1Q 2025 Financial Report

Other accumulated comprehensive income/ expense not to be classified to profit or loss

Revaluation and measurement gain / loss

Other accumulated comprehensive income/ expense to be classified to

profit or loss Accumulated profit

The accompanying notes are an integral part of these condensed consolidated financial information.

The accompanying notes are an integral part of these condensed consolidated financial information.

Polisan Holding A.Ş. ("Polisan Holding" or "the Company") is established in order to maintain coordination within the companies, in which it has capital and management contribution, provide guidance and management and ensure to operate with using advanced techniques in planning, marketing and finansce, fund management, legal affairs, human resources and information technologies areas for them. The Company operates in several industries particularly in commerce, industry, agriculture, tourism, real estate, mining and finance and engages in various other activities by contributing to the capital and management of domestic and foreign companies.

The Company was founded in 2000 and the Company's registered office is located in Dilovası Organize Sanayi Bölgesi 1.Kısım Liman Cad. No: 7 Dilovası/Kocaeli.

Istanbul branch of the Company is located in Hilltown AVM. Aydınevler Mah. Siteler Yolu Cad. 28 No:1/A Maltepe/İstanbul.

Subsidiaries, joint ventures and associates of the Company (altogether referred to as "the Group") are as follows:

• Polisan Kansai Boya Sanayi ve Ticaret A.Ş. (Former title: Polisan Boya Sanayi ve Ticaret A.Ş.)

• Tintomix Pigment Pasta Sanayi A.Ş.

• Polisan Kimya Sanayii A.Ş.

• Poliport Kimya Sanayi ve Ticaret A.Ş.

• Rohm and Haas Kimyasal Ürünler Üretim Dağıtım ve Tic. A.Ş.

• Polisan Hellas S.A.

• Polisan Yapıkim Yapı Kimyasalları San. ve Tic. A.Ş.

  The Group's main operations are in Turkey and gathered under the major segments which are listed below;

• Production and sale of chemical products

• Production and sale of paint

• Production and sale of concrete chemicals

• Port, storage and warehousing services

• Service

The average number of employees of the Company, it's subsidiaries and joint ventures for the year ended March 31, 2025 is 1,033 (December 31, 2024: 1,109). In calculating the average numbers, the number of employees of Polisan Kansai Boya and Rohm and Haas was not weighted in proportion to the Group's share, but was taken as an integer.

Subsidiaries:

Polisan Kimya Sanayii A,Ş, ("Polisan Kimya"):

Operating activity of Polisan Kimya is the production and sale of formaldehyde, formaldehyde resins, construction chemicals and AUS 32.

Polisan Kimya was established in 1964 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1. Kısım Liman Cad, No: 7 Dilovası/Kocaeli.

Poliport Kimya Sanayi ve Ticaret A,Ş, ("Poliport"):

Operating activities of Poliport are bulk liquid storage services, A-type general warehouse services, loading and unloading services for dry bulk and general cargo vessels.

Poliport was established in 1971 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1. Kısım Liman Cad. No:7 Dilovası/Kocaeli.

1. Group's organization and nature of operations (Continued)

   Subsidiaries(continued):

   Polisan Hellas S.A. ("Hellas"):

   Polisan Hellas S.A. was established on July 29, 2013 in Athens, Greece, Polisan Hellas S.A. is operating in the plastic products industry. The facility engages in the production of Polyethylene Terephthalate (PET) granule and preform, which has an extensive area of use such as beverage, food, and drink containers and synthetic fiber.

   -Polisan Yapıkim Yapı Kimyasalları San. ve Tic. A.Ş. ("Polisan Yapıkim"):

   Operating activity of Polisan Kimya is construction chemicals.

   Polisan Yapıkim was established in 2022 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1. Kısım Liman Cad. No: 7 Dilovası / Kocaeli.

   Polisan Kimya's construction chemicals activities are carried out by Polisan Yapıkim Yapı Kimyasalları San. Ve Tic. A.Ş. with the same partnership structure, as of September 30, 2022.

   Joint ventures and Associates:

   Polisan Kansai Boya Sanayi ve Ticaret A.Ş. ("Polisan Kansai Boya")

   Operating activity of Polisan Kansai Boya is the production and sale of paint, varnish, resin and other surface coating and insulation materials.

   Polisan Kansai Boya was established in 1975 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1, Kısım Liman Cad, No: 7 Dilovası/Kocaeli.

   Following the sale of 50% shares of Polisan Kansai Boya to Kansai Paint Co. Ltd. on December 21, 2016; the title has been changed as Polisan Kansai Boya Sanayi ve Ticaret A.Ş.

   Since this transaction is a sale of subsidiary's shares resulting in loss of control, Polisan Kansai Boya is considered as joint ventures after the share sale and accounted by using the equity method.

   Tintomix Pigment Pasta Sanayi A.Ş. ("Tintomix"):

   Tintomix, Polisan Kansai Boya ongoing development of the business as well as pigment pastes and operates inside and outside of Turkey.

   Tintomix was established in 2018 and company's registered office is located in Maden Mahallesi, Kasap Çayırı Mevkii Medya kent A9 No:2 Sarıyer/Istanbul.

   Rohm and Haas Kimyasal Ürünler Üretim Dağıtım ve Tic, A.Ş. ("Rohm and Haas")

   Operating activity of Rohm and Haas is purchasing, selling, marketing and trading of emulsion polymers and their raw materials.

   Rohm and Haas was established in 2004, and company's registered office is located in Içerenköy Mah. Umut Sok. No: 10/12 Kat: 3 Ataşehir/Istanbul. As of March 31, 2025 the average number of personnel employed by Rohm and Haas is 50 (December 31, 2024: 49).

   Approval of the financial statements

   The condensed consolidated financial information was approved and authorized for issue by the Board of Directors on May 9, 2025. The General Assembly has the authority to amend the condensed consolidated financial information.

2. Basis of presentation of financial information
   1. Basis of presentation
      1. Applicable financial reporting standards

         The accompanying condensed consolidated financial information is prepared in accordance with Communiqué Serial II, No: 14.1. "Principles of Financial Reporting in Capital Markets" ("the Communiqué") published in the Official Gazette numbered 28676 on June 13, 2013. According to Article 5 of the Communiqué, consolidated financial statements are prepared in accordance with the Turkish Accounting Standards issued by Public Oversight Accounting and Auditing Standards Authority ("POA/ASA"). TAS contains Turkish Accounting Standards, Turkish Financial Reporting Standards ("TFRS") and its addendum and interpretations ("IFRIC"). The consolidated financial statements of the Group are prepared as per the CMB announcement of October 4, 2022 relating to financial statements presentations.

         Polisan Holding and its Subsidiaries, Joint venture and Associate registered in Turkey maintain their books of account and prepare their statutory financial statements in accordance with regulations issued by CMB, the Turkish Commercial Code ("TCC"), tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The subsidiary operating in a foreign country maintains its books of account in accordance with the laws and regulations in force in the countries in which they are registered. The consolidated financial statements have been prepared in TRY by considering certain adjustments and reclassifications for the purpose of fair presentation in accordance with the Turkish Accounting Standards issued by the POA.

         In accordance with the TAS, the entities are allowed to prepare a complete or condensed set of interim financial statements in accordance with TAS 34, "Interim Financial Reporting". In this respect, the Group has preferred to prepare condensed consolidated financial information in the interim periods.

      2. Financial reporting in hyperinflationary economy

Entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2023 with the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023. The accompanying financial information are prepared on a historical cost basis, except for financial investments and derivative assets measured at fair value and investment properties and lands, buildings and port facility measured at revalued amounts. Financial statements and corresponding figures for previous periods have been restated for the changes in the general purchasing power of Turkish lira and, as a result, are expressed in terms of purchasing power of Turkish lira as of March 31, 2025 as per TAS 29. Therefore, the Group has presented its consolidated financial statements dated March 31, 2024 and December 31, 2024 on the basis of purchasing power as of March 31, 2025.

In accordance with the decision numbered 81/1820 dated 28 December 2023, of the Capital Markets Board ("CMB"), it has been decided to apply the provisions of TMS 29 starting from the annual financial reports of issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards as of December, 31 2023, and for subsequent financial periods, in order to implement inflation accounting.

1. Basis of presentation of financial information (Continued)
   1. Basis of presentation (continued)
      1. Financial reporting in hyperinflationary economy (continued)

         On the application of TAS 29, the entity used the conversion coefficient derived from the Customer Price Indexes (CPI) published by Turkey Statistical Institute according to directions given by POA. The CPI for current and previous year periods and corresponding conversion factors since the time when the Turkish lira previously ceased to be considered currency of hyperinflationary economy were as follow:

         Date	Index	Correction Coefficient	3-Year Compound Inflation Rate
         31 March 2025	2954.69	1	250%
         31 December 2024	2684.55	1.10063	291%
         31 March 2024	2139.47	1.38104	309%

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

         • Current period consolidated financial statements prepared in TRY 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.

         • Monetary assets and liabilities 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 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 effect of inflation on the Group's net monetary asset position in the current period is recorded in the monetary gain/loss account in the consolidated income statement.

         • Revaluation increase related to tangible assets and other reserves items were transferred to Retained earnings and balanced to zero in the statement of financial position dated January 1, 2022, when TMS 29 was first applied.

           In addition, in the first reporting period in which TAS 29 is applied, the requirements of the Standard are applied as if the economy had always been hyperinflationary. Therefore, the statement of financial position at the beginning of the earliest comparative period, i,e as of January 1, 2022, was restated as the base of all subsequent reporting. Restated retained earnings/losses in the statement of financial position as of January 1, 2022 was derived as balancing figure in the restated statement of financial position.

           1. Basis of presentation of financial information (Continued)
              1. Basis of presentation (continued)
      2. Functional and presentation currency

         The functional and presentation currency of the Company and its subsidiaries registered in Turkey is Turkish Lira ("TRY").

         The functional currency of Rohm and Haas, associate of the Group is USD.

         The functional currency of Polisan Hellas S.A., a subsidiary of the Group operating in Greece is EURO.

         The financial and operational results of each company are presented in TRY, which is the functional currency of the Company and the presentation currency of the consolidated financial statements.

      3. Financial statements of subsidiaries operating in countries other than Turkey

         Financial statements of subsidiary operating abroad Turkey are adjusted to the TAS/TFRS promulgated by the POA to reflect the proper presentation and content. Related subsidiary's assets and liabilities are translated into TRY from the foreign exchange rate at the reporting date and income and expenses are translated into TRY at the average foreign exchange rate. Exchange differences arising from using of period end and average rates are included in the "currency translation difference" account under the shareholders' equity.

   2. The new standards, amendments and interpretations

The accounting policies adopted in preparation of the condensed consolidated financial statements as at March 31, 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRIC interpretations effective as of January 1, 2025. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.

1. Standards, amendments, and interpretations applicable as of 31 March 2025:

   • Amendments to IAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.

2. Standards, amendments, and interpretations that are issued but not effective as of 31 Mart 2025:

• Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments; effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). These amendments:

  • clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

  • clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

  • add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and

  • make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI).

1. 1. The new standards, amendments and interpretations (Continued)
      • Annual improvements to IFRS - Volume 11; effective from annual periods beginning on or after 1 January 2026 (earlier application permitted). Annual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the Accounting Standards. The 2024 amendments are to the following standards:

        • IFRS 1 First-time Adoption of International Financial Reporting Standards;

        • IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;

        • IFRS 9 Financial Instruments;

        • IFRS 10 Consolidated Financial Statements; and

        • IAS 7 Statement of Cash Flows.

      • Amendment to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity; effective from annual periods beginning on or after 1 January 2026 but can be early adopted subject to local endorsement where required. These amendments change the 'own use' and hedge accounting requirements of IFRS 9 and include targeted disclosure requirements to IFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as 'contracts referencing nature-dependent electricity'.

      • IFRS 18 Presentation and Disclosure in Financial Statements; effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

        • the structure of the statement of profit or loss;

        • required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and

        • enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

      • IFRS 19 Subsidiaries without Public Accountability: Disclosures; effective from annual periods beginning on or after 1 January 2027. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:

        • it does not have public accountability; and

        • it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

   2. Changes in Accounting Policies, Estimates and Errors

      Any change in accounting policies resulting from the first time adoption of a new TAS/TFRS is made either retrospectively or prospectively in accordance with the transition requirements of TAS/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 recognized 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, There has been no change in the Group's accounting policies and estimates in the current period.

      2. Basis of presentation of financial information (Continued)
   3. Summary of significant accounting policies Group accounting

      1. The consolidated financial statements include the accounts of the parent company Polisan Holding, its Subsidiaries, Joint Ventures and Associates on the basis set out in sections (b) to (d) below. The financial statements of the companies included in the scope of consolidation have been prepared as of the date of the consolidated financial statements with adjustments and reclassifications for the purpose of fair presentation in accordance with "TAS/TFRS" and the application of uniform accounting policies and presentation.

      2. Subsidiaries are companies on which the Company has rights or exposed to variable returns from its involvement with the investee and at the same time it has the power to affect these returns through its power over the investee by constituting the power to control the activities of these companies. Subsidiaries are consolidated from the date on which the control is transferred to the Group and are no longer consolidated from the date that the control ceases. The statement of financial position and the statement of profit or loss of the subsidiaries are consolidated on a line-by-line basis and the carrying value of the subsidiaries held by the Company is eliminated against the related equity of the Subsidiaries. Intercompany transactions and balances between the Company and its Subsidiaries are eliminated during the consolidation. The nominal amount of the shares held by the Company in its Subsidiaries and the associated dividends are eliminated from equity and income for the period, respectively.

         As of March 31, 2025 and December 31, 2024 the Group's proportion of ownership interests of subsidiaries has been shown in the following table:

         Title of the subsidiary Shares owned by the Group (%) Effective ownership rate (%)

         March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024

         Polisan Kimya	100,00	100,00	100,00	100,00
         Poliport	100,00	100,00	100,00	100,00
         Polisan Hellas	100,00	100,00	100,00	100,00
         Polisan Yapıkim	100,00	100,00	100,00	100,00

      3. Joint ventures and Associates are accounted using the equity method, Associates are companies in which the Group has voting power between 20% and 50% or the Group has power to participate in the financial and operating policy decisions but not control them. Unrealized gains or losses arising from transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group's interest in the joint ventures and associates.

         Investment in Associate and Joint venture is recognized at cost, and the carrying amount is increased or decreased to recognize the Company's share of the profit or loss after the date of acquisition. Any impairment losses are also deducted from the carrying value of investment.

         The table below sets out ownership interests of the Group in its joint ventures and associates included as of March 31, 2025 and December 31, 2024:

         Title of the ownership Type of ownership Shares owned directly and indirectly by the Group (%) Effective ownership rate (%)

         		March 31,	December 31,	March 31,	December
         		2025	2024	2025	31, 2024
         Polisan Kansai Boya	Joint venture	50,00	50,00	50,00	50,00
         Tintomix	Joint venture	51,00	51,00	25,50	25,50
         Rohm and Haas	Associate	40,00	40,00	40,00	40,00

      4. The companies, in which the total voting rights of the Group is below 20%, or above 20% but the Group does not exercise a significant influence, or considered as not significant to the consolidated financial statements are classified as available-for-sale financial assets in the consolidated financial statements. Available-for-sale financial assets which have quoted market prices in organized markets and whose fair values can be measured reliably are carried at fair value in the consolidated financial statements. Available-for-sale financial assets that do not have quoted market prices in active markets and whose fair values cannot be reliably measured are carried at cost less any accumulated impairment loss in the consolidated financial statements.

   4. Comparative information and restatement of prior year financial statements

      The accompanying financial statements are prepared comparatively to the previous period to enable the determination of the Group's financial position, performance, and cash flow trends. When there is a change in the presentation and reclassification of the items of the financial statements, the Group reclassifies the financial statements of the previous period to conform the comparability and discloses information related to these matters.

   5. Netting / Offsetting

      All items that are material in terms of content and amount, even with similar characteristics, are presented separately in the financial statements, Insignificant amounts are summed up by items that are similar in terms of principles and functions. Assets and liabilities are shown in net when there is a necessary legal right, there is an intention to make a net use of the assets and liabilities, or when the assets are acquired and the liabilities are fulfilled simultaneously.

   6. Seasonality in operations

      Operations of the companies within the consolidation may show increase or decrease as of periods.Thus, the results of the three months' period ended March 31, 2025 may not be an indicator for the whole year.

2. Segment reporting

   The Group's operations consist of production and sales of paint, manufacturing and sale of chemical products, sale of services, port management and real estate. The Group's reporting segments are as follows:

   As of March 31, 2025 and December 31, 2024, total assets and liabilities are as follows:

   Assets	March 31, 2025	December 31, 2024
   Chemical products	7,516,728,606	6,955,750,704
   Port	9,650,307,558	9,715,731,963
   Services	10,388,157,819	10,442,109,439
   Combined	27,555,193,983	27,113,592,106
   Add: Carrying values of Joint Ventures (Note 8)	4,333,274,770	4,490,552,289
   Less: Eliminations	(11,301,258,025)	(10,191,425,177)
   Consolidated	20,587,210,728	21,412,719,218
   Liabilities
   Chemical products	2,694,025,408	3,181,971,833
   Port	1,361,557,419	1,464,824,713
   Services	193,491,667	228,376,526
   Combined	4,249,074,494	4,875,173,072
   Less: Eliminations	(292,270,991)	(449,788,128)
   Consolidated	3,956,803,503	4,425,384,944

   3.	Segment reporting (Continued)
   Statement of profit or loss reporting for the period between January 1 - March 31, 2025:
   		Chemical				Plus: Joint venture sharing profits and	Consolidation
   		products	Port	Services	Combined	loses	adjustments	Consolidated
   Revenue		956,180,520	534,122,523	181,967,574	1,672,270,617	-	(223,198,348)	1,449,072,269
   -	Intra segment revenue	899,674,796	515,887,171	106,926,132	1,522,488,099	-	(73,415,830)	1,449,072,269
   -	Inter segment revenue	56,505,724	18,235,352	75,041,442	149,782,518	-	(149,782,518)	-
   Cost of sales (-)		(940,487,149)	(329,203,112)	(167,909,401)	(1,437,599,662)	-	234,663,665	(1,202,935,997)
   Gross profit		15,693,371	204,919,411	14,058,173	234,670,955	-	11,465,317	246,136,272
   Operational expenses		(135,275,218)	(66,736,300)	(44,960,045)	(246,971,563)	-	2,499,735	(244,471,828)
   Other income/expense from operating activities, net		(52,455,632)	9,713,812	(332,935)	(43,074,755)	-	-	(43,074,755)
   Share of profit/loss of investments accounted for using the equity method		-	-	-	-	(153,380,049)	-	(153,380,049)
   Operating profit		(172,037,479)	147,896,923	(31,234,807)	(55,375,363)	(153,380,049)	13,965,052	(194,790,360)
   Income / expenses from investment activities, net		2,316,019	(12,582)	(331,171)	1,972,266	-	-	1,972,266
   Operating profit before financial income/expense		(169,721,460)	147,884,341	(31,565,978)	(53,403,097)	(153,380,049)	13,965,052	(192,818,094)
   Financial income/(expenses),net		(81,765,496)	3,106,734	17,079,518	(61,579,244)	-	-	(61,579,244)
   Monetary (Loss)/Gain		32,561,030	(26,373,261)	(8,053,959)	(1,866,190)	-	20,791,142	18,924,952
   Profit before tax from continuing operations		(218,925,926)	124,617,814	(22,540,419)	(116,848,531)	(153,380,049)	34,756,194	(235,472,386)
   Tax income/(expense), net		3,722,444	(81,545,189)	3,999,505	(73,823,240)	-	2,843,063	(70,980,177)
   Profit for the period from continuing operations		(215,203,482)	43,072,625	(18,540,914)	(190,671,771)	(153,380,049)	37,599,257	(306,452,563)
   Depreciation and amortization		37,578,133	91,807,807	8,936,100	138,322,040	-	-	138,322,040
   Investment expenditures		45,601,665	127,720,314	593,215	173,915,194	-	-	173,915,194
   Finance income		8,332,610	11,064,704	17,299,296	36,696,610	-	(7,416,437)	29,280,173
   Finance expense		45,001,894	12,744,242	19,642	57,765,778	-	(7,416,437)	50,349,341

   3.	Segment reporting (Continued)
   Statement of profit or loss reporting for the period between January 1 - March 31, 2024:
   		Chemical				Plus: Joint venture sharing profits and	Consolidation
   		products	Port	Services	Combined	loses	adjustments	Consolidated
   Revenue		1,138,065,258	585,704,823	117,807,179	1,841,577,260	-	(134,979,737)	1,706,597,523
   -	Intra segment revenue	1,078,948,338	574,820,021	72,677,135	1,726,445,494	-	(19,847,971)	1,706,597,523
   -	Inter segment revenue	59,116,920	10,884,802	45,130,044	115,131,766	-	(115,131,766)	-
   Cost of sales (-)		(1,016,575,183)	(322,900,917)	(109,095,661)	(1,448,571,761)	-	160,095,101	(1,288,476,660)
   Gross profit		121,490,075	262,803,906	8,711,518	393,005,499	-	25,115,364	418,120,863
   Operational expenses		(147,657,743)	(68,483,966)	(30,482,362)	(246,624,071)	-	(25,763,077)	(272,387,148)
   Other income/expense from operating activities, net		39,894,884	12,164,586	(182,506)	51,876,964	-	-	51,876,964
   Share of profit/loss of investments accounted for using the equity method		-	-	-	-	45,181,280	-	45,181,280
   Operating profit		13,727,216	206,484,526	(21,953,350)	198,258,392	45,181,280	(647,713)	242,791,959
   Income / expenses from investment activities, net		3,237,837	(380,477)	577,033	3,434,393	-	1,388,508	4,822,901
   Operating profit before financial income/expense		16,965,053	206,104,049	(21,376,317)	201,692,785	45,181,280	740,795	247,614,860
   Financial income/(expenses),net		(33,633,169)	5,900,851	11,056,743	(16,675,575)	-	(574,879)	(17,250,454)
   Monetary (Loss)/Gain		(30,842,793)	(42,339,873)	(11,100,445)	(84,283,111)	-	40,013,181	(44,269,930)
   Profit before tax from continuing operations		(47,510,909)	169,665,027	(21,420,019)	100,734,099	45,181,280	40,179,097	186,094,476
   Tax income/(expense), net		118,482,257	(36,723,380)	(601,919)	81,156,958	-	(9,490,209)	71,666,749
   Profit for the period from continuing operations		70,971,348	132,941,647	(22,021,938)	181,891,057	45,181,280	30,688,888	257,761,225
   Depreciation and amortization		49,525,155	107,042,938	11,759,726	168,327,819	-	(18,041,177)	150,286,642
   Investment expenditures		46,190,413	82,718,257	37,605,089	166,513,759	-	(81,382,494)	85,131,265
   Finance income		12,451,237	4,825,214	5,020,698	22,297,149	-	-	22,297,149
   Finance expense		29,048,480	10,382,675	5,316,680	44,747,835	-	-	44,747,835

3. Cash and cash equivalents

   	March 31, 2025	December 31, 2024
   Cash in hand	1,224,124	257,014
   Banks	366,659,318	559,917,063
   - Demand deposits	97,774,513	103,836,029
   - Time deposits	268,884,805	456,081,034
   Other cash and cash equivalents	180,085	186,612
   Total	368,063,527	560,360,689

   No blockage exists on the cash and cash equivalents of the Group as of March 31, 2025 (December 31, 2024: None),

   As of March 31, 2025 details of time deposits are as follows:

   Currency	Average interest rate	Maturity	Foreign currency amount	TRY equivalent
   TRY	44.00%	2 days	7,880,200	7,880,200
   USD	3.50%	2 days	4,211,976	159,067,821
   EURO	0.20%	2 days	2,504,472	101,936,784
   Total				268,884,805
   As of December 31, 2024 details of time deposits are as follows:
   Currency	Average interest rate	Maturity	Foreign currency amount	TRY equivalent
   TRY	46.50%	2 days	132,867,577	132,867,577
   USD	2.29%	2 days	8,180,687	317,147,406
   EURO	0.01%	2 days	150,000	6,066,051
   Total				456,081,034

4. Financial Borrowings

Short-term borrowings

1. Financial borrowings (Continued)

   Maturities of principal and accrued interest of financial borrowings are as follows:

   Maturity- bank borrowings	March 31, 2025	December 31, 2024
   0 - 3 months	1,050,296,556	357,740,970
   Between 3 - 6 months	464,242,773	668,002,648
   Between 6 - 12 months	253,915,990	673,379,670
   Between 1 - 2 years	-	-
   Total	1,768,455,319	1,669,123,288
   Maturity- financial leasing obligations	March 31, 2025	December 31, 2024
   0 - 3 months	9,502,146	11,935,455
   Between 3 - 6 months	15,840,383	11,047,822
   Between 6 - 12 months	14,743,638	23,903,272
   Between 1 - 2 years	17,783,698	34,236,866
   More than 2 years	120,412,683	91,104,883
   Total	178,282,548	172,228,298

   Movements of financial borrowings and financial leasing obligations as of March 31, 2025 and March 31, 2024 are as follows:

   Total bank borrowings as of January, 1	March 31, 2025	March 31, 2024
   Opening balance	1,699,123,288	1,381,946,283
   Cash inflows from borrowing	494,550,534	129,486,923
   Cash outflow from borrowing	(373,441,722)	(312,286,495)
   Interest accrual	722,581	2,096,642
   Foreign exchange and currency translation differences	23,128,533	155,948,324
   Monetary gain/(loss)	(75,627,895)	(97,167,047)
   Total bank borrowings as of March, 31	1,768,455,319	1,260,024,639

   Total financial leasing obligations as of January, 1 March 31, 2025 March 31, 2024

   Opening balance	172,228,298	198,733,327
   Disposals	-	(734,476)
   Payments	(4,163,367)	(6,984,695)
   Interest expenses	13,141,950	13,779,144
   Changes in rental agreements	8,286,186	12,184,765
   Translation difference	519,542	3,461,841
   Monetary gain/(loss)	(11,730,061)	(26,900,046)
   Total financial leasing obligations as of March, 31	178,282,548	193,539,860

2. Trade receivable and payables

As of March 31, 2025 and December 31, 2024 the Group's trade receivables are as follows:

The nature and amount of guarantees obtained for receivables are stated in Note 12.3. Foreign currency balances of trade receivables are explained in Note 25.

Movement of provision for doubtful receivables for the periods ended March 31, 2025 and March 31, 2024 are as

follows:

As of March 31, 2025 and December 31, 2024, the maturity details of trade receivables are as follows:

As of March 31, 2025 letter of guarantees amounting to TRY 208,195,803 (December 31, 2024: TRY 116,642,075) has been received for the past due but not impaired trade receivables amounting to TRY 28,327,952 (December 31, 2024: TRY 11,394,554). Doubtful receivables are not included into the maturity details.

As of March 31, 2025 and December 31, 2024 the aging of the overdue but not impaired trade receivables are as follows:

Movement of provision for impairment of inventories for the periods ended March 31, 2025 and March 31, 2024 are as follows:

As of March 31, 2025, the Group has no pledged inventory against its liabilities (December 31, 2024: None).

As of March 31, 2025 and December 31, 2024, the Group's investments accounted using equity the method are as follows:

Polisan Holding transferred its 50% shares in Polisan Kansai Boya to Kansai on December, 21 2016. In accordance with share sales agreement, management of Polisan Kansai Boya are jointly performed by Polisan Holding and Kansai and the decisions related with company shall require the affirmative votes of the parties. Therefore, this transaction was considered as sales of shares of subsidiaries which causes loss of control and remaining interest of the Company in Polisan Kansai Boya was recognized with their fair values.

For the periods ended March 31, 2025 and December 31, 2024, the movements of the investments accounted using the equity method are as follows:

The summary financial statements of the Group's investments accounted using the equity method as of March 31, 2025 and 2024 prepared in accordance with TFRS are as follows:

Investment properties in the consolidated financial position statement dated March 31, 2025 consist of lands located next to Pendik Sabiha Gökçen Airport, buildings located in the central district of Kağıthane and other lands and buildings.

Poliport Kimya San. ve Tic A.Ş. ("Poliport") and DOP Yapı Mimarlık İnşaat Gıda Turizm Hizmetleri San. ve Tic. Ltd. Şti. ve DAP Yapı İnşaat San. ve Tic. A.Ş. Joint Venture ("Joint Venture") The Real Estate Sales Promise and Construction in Return for Land Share and Revenue agreement was signed on 24 January 2023, and the Flat in Return agreement dated 5 March 2015 was abolished. The contract amendment did not cause a change in the purpose of use of the real estate in question, The project planned to be carried out by the Joint Venture on the land near Pendik Sabiha Gökçen Airport has not yet started to be developed as of the balance sheet date, and the situation is going to be evaluated according to the developments in the real estate market.

The Group's investment properties of Pendik Land, Kağıthane Z Office Building and other valuations were carried out by Epos Gayrimenkul Danışmanlık ve Değerleme A.Ş., a real estate valuation company with a CMB license, in 2024. The results obtained with the peer comparison approach were taken into account as the fair values of investment properties (Level 2).

Sales price comparison method is the determination of fair value of a property by applying necessary adjustments on the prices of similar properties sold recently. This comparison method contains the market price of the similar properties valuate them with a comparison approach. Generally, revaluated property is compared with the sale prices of its' similarly in an open market, Asked and bid prices can also be taken into consideration.

1. Right of use asset

   The movement of right-of-use assets as of March, 31 2025 and March, 31 2024 is as follows:

   	January 1, 2025	Additions	Changes in rental agreements and assumptions	Currency translation differences	March 31, 2025
   Cost
   Buildings and storage rent	89,521,739	-	-	403,717	89,925,456
   Site rent	529,610,949	-	-	-	529,610,949
   Vehicles rent	93,405,948	-	9,847,677	694,217	103,947,842
   Total	712,538,636	-	9,847,677	1,097,934	723,484,247
   Accumulated Depreciation
   Buildings and storage rent	53,862,799	3,184,646	-	193,518	57,240,963
   Site rent	135,752,431	6,941,810	-	-	142,694,241
   Vehicles rent	56,451,350	1,044,225	-	417,382	57,912,957
   Total	246,066,580	11,170,681	-	610,900	257,848,161
   Net Value	466,472,056				465,636,086

   	January 1, 2024	Additions	Disposals	Currency translation differences	March 31, 2024
   Cost
   Buildings and storage rent	48,787,946	-	-	313,832	49,101,778
   Site rent	485,150,408	-	-	-	485,150,408
   Vehicles rent	90,377,884	12,184,765	(1,599,113)	504,515	101,468,051
   Total	624,316,238	12,184,765	(1,599,113)	818,347	635,720,237
   Accumulated Depreciation
   Buildings and storage rent	41,947,893	2,060,857	-	67,783	44,076,533
   Site rent	108,280,343	5,737,056	-	-	114,017,399
   Vehicles rent	51,060,047	5,039,139	(1,599,113)	224,659	54,724,732
   Total	201,288,283	12,837,052	(1,599,113)	292,442	212,818,664
   Net Value	423,027,955				422,901,573

2. Property, plant and equipment

   The movement of property, plant, equipment and related accumulated depreciations for the periods ended March 31, 2025 and March 31, 2024 are as follows:

   	March 31, 2025	March 31, 2024
   As of January 1
   Cost	10,718,872,493	10,303,826,098
   Accumulated depreciation	(2,886,394,092)	(2,648,370,387)
   Net book value	7,832,478,401	7,655,455,711
   Net book value as of January 1	7,832,478,401	7,655,455,711
   Additions	173,675,733	85,126,458
   Disposals	(295,315)	(1,208,163)
   Currency translation differences	2,753,564	35,845,031
   Current period depreciation	(124,896,176)	(135,478,009)
   Transfers (Note 14)	(5,804,634)	(143,905,749)
   Net book value as of March 31	7,877,911,573	7,495,835,279
   As of March 31
   Cost	10,785,357,902	10,289,670,381
   Accumulated depreciation	(2,907,446,329)	(2,793,835,102)
   Net book value	7,877,911,573	7,495,835,279

   There exist a deed of renting restriction and right of eminent domain of Türkiye Elektrik Kurumu A.Ş.; a deed of car parking restriction of İ.E.T.T. Genel Müdürlüğü; a deed of expropriation restriction and deed of renting restriction of Botaş A.Ş. for pipeline construction and a deed renting restriction and right of eminent domain of Türkiye Elektrik Kurumu Genel Müdürlüğü on the properties registered on behalf of Polisan Holding and Polisan Kimya. The deeds of restrictions registered on Companies are related to the construction of power generation, car park and pipeline projects. Remaining deeds of restrictions are arising from right to purchase with respect to land purchase.

3. Provisions, contingent assets and liabilities
   1. Short-term provisions and short-term provisions for employee benefits

As of March 31, 2025 and March 31, 2024, the movement of bonus provisions is as follows

As of March 31, 2025 and March 31, 2024, the movement of leave provisions is as follows:

As of March 31, 2025 total amount of ongoing lawsuits and execution proceedings filed by the Group is TRY 245,693,097 (December 31, 2024: TRY 179,514,003). The Group has booked an allowance amounting to TRY 79,712,698 (December 31, 2024: TRY 89,016,596) for the receivables regarding to the ongoing lawsuits and execution proceedings in progress.

As of March 31, 2025, total amount of the ongoing lawsuits filed against the Group is TRY 4,002,688 (December 31, 2024: TRY 4,405,478).

The ratio of other CPMB's given by the Group to its equity is 0%, as of March 31, 2025, (December 31, 2024 - 0%)

(1) It consists of the guarantees given within the framework of the general loan agreement.

As of March 31, 2025 and December 31, 2024 the details of the CPMB's given by the Group is listed below: