138,062,249).

The operational segments for the period from July 1 to September 30, 2024 have been prepared in accordance with the reportable segments and are presented as follows:

	White goods	Consumer electronics	Other	Total
Net sales (*)	108,265,304	6,176,290	26,037,958	140,479,552
Gross profit	27,152,651	1,128,858	8,809,681	37,091,190
Depreciation and amortization	5,359,785	195,359	196,747	5,751,891
Capital expenditures	6,422,356	387,112	179,624	6,989,092

Revenue, grouped geographically based on the location of customers for the nine-month period ended September 30, is presented below:
2025 Turkey Europe Asia Pacific Africa Other Total
Total segment revenue 125,874,506 181,807,092 38,820,459 17,790,963 14,976,264 379,269,284
Asia 2024 Turkey Europe Pacific Africa Other Total
Total segment revenue 137,654,103 185,255,237 44,173,628 16,696,785 17,918,407 401,698,160
Revenue, grouped geographically based on the location of customers for the three months period ended September 30 is presented below:

Asia

2025	Turkey	Europe	Pacific	Africa	Other	Total
Total segment revenue	39,096,031	64,022,460	10,797,890	5,840,679	4,688,578	124,445,638
2024	Turkey	Europe	Asia Pacific	Africa	Other	Total
Total segment revenue	42,756,753	73,356,337	12,242,536	6,109,428	6,014,498	140,479,552

NOTE 5 - CASH AND CASH EQUIVALENTS
	September 30,	December 31,
	2025	2024
Cash in hand	61,247	119,475
Cash at banks
- demand deposits	8,267,493	11,950,572
- time deposits	61,305,324	49,732,006
Cheques and notes	432,436	427,736
Other (*)	1,236,383	1,408,934
Cash and cash equivalents in cash flow statement	71,302,883	63,638,723
Interest income accruals	137,492	99,353
	71,440,375	63,738,076

(*)As of September 30, 2025, TRY 1,122,699 consists of credit card receivables with a maturity of less than 3 months (December 31, 2024: TRY 1,275,909).

The maturity breakdown of cash and cash equivalents is as follows:

Up to 30 days	65,043,574	57,521,162
30-90 days	6,396,801	6,216,914
	71,440,375	63,738,076

‌NOTE 6 - FINANCIAL INVESTMENTS

Financial assets for which fair value gains and losses are recognized in other comprehensive income;

	September 30,	December 31,
	2025	2024
Financial assets for which fair value gains and losses are recognized in other comprehensive income	307,974	294,684
Total	307,974	294,684

The details of financial investments for the nine months period ended September 30, are as follows:

	2025	2024
As of January 1	294,684	254,360
Additions	13,228	18,303
Disposals	-	(26,014)
Currency translation differences	62	(3,414)
As of September 30	307,974	243,235

‌NOTE 7 - BORROWINGS
a) Short-term borrowings
	September 30,	December 31,
	2025	2024
Short-term bank borrowings	87,216,038	43,646,989
Short-term lease liabilities	3,508,168	3,063,230
Liabilities from factoring	1,026,205	1,319,422
Other short-term borrowings (*)	14,117,050	16,413,818
Total short-term borrowings	105,867,461	64,443,459
Short-term portion of long-term bank borrowings and interest
accruals	10,052,470	7,229,848
Short term portion of long-term bond issued and interest
accruals	26,466,956	6,427,667
Total short-term portion of long-term borrowings	36,519,426	13,657,515

(*)Other short-term borrowings include financial liabilities arising from credit card use.

As of September 30, 2025, the details of short-term bank borrowings and credit cards borrowings are as follows:

Currency	Effective interest rate per annum (%)	Original Currency	TRY Equivalent
Euro	5.6	931,038,941	45,293,089
Turkish Lira	30.7	28,634,247,000	28,634,247
US Dollar	5.0	255,301,560	10,594,606
Bangladeshi Taka	12.9	14,366,151,133	4,903,167
Pakistani Rupee	11.1	16,425,212,683	2,367,615
Romanian Lei	8.2	228,065,568	2,172,553
Thai Baht	5.3	1,576,742,258	2,032,578
Russian Ruble	19.54	2,893,729,281	1,441,569
Australian Dollar	3.3	33,303,146	905,396
Norwegian Krone	5.9	205,607,792	854,239
Chinese Yuan	3.74	112,865,830	654,227
Czech Koruna	8.8	258,956,468	519,389
Swedish Krona	3.3	75,661,573	332,737
Malaysian Ringgit	6.6	30,919,068	304,686
Indonesian Rupiah	8.4	102,479,398,333	255,174
Polish Zloty	7.0	5,936,226	67,736
Swiss Franc	1.0	1,533	80
			101,333,088

NOTE 7- BORROWINGS (Continued)

Short-term borrowings (Continued)

As of December 31, 2024, the details of short-term bank borrowings are as follows:

Currency	Effective interest rate per annum (%)	Original Currency	TRY Equivalent
Turkish Lira	30.9	17,655,884,032	22,145,701
US Dollar	5.8	260,185,306	11,495,101
Euro	5.9	235,394,118	10,848,485
Bangladeshi Taka	12.5	11,904,831,347	4,405,291
Pakistani Rupee	15.5	20,693,307,319	3,264,686
Russian Ruble	23.2	4,821,907,104	2,025,024
Thai Baht	5.6	1,168,318,571	1,516,414
Australian Dollar	9.0	32,215,764	885,095
Romanian Lei	7.6	70,195,921	646,384
Norwegian Krone	6.1	161,416,770	626,351
Chinese Yuan	3.7	81,638,785	491,362
Swedish Krona	4.0	112,270,896	449,078
Moroccan Dirham	6.0	100,604,843	440,649
Malaysian Ringgit	6.6	31,436,518	311,341
Indonesian Rupiah	9.3	99,606,224,859	273,610
Czech Koruna	8.8	127,492,393	233,601
Swiss Franc	5.8	53,902	2,634
			60,060,807

As of September 30, 2025, the details of payables due to factoring activities are as follows:

Effective interest Original TRY

Currency	rate per annum (%)	Currency	Equivalent
Euro	3.2	9,397,500	457,169
British Pound	5.5	8,150,087	453,715
Polish Zloty	5.6	10,105,787	115,313
Russian Ruble	25.0	15,444	8
			1,026,205
As of December 31, 2024, the details of payables due to factoring activities are as follows:
	Effective interest	Original	TRY
Currency	rate per annum (%)	Currency	Equivalent
Euro	4.6	15,313,406	705,740
Polish Zloty	6.8	35,080,673	380,205
British Pound	6.3	4,206,883	233,471
Russian Ruble	21.5	15,588	6
			1,319,422

NOTE 7 - BORROWINGS (Continued)

Long-term borrowings

	September 30,	December 31,
	2025	2024
Long-term bank borrowings	50,992,807	46,448,471
Long-term bonds issued (*)	20,697,842	40,482,924
Long-term lease liabilities	7,595,580	8,114,489
	79,286,229	95,045,884

(*)Long term bond issued:

Year 2025

The Company issued a bond amounting to TRY 2,500,000 thousands, which was listed on Borsa İstanbul on May 13, 2025. The bond has a maturity date of May 15, 2026, and pays interest every three months based on the TLREF rate plus an additional 100 basis points.

The Company issued bond amounting to TRY 4,000,000 thousands, quoted on June 26, 2025, in Borsa İstanbul, with a fixed interest payment at maturity. The maturity date of the bond is October 7, 2025, and the coupon interest rate is 46.5%.

Before 2025:

The Company issued bond amounting to TRY 1,875,500 thousands quoted on April 8, 2024 in Borsa İstanbul fixed interest coupon payments every 3 months. Maturity of the bonds is April 6, 2026, and the coupon rate is 46.5%.

The Company issued bond amounting to USD 400 million quoted on September 25, 2023 and USD 100 million quoted on November 17, 2023 in Euronext Dublin Stock Exchange with semi-annually interest payment. Maturity of the bonds is September 25, 2028, and the coupon rate is 8.5%.

The company issued green bond amounting to EUR 350 million, quoted in Ireland Stock Exchange with annual interest payment on May 27, 2021. Maturity of the bond is May 27, 2026 and coupon rate is 3%, The Group has a commitment to finance its projects within the scope of the Green Financing Framework, which it has created based on its sustainability strategy, with the funds obtained from the green bond issuance.

As of September 30, 2025, the details of the long-term bank borrowings are as follows:

Effective interest Currency rate per annum (%)	Original Currency	TRY Equivalent
Euro 4.4	1,073,490,763	52,223,071
South Africa Rand 9.0	1,500,000,000	3,604,050
US Dollar 8.4	45,159,754	1,874,058
Pakistani Rupee 12.3	7,061,716,358	1,027,903
Bangladeshi Taka 12.5	2,752,950,211	939,582
Chinese Yuan 4.8	101,477,778	588,216
British Pound 7.4	10,555,000	587,597
Turkish Lira 49.8	129,128,080	129,128
Moroccan Dirham 6.0	15,658,455	71,672
		61,045,277
Short-term portion of long-term loans and interest accruals		(10,052,470)
		50,992,807

NOTE 7 - BORROWINGS (Continued) b) Long-term borrowings (Continued)

As of December 31, 2024, the details of the long-term bank borrowings are as follows:

Effective interest Currency rate per annum (%)	Original Currency	TRY Equivalent
Euro 4.6	939,668,862	43,303,647
South Africa Rand 9.5	1,764,874,728	4,161,267
US Dollar 8.4	50,843,606	2,246,293
Pakistani Rupee 17.2	7,716,524,926	1,217,401
Bangladeshi Taka 12.5	2,669,510,290	987,832
Romanian Lei 7.5	103,261,941	950,867
British Pound 7.4	10,000,000	554,973
Turkish Lira 37.4	204,130,933	256,039
		53,678,319
Short-term portion of long-term loans and interest accruals		(7,229,848)
		46,448,471

As of September 30, 2025, detail of discounted amounts of long-term bonds issued is given below:

Currency	Effective interest rate per annum (%)	Original currency	TRY equivalent
US Dollar	8.5	499,466,835	20,727,074
Euro	3.0	353,637,129	17,203,704
Turkish Lira	48.7	9,234,019,694	9,234,020
			47,164,798

Short-term portion of long-term bonds issued

and interest accruals (26,466,956)

20,697,842

As of December 31, 2024, detail of discounted amounts of long-term bonds issued is given below:

Currency	Effective interest rate per annum (%)	Original currency	TRY equivalent
US Dollar	8.5	511,505,525	22,518,010
Euro	3.0	356,271,233	16,417,009
Turkish Lira	46.4	6,358,605,127	7,975,572
			46,910,591

Short-term portion of long-term bonds issued

and interest accruals (6,427,667)

40,482,924 NOTE 7 - BORROWINGS (Continued) b) Long-term borrowings (Continued)

The payment schedule of the principal amounts of long-term bank borrowings and bonds is as follows:

	September 30, 2025	December 31, 2024
2026	867,275	24,871,363
2027	33,172,408	30,044,223
2028	25,026,017	24,330,785
2029 to 2034	12,624,949	7,685,024
	71,690,649	86,931,395

The analysis of borrowings and bonds issued in terms of periods remaining to contractual re-pricing dates is as follows:

	September 30, 2025			December 31, 2024
Up to 3 months	60,363,563			36,197,073
3 - 12 months	75,535,151			33,731,156
1-5 years	66,440,193			86,194,842
Over 5 years	4,845,739			1,717,768
	207,184,646			157,840,839
As of September 30, 2025, and 2024, f	inancial debt	reconciliation is as fol Borrowings and	lows: Borrowings and
	Lease	bonds issued	bonds issued
2025	Liabilities	due within 1 year	due after 1 year	Total
Financial debt as of January 1	11,177,719	75,037,744	86,931,395	173,146,858
Cash flows	(4,467,527)	42,345,465	9,330,993	47,208,931
Transfer	-	25,897,171	(25,897,171)	-
Changes in interest accruals	957,464	(585,169)	-	372,295
Changes in factoring liabilities	-	(332,828)	-	(332,828)
Changes in lease liabilities	3,502,407	-	-	3,502,407
Currency translation adjustments	133,188	3,878,627	12,011,131	16,022,946
Inflation adjustments	(199,503)	(7,362,291)	(10,685,699)	(18,247,493)
Financial debt as of September 30	11,103,748	138,878,719	71,690,649	221,673,116
		Borrowings and	Borrowings and
	Lease	bonds issued	bonds issued
2024	Liabilities	due within 1 year	due after 1 year	Total
Financial debt as of January 1	6,901,643	102,317,820	75,332,296	184,551,759
Cash flows	(3,842,385)	(1,437,204)	24,392,733	19,113,144
Changes in interest accruals	830,806	(908,322)	-	(77,516)
Transfer	-	1,588,762	(1,588,762)	-
Changes in factoring liabilities	-	104,117	-	104,117
Changes in lease liabilities	2,880,573	-	-	2,880,573
Acquisitions	7,988,578	-	-	7,988,578
Currency translation adjustments	(1,473,067)	(4,337,360)	8,046,446	2,236,019
Inflation adjustments	(279,636)	(23,809,792)	(19,532,872)	(43,622,300)
Financial debt as of September 30	13,006,512	73,518,021	86,649,841	173,174,374

Earlier from Arcelik A.s

All Arcelik A.s news releases