NOTE 1 ORGANIZATION AND OPERATIONS OF THE GROUP ......................................................................... 6
NOTE 2 BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS 6-11
NOTE 3 CASH AND CASH EQUIVALENTS 12
NOTE 4 FINANCIAL LIABILITIES 12-13
NOTE 5 TRADE RECEIVABLES AND PAYABLES 13
NOTE 6 OTHER RECEIVABLES AND PAYABLES 14
NOTE 7 INVENTORIES 14
NOTE 8 PREPAID EXPENSES AND DEFERRED INCOME (EXCLUDING LIABILITIES ARISING
FROM CUSTOMER CONTRACTS) 15
NOTE 9 PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS 16-19
NOTE 10 INTANGIBLE ASSETS 20-21
NOTE 11 PROVISIONS, CONTINGENT ASSETS AND LIABILITIES, COMMITMENTS 21-24
NOTE 12 EMPLOYEE BENEFITS 24-25
NOTE 13 OTHER ASSETS AND LIABILITIES 25
NOTE 14 CAPITAL, RESERVES AND OTHER EQUITY ITEMS 26
NOTE 15 REVENUE AND COST OF SALES 27
NOTE 16 GENERAL ADMINISTRATIVE EXPENSES, MARKETING, SALES AND
DISTRIBUTION EXPENSES 27
NOTE 17 EXPENSES BY NATURE 28
NOTE 18 OTHER OPERATING INCOME AND EXPENSES 29
NOTE 19 INCOME AND EXPENSES FROM INVESTING ACTIVITIES 29
NOTE 20 FINANCE EXPENSES 30
NOTE 21 INCOME TAXES (INCLUDING DEFERRED TAX, ASSETS AND LIABILITIES) 30-31
NOTE 22 EARNINGS PER SHARE 32
NOTE 23 GAINS/(LOSSES) ON NET MONETARY POSITION 32
NOTE 24 RELATED PARTY DISCLOSURES 33-37
NOTE 25 NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS 38
NOTE 26 EVENTS AFTER THE REPORTING PERIOD 38
OTHER INFORMATIONAPPENDIX -1 OTHER COMPLEMENTARY INFORMATION 39
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2025(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as at 30 September 2025, unless otherwise stated.)
Current Period | Prior Period | ||
30 September | 31 December | ||
Notes | |||
Assets | 2025 | 2024 | |
Current assets | 6,061,215,918 | 7,412,433,878 | |
Cash and cash equivalents | 3 | 580,913,485 | 1,090,450,013 |
Trade receivables | 1,412,533,909 | 1,791,431,166 | |
Trade receivables from related parties | 5, 24 | 32,480,782 | 68,337,617 |
Trade receivables from third parties | 5 | 1,380,053,127 | 1,723,093,549 |
Other receivables | 27,799,281 | 29,197,068 | |
Other receivables from related parties | 6, 24 | - | 11,590,063 |
Other receivables from third parties | 6 | 27,799,281 | 17,607,005 |
Inventories | 7 | 3,822,361,735 | 4,095,652,454 |
Prepaid expenses | 8 | 113,115,339 | 140,229,211 |
Current tax assets | 21 | 6,873,262 | 4,137,183 |
Other current assets | - | 97,618,907 | 261,336,783 |
Non-current assets | 6,607,852,572 | 7,124,077,973 | |
Other receivables | 25,277,073 | 20,851,416 | |
Other receivables from third parties | 6 | 25,277,073 | 20,851,416 |
Property, plant and equipment | 9 | 2,645,253,929 | 3,063,861,680 |
Right of use assets | 9 | 3,349,103,135 | 3,415,645,683 |
Intangible assets | 10 | 517,449,921 | 561,780,515 |
Prepaid expenses | 8 | 414,250 | 6,308,787 |
Deferred tax assets | 21 | 70,354,264 | 55,629,892 |
Total assets | 12,669,068,490 | 14,536,511,851 | |
The accompanying notes form an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2025(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as at 30 September 2025, unless otherwise
stated.)
Liabilities | Notes | Current Period 30 September 2025 | Prior Period 31 December 2024 |
Current liabilities | 10,433,103,047 | 11,294,419,998 | |
Short-term borrowings | 710,448,444 | 676,026,660 | |
Lease liabilities to related parties | 4 | 11,030,105 | 9,179,513 |
Lease liabilities to third parties | 4 | 699,418,339 | 666,847,147 |
Trade payables | 8,973,925,314 | 9,861,058,612 | |
Trade payables to related parties | 5, 24 | 3,191,219,402 | 3,551,782,585 |
Trade payables to third parties | 5 | 5,782,705,912 | 6,309,276,027 |
Other payables | 13,918,166 | 7,283,318 | |
Other payables to related parties | 6, 24 | 12,838,198 | 5,644,331 |
Other payables to third parties | 6 | 1,079,968 | 1,638,987 |
Employee benefits payables | 12 | 109,337,305 | 161,862,115 |
Deferred income (excluding liabilities arising from customer contracts) | 8 | 82,054,343 | 59,256,772 |
Short-term provisions | 512,784,234 | 465,910,383 | |
Provisions for employee benefits | 12 | 163,043,043 | 242,788,336 |
Other short-term provisions | 11 | 349,741,191 | 223,122,047 |
Other current liabilities | 30,635,241 | 63,022,138 | |
Other current liabilities to third parties | 13 | 30,635,241 | 63,022,138 |
Non-Current Liabilities | 1,977,385,304 | 1,992,226,908 | |
Long-term borrowings | 1,190,719,383 | 1,218,696,988 | |
Lease liabilities to related parties | 4 | 38,161,057 | 32,329,235 |
Lease liabilities to third parties | 4 | 1,152,558,326 | 1,186,367,753 |
Other payables | 24,987,509 | 29,169,769 | |
Other payables to related parties | 6 | 24,987,509 | 29,169,769 |
Long-term provisions | 242,613,168 | 262,055,083 | |
Long-term provisions for employee benefits | 12 | 242,613,168 | 262,055,083 |
Deferred tax liabilities | 21 | 494,472,884 | 482,305,068 |
Deferred income (Excluding liabilities asiring from customer contracts) | 8 | 24,592,360 | - |
Equity | 258,580,139 | 1,249,864,945 | |
Equity Attributable to Equity Holders of the Parent | 302,591,699 | 1,257,928,106 | |
Share capital | 14 | 80,476,074 | 80,476,074 |
Share capital adjustment differences | 14 | 1,102,565,862 | 1,102,565,862 |
Treasury shares | 14 | (147,922,486) | (147,922,486) |
Share premiums | 14 | 1,444,316,652 | 1,444,316,652 |
Accumulated other comprehensive expenses | |||
not to be reclassified to profit or loss | (449,223,672) | (319,284,944) | |
Remeasurement losses of defined benefit plans | 14 | (449,223,672) | (319,284,944) |
Restricted reserves appropriated from profit | 14 | 250,294,482 | 250,294,482 |
Effect of mergers involving entities or businesses under common control | 652,948,823 | 652,948,823 | |
Prior years' profit | 14 | (1,805,466,357) | 302,397,913 |
Net loss for the period (-) | 14 | (825,397,679) | (2,107,864,270) |
Non-controlling interests | (44,011,560) | (8,063,161) | |
Total liabilities and equity | 12,669,068,490 | 14,536,511,851 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
stated.)
Current Period | Current Period | Prior Period | Prior Period | ||
1 January- | 1 July- | 1 January- | 1 July- | ||
30 September | 30 September | 30 September | 30 September | ||
Profit or loss | Notes | 2025 | 2025 | 2024 | 2024 |
Revenue | 15 | 28,759,927,015 | 9,385,135,956 | 36,251,980,515 | 11,698,709,620 |
Cost of sales (-) | 15 | (23,978,923,856) | (7,775,367,541) | (31,605,356,372) | (10,084,342,788) |
Gross profit | 4,781,003,159 | 1,609,768,415 | 4,646,624,143 | 1,614,366,832 | |
Marketing, sales and distribution expenses (-) | 16, 17 | (3,862,072,571) | (1,148,682,166) | (4,715,282,865) | (1,483,418,313) |
General administrative expenses (-) | 16, 17 | (898,755,958) | (278,501,837) | (1,183,823,115) | (392,711,755) |
Other operating income | 18 | 755,099,222 | 122,200,425 | 1,177,285,769 | 345,303,579 |
Other operating expenses (-) | 18 | (2,396,864,357) | (655,074,506) | (2,810,901,702) | (874,657,937) |
Operating loss (-) | (1,621,590,505) | (350,289,669) | (2,886,097,770) | (791,117,594) | |
Income from investment activities | 19 | 137,680,258 | 40,510,832 | 382,009,027 | 111,773,672 |
Expenses from investment activities (-) | 19 | (24,308,651) | (4,693,249) | (20,773,883) | (1,729,412) |
Operating loss before finance expense (-) | (1,508,218,898) | (314,472,086) | (2,524,862,626) | (681,073,334) | |
Finance expenses (-) | 20 | (1,234,144,791) | (373,337,283) | (1,372,707,097) | (463,539,812) |
Monetary gain | 23 | 1,928,588,383 | 598,568,868 | 2,509,190,493 | 801,736,327 |
(Loss) before tax from continuing operations | (813,775,306) | (89,240,501) | (1,388,379,230) | (342,876,819) | |
Tax expense from continuing operations (-) | (44,709,870) | 38,905,055 | 77,584,617 | (70,469,834) | |
Tax expense for the period (-) | 21 | - | - | - | - |
Deferred tax income (-) | 21 | (44,709,870) | 38,905,055 | 77,584,617 | (70,469,834) |
Net loss for the period (-) | (858,485,176) | (50,335,446) | (1,310,794,613) | (413,346,653) | |
Distribution of net loss for the period (-) | |||||
Non-controlling interests | (33,087,497) | (6,194,668) | (26,158,266) | (10,474,743) | |
Equity holders of the Parent | 22 | (825,397,679) | (44,140,778) | (1,284,636,347) | (402,871,910) |
Loss per share (TL) | 22 | (10.256) | (0.548) | (15.963) | (5.006) |
Other comprehensive expense | (132,799,630) | (32,250,646) | (92,804,843) | (52,488,133) | |
Actuarial loss not to be reclassified to profit or loss | 12 | (180,066,056) | (43,000,864) | (124,080,474) | (69,900,851) |
Deferred tax income related to other comprehensive income | 21 | 47,266,426 | 10,750,218 | 31,275,631 | 17,412,718 |
Total other comprehensive expense (-) | (991,284,806) | (82,586,092) | (1,403,599,456) | (465,834,786) | |
Total other comprehensive expense (-) | |||||
Non-controlling interests | (35,948,399) | (7,373,503) | (26,158,266) | (10,474,742) | |
Equity holders of the Parent | (955,336,407) | (75,212,589) | (1,377,441,190) | (455,360,044) |
The accompanying notes form an integral part of these condensed consolidated financial statements.