Financial Statement

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD

ENDED 31 MARCH 2026

(Translated into English from the report originally issued in Turkish)

CONTENT PAGE

CONDENSED CONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)

AS AT 31 MARCH 2026 1-2

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026 ........................................................................................ 3

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR

THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026 ................................................... 4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE

MONTH INTERIM PERIOD ENDED 31 MARCH 2026.......................................................................... 5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTH

INTERIM PERIOD ENDED 31 MARCH 2026 ......................................................................................... 6

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026 7-37

NOTE 1 ORGANIZATION AND OPERATIONS OF THE GROUP .................................................. 7

NOTE 2 BASIS OF PRESENTATION OF THE CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS 7-9

NOTE 3 ADOPTION OF NEW AND REVISED STANDARDS ........................................................ 9

NOTE 4 EVENTS AND TRANSACTIONS MATERIALLY AFFECTING THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9-10

NOTE 5 SIGNIFICANT CHANGES IN EQUITY ............................................................................... 10

NOTE 6 SEGMENT REPORTING 11-15

NOTE 7 CASH AND CASH EQUIVALENTS ..................................................................................... 16

NOTE 8 TRADE RECEIVABLES AND PAYABLES 16-17

NOTE 9 CONTRACT ASSETS AND LIABILITIES ARISING FROM ONGOING

CONSTRUCTION WORKS 17-18

NOTE 10 INVENTORIES ...................................................................................................................... 18

NOTE 11 INVESTMENTS VALUED BY EQUITY METHOD ........................................................... 19

NOTE 12 PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS,

INVESTMENT PROPERTY AND RIGHT-OF-USE ASSETS 20-22

NOTE 13 SHORT AND LONG-TERM BORROWINGS....................................................................... 23

NOTE 14 PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 23-24

NOTE 15 COMMITMENTS 25-26

NOTE 16 SIGNIFICANT RELATED PARTY TRANSACTIONS ....................................................... 26

NOTE 17 EQUITY................................................................................................................... ................ 27

NOTE 18 EARNINGS PER SHARE ...................................................................................................... 27

NOTE 19 OTHER OPERATING INCOME AND EXPENSES ............................................................. 28

NOTE 20 FINANCIAL INCOME AND EXPENSES ............................................................................ 28

NOTE 21 EXPLANATIONS REGARDING NET MONETARY POSITIONS GAINS/(LOSES) ....... 29

NOTE 22 DERIVATIVE INSTRUMENTS ........................................................................................... 30

NOTE 23 FOREIGN CURRENCY POSITION 31-33

NOTE 24 FINANCIAL INSTRUMENTS 34-37

NOTE 25 SUBSEQUENT EVENTS ...................................................................................................... 37

Accumulated other comprehensive income that will be reclassified to profit or loss

(3.086.563) (2.620.625)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026

(Amounts expressed in thousands of Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 March 2026 unless otherwise indicated.)

- Group's Share on Profit of Investments in Associates Accounted by Equity Method

11 (24.938) 38.147

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

1. ORGANIZATION AND OPERATIONS OF THE GROUP

   As of 31 March 2026, Tekfen Holding A.Ş. ("the Company") and its subsidaries (together referred to as "the Group") has 10.031 employees (31 December 2025: 10.941) including the personnel of subcontractors. Registered address of the Company is Kültür Mahallesi, Budak Sokak, Tekfen Sitesi A Blok, No: 7, Beşiktaş, İstanbul, Türkiye.

   The Company shares are being publicly traded in Borsa Istanbul since 23 November 2007.

   The Company held its Extraordinary General Assembly on 18 December 2025, during which the members of the Board of Directors were elected. As of the balance sheet date, Can Kültür Sanat ve Eğitim Kurumları İşletmeciliği A.Ş. ("Can Kültür") holds 42,8% of the Company's share capital.

   Pursuant to the decisi on of the Küçükçekmece 4th Criminal Court of Peace dated 10 September 2025 and numbered 2025/7178 D. İş, the Board of the Savings Deposit Insurance Fund ("SDIF") was appointed as trustee over the Can Group companies. Accordingly, the management of the Group has come under the indirect control of the SDIF, which acts as trustee for the Can Group companies, the Company's majority shareholder.

   Approval of condensed consolidated financial statements:

   The condensed consolidated financial statements are approved and published by the Board of Directors as of 8 May 2026.

2. BASIS OF PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company and its subsidiaries registered in Turkey maintain their books of account and prepare their statutory financial statements in accordance with the accounting principles in line with the Turkish Commercial Code ("TCC") and Tax Legislation. Subsidiaries those are registered in foreign countriesmaintain their books of account and prepare their statutory financial statements in local currencies and in accordance with the prevailing accounting principles in their registered countries.

The accompanying condensed consolidated financial statements have been prepared in accordance with the Communiqué Series 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 which is published on Official Gazette numbered 28676. Turkish Accounting and Financial Reporting Standards ("TFRS") and additions and interpretations regarding these standards as adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA") are predicated on in accordance with article 5th of the Communiqué.

The condensed consolidated financial statements and notes are presented in accordance with the formats of Examples of Financial Statements and Usage Guide announced by CMB and "Announcement regarding to TFRS Taxonomy" which was published by POA on 3 July 2024.

The Group has preferred to disclose its interim consolidated financial statements as of 31 March 2026 in condensed format in accordance with TAS 34 "Interim Financial Reporting" standard. The descriptions and disclosures which are needed in the financial statements prepared annually complying with TFRS are summarized appropriately in accordance with TAS 34 or not mentioned.

The accompanying condensed consolidated financial statements have to be considered with the consolidated financial statements which are independently audited as of 31 December 2025 and the related disclosures. Interim periods' financial statements cannot be the sole indicator of the year-end results by themselves.

For the condensed consolidated financial statements, the Group continues to apply the same accounting policies and accounting estimate methods which are mentioned in the audited consolidated financial statements as of 31 December 2025.

Exchange rates used in the consolidation process as of 31 March 2026 are; 1 USD= 44,3841 TRY, 1 EUR= 51,0236 TRY, 1 AZN= 26,1083 TRY, 1 SAR= 11,8358 TRY, 1 QAR= 12,1600 TRY, 1 RON 9,9524 (Exchange rates as of 31

December 2025 are; 1 USD= 42,8623 TRY, 1 EUR= 50,4532 TRY, 1 AZN= 25,2131 TRY, 1 SAR= 11,4299 TRY, 1

QAR= 11,7431 TRY, 1 RON= 9,8463).

Summary consolidated financial statements have been prepared on the historical cost basis adjusted for he effects of inflation on the Turkish Lira as of the reporting date, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, except for monetary assets and liabilities and the assets and liabilities measured at fair value as mentioned below:

-Financial assets and derivative financial instruments measured at fair value through profit or loss,

-Financial assets measured at fair value through other comprehensive income.

In determinig historical cost, the fair value of the amount paid for assets at the date of acquisition is generally used. Financial Reporting in Hyperinflationary Economies

Entities applying IFRS have started to implement inflation accounting according to TAS 29 Financial Reporting in Hyperinflationary Economies for their financial statements for annual reporting periods ending on or after 31 December 2023, following the announcement made by the Public Oversight, Accounting and Auditing Standards Authority (POA) on 23 November 2023. TAS 29, businesses in a currency of a highly inflationary economy apply it in their financial statements, including interim condensed consolidated financial statements. TAS 29 is applied in the financial statements of entities whose functional currency is the currency of a hyperinflationary economy, including interim condensed consolidated financial statements.

Financial Reporting in Hyperinflationary Economies (cont'd)

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 dated 31 December 2025 and 31 March 2025 in terms of the purchasing power of the currency as of 31 March 2026.

Pursuant to the decision of the Capital Markets Board (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 apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of TAS 29 starting from their annual financial reports for the periods ending on 31 December 2023.

The adjustments made in accordance with TAS 29 have been calculated using the correction coefficient obtained from the Consumer Price Index ("CPI") published by the Turkish Statistical Institute ("TSI"). As of 31 March 2026, the indices and correction coefficients used in the correction of consolidated financial statements are as follows:

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

• Consolidated financial statements are expressed in terms of the purchasing power at the balance sheet date of the current period. Consolidated financial statements from the previous period have also been adjusted for the purchasing power of the current period.

• Monetary assets and liabilities are already expressed based on the purchasing power at the end of the reporting period and therefore are not adjusted. Monetary items are money held and items to be received or paid in money.

• Non-monetary assets, liabilities and equity are adjusted based on the purchasing power of the current period.

• All items in the income statement, except for the effects of non-monetary items in the balance sheet on the income statement, have been restated by applying the multiples calculated over the periods when they were initially recognized in the financial statements.

• The impact of inflation on the Group's net monetary asset position in the current period is recorded in the net monetary gain/(loss) account in the consolidated income statement (Note: 21).

Going Concern

As of 31 March 2026, the Group's current liabilities exceeded its current assets by 8.905.010 (net working capital deficit) (31 December 2025: 9.989.250 net working capital surplus). For the period ended 31 March 2026, the Group incurred a net loss for attributable to owners of parent amounted to 535.007 and retained earnings amounted to 15.666.744 (31 December 2025: 6.295.899 loss and 21.980.726 retained earnings).

The aforementioned financial indicators reflect uncertainties that should be taken into consideration in assessing the Company's ability to continue as a going concern. However, as a result of the analyses and management's assessments, as detailed below, it has been concluded that such uncertainties have been eliminated and that the Company has the ability to continue its operations in the foreseeable future.

Considering the status of negotiations with banks as of the reporting date, borrowings amounting to 3.200.795, previously classified as non-current liabilities, have been reclassified as current liabilities in accordance with the contractual provisions.

The Group management's action plans related to the going concern assessment are summarized below:

-Completion of negotiations with banks and ensuring the waiver confirmations.

-Renewal/extension of existing credit facilities and evaluation of additional financing opportunities with favorable cost terms.

-Tight monitoring of collection processes, optimization of payment terms, and assessment of rescheduling alternatives when necessary, in order to balance cash flows.

-Postponement of non-essential expenditures and optimization of procurement and resource utilization processes to enhance operational efficiency and maintain cost discipline.

-Improvement of asset efficiency through increasing the turnover rate of working capital items (inventories, receivables, advances).

1. BASIS OF PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

   Going Concern (cont'd)

   The objective of these plans is to ensure that cash generated from operations and external financing sources are used together, in a timely and sufficient manner, to meet short-term obligations.

   Management's twelve-month going concern projections are based on:

   1. the completion of negotiations with banks in line with updated schedules,

   2. the realization of cash generation capacity consistent with operational plans, and

   3. the absence of any unusually adverse deterioration in market conditions.

      Management is of the opinion that the Group will be able to obtain sufficient financial resources to continue its operations in the foreseeable future. In preparing its projections, management has based its assessment on several assumptions, including the favorable conclusion of certain ongoing negotiations with banks, the realization of operational cash generation in line with the plans, and the absence of adverse deviations.

      The summary consolidated financial statements have been prepared on a going concern basis. This basis assumes that the Company will continue its operations in the normal course of business, generate profits from its assets to meet its obligations, and, considering twelve-month forecasts and current developments following the reporting period, maintain access to the financial resources required to sustain the Group's operations in the foreseeable future.

2. ADOPTION OF NEW AND REVISED STANDARDS

   New and revised standards and interpretations are presented below:

   1. 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"

      • Annual Improvements to TFRSs - "Volume 11"

      • Amendments to TFRS 9 and TFRS 7 - "Contracts Referencing Nature-dependent Electricity"

   2. Standards issued but not yet effective and not early adopted:

      • Amendments to TFRS 10 and TAS 28, "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture"

      • TFRS 17, "The new Standard for insurance contracts"

      • TFRS 18, "The new Standard for Presentation and Disclosure in Financial Statements"

      • TFRS 19, "The new Standard for Subsidiaries without Public Accountability: Disclosures"

      • Amendments to TAS 21, "Translation to a Hyperinflationary Presentation"

   The Group is assessing the impact of standards, amendments, and interpretations that have been published but are not yet effective as of 31 March 2026, on the consolidated financial position and performance.

3. EVENTS AND TRANSACTIONS MATERIALLY AFFECTING THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In order to compensate for the losses caused by the negativities in various construction projects in the past years, the processes envisaged in the contracts with the Employer administrations have been initiated and the negotiations with the administrations are continue as of the report date.

The compensation and claim files prepared by the contract department together with international expert consulting firms have been submitted to the employer administrations. The Engineering and Contracting segment, which continues to work within the framework of contractual obligations during the extraordinary period, by taking every possible and reasonable precautions, will continue to negotiate diligently for these justified demands to be concluded positively. Current information about related projects is as follows;

North Field East Onshore Common Offsites 2 Project:

Under the contract signed between Tekfen İnşaat and Chiyoda Technip Joint Venture (CTJV) on 31 January 2022, the "General Works for Offsites 2 and South Interconnecting Piperack for North Field East Onshore Project EPC-1" project has been undertaken in Qatar. As of the balance sheet date, the financial completion rate of the relevant project is 92,8%.

As of the reporting date, an increase in the estimated cost of the project has been anticipated due to delays experienced in the installation of temporary camps, workshops, warehouses, office facilities, and mobilization phase. Negative changes in the income/expense difference resulting from this cost increase and the inclusion of additional revenues have been included into the consolidated financial statements in accordance with TFRS. As a result of these losses, efforts to reduce the estimated project-end loss are ongoing through changes made in the project management organization, negotiations carried out with the employer, and improvements in project efficiency and cost-saving measures. In this context, an improvement in the project loss has been achieved following the execution of supplementary agreements and the receipt of incentive payments. Negotiations regarding claims arising from additional cost increases are ongoing.

1. EVENTS AND TRANSACTIONS MATERIALLY AFFECTING THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (cont'd) Construction Projects (cont'd)

   Phosphate 3 Phase 1 Project:

   Based on the contract signed on 8 August 2024 between Tekfen İnşaat and Saudi Arabian Mining Company (Maaden), Tekfen İnşaat has undertaken the general construction works of the "Phosphate 3 Phase 1" project in Saudi Arabia.

   The total contract value of the project is 245 million USD, with a duration of 24 months. As of the balance sheet date, the project's percentage of completion is 51,1%. Site and office mobilization within the scope of the project has been completed, and construction activities are ongoing.

   Due to employer-related delays, disruptions in material procurement, and changes in the project scope, cost increases and extension-of-time claims arising from the prolonged project duration are updated monthly in line with developments and submitted to the employer. Discussions regarding our claims are ongoing.

   Package-16 MGSE III: Jeddah Cluster:

   Pursuant to the contract signed on 2 September 2024, between Tekfen Construction and Saudi Arabian Oil Company ("Saudi Aramco"), Tekfen Construction has undertaken the "Package-16 MGSE III: Jeddah Cluster" pipeline project in Saudi Arabia on an EPC (Engineering, Procurement, and Construction) basis.

   The project has a total value of 212 million USD and a duration of 40 months, with a financial completion rate of 29,7% as of the balance sheet date. Site and office mobilization within the scope of the project has been completed, and construction activities are ongoing.

   Financial Investments

   Long term financial investments

   During the three month interim period ended 31 March 2026, the positive change of 15.898 in the fair value of the Group's fair value through profit or loss financial investments has been recognized in the investment income and expenses lines of condensed consolidated statement of profit or loss (31 March 2025: 15.797 positive). The Group did not acquire any financial assets classified at fair value through profit or loss during the period (31 March 2025: None).

2. SIGNIFICANT CHANGES IN EQUITY

   Gain (Loss) on Investments in Equity Instruments:

   The positive change of 412.138 in the fair values of the fair value through other comprehensive income financial investments of the Group has been directly recognized in equity (31 March 2025: negative change of 35.517).

   Retained Earnings Restricted for Legal Reserves:

   Based on the resolutions adopted at the Ordinary General Assemblies of the Group Companies held up to 31 March 2026, an amount of 18.083 was transferred from prior years' profits to reserves in the condensed consolidated financial statements as of 31 March 2026 (31 March 2025: 38.554).

   Hedging Gains (Losses):

   The positive change of 194.273 (31 March 2025: positive 330.323) in the fair values of the effective derivative instruments which the Group uses for cash flow hedging has been recognized in equity.

   Additional Information Regarding Inflation Adjustments:

   A comparison of the Group's equity items restated for inflation in the consolidated financial statements as of 31 March

   2026 and the restated amounts TAS/TFRS are as follows: 31 March 2026 (TFRS)	in	the	financial statements Historical amount	prepared in accordance Inflated amount	with legal legislation and Inflation adjustment effect
   Adjustments to paid in capital			370.000	10.374.768	10.004.768
   Premiums in capital stock			300.984	8.001.344	7.700.360
   Legal reserves			1.965.745	8.513.092	6.547.347
   31 March 2026 (TAS)			Historical amount	Inflated amount	Inflation adjustment effect
   Adjustments to paid in capital			370.000	15.954.304	15.584.304
   Premiums in capital stock			300.984	12.785.830	12.484.846
   Legal reserves			1.965.745	7.824.809	5.859.064

   TEKFEN HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

   NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026

   (Amounts expressed in thousands of Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 March 2026 unless otherwise indicated.)

   6.	SEGMENT REPORTING
   	a) Segment results:
   			1 January - 31 March 2026
   		Engineering	Agricultural
   		& Contracting	Industry		Investment		Total
   	Revenue	4.448.533		9.988.070		306.583		14.743.186
   	Cost of revenue (-)	(4.705.060)	(8.790.451)		(210.401)		(13.705.912)
   	GROSS PROFIT (LOSS)	(256.527)		1.197.619		96.182		1.037.274
   	General administrative expenses (-)	(351.048)		(200.487)		(172.814)		(724.349)
   	Marketing expenses (-)	(11.723)	(726.515)		-		(738.238)
   	Research and development expenses (-)	-	(15.005)		-		(15.005)
   	Other operating income	272.193	935.298		34.909		1.242.400
   	Other operating expenses (-)	(329.158)	(961.524)		(88.984)		(1.379.666)
   	Share on profit of investments valued
   	by equity method	24.938	-		-		24.938
   	OPERATING PROFIT (LOSS)	(651.325)		229.386		(130.707)		(552.646)
   	Investment income	131	34.835		16.643		51.609
   	Investment expense (-)	(44)	(1.411)		(504)		(1.959)
   	PROFIT (LOSS) BEFORE FINANCIAL
   	INCOME (EXPENSES)	(651.238)		262.810		(114.568)		(502.996)
   	Financial income	145.173	81.771		104.282		331.226
   	Financial expenses (-)	(262.165)	(603.190)		(396.096)		(1.261.451)
   	Net monetary position gain (loss)	121	905.542		271.533		1.177.196
   	PROFIT (LOSS) FROM CONTINUING
   	OPERATIONS BEFORE TAXATION	(768.109)		646.933		(134.849)		(256.025)
   	Tax expense from continuing operations	(22.521)		(135.403)		(125.449)		(283.373)
   	PROFIT (LOSS) FROM CONTINUING
   	OPERATIONS FOR THE PERIOD	(790.630)		511.530		(260.298)		(539.398)

   For the three month interim period ended 31 March 2026, there is not any revenue obtained from a single non-related client which constitute higher than 10% of the

   Group's total revenue.

   6.	SEGMENT REPORTING (cont'd)
   	a) Segment results (cont'd):
   			1 January - 31 March 2025
   		Engineering	Agricultural
   		& Contracting	Industry		Investment		Total
   	Revenue	6.633.513		10.828.465		284.354		17.746.332
   	Cost of revenue (-)	(6.761.002)	(9.360.811)		(211.688)		(16.333.501)
   	GROSS PROFIT (LOSS)	(127.489)		1.467.654		72.666		1.412.831
   	General administrative expenses (-)	(396.620)	(220.488)		(231.783)		(848.891)
   	Marketing expenses (-)	(34.177)	(783.147)		(82)		(817.406)
   	Research and development expenses (-)	-	(13.462)		-		(13.462)
   	Other operating income	448.011	965.273		24.845		1.438.129
   	Other operating expenses (-)	(244.935)	(1.261.549)		(41.755)		(1.548.239)
   	Share on loss of investments valued
   	by equity method	(38.147)	-		-		(38.147)
   	OPERATING PROFIT (LOSS)	(393.357)		154.281		(176.109)		(415.185)
   	Investment income	27.287	22.574		64.201		114.062
   	Investment expense (-)	(779)	-		-		(779)
   	PROFIT (LOSS) BEFORE FINANCIAL
   	INCOME (EXPENSES)	(366.849)		176.855		(111.908)		(301.902)
   	Financial income	28.938	87.649		391.367		507.954
   	Financial expenses (-)	(111.311)	(703.433)		(907.668)		(1.722.412)
   	Net monetary position gain (loss)	144	707.208		151.652		859.004
   	PROFIT (LOSS) FROM CONTINUING
   	OPERATIONS BEFORE TAXATION	(449.078)		268.279		(476.557)		(657.356)
   	Tax expense from continuing operations	(193.785)	(12.346)		(98.883)		(305.014)
   	PROFIT (LOSS) FROM CONTINUING
   	OPERATIONS FOR THE PERIOD	(642.863)		255.933		(575.440)		(962.370)

   For the three month interim period ended 31 March 2025, there is not any revenue obtained from a single non-related client which constitute higher than 10% of the

   Group's total revenue.

3. SEGMENT REPORTING (cont'd)

   1. Segment assets and liabilities:

      31 March 2026

      Engineering

      Balance sheet & Contracting Agricultural Industry Investment Total

      Total assets	19.987.954	47.405.593	11.259.123	78.652.670
      Current and non-current liabilities	16.477.383	20.709.356	5.999.165	43.185.904
      Equity attributable to owners of the parent	(7.654.756)	24.255.394	18.454.519	35.055.157
      Non-controlling interests	406.234	5.375	-	411.609

      31 December 2025

      Engineering

      Balance sheet & Contracting Agricultural Industry Investment Total

      Total assets	22.029.670	45.840.398	11.573.185	79.443.253
      Current and non-current liabilities	17.931.376	18.611.122	6.821.059	43.363.557
      Equity attributable to owners of the parent	(6.975.504)	25.292.367	17.320.308	35.637.171
      Non-controlling interests	437.227	5.298	-	442.525

      6. SEGMENT REPORTING (cont'd)

   2. Segment information related to property, plant and equipment, intangible assets, investment property, right-of-use assets and revenue:

      1 January - 31 March 2026

      Engineering

      & Contracting Agricultural Industry Investment Total

      Capital expenditures	13.934	151.222	20.757	185.913
      Depreciation and amortization expense for the period (*)	167.548	543.461	54.012	765.021
      Intra-segment revenue	51.905	278.763	29.408	360.076
      Inter-segment revenue	174	-	112.557	112.731

      1 January - 31 March 2025

      Engineering

      & Contracting Agricultural Industry Investment Total

      Capital expenditures	82.054	743.029	13.751	838.834
      Depreciation and amortization expense for the period (*)	212.531	519.813	54.925	787.269
      Intra-segment revenue	80.796	290.693	37.896	409.385
      Inter-segment revenue	-	17	143.267	143.284

      (*) Depreciation expense of 14.691 is added to the cost of inventory (31 March 2025: 5.887 deducted from the cost of inventory).

      1. SEGMENT REPORTING (cont'd)

   3. Geographical segment information is as follows:

Middle Eastern

Turkey CIS Countries Other Eliminations Total

Middle Eastern

Turkey CIS Countries Other Eliminations Total

1. CASH AND CASH EQUIVALENTS

   Time deposits with maturity of three months or less constitute the part of the cash and cash equivalents amounting to 3.076.009 (31 December 2025: 2.869.753). Demand deposits, liquid funds, and other cash equivalents with maturity of three months or less constitute the rest of the cash and cash equivalents.

2. TRADE RECEIVABLES AND PAYABLES

   1. Trade Receivables:

      As at balance sheet date, details of trade receivables of the Group are as follows:

      	31 March		31 December
      Short-term trade receivables	2026		2025
      Receivables from Engineering & Contracting segment operations	3.133.867		4.132.079
      Receivables from Agricultural Industry segment operations	2.047.666		1.322.786
      Receivables from Investment segment operations	66.545		101.289
      Provision for doubtful receivables (-)	(414.376)		(448.798)
      Retention receivables (Note: 9)	424.804		452.416
      Due from related parties	115.665		112.422
      Other	130.992		12.671
      	5.505.163		5.684.865
      Long-term trade receivables
      Retention receivables (Note: 9)	1.736.788		1.814.517
      Receivables from Engineering & Contracting segment operations	108.652		239.035
      	1.845.440		2.053.552

      Postdated cheques amounting to 767.617 (31 December 2025: 670.413), notes receivables amounting to 1.421

      (31 December 2025: 1.510), positive foreign currency differences amounting to 852 (31 December 2025: positive 2.175), are included in short and long-term trade receivables. There are no due date differences included in short and long-term trade receivables (31 December 2025: None).

      Average maturity date for trade receivables varies between the segments. Average maturity date for Engineering and Contracting segment, for projects in abroad is 116 days (31 December 2025: 81 days), for domestic projects is 70 days (31 December 2025: 247 days), for Agricultural Industry segment is 48 days (31 December 2025: 46

      days), and for Investment segment is 30 days (31 December 2025: 30 days).

      As of 31 March 2026, receivables amounting 1.453.490 was obtained from a single non-related client which constitute 20,1% of the Group's receivables (31 December 2025: 1.285.761, 16,9%).

      As of 31 March 2026, 414.376 of provision for doubtful receivables was determined based on past uncollectible receivable cases encountered and future expectations (31 March 2025: 432.835).

      The movement of the Group's provision for doubtful trade receivables is as follows:

      	2026		2025
      Provision as of 1 January	(448.798)		(449.720)
      Charge for the period	(1.238)		(911)
      Collected	2.691		69
      Provision released	-		8.170
      Write off of bad debt	199		-
      Currency translation effect	18.968		2.553
      Monetary gain/(loss)	13.802		7.004
      Provision as of 31 March	(414.376)		(432.835)

      8.	TRADE RECEIVABLES AND PAYABLES (cont'd)
      	b) Trade Payables:
      	As at balance sheet date, details of trade payables of the Group are as follows: 31 March		31 December
      	Short-term trade payables 2026		2025
      	Payables from Engineering & Contracting segment operations 4.670.104		5.402.556
      	Payables from Agricultural Industry segment operations 11.336.128		9.705.865
      	Payables from Investment segment operations 272.831		434.559
      	Due to related parties 3.691		3.217
      	Retention payables (Note: 9) 838.719		1.300.783
      	Other 43.181		17.474
      	17.164.654		16.864.454
      	Long-term trade payables
      	Retention payables (Note: 9) 131.259		98.230
      	131.259		98.230

      Foreign currency differences amounting to 391.539 (31 December 2025: 424.052) are included in short and long-term trade payables.

      For Agricultural Industry segment, payables attributable to inventory supplied through imports constitute 93% (31 December 2025: 95%) of trade payables as at balance sheet date and average payable period for these import purchases is 170 days (31 December 2025: 153 days) whereas average payable period for domestic purchases is 24 days (31 December 2025: 30 days). The average payable period for Engineering and Contracting segment is 160 days (31 December 2025: 132 days), and for Investment segment is 30 days (31 December 2025:

      30 days).

3. CONTRACT ASSETS AND LIABILITIES ARISING FROM ONGOING CONSTRUCTION WORKS

1. CONTRACT ASSETS AND LIABILITIES ARISING FROM ONGOING CONSTRUCTION WORKS (cont'd)

   Costs and billings incurred on uncompleted contracts in condensed consolidated financial statements are as follows:

   	31 March		31 December
   	2026		2025
   Contract assets arising from ongoing construction works	777.735		775.955
   Contract liabilities arising from ongoing construction works	(1.335.190)		(1.223.846)
   	(557.455)		(447.891)
   	31 March		31 December
   	2026		2025
   Contract assets arising from ongoing construction works
   Contracts undersigned abroad	327.902		460.746
   Contracts undersigned in Turkey	449.833		315.209
   	777.735		775.955
   Contract liabilities arising from ongoing construction works
   Contracts undersigned abroad	(1.187.480)		(1.081.501)
   Contracts undersigned in Turkey	(147.710)		(142.345)
   	(1.335.190)		(1.223.846)
   	(557.455)		(447.891)

   The Group has 722.426 of advances given to subcontractors and other suppliers for construction projects classified in short-term prepaid expenses (31 December 2025: 670.188). Also, the Group has 831.741 of advances received for contracting projects classified in deferred revenue (31 December 2025: 845.782).

   As of 31 March 2026, the Group has 969.978 of retention payables to subcontractors (31 December 2025: 1.399.012). Also, the amount of retention receivables is 2.161.592 (31 December 2025: 2.266.933) (Note: 8).

2. INVENTORIES

   	31 March		31 December
   	2026		2025
   Raw materials	2.891.691		1.987.483
   Work in progress	3.690.513		2.863.266
   Finished goods	195.809		193.829
   Trading goods	91.853		482.653
   Goods in transit	1.297.926		1.881.505
   Inventory at construction sites	3.544.832		3.624.959
   Other inventories	535.387		524.010
   Allowance for impairment on inventory (-)	(492.538)		(564.477)
   	11.755.473		10.993.228

   For the three month interim period ended 31 March 2026, there are no borrowing costs added to inventory (31 December 2025: None).

   Movement of allowance for impairment of inventory		2026		2025
   Provision as of 1 January		(564.477)		(205.812)
   Provisions cancelled		34.206		65.406
   Currency translation effect		37.733		2.483
   Provision as of 31 March		(492.538)		(137.923)

   All of reversal of impairment on inventory has been recognized from cost of revenue (2025: All of reversal of impairment on inventory has been recognized from cost of revenue).

3. INVESTMENTS VALUED BY EQUITY METHOD

   31 March 2026 31 December 2025

   Joint Ventures

   Location of foundation and operation

   Participation

   Rate Amount

   Participation

   Rate Amount

   Power to

   appoint Industry

   Azfen Azerbaijan 40% 2.383.805 40% 2.506.209 40% Construction

   2.383.805 2.506.209

   	2026		2025
   Opening balance as of 1 January	2.506.209		2.693.248
   Group's share on profit / (loss)	24.938		(38.147)
   Currency translation effect	(147.342)		(71.295)
   Closing balance as of 31 March	2.383.805		2.583.806
   Group's share on profit / (loss) of joint ventures is as follows:
   	1 January-		1 January -
   	31 March		31 March
   	2026		2025
   Azfen	24.938		(38.147)
   Shares on profit / (loss) of joint ventures valued

   Movements of Group's joint ventures during the period is as follows:

   by equity method	24.938		(38.147)
   Information related to balance sheet:
   Azfen	31 March 2026		31 December 2025
   Cash and cash equivalents	1.498.825		1.640.339
   Other current assets	1.441.909		1.236.212
   Non-current assets	3.904.678		4.186.960
   Total Assets	6.845.412		7.063.511
   Other short-term liabilities	885.899		797.988
   Total Liabilities	885.899		797.988
   Net Assets	5.959.513		6.265.523
   Group's Ownership Rate	40%		40%
   Group's Share on Net Assets	2.383.805		2.506.209
   Information related to statement of profit or loss:	1 January - 31		1 January - 31
   Azfen	March 2026		March 2025
   Revenue	1.336.572		553.834
   Depreciation and amortization expense (-)	(27.712)		(39.930)
   Operating profit / (loss)	82.316		(95.369)
   Tax expense (-)	(19.970)		-
   Profit / (loss) for the period	62.346		(95.367)
   Group's Ownership Rate	40%		40%
   Group's Share on Loss for the Period	24.938		(38.147)

   TEKFEN HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

   NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026

   (Amounts expressed in thousands of Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 March 2026 unless otherwise indicated.)

4. PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS, INVESTMENT PROPERTY AND RIGHT-OF-USE ASSETS
   1. Property, Plant and Equipment, Other Intangible Assets, Investment Property and Right-of-use Assets

      Cost Value	Property, Plant and Equipment		Other Intangible Assets		Investment Property		Right-of-use assets
      Opening balance as of 1 January 2026	79.301.597		1.690.067		5.348.929		717.226
      Currency translation effect	(1.149.253)		(33.393)		(35.719)		(4.819)
      Additions	183.697		-		2.216		9.993
      Disposals	(4.333)		-		-		(19.271)
      Transfers	(2.729)		2.729		-		-
      Closing balance as of 31 March 2026	78.328.979		1.659.403		5.315.426		703.129
      Accumulated Depreciation and Amortization
      Opening balance as of 1 January 2026	(47.402.660)		(1.152.436)		(2.245.875)		(272.555)
      Currency translation effect	872.631		30.796		2.187		4.490
      Charge for the period	(712.665)		(14.946)		(24.572)		(27.529)
      Disposals	4.272		-		-		14.702
      Transfers	622		(622)		-		-
      Closing balance as of 31 March 2026	(47.237.800)		(1.137.208)		(2.268.260)		(280.892)
      Carrying value as of 31 March 2026	31.091.179		522.195		3.047.166		422.237
      	Property, Plant		Other Intangible		Investment		Right-of-use
      	and Equipment		Assets		Property		assets
      Cost Value
      Opening balance as of 1 January 2025	80.031.675		1.782.646		5.546.584		1.164.649
      Currency translation effect	(551.487)		(17.092)		(116.389)		(14.434)
      Additions	823.397		2.556		12.881		5.314
      Disposals	(896.362)		(9.704)		-		(4.514)
      Transfers	(47.215)		-		47.215		-
      Closing balance as of 31 March 2025	79.360.008		1.758.406		5.490.291		1.151.015
      Accumulated Depreciation and Amortization
      Opening balance as of 1 January 2025	(48.100.156)		(1.064.969)		(2.210.543)		(583.489)
      Currency translation effect	328.269		14.931		69.264		11.063
      Charge for the period	(710.066)		(18.202)		(22.933)		(30.181)
      Disposals	889.555		9.704		-		946
      Transfers	16.074		-		(16.074)		-
      Closing balance as of 31 March 2025	(47.576.324)		(1.058.536)		(2.180.286)		(601.661)
      Carrying value as of 31 March 2025	31.783.684		699.870		3.310.005		549.354

      The fair value of the Group's investment property has been determined based on a valuation carried out by independent experts which have no relation to the Group and are accredited by Capital Market Board. Valuation work has been concluded based on fair value of similar properties. The fair value of the investment properties as of 31 March 2026 is 12.228.104 (31 March 2025: 11.818.718) according to the valuation carried out by independent experts. There are not any restrictions on the realizability of investment property or any remittances of income and proceeds of disposal.

      TEKFEN HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

      NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026

      (Amounts expressed in thousands of Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 March 2026 unless otherwise indicated.)

      12. PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS, INVESTMENT PROPERTY AND RIGHT-OF-USE ASSETS (cont'd)
   2. Goodwill

Toros Gönen Yenilenebilir Enerji Üretim A.Ş. Toros Meram Yenilenebilir Enerji Üretim A.Ş.

Agricultural

Industry Agricultural

Ticaret A.Ş.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026

(Amounts expressed in thousands of Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 March 2026 unless otherwise indicated.)

1. PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS, INVESTMENT PROPERTY AND RIGHT-OF-USE ASSETS (cont'd) (b) Goodwill (cont'd)

   As a result of the acquisitions, the Group obtained control of the compaines so that goodwill is arisen. The goodwill arising from the acquisitions is as follows:

   		Gönen Enerji		Meram Enerji		Babadağ		Total
   Acquisition price		342.109		214.410		1.029.472		1.585.991
   Non-controlling interest		11.164		30		-		11.194
   Less: Fair value of net assets of the acquired company		(37.213)		(30.114)		(960.661)		(1.027.988)
   Impairment (-)		(316.060)		-		(68.811)		(384.871)
   Goodwill		-		184.326		-		184.326
   Net cash outflow concerning the acquisitions is as follows:
   		Gönen Enerji		Meram Enerji		Babadağ		Total
   Paid in cash		342.109		214.410		1.029.472		1.585.991
   Less: Cash and cash equivalents of the acquired company		(111.894)		(26.263)		(262.735)		(400.892)
   Net cash outflow		230.215		188.147		766.737		1.185.099
   Movement of Goodwill is as follows:
   		Gönen Enerji		Meram Enerji		Babadağ		Total
   Opening balance as of 1 January 2026		-		184.326		-		184.326
   Closing balance as of 31 March 2026		-		184.326		-		184.326
   Opening balance as of 1 January 2025		316.052		184.326		75.976		576.354
   Disposals		-		-		(7.209)		(7.209)
   Closing balance as of 31 March 2025		316.052		184.326		68.767		569.145

   The Group has calculated the recoverable amount of goodwill arising from acquisitions and has not determined any impairment in the period ended 31 March 2026 (31 December 2025: The Group has calculated the recoverable amount of goodwill arising from acquisitions and recognized an impairment loss for the entire goodwill arising from Babadağ and Gönen Enerji in the consolidated financial statements for the year ended 31 December 2025). The discounted cash flow method has been used in calculating the recoverable amounts of the cash generating units to which the goodwill is distributed, and the cash flows expected to be obtained in the future are discounted to the present using appropriate discount factors.

   TEKFEN HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

   NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026

   (Amounts expressed in thousands of Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 March 2026 unless otherwise indicated.)

2. SHORT AND LONG-TERM BORROWINGS

   The Company's bank loans are reclassed as long-term whose maturities passed 31 March 2027 according to their opening dates. Annual weighted average interest rate of the existing short-term loans is 7,64% for USD, 6,09% for EUR and 43,54% for TRY (31 December 2025: 7,50% for USD, 6,13% for EUR, 42,65% for TRY). Annual weighted average interest rate of the existing long-term loans is 7,96% for USD,and 5,85% for EUR (31 December 2025: 8,07% for USD, 6,12% for EUR).

   Within the scope of TFRS 16 Leases standard, a total amount of lease liabilities of TRY 152.808 is recognized under borrowings, comprising TRY 37.953 as short-term and TRY 114.855 as long-term. (31 December 2025: 49.426 short-term, 153.665 long-term, in the aggregate 203.091).

3. PROVISIONS, CONTINGENT ASSETS AND LIABILITIES

31 March 31 December

2026 2025

Short-term provisions 1.110.669 1.499.439

Long-term provisions 993.013 1.076.517

Total provisions 2.103.682 2.575.956

Employment termination benefits provision 1.003.860 1.107.742

Unused vacation pay liability provision 344.624 372.988

Premium provision 61.668 76.959

Total provisions attributable to employee benefits 1.410.152 1.557.689

Provision for litigation 144.107 150.349

Other liability provisions 549.423 867.918

Other provisions 693.530 1.018.267

Total provisions 2.103.682 2.575.956

Monthly termination benefit pay calculated as of 31 March 2026 is subject to upper limit of 64.948,77 Turkish Lira (31 December 2025: 64.948,77 Turkish Lira).

1. PROVISIONS, CONTINGENT ASSETS AND LIABILITIES (cont'd)

   	Provision for Litigation		Other Liability Provisions		Total Other Provisions
   Opening balance as of 1 January 2026	150.349		867.918		1.018.267
   Currency translation effect	(3.226)		(57.489)		(60.715)
   Charge for the period	7.036		161		7.197
   Provision released	(683)		(261.167)		(261.850)
   Monetary gain/(loss)	(9.369)		-		(9.369)
   Closing balance as of 31 March 2026	144.107		549.423		693.530
   Opening balance as of 1 January 2025	88.050		2.178.422		2.266.472
   Currency translation effect	(1.154)		(73.841)		(74.995)
   Charge for the period	3.222		16.710		19.932
   Provision paid during the period	(1.713)		-		(1.713)
   Provision released	(196)		(481.876)		(482.072)
   Monetary gain/(loss)	(4.967)		30		(4.937)
   Closing balance as of 31 March 2025	83.242		1.639.445		1.722.687

   Litigations:

   As of 31 March 2026, lawsuit filed against the Group is totally 3.116.260 (31 December 2025: 2.806.814) and it has been decided to accrue 144.107 (31 December 2025: 150.349) of provision for lawsuits that might have high advice of lawyers, there is no risk of outflow of resources for cases which no provision is made for.

   Libya Arbitration Claim

   The Group, which holds a 67% stake in the Tekfen-TML Joint Venture (Tekfen TML J.V.), has reached an agreement with the employer MMRA regarding the compensation for all rights, receivables, and assets related to the Great Man-Made River Project in Libya, which has been suspended indefinitely due to events that occurred on 21 February 2011. According to this agreement, MMRA is to make a net payment of 35.408 thousand USD to Tekfen TML J.V. (with the Group's share being 23.605 thousand USD). This payment includes an initial amount of 12.678 thousand USD (Group's share: 8.452 thousand USD) and the collection of the remaining 9.013 thousand USD (Group's share: 6.009 thousand USD) after offsetting the amount determined for Tekfen TML J.V. to pay to Libya in the second arbitration. Furthermore, it has been agreed that the remaining unsecured receivable of 22.730 thousand USD (Group's share: 15.153 thousand USD) will be paid in four installments of varying amounts by 31 December 2025.

   Due to the ongoing dual government structure in Libya, authority disputes have emerged following the appointments made by both governments to the employer MMRA and subsequently to the Central Bank. Owing to these disputes and other related developments, the employer MMRA was unable to make the scheduled payment of 5.000 thousand USD (Group's share: 3.350 thousand USD) and requested a deferral. Accordingly,

   1.500 thousand USD (Group's share: USD 1.005 thousand) of the deferred amount was collected on 20 February 2025, while the remaining 3.500 thousand USD (Group's share: 2.345 thousand USD) was collected on 11 April 2025.

   Under the Settlement Agreement dated 26 June 2022, executed between Tekfen TML J.V. and MMRA, it was agreed that the outstanding receivable amounting to 17.730 thousand USD (Group share: 11.879 thousand USD), which has not yet been collected, would be settled as follows: 1.730 thousand USD (Group share: 1.159 thousand USD) as the first installment by 31 December 2025 at the latest; 8.000 thousand USD (Group share: 5.360 thousand USD) in four equal installments during 2026; and the remaining 8.000 thousand USD (Group share: 5.360 thousand USD) in two equal installments by 30 June 2027. In accordance with this agreement,

   1.500 thousand USD of the first installment amounting to 1.730 thousand USD (Group share: 1.159 thousand USD), which was due by 31 December 2025, was collected on 25 March 2026.

2. COMMITMENTS

   The guarantee, pledge, mortgage and bill of guarentee ("CPMG") position tables of the Group as of 31 March 2026 and 31 December 2025 are as follows:

   		Equivalent of	Thousands of US	Thousands	Other (Equivalent of
   31 March 2026		Thousands TL	Dollars	of EUR	Thousands TL)
   A. CPMB given on behalf of its own legal entity		1.012	-	-	1.012
   -Collateral -Pledge -Mortgage -Bill of Collateral		1.012 - - -	- - - -	- - - -	1.012 - - -
   B. CPMB given on behalf of subsidiaries that are
   included in full consolidation		41.828.010	458.408	39.855	19.448.432
   -Collateral -Pledge -Mortgage -Bill of Collateral		9.808.733 - -32.019.277	77.863 - -380.545	8.142 - -31.713	5.937.440 - -13.510.992
   C. CPMB given in order to Collateral third parties' debts
   for the routine trade operations -Collateral -Pledge -Mortgage -Bill of Collateral		424 - - - 424	- - - - -	- - - - -	424 - - - 424
   D. Total amounts of other CPMB given i. Total amount of CPMB given on behalf of parent		-	-	-	-
   company		-	-	-	-
   ii. Total amount of CPMB given on behalf of other group
   companies that are not included group B and C		-	-	-	-
   iii. Total amount of CPMB given on behalf of third
   parties that are not included group C		-	-	-	-
   Total as of 31 March 2026		41.829.445	458.408	39.855	19.449.867

   15.	COMMITMENTS (cont'd)
   				Thousands		Other
   			Equivalent of	of US	Thousands	(Equivalent of
   	31 December 2025		Thousands TL	Dollars	of EUR	Thousands TL)
   	A. CPMB given on behalf of its own legal entity		1.114	-	-	1.114
   	-Collateral -Pledge -Mortgage -Bill of Collateral		1.114 - - -	- - - -	- - - -	1.114 - - -
   	B. CPMB given on behalf of subsidiaries that are
   	included in full consolidation		47.927.091	529.663	40.055	20.721.351
   	-Collateral -Pledge -Mortgage -Bill of Collateral C. CPMB given in order to Collateral third parties' debts		9.879.682 - -38.047.409	78.411 - -451.252	8.142 - -31.913	5.729.342 - -14.992.009
   	for the routine trade operations -Collateral -Pledge -Mortgage -Bill of Collateral		467 - - -467	- - - - -	- - - - -	467 - - -467
   	D. Total amounts of other CPMB given		-	-	-	-
   	i. Total amount of CPMB given on behalf of parent
   	company		-	-	-	-
   	ii. Total amount of CPMB given on behalf of other group
   	companies that are not included group B and C		-	-	-	-
   	iii. Total amount of CPMB given on behalf of third
   	parties that are not included group C		-	-	-	-
   	Total as of 31 December 2025		47.928.672	529.663	40.055	20.722.932

   Since there are not any GPMBs mentioned under D item, the ratio to the total equity is not presented.

3. SIGNIFICANT RELATED PARTY TRANSACTIONS

According to TAS 24, the shareholders of the Company, Group companies and their subsidiaries, management and other related parties are classified as related parties.

Transactions with related parties are distinct and measurable. Transactions with related parties during the three month interim period ended 31 March 2026 consist of sales of goods and services amounting 373 (31 March 2025: 4.391), dividend income amounting 35.330 (31 March 2025: 65.931) and there are no net other expenses reported for the period (31 March 2025: 7). The remuneration of key management during the period is 36.418 (31 March 2025: 41.253).

(*) As of 31 March 2026, represents the shares repurchased and publicly traded.

On 31 January 2024, the Board of Directors of Tekfen Holding A.Ş. evaluated that the share value of Tekfen Holding A.Ş. on Borsa İstanbul did not reflect the true performance of the company, and decided to initiate repurchase transactions of the company's shares from the stock exchange in order to contribute to a healthy price formation. As of the reporting date, a total of nominal 13.430 (amounting to 376.604 under the restated capital) have been conducted, and the proportion of repurchased shares to the total capital is 3,63%. The company's "Treasury Shares Repurchase Program" was terminated as of 31 January 2025.

Currency derivatives:

The subsidiary of the Group, Toros Tarım utilizes currency derivatives to hedge significant future transactions and cash flows. Toros Tarım is party to a variety of foreign currency forward contracts in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Toros Tarım's principal markets.

As of balance sheet date, the total notional amount of outstanding forward foreign exchange contracts to which

Toros Tarım is committed are as follows:

Forward foreign exchange contracts

As of 31 March 2026, the fair value of the Toros Tarım's currency derivatives is estimated to be 126.190 liabilities which is negative 126.190 (31 December 2025: liabilities 330.714, negative 330.714). These amounts are based on quoted market prices for equivalent instruments at the balance sheet date and fair value hierarchy classification of derivative instruments is Level 2 (31 December 2025: Level 2). There have been no changes in the purpose or use of derivative instruments.

The fair value of currency derivatives established to hedge against cash flow risk is recorded under equity. When the hedged future estimated cash flows affect profit or loss, the gains or losses from the hedging reserve are transferred to profit or loss. Gains amounting 2.164 and losses amounting to 198.156 concerning matured derivative contracts have been recognized in profit or loss (31 March 2025: Gains amounting to 35.747 and losses amounting to 460.663 have been recognized in profit or loss).

Option contracts:

As at 31 March 2026, the fair value of Toros Tarım's option contracts is estimated at negative 52.006, representing a liability of 52.006 (as of 31 December 2025: 76.466 liabilities, negative 76.466). As of the balance sheet date, the hierarchy classification used for measuring the fair value of the option contracts is Level 2 (31 December 2025: Level 2). As of 31 March 2026, income amounting to 3.086 related to option contracts has been recognized in the statement of profit or loss (31 March 2025: 3.388 expense).

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2026

(Amounts expressed in thousands of Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 March 2026 unless otherwise indicated.)

1. FOREIGN CURRENCY POSITION (cont'd)

   Foreign currency sensitivity

   The Group is exposed to foreign exchange risk primarily with respect to US Dollars and Euro.

   The following table details the Group's sensitivity to a 5% increase and decrease in foreign currency rates. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated items and adjusts their translation at the three month interim period end for a 5% change in foreign currency rates. Positive number indicates an increase in profit or loss.

   31 March 2026

   Profit / (Loss)

   Appreciation of Depreciation of foreign currencies foreign currencies

   If US Dollars changes 5% against TL

   US Dollars net assets / liabilities (622.365) 622.365

   If Euro changes 5% against TL

   Euro net assets / liabilities 29.754 (29.754) If other foreign currencies changes 5% against TL

   Other foreign currency assets / liabilities	(44.217)		44.217
   TOTAL	(636.828)		636.828

   31 December 2025

   Profit / (Loss)

   Appreciation of Depreciation of foreign currencies foreign currencies

   If US Dollars change 5% against TL

   US Dollars net assets / liabilities (570.631) 570.631

   If Euro changes 5% against TL

   Euro net assets / liabilities 1.635 (1.635) If other foreign currencies change 5% against TL

   Other foreign currency net assets / liabilities	(26.144)		26.144
   TOTAL	(595.140)		595.140

2. FINANCIAL INSTRUMENTS

   The fair values of financial assets and financial liabilities are determined and grouped as follows:

   • Level 1: The fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices.

   • Level 2: The fair value of financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on using prices from direct or indirect observable current market transactions.

   • Level 3: The fair value of the financial assets and financial liabilities are determined where there is no observable market data.