2026 6 Months Financial Statements - TL

Reviewed

Audited

ASSETS

30 June 2026

31 December 2025

Current Assets

Cash and Cash Equivalents

80.346

86.035

Financial Investments

213.510

182.732

Trade Receivables

-Related Parties

1.308

1.527

-Third Parties

67.754

44.264

Other Receivables

-Third Parties

38.727

39.367

Derivative Financial Instruments

16.943

10.583

Inventories

51.528

41.472

Prepaid Expenses

23.030

18.054

Current Income Tax Assets

5.999

-

Other Current Assets

13.046

12.378

TOTAL CURRENT ASSETS

512.191

436.412

Non-Current Assets

Financial Investments

151.206

114.960

Other Receivables

-Related Parties

2.607

2.290

-Third Parties

104.608

84.601

Investments Accounted for Using Equity Method

33.901

32.672

Investment Property

2.014

1.853

Property and Equipment

420.999

362.618

Right of Use Assets

989.351

847.758

Intangible Assets

- Other Intangible Assets

5.397

7.722

- Goodwill

1.245

1.145

Prepaid Expenses

110.443

87.002

Deferred Tax Assets

26.075

17.712

TOTAL NON-CURRENT ASSETS

1.847.846

1.560.333

TOTAL ASSETS

2.360.037

1.996.745

-Bank Borrowings

10.787

6.215

-Lease Liabilities

103.742

86.152

Other Financial Liabilities

5

1

Trade Payables

-Related Parties

19.480

13.251

-Third Parties

65.875

65.389

Payables Related to Employee Benefits

24.411

20.082

Other Payables

-Related Parties

1.163

1.321

-Third Parties

19.510

10.407

Derivative Financial Instruments

10.396

6.359

Deferred Revenue

224.689

151.257

Current Income Tax Provisions

-

430

Short-Term Provisions

-Provisions for Employee Benefits

6.624

5.603

-Other Provisions

1.071

794

Other Current Liabilities

6.270

4.746

TOTAL CURRENT LIABILITIES

566.751

442.076

Non- Current Liabilities

Long-Term Borrowings

-Third Parties

-Bank Borrowings

87.868

48.993

-Lease Liabilities

639.109

552.824

Other Payables

-Third Parties

1.617

1.235

Deferred Revenue

2.972

3.240

Long-Term Provisions

-Provisions for Employee Termination Benefits

14.662

12.110

-Other Provisions

10.887

8.367

Deferred Tax Liabilities

1.179

3.116

Other Non-Current Liabilities

16.539

13.528

TOTAL NON-CURRENT LIABILITIES

774.833

643.413

Equity

Share Capital

1.380

1.380

Inflation Adjustment on Share Capital

1.124

1.124

Treasury Shares

( 1.482)

( 1.126)

Share Premiums

43

43

Items That Will Not Be Reclassified to Profit or Loss

-Actuarial Losses on Retirement Pay Obligation

( 10.694)

( 10.162)

-Foreign Currency Translation Differences

500.908

428.085

Items That Are or May Be Reclassified to Profit or Loss

-Foreign Currency Translation Differences

52.861

45.278

-Fair Value Gains/(Losses) on Hedging Instruments

Entered into for Cash Flow Hedges

1.056

( 7.989)

-Gains on Remeasuring FVOCI

2.592

2.724

Restricted Profit Reserves

1.540

1.231

Previous Years Profit

450.325

332.426

Net Profit for the Period

18.864

118.208

Equity of the Parent

1.018.517

911.222

Non-Controlling Interests

( 64)

34

TOTAL EQUITY

1.018.453

911.256

TOTAL LIABILITIES AND EQUITY

2.360.037

1.996.745

Reviewed

Not Reviewed

Reviewed

Not Reviewed

1 January-

1 April-

1 January-

1 April-

PROFIT OR LOSS

30 June 2026

30 June 2026

30 June 2025

30 June 2025

Revenue

585.069

327.108

408.036

231.324

Cost of Sales (-)

( 542.482)

( 306.089)

( 351.890)

( 186.909)

GROSS PROFIT

42.587

21.019

56.146

44.415

General Administrative Expenses (-)

( 13.300)

( 5.756)

( 9.747)

( 3.564)

Marketing Expenses (-)

( 44.021)

( 22.900)

( 33.114)

( 17.320)

Other Operating Income

13.782

4.568

12.543

4.254

Other Operating Expenses (-)

( 4.146)

422

( 1.299)

( 377)

OPERATING LOSS BEFORE

INVESTMENT ACTIVITIES

( 5.098)

( 2.647)

24.529

27.408

Income from Investment Activities

46.197

24.498

23.816

10.864

Expenses from Investment Activities

( 4.235)

( 571)

( 1.963)

( 617)

Share of Investments' Profit Accounted

for Using The Equity Method

( 2.247)

445

( 970)

599

OPERATING PROFIT

34.617

21.725

45.412

38.254

Financial Income

10.128

4.205

18.461

11.475

Financial Expenses (-)

( 31.324)

( 16.881)

( 34.988)

( 18.823)

Monetary Gains

585

549

100

8

PROFIT/(LOSS) BEFORE TAX

14.006

9.598

28.985

30.914

Tax Income

4.760

( 688)

( 4.050)

( 4.125)

Current Tax Expense

( 4.716)

( 4.626)

( 4.908)

( 4.754)

Deferred Tax Income

9.476

3.938

858

629

NET PROFIT FOR THE PERIOD

18.766

8.910

24.935

26.789

Attributable to:

Non-controlling interest

( 98)

( 39)

( 78)

( 42)

Equity holders of the parent

18.864

8.949

25.013

26.831

Reviewed

Not Reviewed

Reviewed

Not Reviewed

1 January-

1 April-

1 January-

1 April-

30 June 2026

30 June 2026

30 June 2025

30 June 2025

OTHER COMPREHENSIVE INCOME

Items That May Be Reclassified Subsequently To

Profit or Loss

16.496

( 1.489)

( 10.984)

( 8.400)

Currency Translation Adjustment

7.583

668

16.687

11.600

(Losses)/Gains on Remeasuring FVOCI

( 176)

5.053

178

656

Related Tax of Remeasuring FVOCI

44

( 1.263)

( 33)

( 121)

Fair Value Gains/(Losses) on Hedging Instruments

Entered into for Cash Flow Hedges

10.753

( 3.890)

( 34.538)

( 25.531)

Related Tax of Fair Value Gains/(Losses) on Hedging Instruments

Entered into for Cash Flow Hedges

Fair Value Gains/(Losses) Hedging Instruments of

( 2.688)

810

7.778

5.749

Investment Accounted for Using the Equity Method

Entered into for Cash Flow Hedges

1.307

( 3.748)

( 1.363)

( 972)

Related Tax of Fair Value Gains/(Losses) Hedging Instruments of

Investment Accounted for Using the Equity Method

( 327)

881

307

219

Items That Will Not Be Reclassified Subsequently To

Profit or Loss

72.291

44.716

67.854

25.888

Currency Translation Adjustment

72.823

45.509

69.292

26.975

Actuarial Losses on Retirement Pay Obligation

( 709)

( 1.035)

( 1.762)

( 1.332)

Related Tax of Other Comprehensive Income

177

242

324

245

OTHER COMPREHENSIVE INCOME

FOR THE PERIOD

88.787

43.227

56.870

17.488

TOTAL COMPREHENSIVE INCOME

FOR THE PERIOD

107.553

52.137

81.805

44.277

Attributable to:

Non-controlling interest

( 98)

( 39)

( 78)

( 43)

Equity holders of the parent

107.651

52.176

81.883

44.320

Basic Profit Per Share (Kr)

13,60

6,46

18,07

19,41

Diluted Profit Per Share (Kr)

13,60

6,46

18,07

19,41

Items That Will Not Be Reclassified Subsequently To

Profit or Loss

Items That May Be Reclassified Subsequently To Profit or Loss

Retained Earnings

Share Capital

Inflation Adjustment on Share Capital

Treasury Shares

Premiums/( Discounts) on Shares

Actuarial Losses Retirement Pay

Obligation

Foreign Currency Translation Differences

Foreign Currency Translation Differences

Fair Value (Losses)/Gains on Hedging Instruments Entered Into For

Cash Flow

Hedges

Gains on Remeasuring

FVOCI

Restricted

Profit Reserves

Previous Years Profit

Net Profit for The Period

Equity Holders of the Parent

Non-controlling Interests

Total Equity

As of 1 January 2026

1.380

1.124

(1.126)

43

(10.162)

428.085

45.278

(7.989)

2.724

1.231

332.426

118.208

911.222

34

911.256

Transfers

-

-

-

-

-

-

-

-

-

309

117.899

(118.208)

-

-

-

Total comprehensive income

-

-

-

-

(532)

72.823

7.583

9.045

(132)

-

-

18.864

107.651

(98)

107.553

Increase through

treasury share transactions

-

-

(356)

-

-

-

-

-

-

-

-

-

(356)

-

(356)

As of 30 June 2026

1.380

1.124

(1.482)

43

(10.694)

500.908

52.861

1.056

2.592

1.540

450.325

18.864

1.018.517

(64)

1.018.453

Items That Will Not Be Reclassified Subsequently To

Profit or Loss

Items That May Be Reclassified Subsequently To Profit or Loss

Retained Earnings

Share Capital

Inflation Adjustment on Share Capital

Treasury Shares

Premiums/( Discounts) on Shares

Actuarial Losses Retirement Pay

Obligation

Foreign Currency Translation Differences

Foreign Currency Translation Differences

Fair Value Gains

on Hedging Instruments Entered Into For

Cash Flow

Hedges

Gains on Remeasuring

FVOCI

Restricted

Profit Reserves

Previous Years Profit

Net Profit/(Loss)

for The

Period

Equity Holders of the Parent

Non-controlling Interests

Total Equity

As of 1 January 2025 1.380

1.124

(853)

- (10.044)

281.666

40.926

21.907

624

912

228.888

113.357

679.887

125

680.012

Transfers -

-

-

- -

-

-

-

-

263

113.094

(113.357)

-

-

-

Total comprehensive income -

-

-

- (1.438)

69.292

16.687

(27.816)

145

-

-

25.013

81.883

(78)

81.805

Dividends paid -

Increase through

treasury share transactions -

-

-

22

(219)

- -

- -

-

-

-

-

-

-

-

-

-

-

(9.500)

-

-

-

(9.478)

(219)

-

(9.478)

(219)

As of 30 June 2025 1.380

1.124

(1.050)

- (11.482)

350.958

57.613

(5.909)

769

1.175

332.482

25.013

752.073

47

752.120

Reviewed

Reviewed

1 January-

1 January-

30 June 2026

30 June 2025

Net Profit for the period

18.766

24.935

Adjustments to Reconcile Profit

35.846

59.701

Adjustments for Depreciation and Amortisation Expense

58.665

42.953

Adjustments for Provisions Related with Employee Benefits

1.790

2.073

Adjustments for Other Provisions

2.257

65

Adjustments for Doubtful Receivables

1.399

17

Adjustments for Interest Income

(41.710)

(24.772)

Adjustments for Interest Expense

15.610

9.555

Adjustments For Unrealised Foreign Exchange Differences Adjustments for Fair Value (Gains)/Losses on Derivative

8.036

20.194

Financial Instruments

(1.557)

9.426

Adjustments for Undistributed Losses of Associates

2.247

970

Adjustments for Tax (Income)/Expense

(4.760)

4.050

Adjustments for Losses/(Gains) Arised From Sale of Tangible Assets

334

(130)

Other Adjustments for Non-Cash Transactions

(6.465)

(4.700)

Operating Profit Before Changes in Working Capital

32.392

24.428

Dcrease/(Increase) in Trade Receivables from Related Parties

336

(1.258)

Increase in Trade Receivables from Third Parties

(20.336)

(3.281)

(Increase)/Decrease in Other Receivables from Related Parties

(112)

49

Decrease/(Increase) in Other Receivables from Third Parties

7.169

(3.861)

Increase in Inventories

(6.157)

(4.977)

Increase in Prepaid Expenses

(18.409)

(8.373)

Increase/(Decrease) in Trade Payables to Related Parties

4.839

(49)

(Decrease)/Increase in Trade Payables to Third Parties

(4.963)

5.805

Increase/(Decrease) in Payables Due to Employee Benefits

2.461

(3.682)

(Decrease)/Increase in Other Payables to Related Parties

(260)

4.690

Increase/(Decrease) in Other Payables to Third Parties

8.077

(4.851)

Increase in Deferred Income

59.356

42.589

Decrease in Other Assets

391

1.627

Cash Flows From Operations

87.004

109.064

Payments for Provisions Related with Employee Benefits

(408)

(189)

Income Taxes Paid

(12.270)

(3.216)

Net Cash From Operating Activities

74.326

105.659

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES

Other Financial Assets

(39.271)

(26.892)

Other Cash Advances and Loans

(11.078)

1.497

Dividends Received

-

85

Interest Received

33.523

16.757

Net Cash Used In Investing Activities

( 60.439)

( 43.961)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Payments to Acquire Entity's Own Shares

(356)

(197)

Proceeds From Loans

145.178

41.005

Repayments of Loans

(106.981)

(62.461)

Payments of Lease Liabilities

(51.484)

(36.963)

Dividend Paid to Shareholders

-

(4.461)

Interest Paid

(8.609)

(6.057)

Interest Received

8.811

7.842

Other Cash Inflows

4

-

Net Cash Used in Financing Activities

( 13.437)

( 61.292)

Net Change in Cash and Cash Equivalents

450

406

Effects of Foreign Exchange on Cash and Cash Equivalents

( 5.515)

2.220

Net Change in Cash and Cash Equivalents

(5.065)

2.626

CASH AND CASH EQUIVALENTS

AT THE BEGINNING OF THE PERIOD

83.183

90.164

CASH AND CASH EQUIVALENTS

AT THE END OF THE PERIOD

78.118

92.790