Haci Omer Sabanci Holding A.s.BIST: SAHOL

Convenience Translation Into English Of Condensed Consolidated Financial Statements For The Interim Period 1 January - 30 June 2025

Aug 28, 2025 at 7:43 AM UTC · Issued by Haci Omer Sabanci Holding A.s.

HACI ÖMER SABANCI HOLDİNG A.Ş. CONVENIENCE TRANSLATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 JUNE 2025 (ORIGINALLY ISSUED IN TURKISH)

DRT Bağımsız Denetim ve Serbest Muhasebeci

Mali Müşavirlik A.Ş. Maslak No1 Plaza

Eski Büyükdere Caddesi Maslak Mahallesi No:1 Maslak, Sarıyer 34485 İstanbul, Türkiye

Tel: +90 (212) 366 60 00

Fax: +90 (212) 366 60 10

https://www.deloitte.com.tr

Mersis No :0291001097600016

Ticari Sicil No: 304099

(CONVENIENCE TRANSLATION OF THE REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION ORIGINALLY ISSUED IN TURKISH) REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION To the General Assembly of Hacı Ömer Sabancı Holding A.Ş.

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position of Hacı Ömer Sabancı Holding A.Ş. (the "Company") and its subsidiaries (together will be referred as the "Group") as of 30 June 2025 and the related condensed consolidated statements of profit or loss, condensed consolidated statements of other comprehensive income, condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows for the six-month period then ended. Group management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with Turkish Accounting Standards 34 "Interim Financial Reporting" ("TAS 34"). Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with Independent Auditing Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed consolidated interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Independent Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see https://www.deloitte.com/ about to learn more about our global network of member firms.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with TAS 34 "Interim Financial Reporting".

DRT BAĞIMSIZ DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş. Member of DELOITTE TOUCHE TOHMATSU LIMITED

H. Erdem Selçuk Partner

İstanbul, 13 August 2025

CONTENTS PAGE CONDENSED CONSOLIDATED BALANCE SHEET 1-2 CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS 3 CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME 4 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 5 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW 6 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7-62

NOTE 1 - ORGANISATION AND OPERATIONS OF THE GROUP 7

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 8

NOTE 3 - BUSINESS COMBINATIONS 17

NOTE 4 - SEGMENT REPORTING 19

NOTE 5 - CASH AND CASH EQUIVALENTS 23

NOTE 6 - BALANCES WITH THE CENTRAL BANK OF THE REPUBLIC TURKEY 24

NOTE 7 - FINANCIAL ASSETS 24

NOTE 8 - OTHER RECEIVABLES AND PAYABLES 26

NOTE 9 - RECEIVABLES DUE TO FINANCE SECTOR OPERATIONS 27

NOTE 10 - DERIVATIVES 29

NOTE 11 - PREPAID EXPENSES AND DEFERRED INCOME 30

NOTE 12 - INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD 30

NOTE 13 - PROPERTY, PLANT AND EQUIPMENT 32

NOTE 14 - INTANGIBLE ASSETS 34

NOTE 15 - RIGHT OF USE ASSETS 36

NOTE 16 - GOODWILL 37

NOTE 17 - FINANCIAL LIABILITIES 37

NOTE 18 - LIABILITIES FROM LEASING TRANSACTIONS 39

NOTE 19 - PAYABLES FROM FINANCE SECTOR OPERATIONS 40

NOTE 20 - TAX ASSETS AND LIABILITIES 41

NOTE 21 - PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 45

NOTE 22 - OTHER ASSETS AND LIABILITIES 45

NOTE 23 - ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATION

. 46

NOTE 24 - EQUITY 46

NOTE 25 - REVENUE AND COST OF SALES 48

NOTE 26 - EXPENSES BY NATURE 49

NOTE 27 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES 50

NOTE 28 - INCOME AND EXPENSES FROM INVESTING ACTIVITIES 51

NOTE 29 - FINANCE INCOME/EXPENSES 51

NOTE 30 - RELATED PARTY DISCLOSURES 52

NOTE 31 - COMMITMENTS 53

NOTE 32 - EXPLANATIONS REGARDING NET MONETARY POSITION GAINS/(LOSSES) 57

NOTE 33 - EARNINGS/LOSSES PER SHARE 57

NOTE 34 - NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS 58

NOTE 35 - EVENTS AFTER THE REPORTING PERIOD 62

		Reviewed	Audited
		Current	Prior
		Period	Period
	Note	30 June	31 December
	References	2025	2024
ASSETS
Current Assets		2.019.770.855	2.130.526.034
Cash and Cash Equivalents	5	162.777.200	130.416.776
Balances with the Central Bank of the Republic Turkey	6	403.155.186	506.180.525
Financial Assets		169.585.081	161.679.178
- Fair Value Through Profit or Loss	7	45.893.657	43.872.518
- Fair Value Through Other Comprehensive Income	7	87.899.370	71.716.478
- Measured at Amortised Cost	7	32.507.475	43.686.846
- Time Deposits		3.284.579	2.403.336
Trade Receivables		18.639.804	17.383.924
Receivables due to Finance Sector Operations	9	1.086.828.828	1.137.042.583
Other Receivables	8	32.657.357	29.996.706
Derivative Financial Instruments	10	19.317.519	16.178.583
Inventories		33.909.127	36.580.816
Prepaid Expenses	11	50.152.654	50.448.873
Deferred Insurance Commission Expenses		4.266.118	4.169.070
Current Tax Assets	20	145.812	1.504.344
Other Current Assets	22	32.971.904	33.679.294

Assets Classified As Held for Sale	23	5.364.265	5.265.362
Non-current Assets		1.447.821.498	1.455.658.126
Financial Assets		595.752.729	604.205.625
- Fair Value Through Other Comprehensive Income	7	395.604.564	391.010.578
- Measured at Amortised Cost	7	200.148.165	213.195.047
Trade Receivables		3.002	3.107
Receivables due to Finance Sector Operations	9	448.731.376	446.860.482
Other Receivables	8	1.954.759	1.869.741
Derivative Financial Instruments	10	48.664.443	52.909.226
Investments Accounted Through Equity Method	12	124.868.454	128.988.409
Investment Property		3.979.408	3.998.413
Property, Plant and Equipment	13	120.832.975	117.256.523
Asset Right on Use	15	16.417.630	15.571.393
Intangible Assets		72.641.597	72.460.971
- Goodwill	16	18.630.719	18.827.491
- Other Non Current Assets	14	54.010.878	53.633.480
Prepaid Expenses	11	687.219	329.881
Deferred Insurance Commission Expenses		7.878.773	7.169.406
Deferred Tax Assets	20	3.673.564	1.818.111
Other Non Current Assets	22	1.735.569	2.216.838
Total Assets		3.467.592.353	3.586.184.160

These condensed consolidated financial statements have been approved for issue by the Board of Directors on 13 August 2025. General Assembly has the right to change these condensed consolidated financial statements.

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

		Reviewed	Audited
		Current	Prior
	Note	Period 30 June	Period 31 December
	References	2025	2024
Short Term Liabilities		2.595.303.307	2.742.691.805
Short Term Borrowings	17	134.806.179	144.982.907
Short Term Portion of Long-Term Borrowings	17	102.799.070	85.814.606
Liabilities from Leasing Transactions	18	2.748.588	2.176.067
Trade Payables		37.940.959	43.700.649
Payables due to Finance Sector Operations	19	2.115.217.892	2.269.720.292
Payables related to Employee Benefits		1.469.036	1.256.501
Other Payables	8	96.708.845	97.210.723
Derivative Financial Instruments	10	15.517.725	11.273.384
Government Incentives		-	8.135
Deferred Income	11	5.704.776	5.827.550
Current Tax Liabilities		4.182.387	2.208.836
Short Term Provisions		51.896.694	56.568.101
- Short Term Provisions for Employee		6.004.729	7.993.252
- Insurance Technical Provisions	21	40.145.357	45.157.169
- Other Short-Term Provisions	21	5.746.608	3.417.680
Other Short Term Liabilities	22	26.259.456	21.890.281
Liabilities Related to Asset Group Held for Sale	23	51.700	53.773
Long Term Liabilities		345.866.010	291.261.635
Long Term Borrowings	17	207.924.929	158.453.835
Liabilities from Leasing Transactions	18	10.810.694	10.363.294
Payables due to Finance Sector Operations	19	38.924.740	25.899.747
Other Payables	8	11.139.734	18.071.295
Derivative Financial Instruments	10	8.733.902	9.394.781
Government Incentives		-	37.881
Deferred Income	11	3.759.290	4.414.325
Long Term Provisions		47.970.769	44.246.271
- Long Term Provisions for Employee Benefits		6.530.945	6.504.601
- Insurance Technical Provisions	21	39.068.441	35.122.438
- Other Long-Term Provisions	21	2.371.383	2.619.232
Deferred Tax Liabilities	20	9.372.635	12.397.496
Other Long Term Liabilities	22	7.229.317	7.982.710
EQUITY		526.423.036	552.230.720
Equity Attributable to the Parent		317.262.721	330.488.917
Share Capital	24	2.100.376	2.100.376
Adjustment to Share Capital	24	144.651.614	144.651.614
Share Premium	24	596.131	596.131
Treasury shares (-)		(2.278.584)	(2.275.749)
Other Comprehensive Income or Expenses That
Will Not Be Reclassified to Profit or Loss		(4.389.521)	(4.149.819)
- Actuarial Gain/Loss		(4.389.521)	(4.149.819)
Other Comprehensive Income or Expenses
Will Be Reclassified to Profit or Loss		(42.497.005)	(38.641.331)
- Currency Translation Reserve		(13.680.414)	(16.047.712)
- Gains/Losses on Hedge		(22.659.969)	(17.312.423)
- Revaluation Reserve		(6.156.622)	(5.281.196)
Restricted Reserves		20.933.502	19.841.737
Retained Earnings		199.511.316	226.420.746
Profit/(Loss) for the Period		(1.365.108)	(18.054.788)
Non-controlling Interests		209.160.315	221.741.803
TOTAL EQUITY AND LIABILITIES		3.467.592.353	3.586.184.160

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

		Reviewed Current	Reviewed Current
		Period	Period	Not Reviewed	Not Reviewed
	Note	1 January-	1 January-	1 April-	1 April-
	References	30 June 2025	30 June 2024	30 June 2025	30 June 2024
CONTINUING OPERATIONS
Sales (net)	25	108.708.887	112.436.412	54.926.062	55.226.606
Cost of Sales (-)	25	(90.429.147)	(93.688.248)	(45.073.821)	(45.426.618)
Gross Profit From Non-Financial Operations		18.279.740	18.748.164	9.852.241	9.799.988
Interest, Premium, Commission and Other Income	25	420.527.246	396.125.671	208.640.422	201.868.194
Interest, Premium, Commission and Other Expense (-)	25	(327.806.870)	(290.292.093)	(165.454.091)	(153.852.345)
Gross Profit From Financial Operations		92.720.376	105.833.578	43.186.331	48.015.849
GROSS PROFIT		111.000.116	124.581.742	53.038.572	57.815.837
General Administrative Expenses (-)	26	(57.635.780)	(58.376.564)	(29.346.881)	(28.650.294)
Marketing, Selling and Distribution Expenses (-)	26	(25.967.905)	(26.264.721)	(12.817.196)	(13.269.251)
Research and Development Expenses (-)	26	(143.768)	(182.959)	(46.922)	(83.841)
Other operating Income	27	14.459.124	13.251.594	7.130.032	4.841.248
Other operating Expenses	27	(8.006.822)	(8.945.176)	(4.217.569)	(3.899.858)
Share of profit of investments
accounted for using the equity method	4, 12	1.019.683	562.503	1.548.818	426.168
OPERATING PROFIT		34.724.648	44.626.419	15.288.854	17.180.009
Gains From Investment Activities	28	145.707	950.654	107.932	596.411
Losses From Investment Activities (-)	28	(366.690)	(8.684)	(362.349)	(4.104)
OPERATING PROFIT BEFORE
FINANCIAL EXPENSE		34.503.665	45.568.389	15.034.437	17.772.316
Financial Income	29	3.778.432	2.428.741	1.971.399	1.045.857
Financial Expenses (-)	29	(8.865.600)	(7.432.750)	(4.703.646)	(3.657.274)
Monetary Gain/(Loss)	32	(24.884.620)	(49.807.812)	(9.580.798)	(17.057.515)
NET INCOME/(LOSS) BEFORE TAX
FROM CONTINUING OPERATIONS		4.531.877	(9.243.432)	2.721.392	(1.896.616)
Tax Expense from Continuing Operations		(7.198.295)	(10.634.997)	(651.850)	(2.334.430)
Current Tax Expense		(5.857.339)	(12.758.101)	(3.536.971)	(9.727.960)
Deferred Tax Income/(Expense)	20	(1.340.956)	2.123.104	2.885.121	7.393.530
PROFIT/(LOSS) FOR THE PERIOD
FROM CONTINUING OPERATIONS		(2.666.418)	(19.878.429)	2.069.542	(4.231.046)
DISCONTINUED OPERATIONS
Income After Tax from Discontinued Operations		(138)	-	(66)	-
PROFIT/(LOSS) FOR THE PERIOD		(2.666.556)	(19.878.429)	2.069.476	(4.231.046)
ALLOCATION OF PROFIT/(LOSS)
- Non-controlling Interests		(1.301.448)	(9.572.482)	318.217	(1.781.154)
- Owner of the Company		(1.365.108)	(10.305.947)	1.751.259	(2.449.892)
Earnings/(Losses) per share - hundreds of ordinary shares (TRY)	33	(0,66)	(4,98)	0,85	(1,18)
Earnings/(Losses) per share from continuing operations
- hundreds of ordinary shares (TRY)	33	(0,66)	(4,98)	0,85	(1,18)

CONVENIENCE TRANSLATION OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH HACI ÖMER SABANCI HOLDİNG A.Ş. CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE INTERIM PERIOD ENDED 30 JUNE 2025 AND 2024

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 30 June 2025 unless otherwise indicated.)

	Reviewed Current Period 1 January-	Reviewed Current Period 1 January-	Not Reviewed 1 April-	Not Reviewed 1 April-
	30 June 2025	30 June 2024	30 June 2025	30 June 2024
INCOME/(LOSS) FOR THE PERIOD	(2.666.556)	(19.878.429)	2.069.476	(4.231.046)
Other Comprehensive Income / (Loss): Items that will not be Reclassified To Profit or Loss	(437.999)	(640.551)	(250.664)	(535.999)
Actuarial (losses) / gains, after tax	(415.493)	(649.491)	(219.580)	(548.964)
Other comprehensive income/(expense)
shares of investments accounted
by equity method, after tax	(22.506)	8.940	(31.084)	12.965
Items that will be Reclassified To Profit or Loss	(10.429.470)	(24.656.338)	5.165.126	(11.830.646)
Fair value gains/(losses) from
financial assets through other
comprehensive income, after tax	(3.789.922)	(9.122.484)	4.319.370	(4.187.034)
Currency translation differences	4.626.980	(15.139.668)	7.416.590	(8.208.638)
Cash flow hedges, after tax	(2.424.262)	452.562	(1.629.221)	(48.265)
Loss from the derivative financial assets related to the hedging of net investment in a foreign operation, after tax	(8.509.017)	(2.426.562)	(4.807.321)	(289.322)
Other comprehensive income/(expense) shares of
investments accounted by equity method, after tax	(333.249)	1.579.814	(134.292)	902.613
OTHER COMPREHENSIVE
INCOME/(LOSS) (AFTER TAX)	(10.867.469)	(25.296.889)	4.914.462	(12.366.645)
TOTAL COMPREHENSIVE INCOME/(LOSS)	(13.534.025)	(45.175.318)	6.983.938	(16.597.691)
ALLOCATION OF TOTAL COMPREHENSIVE INCOME - Non-controlling Interests	(7.236.974)	(23.509.779)	2.329.243	(8.388.896)
- Equity Holders of the Parent	(6.297.051)	(21.665.539)	4.654.695	(8.208.795)

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

CONVENIENCE TRANSLATION OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH HACI ÖMER SABANCI HOLDİNG A.Ş. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2025 AND 2024

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 30 June 2025 unless otherwise indicated.)

Items not to be reclassified to

accumulated other

comprehensive

income and expenses

Items to be reclassified to

accumulated other

comprehensive

income and expenses

Retained earnings

	Share capital	Adjustment to share capital	Treasury shares (-)	Share premium	Actuarial gains / losses	Currency translation reserve	Hedge reserve	Revaluation reserve	Restricted reserves	Retained earnings	Net income/(expense) for the period	Equity attributable to the parent	Non- controlling interest	Total
Balance at 1 January 2024	2.040.404	144.617.748	(533.481)	596.134	(3.506.970)	(1.892.154)	(17.851.971)	20.970	18.224.700	204.060.341	25.987.841	371.763.562	277.043.516	648.807.078
Transfers	-	-	-	-	-	-	-	-	1.097.195	24.890.646	(25.987.841)	-	-	-
Dividends Increase / (decrease) ownership interests in subsidiaries That do not result in a loss of control (*)	- 59.972	- 34.857	- (1.716.400)	- -	- -	- (52.731)	- -	- -	- -	(9.188.110) 8.229.445	- -	(9.188.110) 6.555.143	(9.885.901) (6.462.485)	(19.074.011) 92.658
Increase / (decrease) due to share buy back transactions	-	-	(12.768)	-	-	-	-	-	-	-	-	(12.768)	(19.113)	(31.881)
Total comprehensive income/(expenses)	-	-	-	-	(270.981)	(8.295.910)	860.849	(3.653.550)	-	-	(10.305.947)	(21.665.539)	(23.509.779)	(45.175.318)
Balances at 30 June 2024	2.100.376	144.652.605	(2.262.649)	596.134	(3.777.951)	(10.240.795)	(16.991.122)	(3.632.580)	19.321.895	227.992.322	(10.305.947)	347.452.288	237.166.238	584.618.526
Balance at 1 January 2025	2.100.376	144.651.614	(2.275.749)	596.131	(4.149.819)	(16.047.712)	(17.312.423)	(5.281.196)	19.841.737	226.420.746	(18.054.788)	330.488.917	221.741.803	552.230.720
Transfers	-	-	-	-	-	-	-	-	1.091.765	(19.146.553)	18.054.788	-	-	-
Dividends	-	-	-	-	-	-	-	-	-	(6.925.145)	-	(6.925.145)	(5.213.739)	(12.138.884)
Increase / (decrease) ownership interests in subsidiaries That do not result in a loss of control (**)	-	-	-	- -			412.024	-	535.593	-	(837.732)	-	109.885	(328.187)	(218.302)
Acquisitions or Disposals of Subsidiaries(***)	-	- -		- -		(25.067)	(85.800)	(183)		-	- -	(111.050)	201.662	90.612
Increase / (decrease) due to share buy back transactions	-	- (2.835)		- -		-	-	-		-	- -	(2.835)	(4.250)	(7.085)
Total comprehensive income/(expenses)	-	- -		- (239.702)		1.980.341	(5.261.746)	(1.410.836)		-	- (1.365.108)	(6.297.051)	(7.236.974)	(13.534.025)
Balances at 30 June 2025	2.100.376	144.651.614 (2.278.584)		596.131 (4.389.521)		(13.680.414)	(22.659.969)	(6.156.622) 20.933.502		199.511.316 (1.365.108)		317.262.721	209.160.315	526.423.036

(*) As a result of the merger transaction completed with the registration dated January 15, 2024, the financial assets of Exsa along with 50% of shares in Temsa Skoda Sabancı Ulaşım Araçları A.Ş., 100% of shares in Temsa Motorlu Araçlar Pazarlama ve Dağıtım A.Ş. and 100% of shares in Exsa Gayrimenkul Proje Geliştirme A.Ş. have been transferred to Grup's possession. As a result of the merger, a capital increase of TRY 59.972 nominal value has been made by Sabancı Holding, and the respective shares issued will be allocated to the other shareholders of Exsa except for Sabancı Holding upon completion of the necessary legal procedures before the Capital Markets Board.

(**) Includes the acquisition of the 39% minority interest in Microtex Composites S.r.l., a subsidiary of Kordsa, one of the Group's subsidiaries, for a consideration of EUR 34.940.344 under the option agreement. (***) Includes the disposal of 69.84% of the shares in Radiflow Ltd., a subsidiary of Sabancı DX, one of the Group's subsidiaries.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE INTERIM PERIOD ENDED 30 JUNE 2025 AND 2024

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 30 June 2025 unless otherwise indicated.)

Note References

Reviewed Current Period 1 January -

30 June 2025

Reviewed Prior Period 1 January -30 June 2024

Net income/(loss) from continuning operations (2.666.418) (19.878.429)

Net income/(loss) from discontinued operations (138) -

Adjustments to reconcile income before taxation to net cash provided by operation activities:

Tax expense/income		7.198.295	10.634.997
Depreciation and amortization expenses	4	12.475.944	11.463.069
Expected Credit Loss Provision for Receivables from Finance Sector Activities	9	20.200.328	9.597.351
Changes in the fair value of derivative instruments		(1.821.760)	13.235.214
Interest Income/expense adjustments of non finance sector	28,29	3.597.517	2.877.627
Interest Income/expense adjustments of finance sector		20.469.863	30.834.908
Provision for employment termination benefits		753.709	703.438
Impairment an assets held for sale	23	660	30.451
Income from sale of property, plant and equipment,intangible assets and investment property	28	(5.007)	(129.257)
Adjustments for Retained Earnings of Investments Valued by Equity Method	12	(1.019.683)	(562.503)
Provision for /(reversal of) inventory impairment		(18.408)	100.059
Provision for /(reversal of) doubtful receivables		106.809	241.954
Unrealized Foreign Currency Conversion Differences		56.633	(10.650.537)
Monetargy Gain/(Loss)		(43.090.693)	(41.648.828)
Net cash provided by operation activities before changes
in operating assets and liabilities
Changes in trade receivables		(1.362.584)	11.152
Changes in inventories		2.612.963	829.969
Changes in other receivables		(2.745.669)	(1.047.793)
Changes in prepaid expenses		(61.119)	(717.401)
Changes in derivative financial instruments		(4.837.703)	12.861.169
Changes in other assets		(138.195)	(2.405.101)
Changes in trade payables		(5.759.690)	(9.220.003)
Changes in other liabilities and other payables		(6.857.749)	(15.472.716)
Changes in assets and liabilities in finance segment: Changes in financial investments		(17.679.717)	(11.344.454)
Changes in receivables from finance sector operations		45.780.708	29.297.525
Changes in payables from finance sector operations		(117.570.250)	(55.389.915)
Changes in Central Bank of the Republic of Turkey account		103.025.339	28.142.807
Income taxes paid		(4.588.280)	(14.963.382)
Employment termination benefits paid		(391.780)	(665.049)
Net cash provided/(used in) from operating activities		5.663.925	(33.233.678)
Cash flow from investing activities; Sale / (Proceed) of fair value through other comprehensive income or amortized cost at financial asset		(44.413.774)	17.976.493
Cash outflow from purchasing of property, plant, equipment and intangible assets	13,14	(13.898.949)	(14.024.450)
Proceeds from sales of property, plant, equipment and intangible assets	13,14	441.704	481.378
Sale/ Proceeds from investment property		920	1.719
Cash outflows from capital increase of Joint Ventures		(1.517.194)	-
Dividends received		4.459.683	4.183.471
Net cash provided from / (used in) investing activities		(54.927.610)	8.618.611
Cash flow from financing activities: Cash inflows from financial liabilities	17	149.689.278	105.859.492
Cash outflows from repayments of borrowings	17	(44.553.901)	(30.059.394)
Cash outflows from payments of lease liabilities	18	(2.368.105)	(1.795.113)
Cash outflow from share buyback transactions		(7.085)	(31.881)
Interest paid/(received) non-financial sector		(2.321.763)	(2.627.489)
Dividends paid		(11.451.021)	(18.346.570)
Net cash provided from financing activities		88.987.403	52.999.045
Effect of change in foreign currency rates on cash and cash equivalents		13.032.926	8.673.228
Monetary gain/(loss) on cash and cash equivalents		(17.051.314)	(32.726.750)
Net increase / (decrease) in cash and cash equivalents		35.705.330	4.330.456
Cash and cash equivalents in the beginning of the period (*)		115.878.733	141.304.945
Cash and cash equivalents at the end of the period		151.584.063	145.635.401

(*) Cash and cash equivalents at the end of the period comprise interest accruals of TRY 45.989 (30 June 2024: TRY 47.186). At the beginning and at the end of the current period, restricted deposit is TRY 14.571.461 and TRY 11.193.137, respectively (30 June 2024: TRY 17.011.936 and TRY 14.284.873 respectively).

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

NOTE 1 - ORGANISATION AND OPERATIONS OF THE GROUP

Hacı Ömer Sabancı Holding A.Ş. (the "Holding") was established in 1967 to coordinate and perform liaison services regarding the activities of companies operating in various fields including mainly finance, manufacturing and trade. The Holding is registered in Turkey. The number of employees as of 30 June 2025 is 64.059 (31 December 2024: 64.705). Holding's registered address is as follows:

Sabancı Center, 4. Levent, İstanbul, Türkiye.

The Holding is registered with the Capital Markets Board ("CMB") and its shares have been quoted on Borsa Istanbul ("BIST") (previously known as the Istanbul Stock Exchange ("ISE")) since 1997. As of 30 June 2025, the principal shareholders and their respective shareholding rates in the Holding are as follows (Note 24):

(%)

Sakıp Sabancı Holding A.Ş.	13,90
Serra Sabancı	7,02
Suzan Sabancı Sabancı	6,84
Çiğdem Sabancı	6,84
Other	65,40
	100

The Holding, its subsidiaries, associates and joint ventures are together referred as the "Group". The Holding is managed by Sabancı Family.

Güler Sabancı, who served as the Chairperson of the Board of Directors of Hacı Ömer Sabancı Holding A.Ş., stepped down from her position and left the Board of Directors following the Ordinary General Assembly Meeting (the "General Assembly") held on 27 March 2025. Hayri Çulhacı, who has been serving as a member of the Board of Directors, has been appointed as the Chairperson of the Board of Directors and Executive Member.

Subsidiaries

As of 30 June 2025, the type of activity of subsidiaries and their respective business segments in these condensed consolidated financial statements for the interim period are as follows:

Trade Stock

Number of

Registered

Subsidiaries

Market Type of Activity Business Segment Employees

Country

Agesa Hayat ve Emeklilik A.Ş. ("Agesa")	BİST	Individual Pension	Financial Services	2.145	Turkey
Akbank T.A.Ş. ("Akbank")	BİST	Banking	Banking	16.049	Turkey
Aksigorta A.Ş. ("Aksigorta")	BİST	Insurance	Financial Services	881	Turkey
Carrefoursa Carrefour Sabancı Ticaret Merkezi A.Ş.
("Carrefoursa")	BİST	Trade	Other	11.503	Turkey
Çimsa Çimento Sanayi ve Ticaret A.Ş. ("Çimsa")	BİST	Cement	Material Technologies	2.459	Turkey
Dx Technology Services and Investment BV
("Dx BV")	-	Information Technology	Digital	606	Holland
Cimsa Building Solutions B.V. ("CBS")	-	Cement	Material Technologies	1.011	Holland
Sabancı İklim Teknolojileri A.Ş. ("İklim Teknolojileri")	-	Energy	Energy	14	Turkey
Kordsa Teknik Tekstil Anonim Şirketi ("Kordsa")	BİST	Tire reinforcement	Material Technologies	4.638	Turkey
Teknosa İç ve Dış Ticaret A.Ş. ("Teknosa")	BİST	Trade	Other	2.744	Turkey
Tursa Sabancı Turizm ve Yatırım İşletmeleri A.Ş.
("Tursa")	-	Tourism	Other	6	Turkey
Temsa Motorlu Araçlar Pazarlama ve Dağıtım A.Ş.	-	Ticaret	Other	45	Turkey

Additionally, A.R.T.S. Ltd. is not a subsidiary of Bank; however, Bank has 100% control power on it. A.R.T.S.Ltd. established as ''Structured Enterprise'' in November 1999 in order to provide long-term financing from abroadhas been included in the consolidation by full consolidation method.

For the purposes of segment information, Holding's stand-alone financial statements have been included within the "Other" business segment in Note 4.

NOTE 1 - ORGANISATION AND NATURE OF OPERATIONS (Continued) Joint Ventures

As of 30 June 2025, the nature of business and operating segments of the Joint Ventures which are accounted through equity method in the consolidated financial statements are as follows:

Trade

Stock Type of Business Number of

Joint Ventures Market Activity Segment Ventures Employees

Akçansa Çimento Sanayi ve Ticaret A.Ş. Heidelberg

("Akçansa")	BİST	Cement	Material Technologies	Materials	2.303
Brisa Bridgestone Sabancı Lastik Sanayi ve Ticaret A.Ş. ("Brisa")	BİST	Tire	Material Technologies	Bridgestone	3.568
Enerjisa Enerji A.Ş. ("Enerjisa Enerji")	BİST	Energy	Energy	E.ON SE	11.333
Enerjisa Üretim Santralleri A.Ş. ("Enerjisa Üretim")	-	Energy	Energy	E.ON SE	2.406
Temsa Skoda Sabancı Ulaşım Araçları A.Ş. ("Temsa Ulaşım Araçları")	-	Automotive	Energy	PPF Industry CO. B.V.	1.871

The Joint Ventures have been established in Türkiye.

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

Basis of Presentation

Statement of Compliance with TFRS

The consolidated financial statements of the Group have been prepared in accordance with Turkish Financial Reporting Standards ("TFRS") promulgated by the Public Oversight Accounting and Auditing Standards Authority ("POA") that are set out in the 5th article of the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board ("CMB") on 13 June 2013 and published in Official Gazette numbered 28676.

The accompanying consolidated financial statements are presented in accordance with the "Announcement regarding to TAS Taxonomy" by POA and the format and mandatory information recommended by CMB.

Sabancı Holding, its Subsidiaries and Joint Ventures registered in Turkey maintain their books of account and prepare their statutory financial statements in TL in accordance with the Turkish Commercial Code ("TCC"), tax legislation and the Uniform Chart of Accounts issued by the Ministry of Treasury and Finance, banking law, accounting principles and instructions promulgated by the Banking Regulation and the Supervision Agency ("BRSA") and TFRS together with notes and explanations related to the accounting and financial reporting standards issued by POA in case of no specific regulations have been introduced by these institutions.

Foreign Subsidiaries, Joint Ventures and Associates maintain their books of account in accordance with the laws and regulations in force in the countries in which they are registered. These consolidated financial statements have been prepared under the historical cost conversion except for the financial assets and liabilities presented at fair values, and the revaluations related to the differences between the carrying value and fair value of the non-current assets recognised in business combinations. Adjustments and restatements, required for the fair presentation of the consolidated financial statements in conformity with the TFRS, have been accounted for in the statutory financial statements, which are prepared in accordance with the historical cost principle.

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

Basis of Presentation(Continued)
1. Statement of Compliance with TFRS(Continued)
  Functional and Presentation Currency
  The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). The results and financial position of each entity are expressed in TRY, which is the functional currency of the Company, and the presentation currency for the consolidated financial statements.
2. Financial reporting in hyperinflationary economies

Pursuant to the decision of the CMB dated 28 December 2023 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that entities applying TFRS to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflationary Economies as of financial statements for the annual reporting period ending on or after 30 June 2025. In accordance with the aforementioned CMB decision and the announcement made by POA on 23 November 2023 and the "Guidance on Financial Reporting in Hyperinflationary Economies", the Group has prepared the consolidated financial statements as of 30 June 2025 by applying TAS 29. According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of 31 December 2024 and 30 June 2024, on the purchasing power basis as of 30 June 2025.

As of 30 June 2025, the indices and adjustment coefficients which obtained from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TÜİK) and used in the adjustment of the consolidated financial statements for the current and prior periods since 1 January 2005, the date on which TL ceased to be designated as the currency of a hyperinflationary economy, are as follows:

Date	Index	Conversion Factor	Three-year Inflation Rate
30 June 2025	3.132,17	1,00000	220%
31 December 2024	2.684,55	1,16674	291%
30 June 2024	2.319,29	1,35049	324%

The main factors regarding financial reporting in hyperinflationary economies are as follows:

- Current period consolidated financial statements prepared in TL are expressed in terms of the purchasing power at the balance sheet date, and amounts from previous reporting periods are also adjusted and expressed in terms of the purchasing power at the end of the reporting period.

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

Basis of Presentation(Continued)

Financial reporting in hyperinflationary economies(Continued)
- Monetary assets and liabilities (such as cash and cash equivalents, trade receivables and payables, receivables and payables from financial sector operations, borrowings) are not adjusted as they are already expressed in terms of the current purchasing power at the balance sheet date. In cases where the inflation-adjusted values of non-monetary items (such as inventories, property, plant and equipment, intangible assets, investment properties and equity 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 and liabilities and equity items that are not expressed in terms of the 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 that have an impact on the comprehensive income statement of non-monetary items on the balance sheet, have been indexed using the coefficients calculated for the periods when the income and expense accounts were first reflected in the financial statements.
- The impact of inflation on the Group's net monetary asset position in the current period is recognized under net monetary gain/(loss) account in the consolidated income statement.

New and Revised Turkish Accounting Standards

The accounting policies adopted in preparation of the consolidated financial statements as of 30 June 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 1 January 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, 2024, are as follows:
Amendments to TAS 21 Lack of Exchangeability
Amendments to TAS 21 Lack of Exchangeability
The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. Amendments are effective from annual reporting periods beginning on or after 1 January 2025.
The Group evaluates the effects of these standards, amendments and improvements on the consolidated financial statements.
These changes did not have a significant impact on the financial position and performance of the Group.
NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)
1. New and Revised Turkish Accounting Standards (Continued)
Standards issued but not yet effective and not early adopted:

TFRS 17 Insurance Contracts

Amendments to TFRS 17 Initial Application of TFRS 17 and TFRS 9 - Comparative Information

TFRS 18 Presentation and Disclosures in Financial Statements

Amendments TFRS 9 and TFRS 7 Classification and measurement of financial instruments

Amendments TFRS 9 and TFRS 7 Power purchase arrangements

TFRS 19 Subsidiaries without Public Accountability: Disclosures

TFRS 17 Insurance Contracts

TFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. TFRS 17 has been deferred for insurance, reinsurance and pension companies for a further year and will replace TFRS 4 Insurance Contracts on 1 January 2026.

Amendments to TFRS 17 Insurance Contracts and Initial Application of TFRS 17 and TFRS 9 -Comparative Information

Amendments have been made in TFRS 17 in order to reduce the implementation costs, to explain the results and to facilitate the initial application.

The amendment permits entities that first apply TFRS 17 and TFRS 9 at the same time to present comparative information about a financial asset as if the classification and measurement requirements of TFRS 9 had been applied to that financial asset before. Amendments are effective with the first application of TFRS 17.

The amendments will be applied upon the initial application of TFRS 17.

TFRS 18 Presentation and Disclosures in Financial Statements

TFRS 18 includes requirements for all entities applying TFRS for the presentation and disclosure of information in financial statements. Applicable to annual reporting periods beginning on or after 1 January 2027.

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

Standards issued but not yet effective and not early adopted: (Continued)
Amendments TFRS 9 and TFRS 7 regarding the classification and measurement of financial instruments
The amendments address matters identified during the post-implementation review of the classification and measurement requirements of TFRS 9 Financial Instruments. Amendments are effective from annual reporting periods beginning on or after 1 January 2026.
Amendments TFRS 9 and TFRS 7 regarding power purchase arrangements
The amendments aim at enabling entities to include information in their financial statements that in the IASB's view more faithfully represents contracts referencing nature-dependent electricity. Amendments are effective from annual reporting periods beginning on or after 1 January 2026.
TFRS 19 Subsidiaries without Public Accountability: Disclosures
TFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. Applicable to annual reporting periods beginning on or after 1 January 2027.
The impact of these amendments on the financial position and performance of the Group is being assessed.
The new amendments that are issued by the International Accounting Standards Board (IASB) but not issued by Public Oversight Authority (POA):

The following amendments to IAS 21 and IFRS 18 are issued by IASB but not yet adapted/issued by POA. Therefore, they do not constitute part of TFRS. The Group will make the necessary changes to its condensed consolidated financial statements after the amendments and new Standard are issued and become effective under TFRS.

Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
IFRS 19 - New Subsidiaries without Public Accountability: Disclosures

Changes in Accounting Policies, Estimates and Errors
Any change in accounting policies resulting from the first time adoption of a new TFRS is made either retrospectively or prospectively in accordance with the transition requirements of TFRS. Changes without any transition requirement, material changes in accounting policies or material errors are corrected, retrospectively by restating the prior period consolidated financial statements.
If changes in accounting estimates are related to only one period, they are recognised in the period when the changes are applied; if changes in estimates are related to future periods, they are recognised both in the period where the change is applied and in future periods prospectively. The Group doesn't have any significant changes in accounting policy and accounting estimates in the current period
NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Summary of Significant Accounting Policies
The interim condensed consolidated financial statements for the period ended 30 June 2025 have been prepared in accordance with TAS 34. The accounting policies used in the preparation of these interim condensed consolidated financial statements for the period ended 30 June 2025 are consistent with those used in the preparation of annual consolidated financial statements for the year ended 31 December 2024. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2024.
The significant accounting policies applied in the preparation of consolidated financial statements are summarized below:
1. Basis of Consolidation

The consolidated financial statements include the accounts of the parent company, Hacı Ömer Sabancı Holding A.Ş., its Subsidiaries and Joint Ventures (collectively referred to as the "Group") on the basis set out in sections (b) to (e) below. The financial statements of the companies included in the scope of consolidation have been prepared at the date of the consolidated financial statements, and are prepared in accordance with Turkish Financial Reporting Standards as explained in Note 2.1.1. The result of operations of Subsidiaries, Joint Ventures and Associates are included or excluded in these consolidated financial statements subsequent to the date of acquisition or date of sale respectively.
Subsidiaries are companies in which the Holding has direct or indirect control. The Group control subsidiaries when it is exposed to variable returns from its involvement with an entity, or if the has a right to the returns, but also has the ability to influence these returns through its power over the company.
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company.

When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable TFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under TFRS 9 Financial Instruments, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

The companies which Holding has less that 50% shares are considered as subsidiaries since Holding exercises a dominant influence and power to govern the financial and operating policies through exercise of voting power related to shares held by Holding together with voting power which Holding effectively exercises related to shares held by Sabancı family members. Sabancı family members allow Holding to exercise voting power in respect of shares held in these companies. In the accompanying consolidated financial statements the shares held by Sabancı family members are presented as non-controlling interest.

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

Summary of Significant Accounting Policies (Continued)
1. Basis of Consolidation (Continued)

The table below sets out all consolidated Subsidiaries and shows the proportion of ownership interest and the effective interest of the Holding in these subsidiaries at 30 June 2025 and 31 December 2024:

30 June 2025 31 December 2024 Direct and Direct and indirect ownership interest by the indirect ownership interest by the

	Holding and its subsidiaries	Proportion of ownership Interest	Holding and its subsidiaries	Proportion of ownership Interest
Subsidiaries	(%)	(%)	(%)	(%)
Agesa	40,37	40,37	40,36	40,36
Akbank	40,75	40,75	40,75	40,75
Aksigorta	36,00	36,00	36,00	36,00
Carrefoursa	57,12	57,12	57,12	57,12
Cimsa Building Solutions B.V.	100,00	71,38	100,00	71,38
Çimsa	63,52	58,10	63,52	58,10
Dx BV	100,00	100,00	100,00	100,00
Kordsa	71,11	71,11	71,11	71,11
Teknosa	50,00	50,00	50,00	50,00
Tursa	100,00	100,00	100,00	100,00
SabancıDX (*)	100,00	100,00	100,00	100,00
Sabancı İklim Teknolojileri	100,00	100,00	100,00	100,00
Temsa Motorlu Araçlar	100,00	100,00	100,00	100,00

(*) Includes the disposal of 69.84% of the shares in Radiflow Ltd., a subsidiary of Sabancı DX, one of the Group's subsidiaries.

The balance sheets and statements of profıt or loss of the Subsidiaries are consolidated on a line-by-line basis and the carrying value of the shares held by the Holding and its Subsidiaries is deducted from the related shareholders' equity. Intercompany transactions and balances between the Holding and its Subsidiaries are eliminated in consolidation. The cost of financing the shares in Subsidiaries held by the Holding and its Subsidiaries and the dividends pertaining to these shares are deducted from equity and income for the period, respectively.

The Subsidiaries are included into or excluded from the scope of consolidation subsequent to the date of transmission of the control to the Group. The shares of non-controlling shareholders in the net assets and operating results of Subsidiaries are presented in the consolidated balance sheet and profit or loss table as non-controlling interests. Sabancı Family, "Sabancı Foundation" and a retirement fund for Akbank employees called "Akbank Retirement Fund" established both by Sabancı Family, have a share in the capitals of some subsidiaries and affiliates which are accounted in the consolidated financial statements. This share is considered as non-controlling share in the consolidated financial statements and it is not included in the current period profit.

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

Summary of Significant Accounting Policies (Continued)
1. Basis of Consolidation (Continued)

Joint venture - Holding and its subsidiaries have rights on net assets relating to operations subject to a joint arrangement, such net assets are accounted through equity method in the consolidated financial statements.

According to the equity method, the joint venture investment is initially recognized at its acquisition cost. After the acquisition date, the investor's share in the profit or loss of the investee is reflected in the financial statements by increasing or decreasing the book value of the investment. The investor's share of the profit or loss of the investee is recognized as the investor's profit or loss. Distributions (dividends, etc.) received from an investee reduce the book value of the investment. The book value of the investee must be adjusted in proportion to the investor's share of the changes in the other comprehensive income of the enterprise. In the event that there are transactions that are not reflected in the profit or loss statement or other comprehensive income statement of the investee but create a change in its equity, the Group recognizes the value of the investment in equity in the amount corresponding to its share of the relevant change.

The table below sets out the Joint Ventures and shows the proportion of ownership interest and effective interest of the Holding in these Joint Ventures at 30 June 2025 and 31 December 2024:

30 June 2025 31 December 2024

	Direct and		Direct and
	indirect ownership		indirect ownership
	interest by the Holding	Proportion	interest by the Holding	Proportion
	and its subsidiaries	of ownership Interest	and its subsidiaries	of ownership Interest
Joint Ventures	(%)	(%)	(%)	(%)
Akçansa	39,72	39,72	39,72	39,72
Brisa	43,63	43,63	43,63	43,63
Enerjisa Enerji	40,00	40,00	40,00	40,00
Enerjisa Üretim	50,00	50,00	50,00	50,00
Temsa Ulaşım Araçları	50,00	50,00	50,00	50,00

Investments in Joint Ventures were consolidated by equity method. Sabancı family members do not have any interest in the share capital of the Joint Ventures.

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2.4 Summary of Significant Accounting Policies (Continued)

Comparatives and Restatement of Prior Year Financial Statements
The current period condensed consolidated financial statements of the Group include comparative financial information to enable the determination of the trends in financial position and performance. Comparative figures are reclassified, where necessary, to conform to the changes in the presentation of the current period condensed consolidated financial statements.
Figures for the previous reporting period are restated by applying the general price index so that the comparative financial statements are presented in the currency of the reporting period end. Information disclosed for prior periods is also expressed in the currency of the reporting period.
Critical accounting estimates and assumptions

When preparing the consolidated financial statements according to Turkish Financial Reporting Standards, Group management must make some assumptions and estimations which identify the amount of income and expenses as of the reporting period, which identify liabilities and commitments likely to occur as of the balance sheet date and which may affect the amount of assets and liabilities which are reported. These estimations and assumptions may differ from actual results even though they are based on the best knowledge of Group management regarding current events and transactions. Estimations are reviewed regularly, and necessary adjustments are made and reflected on the statement of income for the relevant period. If changes in accounting estimations are related to one period only, they are reflected in the financial statements in the current period of the change. If they are related to future periods, they are reflected in the financial statements prospectively, both in the period of the change and in the future period, and are considered when defining the net period profit or loss.

NOTE 3 - BUSINESS COMBINATIONS The business combinations between the period 1 January and 30 June 2025 are as follows:

Sabancı DxBV and ICT Bulut Bilişim A.Ş. (Bulutistan), all shares representing 65% of Bulutistan capital were acquired by DxBV for a price USD 39.000 on 23 August 2024.

Additionally, representing 10,5% of total shares in Bulutistan are held by Sabancı Holding Özel Girişim Sermayesi Yatırım Fonu (Corporate Venture Capital Fund of Sabancı Holding, "Sabancı Ventures").

Bulutistan will be consolidated in the financial statements of Sabancı Holding as total effective ownership interest in Bulutistan will be at 75,5% held indirectly through DxBV and Sabancı Ventures, upon this acquisition.

In this scope, the fair values of the identifiable assets, liabilities, and conditional liabilities of relevant companies of the reporting period amounts were reflected in the financial statements prepared in accordance with IFRS.

As per the TFRS 3 standard, the measuring period was defined to be a maximum of one year as of the date of purchase, and if added information arises following the completion of the report, additional assets and liabilities may be recognized.

Purchase price and recorded assets and liabilities on the date of purchase:

Bulutistan

Cash and cash equivalents	57.185
Trade receivables	169.223
Other current assets	32.449
Property, plant and equipment	191.831
Intangible assets	1.221.737
Other non-current assets	432.239
Financial borrowings	(118.698)
Financial lease liabilities	(247.394)
Deferred tax assets/(liabilities),net	(311.997)
Other liabilities	(153.041)
Total net identifiable assets (100%)	1.273.534
Corresponding to 75,5%of the purchased	961.518
Transfers(*)	260.229
Goodwill	847.494
Ownership rate	%75,5
Non-controlling interest	312.016
Cash outflow due to acquisitions	1.548.783
Cash and cash equivalents - acquired	(57.185)
Cash outflow arising from acquisition (net)	1.491.598

(*) This relates to the transfer of the fair value of Bulutistan shares previously acquired by Sabancı Holding Venture Capital Investment Fund to the purchase price allocation after the acquisition. As a result of the acquisition, the portion of the fair value of the acquired identifiable assets, liabilities, and contingent liabilities exceeding the purchase price, amounting to TRY 847.494, has been recorded as goodwill in the accompanying consolidated financial statements.

NOTE 3 - BUSINESS COMBINATIONS (Continued) The business combinations between the period 1 January and 30 June 2025 are as follows (continued)

With the closing transaction on 1 October 2024, effective as of 1 October 2024, the Group acquired 94.7% of the issued share capital of Mannok Holdings Designated Activity Company (Mannok), thereby obtaining control over Mannok, which qualifies as a business as defined under IFRS 3 Business Combinations Standard.

As part of the Group's strategy to expand in the global building materials market, the acquisition of Mannok- an Ireland-based company engaged in the production and sale of cement, cement-based products (such as tiles, precast, and aerated concrete), insulation materials, and recycled plastic packaging-aims to diversify the geographies and industries in which the Group operates, while also increasing the share of foreign currency-based revenues in total revenue.

Purchase price and recorded assets and liabilities on the date of purchase:

Cash and cash equivalents	Mannok 402.245
Inventories	2.096.059
Trade and other receivables	2.661.098
Property, plant and equipment	6.217.690
Intangible assets	7.586.569
Financial borrowings	(2.364.242)
Deferred tax assets/(liabilities),net	(960.639)
Trade payables and other payables	(2.184.399)
Other liabilities	(2.662.465)
Total net identifiable assets (100%)	10.791.916
Corresponding to 75,5%of the purchased	10.224.688
Goodwill	956.899
Ownership rate	%94,7
Non-controlling interest	567.228
Cash outflow due to acquisitions	11.181.587
Cash and cash equivalents - acquired	(402.245)
Cash outflow arising from acquisition (net)	10.779.342

The excess amount of TRY 956.899, which exceeds the purchase consideration over the fair value of the identifiable assets acquired, liabilities assumed and contingent liabilities as a result of the acquisition, has been recognized as goodwill in the accompanying consolidated financial statements.

The business combinations between the period 1 January and 30 June 2024 are as follows:

There is no business combination.

NOTE 4 - SEGMENT REPORTING

The Group, in line with its strategic priorities to focus on expanding core businesses and investing in new growth platforms; a decision has been made to restructure Mobility Solutions strategic business units. Within the scope of this restructuring, the operations of Brisa have been classified under the Materials Technologies segment; the operations of Temsa Ulaşım have been classified under the Energy segment; and the operations of Temsa Motorlu Araçlar and Teknosa have been classified under the Other segment. The segment data for the period between January 1 - June 30, 2024 has been restated to reflect the changes made in the period between January 1 - June 30, 2025.

The financial information of the Joint Ventures has been included in the segment results, prepared within the framework of the Group's managerial approach, by full consolidation method (as 100%). The segment reporting information prepared in conformity with this approach is defined as "combined financial information".

1 January - 30 June 2025	Banking	Financial Services	Energy	Material Tecnologies	Digital	Other	Total
Combined revenue	396.970.128	30.530.420	144.921.361	66.668.588	2.628.339	80.646.882	722.365.718
Combined gross profit	89.936.545	210.667	31.751.911	10.062.777	389.772	21.792.664	154.144.336
Operating expenses Other operating	(58.544.937)	(6.455.691)	(13.163.908)	(7.805.872)	(670.750)	(15.553.191)	(102.194.349)
income/(expenses) (net)	1.382.744	8.669.043	1.277.686	236.687	10.944	(528.645)	11.048.459
Exchange gains/(losses) and credit finance
income/(charges) from operating activities (net)	-	286.626	2.660.376	552.692	98.040	(3.723.294)	(125.560)
Group share on profit/loss of joint ventures	-	-	(21.570)	-	-	-	(21.570)
Combined operating profit	32.774.352	2.710.645	22.504.495	3.046.284	(171.994)	1.987.534	62.851.316
Gains/(losses) from
investment activities (net)	110.403	1.892.102	8.080	326.840	(99.587)	2.240.653	4.478.491
Financial income/expenses (net)	-	(248.886)	(18.072.343)	(3.999.821)	(133.169)	(5.199.019)	(27.653.238)
Monetary gain/(loss)	(26.980.425)	(1.969.039)	4.748.205	1.955.063	42.619	2.847.151	(19.356.426)
Combined profit/(loss) before tax	5.904.330	2.384.822	9.188.437	1.328.366	(362.131)	1.876.319	20.320.143

Tax income/(expense) (net)	(7.311.252)	(865.275)	(5.331.262)	(1.143.174)	18.362	756.821	(13.875.780)
Profit after tax from
discontinued operations	-	-	-	(138)	-	-	(138)
Combined net profit/(loss) for the period	(1.406.922)	1.519.547	3.857.175	185.054	(343.769)	2.633.140	6.444.225
Net profit/(loss) for the period (*)	(570.449)	621.190	2.410.827	198.624	(321.409)	(3.703.891)	(1.365.108)

1 January - 30 June 2024	Banking	Financial Services	Energy	Material Tecnologies	Digital	Other	Total
Combined revenue	367.593.730	33.023.907	137.806.590	71.830.758	1.571.619	87.606.938	699.433.542
Combined gross profit	103.672.125	(135.688)	27.504.751	13.396.152	182.637	24.189.838	168.809.815
Operating expenses	(60.145.516)	(5.991.666)	(12.262.160)	(7.531.534)	(696.318)	(15.078.722)	(101.705.916)
Other operating
income/(expenses) (net)	1.847.354	6.111.563	(668.938)	(105.770)	16.915	(280.876)	6.920.248
Exchange gains/(losses) and credit finance
income/(charges) from operating activities (net)	-	558.115	1.604.437	(32.301)	1.605	(4.102.406)	(1.970.550)
Combined operating profit	45.373.963	542.324	16.178.090	5.726.547	(495.161)	4.727.834	72.053.597
Gains/(losses) from investment activities (net)	163.403	1.178.802	2.226	459.655	551	3.120.722	4.925.359
Financial income/expenses (net)	-	(261.068)	(15.358.062)	(3.022.221)	40.155	(4.697.778)	(23.298.974)
Monetary gain/(loss)	(50.667.530)	(2.051.471)	4.252.342	1.373.768	(5.585)	2.585.487	(44.512.989)
Combined profit/(loss) before tax Tax income/(expense) (net)	(5.130.164) (9.851.242)	(591.413) (57.994)	5.074.596 (6.715.017)	4.537.749 (1.104.484)	(460.040) 5.739	5.736.265 (33.550)	9.166.993 (17.756.548)
Profit after tax from
discontinued operations	-	-	-	-	-	-	-
Combined net profit/(loss) for the period	(14.981.406)	(649.407)	(1.640.421)	3.433.265	(454.301)	5.702.715	(8.589.555)
Net profit/(loss) for the period (*)	(6.104.923)	(250.202)	(641.151)	1.597.788	(387.610)	(4.519.849)	(10.305.947)

(*) Represents consolidated net profit attributable to the equity holders of the parent.

(**) Combined figures in segment reporting represent amounts after subconsolidation of the Group's subsidiaries.

NOTE 4 - SEGMENT REPORTING (Continued)

1 April - 30 June 2025	Banking	Financial Services	Energy	Material Tecnologies	Digital	Other	Total
Combined revenue	198.094.592	13.424.538	73.292.042	34.272.814	988.367	36.968.470	357.040.823
Combined gross profit	40.535.095	1.342.592	16.102.926	5.533.015	179.008	7.189.612	70.882.248
Operating expenses Other operating	(28.908.104)	(3.818.904)	(6.404.060)	(3.781.267)	(322.658)	(7.769.168)	(51.004.161)
income/(expenses) (net)	593.799	4.339.840	823.619	124.457	(108)	(318.250)	5.563.357
Exchange gains/(losses) and credit finance
income/(charges) from operating activities (net)	-	(85.672)	1.173.735	5.558	55.013	(1.896.711)	(748.077)
Group share on profit/loss of joint ventures	-	-	(6.403)	-	-	-	(6.403)
Combined operating profit	12.220.790	1.777.856	11.689.817	1.881.763	(88.745)	(2.794.517)	24.686.964
Gains/(losses) from
investment activities (net)	95.988	1.178.690	5.819	79.331	(99.673)	900.629	2.160.784
Financial income/expenses (net)	-	(139.983)	(9.220.587)	(2.017.504)	(85.729)	(2.818.564)	(14.282.367)
Monetary gain/(loss)	(10.796.200)	(295.722)	2.742.549	704.511	19.015	1.214.423	(6.411.424)
Combined profit/(loss) before tax	1.520.578	2.520.841	5.217.598	648.101	(255.132)	(3.498.029)	6.153.957
Tax income/(expense) (net)	(1.327.213)	(630.353)	(831.093)	(284.599)	(7.210)	614.310	(2.466.158)
Profit after tax from discontinued operations	-	-	-	(66)	-	-	(66)
Combined net profit/(loss) for the period	193.365	1.890.488	4.386.505	363.436	(262.342)	(2.883.719)	3.687.733
Net profit/(loss) for the period (*)	80.692	727.366	2.585.161	338.670	(260.432)	(1.720.198)	1.751.259
		Financial		Material
1 April - 30 June 2024	Banking	Services	Energy	Tecnologies	Digital	Other	Total
Combined revenue	190.860.219	13.614.887	67.175.469	34.824.010	663.819	42.434.351	349.572.755
Combined gross profit	45.784.152	1.017.964	11.110.688	6.758.698	81.247	11.733.641	76.486.390
Operating expenses	(29.414.175)	(3.068.634)	(5.881.536)	(3.593.614)	(315.583)	(7.530.368)	(49.803.910)
Other operating income/(expenses) (net)	49.351	2.788.679	403.613	(158.604)	14.773	(94.348)	3.003.464
Exchange gains/(losses) and credit finance
income/(charges) from operating activities (net)	-	205.262	825.390	383.295	(6.915)	(2.102.116)	(695.084)
Combined operating profit	16.419.328	943.271	6.458.155	3.389.775	(226.478)	2.006.809	28.990.860
Gains/(losses) from investment activities (net)	156.408	593.546	(710)	242.170	(46)	1.372.008	2.363.376
Financial income/expenses (net)	-	(138.890)	(8.328.323)	(1.676.752)	12.390	(2.507.672)	(12.639.247)
Monetary gain/(loss)	(17.453.753)	(634.693)	2.598.389	798.566	40.232	804.347	(13.846.912)
Combined profit/(loss) before tax	(878.017)	763.234	727.511	2.753.759	(173.902)	1.675.492	4.868.077
Tax income/(expense) (net)	(2.222.075)	(266.797)	(1.016.758)	(536.838)	16.045	670.344	(3.356.079)
Profit after tax from discontinued operations	-	-	-	-	-	-	-
Combined net profit/(loss) for the period	(3.100.092)	496.437	(289.247)	2.216.921	(157.857)	2.345.836	1.511.998
Net profit/(loss) for the period (*)	(1.263.286)	190.314	(344.588)	1.047.829	(129.077)	(1.951.084)	(2.449.892)

NOTE 4 - SEGMENT REPORTING (Continued)

a) Revenue	1 January -	1 January -	1 April-	1 April-
	30 June 2025 30 June 2024 30 June 2025 30 June 2024
Banking	396.970.128	367.593.730	198.094.592	190.860.219
Financial Services	30.530.420	33.023.907	13.424.538	13.614.887
Energy	144.921.361	137.806.590	73.292.042	67.175.469
Material Tecnologies	66.668.588	71.830.758	34.272.814	34.824.010
Digital	2.628.339	1.571.619	988.367	663.819
Other	80.646.882	87.606.938	36.968.470	42.434.351
Combined	722.365.718	699.433.542	357.040.823	349.572.755
Less: Joint Ventures	(171.935.434)	(170.607.489)	(87.219.126)	(82.670.683)
Less: Consolidation eliminations and adjustments	(21.194.151)	(20.263.970)	(6.255.213)	(9.807.272)
Consolidated	529.236.133	508.562.083	263.566.484	257.094.800
b) Operating profit	1 January -	1 January -	1 April-	1 April-
	30 June 2025 30 June 2024 30 June 2025 30 June 2024
Banking	32.774.352	45.373.963	12.220.790	16.419.328
Financial Services	2.710.645	542.324	1.777.856	943.271
Energy	22.504.495	16.178.090	11.689.817	6.458.155
Material Tecnologies	3.046.284	5.726.547	1.881.763	3.389.775
Digital	(171.994)	(495.161)	(88.745)	(226.478)
Other	1.987.534	4.727.834	(2.794.517)	2.006.809
Combined	62.851.316	72.053.597	24.686.964	28.990.860
Less: Joint Ventures	(23.337.093)	(19.092.012)	(12.187.991)	(8.076.517)
Less: Consolidation eliminations and adjustments	(5.809.258)	(8.897.669)	1.241.063	(4.160.499)
Add: Net profit shares of Joint Ventures and associates	1.019.683	562.503	1.548.818	426.165
Consolidated	34.724.648	44.626.419	15.288.854	17.180.009
c) Depreciation and amortisation	1 January -	1 January -	1 April-	1 April-
	30 June 2025 30 June 2024 30 June 2025 30 June 2024
Banking	4.867.811	4.880.226	2.453.734	2.366.810
Financial Services	1.575.373	1.510.558	800.621	776.340
Energy	7.291.807	7.158.409	3.538.791	3.541.051
Material Tecnologies	4.596.044	3.947.424	2.292.105	1.866.970
Digital	253.058	149.468	121.879	66.068
Other	3.171.971	2.988.879	1.542.330	1.469.912
Combined	21.756.064	20.634.964	10.749.460	10.087.151
Less: Joint Ventures	(9.280.120)	(9.171.895)	(4.528.057)	(4.534.239)
Consolidated	12.475.944	11.463.069	6.221.403	5.552.912

NOTE 4 - SEGMENT REPORTING (Continued)

d) Profit before tax

1 January - 1 January - 1 April- 1 April-

30 June 2025 30 June 2024 30 June 2025 30 June 2024
Banking	5.904.330	(5.130.164)	1.520.578	(878.017)
Financial Services	2.384.822	(591.413)	2.520.841	763.234
Energy	9.188.437	5.074.596	5.217.598	727.511
Material Tecnologies	1.328.366	4.537.749	648.101	2.753.759
Digital	(362.131)	(460.040)	(255.132)	(173.902)
Other	1.876.319	5.736.265	(3.498.029)	1.675.492
Combined	20.320.143	9.166.993	6.153.957	4.868.077
Less: Joint Ventures	(8.578.363)	(7.858.641)	(4.992.102)	(2.181.578)
Less: Consolidation eliminations and adjustments	(8.229.586)	(11.114.287)	10.719	(5.009.280)
Add: Net profit shares of Joint Ventures and associates	1.019.683	562.503	1.548.818	426.165
Consolidated	4.531.877	(9.243.432)	2.721.392	(1.896.616)
e) Net profit for the period
	1 January -	1 January -	1 April-	1 April-
30 June 2025 30 June 2024 30 June 2025 30 June 2024
Banking	(1.406.922)	(14.981.406)	193.365	(3.100.092)
Financial Services	1.519.547	(649.407)	1.890.488	496.437
Energy	3.857.175	(1.640.421)	4.386.505	(289.247)
Material Tecnologies	185.054	3.433.265	363.436	2.216.921
Digital	(343.769)	(454.301)	(262.342)	(157.857)
Other	2.633.140	5.702.715	(2.883.719)	2.345.836
Combined	6.444.225	(8.589.555)	3.687.733	1.511.998
Less: Joint Ventures	(1.900.878)	(737.090)	(3.177.794)	(1.159.932)
Add: Net profit shares of Joint Ventures and associates	1.019.683	562.503	1.548.818	426.168
Less: Consolidation eliminations and adjustments	(8.229.586)	(11.114.287)	10.719	(5.009.280)
Less: Non-controlling interests	1.301.448	9.572.482	(318.217)	1.781.154
Consolidated (attributable to the equity holders of the parent)	(1.365.108)	(10.305.947)	1.751.259	(2.449.892)
f) Capital expenditures
	1 January -	1 January -	1 April-	1 April-
30 June 2025 30 June 2024 30 June 2025 30 June 2024
Banking	4.896.741	5.744.028	2.217.090	2.785.728
Financial Services	1.232.754	872.908	444.104	575.355
Energy	26.849.936	26.045.973	15.200.086	11.940.580
Material Tecnologies	7.645.144	5.599.330	5.016.468	3.089.175
Digital	92.351	150.791	44.913	77.529
Other	1.407.876	1.116.936	686.322	614.047
Combined	42.124.802	39.529.966	23.608.983	19.082.414
Less: Joint Ventures	(28.225.853)	(25.505.516)	(15.911.555)	(11.694.207)
Consolidated	13.898.949	14.024.450	7.697.428	7.388.207

NOTE 4 - SEGMENT REPORTING (Continued) g) Total assets

30 June 2025 31 December 2024

Banking	2.996.530.009	3.104.319.957
Financial Services	132.767.172	132.960.519
Energy	452.340.951	442.890.712
Material Tecnologies	219.678.031	225.983.131
Digital	6.073.948	7.023.587
Other	391.207.074	392.203.027
Combined	4.198.597.185	4.305.380.933
Less: Joint Ventures	(498.053.588)	(495.082.556)
Less: Consolidation eliminations and adjustments	(357.819.698)	(353.102.626)
Add: Net profit shares of Joint Ventures and associates	124.868.454	128.988.409
Consolidated	3.467.592.353	3.586.184.160

NOTE 5 - CASH AND CASH EQUIVALENTS

The detail of cash and cash equivalents at 30 June 2025 and 31 December 2024 are as follows:

30 June 2025 Financial Non-financial			Total	31 December 2024 Financial Non-financial		Total
Cash	26.674.872	166.099	26.840.971	26.493.666	169.254	26.662.920
Bank Time deposit	41.527.476	11.612.338	53.139.814	21.252.815	14.207.076	35.459.891
Demand deposit	62.489.345	5.020.236	67.509.581	38.270.367	6.786.127	45.056.494
Receivables from reserve repo	1.615.007	-	1.615.007	1.593.851	-	1.593.851
Other cash and cash equivalents (*)	-	13.671.827	13.671.827	-	21.643.620	21.643.620
Total	132.306.700	30.470.500	162.777.200	87.610.699	42.806.077	130.416.776

(*) Other cash and cash equivalents include an amount of TRY 10.795.100 consisting of free liquid funds (31 December 2024: TRY 18.153.152)

Effective interest rates of USD, EUR and TRY denominated time deposits are 4,54% (31 December 2024: 5,06%), 1,96% (31 December 2024: 2,86%) and 46,42% (31 December 2024: 46,05%) respectively.

The maturity analysis as of 30 June 2025 and 31 December 2024 are as follows:

	30 June 2025	31 December 2024
Demand deposit	108.022.379	93.363.034
Up to 3 months	54.754.821	37.053.742
Total	162.777.200	130.416.776

As of 30 June 2025, total amount of the restriction on the cash and cash equivalents, payment accounts related to floating interest rate bond issue, time and demand deposits in the banks is TRY 11.193.137 (31 December 2024: TRY 14.571.627).

NOTE 6 - BALANCES WITH THE CENTRAL BANK OF THE REPUBLIC TURKEY

The detail of balances with the Central Bank of the Republic Turkey at 30 June 2025 and 31 December 2024 are as follows:

	30 June 2025	31 December 2024
Required Reserves	403.150.470	506.176.924
Free Deposits	4.716	3.601
Total	403.155.186	506.180.525
NOTE 7 - FINANCIAL ASSETS
a) Financial assets at fair value through profit and loss

The detail of financial assets at fair value through profit and loss is as follows:

30 June 2025 31 December 2024 Other Other

	Banking	Companies	Total	Banking	Companies	Total
Share certificates	2.777.040	-	2.777.040	7.447.871	-	7.447.871
Government bonds	10.400.503	228.787	10.629.290	2.599.641	231.246	2.830.887
Eurobonds	1.274.540	-	1.274.540	1.556.777	-	1.556.777
Investment funds	18.432.293	8.964.578	27.396.871	18.151.413	9.523.820	27.675.233
Other	3.815.916	-	3.815.916	4.357.018	4.732	4.361.750
Total	36.700.292	9.193.365	45.893.657	34.112.720	9.759.798	43.872.518
Effective interest rates of TRY are as follow:
			30 June 2025			31 December 2024
TRY			33,67%			39,84%

The Group does not have any financial assets measured at fair value through profit or loss given as collateral due to its activities in the finance sector (31 December 2024:None).

b) Financial assets measured at fair value through other comprehensive income 30 June 2025 31 December 2024

	Banking	Other Companies	Total	Banking	Other Companies	Total
Debt securities - Government bonds	239.422.904	1.273.040	240.695.944	220.029.362	286.845	220.316.207
- Eurobonds	137.904.743	10.161.326	148.066.069	135.660.082	10.596.190	146.256.272
- Investment funds	1.957.060	268.054	2.225.114	2.209.382	197.393	2.406.775
- Other bonds denominated	88.761.513	3.432.171	92.193.684	90.286.890	3.258.613	93.545.503
Sub-total	468.046.220	15.134.591	483.180.811	448.185.716	14.339.041	462.524.757
Equity securities
- Unlisted	293.164	29.959	323.123	182.156	20.143	202.299
Financial assets at fair
value through other
comprehensive income	468.339.384	15.164.550 483.503.934		448.367.872	14.359.184	462.727.056

NOTE 7 - FINANCIAL ASSETS (Continued)

Financial assets measured at fair value through other comprehensive income (Continued) Effective interest rates of USD, EUR, JPY and TRY denominated debt securities are 6,10% (31 December 2024: 5,84%), 3,21% (31 December 2024: 3,24%), 3,09% (31 December 2024: 3,09%) and 34,43% (31
December 2024: 38,27%), respectively.
The Group's financial assets measured through other comprehensive income subject to funds provided from repo are TRY 222.166.228 (31 December 2024: TRY 286.856.011). Financial assets through other comprehensive income that are given as collateral because of the Group's financing activities are amounting to TRY 16.111.443 (31 December 2024: TRY 27.894.631).
There are bonds index-linked to consumer prices ("CPI") in the securities portfolio of Akbank for which the fair value difference is reflected to other comprehensive income and which are measured by amortized cost. These securities are valued and recognised using the effective interest method and are based on the index calculated using real coupon rates, the reference inflation index on the date of issuance and reel inflation rates. Reference indexes used to calculate the actual coupon payment amounts of the securities are created based on CPIsfrom two months prior.
Financial Assets measured at Amortised Cost:

The details of financial investments measured at their amortized cost are presented below:

30 June 2025 31 December 2024 Other Other

	Banking	Companies	Total	Banking	Companies	Total
Government bonds	200.862.516	484.334	201.346.850	224.379.097	505.195	224.884.292
Other debt
securities	6.423.809	24.884.981	31.308.790	10.733.469	21.264.132	31.997.601
Total	207.286.325	25.369.315	232.655.640	235.112.566	21.769.327	256.881.893

The breakdown of financial assets measured at amortised cost is listed below:

30 June 2025 30 June 2024

Opening balance, 1 January	256.881.893	302.852.404
Additions	4.042.393	568.770
Foreign exchange differences in monetary assets	3.147.070	4.409.604
Valuation effect	9.857.519	28.756.720
Disposals through sales and redemptions	(7.108.333)	(4.050.950)
Monetary gain/(loss)	(34.155.663)	(53.854.306)
Reversal / (Allowance) for impairment (*)	(9.239)	(20.804)
Closing balance	232.655.640	278.661.438

(*) Expected loss provision is included.

Effective interest rate of debt securities in USD and TRY are 5,39% and 25.31% (31 December 2024: Effective interest rate of debt securities in USD and TRY are 5,87% and 36,06%).

NOTE 8 - OTHER RECEIVABLES AND PAYABLES
Other short term receivables:	30 June 2025	31 December 2024
Receivables from credit card payments	395.657	810.040
Other receivables(*)	32.261.700	29.186.666
Total	32.657.357	29.996.706
Other long term receivables:	30 June 2025	31 December 2024
Deposits and guarantees given	246.008	250.876
Other receivables(*)	1.708.751	1.618.865
Total	1.954.759	1.869.741
(*) Other receivables mainly consist of the collaterals obtained by Akbank for derivative transactions
Other short term payables:	30 June 2025	31 December 2024
Payables related to credit card transactions	43.324.940	46.644.716
Taxes and funds payable	13.228.997	11.404.262
Export deposits and transfer orders	379.996	286.514
Payment orders to correspondent banks	520.927	291.299
Other(*)	39.253.985	38.583.932
Total	96.708.845	97.210.723
Other long term payables:	30 June 2025	31 December 2024
Other(*)	11.139.734	18.071.295
Total	11.139.734	18.071.295

(*) Other payables mainly consist of the collaterals obtained by Akbank for derivative transactions.

Company analysis

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