CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD JANUARY 1 – JUNE 30, 2025 (Originally issued in Turkish)

Güney Bağımsız Den etim ve SMMM A.Ş. Maslak Mah. Eski Büyükdere Cad. Orjin Maslak İş Merkezi No: 27 Daire: 57 34 48 5 Sarıyer İstanbul - Türkiye

Tel: +90 212 315 30 00 Fax: +90 212 230 82 91 ey.com Ticaret Sicil No : 4 79920 Mersis No: 0-435 0-30 32-600 00 17

(Convenience translation of a report and condensed consolidated financial statements originally issued in Turkish)

Report on Review of Interim Condensed Consolidated Financial Statements

To the Board of Directors of TAB Gıda Sanayi ve Ticaret A.Ş.

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of TAB Gıda Sanayi ve Ticaret A.Ş ("the Company") and its subsidiaries ("the Group") as of June 30, 2025 and the interim condensed consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and the consolidated statement of cash flows for the sixmonth period then ended, and explanatory notes. Group management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with Turkish Accounting Standard 34, Interim Financial Reporting ("TAS 34"). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review of interim financial information is substantially less in scope than an audit conducted in accordance with Independent Auditing Standards and the objective of which is to express an opinion on the financial statements. Consequently, a review of the interim financial information does not provide assurance that the audit firm will be aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with TAS 34.

Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi A member firm of Ernst & Young Global Limited

August 12, 2025 İstanbul, Türkiye

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

CONTENTS	PAGE
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	1-2
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	3-4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	5
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	6-7
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	8-56
NOTE 1 ORGANIZATION AND OPERATIONS OF THE GROUP	8
NOTE 2 BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS	9-15
NOTE 3 CASH AND CASH EQUIVALENTS	16
NOTE 4 FINANCIAL INVESTMENTS	17
NOTE 5 BORROWINGS	17
NOTE 6 LEASE LIABILITIES	18
NOTE 7 TRADE RECEIVABLES AND PAYABLES	19
NOTE 8 OTHER RECEIVABLES AND PAYABLES	20
NOTE 9 INVENTORIES	20
NOTE 10 PROPERTY, PLANT AND EQUIPMENT 21-23
NOTE 11 INTANGIBLE ASSETS 24-25
NOTE 12 RIGHT OF USE ASSET 25-27
NOTE 13 PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 27-28
NOTE 14 EMPLOYEE BENEFITS 29-30
NOTE 15 OTHER ASSETS AND LIABILITIES	31
NOTE 16 PREPAID EXPENSES AND CONTRACT LIABILITIES 31-32
NOTE 17 EQUITY 32-33
NOTE 18 REVENUE AND COST OF SALES 33-34
NOTE 19 MARKETING, SELLING AND DISTRIBUTION AND ADMINISTRATIVE EXPENSES	35
NOTE 20 EXPENSE BY NATURE 35-36
NOTE 21 OTHER OPERATING INCOME AND EXPENSES 36-37
NOTE 22 INCOME AND EXPENSES FROM INVESTING ACTIVITIES	37
NOTE 23 FINANCE INCOME AND FINANCE EXPENSES	38
NOTE 24 INCOME TAXES (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES) 38-40
NOTE 25 RELATED PARTY DISCLOSURES 40-47
NOTE 26 NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS 47-55
NOTE 27 FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES	56
NOTE 28 SHARE BASED PAYMENTS	56
NOTE 29 SUBSEQUENT EVENTS	56

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

	Notes	Reviewed Current Year 30 June 2025	Audited Prior Year 31 December 2024
ASSETS
Cash and cash equivalent	3	5.380.882.258	4.924.009.587
Financial Investment	4	2.064.758.139	2.115.257.802
Trade receivables
Trade receivables from related parties	7-25	886.897.764	854.698.758
Trade receivables from third parties	7	1.080.163.778	760.796.997
Other receivables
Other receivables from third parties	8	306.849	3.057.466
Inventories	9	556.325.358	459.072.995
Prepaid expenses	16	912.896.246	1.152.822.213
Other current assets	15	48.511.635	44.045.265
Total Current Assets		10.930.742.027	10.313.761.083
Other receivables
Other receivables from third parties	8	39.672.094	38.473.717
Property.plant and equipment	10	10.639.689.999	10.151.272.709
Intangible assets	11	1.110.668.775	1.114.026.790
Right of use assets	12	7.177.291.533	6.737.082.876
Prepaid expenses	16	54.529.147	55.005.201
Other non-current assets	15	53.029.263	7.446.415
Total Non-Current Assets		19.074.880.811	18.103.307.708
TOTAL ASSETS		30.005.622.838	28.417.068.791

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

	Notes	Reviewed Current Year 30 June 2025	Audited Prior Year 31 December 2024
LIABILITIES
Short-term borrowings	5	37.912.592	25.190.536
Current portion of long-term borrowings
Short-term lease liabilities	6	1.844.511.535	1.614.706.700
Trade payables
Trade payables to related parties	7-25	1.986.753.798	1.591.368.207
Trade payables to third parties	7	918.810.021	699.055.503
Other payables
Other payables to third parties	8	37.529	49.506
Employee benefit payables	14	756.823.068	619.733.840
Short-term provisions
Provisions for employee benefits	14	257.794.735	193.396.770
Other short-term provisions	13	70.032.152	58.378.876
Contract liabilities	16	336.554.448	310.806.160
Current tax liabilities	24	70.647.938	343.780.566
Other current liabilities	15	143.727.042	100.127.733
Total Current Liabilities		6.423.604.858	5.556.594.397
Long-term lease liabilities	6	2.735.393.642	2.640.361.105
Trade payables
Trade payables to third parties	7	146.543.344	177.018.138
Provision for employee benefits	14	221.940.309	189.631.594
Contract liabilities	16	149.448.680	147.114.540
Deferred tax liabilities	24	1.325.203.393	1.221.811.736
Total Non-Current Liabilities		4.578.529.368	4.375.937.113
EQUITY
Share capital	17	261.292.000	261.292.000
Adjustments to share capital	17	3.106.380.964	3.106.380.964
Share premium		6.199.302.813	6.199.302.813
Restricted reserves separated from profit		(36.145.562)	(30.705.251)
Other comprehensive expenses		790.438.171	229.025.585
to be reclassified
- Currency translation reserves	17	177.412.064	198.201.568
Other comprehensive income or expenses
not to be reclassified
- Remeasurement gains of
defined benefit plans	17	1.180.720	5.439.635
- Revaluation of property.
plant and equipment	17	843.941.562	843.941.562
Net profit for the period		1.463.171.061	2.230.417.465
Retained earnings		6.196.514.819	5.441.240.940
Total Equity		19.003.488.612	18.484.537.281
TOTAL LIABILITIES AND EQUITY		30.005.622.838	28.417.068.791

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY - 30 JUNE 2025 AND 2024

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

	Notes	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Profit or loss
Revenue	18	20.350.648.674	18.470.463.073	11.113.093.908	10.166.583.922
Cost of sales (-)	18	(17.063.749.527)	(15.371.485.672)	(9.048.413.220)	(8.142.248.483)
Gross profit		3.286.899.147	3.098.977.401	2.064.680.688	2.024.335.439
General administrative expenses (-)	19	(760.943.541)	(666.240.573)	(344.767.055)	(352.766.367)
Marketing expenses (-)	19	(949.267.499)	(871.467.938)	(485.644.769)	(390.012.397)
Other operating income	21	291.440.111	307.642.946	117.872.385	156.499.333
Other operating expenses (-)	21	(430.439.125)	(289.144.384)	(240.221.302)	(117.654.381)
Operating profit		1.437.689.093	1.579.767.452	1.111.919.947	1.320.401.627
Income related to investing activities	22	874.308.426	1.113.500.403	472.452.643	545.780.184
Expense related to investing activities (-)	22	(44.202.204)	(34.334.299)	(19.473.147)	(24.810.925)
Operating profit before financial expenses		2.267.795.315	2.658.933.556	1.564.899.443	1.841.370.886
Financial income	23	465.152.643	203.243.654	237.620.884	142.482.595
Financial expenses (-)	23	(628.742.252)	(519.714.136)	(340.982.882)	(262.695.416)
Monetary gain/(loss)	27	(355.483.419)	(617.965.185)	(181.382.027)	(479.645.825)
Earning before tax		1.748.722.287	1.724.497.889	1.280.155.418	1.241.512.240
Tax income
Current tax expense	24	(176.873.646)	(257.748.080)	(126.139.849)	(94.719.194)
Deferred tax expense	24	(108.677.580)	(233.753.714)	(19.521.112)	(108.844.670)
Net profit for the year		1.463.171.061	1.232.996.095	1.134.494.457	1.037.948.376
Earning per share (TL)	28	5,60	5,31	4,34	4,47

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY - 30 JUNE 2025 AND 2024 (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

1 January - 1 January - 1 April- 1 April - 30 June 2025 30 June 2024 30 June 2025 30 June 2024 OTHER COMPREHENSIVE INCOME Items to be reclassified subsequently to profit or loss: Change in foreign currency translation differences (20.789.504) 113.655.668 (20.307.335) 157.180.605 Items that will not be reclassified subsequently to profit or loss: Income related to revaluation of defined benefit plans and measurement gains 14 (5.678.554) (262.979) (10.114.023) 1.136.508 Tax income / (expense) to revaluation of defined benefit plans and measurement 24 1.419.639 65.746 2.528.505 (274.764) TOTAL COMPREHENSIVE INCOME 1.438.122.642 1.346.454.530 1.106.601.604 1.195.990.725

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY – 30 JUNE 2025 AND 2024 (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2024, unless otherwise indicated.)

						Other compherensive income / (expense will be reclassified to profit or loss		Other compherensive income / (expense will be reclassified to profit or loss
	Share capital	Adjustment to share capital	Share based benefits	Treasury Shares	Restricted reserves from benefits	Currency transition differences	Remeasurement of defined benefit obligation	Revaluation of Property. Plant and equipment	Net income for the period(loss)	Accumulated losses	Total
As of January 1, 2024
Balances (Note 17) Net profit for the period	-	261.292.000 3.106.380.964 -	6.199.302.813 -	- -	- -	20.731.230 -	6.256.556 -	843.941.562 -	4.140.203.622 1.232.996.096	-	1.727.909.184 16.306.017.931 1.232.996.096
Other comprehensive expense Total comprehensive income	- -	- -	- -	- -	- -	113.655.667 113.655.667	(197.234) (197.234)	- -	- 1.232.996.096	-	113.458.433 - 1.346.454.529
Dividend payment Transfers	- -	- -	- -	- -	- 229.025.585	- -	- -	-	- - (4.140.203.622)	3.911.178.039	(197.846.283) (197.846.283) -
As of June 30, 2024 Balances		261.292.000 3.106.380.964	6.199.302.813	-	229.025.585	134.386.897	6.059.322	843.941.562	1.232.996.096		5.441.240.940 17.454.626.179
As of January 1, 2025
Balances (Note 17) Net profit for the period Other comprehensive expense	- -	261.292.000 3.106.380.964 - -	6.199.302.813 - -	(30.705.251) - -	229.025.585 - -	198.201.568 - (20.789.504)	5.439.635 - (4.258.915)	843.941.562 - -	2.230.417.465 1.463.171.061 -	- -	5.441.240.940 18.484.537.281 1.463.171.061 (25.048.419)
Total comprehensive income Dividend payment due to share repurchase	- -	- -	- -	- -	- -	(20.789.504) -	(4.258.915) -	- -	1.463.171.061 -		- 1.438.122.642 (913.731.000) (913.731.000)
transactions Increase/(decrease) (*) Transfers	- -	- -	- -	(5.440.311) -	- 561.412.586	- -	- -	-	- - (2.230.417.465)	- 1.669.004.879	(5.440.311) -
As of June 30, 2025 Balances		261.292.000 3.106.380.964	6.199.302.813	(36.145.562)	790.438.171	177.412.064	1.180.720	843.941.562	1.463.171.061		6.196.514.819 19.003.488.612

(*) An amount of TRY 281.000.000 has been appropriated from retained earnings as restricted reserves to be utilised for the Venture Capital Investment Fund.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE ACCOUNTING PERIODS 30 JUNE 2025 AND 2024

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

	Note	1 January - 30 June 2025	1 January - 30 June 2024
Cash Flows From Operating Activities
Net profit for the period		1.463.171.061	1.232.996.095

Adjustments related to reconciliation
of net profit for the period		2.965.285.082	2.090.480.288
Depreciation and amortization expense	10-11	990.294.358	912.489.163
Adjustments for impairment
impairment and expenses related to closed restaurants	22	1.930.495	29.900
Adjustments for provisions
provisions related to employee benefits	14	431.721.464	254.420.404
Adjustment related to provisions
for litigation and/or penalties	13	38.440.356	11.148.514
Adjustments related to interest income and expenses
Interest income	22-23	(1.307.565.075)	(1.276.773.588)
Adjustments related to participation share	23	279.804	5.499.227
Interest expense
Deferred financial income
arising from forward purchases	21	(44.357.121)	(148.812.210)
Unearned finance expense
arising from credit sales	21	102.588.111	11.312.532
Depreciation and amortisation on leases	12	1.469.007.549	1.269.955.488
Interest expense on leases. net	21-12	352.108.422	259.350.978
Exchange rate difference expense related to leases
Adjustments related to unrealised		53.885.855	29.762.698
Insurance income	22	(8.563.882)	(16.105.071)
Adjustments related to tax (income) / expense	24	285.551.226	491.501.794
Adjustments related to gain
on disposal of property, plant and equipment	22	38.659.085	7.152.970
Monetary gain/(loss)	22	561.304.435	279.547.489
Changes in Working Capital		504.036.074	334.762.494

Adjustments related to (increase)/decrease in trade receivables
Increase in due from related parties		(164.635.813)	(492.803.552)
Increase in trade receivables from third parties		(559.779.192)	(416.968.306)
Adjustments related to (increase)/decrease
in other current and non-current assets		(60.414.169)	(38.011.021)
(Increase)/decrease in inventories		(173.717.806)	(134.941.189)
(Increase)/decrease in prepaid expenses		74.560.496	(441.249.792)
Adjustments for increase in trade payables
(Increase)/decrease in due to related parties		658.814.221	538.962.419
(Increase)/decrease in trade payables to third parties		385.960.447	531.667.159
Other payables / liabilities (decrease)/increase		347.923.141	795.104.055
Increase/(decrease) in other liabilities		(4.675.251)	(6.997.279)
Cash Flows From Operations		(707.738.626)	(457.321.070)
Employee benefits paid	14	(240.621.535)	(75.843.653)

Income taxes paid		(450.006.274)	(367.853.692)
Litigation paid		(17.110.817)	(13.623.725)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE ACCOUNTING PERIODS 30 JUNE 2025 AND 2024

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

	Note	1 January - 30 June 2025	1 January - 30 June 2024
Cash Flows From Investing Activities		(468.162.960)	170.313.243
Cash inflows from disposal
of property. plant and equipment		4.705.154	-
Cash outflows from acquisition
of property. plant and equipment	10	(1.418.478.759)	(1.683.343.921)
Cash outflows from acquisition of intangible assets	11	(101.936.371)	(96.829.841)
Cash inflows from insurance		8.563.882	16.105.071
Interest received		1.307.565.075	1.276.773.588
Financial investments		(268.581.941)	657.608.346
Cash Flows From Financing Activities		(2.596.025.258)	(1.292.508.034)
Cash inflows from borrowings	5	189.553.593	163.153.794
Cash outflows related to loan repayments	5	(173.231.546)	(231.790.751)
Interest paid	5	(285.606)	(5.600.236)
Interest payments related to lease transactions		(352.108.422)	(259.350.978)
Payments for lease transactions	6	(1.346.222.277)	(958.919.863)
Dividends paid		(913.731.000)	-
THE EFFECT OF MONETARY LOSS ON
CASH AND CASH EQUIVALENTS		(703.692.702)	(1.317.801.663)
NET CHANGE IN
CASH AND CASH EQUIVALENTS		456.872.671	760.921.353
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE PERIOD	3	4.924.009.587	5.514.975.319
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD	3	5.380.882.258	6.275.896.672

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 1 - ORGANIZATION AND OPERATIONS OF THE GROUP

TAB Gıda Sanayi ve Ticaret A.Ş. ("the Company") was established on 4 August 1994. The principal activities of the Company and its subsidiaries ("the Group") are sub-letting brands and operating fast food hamburger, chicken and pizza restaurants under the Burger King, Popeyes, Sbarro, Arby's, Subway, Usta Dönerci and Usta Pideci brands. The Company operates the largest fast food hamburger restaurant chain in Turkey in terms of number of restaurants.

The Group operates and franchises Burger King, Popeyes, Sbarro and Arby's-branded restaurants under exclusive development and master franchise agreements and the owner of Usta Dönerci and Usta Pideci brands. Burger King and Popeyes brands are both owned by Restaurant Brands International Inc ("RBI"). The expiry dates of the master franchise and exclusivity rights under the Master Franchise Development Agreement ("MFDA") are as follows:

Brand	Expiration Dates
Burger King— Quick Service Restaurant Business Türkiye	1 December 2032
Popeyes— Quick Service Restaurant Business Türkiye	31 December 2026
Sbarro— Quick Service Restaurant Business Türkiye	31 December 2027
Arby's— Quick Service Restaurant Business Türkiye	31 December 2027
Subway— Quick Service Restaurant Business Türkiye	31 December 2029

The address of the Company is Dikilitaş Mahallesi Emirhan Caddesi No: 109 Beşiktaş, İstanbul.

As at 30 June 2025 the average number of personnel employed during the year is 17.060 (31 December 2024: 15.454).

As of 30 June 2025, the Group has a total of 1.906 open restaurants. The number of franchise restaurants in the total number of open restaurants is 869 as of 30 June 2025. (31 December 2024: The number of Group restaurants is 1.830, of which 820 are franchise restaurants).

TFI TAB Gıda Yatırımları Anonim Şirketi is the main shareholder of the Group and the main controlling party.

As at 30 June 2025, the list of subsidiaries is as follows:

TAB Georgia LLC. "GÜRCİSTAN"
TAB Limited Makedonija Dooel Petrovec "MAKEDONYA"

A brief description of the Company's subsidiaries is as follows:

TAB Georgia LLC. was established on 26 December 2006 in Georgia. TAB Georgia operates fast food restaurants. As of 30 June 2025, the total number of open restaurants is 9 and the number of franchise restaurants is 1 (31 December 2024: Total number of open restaurants is 9, 1 of which belongs to franchise restaurants).
TAB Limited Makedonija Dooel Petrovec was established in Macedonia on 13 June 2011. TAB Macedonia operates fast food restaurants. As of 30 June 2025, the total number of open restaurants is 16, all of which are operated by the Group. (31 December 2024: Total number of open restaurants is 15, all of which are operated by the Group).

As at 30 June 2025, the list of branches is as follows:

• TAB Gıda Sanayi ve Ticaret A.Ş. – Northern Cyprus Branch "KUZEY KIBRIS"

Approval of the consolidated financial statements

The consolidated financial statements have been approved by the Board of Directors and authorised for issue on 12 August 2025. The General Assembly and other regulatory bodies are authorised to amend and restate the financial statements.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

2.1 Basic Principles of Presentation

Implemented Financial Reporting Standards

The accompanying consolidated financial statements are prepared in accordance with the Communiqué Serial II, No:14.1, "Principles of Financial Reporting in Capital Markets" ("the Communiqué") published in the Official Gazette numbered 28676 on 13 June 2013. According to the article 5 of the Communiqué, consolidated financial statements are prepared in accordance with Turkish Financial Reporting Standards ("TFRS") and its addendum and interpretations ("IFRIC") issued by Public Oversight Accounting and Auditing Standards Authority ("POA") Turkish Accounting Standards Boards. The consolidated financial statements of the Group are prepared as per the CMB announcement of 4 July 2024 relating to financial statements presentations.

The Company and its subsidiaries operating in Turkey, maintains its accounting records and prepares its statutory financial statements in accordance with the Turkish Commercial Code (the "TCC"), tax legislation and the uniform chart of accounts issued by the Ministry of Finance. These consolidated financial statements are based on the statutory records, with the required adjustments and reclassifications including those related to changes in purchasing power reflected for the purpose of fair presentation in accordance with the TFRS.

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 31 December 2023 with the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2023. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.

The accompanying financial statements are prepared on a historical cost basis, except for financial investments measured at fair value and investment properties 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 30 June 2025 as per TAS 29.

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, i.e., since 1 January 2021, were as follow:

Year end	Index
2021	686,95
2022	1.128,45
2023	1.859,38
2024	2.684,55
2025/06	3.132,17

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (CONT'D)

2.1 Basic Principles of Presentation (Cont'd)

Financial Reporting under Hyperinflation

In accordance with TMS 29, necessary adjustments to the financial statements have been made, with assets and liabilities initially separated into monetary and non-monetary categories. Non-monetary assets and liabilities are further subdivided into those measured at fair value and those measured at cost. Monetary items (excluding those linked to an index) and non-monetary items measured at fair value as of the reporting period-end (30 June 2025) are already expressed in the current measurement unit and have not been adjusted for inflation. Non-monetary items not expressed in the current measurement unit as of 30 June 2025 have been adjusted for inflation using the relevant coefficient.

In cases where the inflation-adjusted value of non-monetary items exceeds their recoverable amount or net realizable value, the carrying amount has been reduced in accordance with the relevant IFRS (International Financial Reporting Standards). Furthermore, inflation adjustments have been made for equity elements and all items in the statement of profit or loss and other comprehensive income. For non-monetary items acquired or assumed before 1 January 2005, as well as equity elements established before that date, the adjustment has been made according to the change in the Consumer Price Index (CPI) from 1 January 2005 to 30 June 2025.

The application of TAS 29 results in an adjustment for the loss of purchasing power of the Turkish lira presented in Net Monetary Position Gains (Losses) item in the profit or loss section of the statement of profit or loss and comprehensive income. In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. This gain or loss on the net monetary position is derived as the difference resulting from the restatement of non-monetary items, owners' equity and items in the statement of profit or loss and other comprehensive income and the adjustment of index linked assets and liabilities.

Functional and Reporting Currency

The individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). The consolidated financial statements of the Group are presented in Turkish Lira ("TL"), which is the functional currency of the Group and the presentation currency of the Group's consolidated financial statements.

In preparing the consolidated financial statements of the Group, balance sheet items of companies whose functional currency is different from TL are translated into TL at the exchange rate ruling at the balance sheet date and income, expenses and cash flows are translated into TL at the exchange rate ruling at the date of the transactions (historical exchange rate) or, if the date cannot be determined, at the annual average exchange rate. The resulting translation difference is recognised in the foreign currency translation reserve under equity.

The functional currencies of the Company's subsidiaries in Georgia and Macedonia are Georgian Lari and Macedonian Dinar, respectively.

As at 30 June 2025, the buying exchange rates for assets are 1 Macedonian Dinar = TL 0,7534 and 1 Lari = TL 15,0376 (31 December 2024: 1 Macedonian Dinar = TL 0,5974 and 1 Lari = TL 12,5628), and the selling exchange rates for liabilities are 1 Macedonian Dinar = TL 0,7534 and 1 Lari = TL 15,0376 (31 December 2025: 1 Macedonian Dinar = TL 0,5974 and 1 Lari = TL 12,5628).

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

2.1 Basic Principles of Presentation (cont'd)

Basis Of Consolidation

The details of the Company's subsidiaries as at 30 June 2025 and 31 December 2024 are as follows:

Subsidiaries		Business Segment Country of Origin	30 June 2025	31 December 2024
TAB Georgia LLC	Quick Service Restaurant	Georgia	%100	%100
TAB Limited Makedonija Dooel Petrovec	Quick Service Restaurant	Macedonia	%100	%100

As at 30 June 2025 and 31 December 2024, the Group's branch information is as follows:

Branch Name	Business Segment	Country of Origin
TAB Gıda Sanayi ve Ticaret A.Ş. – Northern Cyprus Branch	Quick Service Restaurant	Northern Cyprus

The consolidated financial statements include the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company fulfils the following conditions:

has power over the invested company/asset
is entitled or open to variable returns from the invested company/asset
has the ability to affect those returns through its power to direct the activities of the entity

If a situation or event occurs that could lead to a change in at least one condition stated above, Company shall reassess whether it has control over its investment.

In cases where the Company does not have the majority voting right over the invested company/asset, if it has sufficient voting rights to direct/manage the activities of the relevant investment alone, it has control over the invested company/asset. The Company considers all relevant events and conditions in assessing whether the majority of the votes in the relevant investment is sufficient to gain control, including the following:

Comparing the voting rights of the Company with the other shareholders,
Potential voting rights of the Company and other shareholders have,
Rights arising from other contractual agreements,
Other events and conditions that can show whether the Company has power in managing the relevant activities (including the votes at the general assembly meetings in previous periods) in cases where a decision needs to be made.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

2.1 Basic Principles of Presentation (cont'd)

Basis Of Consolidation

Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. The income and expenses of subsidiaries acquired or sold during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date of purchase to the date of sell out.

Each item of the profit or loss and other comprehensive income belongs to the parent shareholders and noncontrolling interests. Even if the non-controlling interests result in negative balance, the total comprehensive income of the subsidiaries is transferred to the parent company shareholders and non-controlling interests.

If necessary, adjustments regarding to the accounting policies have been made in the financial statements of the subsidiaries in order to be the in line with the accounting policies followed by the Group.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Offsetting

Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

2.2 Changes in Accounting Policies

Significant changes in accounting policies are applied retrospectively and prior period financial statements are restated. The Group has not made any changes in accounting policies in the current year.

2.3 Changes and Errors in Accounting Estimates

If the changes in accounting estimates and errors are for only one period, they are applied in the period in which the change is made and if they are for future periods, they are applied both in the period in which the change is made and prospectively in future periods. The Group has not changed any accounting estimates and no significant accounting policy errors have been identified in the current year.

2.4 New and Revised Turkish Accounting Standards

The accounting policies adopted in preparation of the consolidated financial statements as of June 30, 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of January 1, 2024 and thereafter. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.

i) The new standards, amendments and interpretations which are effective as of January 1, 2025 are as follows:

Amendments to IAS 21 - Lack of exchangeability

In May 2025, POA issued amendments to TAS 21. The amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency, it discloses information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information.

The Group will wait until the final amendment to assess the impacts of the changes.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

2.4 New and Revised Turkish Accounting Standards (cont'd)

ii) Standards issued but not yet effective and not early adopted

Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the consolidated financial statements are as follows. The Group will make the necessary changes if not indicated otherwise, which will be affecting the consolidated financial statements and disclosures, when the new standards and interpretations become effective.

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

In December 2017, POA postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. Early application of the amendments is still permitted.

The Group will wait until the final amendment to assess the impacts of the changes.

TFRS 17 - The new Standard for insurance contracts

POA issued TFRS 17 in February 2019, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. TFRS 17 model combines a current balance sheet measurement of insurance contract liabilities with the recognition of profit over the period that services are provided. The mandatory effective date of the Standard postponed to accounting periods beginning on or after January 1, 2026 with the announcement made by the POA.

The standard is not applicable for the Group and will not have an impact on the financial position or performance of the Group.

TFRS 18 – Presentation and Disclosure in Financial Statements

In May 2025, the Public Oversight Accounting and Auditing Standards Authority ("POA") issued TFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements. TFRS 18 introduces revised requirements for the presentation of the statement of profit or loss, including mandatory presentation of specified totals and subtotals. The Standard requires entities to classify all income and expenses presented in the statement of profit or loss into one of the following five categories: operating, investing, financing, income taxes, and discontinued operations.

Furthermore, TFRS 18 requires disclosure of management-defined performance measures and introduces enhanced aggregation and disaggregation principles for financial information presented in both the primary financial statements and the accompanying notes, consistent with their respective functions.

The issuance of TFRS 18 also resulted in consequential amendments to other standards, including IAS 7 Statement of Cash Flows, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and IAS 34 Interim Financial Reporting. TFRS 18 and the related amendments are effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted. The Standard is to be applied retrospectively.

The Group is currently assessing the potential impacts of the Standard on its consolidated financial position and performance.

iii) Amendments Issued by the International Accounting Standards Board (IASB) but Not Yet Issued by the POA

The two amendments to IFRS 9 and IFRS 7, the Annual Improvements to IFRS Accounting Standards, as well as IFRS 18 and IFRS 19, have been issued by the International Accounting Standards Board ("IASB") but have not yet been endorsed/issued by the Public Oversight Accounting and Auditing Standards Authority ("POA") for incorporation into TFRS. Accordingly, they do not currently form part of TFRS. The Group will make the necessary amendments to its consolidated financial statements and notes once these Standards and amendments are incorporated into TFRS and become effective.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

2.4 New and Revised Turkish Accounting Standards (cont'd)

iii) Amendments Issued by the International Accounting Standards Board (IASB) but Not Yet Issued by the POA (continued)

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 relating to the classification and measurement of financial instruments. The amendments clarify that financial liabilities are to be derecognised on the "settlement date." Additionally, the amendments introduce an accounting policy choice that, subject to certain conditions being met, allows entities to derecognise financial liabilities settled via an electronic payment system before the settlement date.

The amendments also provide clarification on the assessment of contractual cash flow characteristics of financial assets that contain Environmental, Social and Governance ("ESG")-linked or other similar conditional features, as well as application guidance on non-recourse assets and contractually linked financial instruments. Furthermore, the amendments introduce additional IFRS 7 disclosure requirements for financial assets and financial liabilities that include contractual terms referencing a contingent event (including ESG-linked features) and for equity instruments measured at fair value through other comprehensive income.

The Group will assess the impacts of these amendments once the related standards are finalised and incorporated into TFRS.

Annual Improvements to IFRS Accounting Standards – 11th Cycle

In July 2024, the IASB issued the Annual Improvements to IFRS Accounting Standards – 11th Cycle, which include the following amendments:

IFRS 1 First-time Adoption of International Financial Reporting Standards Hedge Accounting by a First-time Adopter: Amendment made to eliminate potential confusion arising from inconsistencies between the wording in IFRS 1 and the hedge accounting requirements in IFRS 9.
IFRS 7 Financial Instruments: Disclosures Gains or Losses on Derecognition: Amendment to modify the wording used to describe unobservable inputs and to add a reference to IFRS 13.
IFRS 9 Financial Instruments Derecognition of a Lease Liability by a Lessee and Transaction Price: Amendment to clarify that when a lease liability is extinguished, the lessee applies the derecognition requirements in IFRS 9, and any resulting gain or loss is recognised in profit or loss. The reference to "transaction price" has also been removed.
IFRS 10 Consolidated Financial Statements Determination of a "De Facto Agent": Amendment made to resolve inconsistencies in the wording of the relevant paragraphs in IFRS 10.
IAS 7 Statement of Cash Flows Cost Method: Deletion of the term "cost method" following its removal from other standards in previous amendments.

The Group will assess the impacts of these amendments once the related standards are finalised and incorporated into TFRS.

Amendments to IFRS 9 and IFRS 7 – Contracts for Renewable Electricity

In December 2024, the IASB issued amendments to IFRS 9 and IFRS 7 relating to contracts for renewable electricity. The amendments clarify the application of the "own use" exemption and permit hedge accounting for such contracts when used as hedging instruments. The amendments also introduce new disclosure requirements to help investors understand the impact of such contracts on an entity's financial performance and cash flows.

The Group will assess the impacts of these amendments once the related standards are finalised and incorporated into TFRS.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

2.4 New and Revised Turkish Accounting Standards (cont'd)

iii) Amendments Issued by the International Accounting Standards Board (IASB) but Not Yet Issued by the POA (continued)

IFRS 19 – Subsidiaries without Public Accountability: Disclosures In May

2024, the IASB issued IFRS 19 Subsidiaries without Public Accountability: Disclosures, which provides an option for eligible entities to apply the recognition, measurement, and presentation requirements of IFRS Standards with reduced disclosure requirements. Unless otherwise specified, entities within the scope of IFRS 19 that elect to apply the Standard are not required to comply with the disclosure requirements of other IFRS Standards. A subsidiary that does not have public accountability and whose parent (intermediate or ultimate) produces consolidated financial statements available for public use that comply with IFRS Standards may elect to apply IFRS 19.

The Group will assess the impacts of this Standard once it is finalised and incorporated into TFRS.

2.5 Significant accounting policies

The condensed consolidated financial statements for the interim period ended June 30, 2025 have been prepared in accordance with TAS 34 Interim Financial Reporting. The significant accounting policies applied in the preparation of the condensed consolidated financial statements are consistent with those described in detail in the consolidated financial statements for December 31, 2024. Accordingly, the condensed consolidated financial statements should be read in conjunction with the financial statements for the year ended December 31, 2024.

2.6 Going Concern Assumption

The consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will be able to realise the benefits from its assets and settle its liabilities within the next year and in the normal course of business.

2.7 Comparative Information

In the statement of financial position as at 31 December 2024, the Group reclassified investment funds amounting to TL 2.115.257.802, which were previously included under cash and cash equivalents, as financial investments.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 3 - CASH AND CASH EQUIVALENTS

	30 June 2025	31 December 2024
Cash on hand	87.936.414	28.927.495
Demand deposits at bank	40.908.417	39.460.271
Time deposits at bank	5.198.064.800	4.806.356.396
Other cash equivalents (*)	53.972.627	49.265.425
	5.380.882.258	4.924.009.587

(*) Other cash and cash equivalents consist of receivables from credit card sales which are realised in cash within 1 day on average. The Group pays commission to banks for the collection of credit card receivables before the original maturity date. The remaining balance consists of receivables from internet payment platforms with an average maturity of 7 days.

The details of time deposits at the bank are as follows:

Currency Type	Interest Rate (%)	Maturity	30 June 2025
TL	47%	1 July - 29 July 2025	5.198.064.800
			5.198.064.800

Currency Type	Interest Rate (%)	Maturity	31 December 2024
TL	47% – 51%	2 Jan - 31 Jan 2025	4.806.356.396
			4.806.356.396

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 4 - FINANCIAL INVESTMENTS

The details of the Group's financial liabilities as at 30 June 2025 and 31 December 2024 are as follows:

	30 June 2025	31 December 2024
Investment funds (*)	2.064.758.139	2.115.257.802
Total financial investment	2.064.758.139	2.115.257.802

(*) The investment funds consist of liquid funds.

NOTE 4 – BORROWINGS

The details of the Group's financial liabilities as at 30 June 2025 and 31 December 2024 are as follows:

	30 June 2025	31 December 2024
Short term bank borrowings	37.912.592	25.190.536
Total financial investment	37.912.592	25.190.536

Details of the bank loans are as follows:

Currency Type	Weighted Average Effective Interest Rate	30 June 2025
TL	-	37.912.592
		37.912.592

Currency Type	Weighted Average Effective Interest Rate	31 December 2024
TL	-	25.190.536
		25.190.536

The movement of the Group's financial liabilities as at 30 June 2025 and 2024 is as follows:

	2025	2024
Opening balance as of 1 January	25.190.536	156.292.085
Cash inflow from borrowings	189.553.593	163.153.794
Cash outflows from borrowings	(173.231.546)	(231.790.751)
Interest payments	(285.606)	(5.600.236)
Interest expense (Not 22)	279.804	5.499.227
Monetary gain/(loss)	(3.594.189)	(24.640.120)
Closing balance at 30 June	37.912.592	62.913.999

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 6 - LEASE LIABILITIES

	30 June 2025	31 December 2024
Short-term lease liabilities	1.844.511.535	1.614.706.700
Total short-term lease liabilities	1.844.511.535	1.614.706.700
Long-term lease liabilities	2.735.393.642	2.640.361.105
Total long-term lease liabilities	2.735.393.642	2.640.361.105
Total lease liabilities	4.579.905.177	4.255.067.805
	30 June 2025	31 December 2024
To be paid within 1 year	1.844.511.535	1.614.706.700
To be paid between 1-2 years	1.039.279.773	985.543.642
To be paid between 2-3 years	629.495.266	655.045.068
To be paid between 3-4 years	252.180.552	245.911.603
To be paid after 4+ years	814.438.051	753.860.792
	4.579.905.177	4.255.067.805

The movement of the Group's finance lease payables as at 30 June 2025 and 2024 is as follows:

	2025	2024
Opening balance as of 1 January	4.255.067.805	3.431.215.199
Purchases	1.923.933.926	2.115.076.922
Payments	(1.346.222.277)	(958.919.863)
Exchange differences, net	53.885.855	29.762.698
Interest expense	352.108.422	259.350.978
Monetary gain/(loss)	(658.868.554)	(833.943.835)
Closing balance at 30 June	4.579.905.177	4.042.542.099

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 7 - TRADE RECEIVABLES AND PAYABLES

a) Trade Receivables and Notes Receivable

Current trade receivables	30 June 2025	31 December 2024
Trade receivables	1.093.143.214	775.940.615
Trade receivables from related parties (Not 25)	886.897.764	854.698.758
Impairment provision for trade receivables (-)	(12.979.436)	(15.143.618)
	1.967.061.542	1.615.495.755

The majority of the Group's sales consist of cash sales. Trade receivables consist of sales to sub-franchise companies and receivables from food voucher companies. Trade receivables are discounted using an annual interest rate of 39,61% (31 December 2024: 40%).

The impairment provision for trade receivables has been determined based on past experience of uncollectibility.

Notes receivables balance consists of post-dated cheques and notes received from franchisors within the scope of commercial works.

The movement of impairment provision for trade receivables is as follows:

	2025	2024
Opening balance as of 1 January	(15.143.618)	(11.392.698)
Monetary gain/(loss)	2.164.182	2.259.147
Closing balance at 30 June	(12.979.436)	(9.133.551)

The nature and level of risks related to trade receivables are disclosed in Note 26.

b) Trade Payables

Short-term trade payables	30 June 2025	31 December 2024
Trade payables (*)	918.810.021	699.055.503
Trade payables to related parties (Note 25)	1.986.753.798	1.591.368.207
	2.905.563.819	2.290.423.710
Long-term trade payables
Trade payables (*)	146.543.344	177.018.138
	146.543.344	177.018.138

Trade payables are discounted using the effective interest method. The effective interest rate of 39,61% has been used to determine the value of trade payables (31 December 2024: 40%).

The nature and level of risks related to trade payables are disclosed in Note 26.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 8 - OTHER RECEIVABLES AND PAYABLES

a) Other Receivables

Short-term other receivables	30 June 2025	31 December 2024
Receivables from tax office	-	2.110.378
Other	306.849	947.088
	306.849	3.057.466
Long-term other receivables
Deposits and guarantees given (*)	36.728.925	35.039.808
Other	2.943.169	3.433.909
	39.672.094	38.473.717

(*) Deposits and guarantees represent deposits given to the relevant administrative units for rents and connection fees such as electricity, natural gas and water. Deposit amounts are returned at the end of the lease agreement.

b) Other Payables

Short-term other payables	30 June 2025	31 December 2024
Deposits and guarantees received (*)	36.743	42.870
Other	786	6.636
	37.529	49.506

(*) Deposits and guarantees represent the deposits received from the relevant sub-franchisee companies for connection fees such as electricity, natural gas and water. Deposit amounts are returned at the end of the lease agreement.

The nature and level of risks related to other receivables and payables are disclosed in Note 26.

NOTE 9 - INVENTORIES

	30 June 2025	31 December 2024
Raw materials	499.924.756	427.681.727
Other inventory	56.400.602	31.391.268
	556.325.358	459.072.995

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT

	Plant Machinery &			Furniture &	Leasehold improvements	Construction in progress
	Equipment	Vehicles	Fixture
Cost:
Opening balance as of 1 January 2025	13.029.961.426	44.038.057	4.586.723.452	5.011.224.669	631.557.337	23.303.504.941
Additions	345.313.309	1.386.151	388.558.816	656.437.936	26.782.547	1.418.478.759
Disposals	(16.920.226)	-	(31.174.096)	(12.606.281)	-	(60.700.603)
Currency translation effect	64.580.104	-	-	6.795.219	-	71.375.323
Closing balance on
30 June 2025	13.422.934.613	45.424.208	4.944.108.172	5.661.851.543	658.339.884	24.732.658.420
Accumulated Depreciation:
Opening balance as of 1 January 2025	(8.217.588.873)	(19.765.893)	(2.628.347.631)	(2.286.529.835)		- (13.152.232.232)
Charge for the period	(461.059.175)	(5.235.846)	(194.661.995)	(257.972.761)	-	(918.929.777)
Disposals	7.480.051	-	3.263.343	6.592.970	-	17.336.364
Currency translation effect	(38.974.879)	-	-	(167.897)	-	(39.142.776)
Closing balance on
30 June 2025	(8.710.142.876)	(25.001.739)	(2.819.746.283)	(2.538.077.523)		- (14.092.968.421)
Net Book Value	4.712.791.737	20.422.469	2.124.361.889	3.123.774.020	658.339.884	10.639.689.999

The depreciation expenses amounting to TL 833.469.308 have been included in the cost of goods sold, and TL 85.460.469 have been included in general administrative expenses (as of June 30,2024: TL 787.783.008 included in the cost of sales and TL 80.775.986 included in general administrative expenses).

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT (cont'd)

	Plant
	Machinery & Equipment	Vehicles	Furniture & Fixture	Leasehold improvements	Construction in progress	Total
Cost:
Opening balance as of 1 January 2024	12.339.817.270	44.221.777	4.171.010.711	3.862.096.923	322.465.302	20.739.611.983
Additions	677.678.699	-	315.081.424	517.236.572	173.347.226	1.683.343.921
Disposals	(8.182.517)	(125.771)	(4.119.423)	(160.458)	-	(12.588.169)
Translation difference	(48.721.794)	-	-	(4.716.235)	-	(53.438.029)
Closing balance on
30 June 2024	12.960.591.658	44.096.006	4.481.972.712	4.374.456.802	495.812.528	22.356.929.706
Accumulated Depreciation:
Opening balance as of 1 January 2024	(7.450.249.045)	(9.160.450)	(2.590.607.260)	(1.885.327.034)		- (11.935.343.789)
Charge for the period	(487.357.946)	(5.180.019)	(168.460.950)	(207.560.079)	-	(868.558.994)
Disposals	5.056.135	118.532	240.484	20.047	-	5.435.198
Translation difference	20.214.539	-	-	224.671	-	20.439.210
Closing balance on
30 June 2024	(7.912.336.317)	(14.221.937)	(2.758.827.726)	(2.092.642.395)		- (12.778.028.375)
Net Book Value	5.048.255.341	29.874.069	1.723.144.986	2.281.814.407	495.812.528	9.578.901.331

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT (cont'd)

The depreciation periods for property, plant and equipment are as follows:

	Useful Life
Machinery and equipment	5-25 years
Vehicles	4-5 years
Fixtures and furniture	3-10 years
Leasehold improvements	2-20 years

The Group has assessed each restaurant as a cash-generating unit (CGU) and performed an impairment test for each CGU and analysed the recoverable amount of the fixed assets of the restaurants. This impairment test was applied for leasehold improvements, machinery and equipment and fixtures and fittings. The recoverable amount of cash generating units is determined using cash flow projections extended from 5 years to 10 years.

For each CGU, the Group has recognised impairment only for leasehold improvements since the average useful life of leasehold improvements is approximately 10 years and other assets in restaurants can be transferred in case of closure of a restaurant. Therefore, the restaurant impairment analysis is based on 10-year cash flow projections and no terminal value is assumed. Impairment test is performed for the restaurants, each of which is a separate cash-generating units (NÜB), for which there is an indication of impairment.

Impairment and reversals are included in income and expenses from investing activities in the income statement (Note 22).

Fair value measurement of the Group's freehold land, buildings and machinery & equipment

As of December 31, 2023, the fair value measurements of the plants, machinery, and equipment owned by the Group has been performed by Kale Taşınmaz Değerleme ve Danışmanlık A.Ş., an independent valuation company. The relevant valuation firm is authorized by the CMB and provides plant, machinery, and equipment valuation services in accordance with capital market regulations and possesses the necessary experience and qualifications to measure the fair value of the related machinery.

The fair value of plant, machinery and equipment is determined as replacement cost by multiplying the initial purchase cost by the average increase in foreign currency and inflation index for the period between the acquisition date and the valuation date and then adjusted for accumulated depreciation, impairment and impairment, if any, based on the experience of the valuation experts.

As at 30 June 2025, information on the Group's plant, machinery and equipment and the fair value hierarchy of these assets are shown in the table below:

	Level 1	Level 2	Level 3
Machinery and Equipment	-	4.709.954.298	-
	-	4.709.954.298	-

Tangible	Valuation	Significant	Sensitivity
Fixed Assets	Techniques	unobservable input(s)
Plant, machinery and equipment	Cost Approach	Valuation expert's estimations and depreciation rates used in the valuation.	Valuation expert's judgement based on experience impacts the fair value of machinery and equipment. A change in ratio of foreign currencies and inflation index would result in an increase in fair value, and vice versa.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 11 - INTANGIBLE ASSETS

	Initial	Rights and
	Franchise Fees	Licenses	Total
Cost:
Opening balance
as of 1 January 2025	777.924.159	1.016.353.294	1.794.277.453
Additions	20.629.601	81.306.770	101.936.371
Disposals	-	(869.563)	(869.563)
Currency translation differences	(35.835.469)	-	(35.835.469)
Closing balance
as of 30 June 2025	762.718.291	1.096.790.501	1.859.508.792
Accumulated Amortization:
Opening balance
as of	(288.634.862)	(391.615.801)	(680.250.663)
Charge for period	(14.983.891)	(53.774.545)	(68.758.436)
Disposals	-	169.082	169.082
Closing balance
as of 30 June 2025	(303.618.753)	(445.221.264)	(748.840.017)
Net Book Value	459.099.538	651.569.237	1.110.668.775

The depreciation expenses of TL 62.363.902 have been included in the cost of goods sold, and TL 6.394.535 have been included in general administrative expenses (as of June 30, 2024: TL 39.844.664 included in the cost of sales and TL 4.085.506 included in general administrative expenses).

The Group's intangible assets consist of franchise opening fees paid for new restaurants, rights and licences. The amortisation period is 20 years for franchise opening fees and 2-20 years for licences.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 11 - INTANGIBLE ASSETS (cont'd)

	Initial	Rights and
	Franchise Fees	Licenses	Total
Cost:
Opening balance
as of 1 January 2024	765.582.607	800.695.179	1.566.277.786
Additions	27.458.791	69.371.050	96.829.841
Disposals	-	(416.550)	(416.550)
Currency translation effect	(59.506.778)	-	(59.506.778)
Closing balance
as of 30 June 2024	733.534.620	869.649.679	1.603.184.299
Accumulated Amortization:
Opening balance
as of 1 January 2024	(259.720.789)	(321.884.824)	(581.605.613)
Charge for the period	(14.278.402)	(29.651.767)	(43.930.169)
Disposals	-	6.943	6.943
Closing Balance
As of 30 June 2024	(273.999.191)	(351.529.648)	(625.528.839)
Net Book Value	459.535.429	518.120.031	977.655.460

NOTE 12 - RIGHT OF USE ASSETS

	Restaurants	Property	Vehicles	Total
Cost:
Opening balance
as of 1 January 2025	13.781.085.888	231.353.121	157.322.991	14.169.762.000
Additions	1.889.697.093	20.952.689	13.284.143	1.923.933.925
Çıkışlar	(94.204.591)	-	-	(94.204.591)
Closing balance
as of 30 June 2025	15.576.578.390	252.305.810	170.607.134	15.999.491.334
Accumulated Amortization:
Opening balance
as of 1 January 2025	(7.356.831.496)	(71.040.874)	(4.806.754)	(7.432.679.124)
Charge for the period	(1.453.502.399)	(10.652.793)	(4.852.357)	(1.469.007.549)
Disposals	79.486.872	-	-	79.486.872
Closing balance as of 30 June 2025	(8.730.847.023)	(81.693.667)	(9.659.111)	(8.822.199.801)
Net Book Value	6.845.731.367	170.612.143	160.948.023	7.177.291.533

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise

indicated.)

NOTE 12 - RIGHT OF USE ASSETS (cont'd)

	Restaurants	Property	Vehicles	Total
Cost:
Opening balance
as of 1 January 2024	10.754.527.245	55.293.407	66.565.757	10.876.386.409
Additions	2.102.994.407	10.652.113	1.430.403	2.115.076.923
Disposals	(195.436.404)	-	(20.440.558)	(215.876.962)
Currency translation effect	(12.120.932)	-	-	(12.120.932)
Closing balance
as of 30 June 2024	12.649.964.316	65.945.520	47.555.602	12.763.465.438
Accumulated Amortization:
Opening balance
as of 1 January 2024	(4.848.709.500)	(36.932.199)	(46.822.124)	(4.932.463.823)
Charge for the period	(1.237.425.302)	(17.937.681)	(14.592.504)	(1.269.955.487)
Disposals	167.940.622	-	15.148.586	183.089.208
Currency translation effect	3.744.587	-	-	3.744.587

Closing balance
as of 30 June 2024	(5.914.449.593)	(54.869.880)	(46.266.042)	(6.015.585.515)
Net Book Value	6.735.514.723	11.075.640	1.289.560	6.747.879.923

The Group's right of use assets consist of restaurants, buildings and vehicles. Average lease agreements are 6 years for restaurants, 3 years for buildings and 3 years for vehicles.

Accounted for in profit or loss	1 January - 30 June 2025	1 January - 30 June 2024
Depreciation expense on right-of use assets	1.469.007.549	1.269.955.488
Interest expense on lease liabilities	352.108.422	259.350.978
Foreign exchange losses on lease liabilities (net)	53.885.855	29.762.698
Expenses related to variable lease payments
not included in the measurement of lease liabilities	1.121.231.661	1.051.848.374
Total	2.996.233.487	2.610.917.538

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 12 - RIGHT OF USE ASSETS (cont'd)

Some of the restaurant leases in which the Group is a lessee contain variable lease payment terms that depend on the sales generated from the leased stores. Variable payment terms are used to link lease payments to maintain cash flows and reduce fixed costs. The breakdown of lease payments for these stores is as follows:

	1 January - 30 June 2025	1 January - 30 June 2024
Fixed payments	1.346.222.277	958.919.863
Variable payments	1.121.231.661	1.051.848.374
Total	2.467.453.938	2.010.768.237

NOTE 13 - PROVISIONS, CONTINGENT ASSETS AND LIABILITIES

a) Litigation provisions:

	30 June 2025	31 December 2024
Litigation provisions	70.032.152	58.378.876
	70.032.152	58.378.876
The movement of provisions for litigation is as follows:
	2025	2024
Opening balance as of 1 January	58.378.876	42.311.715
Charged to expense	38.440.356	11.148.514
Litigation paid	(17.110.817)	(13.623.725)
Monetary gain/(loss)	(9.676.263)	(8.169.466)
Closing balance as of 30 June	70.032.152	31.667.038

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 13 - PROVISIONS, CONTINGENT ASSETS AND LIABILITIES (cont'd)

b) Guarantees, pledges and mortgages:

The guarantees mainly consist of letters of guarantee given to restaurant owners as rent deposits, for electricity, natural gas and water connections, and to public authorities as deposits. The majority of the balance consists of letters of guarantee given as rent deposits for restaurants and letters of guarantee given to tax authorities for a VAT refund. The number of letters of guarantee given as a rent deposit is TL 368.524.015 (31 December 2024: TL 422.279.774).

30 June 2025

GPMs given by the Group	Total TL
(Guarantees - Pledges - Mortgages)	Equivalents	USD	GEL	EUR	TL

A. Given in the Name of Its Own Legal Entity Total amount of GPMs	612.948.203	776.939	-	2.301.866	474.916.952
- Guarantees	612.948.203	776.939	-	2.301.866	474.916.952
- Mortgages	-	-	-	-	-
B. Included in the scope of full consolidation
Given in favour of included companies
GPM's given Total Amount	-	-	-	-	-
C. Total amount of GPMs given in order to
ensure the debts of other third parties
for the purpose of carrying out
ordinary commercial activities	-	-	-	-	-
D. Total amount of other GPMs given	-	-	-	-	-
Total	612.948.203	776.939		2.301.866	474.916.952

31 December 2024
GPMs given by the Group	Total TL
(Guarantees - Pledges - Mortgages)	Equivalents	USD	GEL	EUR	TL

A. Given in the Name of Its Own
Legal Entity Total amount of GPMs	524.343.019	1.530.750	-	2.627.710	381.394.112
- Guarantees	524.343.019	1.530.750	-	2.627.710	381.394.112
- Mortgages	-	-	-	-	-
B. Included in the scope of full consolidation
Given in favour of included companies
GPM's given Total Amount	-	-	-	-	-
C. Total amount of GPMs given in order to
ensure the debts of other third parties
for the purpose of carrying out ordinary commercial activities	-	-	-	-	-
D. Total amount of other GPMs given	-	-	-	-	-

Total	524.343.019	1.530.750	-	2.627.710	381.394.112

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 14 - EMPLOYEE BENEFITS

	30 June 2025	31 December 2024
Payables to personnel (*)	495.307.041	427.676.047
Social security premiums payable	169.855.962	117.499.184
Income tax payable	91.660.065	74.558.609
	756.823.068	619.733.840

(*) Amount due to personnel represents salaries and wages accrued in the last month.

b) Provisions:

Unused vacation provision Retirement pay provision	30 June 2025 257.794.735 221.940.309	31 December 2024 193.396.770 189.631.594
	479.735.044	383.028.364
c) Unused vacation provision:
	2025	2024
Opening balance as of 1 January	193.396.770	170.985.722
Increase during the period	288.139.852	126.936.275
Paid during the period (-)	(167.850.267)	(22.994.183)
Monetary gain/(loss)	(55.891.620)	(58.319.633)
Closing balance at 30 June	257.794.735	216.608.181

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 14 - EMPLOYEE BENEFITS (cont'd)

d) Retirement pay provision:

Under the Turkish Labour Law, the Group is required to pay termination benefits to each employee who has completed at least one year of service and whose employment is terminated without due cause, is called up for military service, dies or retires after completing 25 years of service and achieves the retirement age (58 for women and 60 for men). Certain transitional provisions related to the pre-retirement service period have been excluded from the law due to the change in the related law as of 23 May 2002. Accordingly, the Group is required to make lump-sum termination indemnities to each employee who retired or terminated at the date of retirement. The payment depends on the number of years the individual has been employed by the Group.

The severance pay to be paid as of June 30, 2025, is subject to a cap of TL 53.919,68 per month (December 31, 2024: TL 41.828,42).

Employment termination benefits are not legally subject to any funding. Provision for employment termination benefits is calculated by estimating the present value of the future probable obligation of the Company arising from the retirement of the employees. TAS 19 Employee Benefits requires actuarial valuation methods to be developed to estimate the enterprise's obligation under defined benefit plans. Accordingly, the actuarial assumptions used in the calculation of total liabilities are as follows:

The principal assumption is that the maximum liability for each year of service will increase in line with inflation. Accordingly, the discount rate applied represents the expected real rate after adjusting for the effects of future inflation. Therefore, provisions in the accompanying financial statements as at 30 June 2025 are calculated by estimating the present value of the future probable obligation of the Group arising from the retirement of the employees. The provisions at the respective reporting dates have been calculated assuming an annual inflation rate of 21,53% and an interest rate of 26,06%, resulting in a real discount rate of approximately 3.72% (31 December 2024: 3.50%). Voluntary termination rates are also taken into consideration as 11,66% for employees with 0-15 years of service and 0% for employees with 16 or more years of service.

	2025	2024
Opening balance as of 1 January	189.631.594	168.885.108
Service cost	136.648.883	125.283.865
Interest cost	6.932.729	2.200.264
Actuarial loss/gain	5.678.554	262.979
Retirements benefits paid (-)	(72.771.268)	(52.849.470)
Monetary gain/(loss)	(44.180.183)	(51.037.369)
Closing balance as of 30 June	221.940.309	192.745.377

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 15 - OTHER ASSETS AND LIABILITIES

Other Current Assets	30 June 2025	31 December 2024
VAT carried forward	25.204.583	15.315.984
Other	23.307.052	28.729.281
	48.511.635	44.045.265
Other Non-Current Assets	30 June 2025	31 December 2024
Evacuation costs (*)	53.029.263	7.446.415
	53.029.263	7.446.415

(*) Evacuation costs consist of premiums paid to the previous tenant to exit the property to be leased and nonrefundable deposits paid to the property owners to become a tenant in the relevant property at the beginning of the lease.

Short-Term Liabilities	30 June 2025	31 December 2024
VAT payable	128.611.164	95.386.372
Taxes and funds payable	15.115.878	4.741.361
	143.727.042	100.127.733

NOTE 16 - PREPAID EXPENSES AND CONTRACT LIABILITIES

Short-Term Prepaid Expenses	30 June 2025	31 December 2024
Advances given (*)	872.036.758	1.123.078.052
Prepaid expenses	40.329.241	26.307.654
Advances given	530.247	3.436.507
	912.896.246	1.152.822.213

^(*) The advances given for orders include TL 180.804.162 to Fasdat Gıda Dağıtım San. Tic. A.Ş.. TL 383.109.175 to Ekur İnşaat San. Tic. A.Ş.. and TL 119.013,834 to Mes Mutfak Ekip. San. Tic. A.Ş. for construction expenditures related to the Group's restaurants, raw material purchases, and operational equipment acquisitions (31 December 2024: TL 757.964.562 to Fasdat Gıda Dağıtım San. Tic. A.Ş., TL 85.173.579 to Ekur İnşaat San. Tic. A.Ş., TL 339.530.389 to Mes Mutfak Ekip. San. Tic. A. Ş., and TL 41.572.350 to ATP Yazılım ve Teknoloji A.Ş.).

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 16 - PREPAID EXPENSES AND CONTRACT LIABILITIES (cont'd)

Long Term Prepaid Expenses	30 June 2025	31 December 2024
Prepaid expenses	54.529.147	55.005.201
	54.529.147	55.005.201
Short-Term Contract Liabilities	30 June 2025	31 December 2024
Advances received (*)	118.951.232	159.443.784
Advances from customers (**)	86.246.369	136.255.921
Non-refundable advances received (***)	131.356.847	15.106.455
	336.554.448	310.806.160
Long-Term Contract Liabilities	30 June 2025	31 December 2024
Advances from customers (**)	148.186.853	139.352.982
Non-refundable advances received (***)	1.261.827	7.761.558
	149.448.680	147.114.540

(*) Advances received mainly consist of advances received from franchises.

(**) Advances received from customers consist of contractual liabilities according to IFRS 15.

(***) The Group receives incentives from its suppliers for purchasing contracts entered by the Group with the supplier. Incentives received in advance are initially recognized as advances in the consolidated statement of financial position and deducted from the cost of purchase of inventories in the related period in which the related inventory is purchased from the supplier.

NOTE 17 - EQUITY

a) Equity:

The paid-in capital structure of the Group as of 30 June 2025 and 31 December 2024 is as follows:

	30 June 2025		31 December 2024
	Share (%)	TL	Share (%)	TL
TFI TAB Gıda Yatırımları A.Ş.	79,9	208.792.000	79,9	208.792.000
Other	20,1	52.500.000	20,1	52.500.000
Nominal Capital	100	261.292.000	100	261.292.000
Inflation adjustment		3.106.380.964		3.106.380.964
Adjusted Capital		3.367.672.964		3.367.672.964

The Group's authorized and issued capital consists of 261.292.000 shares each with a registered nominal value of TL1.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 17 – EQUITY (cont'd)

b) Legal Reserves

The legal reserves represent restricted reserves appropriated from profit. The legal reserves consist of the first and second legal reserves appropriated in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of historical statutory profits at the rate of 5% per annum until the total reserve reaches 20% of historical paid-in share capital. The second legal reserve is appropriated after the first legal reserve and dividends, at the rate of 10% per annum of all cash dividend distributions.

c) Analyses of Other Comprehensive Income Items

As of 30 June 2025 and 31 December 2024 revaluation measurement gains in accordance with TAS 16 and all actuarial gains and losses calculated in accordance with TAS 19, which are recognised in other comprehensive income, net of deferred tax effect are as follows:

Not to be reclassified to profit or loss	30 June 2025	31 December 2024
Gain on revaluation and measurement	843.941.562	843.941.562
Loss on remeasurement of defined benefit plans	1.180.720	5.439.635
	845.122.282	849.381.197
To be reclassified to profit or loss	30 June 2025	31 December 2024
Currency translation differences	177.412.064	198.201.568
	177.412.064	198.201.568

Foreign currency translation differences represent the translation differences arising on the settlement and translation at each reporting date of the entities' functional currencies other than TL.

(d) Treasury Shares

During 2025, the Company repurchased 33.155 of its own shares for a total consideration of TRY 5.440.311. As of 30 June 2025, the carrying amount of treasury shares, measured at acquisition cost, totals TRY 36.145.562. As of the reporting date, no treasury shares have been sold.

NOTE 18 – REVENUE AND COST OF SALES

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Restaurant sales	17.774.081.237	16.541.203.096	9.667.321.833	9.064.313.065
Franchise revenues	2.241.452.817	1.695.533.219	1.271.269.114	976.169.707
Sales to franchised restaurants	421.962.490	341.125.369	220.216.312	181.843.821
Other sales	17.189.777	12.755.446	6.920.357	6.226.116
Sales returns (-)	(104.037.647)	(120.154.057)	(52.633.708)	(61.968.787)
	20.350.648.674	18.470.463.073	11.113.093.908	10.166.583.922

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise

indicated.)

NOTE 18 – REVENUE AND COST OF SALES (Cont'd)

The timing of the fulfilment of the performance obligation is as follows:

	1 January -	1 January -	1 April -	1 April -
	30 June 2025	30 June 2024	30 June 2025	30 June 2024
Fulfilment at a certain time	19.928.686.184	18.129.337.704	10.892.877.596	9.984.740.101
Fulfilment spread over time	421.962.490	341.125.369	220.216.312	181.843.821
	20.350.648.674	18.470.463.073	11.113.093.908	10.166.583.922

b) Cost of Sales

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Foods and materials used	(6.881.161.257)	(6.399.012.489)	(3.788.014.905)	(3.503.229.107)
Personnel expenses	(3.884.240.181)	(3.435.951.761)	(1.902.808.343)	(1.700.958.889)
General production cost	(2.559.380.636)	(2.230.747.263)	(1.371.458.047)	(1.068.860.811)
Amortization expenses related with leases	(1.431.561.846)	(1.237.583.717)	(740.079.517)	(623.135.080)
Rent expenses	(1.123.898.827)	(1.016.275.581)	(626.375.401)	(696.926.498)
Amortization expenses	(895.833.210)	(827.627.672)	(456.695.855)	(431.020.184)
Cost of sales to
Franchised restaurants	(184.782.094)	(141.996.280)	(98.243.679)	(75.211.166)
Cost of merchandise sold	(102.891.476)	(82.290.909)	(64.737.473)	(42.906.748)
	(17.063.749.527)	(15.371.485.672)	(9.048.413.220)	(8.142.248.483)

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOT 19 – MARKETING, SELLING AND DISTRIBUTION AND ADMINISTRATIVE EXPENSES

a) General Administrative Expenses

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Personnel expenses	(376.460.228)	(274.845.629)	(170.998.460)	(126.115.633)
Financial and legal
consultancy expenses	(112.150.201)	(77.522.930)	(49.696.456)	(37.645.683)
Depreciation and amortization
expenses (Note: 10, 11) (*)	(94.461.148)	(84.861.492)	(49.433.834)	(44.195.014)
Depreciation expenses from
lease transactions (Note: 12)	(37.445.703)	(32.371.771)	(16.979.948)	(16.299.492)
Maintenance and repair expenses	(36.616.341)	(31.888.056)	(17.941.555)	(14.981.392)
Office and general administrative
expenses	(22.394.552)	(34.537.626)	(15.608.417)	(26.604.540)
Travel expenses	(14.503.288)	(17.527.247)	(7.267.622)	(7.882.978)
Electricity and fuel expenses	(9.970.466)	(10.683.860)	(5.020.604)	(5.225.612)
Duties, fees, and other
tax expenses	(3.077.560)	(3.742.373)	(1.551.391)	(2.779.579)
Insurance expenses	(2.664.794)	(3.774.722)	12.282.230	(921.930)
Other	(51.199.260)	(94.484.867)	(22.550.998)	(70.114.514)
	(760.943.541)	(666.240.573)	(344.767.055)	(352.766.367)

(*) Depreciation and amortization expenses include amortization of key money amounting to TL 2.606.144. (June 30, 2024: None)

b) Marketing Expenses

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Marketing and advertising expenses	(846.087.563)	(762.796.782)	(424.776.245)	(335.761.581)
Commission expenses	(94.076.871)	(99.784.074)	(55.797.140)	(49.859.358)
Other	(9.103.065)	(8.887.082)	(5.071.384)	(4.391.458)
	(949.267.499)	(871.467.938)	(485.644.769)	(390.012.397)

NOTE 20 – EXPENSE BY NATURE

The details of depreciation, amortisation and personel expenses by expense accounts are as follows:

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Cost of sales	(895.833.210)	(827.627.672)	(456.695.855)	(431.020.184)
General administrative expenses	(91.855.004)	(84.861.492)	(46.827.690)	(44.195.014)
	(987.688.214)	(912.489.164)	(503.523.545)	(475.215.198)

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 20 – EXPENSE BY NATURE (Cont'd)

The breakdown of amortisation expenses related to rights of use by expense accounts is as follows:

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Cost of sales	(1.431.561.846)	(1.237.583.717)	(740.079.517)	(623.135.080)
General administrative expenses	(37.445.703)	(32.371.771)	(16.979.948)	(16.299.492)
	(1.469.007.549)	(1.269.955.488)	(757.059.465)	(639.434.572)

The details of personnel expenses by expense accounts are as follows:

	(4.260.700.409)	(3.710.797.390)	(2.073.806.803)	(1.827.074.522)
General administrative expenses	(376.460.228)	(274.845.629)	(170.998.460)	(126.115.633)
Cost of sales	(3.884.240.181)	(3.435.951.761)	(1.902.808.343)	(1.700.958.889)
	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024

NOTE 21 – OTHER OPERATING INCOME AND EXPENSES

a) Other Operating Income

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2025
Foreign exchange gains
on trade receivables	121.799.252	67.259.061	53.267.826	9.881.440
Litigation income	52.111.003	-	1.978.769	-
Rediscount income	44.357.121	148.812.210	28.268.548	95.994.985
Waste oil income (*)	36.038.501	31.979.241	18.944.416	16.363.167
Salary protocol income	-	14.665.524	-	4.516.325
Interest income on
trade receivables	2.358.000	861.854	1.212.730	341.811
Other	34.776.234	44.065.056	14.200.096	29.401.605
	291.440.111	307.642.946	117.872.385	156.499.333

(*) Revenues from waste oils sold domestically.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 21 – OTHER OPERATING INCOME AND EXPENSES (Cont'd)

b) Other Operating Expense

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Pre-opening restaurant
expenses (*)	(153.793.991)	(196.420.188)	(101.715.966)	(102.989.801)
Rediscount expenses	(102.588.111)	(11.312.532)	(53.213.783)	10.097.476
Foreign exchange losses
on trade payables	(22.592.649)	(25.149.490)	(9.709.973)	6.214.435
Litigation and enforcement
expenses	(17.110.817)	(13.623.725)	(9.088.307)	(7.160.275)
Recycling participation fee	(9.445.296)	(8.229.624)	(4.629.992)	(4.447.977)
Other (**)	(124.908.261)	(34.408.825)	(61.863.281)	(19.368.239)
	(430.439.125)	(289.144.384)	(240.221.302)	(117.654.381)

(*) Pre-opening restaurant expenses directly consist of pre-opening costs for new restaurants. There is construction process to prepare the restaurant for operation. During this process, the Group has to pay rent for the restaurant, employ the personnel to work in the restaurant and provide training to these personnel. Rent expenses, personnel expenses and personnel training expenses are recognised in preopening expenses. In addition, rent, electricity, water and natural gas expenses of temporarily closed restaurants are included in pre-opening expenses.

(**) Other expenses consist of fines, insurance loss damages, various tax payments, and other miscellaneous expenses.

NOT 22 – INCOME AND EXPENSES FROM INVESTING ACTIVITIES

a) Income from investing activities

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Interest income	842.412.432	1.073.529.934	458.945.265	545.658.639
Foreign exchange gains on
investing activities	22.474.423	23.592.957	13.023.044	-
Insurance damage income	8.563.882	16.105.071	-	-
Insurance loss of profit income	857.689	272.441	484.334	121.545
	874.308.426	1.113.500.403	472.452.643	545.780.184

b) Expense from investing activities

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Losses on disposal of property
plant and equipment	(39.516.774)	(7.425.411)	(17.217.612)	-
Foreign exchange losses
related to investing activities	-	(24.213.584)	-	(22.145.521)
Closed restaurant expenses	(1.930.495)	(29.900)	-	-
Other	(2.754.935)	(2.665.404)	(2.255.535)	(2.665.404)
	(44.202.204)	(34.334.299)	(19.473.147)	(24.810.925)

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOT 23 – FINANCE INCOME AND FINANCE EXPENSES

a) Finance income

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Foreign exchange gains Interest income from related parties	465.152.643	203.243.654	237.620.884	142.482.595
	465.152.643	203.243.654	237.620.884	142.482.595

b) Finance expense

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April -30 30 June 2024
Interest expenses on
lease liabilities (Note 6)	(352.108.422)	(259.350.978)	(188.685.888)	(126.906.720)
Credit card commission expenses	(202.600.467)	(182.733.736)	(110.517.075)	(99.038.405)
Foreign exchange losses on
lease liabilities (Note 6)	(53.885.855)	(29.762.698)	(30.546.654)	(3.711.575)
Letter of guarantee commission
expenses	(3.251.134)	(7.006.927)	(1.719.053)	(2.927.398)
Interest expenses (Note 5)	(279.804)	(5.499.227)	(195.257)	(4.680.991)
Other	(16.616.570)	(35.360.570)	(9.318.955)	(25.430.327)
	(628.742.252)	(519.714.136)	(340.982.882)	(262.695.416)

NOTE 24 – INCOME TAXES (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES)

Current tax liability			30 June 2025	31 December 2024
Current corporate tax provision			176.873.646	765.805.096
Less: prepaid taxes and funds			(106.225.708)	(422.024.530)
			70.647.938	343.780.566
	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Current tax expense	(176.873.646)	(257.748.080)	(126.139.849)	(94.719.194)
Deferred tax income	(108.677.580)	(233.753.714)	(19.521.111)	(108.844.670)
	(285.551.226)	(491.501.794)	(145.660.960)	(203.563.864)

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 24 – INCOME TAXES (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES) (cont'd)

Corporate tax

The Group is subject to corporate tax in Turkey. Provision is made in the accompanying consolidated financial statements for the estimated charge based on the Group's results for the current period.

Corporate tax is payable on taxable corporate income, which is calculated by adding back non-deductible expenses to the tax base and deducting dividends received from resident companies, income not subject to tax and investment incentives used.

As of 30 June 2025, the statutory tax rate is 25% (31 December 2024: 25%).

In Turkey, advance tax is payable on a quarterly basis. Taxes are payable at the statutory corporate tax rate.

Pursuant to Article 35 of Law No. 7256 on the Restructuring of Certain Receivables and Amendments to Certain Laws, published in the Official Gazette dated 17 November 2020 and numbered 31307, an additional paragraph was incorporated into Article 32 of the Corporate Tax Law No. 5520. In accordance with this provision, entities whose shares are offered to the public for the first time on Borsa İstanbul Equity Market at a minimum rate of 20% are entitled to a 2 percentage point reduction in the corporate tax rate on their taxable profits for five consecutive fiscal periods, starting from the fiscal period in which the shares are initially offered to the public.

Accordingly, in line with the relevant legislation, the Group has applied an effective tax rate of 23%. Losses can be carried forward for a maximum of 5 years to be deducted from future taxable income.

In Turkey, there is no definite and definitive reconciliation procedure for tax assessments. Companies file their tax returns between 1-25 April of the year following the close of the accounting period of the relevant year (between 1-25 of the fourth month following the close of the period for those with special accounting periods). These tax returns and the underlying accounting records can be reviewed and amended by the tax office within 5 years.

In addition to the tax liabilities of companies in Turkey, foreign subsidiaries and operations are also subject to corporate tax in their respective countries. This tax is recognised separately in current tax expense. The statutory tax rates applicable in the countries in which the Group operates are summarised below:

Countries	Corporate tax rate		Prepaid tax rate (%)
Turkish Republic of Northern Cyprus (TRNC) (*)	10%		15%
Macedonia	10%		10%
Georgia	15%	10%

(*) According to the corporate tax law in force in the TRNC, 10% corporate tax is paid on pre-tax income and 15% income tax withholding is levied on the remaining amount, whether or not the profit is distributed.

Income withholding tax

In addition to corporate income tax, companies should also calculate income withholding tax on dividends distributed, except for companies receiving dividends and declaring such dividends as part of their corporate income, and branches of foreign companies in Turkey. In Turkey, income tax withholding tax was applied as 10% for all companies between 24 April 2003 and 22 July 2006 and then increased to 15%. Dividends that are not distributed but capitalised are not subject to withholding tax.

Deferred tax

The Group recognises deferred tax assets and liabilities based upon temporary differences arising between its financial statements as reported under POA Financial Reporting Standards and its statutory tax financial statements.

The tax rate used in the calculation of deferred tax assets and liabilities is 25% (2024: 25%).

The venture capital investment fund deduction is regulated under Article 325/A of the Tax Procedure Law (VUK). According to this regulation, companies may set aside a venture capital fund from the profit for the relevant period for the purpose of acquiring venture capital investment fund (VCIF) units. The amount of such fund shall not exceed 10% of the corporate income and 20% of the shareholders' equity. In addition, Article 10/1-g of the Corporate Tax Law stipulates that, provided that the amount set aside as a venture capital fund in accordance with Article 325/A of the Tax Procedure Law is separately disclosed on the corporate tax return, the portion not exceeding 10% of the declared income may be deducted from the corporate income in determining the corporate tax base.

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 24 – INCOME TAXES (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES) (cont'd)

The deferred tax asset and liabilities consist of the following:

	30 June 2025	31 December 2024
Revaluation and revaluation
of property, plant and equipment depreciation
/ amortisation of intangible assets	1.859.587.740	1.606.170.834
Social security premium cancellations	(15.056.034)	(9.385.609)
Lease liabilities	(78.094.715)	(64.150.569)
Provision for employment termination benefit (Note 14)	(57.261.266)	(47.407.899)
Provision for unused vacation (Note 14)	(64.448.684)	(48.349.193)
Contractual obligations	(19.060.303)	(24.789.915)
Litigation provisions (Note 13)	(17.110.817)	(14.594.719)
Other	(283.352.528)	(175.681.194)
	1.325.203.393	1.221.811.736

As of 30 June 2025 and 2024, the movement of deferred tax (asset)/liability for the periods ended are as follows:

	2025	2024
Opening balance as of 1 January	1.221.811.736	951.824.376
Accounted for in the income statement	108.677.580	233.753.714
Accounted under equity	(1.419.639)	(65.746)
Monetary gain/(loss)	(3.866.284)	(2.092.453)
Closing balance on 30 June	1.325.203.393	1.183.419.891

NOTE 25 – RELATED PARTY DISCLOSURES

The Group enters into various transactions with related parties in the ordinary course of business. The Group has a number of operational and financial relationships with its shareholders and companies owned by its shareholders. Receivables and payables from related parties arising from operational activities generally arise from the ordinary course of business. These transactions are as follows:

(1) Purchases from related parties: TAB Gıda supplies meat, bread, fresh vegetables and other fast food products for its restaurants through Fasdat Gıda. It purchases machinery and equipment from MES Mutfak. Ekur provides construction, renovation, refurbishment and project drawing services for TAB Gıda restaurants before restaurant openings. Marketing, promotion and advertising activities of TAB Gıda products are carried out by Reklam Üssü.
(2) Commissions received from related parties: TAB Gıda receives royalties on the turnover of related party franchise restaurants at a predetermined fixed rate.
(3) Other significant transactions with related parties: TAB Gıda receives information technology services related to cash registers in restaurants. In addition, information technology services and IT based operations of the Group are provided by ATP Yazılım ve Teknoloji A.Ş. TAB Gıda's takeaway service is provided by Ata Express Elektronik İletişim Tanıtım Pazarlama Dağıtım San. ve Tic. A.Ş.
(4) Investment transactions with related parties: TAB Gıda manages its financial investments through Ata Yatırım Menkul Kıymetler A.Ş., one of the Group's financial institutions.

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

30 June 2025	Trade Receivables	Trade Receivables	Trade Payables
Balances with related parties	Current	Non-Current	Current
Shareholder
TFI TAB Gıda Yatırımları A.Ş.	-	-	(16.854.492)
Other companies controlled by the parent company
Fasdat Gıda Dağıtım San. ve Tic A.Ş.	-	-	(1.330.528.863)
Reklam Üssü San. ve Dış Tic. A.Ş.	-	-	(217.780.136)
Ekur Et Entegre San. ve Tic. A.Ş.	43.035	-	(1.012.689)
Ekur İnşaat San.Tic.A.Ş.	-	-	(257.978.760)
Atp Ticari Bilgi.Elk.Güç Kaynakları A.Ş.	-	-	(11.792.752)
Seraş Servis Organizasyonları ve Ticaret A.Ş.	-	-	(173.826)
Arbeta Turizm Org.ve Tic.A.Ş.	-	-	(3.428.139)
Ata Express Elektronik İletişim Tanıtım Paz.	870.357.923	-	-
Ata Yatırım Menkul Kıymetler A.Ş.	-	-	(143.827.767)
Ata Yatırım Gayrimenkul Yatırım Ortaklığı A.Ş.	-	-	(2.943.404)
Other related parties
Beray Gıda Bilişim Otomotiv San. Ve Tic.Ltd.Şti.	782.532	-	-
Tusem Gıda ve Turizm İşletmeleri Tic. Ltd. Şti.	1.481.825	-	-
Kınık Maden Suları A.Ş.	11.633.467	-	-
İntiba Gıda İmalat Ve Tic.Ltd.Şti.	220.059	-	-
Other	2.378.923	-	(432.970)
	886.897.764	-	(1.986.753.798)

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

31 December 2024	Trade	Trade	Trade Payables
Balances with related parties	Receivables - current	Receivables Non-Current	Current
Shareholder
TFI TAB Gıda Yatırımları A.Ş.	-	-	(13.796.245)
Other related parties
Fasdat Gıda Dağıtım San. ve Tic A.Ş.	-	-	(1.489.331.998)
Reklam Üssü San. ve Dış Tic. A.Ş.	-	-	(77.487.282)
Ekur Et Entegre San. ve Tic. A.Ş.	-	-	(1.222.282)
ATP Yazılım ve Teknoloji A.Ş.	-	-	(35.212)
Seraş Servis Organizasyonları ve Ticaret A.Ş.	-	-	(1.062.498)
Bedela İnşaat ve Ticaret A.Ş.	-	-	(33.884)
Arbeta Turizm Org.ve Tic.A.Ş.	-	-	(3.579.307)
Ata Express Elektronik İletişim Tanıtım Paz.	839.806.032	-	-
Ata Yatırım Menkul Kıymetler A.Ş.	-	-	(308.284)
Ata Yatırım Gayrimenkul Yatırım Ortaklığı A.Ş.	-	-	(2.329.319)
Ata Yatırım Gayrimenkul Geliştirme Yat. İnş. A.Ş.	-	-	(95.513)
Other related parties
Beray Gıda Bilişim Otomotiv San. Ve Tic.Ltd.Şti.	744.752	-	-
Tusem Gıda ve Turizm İşletmeleri Tic. Ltd. Şti.	1.005.686	-	-
Kınık Maden Suları A.Ş.	11.469.387	-	-
İntiba Gıda İmalat ve Tic.Ltd.Şti.	302.173	-	-
Diğer	1.370.728	-	(2.086.383)
	854.698.758	-	(1.591.368.207)

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

1 January – 30 June 2025			Commission
Transaction with related parties	Purchases	Sales	received	Rent expense	Rent income	Other income	Other income
Shareholder
TFI TAB Gıda Yatırımları A.Ş.	(103.722.097)	30.308	-	-	-	-	-
Other companies controlled by the parent company
Fasdat Gıda Dağ. San.ve Tic A.Ş.	(7.537.694.898)	364.206.219	-	-	-	-	-
Ata Ekspress Elk. İlt. Tan. A.Ş.	(95.600.461)	3.886.269.462	-	-	-	-	-
Ekur Et Entegre Sanayi ve Ticaret A.Ş.	-	65.709	-	-	-	-	-
Reklam Üssü San. ve Dış Tic. A.Ş.	(815.426.117)	34.175.948	7.345.910	(2.722.638)	-	-	-
ATP Yazılım ve Teknoloji A.Ş.	(219.455.293)	1.887.906	-	-	-	-	-
Seraş Servis Org. ve Ticaret A.Ş.	(5.702.651)	-	-	-	-	-	-
Ata Gayr. Yatırım Ortaklığı A.Ş.	(1.253.667)	-	-	(14.350.540)	-	-	-
Bedela İnşaat ve Ticaret A.Ş.	(92.484)	-	-	(10.035.319)	-	-	-
Arbeta Turizm Org.ve Tic.A.Ş.	(26.484.544)	-	-	-	-	-	-
Ekur İnşaat Sanayi ve Tic. A.Ş.	(392.886.638)	7.245.023	7.320.397	-	5.446.261	-	-
Other related parties
Tusem Gıda ve Tur. İşl. Tic. Ltd. Şti.	(1.137.654)	2.309.138	4.056.022	-	2.671.020	-	-
Mes Mutfak Ekp. Tic. A.Ş.	(637.949.094)	68.340.070	-	-	-	-	-
Ertuğ Reklam San.ve Tic. A.Ş	(974.529)	-	-	-	-	-	-
Kınık Maden Suları A.Ş.	(2.757.102)	3.706.908	12.138.238	-	7.758.950	-	-
Beray Bil. Mar. İnş. Ltd. Şti.	(8.810)	653.102	2.404.930	-	1.370.141	-	-
Konuk Ağırlama Teknolojileri ve Uyg. A.Ş.	(1.088.561)	1.921.528	6.403.693	-	12.347.381	-	-
Ata Yatırım Menkul Kıymetler A.Ş.	(224.002)	28.582	-	-	-	-	-
Zenia Limited	(49.662.381)	-	-	-	-	-	-
	(9.892.120.983)	4.370.839.904	39.669.191	(27.108.497)	29.593.753

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

1 January – 30 June 2024			Commission
Transaction with related parties	Purchases	Sales	received	Rent expense	Rent income	Other income	Other income
Shareholder
TFI TAB Gıda Yatırımları A.Ş.	(55.383.512)	291.915	-	-	-	-	(10.084.656)
Other companies controlled by the parent company
Fasdat Gıda Dağ. San.ve Tic A.Ş.	(6.983.219.500)	11.922.670	-	-	-	-	(5.151)
Ata Ekspress Elk. İlt. Tan. A.Ş.	(77.491.759)	4.117.405.378	-	-	8.690	-	-
Ekur Et Entegre Sanayi ve Ticaret A.Ş.	-	149.740	-	-	-	-	-
Reklam Üssü San. ve Dış Tic. A.Ş.	(706.917.156)	9.747.258	1.851.140	(2.375.369)	-	12.587.126	(99.270)
ATP Yazılım ve Teknoloji A.Ş.	(396.237.701)	5.103.631	-	-	-	-	-
Seraş Servis Org. ve Ticaret A.Ş.	(9.862.980)	-	-	-	-	-	-
Ata Gayr. Yatırım Ortaklığı A.Ş.	(3.858.716)	42.036	-	(11.383.334)	-	-	-
Ata Gayrimenkul Gel. Yat. Ve İnş. A.Ş.	(81.772)	32.647	-	-	-	-	-
Ata Portföy Yönetimi A.Ş.	-	150.859	-	-	-	-	-
Ata Holding A.Ş.	(2.289.081)	423.407	-	-	-	-	-
Bedela İnşaat ve Ticaret A.Ş.	(97.118)	-	-	(9.932.704)	-	-	-
Arbeta Turizm Org.ve Tic.A.Ş.	(20.252.318)	-	-	-	-	-	-
Ekur İnşaat Sanayi ve Tic. A.Ş.	(621.446.594)	3.300.087	5.379.273	-	2.027.266	3.521.664	(18.228.639)
Other related parties
Tusem Gıda ve Tur. İşl. Tic. Ltd. Şti.	(66.733)	3.205.261	3.539.665	-	-	-	-
Mes Mutfak Ekp. Tic. A.Ş.	(898.328.745)	10.585.269	-	(4.693.088)	-	-	-
Ertuğ Reklam San.ve Tic. A.Ş	(1.442.066)	-	-	-	-	-	-
Kınık Maden Suları A.Ş.	(1.367.432)	6.934.773	12.040.144	-	3.177.261	-	(213.559)
Beray Bil. Mar. İnş. Ltd. Şti.	(66.396)	1.532.676	2.550.568	-	604.709	-	-
Konuk Ağırlama Teknolojileri ve Uyg. A.Ş.	(37.047)	6.664.380	6.505.052	-	4.394.668	-	-
Sedko İnşaat ve Tic. .A.Ş.	(856.206)	-	-	(856.206)	-	-	-
Ata Yatırım Menkul Kıymetler A.Ş.	-	624.708	-	-	-	-	-
Zenia Limited	(43.530.062)	-	-	-	-	-	-
	(9.822.832.896)	4.178.116.694	31.865.843	(29.240.700)	10.362.636	16.108.790	(28.631.275)

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

1 April – 30 June 2025			Commission
Transaction with related parties	Purchases	Sales	received	Rent expense	Rent income	Other expense	Other income

Shareholder
TFI TAB Gıda Yatırımları A.Ş.	(46.631.901)	-	-	-	-	-	-
Other companies controlled by the parent company
Fasdat Gıda Dağ. San.ve Tic A.Ş.	(4.195.673.009)	6.648.984	-	-	-	-	-
Ata Ekspress Elk. İlt. Tan. A.Ş.	(95.600.461)	2.164.748.994	-	-	-	-	-
Ekur Et Entegre Sanayi ve Ticaret A.Ş.	-	39.467	-	-	-	-	-
Reklam Üssü San. ve Dış Tic. A.Ş.	(431.769.154)	21.270.001	4.508.172	(1.432.024)	-	-	-
ATP Yazılım ve Teknoloji A.Ş.	(127.433.483)	500.119	-	-	-	-	-
Seraş Servis Org. ve Ticaret A.Ş.	(2.452.357)	-	-	-	-	-	-
Ata Gayr. Yatırım Ortaklığı A.Ş.	(618.134)	-	-	(7.774.239)	-	-	-
Bedela İnşaat ve Ticaret A.Ş.	-	-	-	(5.052.252)	-	-	-
Arbeta Turizm Org.ve Tic.A.Ş.	(15.443.122)	-	-	-	-	-	-
Ekur İnşaat Sanayi ve Tic. A.Ş.	(293.378.539)	4.310.398	4.389.749	-	3.047.856	-	-
Other related parties
Tusem Gıda ve Tur. İşl. Tic. Ltd. Şti.	(1.110.754)	1.259.791	2.160.884	-	1.405.900	-	-
Mes Mutfak Ekp. Tic. A.Ş.	(326.796.210)	33.548.764	-	-	-	-	-
Ertuğ Reklam San.ve Tic. A.Ş.	(263.072)	-	-	-	-	-	-
Kınık Maden Suları A.Ş.	(2.164.996)	2.163.445	6.667.320	-	4.070.477	-	-
Beray Bil. Mar. İnş. Ltd. Şti.	(6.182)	475.482	1.340.478	-	745.428	-	-
Konuk Ağırlama Teknolojileri ve Uyg. A.Ş.	(1.088.561)	990.841	3.775.896	-	6.607.971	-	-
Sedko İnşaat ve Tic. A.Ş.	(224.002)	582	-	-	-	-	-
Zenia Limited	(27.308.242)	-	-	-	-	-	-
	(5.567.962.179)	2.235.956.868	22.842.499	(14.258.515)	15.877.632	-	-

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

1 April – 30 June 2025			Commission
Transaction with related parties	Purchases	Sales	received	Rent expense	Rent income	Other expense	Other income
Shareholder
TFI TAB Gıda Yatırımları A.Ş.	(22.323.677)	-	-	-	-	-	(10.084.656)
Other companies controlled by the parent company
Fasdat Gıda Dağ. San.ve Tic A.Ş.	(4.037.993.840)	4.618.620	-	-	-	-	(5.151)
Ata Ekspress Elk. İlt. Tan. A.Ş.	(29.895.785)	2.325.284.453	-	-	-	-	-
Ekur Et Entegre Sanayi ve Ticaret A.Ş.	-	81.971	-	-	-	-	-
Reklam Üssü San. ve Dış Tic. A.Ş.	(304.871.592)	8.370.950	961.663	(1.464.564)	-	3.904.233	(99.270)
ATP Yazılım ve Teknoloji A.Ş.	(218.097.415)	2.504.117	-	-	-	-	-
Seraş Servis Org. ve Ticaret A.Ş.	(5.510.414)	-	-	-	-	-	-
Ata Gayr. Yatırım Ortaklığı A.Ş.	(426.570)	15.521	-	(6.424.970)	-	-	-
Ata Gayrimenkul Gel. Yat. Ve İnş. A.Ş.	(81.772)	14.005	-	-	-	-	-
Ata Portföy Yönetimi A.Ş.	-	65.818	-	-	-	-	-
Ata Yatırım Menkul Kıymetler A.Ş.	-	259.007	-	-	-	-	-
Ata Holding A.Ş.	-	190.381	-	-	-	-	-
Bedela İnşaat ve Ticaret A.Ş.	(97.118)	-	-	(4.947.842)	-	-	-
Arbeta Turizm Org.ve Tic.A.Ş.	(11.032.924)	-	-	-	-	-	-
Ekur İnşaat Sanayi ve Tic. A.Ş.	(323.459.393)	2.878.992	2.960.825	-	-	1.892.887	(18.228.639)
Other related parties
Tusem Gıda ve Tur. İşl. Tic. Ltd. Şti.	(41.129)	2.448.303	1.984.081	-	(1.031.219)	-	-
Mes Mutfak Ekp. Tic. A.Ş.	(501.645.538)	1.891.512	-	(4.693.088)	-	-	-
Ertuğ Reklam San.ve Tic. A.Ş.	(1.148.156)	-	-	-	-	-	-
Kınık Maden Suları A.Ş.	(657.166)	5.410.733	6.717.549	-	-	-	(213.559)
Beray Bil. Mar. İnş. Ltd. Şti.	(35.205)	1.328.100	1.504.940	-	-	-	-
Konuk Ağırlama Teknolojileri ve Uyg. A.Ş.	(10.434)	5.685.731	3.927.663	-	-	-	-
Sedko İnşaat ve Tic. A.Ş.	-	-	-	(856.206)	-	-	-
Zenia Limited	(22.038.931)	-	-	-	-	-	-
	(5.479.367.059)	2.361.048.214	18.056.721	(18.386.670)	(1.031.219)	5.797.120	(28.631.275)

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 25 – RELATED PARTY DISCLOSURES (cont'd)

Advances given to related parties	30 June 2025	31 December 2024
Fasdat Gıda Dağıtım San. Tic. A.Ş.	180.804.162	757.964.562
Ekur İnşaat San. Tic. A.Ş.	383.109.175	85.173.579
Mes Mutfak Ekip. San. Tic. A. Ş.	119.013.834	339.530.389
ATP Yazılım ve Teknoloji A.Ş.	-	41.572.350
	682.927.171	1.224.240.880

Other transactions with related parties

As of 30 June 2025, the Group's financial investments amounting to TL 2.064.758.139 are managed through Ata Yatırım Menkul Kıymetler A.Ş. (31 December 2024: TL 2.115.257.802).

Income amounting to TL 464.982.499 was generated during the period.

Benefits provided to board members and senior management personnel are as follows:

	30 Haziran 2025	30 June 2024
Salaries and other short-term benefits	63.296.024	52.475.117
	63.296.024	52.475.117

The Company consists of senior management and members of the Board of Directors. Benefits provided to senior executives include salaries, bonuses and health insurance.

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES

Financial risk management is carried out within the framework of policies approved by the Board of Directors of the Group. The majority of the members of the Group's Board of Directors consists of members from Kurdoğlu family. The Group's financial operations and risk assessment policies are managed centrally. Subsidiaries are administered as if they have a holding structure and risk assessment policies and procedures are centrally managed. The risk management policies of all these companies are disclosed as if they were within the Group holding structure.

In the normal course of business operations, the Group is exposed to various market risks such as fluctuations in exchange rates, interest rates, and raw material prices for products that are beyond its control, and these fluctuations may have a negative impact on financial assets and liabilities, future cash flows and profit. The Group's risk management program generally aims to minimize the effects of the financial market's uncertainty on the Group's financial performance.

The Group's main financial instruments are bank loans, leases, debt given to related parties, cash and short term deposits. The main purpose of these financial instruments is to generate financing for the Group's activities. The Group also has other various financial instruments resulting from its direct operations, such as trade payables and trade receivables.

The main risks arising from the Group's financial instruments are interest rate risk, foreign exchange risk, credit risk, and liquidity risk. The management develops and approves implementation policies to manage these risks.

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

a) Capital Risk Management

In capital management, the Group aims to increase its profit by using the debt and equity balance in the most efficient way while trying to ensure the continuity of its operations.

The Group's capital structure includes debts, including loans described in Note 5, and equity items, including cash and cash equivalents described in Note 3, issued capital described in Note 17, reserves and retained earnings from the previous year.

The Group evaluates the risks associated with each capital class with the capital cost by upper management. The Group aims to keep the capital structure balanced through new debt acquisition or repayment of existing debt, as well as through dividend payments, new shares issuance, and share repurchases, based on the upper management's suggestions.

The Group's net debt and capital position is as follows:

	30 June 2025	31 December 2024
Total borrowings	37.912.592	25.190.536
Less: cash and cash equivalents	5.380.882.258	4.924.009.587
Net Debt	(5.342.969.666)	(4.898.819.051)
Total Equity	19.003.488.612	18.484.537.281

b) Financial Risk Factors

The risk management program is generally focused on minimizing the potential adverse effects of financial market uncertainty on the Group's financial performance.

The Group's risk management is carried out by a central finance department in line with policies approved by the Board of Directors. While providing services related to commercial activities, the Group's finance department is also responsible for ensuring regular access to domestic and foreign financial markets and monitoring the level and magnitude of financial risks related to the Group's activities.

b.1) Credit Risk Management

The risk of a financial loss to the Group due to a party to a financial instrument failing to meet its contractual obligations is defined as credit risk. The Group tries to reduce the credit risk by only conducting transactions with creditworthy parties and trying to obtain adequate collateral when possible. The credit risks that the Group is exposed to and the customers' credit ratings are continuously monitored.

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

b.1) Credit Risk Management (cont'd)

A large part of trade receivables are receivables from sub-franchisee companies. The credibility of sub-franchisee companies is determined by the analyses carried out on the financial structure by the franchise department and the credibility of the sub-franchisee company shareholders. In addition, during the sub-franchise agreement process, the Group requests the establishment of a credit limit with an intermediary financial institution for sub-franchisees. The credit limit is determined according to the commercial transaction volume of the sub-franchisee. According to these credit limit agreements, the Group can directly collect from financial institutions in case the receivable's due date is passed. The limit and collection risk are continuously reviewed by the Group's finance department. Also, the Group continuously conducts credit assessments about the financial status of sub-franchisees.

The total amount of credit limits opened as receivable collateral for sub-franchisees is TL 87.869.963 (30 June 2024: TL 88.978.833). The level of risks and collateral structure are constantly monitored by the Group Management.

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 25 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

30 June 2025	Trade Receivables Related Party	Trade Receivables Other Party	Other Receivables Related Party	Receivables Other Party	Other Bank Deposits	Restricted Cash
Maximum credit risk exposed (A+B+C+D+E)
- The part of maximum risk under
guarantee with collateral	886.897.764	1.080.163.778	-	39.978.943	5.238.973.217	2.118.730.766
A. Net book value of financial assets that
are neither past due or impaired	886.897.764	1.080.163.778	-	39.978.943	5.238.973.217	2.118.730.766
B. Net book value of financial assets
that are renegotiated	-	-	-	-	-	-
C. Carrying value of financial assets
that past due but not impaired
- The part of net value under guarantee
with collateral etc.	-	-	-	-	-	-
D. Net book value of impaired assets
- Gross carrying amount	-	12.979.436
- Impairment	-	(12.979.436)	-	-	-	-
- The part of net value under guarantee
with collateral etc.	-	-	-	-	-	-
E. Off-balance sheet items with credit risk (-)	-	-	-	-	-	-

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

	Trade	Trade	Other	Other	Bank Deposits	Restricted Cash
31 December 2024	Receivables Related Party	Receivables Other Party	Receivables Related Party	Receivables Other Party
Maximum credit risk exposed (A+B+C+D+E) - The part of maximum risk under guarantee with collateral	854.698.758	760.796.997	-	41.531.183	4.845.816.667	2.164.523.227
A. Net book value of financial assets that
are neither past due or impaired	854.698.758	760.796.997	-	41.531.183	4.845.816.667	2.164.523.227
B. Net book value of financial assets
that are renegotiated	-	-	-	-	-	-
C. Carrying value of financial assets
that past due but not impaired	-	-	-	-	-	-
- The part of net value under guarantee
with collateral etc.	-	-	-	-	-	-
D. Net book value of impaired assets
- Gross carrying amount	-	15.143.618	-	-	-	-
- Impairment	-	(15.143.618)	-	-	-	-
- The part of net value under guarantee
with collateral etc.	-	-	-	-	-	-
E. Off-balance sheet items with credit risk (-)	-	-	-	-	-	-

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

b.2) Market risk management

The Group's activities expose it to financial risks associated with changes in foreign exchange rates (b.3.1), interest rates (b.3.2) and commodity price risk (b.3.3).

The Group's policy for these market risks is to assess potential losses and their consolidated impact and to minimise the Group's exposure to market risks. The Group's overall risk management plan focuses on the uncertainty of financial markets and seeks to minimise the potential adverse effects on the Group's financial performance. The Group management continuously assesses fluctuations in foreign currency exchange rates, interest rates and commodity prices.

b.3) Liquidity risk management

The Group manages liquidity risk by regularly monitoring forecast and actual cash flows with the treasury department and ensuring that sufficient funds and borrowing reserves are maintained by matching the maturities of financial assets and liabilities. To eliminate the risk of fund requirements, the Group has various credit lines with the most reputable financial institutions in Turkey. The Group currently has adequate credit lines and expects to keep these available credit lines available for utilisation and to renew existing credit balances as they fall due. The Group management believes that it will be able to obtain short-term financing as and when required. In addition, the Group has improved its credit lines and extended the terms of its trade payables.

Liquidity Risk Statement

The following table summarises the maturity profile of the Group's non-derivative financial liabilities. The table includes interest and principal amounts payable on the liabilities:

		Contractual
	Carrying	cash	Less than	Between	1 year
30 June 2025	value	flows	3 months	3-12 months	and over

Bank loans	37.912.592	37.912.592	37.912.592	-	-
Lease liabilities	4.579.905.177	7.196.598.305		591.392.596 1.404.096.721	5.201.108.988
Trade payables
(Related parties included) 3.052.107.163		3.155.660.901	2.787.762.488	221.355.069	146.543.344

	7.669.924.932	10.390.171.798		3.417.067.676 1.625.451.790	5.347.652.332

		Contractual
31 December 2024	Carrying value	cash flows	Less than 3 months	Between 3-12 months	1 year and over

Bank loans	25.190.536	25.190.536	25.190.536	-	-
Lease liabilities	4.255.067.805	6.215.925.492		608.813.160 1.196.484.005	4.410.628.327
Trade payables

(Related parties included) 2.467.441.848 2.601.988.352 2.246.585.874 178.384.340 177.018.138

6.747.700.189 8.843.104.380 2.880.589.570 1.374.868.345 4.587.646.465

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

b.4) Foreign currency risk management

The Group is exposed to foreign exchange risk mainly due to fluctuations in US Dollar and Euro exchange rates. Foreign exchange risk is primarily related to bank borrowings and foreign currency-denominated receivables and payables. While the majority of the Group's long-term debt is denominated in USD, the Group generates its revenues and cash from operations in TL.

The Group Management periodically assesses market conditions and formulates a foreign currency strategy based on exchange rate expectations. The Group utilises TL and foreign currency-denominated borrowings and determines the rate based on the overall foreign currency strategy. Foreign currency-denominated assets and liabilities of monetary and non-monetary items are as follows:

	30 June 2025
	TL Equivalents	USD	EUR
1. Trade Receivables	-	-	-
2a. Monetary Financial Assets	25.314.249	254.681	298.048
2b. Non Monetary Financial Assets	-	-	-
3. Other	-	-	-
4. Current Assets	25.314.249	254.681	298.048
5. Trade Receivables	-	-	-
6a. Monetary Financial Assets	4.350.318	101.516	6.780
6b. Non Monetary Financial Assets	-	-	-
7. Other	-	-	-
8. Non-Current Assets	4.350.318	101.516	6.780
9. Total Assets (4+8)	29.664.567	356.197	304.828
10. Trade Payables	465.973.353	10.747.078	816.234
11. Financial Liabilities	-	-	-
12a. Other Monetary Liabilities	46.636	-	1.000
12b. Other Non Monetary Liabilities	-	-	-
13. Short Term Liabilities	466.019.989	10.747.078	817.234
14. Trade Payables	-	-	-
15. Financial Liabilities	-	-	-
16a. Other Monetary Liabilities	-	-	-
16b. Other Non Monetary Liabilities	-	-	-
17. Long Term Liabilities	-	-	-
18. Total Liabilities (13+17)	466.019.989	10.747.078	817.234
19. Derivative Instruments	-	-	-
20. Net Foreign Exchange Asset /	-	-	-
Liability) Position (9-18)	(436.355.422)	(10.390.882)	(512.406)
21. Net Monetary Items Foreign
Exchange Asset /(Liabilities) Position
(1+2a+5+6a-10-11-12a-14-15-16a)	(436.355.422)	(10.390.881)	(512.406)

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

	31 December 2024
		Total Equivalents	USD	EUR
1. Trade Receivables		-	-	-
2a. Monetary Financial Assets		14.491.510	151.813	177.703
2b. Non Monetary Financial Assets		-	-	-
3. Other		-	-	-
4. Current Assets		14.491.510	151.813	177.703
5. Trade Receivables		-	-	-
6a. Monetary Financial Assets		4.469.288	101.516	6.780
6b. Non Monetary Financial Assets		-	-	-
7. Other		-	-	-
8. Non-Current Assets		4.469.288	101.516	6.780
9. Total Assets (4+8)		18.960.798	253.329	184.483
10. Trade Payables		163.889.411	3.961.014	12.281
11. Financial Liabilities		-	-	-
12a. Other Monetary Liabilities		42.938	-	1.000
12b. Other Non Monetary Liabilities		-	-	-
13. Short Term Liabilities		163.932.349	3.961.014	13.281
14. Trade Payables		-	-	-
15. Financial Liabilities		-	-	-
16a. Other Monetary Liabilities		-	-	-
16b. Other Non Monetary Liabilities		-	-	-
17. Long Term Liabilities		-	-	-
18. Total Liabilities (13+17)		163.932.349	3.961.014	13.281
19. Net Foreign Exchange Asset /
Liability) Position (9-18)		(144.971.551)	(3.707.685)	171.202
20. Net Monetary Items Foreign
Exchange Asset /(Liabilities) Position
(1+2a+5+6a-10-11-12a-14-15-16a)		(144.971.551)	(3.707.685)	171.202
	30 June 2025		31 December 2024
	Foreign	Foreign	Foreign	Foreign
	currency	currency	currency	currency
	appreciation	depreciation	appreciation	depreciation
If the USD changes by
against the TL 10%	(41.294.195)	41.294.195	(15.261.911)	15.261.911
If the EUR changes by
against the TL 10%	2.388.193	(2.388.193)	(733.800)	733.800

Total	(38.906.002)	38.906.002	(15.995.711)	15.995.711

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 26 – FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (cont'd)

Sensitivity to currency risk

The above table details the Group's sensitivity to a 10% (December 31, 2024: 10%) increase and decrease in USD and EUR exchange rates. 10% (December 31, 2024: 10%) is the sensitivity rate used when reporting foreign currency risk to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding monetary items denominated in foreign currencies at year-end and adjusts their translation at year-end for a 10% (December 31, 2024: 10%) change in foreign exchange rates. A negative value represents the decrease in income before tax arising from a 10% (December 31, 2024: 10%) increase in USD and EUR against TL.

b.5) Interest rate risk management

The Group's borrowings at variable interest rates expose the Group to potential interest rate risk. The Group generally enters into fixed rate interest rate contracts to hedge its exposure to interest rate risk arising from changes in interest rates. Risk management strategies are regularly evaluated based on market conditions and interest rate expectations. The risk management strategy aims to develop the most appropriate interest rate risk management for the balance sheet position and interest expense.

b.6) Commodity price risk

The Group is exposed to price risk due to fluctuations in food prices. The Group purchases large quantities of food and supplies. Weather fluctuations alter supply and demand trends, and economic conditions can adversely affect the cost, condition and quality of critical products such as meat. Failure to obtain high-quality ingredients in the required quantities may adversely affect the Group's ability to provide menus and the Group may not be able to pass on rising costs to its customers due to the highly competitive nature of the industry.

The Group supplies foodstuffs to Fasdat Gıda Dağıtım San. Tic. A.Ş. ("Fasdat"), a related party. Fasdat purchases large quantities of meat for its operations. The meat sector is subject to significant price fluctuations due to seasonal changes, government regulations, demand in the sector and other factors. The Group manages the price risk arising from foodstuffs through agreements with Fasdat that fix the price for certain products. Fasdat can fix prices for meat, chicken, potatoes and soft drinks for up to one year through purchase contracts. This allows the Group to avoid the costs of using derivative instruments, which it cannot pass on to its customers due to the competitive nature of the Quick Service Restaurants (QSR) industry while ensuring cost predictability.

FOR THE ACCOUNTING PERIOD 1 JANUARY - 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

NOTE 27 – NET MONETARY GAIN/LOSS MOVEMENT

Non monetary items 30 June 2025

Statement of Financial Position Items	(122.970.596)
Prepaid expenses	13.916.620
Right-of-use assets	695.502.493
Property, plant and equipment	1.078.970.869
Intangible assets	98.487.526
Other non-current assets	903.416
Deferred tax assets	55.799.566
Deferred income	(76.718.735)
Paid-in capital	(43.567.646)
Share premium	(596.174.610)
Accumulated other comprehensive income/(loss) not to be reclassified to profit or loss	(354.417.954)
Retained earnings/(accumulated losses)	(995.672.141)

Kar veya zarar tablosu kalemleri	(232.512.823)
Revenue	(1.118.741.565)
Cost of sales (-)	831.063.745
Selling, marketing and distribution expenses (-)	54.953.182
General administrative expenses (-)	34.762.422
Other operating income	(21.758.177)
Other operating expenses (-)	21.367.828
Income from investing activities	(48.034.717)
Expenses from investing activities (-)	899.094
Finance income	(26.977.697)
Finance expenses (-)	32.200.063
Current tax expense	7.752.999

Net monetary loss (355.483.419)

NOTE 28 – SHARE BASED PAYMENTS

The calculation of earnings per share and diluted earnings per share attributable to equity holders of the parent company are as follows:

	1 January - 30 June 2025	1 January - 30 June 2024	1 April - 30 June 2025	1 April - 30 June 2024
Net profit/(loss) attributable to
equity holders of the parent company 1.463.171.061		1.232.996.095	1.134.494.457	1.037.948.376
Weighted average number of
shares outstanding during the period	261.292.000	261.292.000	261.292.000	261.292.000
Earnings per share	5,6	5,3	4.3	4.5

NOTE 29 – SUBSEQUENT EVENTS

None.

AI Terminal

TAB GIDA SANAYİ VE TİCARET A.Ş.

8887_rns_2025-08-12_b4fc0d10-456b-492a-84a0-7588b3f8954f.pdf

(Convenience translation of a report and condensed consolidated financial statements originally issued in Turkish)

Report on Review of Interim Condensed Consolidated Financial Statements

To the Board of Directors of TAB Gıda Sanayi ve Ticaret A.Ş.

Introduction

Scope of Review

Conclusion

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY - 30 JUNE 2025 AND 2024

TAB GIDA SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY - 30 JUNE 2025 AND 2024 (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY – 30 JUNE 2025 AND 2024 (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2024, unless otherwise indicated.)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE ACCOUNTING PERIODS 30 JUNE 2025 AND 2024

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE ACCOUNTING PERIODS 30 JUNE 2025 AND 2024

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND OPERATIONS OF THE GROUP

Approval of the consolidated financial statements

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

2.1 Basic Principles of Presentation

Implemented Financial Reporting Standards

Financial Reporting In Hyperinflationary Economy

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (CONT'D)

2.1 Basic Principles of Presentation (Cont'd)

Financial Reporting under Hyperinflation

Functional and Reporting Currency

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

2.1 Basic Principles of Presentation (cont'd)

Basis Of Consolidation

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

2.1 Basic Principles of Presentation (cont'd)

Basis Of Consolidation

Offsetting

2.2 Changes in Accounting Policies

2.3 Changes and Errors in Accounting Estimates

2.4 New and Revised Turkish Accounting Standards

i) The new standards, amendments and interpretations which are effective as of January 1, 2025 are as follows:

Amendments to IAS 21 - Lack of exchangeability

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

2.4 New and Revised Turkish Accounting Standards (cont'd)

ii) 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 – Presentation and Disclosure in Financial Statements

iii) Amendments Issued by the International Accounting Standards Board (IASB) but Not Yet Issued by the POA

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

2.4 New and Revised Turkish Accounting Standards (cont'd)

iii) Amendments Issued by the International Accounting Standards Board (IASB) but Not Yet Issued by the POA (continued)

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments

Annual Improvements to IFRS Accounting Standards – 11th Cycle

Amendments to IFRS 9 and IFRS 7 – Contracts for Renewable Electricity

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 June 2025, unless otherwise indicated.)

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

2.4 New and Revised Turkish Accounting Standards (cont'd)

iii) Amendments Issued by the International Accounting Standards Board (IASB) but Not Yet Issued by the POA (continued)

IFRS 19 – Subsidiaries without Public Accountability: Disclosures In May

2.5 Significant accounting policies

2.6 Going Concern Assumption

2.7 Comparative Information

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTE 3 - CASH AND CASH EQUIVALENTS

FOR THE ACCOUNTING PERIOD 1 JANUARY – 30 JUNE 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 - FINANCIAL INVESTMENTS

NOTE 4 – BORROWINGS