KUZEY BORU A.Ş.

Quarterly Report • Oct 30, 2025

KUZEY BORU ANONİM ŞİRKETİ FINANCIAL STATEMENTS FOR THE INTERIM PERIOD OF 1 JANUARY-30 SEPTEMBER 2025

Statement of Financial Position for the Period Ended at 30 September 2025 (Amounts are expressed in TRY based on the purchasing power of the Turkish lira ("TL") as of September 30, 2025, unless otherwise stated.)

ASSETS	Not Audited	Audited
	Current Period	Prior Period
	30 September 2025	31 December 2024
Current Assets
Cash and Cash Equivalents	41.215.197	382.449.229
Financial Assets	-	61.420.746
Trade Receivables	2.509.909.578	1.304.499.071
Receivables from Third Parties	2.509.909.578	1.304.499.071
Other Receivables	3.871.708	1.703.548
Receivables from Third Parties	3.871.708	1.703.548
Inventories	2.462.770.796	1.230.778.265
Prepaid Expenses	631.188.176	404.610.251
Assets Related to Current Period Tax	6.370.494	-
Other Current Assets	139.359.531	6.459.556
Total Currents Assets	5.794.685.480	3.391.920.666
Other Receivables	2.476.229	11.726
Receivables from Third Parties	2.476.229	11.726
Property, Plant and Equipment	3.497.716.480	3.267.124.057
Intangible Assets	4.827.796	4.491.375
Other Intangible Assets	4.827.796	4.491.375
Deferred Tax Assets	85.410.083	130.952.984
Total Non-Current Assets	3.590.430.588	3.402.580.142
TOTAL ASSETS	9.385.116.068	6.794.500.808

Statement of Financial Position for the Period Ended at 30 September 2025 (Amounts are expressed in TRY based on the purchasing power of the Turkish lira ("TL") as of September 30, 2025, unless otherwise stated.)

LIABILITIES	Not Audited	Audited
	Current Period	Prior Period
	30 September 2025	31 December 2024
Current Liabilities	-	-
Short Term Borrowings	61.571.663	-
Short Term Portion of Long Term Borrowings	891.157.917	159.435.008
Short Term Leasing Liabilities	262.447.720	244.751.516
Other Financial Borrowings	2.612.526	3.477.696
Trade payables	2.289.912.978	1.201.317.679
Payables to Third Parties	2.289.912.978	1.201.317.679
Employee Benefit Obligations	29.915.559	16.991.744
Other Payables	2.874.346	1.568.951
Payables to Third Parties	2.874.346	1.568.951
Deferred Revenues	452.804.675	169.500.034
Current Income Tax Liability	2.280.059	-
Short-Term Provision	5.611.866	13.517.962
Short Term Provision for the Employee Benefits	2.852.816	5.266.376
Other Short Term Provisions	2.759.050	8.251.586
Other Current Liabilities	32.728.035	6.858.679
Total Current Liabilities	4.033.917.344	1.817.419.269
Long Term Borrowings	441.250.420	3.128.196
Long Term Financial Leasing Liabilities	658.823.538	697.618.795
Trade Payables	-	480.095.858
Payables to Third Parties	-	480.095.858
Long-Term Provision	9.242.272	4.674.386
Long Term Provision for the Employee Benefits	9.242.272	4.674.386
Total Non-Current Liabilities	1.109.316.230	1.185.517.235
Equity	4.241.882.494	3.791.564.304
Equity Attributable to the Parent	4.241.882.494	3.791.564.304
Paid-in Share Capital	600.000.000	100.000.000
Adjustment to Share Capital	214.112.145	432.910.146
Share Premium / (Discounts)	880.630.253	1.203.143.399
Other Comprehensive Income/ (Loss) Not To Be	436.612.779	436.612.779
Reclassified to Profit or Loss
Fixed Assets Revaluation and Remeasurement Gain (Loss)	396.655.279	396.655.279
Income/(Loss) on Remeasurements of Defined Benefit Plans	39.957.500	26.761.618
Restricted Reserves Allocated From Net Profit	545.932.729	23.311.086
Retained Earnings	947.555.645	795.467.777
Net Profit or Loss	617.038.943	813.314.999
TOTAL LIABILITIES AND EQUITY	9.385.116.068	6.794.500.808

Statement of Comprehensive Income at 1 January-30 September 2025 (Amounts are expressed in TRY based on the purchasing power of the Turkish lira ("TL") as of September 30, 2025, unless otherwise stated.)

	Not Audited Current Period 1 January 2025 30 September 2025	Not Audited Prior Period 1 January 2024 30 September 2024	Not Audited Prior Period 1 July 2025 30 September 2025	Not Audited Prior Period 1 July 2024 30 September 2024
Revenue	3.732.899.202	4.399.992.604	1.119.890.988	1.473.209.974
Cost of Sales (-)	(2.717.935.155)	(3.284.334.138)	(717.933.230)	(1.108.748.597)
GROSS PROFIT / (LOSS)	1.014.964.047	1.115.658.466	401.957.758	364.461.377
General Administrative Expenses (-)	(143.001.016)	(95.701.591)	(65.230.794)	(12.347.259)
Marketing Expenses (-)	(305.961.184)	(293.974.840)	(187.955.740)	(83.665.247)
Research and Development Expenses (-)	(24.568.039)	(4.870.287)	(8.693.131)	(4.778.822)
Other Income from Operating Activities	204.052.043	42.013.966	36.700.265	6.962.040
Other Expense from Operating Activities (-)	(250.309.090)	(105.938.859)	(164.094.629)	(66.705.098)
OPERATING PROFIT / (LOSS)	495.176.761	657.186.855	12.683.729	203.926.991
Gains from Investment Activities	10.117.081	1.779.456	1.616.927	888.626
OPERATING PROFIT BEFORE FINANCE INCOME / (EXPENSE)	505.293.842	658.966.311	14.300.656	204.815.617
Financial Income	157.091.495	253.730.866	1.985.544	75.655.961
Financial Expense (-)	(508.857.903)	(143.048.401)	(157.630.869)	39.872.184
Monetary Gain/ (Loss)	494.397.867	(208.705.970)	188.908.546	(151.417.175)
PROFIT BEFORE TAX FROM CONTINUED OPERATIONS	647.925.301	560.942.806	47.563.877	168.926.587
Tax Income / (Expense) from Contınued Operatıons	(30.886.358)	(19.310.882)	(32.950.646)	(133.902.047)
Current Income Tax Expense	(2.280.059)	(15.510.742)	2.734.151	(5.774.765)
Deferred Tax Income / Expense	(28.606.299)	(3.800.140)	(35.684.797)	(128.127.282)
PROFIT / (LOSS) FOR THE PERIOD	617.038.943	541.631.924	14.613.231	35.024.540
Attributable to:	617.038.943	541.631.924	14.613.231	35.024.540
Equity Holders of the Parent	617.038.943	541.631.924	14.613.231	35.024.540
Earnings per Share	1,03	5,42	0,15	0,70
OTHER COMPREHENSIVE INCOME
Items Not To Be Reclassified To Profit or Loss	13.195.882	(2.717.777)	(12.825.567)	(7.924.131)
Remeasurement Gain (Loss) from Defined Benefit Plans	17.594.509	(3.623.703)	(17.100.756)	(10.565.508)
Tax Effect of Other Comprehensive Income Not To Be Classified To Profit or Loss	(4.398.627)	905.926	4.275.189	2.641.377
OTHER COMPREHENSIVE INCOME	13.195.882	(2.717.777)	(12.825.567)	(7.924.131)
TOTAL COMPREHENSIVE INCOME	630.234.825	538.914.147	1.787.664	27.100.409

Statement of Changes in Shareholders' Equity for the Period 1 January – 30 Sptember 2025 (Amounts are expressed in TRY based on the purchasing power of the Turkish lira ("TL") as of Sptember 30, 2025, unless otherwise stated.)

				Other accumulated comprehensive income and expense not to be reclassified to profit or loss		Retained earnings/(losses)
	Paid-in Share Capital	Adjustment to Share Capital	Share premium/discount	Gain/(loss) on revaluation and reclassification	Other gains/ (losses)	Restricted reserves	Accumulated profit/(loss)	Net income	Total equity
01 January 2024	80.000.000	423.350.213	1.203.143.399	396.655.280	(1.704.071)	45.159.361	463.442.024	396.998.834	3.007.045.040
Transfers	20.000.000	3.199.591	-	-	-	(21.188.712)	418.187.546	(396.998.834)	23.199.591
Total Comprehensive Income	-	-	-	-	(2.717.777)	-	-	-	(2.717.777)
Net Profit/ (Loss) for the Period	-	-	-	-	-	-	-	541.631.924	541.631.924
30 September 2024	100.000.000	426.549.804	1.203.143.399	396.655.280	(4.421.848)	23.970.649	881.629.570	541.631.924	3.569.158.778
01 January 2025	100.000.000	432.910.146	1.203.143.399	396.655.279	26.761.618	23.311.086	795.467.777	813.314.999	3.791.564.304
Transfers	-	-	-	-	-	522.621.643	290.693.356	(813.314.999)	-
Total Comprehensive Income	-	-	-	-	13.195.882	-	-	-	13.195.882
Capital Increase	500.000.000	(218.798.001)	(322.513.146)	-	-	-	-	-	(41.311.147)
Dividends	-	-	-	-	-	-	(138.605.488)	-	(138.605.488)
Net Profit/ (Loss) for the Period	-	-	-	-	-	-	-	617.038.943	617.038.943
30 September 2025	600.000.000	214.112.145	880.630.253	396.655.279	39.957.500	545.932.729	947.555.645	617.038.943	4.241.882.494

Comprehensive Cash Flow Statement for 01 January – 30 September 2025 Accounting Period (Amounts are expressed in TRY based on the purchasing power of the Turkish lira ("TL") as of September 30, 2025, unless otherwise stated.)

Denetimden Denetimden Audited Audited Current Period Prior Period 01 January 2025 01 January 2024 30 September 2025 30 September 2024 A) CASH FLOWS FROM OPERATING ACTIVITIES (1.218.067.722) (231.404.960) Profit/(Loss) for the Year 617.038.943 541.631.924 Adjustments to Reconcile Profit/(Loss) for the Year 252.185.988 (583.935.574) Adjustments Related to Depreciation and Amortization Expenses 146.157.762 79.098.562 Adjustments Related to Provisions 15.368.738 6.747.373 Adjustments Related to Provisions (Cancellation) for Employee Benefits 19.188.348 6.935.589 Adjustments Related to Lawsuit Provisions (Cancellation) (3.819.610) (188.216) Adjustments Related to Interest Income (27.253.416) (250.990.417) Adjustments Related to Interest Expenses 147.919.535 69.062.552 Adjustments Related to Tax Expense/Income 30.886.358 19.310.882 Adjustments Related to Gain/Loss on Disposal of Current Assets (1.482.365) (1.779.456) Monetary Loss/(Gain) (59.410.624) (505.385.070) Changes in Working Capital (2.079.236.169) (184.239.892) Decrease / (Increase) in Financial Investments 48.968.307 - Decrease / (Increase) in Trade Receivables from Third Parties (1.469.884.578) (471.617.950) Decrease / (Increase) in Other Related Third Party Receivables Related (4.980.418) (582.217) to Operations Adjustments for Decrease / (Increase) in Inventories (1.481.520.450) 20.122.695 Decrease / (Increase) in Prepaid Expenses (308.608.585) (169.666.281) Increase / (Decrease) in Trade Payables to Related Parties (41.311.147) - Increase / (Decrease) in Trade Payables to Third Parties 949.389.130 658.406.967 Increase / (Decrease) in Employee Benefits Obligations 16.368.720 79.587 Decrease / (Increase) in Other Third Party Payables Related to 1.623.484 568.293 Operations Increase / (Decrease) in Deferred Income 317.669.069 (220.409.337) Decrease / (Increase) in Other Assets Related to Operations (134.209.585) 197.798 Increase / (Decrease) in Other Liabilities Related to Operations 27.259.884 (1.339.447) Cash Flows from Operations Activities (1.210.011.238) (226.543.542) Other Provision Payments (1.685.990) (4.861.418) Income Tax Returns/Income Taxes Paid (6.370.494) - B) CASH FLOWS FROM INVESTING ACTIVITIES (348.350.825) (555.061.843) Cash Inflows From the Sale of Property, Plant and Equipment 26.239.380 2.121.236 Cash Outflows From Tangible Fixed Asset Purchase (400.770.016) (808.173.496) Cash Outflows From Intangible Asset Purchase (1.073.605) - Intrest Received 27.253.416 250.990.417 C) CASH FLOWS FROM FINANCING ACTIVITIES 1.147.646.779 (116.685.072) Cash Inflows From Capital Advances - 23.199.591 Proceeds from Borrowings 1.434.171.802 (70.822.111) Dividends Paid (138.605.488) - Interest Paid (147.919.535) (69.062.552) NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS (418.771.768) (903.151.875) BEFORE THE EFFECT OF EXCHANGE RATE CHANGES Effects of Inflation 77.537.736 307.369.194		Bağımsız	Bağımsız
	NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS	(341.234.032)	(595.782.681)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 382.449.229 1.184.347.711 YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 41.215.197 588.565.030