Haci Omer Sabanci Holding A.s.BIST: SAHOL

Convenience Translation Into English Of Condensed Consolidated Financial Statements For The Interim Period 1 January - 31 March 2026

May 13, 2026 at 11:40 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 - 31 MARCH 2026 (ORIGINALLY ISSUED IN TURKISH) 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 7-60

NOTE 1 - ORGANISATION AND OPERATIONS OF THE GROUP 7

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 8

NOTE 3 - BUSINESS COMBINATIONS 16

NOTE 4 - SEGMENT REPORTING 17

NOTE 5 - CASH AND CASH EQUIVALENTS 20

NOTE 6 - BALANCES WITH THE CENTRAL BANK OF THE REPUBLIC TÜRKİYE 21

NOTE 7 - FINANCIAL ASSETS 21

NOTE 8 - OTHER RECEIVABLES AND PAYABLES 23

NOTE 9 - RECEIVABLES DUE TO FINANCE SECTOR OPERATIONS 24

NOTE 10 - DERIVATIVES 26

NOTE 11 - PREPAID EXPENSES AND DEFERRED INCOME 27

NOTE 12 - INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD 27

NOTE 13 - PROPERTY, PLANT AND EQUIPMENT 30

NOTE 14 - INTANGIBLE ASSETS 32

NOTE 15 - RIGHT OF USE ASSETS 34

NOTE 16 - GOODWILL 35

NOTE 17 - FINANCIAL LIABILITIES 35

NOTE 18 - LIABILITIES FROM LEASING TRANSACTIONS 37

NOTE 19 - PAYABLES FROM FINANCE SECTOR OPERATIONS 38

NOTE 20 - TAX ASSETS AND LIABILITIES 39

NOTE 21 - PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 43

NOTE 22 - OTHER ASSETS AND LIABILITIES 43

NOTE 23 - ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATION 44

NOTE 24 - EQUITY 44

NOTE 25 - REVENUE AND COST OF SALES 46

NOTE 26 - EXPENSES BY NATURE 47

NOTE 27 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES 48

NOTE 28 - INCOME AND EXPENSES FROM INVESTING ACTIVITIES 49

NOTE 29 - FINANCE INCOME/EXPENSES 49

NOTE 30 - RELATED PARTY DISCLOSURES 50

NOTE 31 - COMMITMENTS 51

NOTE 32 - EXPLANATIONS REGARDING NET MONETARY POSITION GAINS/(LOSSES) 55

NOTE 33 - EARNINGS/LOSSES PER SHARE 55

NOTE 34 - NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS 56

NOTE 35 - EVENTS AFTER THE REPORTING PERIOD 60

		Unaudited	Audited
		Current	Prior
		Period	Period
	Note	31 March	31 December
	References	2026	2025
ASSETS
Current Assets		2.441.371.306	2.621.332.421
Cash and Cash Equivalents	5	153.662.012	140.286.152
Balances with the Central Bank of the Republic Türkiye	6	477.284.866	584.568.761
Financial Assets		185.729.400	220.646.268
- Fair Value Through Profit or Loss	7	65.643.057	69.299.751
- Fair Value Through Other Comprehensive Income	7	80.716.591	104.607.864
- Measured at Amortised Cost	7	37.710.465	42.928.090
- Time Deposits		1.659.287	3.810.563
Trade Receivables		19.927.014	19.760.456
Receivables due to Finance Sector Operations	9	1.383.525.282	1.435.672.876
Other Receivables	8	38.950.688	40.746.396
Derivative Financial Instruments	10	17.661.324	29.592.319
Inventories		40.188.718	40.175.702
Prepaid Expenses	11	77.709.928	63.901.974
Deferred Insurance Commission Expenses		7.003.069	6.656.969
Current Tax Assets	20	263.559	326.064
Other Current Assets	22	32.722.771	32.319.621

Assets Classified As Held for Sale	23	6.742.675	6.678.863
Non-current Assets		1.793.233.950	1.891.827.152
Financial Assets		675.568.130	736.036.984
- Fair Value Through Other Comprehensive Income	7	435.508.503	484.374.426
- Measured at Amortised Cost	7	239.999.026	251.662.558
- Time Deposits		60.601	-
Trade Receivables		97	24
Receivables due to Finance Sector Operations	9	616.672.933	650.736.694
Other Receivables	8	2.674.045	3.066.642
Derivative Financial Instruments	10	59.265.535	57.231.657
Investments Accounted Through Equity Method	12	154.624.718	156.939.398
Investment Property		4.804.576	4.859.294
Property, Plant and Equipment	13	150.537.981	153.503.996
Asset Right on Use	15	18.707.864	18.817.560
Intangible Assets		89.955.074	90.973.875
- Goodwill	16	22.073.478	22.618.588
- Other Intangible Assets	14	67.881.596	68.355.287
Prepaid Expenses	11	1.227.247	682.272
Deferred Insurance Commission Expenses		11.619.435	10.953.746
Deferred Tax Assets	20	6.295.508	6.263.037
Other Non Current Assets	22	1.280.807	1.761.973
TOTAL ASSETS		4.234.605.256	4.513.159.573

These condensed consolidated financial statements have been approved for issue by the Board of Directors on 6 May 2026. 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.

		Unaudited	Audited
		Current	Prior
	Note	Period 31 March	Period 31 December
	References	2026	2025
Short Term Liabilities		3.077.932.319	3.329.852.862
Short Term Borrowings	17	160.139.844	175.136.065
Short Term Portion of Long-Term Borrowings	17	107.015.121	123.511.779
Liabilities from Leasing Transactions	18	3.400.620	3.125.993
Trade Payables		41.717.015	49.709.831
Payables due to Finance Sector Operations	19	2.483.165.502	2.728.718.524
Payables related to Employee Benefits		2.342.675	1.371.990
Other Payables	8	130.477.107	139.342.489
Derivative Financial Instruments	10	35.701.591	17.215.357
Deferred Income	11	2.424.465	2.678.836
Current Tax Liabilities	20	13.709.536	2.001.779
Short Term Provisions		66.678.829	64.985.819
- Short Term Provisions for Employee		8.307.241	8.545.874
- Insurance Technical Provisions	21	52.036.583	48.676.909
- Other Short-Term Provisions	21	6.335.005	7.763.036
Other Short Term Liabilities	22	31.091.906	21.986.096
Liabilities Related to Asset Group Held for Sale	23	68.108	68.304
Long Term Liabilities		530.820.496	519.469.990
Long Term Borrowings	17	329.065.914	312.401.978
Liabilities from Leasing Transactions	18	12.097.143	12.781.274
Payables due to Finance Sector Operations	19	81.449.954	64.203.859
Other Payables	8	7.153.528	16.776.722
Derivative Financial Instruments	10	9.770.958	10.701.451
Deferred Income	11	1.211.960	1.289.993
Long Term Provisions		61.577.125	60.852.281
- Long Term Provisions for Employee Benefits		7.175.065	7.379.858
- Insurance Technical Provisions	21	51.940.315	50.766.213
- Other Long-Term Provisions	21	2.461.745	2.706.210
Deferred Tax Liabilities	20	17.218.392	27.991.328
Other Long Term Liabilities	22	11.275.522	12.471.104
EQUITY		625.852.441	663.836.721
Equity Attributable to the Parent		382.411.470	397.494.374
Share Capital	24	2.100.376	2.100.376
Adjustment to Share Capital	24	179.064.331	179.064.331
Share Premium	24	735.921	735.921
Treasury shares (-)		(2.821.810)	(2.821.810)
Other Comprehensive Income or Expenses That
Will Not Be Reclassified to Profit or Loss		(4.866.848)	(4.840.847)
- Actuarial Gain/Loss		(4.866.848)	(4.840.847)
Other Comprehensive Income or Expenses
Will Be Reclassified to Profit or Loss		(65.604.448)	(53.168.921)
- Currency Translation Reserve		(24.585.182)	(19.360.258)
- Gains/Losses on Hedge		(31.543.412)	(31.074.910)
- Revaluation Reserve		(9.475.854)	(2.733.753)
Restricted Reserves		27.202.123	25.727.262
Retained Earnings		246.284.264	246.523.839
Profit/(Loss) for the Period		317.561	4.174.223
Non-controlling Interests		243.440.971	266.342.347
TOTAL EQUITY AND LIABILITIES		4.234.605.256	4.513.159.573

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

		Unaudited	Unaudited
		Current	Prior
		Period	Period
	Note	1 January-	1 January-
	References	31 March 2026	31 March 2025
CONTINUING OPERATIONS
Sales (net)	25	63.382.694	66.394.572
Cost of Sales (-)	25	(53.805.153)	(55.990.876)
Gross Profit From Non-Financial Operations		9.577.541	10.403.696
Interest, Premium, Commission and Other Income	25	228.044.522	261.573.003
Interest, Premium, Commission and Other Expense (-)	25	(160.772.463)	(200.423.523)
Gross Profit From Financial Operations		67.272.059	61.149.480
GROSS PROFIT		76.849.600	71.553.176
General Administrative Expenses (-)	26	(39.449.090)	(34.922.426)
Marketing, Selling and Distribution Expenses (-)	26	(15.348.468)	(16.234.519)
Research and Development Expenses (-)	26	(78.998)	(119.556)
Other Operating Income	27	8.773.667	9.047.720
Other Operating Expenses (-)	27	(5.623.943)	(4.677.810)
Share of Profit of investments
accounted for Using the Equity Method	4, 12	2.038.601	(653.214)
OPERATING PROFIT		27.161.369	23.993.371
Gains From Investment Activities	28	162.318	46.632
Losses From Investment Activities (-)	28	(64.826)	(5.359)
OPERATING PROFIT BEFORE
FINANCIAL EXPENSE		27.258.861	24.034.644
Financial Income	29	1.972.542	2.230.772
Financial Expenses (-)	29	(5.376.312)	(5.137.906)
Monetary Gain/(Loss)	32	(13.991.407)	(18.892.476)
NET INCOME/(LOSS) BEFORE TAX
FROM CONTINUING OPERATIONS		9.863.684	2.235.034
Tax Expe nse from Continuing Operations		(9.829.468)	(8.081.547)
Current Tax Expense		(13.826.436)	(2.864.480)
Deferred Tax Income/(Expense)	20	3.996.968	(5.217.067)
PROFIT/(LOSS) FOR THE PERIOD
FROM CONTINUING OPERATIONS		34.216	(5.846.513)
DISCONTINUED OPERATIONS
Income After Tax from Discontinued Operations		(3.602)	(89)
PROFIT/(LOSS) FOR THE PERIOD		30.614	(5.846.602)
ALLOCATION OF PROFIT/(LOSS)
- Non-controlling Interests		(286.947)	(1.999.465)
- Equityholders of the Parent		317.561	(3.847.137)
Earnings/(Losses) per share - hundreds of ordinary shares (TRY)	33	0,15	(1,86)
Earnings/(Losses) per share from continuing operations
- hundreds of ordinary shares (TRY)	33	0,16	(1,86)

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

	Unaudited	Unaudited
	Current	Prior
	Period	Period
	1 January-	1 January-
	31 March 2026	31 March 2025
INCOME/(LOSS) FOR THE PERIOD	30.614	(5.846.602)
Other Comprehensive Income / (Loss): Items that will not be Reclassified To Profit or Loss	(66.083)	(231.261)
Actuarial (losses) / gains, after tax	(93.393)	(241.853)
Other comprehensive income/(expense)
shares of investments accounted
by equity method, after tax	27.310	10.592
Items that will be Reclassified
To Profit or Loss	(26.905.270)	(19.251.434)

Fair value gains/(losses) from financial assets through other

comprehensive income, after tax	(16.516.992)	(10.010.872)
Currency translation differences	(9.655.831)	(3.443.757)
Cash flow hedges, after tax	227.845	(981.473)
Loss from the derivative financial assets related to the hedging of net investment in a foreign operation, after tax	(712.230)	(4.569.721)

Other comprehensive income/(expense) shares of

investments accounted by equity method, after tax (248.062) (245.611)

OTHER COMPREHENSIVE

INCOME/(LOSS) (AFTER TAX)	(26.971.353)	(19.482.695)
TOTAL COMPREHENSIVE INCOME/(LOSS)	(26.940.739)	(25.329.297)
ALLOCATION OF TOTAL COMPREHENSIVE INCOME
- Non-controlling Interests	(14.796.772)	(11.809.434)
- Equity Holders of the Parent	(12.143.967)	(13.519.863)

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 31 MARCH 2026 AND 2025

(Amounts on tables expressed in thousands of Turkish Lira ("TL") in terms of purchasing power of the TL on 31 March 2026 unless otherwise indicated.)

Items not to be reclassified to

accumulated othe r

comprehensive

income and expenses

Items to be reclassified to

accumulated othe r

comprehensive

income and expenses

Re taine d earnings

	Share capital	Adjustme nt to share capital	Treasury shares (-)	Share premium	Actuarial gains / losses	Currency translation reserve	Hedge reserve	Revaluation reserve	Restricted reserves	Re taine d earnings	Net income/(expense) for the period	Equity attributable to the parent	Non- controlling interest	Equity
Balance at 1 January 2025	2.100.376	179.064.821	(2.809.409)	735.923	(5.122.947)	(19.810.885)	(21.372.171)	(6.519.631)	24.494.606	279.516.201	(22.288.619)	407.988.265	273.740.051	681.728.316
Transfers	-	-	-	-	-	-	-	-	1.303.097	(23.591.716)	22.288.619	-	-	-
Dividends	-	-	-	-	-	-	-	-	-	(8.568.326)	-	(8.568.326)	(6.313.119)	(14.881.445)
Increase / (decrease) due to share buy back transactions	-	-	(3.350)	-	-	-	-	-	-	-	-	(3.350)	(5.023)	(8.373)
Total comprehensive income/(expenses)	-	-	-	-	(115.071)	(2.624.057)	(2.734.954)	(4.198.644)	-	-	(3.847.137)	(13.519.863)	(11.809.434)	(25.329.297)
Balances at 31 March 2025	2.100.376	179.064.821	(2.812.759)	735.923	(5.238.018)	(22.434.942) (24.107.125) (10.718.275) 25.797.703				247.356.159	(3.847.137)	385.896.726	255.612.475	641.509.201
Balance at 1 January 2026	2.100.376	179.064.331	(2.821.810)	735.921	(4.840.847)	(19.360.258)	(31.074.910)	(2.733.753)	25.727.262	246.523.839	4.174.223	397.494.374	266.342.347	663.836.721
Transfers	-	-	-	-	-	-	-	-	1.474.861	2.699.362	(4.174.223)	-	-	-
Dividends	-	-	-	-	-	-	-	-	-	(2.938.937)	-	(2.938.937)	(8.104.604)	(11.043.541)
Total comprehensive income/(expenses)	-	-	-	-	(26.001)	(5.224.924)	(468.502)	(6.742.101)	-	-	317.561	(12.143.967)	(14.796.772)	(26.940.739)
Balances at 31 March 2026	2.100.376	179.064.331	(2.821.810)	735.921	(4.866.848)	(24.585.182)	(31.543.412)	(9.475.854)	27.202.123	246.284.264	317.561	382.411.470	243.440.971	625.852.441

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

Note References

Unaudited Current Period 1 January -

31 March 2026

Unaudited Prior Period 1 January -

31 March 2025

Net income/(loss) from continuning operations 34.216 (5.846.513)

Net income/(loss) from discontinued operations (3.602) (89)

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

Tax expense/income		9.829.468	8.081.547
Depreciation and amortization expenses	4	8.227.073	7.723.277
Expected Credit Loss Provision for Receivables from Finance Sector Activities	9	13.335.648	13.046.304
Changes in the fair value of derivative instruments		26.072.040	(12.433.310)
Interest Income/expense adjustments of non finance sector	28,29	2.926.433	2.475.122
Interest Income/expense adjustments of finance sector		10.224.734	(10.289.970)
Provision for employment termination benefits		11.111.421	363.262
Impairment charge on property, plant and equipment,intangible assets and investment property	13,14	117.665	-
Impairment on assets held for sale	23	604	289
Income from sale of property, plant and equipment,intangible assets and investment property	28	(14.180)	(12.095)
Adjustments for Retained Earnings of Investments Valued by Equity Method	12	(2.038.601)	653.214
Provision for /(reversal of) inventory impairment		(52.270)	12.191
Provision for /(reversal of) doubtful receivables		43.871	17.473
Unrealized Foreign Currency Conversion Differences		(3.220.801)	(14.943.073)
Monetary Gain/(Loss) Net cash provided by operation activities before changes		18.593.797	29.722.971
in operating assets and liabilities
Changes in trade receivables		(2.013.439)	(1.611.671)
Changes in inventories		88.868	2.066.518
Changes in other receivables		(1.529.378)	590.242
Changes in prepaid expenses		(14.352.929)	(704.504)
Changes in derivative financial instruments		(4.478.230)	(7.115.800)
Changes in other assets		20.765.356	4.811.199
Changes in trade payables		(3.457.313)	(4.809.581)
Changes in other liabilities and other payables Changes in assets and liabilities in finance segment: Changes in financial investments		(4.499.838) (28.603.841)	38.667.968 (27.815.192)
Changes in receivables from finance sector operations		(109.230.711)	(94.639.163)
Changes in payables from finance sector operations		26.915.347	184.584.584
Changes in Central Bank of the Republic of Türkiye account		53.948.105	15.654.872
Income taxes paid		(15.564.656)	(1.274.811)
Employment termination benefits paid		(5.501.176)	(193.710)
Net cash provided/(used in) from operating activities		7.673.681	126.781.551
Cash flow from investing activities; Sale / (Proceed) of fair value through other comprehensive income or amortized cost at financial asset		(11.902.654)	(78.965.975)
Cash outflow from purchasing of property, plant, equipment and intangible assets	13,14	(9.044.422)	(7.655.737)
Proceeds from sales of property, plant, equipment and intangible assets	13,14	373.302	200.973
Sale/ Proceeds from investment property		67	1.127
Dividends received		-	4.061.809
Net cash provided from / (used in) investing activities		(20.573.707)	(82.357.803)
Cash flow from financing activities: Cash inflows from financial liabilities	17	75.497.862	84.781.054
Cash outflows from repayments of borrowings	17	(35.665.914)	(34.315.278)
Cash outflows from payments of lease liabilities	18	(1.804.816)	(1.639.933)
Cash outflow from share buyback transactions		-	(8.371)
Interest paid/(received) non-financial sector		(2.126.184)	(1.645.752)
Dividends paid		(11.043.541)	(14.881.444)
Net cash provided from financing activities		24.857.407	32.290.276
Effect of change in foreign currency rates on cash and cash equivalents		1.756.657	16.089.135
Monetary gain/(loss) on cash and cash equivalents		(13.401.794)	(16.967.624)
Net increase / (decrease) in cash and cash equivalents		312.244	75.835.535
Cash and cash equivalents in the beginning of the period (*)		132.236.400	143.052.189
Cash and cash equivalents at the end of the period		132.548.644	218.887.724

(*) Cash and cash equivalents at the end of the period comprise interest accruals of TRY 129.315 (31 March 2025: TRY 57.073). At the beginning and at the end of the current period, restricted deposit is TRY 7.984.585 and TRY 20.984.053, respectively (31 March 2025: TRY 17.947.201 and TRY 20.362.000 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 Türkiye. The number of employees as of 31 March 2026 is 60.769 (31 December 2025: 62.962). 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 31 March 2026, 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
	100,00

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 31 March 2026, the type of activity of subsidiaries and their respective business segments in these condensed consolidated financial statements for the interim period are as follows:

Subsidiaries	Trade Stock Market	Type of Activity	Business Segment	Number of Employees	Registered Country
Agesa Hayat ve Emeklilik A.Ş. ("Agesa")	BİST	Individual Pension	Financial Services	2.224	Türkiye
Akbank T.A.Ş. ("Akbank")	BİST	Banking	Banking	15.292	Türkiye
Aksigorta A.Ş. ("Aksigorta")	BİST	Insurance	Financial Services	823	Türkiye
Carrefoursa Carrefour Sabancı Ticaret Merkezi A.Ş.
("Carrefoursa")	BİST	Trade	Other	9.225	Türkiye
Çimsa Çimento Sanayi ve Ticaret A.Ş. ("Çimsa")	BİST	Cement	Material Technologies	2.488	Türkiye
Dx Technology Services and Investment BV
("Dx BV")	-	Information Technology	Digital	588	Netherlands
Cimsa Building Solutions B.V. ("CBS")	-	Cement	Material Technologies	1.006	Netherlands
Sabancı İklim Teknolojileri A.Ş. ("İklim Teknolojileri")	-	Energy	Energy	18	Türkiye
Kordsa Teknik Tekstil Anonim Şirketi ("Kordsa")	BİST	Tire reinforcement	Material Technologies	4.214	Türkiye
Teknosa İç ve Dış Ticaret A.Ş. ("Teknosa")	BİST	Trade	Other	2.660	Türkiye
Tursa Sabancı Turizm ve Yatırım İşletmeleri A.Ş.
("Tursa")	-	Tourism	Other	8	Türkiye
Temsa Motorlu Araçlar Pazarlama ve Dağıtım A.Ş.	-	Ticaret	Other	26	Türkiye

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 OPERATIONS OF THE GROUP (Continued) Joint Ventures

As of 31 March 2026, 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 Venture s Market Activity Segment Venture s Employees

Akçansa Çimento Sanayi ve Ticaret A.Ş. Heidelberg

("Akçansa")	BİST	Cement	Material Technologies	Materials	2.376
Brisa Bridgestone Sabancı Lastik Sanayi ve
Ticaret A.Ş. ("Brisa")	BİST	Tire	Material Technologies	Bridgestone	3.594
Enerjisa Enerji A.Ş. ("Enerjisa Enerji")	BİST	Energy	Energy	E.ON SE	11.464
Enerjisa Üretim Santralleri A.Ş. ("Enerjisa Üretim")	-	Energy	Energy	E.ON SE	2.312
Temsa Skoda Sabancı Ulaşım Araçları A.Ş. ("Temsa Ulaşım Araçları")	-	Automotive	Energy	Škoda a.s.	1.974

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 Türkiye 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)

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.

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 31 March 2026. 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 31 March 2026 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 2025 and 31 March 2025, on the purchasing power basis as of 31 March 2026.

As of 31 March 2026, the indices and adjustment coefficients which obtained from the Consumer Price Index (CPI) of Türkiye 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
31 March 2026	3.866,67	1,0000	205%
31 December 2025	3.513,87	1,1004	211%
31 March 2025	2.954,69	1,3087	250%

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 31 March 2026 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 2026 and thereafter. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.

i) The new standards, amendments and interpretations which are effective as of 1 January 2026, are as follows:

Amendments to TFRS 9 and TFRS 7 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 to TFRS 9 and TFRS 7 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.

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

New and Revised Turkish Accounting Standards (Continued)

The new standards, amendments and interpretations which are effective as of 1 January 2026, are as follows:
Annual Improvements to TFRSs - Volume 11
The pronouncement comprises the following amendments:
- TFRS 1: Hedge accounting by a first-time adopter
- TFRS 7: Gain or loss on derecognition
- TFRS 7: Disclosure of deferred difference between fair value and transaction price
- TFRS 7: Introduction and credit risk disclosures
- TFRS 9: Lessee derecognition of lease liabilities
- TFRS 9: Transaction price
- TFRS 10: Determination of a 'de facto agent'
- TAS 7: Cost method
  Amendments are effective from annual reporting periods beginning on or after 1 January 2026.
  The aforementioned standard, amendments and improvements do not have any significant effect on the Group's consolidated financial position and performance.
Standards issued but not yet effective and not early adopted:

The Group has not yet adopted the following standards and amendments and interpretations to the existing standards:

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 2027.

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.

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. This standard is effective from annual reporting periods beginning on or after 1 January 2027.

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

New and Revised Turkish Accounting Standards (Continued)
ii) Standards issued but not yet effective and not early adopted: (Continued)
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. This standard is effective from annual reporting periods beginning on or after 1 January 2027.
Amendments to TFRS 19 Subsidiaries without Public Accountability: Disclosures
The amendments cover new or amended Turkish Financial Reporting Standards that were not considered when TFRS 19 was first issued. Amendments are effective from annual reporting periods beginning on or after 1 January 2027.
The Group evaluates the effects of these standards, amendments and improvements on the consolidated financial statements.
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 recognized 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 31 March 2026 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 31 March 2026 are consistent with those used in the preparation of annual consolidated financial statements for the year ended 31 December 2025. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2025.
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 it 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 than 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 31 March 2026 and 31 December 2025:

31 March 2026 31 December 2025 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	40,37	40,37
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
Sabancı İklim Teknolojileri	100,00	100,00	100,00	100,00
Temsa Motorlu Araçlar	100,00	100,00	100,00	100,00

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 control is transferred 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 statement of profit or loss 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 interest 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 carrying amount 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 carrying amount of the investment. The carrying amount 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 31 March 2026 and 31 December 2025:

31 March 2026 31 December 2025

	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 2025 and 31 March 2026 are as follows:

None.

‌NOTE 4 - SEGMENT REPORTING

In line with its strategic priorities and as a result of the organizational review conducted in 2025 to strengthen the focus on expanding core businesses and investing in new growth platforms, the Group decided to restructure the strategic business lines under Mobility Solutions. Following this restructuring, the operations of Brisa have started to be monitored under the Materials Technologies segment, the operations of Temsa Ulaşım under the Energy segment, and the operations of Temsa Motorlu Araçlar and Teknosa under the Other segment. Segment data for the period between 1 January and 31 March 2025 have been restated to reflect these changes.

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".

Combined figures in segment reporting represent the amounts after sub-consolidation, if any, of the Group's subsidiaries.

1 January - 31 March 2026	Banking	Financial Services	Energy	Material Tecnologies	Digital	Other	Total
Combined revenue	212.175.041	22.398.909	85.742.572	39.032.975	1.256.058	52.418.093	413.023.648
Combined gross profit	65.290.652	1.216.338	21.288.626	6.253.182	161.663	16.845.159	111.055.620
Operating expenses Other operating	(39.261.824)	(4.843.453)	(9.219.085)	(4.875.592)	(331.086)	(8.902.017)	(67.433.057)
income/(expenses) (net)	763.111	4.332.045	(715.545)	330.701	6.869	(492.583)	4.224.598
Exchange gains/(losses) and credit finance
income/(charges) from operating activities (net)	-	176.984	1.791.666	588.445	35.214	(1.988.311)	603.998
Group share on profit/loss of joint ventures	-	-	-	-	-	-	0
Combined operating profit	26.791.939	881.914	13.145.662	2.296.736	(127.340)	5.462.248	48.451.159
Gains/(losses) from
investment activities (net)	121.392	1.286.671	2.059.817	118.302	64	578.896	4.165.142
Financial income/expenses (net)	-	(210.356)	(10.312.365)	(2.072.767)	(95.904)	(3.820.983)	(16.512.375)
Monetary gain/(loss)	(17.266.230)	(1.677.342)	6.001.378	1.670.283	56.271	3.694.681	(7.520.959)
Combined profit/(loss) before tax	9.647.101	280.887	10.894.492	2.012.554	(166.909)	5.914.842	28.582.967

Tax income/(expense) (net)	(9.150.191)	(323.994)	(6.108.358)	(1.267.009)	3.467	198.620	(16.647.465)
Profit after tax from
discontinued operations	-	-	-	(3.602)	-	-	(3.602)
Combined net profit/(loss) for the period	496.910	(43.107)	4.786.134	741.943	(163.442)	6.113.462	11.931.900
Net profit/(loss) for the period (*)	206.159	9.888	2.390.079	447.734	(144.384)	(2.591.915)	317.561
		Financial		Material
1 January - 31 March 2025	Banking	Services	Energy	Tecnologies	Digital	Other	Total
Combined revenue	245.510.646	21.117.108	88.425.961	39.992.388	2.024.536	53.920.735	450.991.374
Combined gross profit	60.985.791	(1.397.355)	19.318.578	5.591.964	260.187	18.027.379	102.786.544
Operating expenses	(36.586.490)	(3.255.098)	(8.344.991)	(4.968.351)	(429.717)	(9.609.329)	(63.193.976)
Other operating
income/(expenses) (net)	973.948	5.344.374	560.544	138.547	13.643	(259.732)	6.771.324
Exchange gains/(losses) and credit finance
income/(charges) from operating activities (net)	-	459.600	1.835.249	675.434	53.117	(2.254.906)	768.494
Profit of joint ventures income	-	-	(18.724)	-	-	-	(18.724)
Combined operating profit	25.373.249	1.151.521	13.350.656	1.437.594	(102.770)	5.903.412	47.113.662
Gains/(losses) from investment activities (net)	17.795	880.702	2.791	305.548	106	1.654.252	2.861.194
Financial income/expenses (net)	-	(134.440)	(10.927.440)	(2.447.159)	(58.564)	(2.938.657)	(16.506.260)
Monetary gain/(loss)	(19.979.328)	(2.065.699)	2.475.969	1.543.799	29.139	2.015.593	(15.980.527)
Combined profit/(loss) before tax	5.411.716	(167.916)	4.901.976	839.782	(132.089)	6.634.600	17.488.069

Tax income/(expense) (net)	(7.387.260)	(290.010)	(5.555.432)	(1.059.905)	31.569	175.929	(14.085.109)
Profit after tax from
discontinued operations	-	-	-	(89)	-	-	(89)
Combined net profit/(loss) for the period	(1.975.544)	(457.926)	(653.456)	(220.212)	(100.520)	6.810.529	3.402.871
Net profit/(loss) for the period (*)	(803.829)	(131.073)	(215.214)	(172.885)	(75.276)	(2.448.860)	(3.847.137)

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

NOTE 4 - SEGMENT REPORTING (Continued)

Revenue 1 January - 1 January -

31 March 2026 31 March 2025
Banking	212.175.041	245.510.646
Financial Services	22.398.909	21.117.108
Energy	85.742.572	88.425.961
Material Tecnologies	39.032.975	39.992.388
Digital	1.256.058	2.024.536
Other	52.418.093	53.920.735
Combined	413.023.648	450.991.374
Less: Joint Ventures	(103.003.349)	(104.581.768)
Less: Consolidation eliminations and adjustments	(18.593.083)	(18.442.031)
Consolidated	291.427.216	327.967.575
b) Operating profit
	1 January -	1 January -
31 March 2026 31 March 2025
Banking	26.791.939	25.373.249
Financial Services	881.914	1.151.521
Energy	13.145.662	13.350.656
Material Tecnologies	2.296.736	1.437.594
Digital	(127.340)	(102.770)
Other	5.462.248	5.903.412
Combined	48.451.159	47.113.662
Less: Joint Ventures	(14.379.521)	(13.763.498)
Less: Consolidation eliminations and adjustments	(8.948.870)	(8.703.579)
Add: Net profit shares of Joint Ventures and associates	2.038.601	(653.214)
Consolidated	27.161.369	23.993.371
c) Depreciation and amortisation
	1 January -	1 January -
31 March 2026 31 March 2025
Banking	3.170.915	2.980.164
Financial Services	1.086.628	956.426
Energy	5.213.754	4.633.075
Material Tecnologies	3.012.085	2.844.199
Digital	212.798	161.941
Other	1.940.087	2.013.864
Combined	14.636.267	13.589.669
Less: Joint Ventures	(6.409.194)	(5.866.392)
Consolidated	8.227.073	7.723.277

NOTE 4 - SEGMENT REPORTING (Continued) d) Profit before tax 1 January - 1 January -

31 March 2026 31 March 2025
Banking	9.647.101	5.411.716
Financial Services	280.887	(167.916)
Energy	10.894.492	4.901.976
Material Tecnologies	2.012.554	839.782
Digital	(166.909)	(132.089)
Other	5.914.842	6.634.600
Combined	28.582.967	17.488.069
Less: Joint Ventures	(11.097.975)	(4.427.248)
Less: Consolidation eliminations and adjustments	(9.659.909)	(10.172.573)
Add: Net profit shares of Joint Ventures and associates	2.038.601	(653.214)
Consolidated	9.863.684	2.235.034
e) Net profit for the period
	1 January -	1 January -
31 March 2026 31 March 2025
Banking	496.910	(1.975.544)
Financial Services	(43.107)	(457.926)
Energy	4.786.134	(653.456)
Material Tecnologies	741.943	(220.212)
Digital	(163.442)	(100.520)
Other	6.113.462	6.810.529
Combined	11.931.900	3.402.871
Less: Joint Ventures	(4.279.978)	1.576.314
Add: Net profit shares of Joint Ventures and associates	2.038.601	(653.214)
Less: Consolidation eliminations and adjustments	(9.659.909)	(10.172.573)
Less: Non-controlling interests	286.947	1.999.465
Consolidated (attributable to the equity holders of the parent)	317.561	(3.847.137)
f) Capital expenditures
	1 January -	1 January -
31 March 2026 31 March 2025
Banking	4.805.455	3.308.013
Financial Services	1.294.223	973.583
Energy	18.733.521	14.381.669
Material Tecnologies	1.399.285	3.245.084
Digital	170.477	58.563
Other	891.717	890.752
Combined	27.294.678	22.857.664
Less: Joint Ventures	(18.250.323)	(15.201.927)
Consolidated	9.044.355	7.655.737

NOTE 4 - SEGMENT REPORTING (Continued)

g) Total assets

31 March 2026 31 December 2025

Banking	3.661.269.798	3.925.195.825
Financial Services	174.846.570	170.972.170
Energy	602.236.713	604.186.837
Material Tecnologies	254.008.120	270.653.045
Digital	7.760.838	8.960.301
Other	485.919.354	483.047.583
Combined	5.186.041.393	5.463.015.761
Less: Joint Ventures	(655.829.961)	(658.381.765)
Less: Consolidation eliminations and adjustments	(450.230.894)	(448.413.821)
Add: Net profit shares of Joint Ventures and associates	154.624.718	156.939.398
Consolidated	4.234.605.256	4.513.159.573

‌NOTE 5 - CASH AND CASH EQUIVALENTS

The detail of cash and cash equivalents at 31 March 2026 and 31 December 2025 are as follows:

31 March 2026 Financial Non-financial			Total	31 December 2025 Financial Non-financial		Total
Cash	24.372.607	149.521	24.522.128	31.032.157	244.271	31.276.428
Bank Time deposit	30.061.703	9.126.269	39.187.972	32.171.489	15.494.773	47.666.262
Demand deposit	68.174.389	7.329.102	75.503.491	35.748.611	5.751.588	41.500.199
Receivables from reserve repo	87.008	-	87.008	28.352	-	28.352
Other cash and cash equivalents (*)	-	14.361.413	14.361.413	-	19.814.911	19.814.911
Total	122.695.707	30.966.305	153.662.012	98.980.609	41.305.543	140.286.152

(*) Other cash and cash equivalents include an amount of TRY 9.475.887 consisting of free liquid funds (31 December 2025: TRY 12.703.164)

Effective interest rates of USD, EUR and TRY denominated time deposits are 4,57% (31 December 2025: 4,57%), 1,97% (31 December 2025: 1,97%) and 39,25% (31 December 2025: 39,25%) respectively.

The maturity analysis as of 31 March 2026 and 31 December 2025 are as follows:

	31 March 2026	31 December 2025
Demand deposit	109.655.383	86.162.039
Up to 3 months	44.006.629	54.124.113
Total	153.662.012	140.286.152

As of 31 March 2026, 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 21.113.368 (31 December 2025: TRY 8.049.752).

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

The detail of balances with the Central Bank of the Republic Türkiye at 31 March 2026 and 31 December 2025 are as follows:

	31 March 2026	31 December 2025
Required Reserves	477.280.023	584.563.959
Free Deposits	4.843	4.802
Total	477.284.866	584.568.761
‌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:

31 March 2026 31 December 2025

	Banking	Other Companies	Total	Banking	Other Companies	Total
Share certificates	7.814.811	-	7.814.811	4.870.691	-	4.870.691
Government bonds	7.448.496	268.502	7.716.998	13.164.451	273.675	13.438.126
Eurobonds	7.879.602	-	7.879.602	3.908.468	-	3.908.468
Investment funds	27.496.166	13.131.590	40.627.756	30.349.193	15.826.678	46.175.871
Other	1.603.890	-	1.603.890	906.595	-	906.595
Total	52.242.965	13.400.092	65.643.057	53.199.398	16.100.353	69.299.751

Effective interest rates of TRY are as follow:

31 March 2026 31 December 2025

TRY 33,81% 34,31%

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 2025:None).

Financial assets measured at fair value through other comprehensive income

31 March 2026 31 December 2025

	Banking	Other Companies	Total	Banking	Other Companies	Total
Debt securities - Government bonds	207.113.015	773.111	207.886.126	256.573.716	504.351	257.078.067
- Eurobonds	178.513.890	13.010.516	191.524.406	188.635.559	14.014.780	202.650.339
- Investment funds	2.554.354	284.280	2.838.634	2.555.346	300.433	2.855.779
- Other bonds denominated	109.372.496	4.366.647	113.739.143	121.108.204	5.039.233	126.147.437
Sub-total	497.553.755	18.434.554	515.988.309	568.872.825	19.858.797	588.731.622
Equity securities
- Unlisted	191.073	45.712	236.785	212.860	37.808	250.668
Financial assets at fair
value through other
comprehensive income	497.744.828	18.480.266	516.225.094	569.085.685	19.896.605	588.982.290

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 6,36% (31 December 2025: 6,23%), 3,18% (31 December 2025: 3,27%), 3,09% (31 December 2025: 3,09%) and 31,80% (31
December 2025: 32,73%), respectively.
The Group's financial assets measured through other comprehensive income subject to funds provided from repo are TRY 211.465.394 (31 December 2025: TRY 287.846.426). Financial assets through other comprehensive income that are given as collateral because of the Group's financing activities are amounting to TRY 30.546.246 (31 December 2025: TRY 19.844.612).
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 CPIs from two months prior.
Financial Assets measured at Amortised Cost:

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

31 March 2026 31 December 2025

Banking

Other

Companies

Total

Banking

Other

Companies

Total

Government bonds

Other debt securities

230.695.542

14.498.859

422.324

32.092.766

231.117.866

46.591.625

245.408.987

16.339.212

501.090

32.341.359

245.910.077

48.680.571

Total

245.194.401

32.515.090

277.709.491

261.748.199

32.842.449

294.590.648

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

31 March 2026 31 March 2025

Opening balance, 1 January	294.590.648	317.120.459
Additions	1.079.824	2.941.603
Foreign exchange differences in monetary assets	971.599	2.205.175
Valuation effect	7.492.605	13.884.924
Disposals through sales and redemptions	(1.499.594)	(4.495.194)
Monetary gain/(loss)	(25.045.547)	(26.756.072)
Reversal / (Allowance) for impairment (*)	119.956	(6.178)
Closing balance	277.709.491	304.894.717

(*) Expected loss provision is included.

Effective interest rate of debt securities in USD, EUR and TRY are 4,79% (31 December 2025: 4,03), 3,30% (31 December 2025: 3,30), 21,22% (31 December 2025: 26,13) respectively.

‌NOTE 8 - OTHER RECEIVABLES AND PAYABLES
Other short term receivables:	31 March 2026	31 December 2025
Receivables from credit card payments	346.246	875.011
Other receivables(*)	38.604.442	39.871.385
Total	38.950.688	40.746.396
Other long term receivables:	31 March 2026	31 December 2025
Deposits and guarantees given	261.193	280.797
Other receivables(*)	2.412.852	2.785.845
Total	2.674.045	3.066.642

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

Other short term payables:	31 March 2026	31 December 2025
Payables related to credit card transactions	64.783.713	65.480.093
Taxes and funds payable	16.815.510	17.400.415
Export deposits and transfer orders	456.627	222.784
Payment orders to correspondent banks	556.030	895.085
Other(*)	47.865.227	55.344.112
Total	130.477.107	139.342.489
Other long term payables:	31 March 2026	31 December 2025
Other(*)	7.153.528	16.776.722
Total	7.153.528	16.776.722

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

‌NOTE 9 - RECEIVABLES DUE TO FINANCE SECTOR OPERATIONS Banking and Financial Services

Loans and advances to customers	31 March 2026	31 December 2025
Consumer loans and credit cards receivables	887.881.254	925.270.105
Project finance loans	159.401.724	147.591.917
Other manufacturing industries	109.654.437	117.851.231
Financial institutions	72.224.155	74.599.655
Small and medium entreprises	79.781.678	72.913.855
Construction	73.295.274	82.630.366
Food and beverage, wholesale and retail	49.937.309	52.729.403
Mining	50.955.823	51.463.646
Automotive	47.543.722	46.447.715
Textile	39.580.688	53.181.693
Chemicals	22.398.197	22.361.496
Telecommunication	1.530.768	1.590.520
Other	425.657.875	458.311.145
Total loans and advances to customers	2.019.842.904	2.106.942.747
Leasing receivables	41.400.922	42.727.565
Expected credit loss	(76.105.228)	(78.156.657)
Receivables from insurance activities	15.059.617	14.895.915
Net loans and advances to customers	2.000.198.215	2.086.409.570

The above table includes the bank's live and non-performing total loans, and the loan risk reserve is separated as a result of the bank assessment considering all credit risk.

Effective interest rates of loans and advances to customers in US Dollars, Euros and Turkish Lira are annually 6,88% (31 December 2025: 7,00%), 5,68% (31 December 2025: None) and 42,15% (31 December

2025: 42,33%) respectively.

NOTE 9 - RECEIVABLES FROM FINANCE SECTOR OPERATIONS (Continued)

As of 31 March 2026, the movement table of credit risk provision of banking industry segment by asset classes is as follows:

	Corporate	Consumer	Leasing receivables	Total
1 January 2026	32.161.509	45.677.344	317.804	78.156.657
Gross provisions	3.172.223	10.140.891	22.534	13.335.648
Collections	(693.123)	(2.196.025)	(18.004)	(2.907.152)
Written-off	(924.254)	(4.424.568)	-	(5.348.822)
Monetary gain/(loss)	(2.996.336)	(4.105.771)	(28.996)	(7.131.103)
31 March 2026	30.720.019	45.091.871	293.338	76.105.228

As of 31 March 2025, the movement table of credit risk provision of banking industry segment by asset classes is as follows:

	Corporate	Consumer	Leasing receivables	Total
1 January 2025	27.955.108	38.773.597	384.973	67.113.678
Gross provisions	3.479.772	9.356.899	209.633	13.046.304
Collections	(635.511)	(2.178.163)	(287.294)	(3.100.968)
Written-off	(64.018)	(161.185)	-	(225.203)
Monetary gain/(loss)	(2.555.865)	(3.544.963)	(35.198)	(6.136.026)
31 March 2025	28.179.486	42.246.185	272.114	70.697.785

The maturity analysis of loans and advances to customers as of 31 March 2026 and 31 December 2025 is presented below:

	31 March 2026	31 December 2025
Up to 3 months	935.543.762	968.823.586
3 to 12 months	422.741.223	441.373.772
Current	1.358.284.985	1.410.197.358
1 to 5 years	444.394.003	477.254.952
Over 5 years	141.058.688	141.333.780
Non-current	585.452.691	618.588.732
Total	1.943.737.676	2.028.786.090

‌NOTE 10 - DERIVATIVES

Derivative instruments held for trading: Foreign exchange derivative instruments	Asset	Liability
Currency and interest rate swaps purchases and sales transactions	20.474.092	31.561.001
Currency purchases and sales options	6.070.363	6.882.640
Forward currency purchases and sales transactions	4.107.795	5.559.056
Other purchases and sales transactions	27.067	15.290
Total derivative instruments held for trading	30.679.317	44.017.987
Derivative instruments held for hedging: Currency and interest rate swaps purchases and sales transactions	46.185.207	1.454.562
Forward currency purchases and sales transactions	62.335	-
Total derivative instruments held for hedging	46.247.542	1.454.562
Total derivative instruments	76.926.859	45.472.549

31 March 2026 31 December 2025

Fair Value

Derivative instruments held for trading: Foreign exchange derivative instruments	Asset	Liability
Currency and interest rate swaps purchases and sales transactions	30.782.641	12.506.262
Forward currency purchases and sales transactions	6.217.586	6.979.743
Currency purchases and sales options	3.974.428	5.380.333
Other purchases and sales transactions	17.462	38.935
Total derivative instruments held for trading	40.992.117	24.905.273
Derivative instruments held for hedging: Currency and interest rate swaps purchases and sales transactions	45.821.376	3.011.535
Forward currency purchases and sales transactions	10.483	-
Total derivative instruments held for hedging	45.831.859	3.011.535
Total derivative instruments	86.823.976	27.916.808

Akbank hedge against cash flow risk through the use of interest rate swaps against the cash flow risk arising from its financial debts.

‌NOTE 11 - PREPAID EXPENSES AND DEFERRED INCOME

Short-term prepaid expenses:	31 March 2026	31 December 2025
Prepaid expenses	77.215.532	63.534.835
Advance given for inventory purchases	435.898	321.200
Other	58.498	45.939
Total	77.709.928	63.901.974
Long-term prepaid expenses:	31 March 2026	31 December 2025
Prepaid expenses	961.788	441.487
Advance given for PP&E purchases	218.195	190.589
Other	47.264	50.196
Total	1.227.247	682.272

Short-term deffered income:	31 March 2026	31 December 2025
Unearned commission income	1.439.639	1.498.111
Advances received	396.017	644.718
Other	588.809	536.007
Total	2.424.465	2.678.836
Long-term deffered income:	31 March 2026	31 December 2025
Unearned commission income	1.148.542	1.185.964
Deferred income	63.418	104.029
Total	1.211.960	1.289.993

‌NOTE 12 - INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD

Carrying amount of Associates and Joint Ventures is as follows:

	31 March 2026	Share (%)	31 December 2025	Share (%)
Brisa	11.350.928	43,63	11.286.951	43,63
Akçansa	9.218.586	39,72	9.347.208	39,72
Enerjisa Üretim Santralleri	88.645.974	50,00	88.796.455	50,00
Enerjisa Enerji	40.291.428	40,00	42.153.422	40,00
Temsa Ulaşım Araçları	5.117.802	50,00	5.355.362	50,00
Total	154.624.718		156.939.398

NOTE 12 - INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD (Continued)

Share of income from Associates and Joint Ventures included in Holding's consolidated net income is as

follows:

				1 January-		1 January-
				31 March 2026	31 March 2025
Brisa				12.227		(288.979)
Akçansa				(153.751)		(119.939)
Enerjisa Üretim Santralleri				1.627.320		(19.051)
Enerjisa Enerji				431.861		(387.890)
Temsa Ulaşım Araçları				120.944		162.645
Total				2.038.601		(653.214)
The summary financial information of Associates and Joint Ventures is as follows:
31 March 2026	Enerjisa Enerji	Enerjisa Üretim Santralleri	Akçansa	Brisa	Temsa Ulaşım Araçları	Total
Current asset	89.320.313	27.636.326	13.254.856	26.838.916	14.544.381	171.594.792
Non-current asset	175.536.189	249.699.402	20.751.531	30.293.822	7.954.225	484.235.169
Assets	264.856.502	277.335.728	34.006.387	57.132.738	22.498.606	655.829.961
Current Liabilities	96.356.522	37.299.382	8.345.518	25.471.794	10.570.242	178.043.458
Non-current Liabilities	67.771.410	62.744.398	2.451.942	5.644.607	1.692.760	140.305.117
Liabilities	164.127.932	100.043.780	10.797.460	31.116.401	12.263.002	318.348.575
Net Asset	100.728.570	177.291.948	23.208.927	26.016.337	10.235.604	337.481.386
Group's Ownership Percentage (%	40,00	50,00	39,72	43,63	50,00
Group's Share of Net Assets	40.291.428	88.645.974	9.218.586	11.350.928	5.117.802	154.624.718
31 December 2025	Enerjisa Enerji	Enerjisa Üretim Santralleri	Akçansa	Brisa	Temsa Ulaşım Araçları	Total
Dönen varlıklar	73.477.158	31.204.156	15.123.422	27.708.003	15.646.202	163.158.941
Duran varlıklar	189.076.281	246.505.124	21.275.086	30.439.726	7.926.607	495.222.824
Toplam varlıklar	262.553.439	277.709.280	36.398.508	58.147.729	23.572.809	658.381.765
Kısa vadeli yükümlülükler	93.070.670	42.929.031	10.176.339	26.353.697	11.014.923	183.544.660
Uzun vadeli yükümlülükler	64.099.214	57.187.340	2.689.421	5.924.325	1.847.163	131.747.463
Toplam yükümlülükler	157.169.884	100.116.371	12.865.760	32.278.022	12.862.086	315.292.123
Net varlıklar	105.383.555	177.592.909	23.532.748	25.869.707	10.710.723	343.089.642
Grup'un sahiplik oranı (%)	40,00	50,00	39,72	43,63	50,00
Grup'un net varlık payı	42.153.422	88.796.455	9.347.208	11.286.951	5.355.362	156.939.398

NOTE 12 - INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD (Continued)

Share of income from Associates and Joint Ventures included in Holding's consolidated net income is as

follows:

31 March 2026 31 December 2025

Net Share (%)

profit/(loss)

Net profit/(loss)

Share (%)

Net profit/(loss)

of the Group of the Group

Brisa	28.024	43,63	12.227	(662.340)	43,63	(288.979)
Akçansa	(387.087)	39,72	(153.751)	(301.960)	39,72	(119.939)
Enerjisa Üretim Santralleri	3.254.640	50,00	1.627.320	(38.102)	50,00	(19.051)
Enerjisa Enerji	1.079.652	40,00	431.861	(969.726)	40,00	(387.890)
Temsa Ulaşım Araçları	241.888	50,00	120.944	325.290	50,00	162.645
Total	4.217.117		2.038.601	(1.646.838)		(653.214)

Sales	1 January- 31 March 2026	1 January- 31 March 2025
Brisa	11.979.942	10.678.399
Akçansa	5.613.084	5.623.439
Enerjisa Üretim Santralleri	24.551.438	22.078.326
Enerjisa Enerji	55.103.517	59.708.792
Temsa Ulaşım Araçları	5.755.369	6.492.812

‌NOTE 13 - PROPERTY, PLANT AND EQUIPMENT

The movement in property, plant and equipment for the year ended 31 March 2026 is as follows:

Currency translation

	1 January 2026	adjustme nts	Additions	Disposals	Transfers (*)	Impairment	31 March 2026
Cost:
Land and land improvements	6.601.848	(129.680)	590.624	(761)	-	-	7.062.031
Buildings	66.573.248	(692.057)	284.961	(442.672)	22.559	-	65.746.039
Machinery and equipment	128.094.589	(4.566.411)	539.686	(268.180)	94.197	-	123.893.881
Motor vehicles	1.898.224	(39.637)	9.922	(18.594)	-	-	1.849.915
Furniture and fixtures	76.105.179	(218.814)	1.864.925	(525.406)	(25.820)	-	77.200.064
Total	279.273.088	(5.646.599)	3.290.118	(1.255.613)	90.936	-	275.751.930
Construction in progress	9.485.474	(207.020)	2.064.375	(26.872)	(178.228)	-	11.137.729
Total	288.758.562	(5.853.619)	5.354.493	(1.282.485)	(87.292)	-	286.889.659
Accumulated depreciation: Land and land improvements	(2.080.815)	14.119	(36.153)	-	-	-	(2.102.849)
Buildings	(28.333.326)	283.548	(391.946)	230.156	-	-	(28.211.568)
Machinery and equipment	(59.292.729)	1.410.994	(1.340.661)	234.852	-	(14.366)	(59.001.910)
Motor vehicles	(1.393.359)	45.930	(30.448)	12.972	-	-	(1.364.905)
Furniture and fixtures	(44.154.337)	144.749	(2.030.882)	473.323	-	(103.299)	(45.670.446)
Total	(135.254.566)	1.899.340	(3.830.090)	951.303	-	(117.665)	(136.351.678)
Net Book Value	153.503.996	(3.954.279)		(331.182)	(87.292)	(117.665)	150.537.981

(*) TRY 87.292 of the transfers from construction in progress in the current period is recognized in intangible assets.

NOTE 13 - PROPERTY, PLANT AND EQUIPMENT (Continued)

The movement in property, plant and equipment for the year ended 31 March 2025 is as follows:

Currency translation

	1 January 2025	adjustme nts	Additions	Disposals	Transfers (*)	31 March 2025
Cost:
Land and land improvements	6.006.405	(94.665)	8.009	-	-	5.919.749
Buildings	62.591.010	(538.706)	35.288	(148.656)	29.948	61.968.884
Machinery and equipment	115.160.653	(2.491.649)	956.522	(175.654)	488.350	113.938.222
Motor vehicles	1.753.586	(46.918)	3.039	(2.967)	(5.106)	1.701.634
Furniture and fixtures	70.660.377	(228.542)	2.513.546	(2.336.643)	40.584	70.649.322
Total	256.172.031	(3.400.480)	3.516.404	(2.663.920)	553.776	254.177.811
Construction in progress	18.485.943	(575.913)	1.713.889	(1.463)	(1.042.616)	18.579.840
Total	274.657.974	(3.976.393)	5.230.293	(2.665.383)	(488.840)	272.757.651
Accumulated depreciation: Land and land improvements	(1.969.088)	11.164	(28.391)	-	-	(1.986.315)
Buildings	(27.190.241)	214.392	(306.906)	139.621	-	(27.143.134)
Machinery and equipment	(57.961.269)	813.257	(1.205.459)	141.612	-	(58.211.859)
Motor vehicles	(1.172.141)	37.447	(21.712)	1.379	-	(1.155.027)
Furniture and fixtures	(41.612.166)	134.969	(1.787.792)	2.195.334	-	(41.069.655)
Total	(129.904.905)	1.211.229	(3.350.260)	2.477.946	-	(129.565.990)
Net Book Value	144.753.069	(2.765.164)		(187.437)	(488.840)	143.191.661

(*) TRY 488.840 of the transfers from construction in progress in the current period is recognized in intangible assets.

‌NOTE 14 - INTANGIBLE ASSETS

The movements in intangible assets for the years ended 31 March 2026 is as follows:

Currency translation

	1 January 2026	adjustments	Additions	Disposals	Transfers	31 March 2026
Cost: Rights	8.642.213	(631.631)	(474.402)	(1.306)	2.969	7.537.843
Customer contracts	12.497.212	(721.164)	-	-	-	11.776.048
Licenses and softwares	51.468.904	(90.083)	3.101.295	-	10.699	54.490.815
Development investments Mineral rights Trademark	1.399.567 1.653.025 6.278.067	(69.445) (206.873) -	27.262 6.104 -	- - -	- - -	1.357.384 1.452.256 6.278.067
Bancassurance channel	6.488.560	-	-	-	-	6.488.560
Contractual rights Agency channel	14.812.569 2.504.082	- -	- -	- -	- -	14.812.569 2.504.082
Other intangible assets	21.873.609	(139.414)	1.029.670	(17.167)	77.885	22.824.583
Total	127.617.808	(1.858.610)	3.689.929	(18.473)	91.553	129.522.207
Accumulated depreciation:
Rights	(1.110.925)	36.947	(101.466)	1.142	-	(1.174.302)
Customer contracts	(2.614.405)	177.636	(214.964)	-	-	(2.651.733)
Licenses and softwares	(30.630.192)	66.607	(1.347.824)	(9.160)	(4.261)	(31.924.830)
Development investments	(735.077)	32.851	(48.377)	-	-	(750.603)
Mineral rights	(104.574)	83.784	(18.936)	-	-	(39.726)
Trademark	(76.769)	-	(13.936)	-	-	(90.705)
Bancassurance channel	(1.941.878)	-	(219.585)	-	-	(2.161.463)
Contractual rights	(8.039.242)	-	(909.067)	-	-	(8.948.309)
Agency channel	(826.839)	-	(93.498)	-	-	(920.337)
Other intangible assets	(13.182.620)	7.064	198.402	(1.449)	-	(12.978.603)
Total	(59.262.521)	404.889	(2.769.251)	(9.467)	(4.261)	(61.640.611)
Net Book Value	68.355.287	(1.453.721)		(27.940)	87.292	67.881.596

NOTE 14 - INTANGIBLE ASSETS (Continued)

The movements in intangible assets for the years ended 31 March 2025 is as follows:

Currency translation

	1 January 2025	adjustments	Additions	Disposals	Transfers	31 March 2025
Cost: Rights	6.803.673	(633.270)	290.281	(7.353)	209	6.453.540
Customer contracts	12.635.772	(761.772)	-	-	-	11.874.000
Licenses and softwares	43.740.294	(26.821)	999.633	-	10.156	44.723.262
Development investments	1.225.523	(42.175)	41.281	-	-	1.224.629
Mineral rights	1.618.486	(242.461)	-	-	-	1.376.025
Trademark	6.278.083	-	-	-	-	6.278.083
Bancassurance channel	6.488.579	-	-	-	-	6.488.579
Contractual rights	14.812.609	-	-	-	-	14.812.609
Agency channel	2.504.089	-	-	-	-	2.504.089
Other intangible assets	18.891.941	(70.971)	1.094.249	(526)	478.475	20.393.168
Total	114.999.049	(1.777.470)	2.425.444	(7.879)	488.840	116.127.984
Accumulated depreciation:
Rights	(850.574)	25.550	(109.500)	6.017	-	(928.507)
Customer contracts	(1.705.526)	74.907	(221.730)	-	-	(1.852.349)
Licenses and softwares	(25.379.460)	34.660	(1.373.848)	-	-	(26.718.648)
Development investments	(611.213)	11.807	(42.008)	-	-	(641.414)
Mineral rights	(44.400)	94.263	(11.037)	-	-	38.826
Trademark	(15.428)	-	(14.017)	-	-	(29.445)
Bancassurance channel	(1.510.613)	-	(106.338)	-	-	(1.616.951)
Contractual rights	(6.253.832)	-	(440.227)	-	-	(6.694.059)
Agency channel	(643.209)	-	(45.278)	-	-	(688.487)
Other intangible assets	(11.774.314)	11.245	(363.667)	421	-	(12.126.315)
Total	(48.788.569)	252.432	(2.727.650)	6.438	-	(51.257.349)
Net Book Value	66.210.480	(1.525.038)		(1.441)	488.840	64.870.635

‌NOTE 15 - RIGHT OF USE ASSETS

The movements in right of use assets for the years ended 31 March 2026 and 2025 are as follows:

Currency translation

	1 January 2026	Additions	Disposals	adjustme nts	31 March 2026
Cost:
Real estates	42.761.163	1.738.760	(696.480)	(161.419)	43.642.024
Fixtures	282.215	85.846	-	(7.115)	360.946
Motor vehicles	2.228.237	120.914	(228.476)	(15.644)	2.105.031
Other	2.660.199	61.907	(263)	(120.186)	2.601.657
Total	47.931.814	2.007.427	(925.219)	(304.364)	48.709.658
Accumulated Depreciation:
Real estates	(27.203.076)	(1.456.802)	541.716	50.040	(28.068.122)
Fixtures	(67.198)	(52.029)	-	1.287	(117.940)
Motor vehicles	(1.467.759)	(91.917)	113.974	9.412	(1.436.290)
Other	(376.221)	(24.009)	-	20.788	(379.442)
Total	(29.114.254)	(1.624.757)	655.690	81.527	(30.001.794)
Net Book Value	18.817.560		(269.529)	(222.837)	18.707.864
				Currency translation
	1 January 2025	Additions	Disposals	adjustme nts	31 March 2025
Cost:
Real estates	39.664.597	2.537.171	(646.642)	6.753	41.561.879
Fixtures	50.541	56.895	(35.594)	722	72.564
Motor vehicles	2.078.808	125.040	(25.845)	(4.346)	2.173.657
Other	2.703.023	6.066	-	(54.197)	2.654.892
Total	44.496.969	2.725.172	(708.081)	(51.068)	46.462.992
Accumulated Depreciation: Real estates	(23.590.281)	(1.507.217)	396.677	(2.629)	(24.703.450)
Fixtures	(56.104)	(19.615)	35.594	2.083	(38.042)
Motor vehicles	(1.292.202)	(91.659)	11.330	786	(1.371.745)
Other	(335.512)	(23.123)	-	12.899	(345.736)
Total	(25.274.099)	(1.641.614)	443.601	13.139	(26.458.973)
Net Book Value	19.222.870		(264.480)	(37.929)	20.004.019

‌NOTE 16 - GOODWILL

The movements in goodwill for the years ended 31 March 2026 and 2025 are as follows:

	2026	2025
1 January	22.618.588	23.242.520
Currency translation adjustments	(545.110)	(239.094)
31 March	22.073.478	23.003.426

‌NOTE 17 - FINANCIAL LIABILITIES Short term funds borrowed, bank borrowings and debt securities:

	31 March 2026	31 December 2025
Short term	160.139.844	175.136.065
Short term portion of long term	107.015.121	123.511.779
Total short term	267.154.965	298.647.844
Long term funds borrowed, bank borrowings
and dept securities:
Long term	329.065.914	312.401.978
Total	596.220.879	611.049.822
Maturity analysis as of 31 March 2026 and 31 December 2025 is as follows:
	31 March 2026	31 December 2025
Up to 3 months	106.187.925	103.406.660
3 to 12 months	160.967.040	195.241.184
Short term borrowings and short-term portion of long-term borrowings	267.154.965	298.647.844
1 to 5 years	209.762.908	213.649.868
Over 5 years	119.303.006	98.752.110
Long term borrowings	329.065.914	312.401.978

Total financial liabilities	596.220.879	611.049.822

The detail of short term and long term borrowings at 31 March 2026 and 31 December 2025 are as follows:

31 March 2026 Currency	Interest Rate (%)	Short term	Long term	Total
TRY	20,32%-52,50%	62.768.016	19.305.097	82.073.113
USD	4,31%-8,91%	144.916.800	243.820.193	388.736.993
EUR	0,55%-5,37%	56.726.513	62.887.534	119.614.047
Other	6,50%-7,55%	2.743.636	3.053.090	5.796.726

NOTE 17 - FINANCIAL LIABILITIES (Continued) 31 December 2025

Currency	Interest Rate (%)	Short term	Long term	Total
TRY	20,93%-50,00%	57.611.374	16.460.906	74.072.280
USD	0,84%-8,82%	174.791.802	222.873.970	397.665.772
EUR	0,12%-7,25%	61.678.150	71.552.549	133.230.699
Other	0,04%-7,55%	4.566.518	1.514.553	6.081.071
Financial liability movement as follows:
	2026			2025
1 January	611.049.822			480.530.426
Additions	75.497.862			84.781.054
Payments	(35.665.914)			(34.315.278)
Interest accruals	1.025.286			895.546
Monetary gain/(loss)	(56.612.849)			(38.718.465)
Foreign exchange effects	926.672			(962.895)
31 March	596.220.879			492.210.388

Major borrowings in 2026:

Banking:

Issued securities:

The securities issued comprise instruments denominated in USD, EUR, Sterlin and TRY.

As of 31 March 2026, the Group has issued securities of USD 3.026.861 (TRY Equivalent: 133.789.756). The repayment of the issued securities are until 2035 (31 December 2025: USD 3.245.827 - TRY 153.107.921).

As of 31 March 2026, the Group has issued securities of EUR 400.275 (TRY Equivalent: 20.375.515). The repayment of the issued securities are until 2029 (31 December 2025: EUR 443.396 - TRY 23.926.719).

As of 31 March 2026, the Group has issued securities of GBP 192.229 (TRY Equivalent: 11.260.014). The repayment of the issued securities are until 2026 (31 December 2025: GBP 231.051 - TRY 14.622.418).

In addition, as of 31 March 2026, the Group issued bonds with 1-3 months maturity of TRY 11.988.690, 3-6 months maturity of TRY 7.139.796 and with five year and over 8.549.428 (31 December 2025: 1-3 months term TRY 6.300.972, 3-6 months term TRY 7.059.577, five year and over TRY 4.340.813).

‌NOTE 18 - LIABILITIES FROM LEASING TRANSACTIONS

The breakdown of the Group's obligations with respect to the lease transactions in accordance with TFRS 16 is as follows:

Liabilities from short-term lease transactions as of 31 March 2026:

	Up to 3 months	Between 3 to 12 months	Total
TRY	643.898	2.433.566	3.077.464
USD	15.911	278.112	294.023
EUR	29.133	-	29.133
31 March 2026	688.942	2.711.678	3.400.620

Liabilities from short-term lease transactions as of 31 December 2025:

	Up to 3 months	Between 3 to 12 months	Total
TRY	1.028.487	1.833.455	2.861.942
USD	6.388	232.319	238.707
EUR	25.344	-	25.344
31 December 2025	1.060.219	2.065.774	3.125.993

Liabilities from long-term lease transactions as of 31 March 2026:

31 March 2026	Between 1 to 2 years	Between 2 to 3 years	Between 3 to 4 years	Between 4 to 5 years	5 years and more	Total
TRY	594.939	1.377.075	309.165	1.651.511	6.833.155	10.765.845
USD	351.713	121.135	96.655	76.821	565.601	1.211.925
EUR	30.291	28.869	22.888	15.266	22.059	119.373
Total	976.943	1.527.079	428.708	1.743.598	7.420.815	12.097.143

Liabilities from long-term lease transactions as of 31 December 2025:

31 December 2025	Between 1 to 2 years	Between 2 to 3 years	Between 3 to 4 years	Between 4 to 5 years	5 years and more	Total
TRY	792.201	883.618	367.278	1.826.986	7.141.007	11.011.090
USD	282.399	496.872	80.994	164.301	589.782	1.614.348
EUR	33.793	36.869	27.685	17.415	40.074	155.836
Diğer	-	-	-	-	-	-
Total	1.108.393	1.417.359	475.957	2.008.702	7.770.863	12.781.274
The movement table of liabilities arising from leasing transactions is as follows:
		2026				2025
1 January		15.907.267				15.479.828
Additions		1.895.331				2.801.253
Payments		(1.804.816)				(1.639.933)
Interest accruals		800.249				829.370
Monetary gain/(loss)		(1.394.180)				(1.427.389)
Foreign exchange effects		93.912				31.459
31 March		15.497.763				16.074.588

‌NOTE 19 - PAYABLES FROM FINANCE SECTOR OPERATIONS

Banking

		31 March 2026			31 December 2025
	Demand	Time	Total	Demand	Time	Total
Saving deposits	532.907.436	821.509.040	1.354.416.476	541.579.171	885.007.380	1.426.586.551
Commercial deposits	222.230.074	591.739.728	813.969.802	230.652.387	542.014.899	772.667.286
Bank deposits Funds provided from repo transactions	1.783.482 -	98.057.904 256.092.274	99.841.386 256.092.274	2.100.225 -	141.723.715 406.751.360	143.823.940 406.751.360
Other	12.244.788	18.114.294	30.359.082	19.480.940	13.963.135	33.444.075
Total	769.165.780	1.785.513.240	2.554.679.020	793.812.723	1.989.460.489	2.783.273.212

Effective interest rates of USD, EUR and TRY denominated customer deposits are 4,21% (31 December 2025: 4,59%), 2,73% (31 December 2025: 2,92%) and 39,45% (31 December 2025: 37,66%).

As of 31 March 2026 and 31 December 2025, deposits and money market borrowings, the analysis of the remaining maturity dates in the contract are presented below:

	31 March 2026	31 December 2025
Up to 1 month	769.165.781	793.812.724
1 to 3 months	1.523.637.277	1.712.561.110
3 to 12 months	180.426.008	212.695.519
1 to 5 years	71.911.858	53.755.636
Over 5 years	9.538.096	10.448.223
Total	2.554.679.020	2.783.273.212
Financial services
	31 March 2026	31 December 2025
Payables from insurance sector operations	9.936.436	9.649.171
Total	9.936.436	9.649.171

Company analysis

Earlier from Haci Omer Sabanci Holding A.s

All Haci Omer Sabanci Holding A.s news releases