Quarterly Report • Oct 31, 2025
Quarterly Report
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ANATOLIA TANI VE BİYOTEKNOLOJİ ÜRÜNLERİ AR-GE SANAYİ VE TİCARET A.Ş. AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY – 30 SEPTEMBER 2025 TOGETHER WITH AUDITOR'S REVIEW REPORT
CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE INCOME
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
CONDENSED CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
| Unaudited 30 September |
Audited 31 December |
||
|---|---|---|---|
| ASSETS | Notes | 2025 | 2024 |
| Current Assets | |||
| Cash and cash equivalents | 4 | 96.501.397 | 257.160.697 |
| Financial investments | 5 | 19.187.574 | 20.427.666 |
| Trade receivables | 6 | 162.003.433 | 137.035.019 |
| - Due from third parties |
162.003.433 | 137.035.019 | |
| Other receivables | 8 | 27.789.730 | 13.597.687 |
| - Other receivables from third parties |
27.789.730 | 13.597.687 | |
| Inventories | 9 | 311.662.829 | 452.781.942 |
| Prepaid expenses | 10 | 60.124.024 | 18.566.977 |
| Current tax assets | 3.657.068 | 919.192 | |
| Other current assets | 11 | 33.406.292 | 50.480.872 |
| TOTAL CURRENT ASSETS | 714.332.347 | 950.970.052 | |
| Non-current Assets | |||
| Financial investments | 4.305.204 | 4.305.204 | |
| Other receivables | 8 | 483.227 | 1.221.122 |
| - Other receivables from third parties |
483.227 | 1.221.122 | |
| Right use of assets | 14 | 23.281.529 | 24.821.300 |
| Tangible assets | 12 | 821.164.645 | 773.323.271 |
| Intangible assets | 13 | 580.270.871 | 477.148.859 |
| - Other intangible assets |
580.270.871 | 477.148.859 | |
| Prepaid expenses | 10 | 2.407.919 | 9.299.208 |
| TOTAL NON-CURRENT ASSETS | 1.431.913.395 | 1.290.118.964 | |
| TOTAL ASSETS | 2.146.245.742 | 2.241.089.016 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
| Current Liabilities Lease liabilities 15 3.233.363 3.170.420 Short-Term Portions of Long-Term Borrowings 16 60.244.680 Short-term borrowings 16 2.557.552 1.675.409 Trade payables 6 36.568.193 58.245.206 - Due to third parties 36.568.193 58.245.206 Employee benefit obligations 19 31.172.098 Other Payables 8 30.844.767 - Due to third parties 30.844.767 Deferred income 10 8.861.886 Period Profit Tax Liability 20 3.424.198 Provisions 10.707.407 |
LIABILITIES | Notes | Unaudited 30 September 2025 |
Audited 31 December 2024 |
|---|---|---|---|---|
| 7.710.730 | ||||
| 5.024.709 | ||||
| 5.024.709 | ||||
| 12.357.203 | ||||
| 247.371 | ||||
| 8.914.734 | ||||
| - Provisions for employee benefits 17 10.707.407 |
8.914.734 | |||
| Other short-term liabilities 11 5.123.109 |
12.458.245 | |||
| TOTAL CURRENT LIABILITIES 192.737.253 |
109.804.027 | |||
| Non-current liabilities | ||||
| Long-term borrowings 16 77.940.362 |
||||
| Lease liabilities 15 15.693.489 |
19.345.010 | |||
| Deferred income 707.509 |
2.408.726 | |||
| Long-term provisions 10.670.527 |
9.473.398 | |||
| - Long-term provisions for employee benefits 17 10.670.527 |
9.473.398 | |||
| Deferred tax liabilities 20 170.380.247 |
154.186.483 | |||
| TOTAL NON-CURRENT LIABILITIES 275.392.134 |
185.413.617 | |||
| EQUITY | ||||
| Equity attributable to owners of the Company 1.678.116.355 |
1.945.871.372 | |||
| Share capital 21 220.000.000 |
220.000.000 | |||
| Adjustment to share capital 780.343.626 |
780.343.626 | |||
| Share premium 961.698.605 |
961.698.605 | |||
| Other accumulated comprehensive income and expense | ||||
| not to be reclassified to profit or loss 3.283.289 |
2.520.314 | |||
| - Gain/loss arising from defined |
||||
| benefit plans 3.283.289 |
2.520.314 | |||
| Other accumulated comprehensive income and | ||||
| expense to be reclassified to profit or loss 147.015.908 |
120.902.084 | |||
| - Currency translation reserve 147.015.908 |
120.902.084 | |||
| Restricted reserves 285.129.849 |
285.129.849 | |||
| Retained earnings (424.723.106) |
(150.187.658) | |||
| Profit for the period (294.631.816) |
(274.535.448) | |||
| TOTAL SHAREHOLDER'S EQUITY 1.678.116.355 |
1.945.871.372 | |||
| TOTAL LIABILITIES 2.146.245.742 |
2.241.089.016 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
| Unaudited 1 January 30 September |
Unaudited 1 January 30 September |
Unaudited 1 July 30 September |
Unaudited 1 July 30 September |
||
|---|---|---|---|---|---|
| Notes | 2025 | 2024 | 2025 | 2024 | |
| Revenue | 23 | 509.016.261 | 506.205.460 | 180.358.942 | 183.087.505 |
| Cost of sales (-) | 23 | (174.264.055) | (173.856.832) | (55.236.607) | (66.827.748) |
| GROSS PROFIT | 334.752.206 | 332.348.628 | 125.122.335 | 116.259.757 | |
| General administrative expenses (-) | 25 | (142.120.153) | (163.691.679) | (44.143.805) | (57.926.079) |
| Marketing expenses (-) | 24 | (180.260.450) | (159.493.760) | (69.957.224) | (60.615.510) |
| Research and development expenses (-) | 26 | (3.695.919) | (649.628) | ||
| Other income from operating activitie | 27 | 36.198.857 | 72.642.432 | 5.800.001 | 25.874.476 |
| Other expenses from operating activities (-) | 27 | (40.001.888) | (17.604.261) | (15.839.637) | (9.172.226) |
| OPERATING PROFIT | 8.568.572 | 60.505.441 | 981.670 | 13.770.790 | |
| Other income from investing activities | 28 | 3.681.712 | 15.782.000 | 1.435.417 | 1.147.225 |
| Other income from investing activities (-) | 28 | (4.221.617) | (172.356) | ||
| OPERATING INCOME BEFORE | 12.250.284 | 2.417.087 | |||
| FINANCIAL INCOME/(EXPENSE) | 72.065.824 | 14.745.659 | |||
| Finance expenses (-) | 29 | (6.608.113) | (3.160.204) | (2.473.514) | (311.401) |
| Finance income Monetary position gain/(loss) |
29 | 11.639.049 (265.796.699) |
34.703.197 | 1.657.035 (63.879.836) |
10.457.072 |
| PROFIT BEFORE TAX FROM | (324.173.061) | (108.076.860) | |||
| CONTINUING OPERATIONS | (248.515.479) | (220.564.244) | (62.279.228) | (83.185.530) | |
| Tax income/(expense), continuing | |||||
| operations | (46.116.337) | (29.874.970) | (15.188.055) | (11.248.963) | |
| Tax expenses | (150.566) | (96.485) | (36.468) | (90.413) | |
| Deferred tax expense / incomes | 20 | (45.965.771) | (29.778.485) | (15.151.587) | (11.158.550) |
| NET PROFIT FOR THE PERIOD | (294.631.816) | (250.439.214) | (77.467.283) | (94.434.493) | |
| Attributable to: Non-controlling interests |
|||||
| Equity holders of the parent | (294.631.816) | (250.439.214) | (77.467.283) | (94.434.493) | |
| OTHER COMPREHENSIVE INCOME | |||||
| Not to be reclassified to profit or loss | 762.975 | (1.461.665) | 1.123.156 | (2.008.088) | |
| Gain/ loss arising from defined benefit plans |
990.877 | (1.898.267) | 1.458.644 | (2.607.906) | |
| Not to be reclassified to profit or loss, | |||||
| tax effect | (227.902) | 436.602 | (335.488) | 599.818 | |
| -Deferred tax income/(expense) | (227.902) | 436.602 | (335.488) | 599.818 | |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
26.113.824 | 41.618.246 | (9.321.747) | 114.532.551 | |
| Foreign Currency Translation Differences | 26.113.824 | 41.618.246 | (9.321.747) | 114.532.551 | |
| OTHER COMPREHENSIVE INCOME | 26.876.799 | 40.156.581 | (8.198.591) | 112.524.463 | |
| TOTAL COMPREHENSIVE INCOME | (267.755.017) | (210.282.633) | (85.665.874) | 18.089.970 | |
| Attributable to | (267.755.017) | (210.282.633) | (85.665.874) | 18.089.970 | |
| Non-controlling interests | |||||
| Equity holders of the parent | (267.755.017) | (210.282.633) | (85.665.874) | 18.089.970 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
| Share capital |
Share capital adjustments |
Share premium/(discount) |
Other comprehensive income not to be reclassified under profit and loss |
Other comprehensive income to be reclassified under profit and loss |
Restricted reserves |
Retained earnings |
Net income/(loss) |
Equity holders of the parent |
Total equity | |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at January 1, 2024 | 220.000.000 | 780.343.626 | 961.698.605 | 2.107.935 | 98.028.921 | 285.129.849 | (150.187.658) | 2.197.121.278 | 2.197.121.278 | |
| Transfers | ||||||||||
| Total comprehensive | ||||||||||
| income | (1.461.664) | 41.618.246 | (250.439.214) | (210.282.632) | (210.282.632) | |||||
| As of September 30, 2024 |
220.000.000 | 780.343.626 | 961.698.605 | 646.271 | 139.647.167 | 285.129.849 | (150.187.658) | (250.439.214) | 1.986.838.646 | 1.986.838.646 |
| Balance at January 1, 2025 | 220.000.000 | 780.343.626 | 961.698.605 | 2.520.314 | 120.902.084 | 285.129.849 | (150.187.658) | (274.535.448) | 1.945.871.372 | 1.945.871.372 |
| Transfers | (274.535.448) | 274.535.448 | ||||||||
| Total comprehensive | ||||||||||
| Income | 762.975 | 26.113.824 | (294.631.816) | (267.755.017) | (267.755.017) | |||||
| As of September 30 , 2025 |
220.000.000 | 780.343.626 | 961.698.605 | 3.283.289 | 147.015.908 | 285.129.849 | (424.723.106) | (294.631.816) | 1.678.116.355 | 1.678.116.355 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
| Unaudited | Unaudited | ||
|---|---|---|---|
| Notes | 1 January 30 September 2025 |
January 30 September 2024 |
|
| A. Cash flow from Operating activities | |||
| Income for the period | (294.631.816) | (250.439.214) | |
| Adjustments to reconcile net profit (loss) for the period to cash flows from operat | |||
| ing activities | |||
| Adjustments Related to Depreciation and Amortization Expenses | 12,13,14 | 110.389.966 | 90.283.450 |
| Adjusments related to impairments | 421.382 | ||
| Provision for employment termination benefit | 17 | 3.923.762 | 8.281.066 |
| Provision for unused vacation Adjustments for Interest (Income) and Expenses |
17 | 1.792.673 (1.573.858) |
(2.528.701) (3.901.568) |
| Provision for impairment of inventories | 29 | 2.689.722 | 11.154.440 |
| Adjustments related to unrealized foreign currency translation differences | 9 | 105.020.472 | 31.115.036 |
| Adjustments Related to Tax (Income) Expense | 20 | 46.116.337 | 29.874.970 |
| Monetary (Gain) / Loss | (79.337.845) | 134.132.642 | |
| Changes in working capital | (105.610.587) | 48.393.503 | |
| Adjustments for Decrease (Increase) in Financial Investments | 5 | ||
| Adjustments for Decrease (Increase) in Trade Receivables | 6 | 1.240.092 | 84.695.725 |
| Adjustments for Decrease (Increase) in Other Receivables Related to Operations | 8 | (24.968.414) | 16.783.077 |
| Adjustments for Decrease (Increase) in Inventories | 9 | (13.454.148) | 21.783.059 |
| Decrease (Increase) in Prepaid Expenses | 10 | 141.119.113 | (4.847.770) |
| Adjustments related to increase (decrease) in trade payables | 6 | (34.665.758) | (5.802.881) |
| Increase (Decrease) in Employee Benefit Payables Adjustments Related to Increase (Decrease) in Other Payables Related to Operations |
(21.677.013) 23.461.368 |
14.939.529 13.685.951 |
|
| Change in other current and fixed assets | 25.820.058 | (4.316.769) | |
| Increase (Decrease) in Deferred Income | 10 | 9.739.444 | (5.683.899) |
| Total Adjustments | (5.196.534) | (2.268.130) | |
| Cash Flows from Operating Activities | |||
| Payments made within the scope of provisions for employee benefits | 18 | (4.192.379) | 177.361.395 |
| Tax Refunds (Payments) | |||
| Total | (664.469) | (734.822) | |
| 238.629 | |||
| B. Cash flows used in investing activities | (4.618.219) | 176.626.573 | |
| Cash inflows from sale of property, plant and equipment and intangible assets Cash outflows from the acquisition of property, plant and equipment and intangible |
12-13 | 15.142.172 | 26.358.863 |
| assets | 12-13 | (194.966.138) | (234.998.057) |
| Total | (179.823.966) | (208.639.194) | |
| C. Cash flows from financing activities | |||
| Cash inflows and (outflows) related to debt payments, net Cash outflows related to debt payments arising from finance lease agreements |
16 | 61.126.823 (2.166.831) |
(11.687.120) (2.217.684) |
| Interests paid | 29 | (5.383.164) | (1.339.024) |
| Interest received | 29 | 6.957.022 | 4.245.779 |
| Total | 60.533.850 | (10.998.049) | |
| Net (decrease) / increase in cash and cash equivalents (A+B+C) | (123.908.335) | (43.010.670) | |
| D. Inflation Effect on Cash | (36.750.965) | (144.226.968) | |
| Net increase (decrease) in cash and cash equivalents (A+B+C+D) | (160.659.300) | (187.237.638) | |
| E. Cash and Cash Equivalents at the Beginning of the Period | 4 | 257.160.697 | 546.417.703 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The main field of Anatolia Tanı ve Biyoteknoloji Ürünleri Araştırma Sanayi ve Ticaret A.Ş. (the "Company" or "Anatolia") and its subsidiaries (collectively referred to as the "Group") is the design, development, and manufacture of kits, assembly robots, software, and devices that enable the use of techniques such as Real-Time PCR (RTPCR), DNA Sequencing, and DNA/RNA Isolation for diagnostic or research purposes in the field of molecular biology.
The Group exports its products to more than 50 countries in Europe, Asia, Africa, and the Americas. It is the first and only Turkish manufacturer invited by the World Health Organization to participate in the WHO Collaborative Study to determine new global test reference standards for four different viruses.
As of September 30, 2025, the Group employed 247 people.
The Company is registered with the Capital Markets Board of Turkey ("CMB"), and its shares were traded on the Borsa Istanbul A.Ş. ("BIST") as of 2021. As of September 30, 2025, the Company held 35.43% of its shares registered on the BIST (footnote 21). Ultimate control of the Group rests with Elif Akyüz and Alper Akyüz.
The Company is registered in Turkey and has the following addresses:
The Group's R&D center and headquarters are located in Hasanpaşa Neighborhood, Beydağı Street, No: 1-9H, Sultanbeyli, Istanbul, Turkey.
The Group has a free zone branch located at Aydınlı SB Neighborhood, Matraş Street, No: 18/Z02, Tuzla, Istanbul.
The Group conducts production at its headquarters and free zone branches.
As of 30 September 2025, the subsidiaries subject to the consolidated financial statements, the countries in which they operate, and their fields of activity are as follows:
| Subsidiaries | Country | Main Activity |
|---|---|---|
| Trading of test kits, devices and software in the | ||
| Alpha IVD SRL ("Alpha") | Italy | field of molecular biology |
| Euronano Diagnostics (Private) Limited | Trading of test kits, devices and software in the | |
| ("Euronano") | Pakistan | field of molecular biology |
| Establishing or acquiring companies and | ||
| RhineGene B.V. ("RhineGene") | Holland | businesses in the field of molecular biology |
| RhineGene Philippines ("RhineGene PH") | Trading of test kits, devices and software in the | |
| (*) | Philippines | field of molecular biology |
| Trading of test kits, devices and software in the | ||
| RhineGene Bulgaria ("RhineGene BG") | Bulgaria | field of molecular biology |
| Trading of test kits, devices and software in the | ||
| RhineGene Poland("RhineGene PL") | Poland | field of molecular biology |
| Trading of test kits, devices and software in the | ||
| RhineGene Germany ("RhineGene GE") | Germany | field of molecular biology |
(*) It has been decided to close the relevant subsidiary. The decision was announced in a special situation statement dated 30 May 2025.
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The accompanying consolidated financial statements are prepared in accordance with the announcement of the Capital Markets Board ("CMB") "Communiqué on Principles Regarding Financial Reporting in the Capital Markets" ("Communiqué") No. II-14.1 published in the Official Gazette dated 13.06.2013 and numbered 28676 and Turkish Financial Reporting Standards (''TFRS'') published by Public Oversight Accounting and Auditing Standards Board ("POA").
TASs; Turkish Accounting Standards, includes Turkish Financial Reporting Standards ("TFRS") and related annexes and comments.
Consolidated financial statements are presented in accordance with the "TFRS Taxonomy" published by POA dated on 4 October 2023 and Financial Statement Examples and User Guide published by CMB.
Consolidated financial statements as of 1 January – 30 September 2025 have been approved by the Board of Directors and authorized for publication on 31 October 2025 The General Assembly of the Company and the relevant regulatory authorities have the right to request the amendment of the consolidated financial statements after the publication of the consolidated financial statements.
With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2023. 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.
According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of September 30, 2025, on the purchasing power basis as of December 31, 2024. Pursuant to the decision of the Capital Markets Board (SPK) dated December 28, 2023 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of IAS 29 starting from their annual financial reports for the periods ending on September, 2024.
The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TÜİK). As of September 30, 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:
| Date | lndeks | Conversion Factor | Three Year Inflation Rate |
|---|---|---|---|
| 30 September 2025 | 3.367,22 | 1,00000 | %222 |
| 31 December 2024 | 2.684,55 | 1,25430 | %291 |
| 30 September 2024 | 2.526,16 | 1,33294 | %343 |
The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The current period consolidated financial statements of the Group are prepared comparatively with the previous period in order to enable the determination of the financial position and performance trends. Comparative information is reclassified when deemed necessary in order to comply with the presentation of the current period consolidated financial statements.
The Group reclassified the expenses reported under "General Administrative Expenses" in the previous period's profit or loss statement, amounting to TL 15,683,129, as of September 30, 2024, to "Marketing Sales Distribution Expenses." This classification has no impact on profit or loss.
The Group prepares and maintains its legal books and prepares its statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), accounting principles set forth by tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The valid currency of the Group is Turkish Lira ("TL"). These consolidated financial statements are presented in TL, which is the valid currency of the Group.
Subsidiaries in foreign country assets and liabilities are translated into TRY from the foreign exchange rate at the reporting date and income and expenses are translated into TRY at the average foreign exchange rate. The retranslation of net assets at the beginning of the period and the exchange differences which resulting from the using of average exchange rates are followed on differences of foreign currency translation account within shareholders' equity.
Financial assets and liabilities are shown in net, if the required legal right already exists, there is an intention to pay the assets and liabilities on a net basis, or if there is an intention to realize the assets and the fulfilment of the liabilities simultaneously.
Significant changes in accounting policies are applied retrospectively and prior period consolidated financial statements are restated.
If changes in accounting estimates are related to only one period, they are recognised in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.
There was no significant change in accounting estimates of the Group in the current year. The detected significant accounting errors are applied retrospectively, and prior period consolidated financial statements are restated.
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
If changes in accounting estimates relate to only one period, they are applied in the current period in which the change occurred. If changes relate to future periods, they are applied for maintenance purposes, both in the period in which the change occurred and in future periods. There were no significant changes in accounting estimates during the Group's current year. Identified significant accounting errors are applied retroactively, and the condensed consolidated financial statements of the previous period are restated.
The consolidated financial statements prepared on a going concern basis, with the assumption that the Group will benefit from its assets and fulfil its obligations in the next year and in the natural course of its activities.
The accounting policies adopted in preparation of the financial statements as at and for the period ended 30 September 2025 are consistent with those of the previous financial year, except for the adoption of new and amended Turkish Accounting Standards ("TFRS/TAS") and interpretations effective as of 1 January 2025 and thereafter. The effects of these standards and interpretations on the Company's financial position and performance have been disclosed in the related paragraphs.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. 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 Company is in the process of assessing the material influence of the amendments on financial position or performance of the Company.
Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the financial statements are as follows. The Company will make the necessary changes if not indicated otherwise, which will be affecting the financial statements and disclosures, when the new standards and interpretations become effective.
In December 2017, the 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 Company will assess the effects of the amendments after the new standards have been finalized
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
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 1 January 2026 with the announcement made by the POA.
The standard is not applicable for the Company, and the standard has no material influence on the financial position or performance of the Company.
The standard is effective from annual periods beginning on or after 1 January 2027 and published in the Official Gazette on 8 May 2025. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in TFRS 18 relate to:
The Company is in the process of assessing the material influence of the standard on financial position or performance of the Company.
TFRS 19 – Subsidiaries without Public Accountability: Disclosures ("TFRS 19") was published in the Official Gazette on 10 August 2025. It is effective for annual reporting periods beginning on or after 1 January 2027. Early application is permitted. The standard aims to reduce the disclosure requirements in TAS/TFRS for subsidiaries covered by its scope. Under TFRS 19, businesses that are not subject to public accountability and are themselves subsidiaries are expected to apply the simplified disclosure provisions set out in TFRS 19 instead of the disclosure provisions in other TAS/TFRS. This aims to reduce the reporting obligations of these businesses in terms of disclosure provisions. The application of TFRS 19 is not mandatory and is left to the discretion of the entity.
A subsidiary meets the relevant conditions in the following circumstances:
The standard has no material influence on the financial position or performance of the Company.
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
On 10 August 2025, the POA issued amendments to the classification and measurement of financial instruments (amendments to TFRS 9 and TFRS 7). The amendment clarifies that a financial liability is derecognised on the 'settlement date'. It also introduces an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. The amendment also clarified how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features as well as the treatment of nonrecourse assets and contractually linked instruments. Additional disclosures in TFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income are added with the amendment. The amendment will be effective for annual periods beginning on or after 1 January 2026. Entities can early adopt the amendments that relate to the classification of financial assets plus the related disclosures and apply the other amendments later. The new requirements will be applied retrospectively with an adjustment to opening retained earnings. The Company is in the process of assessing the material influence of the amendments on financial position or performance of the Company.
On 10 August 2025, the POA issued the amendment "Contracts for Electricity Generated from Natural Resources" (related to TFRS 9 and TFRS 7). The amendment clarifies the application of the "own use" exception and permits hedge accounting when such contracts are used as hedging instruments. The amendment also introduces new disclosure requirements to help investors understand the impact of these contracts on an entity's financial performance and cash flows. The amendment is not applicable for the Company and has no material influence on the financial position or performance of the Company.
On 27 September 2025, the POA issued "Annual Improvements to TAS/TFRS Accounting Standards /Amendment 11" published in the Official Gazette with the following amendments:
The Company is in the process of assessing the material influence of the amendments on financial position or performance of the Company.
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
Interim condensed consolidated financial statements for the period ending 30 September 2025 have been prepared in accordance with TAS 34 standard for the preparation of interim financial statements of TMS/TFRS.
The accounting policies used in the preparation of these condensed interim consolidated financial statements as of and for the period ended 30 September 2025 are consistent with those used in the preparation of annual consolidated financial statements as of and for the year ended 31 December 2024. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements as of and for the year ended 31 December 2024. In addition, details of the accounting policy applied by the company in regard to the acquisition of its subsidiary during the current period are disclosed below.
The preparation of consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the accounting period. Accounting judgements, estimates, and assumptions are continuously evaluated based on past experience, other factors, and reasonable expectations about future events under current conditions. Although these estimates and assumptions are based on management's best knowledge of current events and transactions, actual results may differ from these assumptions. Significant accounting estimates and assumptions have been applied consistently with the financial statements prepared as of 31 December 2024.
The details of the Group's shares in other businesses for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Alpha IVD S.p.A | Alpha IVD S.p.A | |
| (Italy) | (Italy) | |
| Solo | Solo | |
| Current assets | 52.788.969 | 87.725.648 |
| Non-current assets | 8.584.116 | 69.514.410 |
| Total assets | 61.373.085 | 157.240.058 |
| Current liabilities | 9.972.679 | 10.647.562 |
| Non-current liabilities | 3.264.008 | 2.478.454 |
| Total debts | 13.236.687 | 13.126.016 |
| Net assets | 48.136.398 | 144.114.042 |
| Profit Loss for the period: | ||
| Revenue | 42.768.086 | 53.383.382 |
| Profit / (Loss) for the period | (45.473.622) | (54.659.346) |
| Profit Loss for the period: | (45.473.622) | (54.659.346) |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
| xxx | 30 September 2025 Euronano (Pakistan) Solo |
31 December 2024 Euronano (Pakistan) Solo |
|---|---|---|
| Current assets | 46.500.237 | 50.404.205 |
| Non-current assets | 8.584.116 | 8.926.455 |
| Total assets | 55.084.353 | 59.330.660 |
| Current liabilities | 126.717.031 | 131.484.898 |
| Total debts | 126.717.031 | 131.484.898 |
| Net assets | (71.632.678) | (72.154.238) |
| Profit Loss for the period: | ||
| Revenue | 12.004.352 | 13.625.264 |
| Profit / (Loss) for the period | (1.322.209) | (1.474.460) |
| Profit Loss for the period: | (1.322.209) | (1.474.460) |
| 30 September 2025 | 31 December 2024 | |
| RhineGene B.V. (The | RhineGene B.V. | |
| Netherlands) | (The Netherlands) | |
| Solo | Solo | |
| xxx Current assets |
89.013.109 | 89.303.889 |
| Non-current assets | 130.423.403 | 139.848.327 |
| Total assets | 219.436.512 | 229.152.216 |
| Current liabilities Total debts |
528.974 528.974 |
315.869 315.869 |
| Net assets | 218.907.538 | 228.836.347 |
| Profit Loss for the period: Revenue |
||
| Profit / (Loss) for the period | (4.949.389) | (2.546.360) |
| Profit Loss for the period: | (4.949.389) | (2.546.360) |
| 30 September 2025 | 31 December 2024 | |
| RhineGene | RhineGene | |
| Philippines | Philippines | |
| Solo | Solo | |
| xxx Current assets |
3.733.566 | 1.736.151 |
| Non-current assets | 38.975 | 5.240.427 |
| Total assets | 3.772.541 | 6.976.578 |
| Current liabilities | 20.616.132 | 20.026.955 |
| Total debts | 20.616.132 | 20.026.955 |
| Net assets | (16.843.591) | (13.050.377) |
| Profit Loss for the period: | ||
| Revenue | ||
| Profit / (Loss) for the period Profit Loss for the period: |
(5.041.679) (5.041.679) |
(3.238.863) (3.238.863) |
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| RhineGene | RhineGene | |
| Bulgaria | Bulgaria | |
| Solo | Solo | |
| Current assets | 81.871.792 | 126.406.183 |
| Non-current assets | 38.172.134 | 1.522.966 |
| Total assets | 120.043.926 | 127.929.149 |
| Current liabilities | 1.406.238 | 6.268.369 |
| Total debts | 1.406.238 | 6.268.369 |
| Net assets | 118.637.688 | 121.660.780 |
| Profit Loss for the period: | ||
| Revenue | 5.228.870 | 7.219.484 |
| Profit / (Loss) for the period | (9.029.687) | (5.703.167) |
| Profit Loss for the period: | (9.029.687) | (5.703.167) |
| 30 September 2025 | 31 December 2024 | |
| RhineGene | RhineGene | |
| Poland | Poland | |
| Solo | Solo | |
| Current assets | 42.062.165 | 39.441.577 |
| Non-current assets | 1.917.618 | |
| Total assets | 42.062.165 | 41.359.195 |
| Current liabilities | 63.026.076 | 43.072.044 |
| Total debts | 63.026.076 | 43.072.044 |
| Net assets | (20.963.911) | (1.712.849) |
| Profit Loss for the period: | ||
| Revenue | 26.761.094 | 24.543.756 |
| Profit / (Loss) for the period | (14.775.421) | (7.048.424) |
| Profit Loss for the period: | (14.775.421) | (7.048.424) |
| 30 September 2025 | 31 December 2024 | |
| RhineGene | RhineGene | |
| Germany | Germany | |
| Solo | Solo | |
| Current assets | 1.635.261 | 3.915.322 |
| Non-current assets | 2.547.250 | 2.366.263 |
| Total assets | 4.182.511 | 6.281.585 |
| Current liabilities | 25.159.996 | 11.632.544 |
| Non-current liabilities | ||
| Total debts | 25.159.996 | 11.632.544 |
| Net assets | (20.977.485) | (5.350.959) |
| Profit Loss for the period: Revenue |
848.441 | 6.692.857 |
| Profit / (Loss) for the period | (4.641.460) | (10.327.453) |
| Profit Loss for the period: | (4.641.460) | (10.327.453) |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of the Group's cash and cash equivalents for the periods are as follows:
| 30 September 2025 | 31 December 2024 | ||
|---|---|---|---|
| Cash in hand Cash at banks |
|||
| - Demand deposit | 96.501.397 | 257.160.697 | |
| - Time deposit less than 3 months | 92.217.820 | 252.102.805 | |
| Other cash and cash equıvalents | 4.283.577 | 5.057.892 | |
| 96.501.397 | 257.160.697 | ||
| Currency | Interest rate | Maturity | 30 September 2025 |
| USD %3,5 September 2025 |
Currency | Interest rate | Maturity | 31 December 2024 |
|---|---|---|---|---|
| 4.283.577 | ||||
| 207.492 | ||||
| TRY | %39,50-%35 | September 2025 | 4.076.085 |
| TRY | %29,98-%38,97 | January 2025 | 5.057.892 |
|---|---|---|---|
| 5.057.892 |
The details of the Group's financial investments for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Fair value through | 19.187.574 | 20.427.666 |
| 19.187.574 | 20.427.666 |
The details of the Group's trade receivables for the periods are as follows:
| Short-term trade receivables | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Trade receivables | 150.250.830 | 127.296.825 |
| - Trade receivables from third parties | 150.250.830 | 127.296.825 |
| Notes receivable | 5.259.686 | 7.383.723 |
| Income accruals | 6.492.917 | 2.354.471 |
| Doubtful trade receivables (*) | 1.691.952 | 1.633.814 |
| Provision for doubtful trade receivables (-) | (1.691.952) | (1.633.814) |
| 162.003.433 | 137.035.019 |
As of 30 September 2025, the average maturity of the Group's trade receivables is 90 days. (31 December 2024: 90 days).
Explanations on the nature and level of risks in trade receivables are given in Note 31.
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
(*) The movement of the allowance for doubtful receivables is as follows:
| 1 January 30 September 2025 |
1 January 30 September 2024 |
|
|---|---|---|
| Balance at beginning of the period | 1.633.814 | 1.648.979 |
| Changes in current period | 421.382 | |
| Foreign currency conversion difference | 135.561 | 164.284 |
| Inflation | (77.423) | (450.786) |
| End of the period | 1.691.952 | 1.783.859 |
The details of the trade payables are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term trade payables | ||
| Trade payables | 27.156.471 | 44.379.529 |
| Expense Accruals | 5.812.764 | 6.000.627 |
| Related parties | 46.087 | |
| Other trade payables | 3.598.958 | 7.818.963 |
| 36.568.193 | 58.245.206 |
As of 30 September 2025, the average maturity of the Group's trade receivables is 90 days. (31 December 2024: 90 day).
Explanations on the nature and level of risks in trade payables are given in Note 30.
As of 30 September 2025, there are no trade receivables from organizations (31 December 2024: None).
The total amount of wages and similar benefits provided to the Group's President and Vice President of the Board of Directors and other key executives as of 30 September 2025 is TRY 33,319,242 (31 December 2024: TRY 41,900,577)
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of the Group's other receivables and payables for the periods are as follows:
| Short term other receivables | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Deposits and guarantees given | 2.282.807 | 3.445.849 |
| Other receivables(*) | 25.506.923 | 10.151.838 |
| 27.789.730 | 13.597.687 | |
| (*) Other receivables consist of VAT receivables. | ||
| Long term other receivables | 30 September 2025 | 31 December 2024 |
| Deposits and guarantees given | 483.227 | 1.221.122 |
| 483.227 | 1.221.122 | |
| Short term other payables | 30 September 2025 | 31 December 2024 |
| Free zone overdue deferred tax liabilities | 5.107.478 | 5.024.709 |
| Other payables | 25.737.289 | |
| 30.844.767 | 5.024.709 | |
The details of the Group's inventories for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Raw materials | 131.523.510 | 206.228.022 |
| Work in Process | 118.782.217 | 173.180.886 |
| Trade goods | 54.558.462 | 57.922.428 |
| Other Inventories | 18.971.132 | 24.657.050 |
| Provision for impairment in inventory | (12.172.492) | (9.206.444) |
| 311.662.829 | 452.781.942 | |
| 1 January | 1 January | |
| 30 September 2025 | 30 September 2024 | |
| Balance at beginning of the period | 9.206.444 | 12.564.166 |
| Current year additions | 2.689.722 | 11.301.274 |
| Currency translation differences | 276.326 | 111.700 |
| End of the period | 12.172.492 | 23.977.140 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of short and long-term prepaid expense for the periods are as follows:
| Short-term prepaid expenses | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Advances given to suppliers (*) | 49.996.207 | 17.504.016 |
| Prepaid expenses (**) | 10.127.817 | 1.062.961 |
| 60.124.024 | 18.566.977 |
(*) Consists of personnel expenses in the Center and Free Zone.
(**) Order advances given consist of advances given for building modernization and investment to move the Group's headquarters and R&D center.
| Long-term prepaid expenses | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Prepaid expenses for the following years | 2.407.919 | 9.299.208 |
| 2.407.919 | 9.299.208 | |
| Deferred income-short term | 30 September 2025 | 31 December 2024 |
| Advances received | 8.558.673 | 12.357.203 |
| Deferred income | 303.213 | |
| 8.861.886 | 12.357.203 |
(*) Advances received consist of advances received by the Group from customers regarding sales.
Advances received consist of advances received by the Group from customers regarding sales.
The details of other assets and liabilities for the periods are as follows:
| Other current assets | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Deferred VAT | 32.008.633 | 47.865.304 |
| Other current assets | 1.397.659 | 2.615.568 |
| 33.406.292 | 50.480.872 | |
| Other short-term liabilities | 30 September 2025 | 31 December 2024 |
| Prepaid taxes and dues | 5.059.928 | 12.428.094 |
| Other | 63.181 | 30.151 |
| 5.123.109 | 12.458.245 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The net book value of property, plant and equipment held during the nine-month period ending September 30, 2025, was TL 821,164,645 (September 30, 2024: TL 774,079,976).
The amount of property, plant and equipment purchased during the nine-month period ending September 30, 2025, was TL 151.296.011 (September 30, 2024: TL 74.876.138).
The amount of property, plant and equipment sold during the nine-month period ending September 30, 2025, was TL 22.712.019 (September 30, 2024: TL 29.007.728).
The depreciation expense calculated on property, plant and equipment for the nine-month accounting period ending on September 30, 2025, was TL 94.770.534 (September 30, 2024: TL 74.591.345).
As of 30 September 2025, property, plant, and equipment are insured for TRY 475.500.000 and there is no mortgage on it (31.12.2024: 323.108.613 TRY ).
The net book value of intangible assets held during the nine-month period ending September 30, 2025, was TL 580,270,871 (September 30, 2024: TRY 428,696,194).
The amount of intangible assets purchased during the nine-month period ending September 30, 2025, was TL 43,670,127 (September 30, 2024: TRY 160,121,919).
The amount of intangible assets sold during the nine-month period ending September 30, 2025, was TL 6,287,200 (September 30, 2024: TL 231,385).
The depreciation expense calculated on intangible assets in the nine-month accounting period ending on 30 September 2025 is TL 14.079.661 (30 September 2024: TL 14.570.123).
The Group invested a total of TRY 133,529,336 R&D projects in the accounting period ending on 30 September 2025 (6-month period) (30 September 2024: TRY 143,265,984 TRY (9-month period))
The net book value of right-of-use assets for the nine-month period ending on September 30, 2025, was TL 23.281.529 (September 30, 2024: TL 24.542.767).
There are no additional usage rights assets in the nine-month accounting period ending on September 30, 2025. (September 30, 2024: none).
There is no amount of right-of-use assets issued during the nine-month accounting period ending on September 30, 2025. (September 30, 2024: TL 2.157.093).
The depreciation expense calculated on right-of-use assets for the nine-month period ending on September 30, 2025, was TL 1.539.770 (September 30, 2024: TL 1.121.982).
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of lease of liabilities for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term lease liabilities | 3.233.363 | 3.170.420 |
| Long-term lease liabilities | 15.693.489 | 19.345.010 |
| 18.926.852 | 22.515.430 | |
| 1 January 30 September 2025 |
1 January 30 September 2024 |
|
| Operating lease as of January 1 | 22.515.430 | 30.529.484 |
| Additions/ Disposals | (2.166.831) | (2.217.684) |
| Current interest expense | (943.689) | (994.812) |
| Current foreign currency effects | (478.058) | (3.605.143) |
| Operating lease at the end of the periods | 18.926.852 | 23.711.845 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of financial borrowings for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term borrowings Other financial borrowings (*) |
2.557.552 | 1.675.409 |
| Short-term borrowings | 2.557.552 | 1.675.409 |
| Short term portion of long-term borrowings | 60.244.680 | |
| Short-term portion of long-term borrowings | 60.244.680 | |
| Long-term borrowings | 77.940.362 | |
| Long-term borrowings | 77.940.362 | |
| Total financial borrowings | 140.742.594 | 1.675.409 |
(*) Other financial borrowings consist of credit card borrowings.
The details of currency-based financial liabilities are as follows:
| Interest rate | 30 September 2025 | |
|---|---|---|
| Xxx | ||
| TRY bank borrowings | 23,47% | 60.244.680 |
| CHF bank borrowings | 1% | 77.940.361 |
| 138.185.041 | ||
| Interest rate | 31 December 2024 | |
| Xxx TRY bank borrowings |
||
| xxx | ||
| Book value | Cash Outflows | |
|---|---|---|
| 0-3 Months | ||
| 3-12 Months | 60.244.680 | 77.500.000 |
| 1-5 Years | 77.940.361 | 1.725.051 |
| More than 5 years | ||
| Total | 138.185.041 | 79.225.051 |
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
Under the Turkish Legislations, the Company and its subsidiaries which located in Turkey, is required to pay termination benefits to each employee, who has completed one year of service and whose employment is terminated without due cause, is called up for military service, dies, who retires after completing 25 years for man and 20 years for women of service and reaches the retirement age (58 for women and 60 for men). Due to the amendment of the legislation as of 8 September 1999, there are certain transitional obligations regarding the length of service due to retirement.
These payments are calculated based on the rate on the day of retirement or termination per year worked, with a maximum of TL 53.919,68 over the 30-day salary as of 30 September 2025 (31 December 2024: TL 46.655,43). The provision for severance pay is calculated on a current basis and is reflected in the Consolidated financial statements. The provision is calculated according to the severance pay ceiling announced by the Government.
Provision for termination benefits is made by calculating the present value of the possible liability to be paid in case of retirement of employees. To calculate the liabilities of the Group in accordance with TAS 19 (Employee Benefits), a calculation made with actuarial assumptions is required. Accordingly, the actuarial assumptions used in the calculation of total liabilities are given below. The basic assumption is that the maximum liability for each year of service will increase in line with inflation. Hence the discount rate applied represents the expected real interest rate after adjusting for the effects of future inflation. As a result, the liabilities in the accompanying Consolidated financial statements as of 30 September 2025 and 31 December 2024 are calculated by estimating the present value of the future probable obligation arising from the retirement of the employees.
It is planned that the severance pay rights will be paid at the end of the concession agreement. Accordingly, the terms of the concession agreements are considered in calculating the present value of the liabilities to be paid in the future.
The details of long-term severance pay provisions for the periods are as follows:
| Long-term provisions | 30 September 2025 |
31 December 2024 |
|---|---|---|
| Provision for employment termination benefits | 10.670.527 | 9.473.398 |
| 10.670.527 | 9.473.398 | |
| Movement of severance pay provisions for the periods are as follows: | ||
| 1 January | 1 January | |
| 30 September 2025 |
30 September 2024 |
|
| Balance at January 1 | 9.473.398 | 5.130.357 |
| Provisions | 2.410.222 | 6.998.478 |
| Interest cost | 1.513.540 | 1.282.590 |
| Actuarial (gain)/ losses | (990.877) | 1.898.267 |
| Payments during the year | (664.469) | (734.822) |
| Inflation effect | (1.071.287) | (8.520.712) |
| Balance at September 30 | 10.670.527 | 6.054.158 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of short-term employee benefits provisions for the periods are as follows:
| Short-term provisions | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Provision for vacation pay liability | 10.707.407 | 8.914.734 |
| 10.707.407 | 8.914.734 | |
| Movement of vacation pay provisions as follows: | ||
| Short-term provisions | 30 September 2025 | 30 September 2024 |
| Balance at January 1 | 8.914.734 | 8.954.954 |
| Changes in current period | (2.528.701) | |
| Inflation | 1.792.673 | 984.587 |
| Balance at the end of the periods | 10.707.407 | 7.410.840 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
As of 30 September 2025, the Group has no guarantees received (31 December 2024: None).
Collaterals/ pledges/ mortgages/bill of guarantees ("CPMB") position of the Group as of 30 September 2025 and 31 December 2024 are as follows:
| CPMB's given by the Group | 30 September 2025 | 31 December 2024 |
|---|---|---|
| A. CPMB's given for Group's own legal personality | 117.461.179 | 20.527.662 |
| B. CPMB's given on behalf of fully consolidated companies | ||
| C. CPMB's given on behalf of third parties for ordinary course of business |
||
| D. Total amount of other CPMB's | ||
| i) Total amount of CPMB's given on behalf of the majority shareholder |
||
| ii) Total amount of CPMB's given on behalf of other Group companies which are not in scope of B and C |
||
| iii) Total amount of CPMB's given on behalf of third parties which are not in scope of C |
||
| 117.461.179 | 20.527.662 |
As of 30 September 2025, the ratio of other CPMs given by the Group to the Group's equity is 0% (31 December 2024: 0%).
The details of employee benefits obligations for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Due to personnel | 22.647.168 | 332.623 |
| Social security premiums payable | 8.524.930 xxx |
7.378.107 |
| 31.172.098 | 7.710.730 |
The details of current period tax assets for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Tax Provisions Prepaid Tax |
3.432.940 (8.742) |
247.371 |
| 3.424.198 | 247.371 | |
| 1 January 30 September 2025 |
1 January 30 September 2024 |
|
| Corporate Tax Provision Deferred Tax Income/Expense |
(150.566) (45.965.771) |
(96.485) (29.778.485) |
| (46.116.337) | (29.874.970) |
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
As of 30 September 2025, the corporate tax rate is 25% in Turkey (31 December 2024: 25%,). Corporation tax rate is applied to net income of the companies after adjusting for certain disallowable expenses, exempt income and allowances. With the provision added to Article 35 of the Law No. 7256 and Article 32 If more than 20 percent of its shares are offered to the public for the first time in the Borsa Istanbul market, the Group pays corporate tax with a discount of 2 points for 5 years. As of April 22, 2021, the company's corporate tax rate has been calculated 18%. Accordingly, in the Group's consolidated financial statements as of December 31, 2023, when calculating deferred tax assets and liabilities for its subsidiaries residing in Turkey, the tax rate is 23% for the parts of the temporary differences that will occur. Corporate tax losses can be carried forward for a maximum period of 5 years following the year in which the losses were incurred. The tax authorities can inspect tax returns and the related accounting records for a retrospective maximum period of five years.
10% withholding applies to dividends distributed by resident real persons, those who are not liable to income and corporation tax, non-resident real persons, non-resident corporations (excluding those that acquire dividend through a permanent establishment or permanent representative in Turkey) and non-resident corporations exempted from income and corporation tax.
Dividend distribution by resident corporations to resident corporations is not subject to a withholding tax. Furthermore, in the event the profit is not distributed or included in capital, no withholding tax shall be applicable.
To benefit from the exemption, the said income must be kept in a passive fund account and not withdrawn from the business for a period of 5 years. The sales price must be collected until the end of the second calendar year following the year of sale.
There is no practice in Turkey to reach an agreement with the tax administration regarding the taxes to be paid. Corporate tax returns are submitted within four months following the end of the period. The tax inspection authorities may examine the tax returns and the accounting records underlying them for five years following the accounting period and make a reassessment because of their findings.
There is a withholding tax liability on dividend distributions, and this withholding liability is accrued in the period when the dividend payment is made. Dividend payments are subject to 15% withholding tax, excluding those made to non-resident companies that generate income through a workplace or their permanent representative in Turkey, and to companies residing in Turkey. In the application of withholding tax rates for profit distributions to non-resident companies and natural persons, the withholding tax rates in the relevant Double Taxation Agreements are also considered. The addition of retained earnings to the capital is not considered as profit distribution, so it is not subject to withholding tax.
In Turkey, transfer pricing regulations are specified in Article 13 of the Corporate Tax Law, titled "Hidden income distribution through transfer pricing". The notified dated 18 November 2007 on hidden income distribution via transfer pricing regulates the details of the implementation.
If the taxpayer buys or sells goods or services with related parties at the price or price, they have determined in peer assessment, the profit is deemed to have been distributed through transfer pricing, in whole or in part. Hidden income distribution through is considered as a non-deductible expense for corporate tax.
Deferred tax liability or assets are determined by calculating the tax effects of temporary differences between the values of assets and liabilities shown in the Consolidated financial statements and the amounts considered in the legal tax base calculation. Deferred tax liability or assets are reflected in the accompanying Consolidated financial statements by considering the tax rates that are expected to be valid in the future periods when the temporary differences will disappear.
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
In reflecting the deferred tax asset to the consolidated financial statements, the developments in the sector in which it operates, taxable profit estimates in the future, it considers factors such as the general economic and political situation in Turkey and/or the international general economic and political situation that may affect the Group.
The Group considers factors such as developments in the sector in which it operates, taxable profit estimates in the future, general economic and political situation in Turkey and/or international general economic and political situation that may affect the Group while reflecting the deferred tax asset to the consolidated financial statements. The Group estimates that it will generate sufficient taxable profits in the future.
The details of deferred tax assets and liabilities for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Cumulative temporary differences |
Deferred tax |
Cumulative temporary differences |
Deferred tax | |
| Deferred tax assets | ||||
| Provision for employment | ||||
| termination benefits | 18.042.182 | 4.149.702 | 14.532.838 | 3.633.209 |
| Other | (5.087.746) | (1.170.182) | 3.668.732 | 917.185 |
| Financial lease liabilities | (4.354.677) | (1.001.576) | (2.121.400) | (530.350) |
| Trade receivables provisions | 287.948 | 66.228 | 327.594 | 81.898 |
| Financial investments | (68.127.473) | (15.669.319) | (62.489.689) | (15.622.422) |
| Trade payables provisions | 4.988.895 | 1.147.446 | ||
| Inventories | (73.375.976) | (16.876.474) | (76.366.455) | (19.091.614) |
| Property, plant and equipment | ||||
| and intangible assets | (613.156.835) | (141.026.072) | (494.297.554) | (123.574.390) |
| Deferred tax assets xxx |
(740.783.682) | (170.380.247) | (616.745.934) | (154.186.483) |
| Net deferred tax | (170.380.247) | (154.186.483) |
The paid capital structure of the Group for the periods are as follows:
| 30 September | 31 December | |||
|---|---|---|---|---|
| 2025 | Share | 2024 | Share | |
| Shareholders | TRY | % | TRY | % |
| Alper Akyüz | 93.562.286 | 42,53 | 93.562.286 | 42,53 |
| Elif Akyüz | 45.603.000 | 20,73 | 45.603.000 | 20,73 |
| Actual Shares Outstanding (*) | 77.943.883 | 35,43 | 64.898.588 | 29,43 |
| Other | 2.890.831 | 1,31 | 15.936.126 | 7,31 |
| Total paid-in capital | 220.000.000 | 100 | 220.000.000 | 100 |
(*) The company is registered with the Capital Markets Board ("CMB") and its shares are traded on Borsa İstanbul A.Ş. ("BIST") as of 21.10.2021.
As of 30 September 2025, the Company has 35,43% of shares registered in BIST.
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
As of 30 September 2025, the capital of the Group consists of 220.000.000 shares. (31 December 2024: TL 220.000.000). The nominal value of the shares is TL 1 per share. (31 December 2024: per share TL 1).
Company shares are represented by two separate share groups as A and B group, and A group shares provide voting rights to the shareholder. The Company's shares consist of 40.000.000 Group A shares and 180.000.000 Group B shares.
Other comprehensive income not to be reclassified under profit and loss
| 30 September 2025 |
30 September 2024 |
|
|---|---|---|
| Balance at January 1 | 2.520.314 | 2.107.935 |
| Additions | 990.877 | (1.898.267) |
| Deferred tax | (227.902) | 436.602 |
| 3.283.289 | 646.271 | |
| 30 September | 30 September | |
|---|---|---|
| 2025 | 2024 | |
| Balance at January 1 | 285.129.849 | 285.129.849 |
| Additions | ||
| 285.129.849 | 285.129.849 |
Earnings per share for the periods are as follows:
| 30 September | 30 September | |
|---|---|---|
| 2025 | 2024 | |
| Net profit for the period of the equity holders of the parent Weighted average number of ordinary |
(294.631.816) | (250.439.214) |
| shares with nominal value (kurus1 per value) | 220.000.000 | 220.000.000 |
| Earnings per share (TRY) | (1,3392) | (1,1384) |
Revenue for the periods are as follows:
| 1 January | 1 January | 1 July | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2024 | 2025 | 2024 | |
| Domestic Sales | 284.481.711 | 265.229.522 | 98.491.189 | 100.545.486 |
| Export Sales | 224.028.131 | 236.703.566 | 81.857.318 | 82.771.779 |
| Other Revenue | 1.475.826 | 5.834.908 | 119.642 | 456.334 |
| Gross Sales | 509.985.668 | 507.767.996 | 180.468.149 | 183.773.599 |
| Sales Returns (-) | (320.188) | (1.379.105) | (55.405) | (642.453) |
| Sales Discount (-) | (649.219) | (183.431) | (53.803) | (43.641) |
| Net Sales | 509.016.261 | 506.205.460 | 180.358.942 | 183.087.505 |
| Cost of goods sold (-) | (101.819.602) | (117.111.936) | (32.273.835) | (54.576.614) |
| Cost of merchandise sold (-) | (68.007.630) | (52.112.396) | (21.556.429) | (10.343.632) |
| Cost of services sold (-) | (4.436.823) | (4.632.499) | (1.406.343) | (1.907.501) |
| Gross Profit | 334.752.206 | 332.348.628 | 125.122.335 | 116.259.757 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of selling and marketing expenses for the periods are as follows:
| 1 January 30 September |
1 January 30 September |
1 July 30 September |
1 July 30 September |
|
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Personnel expenses | (93.126.551) | (85.410.478) | (35.193.423) | (33.179.297) |
| Depreciation and amortization expenses | (18.024.621) | (18.558.859) | (8.112.763) | (6.873.140) |
| Transportation expenses | (15.324.935) | (12.794.826) | (9.292.928) | (4.738.472) |
| Travel expenses | (7.120.394) | (7.956.272) | (3.032.197) | (2.946.548) |
| Export expenses | (6.124.608) | (6.520.138) | (1.228.338) | (2.414.686) |
| Taxes, duties, and fees | (11.158.890) | (6.410.367) | (469.434) | (2.374.033) |
| Material usage expenses | (7.985.693) | (4.680.235) | (3.898.151) | (1.733.292) |
| Outsourced benefits and services | (8.835.744) | (4.282.100) | (1.912.218) | (1.585.845) |
| Transportation expenses | (4.078.426) | (3.533.949) | (3.876.397) | (1.308.773) |
| Commission expenses | (2.554.308) | (3.004.289) | (828.214) | (1.112.617) |
| Fair and exhibition expenses | (3.359.306) | (3.416.780) | (1.459.340) | (1.265.380) |
| Representation and hospitality expenses | (1.124.118) | (1.574.544) | (101.697) | (583.121) |
| Other | (1.442.856) | (1.350.923) | (552.124) | (500.304) |
| (180.260.450) | (159.493.760) | (69.957.224) | (60.615.510) |
The details of general administrative expenses for the periods are as follows:
| 1 January | 1 January | 1 July | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2024 | 2025 | 2024 | |
| Personnel expenses | (68.411.370) | (64.838.821) | (15.261.426) | (20.026.243) |
| Outsourced benefits and services | (27.947.258) | (39.617.490) | (12.062.748) | (15.828.895) |
| Tax, fee and duty expenses | (10.359.180) | (24.636.501) | (3.201.817) | (4.201.466) |
| Depreciation and amortization | (16.795.667) | (15.696.358) | (7.058.032) | (9.261.642) |
| expenses | ||||
| Insurance expenses | (10.359.180) | (7.346.880) | (431.967) | (566.832) |
| Other | (8.247.499) | (11.555.628) | (6.127.815) | (8.040.999) |
| (142.120.153) | (163.691.679) | (44.143.804) | (57.926.078) |
The details of research and development expenses for the periods are as follows:
| 1 January 30 September 2025 |
1 January 30 September 2024 |
1 July 30 September 2025 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Depreciation and amortization expenses |
(3.695.919) | (649.628) | ||
| (3.695.919) | (649.628) |
The Group invested a total of TRY 133,529,336 projects in the accounting period ending on 30 September 2025 (9-month period) (31 December 2024: TRY 143,265,984 TRY (9-month period))
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of other operating income and expenses for the periods are as follows:
| 1 January 30 September 2025 |
1 January 30 September 2024 |
1 July 30 September 2025 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Other operating income Exchange rate difference income on trade |
||||
| receivables and payables | 30.519.701 | 62.958.133 | 1.307.111 | 24.362.181 |
| Financial investment income | 9.684.299 | 1.512.295 | ||
| Other | 5.679.156 | 4.492.890 | ||
| 36.198.857 | 72.642.432 | 5.800.001 | 25.874.476 | |
| 1 January 30 September 2025 |
1 January 30 September 2024 |
1 July 30 September 2025 |
1 July 30 September 2024 |
|
| Other operating income loss | ||||
| Foreign exchange loss on trade receivables and payables |
(13.335.223) | (7.401.972) | (2.947.182) | (6.031.650) |
| Provisions for doubtful receivables (Note 7) | (108.299) | (421.382) | (1.786.116) | (610.522) |
| Other | (26.558.366) | (9.780.907) | (11.106.339) | (2.530.054) |
| (40.001.888) | (17.604.261) | (15.839.637) | (9.172.226) |
| 1 January 30 September 2025 |
1 January 30 September 2024 |
1 July 30 September 2025 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Other operating income | ||||
| Income from financial investments | 3.681.712 | 15.782.000 | 1.435.417 | 1.147.225 |
| 3.681.712 | 15.782.000 | 1.435.417 | 1.147.225 | |
| 1 January 30 September 2025 |
1 January 30 September 2024 |
1 July 30 September 2025 |
1 July 30 September 2024 |
|
| Other operating expenses | ||||
| Expenses from financial investments | (4.221.618) | (172.356) | ||
| (4.221.618) | (172.356) |
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The details of finance income and expenses for the periods are as follows:
| 1 January 30 September 2025 |
1 January 30 September 2024 |
1 July 30 September 2025 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Finance income | ||||
| Foreign exchange gains | 4.681.882 | 30.457.418 | 1.161.633 | 8.634.420 |
| Interest income | 6.957.167 | 4.245.779 | 495.402 | 1.822.652 |
| 11.639.049 | 34.703.197 | 1.657.035 | 10.457.072 | |
| 1 January | 1 January | 1 July | 1 July | |
| 30 September 2025 |
30 September 2024 |
30 September 2025 |
30 September 2024 |
|
| Finance expenses | ||||
| Interest expense | (281.260) | (1.821.180) | (16.042) | (181.818) |
| Foreign exchange losses | (5.383.164) | (344.212) | (2.429.819) | (30.266) |
| Loan interest expenses | (943.689) | (994.812) | (27.653) | (99.317) |
| (6.608.113) | (3.160.204) | (2.473.514) | (311.401) |
While trying to ensure the continuity of its activities in capital management, the Group also aims to increase its profits by using the debt and equity balance in the most efficient way. The Group's capital structure consists of equity items including issued capital, reserves and retained earnings.
The gearing ratios for the periods are as follows:
| 1 January 30 September 2025 |
1 January 31 December 2024 |
|
|---|---|---|
| Total financial liabilities | 159.669.446 | 25.727.899 |
| Less: Cash and cash equivalents | (96.501.397) | (359.180.069) |
| Net debt | 63.168.049 | (333.452.170) |
| Total equity | 1.678.116.355 | 1.986.838.646 |
| Debt/equity ratio | 4% | (17%) |
When calculating the Group's capital risk management, debts and equity items including cash and cash equivalents, paid-in capital, defined benefit plans remeasurement gains / losses, restricted reserves from profit and retained earnings / (losses) are considered, respectively.
The risks associated with each capital class, together with the group capital cost, are evaluated by the senior management. Based on senior management assessments, it is aimed to keep the capital structure in balance through the acquisition of new debt or repayment of existing debt, as well as through dividend payments.
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The Group's activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign currency exchange rates and interest rates. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group.
Credit risk is the risk that a customer or a counterparty will not fulfil its contractual obligations and arises mainly from customer receivables.
| Receivables | ||||||
|---|---|---|---|---|---|---|
| Trade receivables | Other receivables | |||||
| Related | Related | Bank | Financial | |||
| 30 September 2025 | Party | Third Party | Party | Third Party | deposits | Invements |
| Maximum credit risk exposed as of balance sheet date, (A+B+C+D) |
162.003.433 | 28.272.957 | 96.501.397 | 23.492.778 | ||
| - Secured portion of the maximum credit risk by guarantees |
||||||
| A. Net book value of financial assets that are neither past due nor impaired |
162.003.433 | 28.272.957 | 96.501.397 | 23.492.778 | ||
| B. Net book value of the impaired as | ||||||
| sets | ||||||
| - Past due (gross carrying amount) | ||||||
| - Impairment (-) | 1.691.952 | |||||
| - Secured portion of the net value by guarantees, etc. |
(1.691.952) |
| Receivables | ||||||
|---|---|---|---|---|---|---|
| Trade receivables | Other receivables | |||||
| 31 December 2024 | Related | Related | Bank | Financial | ||
| Party | Third Party | Party | Third Party | deposits | Investments | |
| Maximum credit risk exposed as of | ||||||
| balance sheet date, (A+B+C+D) | 137.035.019 | 14.818.809 | 257.160.697 | 24.732.870 | ||
| - Secured portion of the maximum | - | |||||
| credit risk by guarantees | - | |||||
| A. Net book value of financial assets | ||||||
| that are neither past due nor impaired | 137.035.019 | 14.818.809 | 257.160.697 | 24.732.870 | ||
| B. Net book value of the impaired as | ||||||
| sets | ||||||
| - Past due (gross carrying amount) | ||||||
| - Impairment (-) | 1.633.814 | |||||
| - Secured portion of the net value | ||||||
| by guarantees, etc. | (1.633.814) |
The Group monitors the collectability of its trade receivables periodically and allocates provision for doubtful receivables for possible losses that may arise from doubtful receivables based on the collection rates of previous years. Following the provision for doubtful receivables, if all or part of the doubtful receivable amount is collected, the collected amount is deducted from the doubtful receivable provision and associated with profit or loss
.
The Group manages liquidity risk by maintaining adequate funds and available borrowing by regularly monitoring forecast and actual cash flows and matching the maturities of financial assets and liabilities. Prudent liquidity risk management expresses the ability to keep sufficient cash, the availability of sufficient credit transactions, the availability of fund resources and the ability to close market positions.
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The funding risk of current and prospective debt requirements is managed by maintaining the availability of sufficient number of high-quality lenders.
The table below shows the maturity distribution of the Group's non-derivative financial liabilities:
| Contractual maturity | Carrying Value |
Contractual cash flows |
Up to 3 months |
3 - 12 month |
1 - 5years | More than 5 years |
|---|---|---|---|---|---|---|
| Non derivative financial liabilities |
227.152.506 | 228.026.095 | 85.840.023 | 47.608.532 | 94.107.177 | 470.363 |
| Loans and borrowings | 140.812.694 | 140.742.594 | 17.618.722 | 45.183.510 | 77.940.362 | |
| Lease liabilities | 18.926.852 | 19.870.541 | 808.341 | 2.425.022 | 16.166.815 | 470.363 |
| Trade payables | 36.568.193 | 36.568.193 | 36.568.193 | |||
| Other payables | 30.844.767 | 30.844.767 | 30.844.767 |
| Contractual maturity | Carrying Value |
Contractual cash flows |
Up to 3 months |
3 - 12 month |
1 - 5years | More than 5 years |
|---|---|---|---|---|---|---|
| Non derivative financial liabilities |
87.460.754 | 92.297.007 | 65.737.929 | 2.377.815 | 24.181.263 | |
| Loans and borrowings | 1.675.409 | 1.675.409 | 1.675.409 | |||
| Trade payables | 22.515.430 | 27.351.683 | 792.605 | 2.377.815 | 24.181.263 | |
| Other payables | 58.245.206 | 58.245.206 | 58.245.206 | |||
| Other debts | 5.024.709 | 5.024.709 | 5.024.709 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
For the periods, the Group's foreign currency position consists of foreign currency denominated assets and liabilities stated in the table below:
| 30 September 2025 | 31 December 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| TRY | TRY | |||||||
| Equivalent | USD | EUR | CHF | Equivalent | USD | EUR | ||
| 1 2a. |
Trade receivables Monetary financial assets |
161.087.567 58.751.349 |
2.951.267 848.906 |
793.759 483.538 |
161.087.567 58.751.349 |
13.129.449 104.754.454 |
249.419 249.660 |
117.864 2.611.766 |
| Non-Monetary financial | ||||||||
| 2b. | assets | |||||||
| 3 | Other | |||||||
| 4 | Current assets (1+2+3) | 219.838.916 | 3.800.173 | 1.277.297 | 219.838.916 | 117.883.903 | 499.079 | 2.729.630 |
| 5 | Trade receivables | - | - | - | - | - | - | - |
| 6a. | Monetary financial assets Non-Monetary financial |
- | - | - | - | - | - | - |
| 6b. | assets | |||||||
| 7 | Other | |||||||
| Non- Current assets | ||||||||
| 8 | (5+6+7) | |||||||
| 9 | Total assets (4+8) | 219.838.916 | 3.800.173 | 1.277.297 | 219.838.916 | 117.883.903 | 499.079 | 2.729.630 |
| 10 | Trade payables | (17.026.365) | (153.100) | (219.392) | (17.026.365) | (12.656.843) | (238.179) | (573.273) |
| 11 | Financial borrowings | (28.675) | (691) | - | (28.675) | (27.347) | (775) | - |
| 12a. | Other Monetary financial liabilities |
|||||||
| Other Non-Monetary | - | - | - | - | - | - | - | |
| 12b. | financial liabilities | |||||||
| Current liabilities | ||||||||
| 13 | (10+11+12) | (17.055.040) | (153.791) | (219.392) | (17.055.040) | (12.684.190) | (238.955) | (573.273) |
| 14 | Trade payables | - | - | - | - | - | - | - |
| 15 | Financial borrowings | (77.942.100) | - | - | (77.942.100) | - | - | - |
| Other Monetary financial | ||||||||
| 16a. | liabilities | - | - | - | - | - | - | - |
| Other Non-Monetary | ||||||||
| 16b. | financial liabilities | |||||||
| Non-Current liabilities | ||||||||
| 17 | (14+15+16) | (77.942.100) | - | - | (77.942.100) | - | - | - |
| 18 | Total liabilities (13+17) | (94.997.140) | (153.791) | (219.392) | (94.997.140) | (12.684.190) | (238.955) | (573.273) |
| . Net asset / liability position of |
||||||||
| off-balance sheet | ||||||||
| 19 | derivatives (19a-19b) | - | - | - | - | - | - | - |
| Total amount of assets | ||||||||
| 19a. | hedged | |||||||
| Total amount of liabilities | ||||||||
| 19b. | hedged | |||||||
| Net foreign currency | ||||||||
| asset /(liability)position | ||||||||
| 20 | (9-18+19) | 124.841.776 | 3.646.382 | 1.057.905 | 124.841.776 | 105.199.713 | 260.124 | 2.156.357 |
| Net foreign currency | ||||||||
| asset / (liability) position | ||||||||
| of monetary items | ||||||||
| (1+2a+5+6a-10-11-12a | ||||||||
| 21 | 14-15-16a) | 124.841.776 | 3.646.382 | 1.057.905 | 124.841.776 | 105.199.713 | 260.125 | 2.156.357 |
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
Sensibility analysis
The Group's currency risk consists of the value changes of TL against Euro and USD. The basis of the sensitivity analysis to measure the currency risk is to make the total currency statement made throughout the organization. Total foreign currency position includes all foreign currency based short-term and long-term purchase agreements and all assets and liabilities.
The exchange rate sensitivity analysis for the periods are as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Profit / (Loss) | Profit / (Loss) | ||||
| Appreciation | Depreciation | Appreciation | Depreciation | ||
| of foreign cur | of foreign cur | of foreign cur | of foreign cur | ||
| rency | rency | rency | rency | ||
| In case of %10 appreciation of USD against TRY | |||||
| 1- USD net asset/liability | 15.131.902 | (15.131.902) | 1.092.213 | (1.092.213) | |
| 2- Amount hedged for USD risk (-) | |||||
| 3- USD net effect (1+2) | 15.131.902 | (15.131.902) | 1.092.213 | (1.092.213) | |
| 4- EUR net asset/liability | 5.146.486 | (5.146.486) | 9.427.758 | (9.427.758) | |
| 5- Amount hedged for EUR risk (-) | |||||
| 6- EUR net effect (4+5) | 5.146.486 | (5.146.486) | 9.427.758 | (9.427.758) | |
| 7- CHF net asset/liability | (7.794.210) | 7.794.210 | |||
| 8- Amount hedged for CHF risk (-) | |||||
| 9- CHF net effect (4+5) | (7.794.210) | 7.794.210 | |||
| Total net effect (3+6+9) | 12.484.178 | (12.484.178) | 10.519.971 | (10.519.971) |
For the periods, the book values and fair values of assets and liabilities are shown in the table below:
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Financial assets | Note | Book value | Fair value | Book value | Fair value |
| Cash and cash equivalents | 4 | 96.501.397 | 96.501.397 | 257.160.697 | 257.160.697 |
| Financial investments | 5 | 19.187.574 | 19.187.574 | 20.427.666 | 20.427.666 |
| Trade receivables | 6 | 162.003.433 | 162.003.433 | 137.035.019 | 137.035.019 |
| Other receivables | 8 | 28.272.957 | 28.272.957 | 14.818.809 | 14.818.809 |
| Total financial assets | 305.965.361 | 305.965.361 | 429.442.191 | 429.442.191 | |
| Financial liabilities | |||||
| Financial borrowings | 140.742.594 | 140.742.594 | 1.675.409 | 1.675.409 | |
| Trade payables | 6 | 36.568.193 | 36.568.193 | 58.245.206 | 58.245.206 |
| Other payables | 8 | 30.844.767 | 30.844.767 | 5.024.709 | 5.024.709 |
| Payables related to employment benefits | 31.172.098 | 31.172.098 | 7.710.730 | 7.710.730 | |
| Total financial liabilities | 239.327.652 | 239.327.652 | 72.656.054 | 72.656.054 | |
| Net | 66.637.709 | 66.637.709 | 356.786.137 | 356.786.137 |
For The Interim Periods Ended 30 September 2025 And 2024
(Amounts on tables expressed in Turkish Lira ("TL") in terms of purchasing power of the TL at 30 September 2025 unless otherwise indicated.)
The effects of the adjustments made by the Group within the scope of IAS 29 on an account group basis are as follows:
1 January-
Monetary Loss/Gain
| 30 September 2025 | |
|---|---|
| Balance sheet items | (274.334.726) |
| Inventories | 11.280.716 |
| Financial Investments | 9.975.384 |
| Fixed Assets | 184.804.993 |
| Equity | (469.952.407) |
| Retained Earnings | (10.443.412) |
| Statement of income items | 8.538.027 |
| Revenue | 41.811.803 |
| Cost of sales | (19.562.673) |
| Research and development expenses | (7.970.981) |
| General administrative expenses | (8.069.765) |
| Marketing expenses | 5.347.646 |
| Other operating income | (2.830.169) |
| Other operating expenses | (200.139) |
Financial income (468.505)
Total (265.796.699)
Financial expenses
There is none.
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