Quarterly Report • Oct 31, 2025
Quarterly Report
Open in ViewerOpens in native device viewer
Condensed Consolidated Financial Statements As at and for the Nine-months Period Ended 30 September 2025 Together with Independent Auditor's Report on Consended Consolidated Interim Financial Statements
(Convenience translation of the report and the consolidated financial statements) originally issued in Turkish)
| CONTENTS | PAGE | |
|---|---|---|
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-3 | |
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 4 | |
| CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME | 5 | |
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 6 | |
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 7-8 | |
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 9-62 | |
| NOTE 1 | ORGANISATION AND NATURE OF OPERATIONS | 9-14 |
| NOTE 2 | BASIS OF PRESENTATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 15-27 |
| NOTE 3 | SEGMENT REPORTING | 28-31 |
| NOTE 4 | CASH AND CASH EQUIVALENTS | 31-32 |
| NOTE 5 | FINANCIAL ASSETS SERVICE CONCESSION ARRANGEMENT | 33 |
| NOTE 6 | FINANCIAL LIABILITIES 34-36 | |
| NOTE 7 | OTHER RECEIVABLES AND PAYABLES 36-37 | |
| NOTE 8 | OTHER ASSETS AND LIABILITIES | 37 |
| NOTE 9 | TANGIBLE ASSETS | 38 |
| NOTE 10 | INTANGIBLE ASSETS | 38 |
| NOTE 11 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 39-40 | |
| NOTE 12 | CASH FLOW HEDGE RESERVE | 41 |
| NOTE 13 | DEFERRED REVENUE | 42 |
| NOTE 14 | EQUITY | 43 |
| NOTE 15 | REVENUE | 44 |
| NOTE 16 | COST OF SALES | 44 |
| NOTE 17 | GENERAL ADMINISTRATIVE AND MARKETING EXPENSES | 45 |
| NOTE 18 | OTHER OPERATING INCOME AND EXPENSES | 46 |
| NOTE 19 | INCOME FROM INVESTING ACTIVITIES | 46 |
| NOTE 20 | FINANCIAL INCOME AND EXPENSES | 47 |
| NOTE 21 | NET MONETARY GAINS/(LOSSES) | 48 |
| NOTE 22 | RELATED PARTY TRANSACTIONS 49-54 | |
| NOTE 23 | TAXES 55-56 | |
| NOTE 24 | NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS | 57-61 |
| NOTE 25 | SUBSEQUENT EVENTS | 62 |
(Amounts expressed in thousands of Turkish Lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025, otherwise indicated.)
| Not reviewed | Audited | ||
|---|---|---|---|
| ASSETS | Notes | 30 September 2025 | 31 December 2024 |
| Current assets: | |||
| Cash and cash equivalents | 4 | 5,920,568 | 1,934,028 |
| Trade receivables | 7,839,238 | 8,076,993 | |
| - Trade receivables from related parties | 22 | 3,342,905 | 2,402,495 |
| - Trade receivables from third parties | 4,496,333 | 5,674,498 | |
| Other receivables | 1,506,839 | 1,374,962 | |
| - Other receivables from related parties | 7,22 | 1,444,315 | 1,311,925 |
| - Other receivables from third parties | 7 | 62,524 | 63,037 |
| Financial assets service concession arrangements | 5 | 3,631,538 | 3,546,301 |
| Inventories | 569,040 | 586,725 | |
| Prepaid expenses | 229,751 | 250,499 | |
| - Prepaid expenses to third parties | 229,751 | 250,499 | |
| Assets related to current tax | 1,760 | 74,159 | |
| Other current assets | 1,009,597 | 976,562 | |
| - Other current assets from third parties | 8 | 1,009,597 | 976,562 |
| Total current assets | 20,708,331 | 16,820,229 | |
| Non-current assets: Financial investments |
3,537 | 3,537 | |
| - Other financial investments | 3,537 | 3,537 | |
| Trade receivables | 1,034,092 | 729,995 | |
| - Trade receivables from third parties | 1,034,092 | 729,995 | |
| Other receivables | 17,366,506 | 15,581,641 | |
| - Other receivables from related parties | 7,22 | 17,366,506 | 15,544,688 |
| - Other receivables from third parties | 7 | - | 36,953 |
| Contract assets | 3,142,745 | 300,890 | |
| Other contract assets - |
3,142,745 | 300,890 | |
| Financial assets service concession arrangements | 5 | 9,015,308 | 11,824,250 |
| Investments accounted for using equity method | 3,444,731 | 7,210,874 | |
| Property, plant and equipment | 9 | 65,101,556 | 68,944,151 |
| Right of use assets | 1,208,210 | 1,136,135 | |
| Intangible assets | 10 | 12,629,846 | 13,154,569 |
| Prepaid expenses | 16,730 | 17,849 | |
| 16,730 | 17,849 | ||
| - Prepaid expenses to third parties | |||
| Deferred tax assets | 23 | 11,005,628 | 13,266,145 |
| Other non-current assets | 1,130 | 1,417 | |
| - Other non-current assets from third parties | 8 | 1,130 | 1,417 |
| Total non-current assets | 123,970,019 | 132,171,453 | |
| Total assets | 144,678,350 | 148,991,682 |
(Amounts expressed in thousands of Turkish Lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025, otherwise indicated.)
| Not reviewed | Audited | ||
|---|---|---|---|
| LIABILITIES | Notes | 30 September 2025 | 31 December 2024 |
| Current liabilities: | |||
| Short-term borrowings | 980,097 | 1,855,143 | |
| Short-term borrowings from third parties | 980,097 | 1,855,143 | |
| - Bank loans | 6 | 292,316 | 749,891 |
| - Issued debt instruments | 6 | 687,781 | 1,105,252 |
| Short-term portions of long-term borrowings | 10,956,108 | 12,187,264 | |
| Short-term portions of long-term borrowings from third parties | 10,956,108 | 12,187,264 | |
| - Bank loans | 6 | 1,937,206 | 2,288,293 |
| - Issued debt instruments | 6 | 8,901,984 | 9,798,934 |
| - Lease liabilities | 6 | 116,918 | 100,037 |
| Trade payables | 6,239,250 | 6,368,157 | |
| - Trade payables due to related parties | 22 | 179,171 | 365,541 |
| - Trade payables due to third parties | 6,060,079 | 6,002,616 | |
| Payables related to employee benefits | 183,599 | 179,951 | |
| Other payables | 2,819,748 | 2,833,866 | |
| - Other payables due to related parties | 7,22 | 46,933 | 56,031 |
| - Other payables due to third parties | 7 | 2,772,815 | 2,777,835 |
| Deferred income | 605,342 | 1,189,516 | |
| - Deferred income from related parties | 13,22 | 525,614 | 1,125,685 |
| - Deferred income from third parties | 13 | 79,728 | 63,831 |
| Current income tax liabilities | 465,553 | 19,035 | |
| Short-term provisions | 153,476 | 160,447 | |
| Short-term provisions for employee benefits - |
11 | 134,883 | 122,373 |
| Other short-term provisions - |
11 | 18,593 | 38,074 |
| Other current liabilities | 730,641 | 465,239 | |
| Other current liabilities due to third parties - |
8 | 730,641 | 465,239 |
| Total current liabilities | 23,133,814 | 25,258,618 | |
| Non-current liabilities: | |||
| Long-term borrowings | 45,066,354 | 43,315,575 | |
| Long-term borrowings from third parties | 45,066,354 | 43,315,575 | |
| - Bank loans | 6 | 3,302,908 | 4,635,148 |
| - Lease liabilities | 6 | 369,983 | 332,608 |
| - Issued debt instruments | 6 | 41,393,463 | 38,347,819 |
| Other payables | 20,082 | 19,858 | |
| - Other payables due to related parties | 7,22 | 20,082 | 19,858 |
| Deferred income | - | 931,461 | |
| - Deferred income from related parties | 13,22 | - | 931,461 |
| Long-term provisions | 651,175 | 557,086 | |
| - Long-term provisions for employment benefits | 11 | 651,175 | 557,086 |
| Deferred tax liabilities | 23 | 5,110,073 | 5,347,445 |
| Total non-current liabilities | 50,847,684 | 50,171,425 | |
| Total liabilities | 73,981,498 | 75,430,043 |
(Amounts expressed in thousands of Turkish Lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025, otherwise indicated.)
| Not reviewed | Audited | ||
|---|---|---|---|
| EQUITY | Notes | 30 September 2025 | 31 December 2024 |
| Equity attributable to owners of the Company | 70,696,627 | 73,561,062 | |
| Share capital | 14 | 5,000,000 | 5,000,000 |
| Adjustment to share capital | 14 | 32,957,895 | 32,957,895 |
| Share premium | 14 | 58,932 | 58,932 |
| Other comprehensive income not to | |||
| be reclassified to profit or loss | 10,569,028 | 10,627,870 | |
| Revaluation and measurement losses/(gains) | 10,569,028 | 10,627,870 | |
| -Revaluation of property, plant and equipment | 11,094,162 | 11,094,162 | |
| -Actuarial losses | (525,134) | (466,292) | |
| Other comprehensive expenses that are or may | |||
| be reclassified to profit or loss | (36,126,885) | (37,823,814) | |
| -Foreign currency translation differences | (269,044) | 3,681,749 | |
| -Cash flow hedge losses | 12 | (35,857,841) | (41,505,563) |
| Restricted reserves appropriated from profits | 182,225 | 182,225 | |
| -Legal reserves | 14 | 182,225 | 182,225 |
| Retained earnings | 62,557,954 | 65,522,924 | |
| Net period loss | (4,502,522) | (2,964,970) | |
| Non-controlling interests | 225 | 577 | |
| Total equity | 70,696,852 | 73,561,639 | |
| Total liabilities and equity | 144,678,350 | 148,991,682 |
(Amounts expressed in thousands of Turkish Lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025, otherwise indicated.)
| 1 January - | 1 July - | 1 January - | 1 July - | ||
|---|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | ||
| Notes | 2025 | 2025 | 2024 | 2024 | |
| Revenue | 15 | 23,903,475 | 9,829,416 | 26,974,022 | 11,177,929 |
| Cost of sales (-) | 16 | (20,220,006) | (7,148,362) | (23,500,647) | (9,444,015) |
| Gross Profit from Trading Activities | 3,683,469 | 2,681,054 | 3,473,375 | 1,733,914 | |
| GROSS PROFIT | |||||
| General and administrative expenses (-) | 17 | (1,335,385) | (579,357) | (1,902,842) | (635,280) |
| Marketing and selling expenses (-) | 17 | (213,268) | (65,372) | (239,755) | (79,640) |
| Other operating income | 18 | 2,871,451 | 914,227 | 3,231,297 | 1,086,011 |
| Other operating expense (-) | 18 | (2,439,733) | (487,494) | (2,550,430) | (688,977) |
| OPERATING INCOME | 2,566,534 | 2,463,058 | 2,011,645 | 1,416,028 | |
| Income from investment activities | 19 | 7,697,420 | 7,617,047 | 5,818,330 | - |
| Shares of profits/(losses) of investments valued by | |||||
| equity method | 3 | 34,470 | (132,043) | 748,867 | 447,528 |
| OPERATING PROFIT BEFORE | |||||
| FINANCIAL INCOME / (EXPENSES) | 10,298,424 | 9,948,062 | 8,578,842 | 1,863,556 | |
| Net monetary position gains | 21 | 1,633,635 | 106,441 | 1,413,407 | 337,053 |
| Finance income | 20 | 4,854,317 | 1,676,333 | 4,904,794 | 851,151 |
| Finance expenses (-) | 20 | (20,329,248) | (5,704,987) | (18,197,611) | (5,055,659) |
| PROFIT / (LOSS) BEFORE TAX | |||||
| FROM CONTINUED OPERATIONS | (3,542,872) | 6,025,849 | (3,300,568) | (2,003,899) | |
| Tax income/(expense) from continuing operations | (960,002) | (1,546,919) | 2,967,242 | 653,116 | |
| Period tax expense - |
23 | (799,817) | (473,952) | (544,078) | (104,790) |
| Deferred tax income/(expense) - |
23 | (160,185) | (1,072,967) | 3,511,320 | 757,906 |
| PROFIT / (LOSS) FROM CONTINUED OPERATIONS |
(4,502,874) | 4,478,930 | (333,326) | (1,350,783) | |
| PROFIT FROM DISCONTINUED OPERATIONS | - | - | 2,620,573 | 10,129 | |
| PERIOD PROFIT / (LOSS) | (4,502,874) | 4,478,930 | 2,287,247 | (1,340,654) | |
| Income/ (expense) attributable to: | |||||
| Non-controlling interest | (352) | (188) | (291) | 239 | |
| Equity holders of the parent | (4,502,522) | 4,479,118 | 2,287,538 | (1,340,893) | |
| Income/(loss) per share (TRY) | |||||
| From continued operations - |
(0.90) | 0.90 | (0.07) | (0.27) | |
| From discontinued operations - |
- | - | 0.52 | 0.00 |
(Amounts expressed in thousands of Turkish Lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025, otherwise indicated.)
| Income / (loss) for the year | Notes | 1 January - 30 September 2025 (4,502,874) |
1 July - 30 September 2025 4,478,930 |
1 January - 30 September 2024 2,287,247 |
1 July - 30 September 2024 (1,340,654) |
|---|---|---|---|---|---|
| Items that will not to be reclassified to profit or loss | (58,842) | 5,176 | 2,183,156 | 971,178 | |
| Tangible assets revaluation increases/(decreases) - |
- | - | 2,941,937 | 1,209,396 | |
| Changes in actuarial losses on employment benefit - |
|||||
| obligations | (78,456) | 6,902 | (31,063) | 85,506 | |
| Items that will not to be reclassified to profit or loss | |||||
| Taxes on Other Comprehensive Income | 19,614 | (1,726) | (727,718) | (323,724) | |
| Tangible assets revaluation increases/(decreases), tax - |
|||||
| effect | - | - | (735,484) | (302,348) | |
| Changes in actuarial losses on employment benefit - |
|||||
| obligations, tax effect | 23 | 19,614 | (1,726) | 7,766 | (21,376) |
| Items that are or may be reclassified to profit or | |||||
| loss | 1,696,929 | (1,337,249) | 5,502,437 | 1,652,344 | |
| Foreign currency translation differences - |
(3,950,793) | (3,608,603) | 499,485 | (253,105) | |
| Gains / (losses) from foreign currency translation | |||||
| differences | (3,950,793) | (3,608,603) | 499,485 | (253,105) | |
| Hedge reserves - |
7,530,296 | 3,028,472 | 6,670,601 | 2,540,597 | |
| Items that are or may be reclassified to profit or | |||||
| loss | (1,882,574) | (757,118) | (1,667,649) | (635,148) | |
| Taxes on Other Comprehensive Income | |||||
| Hedge reserves, tax effect | 23 | (1,882,574) | (757,118) | (1,667,649) | (635,148) |
| OTHER COMPREHENSIVE INCOME / (LOSS) | 1,638,087 | (1,322,073) | 7,685,593 | 2,623,522 | |
| TOTAL COMPREHENSIVE INCOME / (LOSS) | (2,864,787) | 3,146,857 | 9,972,840 | 1,282,868 | |
| Total comprehensive income / (loss) | |||||
| attributable to: | |||||
| Non-controlling interests | (352) | (188) | (291) | 239 | |
| Equity holders of the parent | (2,864,435) | 3,147,045 | 9,973,131 | 1,282,629 |
(Amounts expressed in thousands of Turkish Lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025, otherwise indicated.)
| Items that will not be | Items that are or may be | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| reclassified to profit or loss | reclassified to profit or loss | |||||||||||||||||||||||
| Adjustments to Share Share capital share capital premium |
Revaluation of property plant and equipment |
Actuarial losses |
Foreign currency translation differences |
Hedge reserves | Legal reserves |
Retained earnings |
Period profit/ (loss) |
Equity of the parent company |
Non controlling interests |
Total equity | ||||||||||||||
| Balance at 1 January 2024 | 5,000,000 | 32,957,895 | 58,932 | 10,015,921 | (466,895) | 3,488,374 | (48,171,254) | 182,225 | 46,700,225 | 19,777,838 | 69,543,261 | 127,414 | 69,670,675 | |||||||||||
| Subsidiary acquisition or disposal | - | - | - | - | 71,733 | - | - | - | 54,205 | - | 125,938 | (125,938) | - | |||||||||||
| Transfers | - | - | - | (1,224,719) | - | - | - | - | 21,002,557 | (19,777,838) | - | - | - | |||||||||||
| Total comprehensive income/(loss) | - | - | - | 2,206,453 | (23,297) | 499,485 | 5,002,952 | - | - | 2,287,538 | 9,973,131 | (291) | 9,972,840 | |||||||||||
| -Income for the period | - | - | - | - | - | - | - | - | - | 2,287,538 | 2,287,538 | (291) | 2,287,247 | |||||||||||
| -Other comprehensive income / (loss) | - | - | - | 2,206,453 | (23,297) | 499,485 | 5,002,952 | - | - | - | 7,685,593 | - | 7,685,593 | |||||||||||
| 30 September 2024 | 5,000,000 | 32,957,895 | 58,932 | 10,997,655 | (418,459) | 3,987,859 | (43,168,302) | 182,225 | 67,756,987 | 2,287,538 | 79,642,330 | 1,185 | 79,643,515 | |||||||||||
| Balance at 1 January 2025 | 5,000,000 | 32,957,895 | 58,932 | 11,094,162 | (466,292) | 3,681,749 | (41,505,563) | 182,225 | 65,522,924 | (2,964,970) | 73,561,062 | 577 | 73,561,639 | |||||||||||
| Transfers | - | - | - | - | - | - | - | - | (2,964,970) | 2,964,970 | - | - | - | |||||||||||
| Total comprehensive income/ (loss) | - | - | - | - | (58,842) | (3,950,793) | 5,647,722 | - | - | (4,502,522) | (2,864,435) | (352) | (2,864,787) | |||||||||||
| Loss for the period - |
- | - | - | - | - | - | - | - | - | (4,502,522) | (4,502,522) | (352) | (4,502,874) | |||||||||||
| -Other omprehensive income/ (loss) | - | - | - | - | (58,842) | (3,950,793) | 5,647,722 | - | - | - | 1,638,087 | - | 1,638,087 | |||||||||||
| 30 September 2025 | 5,000,000 | 32,957,895 | 58,932 | 11,094,162 | (525,134) | (269,044) | (35,857,841) | 182,225 | 62,557,954 | (4,502,522) | 70,696,627 | 225 | 70,696,852 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| CASH FLOWS FROM OPERATING ACTIVITIES: 1,080,931 13,481,735 Net income/(loss) for the period (4,502,874) 2,287,247 (333,326) Profit/(loss) from continuing activities (4,502,874) - - 2,620,573 Period profit from discontinued operations - Adjustments related to period net profit/(loss) reconciliation 6,012,486 (707,615) Adjustments related to depreciation and amortization 16,17,18 4,551,910 4,505,967 Adjustments related to provisions 47,839 201,885 Adjustments for provisions related with employee benefits 54,810 198,163 - Adjustments for other provisions (cancellations) (6,971) 3,722 - Adjustments related to interest (income) and expense 5,466,052 6,762,864 Adjustments related to interest (income) 18, 20 (2,102,114) (3,455,423) - Adjustments related to interest expense 18, 20 7,568,166 10,218,287 - Adjustments related to unrealized foreign exchange losses 5,131,911 14,375,638 and currency translation differences Adjustments related to fair value gains / (losses) - (15,721) Adjustments related to fair value losses (gains) - - of derivative financial instruments 20 (15,721) Adjustments related to share of profit of equity - accounted investees (34,470) (748,867) Adjustments related to share of affiliates 3 (34,470) (748,867) - Adjustments related to tax (income) expense 960,002 (2,967,242) 23 Adjustments related to (gains)/losses on disposals of fixed assets (80,373) (3,431) Adjustments related to (gains)/losses resulting from - 19 (3,431) disposal of tangible assets (80,373) Other adjustments related to monetary (gains)/losses (2,597,059) (17,263,150) Adjustments related to gains from disposals of subsidiaries or joint operations 2.2,19 (7,617,047) (5,814,899) Other adjustment related to profit (loss) reconciliation 4 183,721 259,341 Net Cash Generated from Operating Activities Before Changes in Working Capital (70,724) 12,459,149 Changes in trade receivables 693,307 3,454,685 Changes in trade receivables from related parties (827,982) 433,091 - Changes in trade receivables from third parties 1,521,289 3,021,594 - Changes in other receivables 2,700,990 8,168,128 Changes in other receivables from related parties 2,663,524 7,914,888 - 253,240 Changes in other receivables from third parties 37,466 - Changes in financial assets service concession arrangements 5 2,723,705 2,659,723 Changes in inventories 17,685 247,022 Changes in trade payables (1,765,791) (2,431,662) 493,356 Changes in trade payables to related parties (186,370) - (2,925,018) Changes in trade payables to third parties (1,579,421) - Changes in other payables (368,008) 558,069 (368,008) Changes in other payables to third parties 558,069 - Changes in other assets/other liabilities 284,878 364,093 290,161 Changes in other assets 15,828 - 73,932 Changes in other liabilities 269,050 - Changes in assets arising from customer contracts (2,841,855) (995,161) (995,161) Changes in other contract assets (2,841,855) - Changes in deferred revenue (1,515,635) 434,252 |
Notes | Not reviewed 1 January- 30 September 2025 |
Not reviewed 1 January 30 September 2024 |
|---|---|---|---|
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| (Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.) | Not reviewed | Not reviewed | |
|---|---|---|---|
| 1 January- | 1 January | ||
| 30 September | 30 September | ||
| Notes | 2025 | 2024 | |
| Net cash generated from operating activities | 1,438,888 | 14,038,781 | |
| Payments for employee benefits | (50,348) | (74,074) | |
| Tax payments | (307,609) | (482,972) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | 4,932,898 | 5,412,446 | |
| Cash inflows related to sales resulting in loss | |||
| of control of subsidiaries | 6,825,294 | 5,794,727 | |
| Cash outflows related to capital advance payments | |||
| of subsidiaries and/or joint ventures | (1,217,062) | - | |
| Cash inflows from the sale | |||
| of tangible and intangible assets | 140,289 | 12,546 | |
| -Cash inflows from the sale of tangible assets | 140,289 | 12,546 | |
| Cash outflows from purchases | |||
| of tangible and intangible assets | (815,623) | (697,434) | |
| -Cash outflows from the purchase of tangible assets | 9 | (815,623) | (660,548) |
| -Cash outflows from the purchase of intangible assets | 10 | - | (36,886) |
| Other inflows/ (outflows) | - | (10,069) | |
| Dividend received | - | 312,676 | |
| CASH FLOW FROM FINANCING ACTIVITIES: | (3,179,784) | (19,176,896) | |
| Cash inflows from proceeds of borrowings | 7,676,153 | 6,372,369 | |
| Cash inflows from bank loans - |
6 | 402,479 | 876,541 |
| Cash inflows from issued debt instruments - |
6 | 7,273,674 | 5,495,828 |
| Cash outflows related to debt payments | (5,155,100) | (17,365,196) | |
| Cash outflows related to loan repayments - |
6 | (1,833,707) | (13,259,317) |
| Cash outflows from repayments of issued debt instruments - |
6 | (3,321,393) | (4,105,879) |
| Decrease in other payables to related parties | (710,696) | (291,382) | |
| Cash inflows/ (outflows) of lease liabilities, net | 6 | 56,156 | (110,626) |
| Interest paid | 6 | (5,306,368) | (9,478,723) |
| Interest received | 317,262 | 1,252,088 | |
| Cash inflows from derivative instruments | - | 617,371 | |
| Other inflows/ (outflows) | 4 | (57,191) | (172,797) |
| NET INCREASE/(DECREASE) IN CASH AND CASH | |||
| EQUIVALENTS BEFORE EFFECT OF CURRENCY TRANSLATION | |||
| DIFFERENCES | 2,834,045 | (282,715) | |
| Effect of Currenct Translation Differences in Cash and Cash | |||
| Equivalents | (38,786) | (84,626) | |
| NET INCREASE/(DECREASE) IN CASH AND CASH | |||
| EQUIVALENTS | 2,795,259 | (367,341) | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING | |||
| OF THE PERIOD | 1,811,164 | 3,485,796 | |
| INFLATION EFFECT ON CASH AND CASH EQUIVALENTS | (392,110) | (920,094) | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 4 | 4,214,313 | 2,198,361 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Zorlu Enerji Elektrik Üretim AŞ ("The Company" or "Zorlu Enerji") and its subsidiaries (collectively referred to as ("The Group") is engaged in electricity, steam production and selling, trading electricity, distribution and retailing of electricity sales, electric vehicle rental, installation and operation of electric charging stations as of 30 September 2025. The Group was established by Zorlu Holding AŞ ("Zorlu Holding") and Korteks Mensucat Sanayi ve Ticaret AŞ ("Korteks") in 1993. Ultimate controlling party of the Group is Zorlu Holding. The Group is registered in Turkey and its registered address is as follows: Fethiye OSB Mahallesi, Pembe Caddesi, No:17 Bursa, Turkey. The Group is registered to the Capital Markets Board ("CMB"), and its shares are publicly traded in Borsa Istanbul AŞ ("BIST") since 2000. As at 30 September 2025, 37.40% of its shares are open for trading (31 December 2024: 37.40%) (Note 14).
Directly held subsidiaries of the Company are presented below:
| Share | ||||
|---|---|---|---|---|
| Directly held subsidiaries | Percentage (%) | Nature of Operations | Country | Currency |
| Zorlu Osmangazi Enerji Sanayi ve Ticaret AŞ ("Zorlu Osmangazi") |
100% | Distribution, retail sale of electricity and other |
Turkey | TRY |
| Zorlu Yenilenebilir Enerji AŞ ("Zorlu Yenilenebilir") |
100% | Electricity generation and other | Turkey | TRY |
| Eway Araç Kiralama Ticaret AŞ ("Eway") | 100% | Rental, leasing and other services of motorized light land vehicles and cars without adrives |
Turkey | TRY |
| ZGP Pakistan (Private) Ltd. ("ZGP Pakistan") |
99.70% | Electricity generation and other | Pakistan | Pakistani Rupee ("PKR") |
| Zorlu Enerji Pakistan Ltd. ("Zorlu Enerji Pakistan") |
99.99% | Electricity generation and other | Pakistan | Pakistani Rupee ("PKR") |
| In liquidation Zorlu Enerji Israel Ltd. ("Zorlu Enerji İsrail" |
100% | Electricity generation and other | Israel | New Israeli Shekel ("NIS") |
| ZJ Strong Energy for Renewable Energy Ltd. Co. ("ZJ Strong") |
75% | Electricity generation and other | Palestine | New Israeli Shekel ("NIS") |
| Zador Israel Limited ("Zador") | 100% | Electricity generation and other | Israel | New Israeli Shekel ("NIS") |
| Zorlu Renewable USA Inc ("Zorlu Renewable USA") |
100% | Electricity generation and other | USA | US Dollar ("USD") |
| Zorlu Dengeleme Enerji Yönetimi AŞ ("Zorlu Dengeleme") (*) |
100% | Aggregation, balancing service and other |
Turkey | TRY |
(*) Zorlu Dengeleme Enerji Yönetimi AŞ was established on August 21, 2025, as a wholly owned subsidiary of Zorlu Energy.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The indirectly held subsidiaries of the Company are as follows:
Shareholding Direct Subsidiaries and its
| Subsidiaries and its | |||
|---|---|---|---|
| Indirectly held subsidiaries | Share Ratio | Nature of Operations | Country |
| Osmangazi Elektrik Perakende Satış AŞ ("OEPSAŞ") | 100% Zorlu Osmangazi | Retail sale of electricity | Turkey |
| Osmangazi Elektrik Dağıtım AŞ ("OEDAŞ") | 100% Zorlu Osmangazi | Electricity distribution | Turkey |
| Zorlu Doğal Elektrik Üretimi AŞ ("Zorlu Doğal") | 100% Zorlu Yenilenebilir | Electricity generation and other |
Turkey |
| Zorlu Jeotermal Enerji Elektrik Üretimi AŞ ("Zorlu Jeotermal") |
100% Zorlu Yenilenebilir | Electricity generation and other |
Turkey |
| Zorlu Elektrik Enerjisi İthalat İhracat ve Toptan Ticaret AŞ ("Zorlu Elektrik") |
100% Zorlu Yenilenebilir | Wholesale purchase of electrical energy and/or capacity and sales activities and other |
Turkey |
| Nemrut Jeotermal Elektrik Üretimi AŞ ("Nemrut Jeotermal") |
100% Zorlu Yenilenebilir | Electricity generation and other |
Turkey |
| Zorlu Renewable Pakistan (Private) Limited ("Zorlu Renewable Pakistan") |
99.70% ZGP Pakistan | Electricity generation and other |
Pakistan |
| Zorlu Sun Power (Private) Limited ("Zorlu Sun Power Pakistan") |
99.70% ZGP Pakistan | Electricity generation and other |
Pakistan |
| Zorlu Industrial Pakistan (Private) Limited ("Zorlu Industrial Pakistan") |
99.99% ZGP Pakistan | Engineering and consultancy activities for energy projects and other |
Pakistan |
| Zorlu O&M Pakistan Limited ("Zorlu O&M Pakistan") |
99.99% ZGP Pakistan | Operation and maintenance activities for energy projects and other |
Pakistan |
| Zorlu Solar Pakistan Limited ("Zorlu Solar Pakistan") |
99.70% ZGP Pakistan | Maintenance, repair, installation, sale of charging stations and other |
Pakistan |
Direct affiliates of the Company are presented below:
| Direct Affiliates | Percentage (%) | Nature of Operations | Country |
|---|---|---|---|
| Electrip Global Limited | 49.99% | Charging station maintenance, repair, installation, sales, battery units, solar panels, solar photovoltaic devices such as batteries, etc. leasing, purchasing and other |
England, Jersey |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Indirect affiliates of the Company are presented below:
| Indirect affiliates | Ratio | Nature of Operations | Country |
|---|---|---|---|
| ZES Dijital Ticaret AŞ ("ZES Dijital") | 100% Electrip Global B.V. | Wholesale trade of gas, liquid or electricity supply or production meters, installation services of electrical equipment and other |
Turkey |
| ZES Solar Enerji Tedarik ve Ticaret AŞ ("ZES Solar") |
100% Electrip Global Ltd. | Electricity generation and other | Turkey |
| Electrip Energy Solutions and Mobility Services Sasu |
100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
France |
| Electrip Bucharest SRL (*) | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Romania |
| Electrip Global B.V. | 100% Electrip Global Ltd. | Maintenance, repair, installation, sale of charging stations and other |
Netherlands |
| Electrip Albania SHPK | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Albania |
| Electrip Germany GmbH | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Germany |
| Electrip Dooel Skopje | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Macedonia |
| Electrip Italy S.r.l. | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Italy |
| Electrip Hellas Single Member P.C. | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Greece |
| Electrip Mobility Service D.O.O. | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Croatia |
| Electrip Poland Spółka Z.O.O. | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Poland |
| Electrip Montenegro DOO | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Montenegro |
| Zorlu Energy Solutions (ZES) Israel Ltd. | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Israel |
| Electrip Solar Italy S.r.l. | 100% Electrip Italy S.r.l. | Maintenance, repair, installation, sale of charging stations and other |
Italy |
| ZES Solutions, D.O.O | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Slovenia |
| Electrip PTG, Unipessoal LDA | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Portugal |
(*) Electrip Bucharest SRL was liquidated as of October 2025.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| Shareholding Direct |
|---|
| Affiliate and its Share |
| Indirectly held affiliates (Continued) | Ratio | Nature of Operations | Country |
|---|---|---|---|
| Electrip DOO Belgrade | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Serbia |
| Electrip Czech Republic s.r.o. | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Czechia |
| Electrip Mobility Service Kft | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Hungary |
| Electrip Energy Solutions Spain, S.L.U. | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Spain |
| Electrip BH d.o.o | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Bosnia and Herzegovina |
| Electrip Bulgaria EOOD | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Bulgaria |
| Electrip Austria Gmbh | 100% Electrip Global B.V. | Maintenance, repair, installation, sale of charging stations and other |
Austria |
| ZES Solar Mena DMCC | 100% Electrip Global B.V. | Trading of solar energy systems and energy production, transmission and distribution equipment |
United Arap Emirates |
The average employee number of Group as of September 30, 2025 is 1,913 (December 31, 2024: 2,107).
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The power plants of the Group located in Turkey and abroad are presented below together with their existing installed capacities:
| Power Plant | Company | Location | Type | Electricity Production Capacity (MW) |
Steam Production Capacity (Ton/Hour) |
|---|---|---|---|---|---|
| Geothermal | 305.00 | - | |||
| Kızıldere 1 (***) | Zorlu Doğal | Denizli | Geothermal | 15.00 | - |
| Kızıldere 2 | Zorlu Doğal | Denizli | Geothermal | 80.00 | - |
| Kızıldere 3 | Zorlu Doğal | Denizli-Aydın | Geothermal | 165.00 | - |
| Alaşehir 1 (*) | Zorlu Jeotermal | Manisa | Geothermal | 45.00 | - |
| Wind | 135.00 | - | |||
| Gökçedağ | Zorlu Yenilenebilir (**) |
Osmaniye | Wind | 135.00 | - |
| Hydroelectric | 118.92 | - | |||
| Tercan | Zorlu Doğal | Erzincan | Hydroelectric | 15.00 | - |
| Kuzgun | Zorlu Doğal | Erzurum | Hydroelectric | 20.90 | - |
| Ataköy | Zorlu Doğal | Tokat | Hydroelectric | 5.52 | - |
| Mercan | Zorlu Doğal | Tunceli | Hydroelectric | 20.40 | - |
| Çıldır | Zorlu Doğal | Kars | Hydroelectric | 15.36 | - |
| İkizdere | Zorlu Doğal | Rize | Hydroelectric | 24.94 | - |
| Beyköy | Zorlu Doğal | Eskişehir | Hydroelectric | 16.80 | - |
| Natural Gas | 49.53 | 98.00 | |||
| Lüleburgaz | Zorlu Enerji | Lüleburgaz, Kırklareli |
Cogeneration Natural Gas |
49.53 | 98.00 |
| TOTAL | 608.45 | 98.00 |
(*) The 3.588 MWp solar power plant, integrated with the Alaşehir 1 Geothermal Power Plant ("GPP"), began commercial electricity sales on December 22, 2022. The second unit, a 0.1663 MWp rooftop solar power plant ("Çatı SPP"), started commercial electricity sales on January 20, 2023. With the total installed capacity of 3.7543 MWp for the Alaşehir 1 Hybrid Solar Power Plant, there is no increase in the licensed installed capacity in MW(e) tems, as per the Hybrid License Regulation. The total installed capacity of the plant is 48.7543 MWm/45 Mwe.
(**) Rotor, a 100% direct subsidiary of Zorlu Yenilenebilir, has been merged with Zorlu Yenilenebilir, a 100% direct subsidiary of Zorlu Enerji, as a whole with all its assets and liabilities by applying the "Simplified Merger" method. The merger transaction was registered with the Istanbul Trade Registry on February 24, 2025. As a result of the merger, Rotor was dissolved.
(***) The 0.9867 MWm solar power plant, integrated into Zorlu Doğal's 15 MWm / 15 MWe Kızıldere 1 Geothermal Power Plant located in the Sarayköy district, commenced commercial electricity sales following the official acceptance by the Ministry on October 23, 2025.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| Power Plant | Location | Type | Electricity Production Capacity (MW) |
Steam Production Capacity (Ton/Hour) |
|---|---|---|---|---|
| Wind | 56.40 | - | ||
| Jhimpir | Pakistan | Wind | 56.40 | - |
| Solar (*) | 1.50 | - | ||
| Deadsea | Palestine | Solar (2 MW) | 1.50 | - |
| TOTAL | 57.90 | - |
(*) Stake of Zorlu Enerji in Palestine company has been taken into consideration in the calculation of total production capacity.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
These condensed consolidated financial statements were prepared in accordance with TAS 29 "Financial Reporting in Hyperinflationary Economies", except for monetary assets and liabilities and also assets and liabilities measured at fair value as specified below, adjusted for the effects of inflation on the Turkish lira at the reporting date, based on the historical cost principle.
• Land, land improvements, buildings, and machinery and equipment accounted for in property, plant and equipment.
These consended consolidated financial statements are presented in Turkish Lira ("TRY"), which is the functional currency of the Company. All financial information presented in TRY has been rounded to the nearest thousand TRY unless otherwise stated.
The Group has prepared its financial statements for the nine - months period ended September 30, 2025 and ending on the same date, by applying TAS 29 "Financial Reporting in Hyperinflationary Economies" Standard, based on the announcement made by the Public Oversight Accounting and Auditing Standards Authority ("POA") on November 23, 2023 and the "Implementation Guide on Financial Reporting in High-Inflation Economies" published. In accordance with the standard, financial statements based on the currency of a hyperinflationary economy are prepared in the purchasing power of this currency at the balance sheet date, and comparative information is expressed in terms of the current measurement unit at the end of the reporting period for the purpose of comparison in previous period financial statements. Therefore, the Group has presented its financial statements as of December 31, 2024 and its profit and loss statement as of September 30, 2024 in terms of the purchasing power of that currency as of September 30, 2025.
In accordance with the Capital Markets Board's decision dated December 28, 2023 and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by applying the provisions of TAS 29 to their annual financial statements for the accounting periods ending on December 31, 2023.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Consequently, the financial statements of the entities whose functional currency TRY are restated for the changes in the general purchasing power of the Turkish Lira as at September 30, 2025 based on TAS 29. The restatement is calculated by means of conversion factors derived from the Turkish countrywide consumer price index published by the TSI. For the last three years, such indices and conversion factors used to restate the accompanying consolidated financial statements are as follows:
| Date | Index | Conversion factor |
|---|---|---|
| 30 September 2025 | 3,367.22 | 1.00000 |
| 31 December 2024 | 2,684.55 | 1.25430 |
| 30 September 2024 | 2,526.16 | 1.33294 |
The Group has applied TAS 29 "Financial Reporting in High Inflation Economies" Standard in its consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") for the year ending December 31, 2022. For this reason, the Group's first application date of TAS 29 has been determined as January 1, 2021.
TFRS requires the financial statements of an entity whose functional currency is hyperinflationary, prepared under either the historical cost or current cost approach, to be restated in accordance with the requirements of TAS 29 and applied retrospectively, assuming that there has always been high inflation in the economy of the currency. The fundamental principle in TAS 29 is that the financial statements of an entity reporting in the currency of a hyperinflationary economy should be reported in terms of the current measuring unit at the reporting date. Comparative figures for prior periods are restated in terms of the same current measuring unit.
The main procedures applied for the adjustments mentioned above are as follows:
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The accompanying consended consolidated financial statements are prepared in accordance with Turkish Financial Reporting Standards ("TFRS") published by POA which was adopted by Capital Markets Board of Turkey ("CMB") as set out in the Communiqué numbered II-14.1 "Communiqué on Principles of Financial Reporting in Capital Markets" published in the Official Gazette numbered 28676 on September 13, 2013. TFRSs consist of standards and interpretations which are published as Turkish Accounting Standards ("TAS"), Turkish Financial Reporting Standards, interpretations of TAS and interpretations of TFRS. The condensed consolidated financial statements are presented in accordance with "Announcement regarding with TFRS Taxonomy" which was published on April 15, 2019 by POA and templates defined in the Illustrative Financial Statements and User Guide published CMB based on the financial statement and disclosure formats of CMB.
The condensed consolidated interim financial statements for the period ended September 30, 2025 have been prepared in accordance with the TAS 34 Interim Financial Reporting. Interim financial information does not include all the information and disclosures required to be included in the annual financial statements. Therefore, the interim condensed consolidated financial statements should be read and evaluated together with the annual financial statements prepared by the Group as of December 31, 2024.
The consended consolidated financial statements were approved by the Company's Board of Directors on October 31, 2025.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The consolidated financial statements include the accounts of the Parent company, Zorlu Enerji and its subsidiaries and associates on the basis set out in sections below. The financial statements of the companies included in the scope of consolidation have been prepared at the date of the consolidated financial statements and have been prepared in accordance with TFRS by applying uniform accounting policies and presentations. The results of operations of subsidiaries are included or excluded from their effective dates of acquisition or disposal, respectively.
Zorlu Enerji controls an affiliate when it is exposed, or has rights, to variable returns from its involvement with the affiliate and has the ability to affect those returns through its power over the affiliate. Zorlu Enerji has power over an affiliate when it has existing rights that give it the current ability to direct the relevant activities that significantly affect the affiliate's returns. Power arises from rights and the existence and effect of potential voting rights that are currently exercisable, or convertible, are considered when assessing whether the Zorlu Enerji controls another entity.
Affiliates, including the structured entities, are the companies controlled by the Zorlu Enerji. The Zorlu Enerji control is provided by the ability to affect the variable returns through its power over the affiliates. Affiliates are consolidated from the date on which the control is transferred to the Zorlu Enerji and are no longer consolidated from the date that control ceases.
On the statement of financial position and statement of profit or loss the affiliates are consolidated on a line-by-line basis and the carrying value of the investments held by Zorlu Enerji and its affiliates are eliminated against the related equity. Intercompany transactions and balances between Zorlu Enerji and its affiliates are eliminated within the scope of consolidation accounting.
If the Group loses control of an affiliate, it recognizes any investment retained in the former affiliate at its fair value when control is lost and any difference between the fair value and net book value of investment is accounted for as a gain or loss. That fair value shall be regarded as the fair value on initial recognition of a financial asset, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. Additionally, assets and liabilities that were previously recognized as other comprehensive income attributable to that affiliate are accounted for as if those were disposed of by the Group. This may result in the fact that these amounts previously recognized as other comprehensive income may be classified to profit or loss.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Based on the Company's material event disclosure dated March 13, 2024, the sale of all of the shares of the Company's 100% subsidiary Zorlu Enerji Dağıtım AŞ were completed for a total consideration of USD 200,000,000 equivalent of TRY 6,375,330 thousand and the share transfer transactions were completed on March 12, 2024. Within the framework of the adaptation criteria in the Share Purchase Agreement, adjustments were made by deducting the financial and commercial liabilities by TRY 2,806,343 thousand from the sales price and remaining TRY 3,568,987 thousand was received in cash and advance from the buyer, Gaztrak Enerji AŞ a fully owned subsidiary of Palmet Enerji AŞ.
The assets, liabilities and net assets related to the shares of Zorlu Enerji Dağıtım, which were sold at a 100% rate are as follows at their values as of the transaction date, February 29, 2024 (expressed in purchasing power as of September 30, 2025):
| 29 February 2024 | |
|---|---|
| Current assets | 4,173,015 |
| Non-current assets | 7,574,570 |
| Total assets | 11,747,585 |
| Short-term liabilities | (9,753,453) |
| Long-term liabilities | (2,014,304) |
| Total liabilities | (11,767,757) |
| Net assets | (20,172) |
| Ratio of shares sold | 100% |
| Net assets disposed | (20,172) |
| Net cash inflow from sales | 5,794,727 |
| As of September 30,2024, subsidiary sales profit (Note 19) | 5,814,899 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Non-controlling interests
The minority shares in the net assets and operating results of affliates are separetely classified in the condensed consolidated statement of financial position and consolidated statements of profit or loss as "non-controlling interest".
The Group applies a policy of treating transactions with non-controlling interests as transactions with owners of the Parent. Regarding the purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the affliate is deducted from equity. Gains or losses on disposals to non-controlling interests are also accounted for in equity.
For disposals to non-controlling interests, differences between any proceeds received and the relevant share of non-controlling interests are also recorded in equity.
The table below sets out all subsidiaries and demonstrates the proportion of ownership interest as at September 30, 2025 and December 31, 2024, financial statements of subsidiaries are consolidated using the full consolidation method.
Direct ownership interest by Zorlu Enerji (%)
| Directly held affliates | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Zorlu Osmangazi | 100 | 100 |
| Zorlu Yenilenebilir | 100 | 100 |
| Eway | 100 | 100 |
| ZGP Pakistan | 99.70 | 99.70 |
| Zorlu Enerji Pakistan | 99.99 | 99.99 |
| Zorlu Enerji İsrail (in liquidation) | 100 | 100 |
| Zador | 100 | 100 |
| ZJ Strong | 75 | 75 |
| Zorlu Renewable USA | 100 | 100 |
| Zorlu Dengeleme (*) | 100 | - |
(*) Zorlu Dengeleme Enerji Yönetimi AŞ was established on August 21, 2025 as a wholly owned subsidiary of Zorlu Enerji.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Investments in associates are accounted for based on their acquisition cost on the date of initial recording and the equity method in the following periods. These are entities in which the Group generally has between 20% and 50% of the voting rights or over which the Group has significant influence but not control. Unrealized profits arising from transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associate, and unrealized losses are also eliminated if the transaction does not indicate that the transferred asset is impaired.
According to the equity method, the net profit/(losses) after tax of the associates after the acquisition are reflected in the net profit/(loss) of the Group to the extent of the Group's share in the associate.
The equity method is abandoned if the carrying value of the investment in the associate is zero or the significant effect of the Group has ended, as long as the Group does not incur an obligation or commitment in relation to the associate. After the Group's share in the associate has decreased to zero, additional provision and recognition of the liability has been incurred if the Group is exposed to legal or constructive obligations or has made payments on behalf of the associate.
The table below sets out direct associates and the effective shareholding rates as at September 30, 2025 and December 31, 2024:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Direct Associates | (%) | (%) |
| Electrip Global Limited | 49.99 | 49.99 |
| Dorad | - | 25 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Sale of investments
Pursuant to the material event disclosures dated July 14, 2025 and July 22, 2025, the sale of 10% of the Company's shares, corresponding to a total of 1,064 shares with a nominal value of 1 New Israeli Shekel ("NIS") each, which are not subject to the preemptive rights of Dorad's existing shareholders, to the Phoenix Group has been completed at a price of NIS 282,941,776 and the sale of the remaining 15% of the Company's shares, corresponding to a total of 1,596 shares, each with a nominal value of 1 New Israeli Shekel (NIS), subject to the pre-emption rights of Dorad's current shareholders was completed at the same share value, with Ellomay Luzon Energy Infrastructures Ltd. acquiring the shares for NIS 424,412,664. With the sale of all shares in Dorad, the Group's activities related to electricity production and sales in Israel have come to an end.
The assets, liabilities and net assets related to the sale of total shares of Dorad are as follows at their values as of the transaction date, July 22, 2025:
| 22 July 2025 | |
|---|---|
| Current assets | 12,836,823 |
| Non-current assets | 39,237,679 |
| Total assets | 52,074,502 |
| Short-term liabilities | (7,433,791) |
| Long-term liabilities | (25,427,264) |
| Total liabilities | (32,861,055) |
| Net assets | 19,213,447 |
| Ratio of shares sold | 25% |
| Net assets disposed | 4,803,362 |
| Currency translation differences | (3,753,199) |
| Monetary gain impact related to subsidiary sales profit (TAS 29 effect) | 160,070 |
| Sales amount | 8,507,140 |
| As of September 30, 2025, subsidiary sales profit (Note 19) | 7,617,047 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Some new standards, interpretations, and amendments that have been published but are not yet effective as of the reporting date, and which the Group has not early adopted even though early adoption is permitted, are as follows:
The changes that came into effect for accounting periods beginning on or after January 1, 2025 are as follows:
These newly implemented standard changes have not had a significant impact on the Group's summary consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The Group's EBITDA for the periods ended September 30, 2025 and 2024 is TRY 11,030,307 and TRY 11,407,625 , respectively. As of September 30, 2025 and 2024, the Group's net loss and profit attributable to equity holders of the parent amounted to TRY (4,502,522) and TRY 2,287,538, respectively. As of September 30, 2025, current liabilities exceed current assets by TRY 2,425,483 (December 31, 2024: TRY 8,438,389).
The fact that the majority of the Group's electricity sales are made under the Renewable Energy Resources Support Mechanism ("YEKDEM") at guaranteed USD-based prices has a positive impact on gross profitability. Among the Group's power plants, the Alaşehir geothermal power plant owned by Zorlu Jeotermal will be able to sell electricity under YEKDEM until 31 December 2025, and the Kızıldere 3 geothermal power plant owned by Zorlu Doğal will be able to sell electricity under YEKDEM until 31 December 2027.
The Group's licenses for the 0.9 MWm Kızıldere 1 Hybrid GPP, 10 MW Kızıldere 2 Hybrid GPP, 47.7 MWm Kızıldere 3 Hybrid GPP and 18.6 Mwe Alkan Geothermal Power Plant are at the investment stage. In addition to these projects, there are additional new projects, existing facility improvement investments and capacity increase projects.
Pursuant to the material event disclosure dated October 22, 2024, the Capital Markets Board on October 23, 2024, the sale of sustainability-related bonds, the issuance of which was approved on October 22, 2024, to qualified investors abroad was completed and the amounts related to the sale of USD 800,000,000 bonds were transferred to the Company accounts on October 23, 2024. Furthermore, as stated in the material event disclosure dated November 1, 2024, the book-building process for the additional sustainability-linked bonds with a nominal value of USD 200,000,000, planned to be issued for the purpose of being consolidated with the USD 800,000,000 nominal value sustainability-linked bonds, which were previously sold to qualified investors abroad and listed on the Irish Stock Exchange (Euronext Dublin), has been completed. The proceeds from the sale of the additional USD 200,000,000 nominal value bonds were transferred to the Company's accounts on November 7, 2024.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The proceeds amounting to USD 1,000,000,000 obtained from the bond issuance were used for the refinancing of existing financial liabilities of the Company's subsidiaries and the payment of other financing expenses. In this context, the remaining portion of USD 262,500,000 of the bond previously issued abroad by Zorlu Yenilenebilir Enerji A.Ş., a wholly owned subsidiary of the Company, was fully redeemed on October 23, 2024, using the funds obtained from the new issuance. The remaining USD 737,500,000 was utilized for the repayment of financial liabilities and the payment of other financing expenses of the Company's other subsidiaries.
In addition, based on the Company's announcement dated February 27, 2025, an additional US\$100,000,000 nominal value of sustainability-linked bonds were issued. The sale was completed on March 6, 2025. The proceeds were used to repay financial debt, fund capital expenditures, and pay other financing expenses.
With reference to the material event disclosures dated July 14, 2025 and July 22, 2025, the sale of a 10% stake in the Company to Phoenix Group has been completed for a consideration of 282,941,776 NIS and the sale of the remaining 15% stake in the Company to Ellomay Luzon Energy Infrastructures Ltd. has been completed for consideration of 424,412,664 NIS. Accordingly, the total transaction value amounts to 707,354,440 NIS. Following the disposal of all shares in Dorad, the Group has fully discontinued its electricity generation and sales activities in Israel. The proceeds received from the transaction is being utilized for financing ongoing investments and repayment of debt.
The Group has prepared its summary consolidated financial statements on the assumption that the business will continue as a going concern in the foreseeable future and does not foresee any risks to the continuity of the business.
The condensed consolidated financial statements of the Group for the current period is prepared in comparison with the prior year in order to be able to determine the financial position and performance trends. Where necessary, comparative figures are reclassified to conform to changes in presentation in the current year and material differences are disclosed.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The preparation of the consolidated financial statements requires the disclosure of the amounts of assets and liabilities reported as of the reporting date, the disclosure of contingent assets and liabilities, and the use of estimates and assumptions that may affect the amounts of income and expenses reported during the accounting period. These estimates and assumptions are based on the Group management's understanding of current events and transactions. Although based on the best information available, actual results may differ from assumptions.
The estimates and assumptions that are significant in terms of the carrying values of the Group's assets and liabilities and operating results are given below:
Deferred tax assets are accounted for only where it is likely that related temporary differences and accumulated losses will be recovered through expected future profits. When accounting for deferred tax assets it is necessary to make critical estimations and evaluations with regard to taxable profits in the future periods. As at September 30, 2025 according to the future projections, deferred tax assets are recognized on the carryforward tax losses amounts to TRY 8,845,844 (December 31, 2024: TRY 13,128,809) (Note 23). Deferred tax asset is not recognized carryforward tax losses for the remaining TRY 10,095,091 (December 31, 2024: TRY 12,667,509).
Effective from the presentation of the consolidated financial statements dated 31 December 2013, the cost model, one of the application methods in TAS 16, has been excluded from the application and the revaluation model has been chosen for the presentation of the Group's electricity generation facilities at their fair values. In the accompanying condensed consolidated financial statements as of September 30, 2025, no revaluation study has been carried out and the property, plant and equipment subject to revaluation have been revalued as of the last revaluation date. From December 31, 2024 to the reporting date, adjusted by applying the change in the index.
The costs of active energy and retail sale services provided to the customer but not invoiced are recognized at estimated amounts. Unbilled electricity costs of active energy and retail sale services are reflected in the consolidated financial statements by multiplying the relevant period's tariff prices by the difference between the date of the customer's most recent meter reading and the last day of the relevant period.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The Group management is reflecting the best estimation to the consolidated financial statements based on the best available data and results might differ when fulfilling the liabilities. As at September 30, 2025, the Group is the object of several lawsuits. Depending on the reviews of legal counsel, the Group is evaluating the probable results of these lawsuits and setting aside necessary provisions in consolidated financial statements. The Group also ensures the loss of profits or damages incurred during the period regarding the cash-generating facilities with the insurance it has taken out at its facilities. Additionally, insurance income accruals are recorded against current damage and profit losses.
Business volume shows seasonal changes according to the structure of the industry in which the Group operates. The wind and hydroelectric power plants, which are under production segment, business volumes are higher in second and third quarters and in the second quarter of the year, respectively. Seasonality does not have a significant impact on the volume of business in the remaining segments of the Group.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Management of the Group has determined the reportable parts of the Group as electricity distribution and retail sales, electricity generation and others according to the activity groups. Management of the Group considers earnings before interest, taxes, depreciation and amortisation ("EBITDA") as the most appropriate method for comparability with other companies within the same industry. The segment information on an industrial basis is presented below:
| Electricity | |||||
|---|---|---|---|---|---|
| distribution | |||||
| 1 January – 30 September 2025 | Electricity generation |
and retail sales |
Other | Consolidation adjustment |
Consolidation total |
| Revenue | 7,106,124 | 22,609,457 | 5,315,953 | (11,128,059) | 23,903,475 |
| Cost of sales | (6,237,858) | (19,620,839) | (4,757,474) | 10,396,165 | (20,220,006) |
| Gross profit | 868,266 | 2,988,618 | 558,479 | (731,894) | 3,683,469 |
| Operating expenses | (328,644) | (1,234,095) | (717,015) | 731,101 | (1,548,653) |
| Amortisation and depreciation expenses (*) Weighted average cost of capital ("WACC") |
3,750,693 | - | 215,506 | 793 | 3,966,992 |
| correction (**) Indexation difference on financial assets under |
- | 1,812,285 | - | - | 1,812,285 |
| service concession arrangements (**) | - | 3,116,214 | - | - | 3,116,214 |
| EBITDA (***) | 4,290,315 | 6,683,022 | 56,970 | - | 11,030,307 |
| Other income | 330,827 | 2,254,708 | 607,662 | (321,746) | 2,871,451 |
| Other expense | (473,925) | (1,535,653) | (440,924) | 10,769 | (2,439,733) |
| Finance income | 782,372 | 699,599 | 13,145,446 | (9,773,100) | 4,854,317 |
| Finance expense | (10,751,154) | (718,360) | (15,739,139) | 6,879,405 | (20,329,248) |
| Tax income / (expense) | (169,628) | (586,353) | (1,213,899) | 1,009,878 | (960,002) |
| Electricity distribution |
|||||
| Electricity | and retail | Consolidation | Consolidation | ||
| 1 July – 30 September 2025 | generation | sales | Other | Adjustment | Total |
| Revenue | 2,401,000 | 9,970,289 | 2,793,681 | (5,335,554) | 9,829,416 |
| Cost of sales | (1,950,671) | (7,952,081) | (2,348,210) | 5,102,600 | (7,148,362) |
| Gross profit Operating expenses |
450,329 (86,743) |
2,018,208 (425,247) |
445,471 (365,445) |
(232,954) 232,706 |
2,681,054 (644,729) |
| Amortisation and depreciation expenses (*) | 1,249,650 | - | 112,396 | 248 | 1,362,294 |
| Weighted average cost of capital ("WACC") correction (**) |
- | 604,099 | - | - | 604,099 |
| Indexation difference on financial assets under | |||||
| service concession arrangements (**) | - | 919,616 | - | - | 919,616 |
| EBITDA (***) | 1,613,236 | 3,116,676 | 192,422 | - | 4,922,334 |
| Other income | 107,706 | 767,032 | 132,578 | (93,089) | 914,227 |
| Other expense | (86,124) | (273,091) | (132,260) | 3,981 | (487,494) |
| Finance income | 184,680 | 453,273 | 4,839,367 | (3,800,987) | 1,676,333 |
| Finance expense | (3,520,404) | (544,622) | (3,006,605) | 1,366,644 | (5,704,987) |
| Tax income / (expense) | (539,558) | (602,380) | (740,315) | 335,334 | (1,546,919) |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 1 January – 30 September 2024 | Electricity generation |
Profit from discontinued operations |
Electricity distribution and retail sales |
Other | Consolidation adjustment |
Consolidation total |
|---|---|---|---|---|---|---|
| Revenue | 8,643,630 | - | 21,420,288 | 4,051,895 | (7,141,791) | 26,974,022 |
| Cost of sales | (6,807,318) | - | (19,895,123) | (3,695,916) | 6,897,710 | (23,500,647) |
| Gross profit | 1,836,312 | - | 1,525,165 | 355,979 | (244,081) | 3,473,375 |
| Operating expenses | (514,468) | - | (1,522,640) | (365,483) | 259,994 | (2,142,597) |
| Amortisation and depreciation expenses (*) Weighted average cost of capital ("WACC") |
3,686,833 | - | 17,915 | 259,481 | 785 | 3,965,014 |
| correction (**) Indexation difference on financial assets |
- | - | 1,752,286 | - | - | 1,752,286 |
| under service concession arrangements (**) | - | - | 4,359,547 | - | - | 4,359,547 |
| EBITDA (***) | 5,008,677 | - | 6,132,273 | 249,977 | 16,698 | 11,407,625 |
| Other income | 375,916 | - | 2,483,670 | 2,426,594 | (2,054,883) | 3,231,297 |
| Other expense | (882,338) | - | (1,561,573) | (2,575,169) | 2,468,650 | (2,550,430) |
| Finance income | 1,331,643 | - | 1,186,072 | 6,642,306 | (4,255,227) | 4,904,794 |
| Finance expense | (9,044,490) | - | (2,246,872) | (9,675,628) | 2,769,379 | (18,197,611) |
| Tax income / (expense) Period profit from discontinued operations |
4,422,796 | - | (2,465) | (1,603,128) | 150,039 | 2,967,242 |
| (****) | - | 2,620,573 | - | - | - | 2,620,573 |
| Profit from | Electricity distribution |
|||||
| Electricity | discontinued | and retail | Consolidation | Consolidation | ||
| 1 July – 30 September 2024 | generation | operations | sales | Other | adjustment | total |
| Revenue | 3,015,394 | - | 9,952,305 | 1,744,596 | (3,534,366) | 11,177,929 |
| Cost of sales | (2,337,884) | - | (8,858,864) | (1,770,445) | 3,523,178 | (9,444,015) |
| Gross profit | 677,510 | - | 1,093,441 | (25,849) | (11,188) | 1,733,914 |
| Operating expenses Amortisation and depreciation expenses (*) |
(205,357) 1,249,325 |
- - |
(429,561) 120 |
(120,544) 84,199 |
40,542 (2,677) |
(714,920) 1,330,967 |
| Weighted average cost of capital ("WACC") correction (**) Indexation difference on financial assets |
- | - | 584,097 | - | - | 584,097 |
| under service concession arrangements (**) | - | - | 1,084,354 | - | - | 1,084,354 |
| EBITDA (***) | 1,721,478 | - | 2,332,451 | (62,194) | 26,677 | 4,018,412 |
| Other income | 46,020 | - | 905,611 | 1,505,260 | (1,370,880) | 1,086,011 |
| Other expense | (767,829) | - | (1,210,211) | (1,079,415) | 2,368,478 | (688,977) |
| Finance income | 1,012 | - | 956,661 | 2,474,120 | (2,580,642) | 851,151 |
| Finance expense | (2,687,030) | - | (649,493) | (2,709,159) | 990,023 | (5,055,659) |
| Tax income / (expense) Period profit from discontinued operations |
3,158,383 | - | (298,087) | (2,304,126) | 96,946 | 653,116 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| Electricity | |||||
|---|---|---|---|---|---|
| Electricity | distribution and | Consolidation | Consolidation | ||
| 30 September 2025 | generation | retail sales | Other | adjustment | total |
| Segment assets | 93,537,095 | 29,867,563 | 119,867,739 | (102,038,778) | 141,233,619 |
| Shares from investments | |||||
| accounted for using equity method | - | - | 3,444,731 | - | 3,444,731 |
| Segment liabilities | 40,087,559 | 15,880,925 | 61,037,833 | (43,024,819) | 73,981,498 |
| Electricity | |||||
| Electricity | distribution and | Consolidation | Consolidation | ||
| 31 December 2024 | generation | retail sales | Other | adjustment | Total |
| Segment assets | 80,283,281 | 24,301,004 | 142,190,006 | (104,993,483) | 141,780,808 |
| Shares from investments | |||||
| accounted for using equity method | - | - | 7,210,874 | - | 7,210,874 |
| Segment liabilities | 37,087,102 | 11,811,042 | 68,869,005 | (42,337,106) | 75,430,043 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Reconciliation between Adjusted EBITDA and income/(loss) before tax from continued operations is as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Adjusted EBITDA (*) | 11,030,307 | 4,922,334 | 11,407,625 | 4,018,412 |
| Amortisation and depreciation expenses | (4,551,910) | (1,556,329) | (4,505,967) | (1,512,601) |
| Financial income/(expenses), net | (15,474,931) | (4,028,654) | (13,292,817) | (4,204,508) |
| Other operating income/(expenses), net | (795,649) | 16,669 | (530,466) | (5,429) |
| Share of gain / (loss) of associates | 34,470 | (132,043) | 748,867 | 447,528 |
| Income from investment activities | 7,697,420 | 7,617,047 | 5,818,330 | - |
| Gains/(losses) on net monetary position | (1,482,579) | (813,175) | (2,946,140) | (747,301) |
| Tax income/(expense) | (960,002) | (1,546,919) | 2,967,242 | 653,116 |
| Profit/(loss) from discontinued operations | - | - | 2,620,573 | 10,129 |
| Net profit/(loss) for the period | (4,502,874) | 4,478,930 | 2,287,247 | (1,340,654) |
(*) The Group's EBITDA for the period ended 30 September 2025 does not include the EBITDA impact of Electrip investments which is recognized under investments accounted for using the equity method and corresponds to the Group's share of the results.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Cash | 157 | 4,395 |
| Banks | ||
| - Time deposits | 5,226,256 | 1,286,711 |
| - Demand deposits | 694,155 | 642,922 |
| 5,920,568 | 1,934,028 |
The maturities of time deposits are less than 3 months and the average effective annual interest rates for time deposits are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| (%) | (%) | |
| US Dollars | 3.51 | 11.12 |
| Pakistani Rupee | 9.50 | 12.67 |
| NIS | 2.50 | - |
| TRY | 27.76 | 35.16 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The details of cash and cash equivalents include the following for the purpose of the condensed consolidated statements of cash flows as at September 30, 2025 and September 30, 2024:
| 30 September 2025 | 30 September 2024 | |
|---|---|---|
| Cash and cash equivalents | 5,920,568 | 2,220,385 |
| Less: Restricted cash | (1,706,255) | (22,024) |
| 4,214,313 | 2,198,361 |
The details of "Other adjustments related to profit / (loss) reconciliation" presented in the cash flow statement are as follows:
| 1 January - | 1 January - | |
|---|---|---|
| 30 September 2025 | 30 September 2024 | |
| Redemptions related to loan commissions | 183,721 | 259,341 |
| 183,721 | 259,341 |
Details of "Other cash inflows / (outflows)" in net cash used in financing activities in cash flows as follows:
| 1 January - | 1 January - | |
|---|---|---|
| 30 September 2025 | 30 September 2024 | |
| Commission paid related to borrowings | (155,646) | (351,888) |
| Change in restricted deposits | 98,455 | 179,091 |
| (57,191) | (172,797) |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term financial assets | 3,631,538 | 3,546,301 |
| Long-term financial assets | 9,015,308 | 11,824,250 |
| 12,646,846 | 15,370,551 |
The financial assets under service concession arrangement represent the amounts of the investments not yet recovered by the tariff.
The maturity analysis of financial assets under service concession arrangement has shown as below:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Up to 1 years | 3,631,538 | 3,546,301 |
| Between 1 to 2 years | 3,631,538 | 3,546,301 |
| More than 2 years | 5,383,770 | 8,277,949 |
| 12,646,846 | 15,370,551 |
The movement of financial assets related to concession agreements of electricity distribution operations in the current period is as follows:
| 1 January - | 1 January - | ||
|---|---|---|---|
| 30 September 2025 | 30 September 2024 | ||
| Opening balance | 15,370,551 | 16,516,562 | |
| Collections (-) | (2,723,705) | (2,659,723) | |
| Closing balance | 12,646,846 | 13,856,839 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The details of financial liabilities of the Group as at September 30, 2025 and December 31, 2024 is as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term secured bank borrowings | 292,316 | 749,891 |
| Issued debt instruments | 687,781 | 1,105,252 |
| Total short-term financial liabilities | 980,097 | 1,855,143 |
| Short-term portion of long-term secured bank |
||
| borrowings | 1,937,206 | 2,288,293 |
| Issued debt instruments | 8,901,984 | 9,798,934 |
| Lease liabilities | 116,918 | 100,037 |
| Total short-term portion of long-term | ||
| financial liabilities | 10,956,108 | 12,187,264 |
| Long-term secured bank borrowings | 3,302,908 | 4,635,148 |
| Issued debt instruments | 41,393,463 | 38,347,819 |
| Lease liabilities | 369,983 | 332,608 |
| Total long-term financial liabilities | 45,066,354 | 43,315,575 |
| Total financial liabilities | 57,002,559 | 57,357,982 |
The details of short-term financial liabilities of the Group as at September 30, 2025 and December 31, 2024 is as follows:
| Weighted average effective | ||||||
|---|---|---|---|---|---|---|
| Original currency | interest rate per annum (%) | TRY equivalent | ||||
| 30 September | 31 December | 30 September | 31 December | 30 September | 31 December | |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| USD | 6,498 | 15,301 | 10.75% | 10.92% | 270,197 | 678,319 |
| TRY | 709,909 | 1,176,824 | 62.03% | 51.98% | 709,900 | 1,176,824 |
| 980,097 | 1,855,143 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The details of short-term portion of long-term financial liabilities of the Group as at September 30, 2025 and December 31, 2024 is as follows:
| Weighted average effective | ||||||
|---|---|---|---|---|---|---|
| Original currency | interest rate per annum (%) | TRY equivalent | ||||
| 30 September | 31 December | 30 September | 31 December | 30 September | 31 December | |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| USD | 141,568 | 132,654 | 11.30% | 12.81% | 5,886,624 | 5,880,781 |
| EUR | 14,909 | 12,806 | 7.32% | 8.39% | 728,141 | 591,142 |
| TRY | 4,338,853 | 5,715,341 | 59.22% | 53.45% | 4,338,853 | 5,715,341 |
| NIS | 198 | - | 5.50% | - | 2,490 | - |
| 10,956,108 | 12,187,264 |
The details of long-term financial liabilities of the Group as at September 30, 2025 and December 31, 2024 is as follows:
| Weighted average effective | ||||||
|---|---|---|---|---|---|---|
| Original currency | interest rate per annum (%) | TRY equivalent | ||||
| 30 September | 31 December | 30 September | 31 December | 30 September | 31 December | |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| USD | 1,056,497 | 950,616 | 11.30% | 11.30% | 43,930,833 | 42,142,435 |
| EUR | 14,317 | 16,854 | 7.22% | 8.13% | 699,228 | 778,002 |
| TRY | 367,393 | 330,000 | 25.83% | 17.80% | 367,393 | 330,000 |
| PKR | 17,779 | 16,541 | - | - | 2,590 | 2,610 |
| NIS | 5,272 | 5,146 | 7.25% | 7.25% | 66,310 | 62,528 |
| 45,066,354 | 43,315,575 |
Letters of guarantees given, pledges and mortgages related to financial liabilities are explained in Note 11.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The movements of financial liabilities as of September 30, 2025 and 2024 as follows:
| 2025 | 2024 | |
|---|---|---|
| As at 1 January | 57,357,982 | 76,954,426 |
| Cash inflows from borrowings | 402,479 | 876,541 |
| Cash inflows from issued debt instruments | 7,273,674 | 5,495,828 |
| Cash outflows due to the repayment of bank | ||
| borrowings | (1,833,707) | (13,259,317) |
| Cash outflows from debt repayments of issued debt | ||
| instruments | (3,321,393) | (4,105,879) |
| Interest acruals | 5,567,959 | 8,638,498 |
| Cash outflows from debt repayments of lease | ||
| agreements | 56,156 | (110,626) |
| Interest paid | (5,306,368) | (9,478,723) |
| Interest accruals related to lease contract | 83,233 | 78,853 |
| Change of exchange difference | 7,609,589 | 8,606,318 |
| Other classifications | 28,075 | (92,547) |
| Net monetary position loss | (10,915,120) | (19,755,173) |
| 30 September | 57,002,559 | 53,848,199 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Other receivables from related parties (Note 22) | 1,444,315 | 1,311,925 |
| Other short-term receivables from third parties | 62,524 | 63,037 |
| 1,506,839 | 1,374,962 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Other receivables from related parties (Note 22) | 17,366,506 | 15,544,688 |
| Other long-term receivables from third parties | - | 36,953 |
| 17,366,506 | 15,581,641 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Deposit received | 2,772,478 | 2,777,753 |
| Other payables to related parties (Note 22) | 46,933 | 56,031 |
| Other short-term payables to third parties | 337 | 82 |
| 2,819,748 | 2,833,866 | |
| d) Long-term other payables: |
||
| 30 September 2025 | 31 December 2024 | |
| Other payables to related parties (Note 22) | 20,082 | 19,858 |
20,082 19,858
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| VAT receivable | 811,210 | 887,065 |
| Insurance income accruals (*) | 189,877 | 74,959 |
| Other | 8,510 | 14,538 |
| 1,009,597 | 976,562 |
(*) Insurance income accruals are related to the damage compensation income that the Group's commercial enterprises and elements have secured, collected and expect to collect based on insurance policies against all risks such as machine breakdown, loss of profit, fire, etc.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Prepaid taxes | 1,130 | 1,417 |
| 1,130 | 1,417 | |
| c) Other current liabilities: |
||
| 30 September 2025 | 31 December 2024 | |
| VAT payable | 545,683 | 285,327 |
| Taxes and funds payable | 182,927 | 178,390 |
| Other | 2,031 | 1,522 |
| 730,641 | 465,239 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
As of September 30, 2025, the net book value of the Group's property, plant, and equipment is TRY 65,101,556 (December 31, 2024: TRY 68,944,151). The depreciation expense for property, plant, and equipment for the first nine months of 2025 is TRY 3,882,417 (September 30, 2024: TRY 3,842,171).
As of September 30, 2025, the Group's tangible fixed assets amounted to TRY 815,623 (September 30, 2024: TRY 660,548), while the disposal amount related to its tangible fixed assets is TRY 414,614 (September 30, 2024: TRY 9,114).
As of September 30, 2025, the impact of the foreign currency translation of foreign subsidiaries on the net book value of the Group's fixed assets is TRY (331,297).
The collateral, pledges, and mortgages on property, plant, and equipment are disclosed in Note 11.
As of September 30, 2025, the net book value of the Group's intangible assets is TRY 12,629,846 (December 31, 2024: TRY 13,154,569). The amortization expense for intangible assets for the first nine months of 2025 is TRY 541,543 (September 30, 2024: TRY 458,751).
As of September 30, 2025, there were no additions to intangible assets (September 30, 2024: TRY 36,886) and no disposals of intangible assets (September 30, 2024: TRY 3,356).
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | ||
|---|---|---|---|
| Provisions for annual leave | 134,883 | 122,373 | |
| Provisions for lawsuits | 18,593 | 38,074 | |
| 153,476 | 160,447 | ||
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Provisions for employment benefits | 651,175 | 557,086 |
| 651,175 | 557,086 |
The Group's guarantees, pledges and mortgages ("GPM") as at September 30, 2025 and December 31, 2024 are summarized as follows:
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Original | Original | TRY | Original | TRY | |
| currency | amount | equivalent (*) | amount | equivalent (*) | |
| Letters of guarantees received | TRY | 2,033,810 | 2,033,810 | 1,484,780 | 1,484,780 |
| Letters of guarantees received | USD | 6,551 | 271,911 | 5,976 | 264,023 |
| Letters of guarantees received | EUR | 724 | 35,296 | 670 | 30,878 |
| Cheques received | TRY | 34,818 | 34,818 | 41,624 | 41,624 |
| Cheques received | USD | 38 | 1,577 | 73 | 3,225 |
| Cheques received | EUR | 65 | 3,169 | 65 | 2,995 |
| 2,380,581 | 1,827,525 |
(*) As at September 30, 2025 and December 31, 2024, all other currencies presented in Turkish Lira are expressed in terms of the purchasing power of September 30, 2025.
Guarantee letters received consist of letters, cheques and notes received from customers in relation to the Group's operations.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The Group's guarantees, pledges and mortgages ("GPM") as at September 30, 2025 and December 31, 2024 are summarized as follows:
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Original | Original | TRY | Original | TRY | |
| currency | amount | amount (*) | amount | amount (*) | |
| GPMS's given by the Group | |||||
| A. Total amount of GPMS given on | |||||
| behalf of its own legal entity | USD | 12,505 | 519,043 | 10,400 | 459,476 |
| TRY | 2,037,445 | 2,037,445 | 1,114,104 | 1,114,104 | |
| B. Total amount of GPMS given in favor | |||||
| of subsidiaries included in the scope of | |||||
| full consolidation | TRY | 560,344 | 560,344 | 371,330 | 371,330 |
| USD | 550 | 22,829 | 550 | 24,300 | |
| C. Total amount of GPMS given in order to | |||||
| secure the debt of other third parties | |||||
| for the purpose of conducting ordinary | |||||
| commercial activities | USD | 20,696 | 859,025 | 18,892 | 834,660 |
| NIS | 1,567 | 15,163 | 9,062 | 109,990 | |
| D. Total amount of other GPMS | - | - | - | - | |
| 4,013,849 | 2,913,860 |
(*) As at September 30, 2025 and December 31, 2024, all other currencies presented in Turkish Lira are expressed in terms of the purchasing power of September 30, 2025.
The guarantees provided generally consist of guarantee letters and guarantee certificates given to state institutions (primarily "EMRA" and other state institutions providing electricity transmission and distribution services) in relation to the Group's electricity distribution operations, and to banks for loans obtained.
The ratio of other guarantees, pledges and mortgages given by the Group to the total equity of the Group is 0% as at September 30, 2025 (December 31, 2024: 0%).
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Carried at fair value | Carried at fair value | |||
| through other comprehensive Original |
through | |||
| Original | other comprehensive | |||
| amount | income | amount | income | |
| USD | (TRY) | USD | (TRY) | |
| Hedging amount | 275,579 | (35,857,841) | 308,000 | (41,505,563) |
| 275,579 | (35,857,841) | 308,000 | (41,505,563) |
The Group has discontinued the cash flow hedge accounting applied under TAS 39 as of July 1, 2025. The foreign exchange differences recognized under "Cash flow hedge reserves" will remain as a separate item in equity until the realization of the U.S. Dollar-denominated sales revenues within the scope of YEKDEM (December 31, 2024: USD 308,000 thousand).
The amount reclassified to the income statement from cash flow hedging is TRY 8,855,883 thousand.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Retail sales net profit margin income accruals | ||
| (OMEGA 4) (*) | 79,728 | 63,772 |
| Advances received from customers | - | 59 |
| 79,728 | 63,831 |
(*) The retail company should obtain a net profit margin of 2.38% from sales made by tariff customers. The retail sales net margin consists of the adjustment components recorded to equalize net profit margin to 2.38%.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term advances received from related parties | ||
| (Note 22) | 525,614 | 1,125,685 |
| 525,614 | 1,125,685 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Long-term advances received from related parties | ||
| (Note 22) | - | 931,461 |
| - | 931,461 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| Limit on registered share capital | 6,000,000 | 6,000,000 |
|---|---|---|
| Issued capital | 5,000,000 | 5,000,000 |
The Group's shareholders and shareholding structure as at September 30, 2025 and December 31, 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Trade name of | Share | Nominal Share Amount | Share | Nominal Share Amount |
| shareholder | (%) | (Thousand TRY) | (%) | (Thousand TRY) |
| Zorlu Holding | 32.31 | 1,615,531 | 32.31 | 1,615,531 |
| Korteks | 17.55 | 877,373 | 17.55 | 877,373 |
| Publicly held | 37.40 | 1,869,884 | 37.40 | 1,869,884 |
| Wren House Infrastructure LP | 12.34 | 617,212 | 12.34 | 617,212 |
| Other | 0.40 | 20,000 | 0.40 | 20,000 |
| 100 | 5,000,000 | 100 | 5,000,000 | |
| Adjustment to share capital | 32,957,895 | 32,957,895 | ||
| Total | 37,957,895 | 37,957,895 |
As of September 30, 2025 and December 31, 2024, the Group's inflation adjustment to share capital amounts to TRY 32,957,895 and represents the restatement difference arising from the restatement of the Group's paid-in capital amount according to inflation and not offset by accumulated losses.
The share premiums presented in the consolidated financial statements arise from the difference between the issue price and the nominal value of shares issued at a premium during capital increases subsequent to the initial establishment of the Group. As of September 30, 2025, the Group's consolidated financial statements reflect share premiums amounting to TRY 58,932 (December 31, 2024: TRY 58,932).
30 September 2025 31 December 2024 Legal reserves 182,225 182,225
In accordance with the Turkish Commercial Code ("TCC"), legal reserves are classified as first and second legal reserves. Under the Turkish Commercial Code, the first legal reserve is appropriated at 5% of the statutory net profit until it reaches 20% of the paid-in capital. The second legal reserve is appropriate at 10% of the portion of the profit distributed that exceeds 5% of the paid-in capital.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 1 January- 30 September 2025 |
1 July- 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Retail sales income | 8,111,301 | 3,189,808 | 10,018,016 | 4,307,100 |
| Electricity generation and wholesale income | 7,895,848 | 2,724,616 | 10,860,429 | 3,739,314 |
| Income from electricity distribution activities | 6,015,435 | 3,226,821 | 3,806,148 | 2,449,972 |
| General lighting income | 708,588 | 205,453 | 967,135 | 271,159 |
| Other | 1,172,303 | 482,718 | 1,322,294 | 410,384 |
| 23,903,475 | 9,829,416 | 26,974,022 | 11,177,929 |
| 1 January- 30 September 2025 |
1 July- 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Retail electricity purchase | 7,846,204 | 2,971,894 | 8,734,443 | 4,197,795 |
| Depreciation and amortisation | 3,918,420 | 1,346,069 | 3,944,648 | 1,330,107 |
| Energy purchase cost related to | ||||
| electricity distribution activities | 2,237,186 | 884,122 | 2,305,978 | 756,149 |
| Cost of electricity generation and wholesale | ||||
| purchase | 2,026,229 | 533,628 | 3,283,340 | 1,048,991 |
| Electricity generation and retail system | ||||
| utilization fee | 1,382,583 | 456,351 | 2,028,281 | 734,652 |
| Employee and personnel expenses | 1,247,963 | 504,409 | 1,071,332 | 355,788 |
| Maintenance and repair expenses | 476,479 | 159,535 | 976,023 | 722,664 |
| Other | 1,084,942 | 292,354 | 1,156,602 | 297,869 |
| 20,220,006 | 7,148,362 | 23,500,647 | 9,444,015 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 1 January- | 1 July- | 1 January- | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Consulting and outsourcing expenses | 465,251 | 346,576 | 534,893 | 262,500 |
| Employee and personnel expenses | 447,323 | 140,005 | 724,034 | 205,861 |
| Office expenses | 78,632 | 7,948 | 167,564 | 74,678 |
| Rent expenses | 70,682 | 23,172 | 68,704 | 32,061 |
| Tax expenses | 49,797 | 11,554 | 174,994 | 12,245 |
| Depreciation and amortisation | ||||
| expenses | 48,572 | 16,225 | 20,366 | 860 |
| Maintenance and repair expenses | 24,450 | 10,771 | 34,543 | 362 |
| Advertising expenses | 14,049 | 5 | 14,490 | 1,406 |
| Other | 136,629 | 23,101 | 163,254 | 45,307 |
| 1,335,385 | 579,357 | 1,902,842 | 635,280 |
| 1 January- | 1 July- | 1 January- | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Employee and personnel expenses | 137,272 | 41,614 | 139,168 | 41,848 |
| Communication expenses | 20,056 | 8,212 | 7,860 | 3,908 |
| Commission expenses | 17,064 | 5,949 | 18,869 | 5,246 |
| Consulting and outsourcing expenses | 6,882 | 1,730 | 13,101 | 4,091 |
| Advertising expense | 5,622 | 927 | 9,288 | 6 |
| Office expenses | 5,226 | 1,612 | 8,120 | 2,589 |
| Other | 21,146 | 5,328 | 43,349 | 21,952 |
| 213,268 | 65,372 | 239,755 | 79,640 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Interest income related to weighted overage cost | ||||
| of capital correction | 1,812,285 | 604,099 | 1,752,286 | 584,097 |
| Foreign exchange differences from trading | ||||
| activities | 415,772 | 70,420 | 588,197 | 85,365 |
| Interest income from trading activities | 343,877 | 184,752 | 712,959 | 401,994 |
| Insurance income | 193,357 | 36,071 | 27,132 | 11,872 |
| Other | 106,160 | 18,885 | 150,723 | 2,683 |
| 2,871,451 | 914,227 | 3,231,297 | 1,086,011 |
| 1 January - 30 September |
1 July - 30 September |
1 January - 30 September |
1 July - 30 September |
|
|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | |
| Interest expense from trading activities | 1,099,192 | 30,100 | 1,126,284 | 126,985 |
| Foreign exchange differences from trading activities |
537,692 | 196,213 | 697,918 | 351,337 |
| Depreciation of service concession arrangements | 390,587 | 131,627 | 392,018 | 131,626 |
| Depreciation of customer relations | 148,391 | 50,008 | 148,935 | 50,008 |
| Provisions | 111,404 | 57,031 | 64,192 | 28,617 |
| Depreciation expense of the non-operating | ||||
| portion | 45,940 | 12,400 | - | - |
| Other | 106,527 | 10,115 | 121,083 | 404 |
| 2,439,733 | 487,494 | 2,550,430 | 688,977 |
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Gain on sale of investments (Note 2.2) | 7,617,047 | 7,617,047 | - | - |
| Gain on sale of fixed assets | 80,373 | - | 3,431 | - |
| Gain on sale of subsidiaries (Note 2.2) | - | - | 5,814,899 | - |
| 7,697,420 | 7,617,047 | 5,818,330 | - |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 1 January - | 1 July- | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Foreign exchange gains | 3,096,080 | 1,048,050 | 2,146,609 | 462,248 |
| Interest income | 1,758,237 | 628,283 | 2,742,464 | 873,472 |
| Income on derivative | ||||
| instruments | - | - | 15,721 | (484,569) |
| 4,854,317 | 1,676,333 | 4,904,794 | 851,151 | |
| b) Financial expense: |
||||
| 1 January - | 1 July- | 1 January - | 1 July - |
| 1 January - | 1 July- | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Foreign exchange expense | 13,515,149 | 3,333,317 | 8,753,329 | 2,344,715 |
| Interest expense | 6,468,974 | 2,262,930 | 9,092,003 | 2,612,571 |
| Bank commission and other | ||||
| financial expense | 345,125 | 108,740 | 352,279 | 98,373 |
| 20,329,248 | 5,704,987 | 18,197,611 | 5,055,659 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | |
|---|---|
| Non-Monetary Items | |
| Statement of Financial Position Items | |
| Inventories | 37,062 |
| Tangible assets | 8,904,052 |
| Intangible assets | 2,090,027 |
| Right of use assets | 281,747 |
| Deferred tax assets/(liabilities) | 2,078,328 |
| Paid-in capital | (7,695,495) |
| Accumulated other comprehensive income (Loss) | |
| not to be reclassified to profit or loss | 81,836 |
| Restricted reserves | (36,944) |
| Hedge reserves | 4,412,648 |
| Other short - term liabilities (*) | (497,373) |
| Financial assets under service concession arrangements | 3,116,214 |
| Retained earnings/(losses) | (12,347,724) |
| Statement of Profit or Loss Items | |
| Revenue | (1,794,453) |
| Cost of sales | 1,517,933 |
| Marketing expense | 18,784 |
| General administrative expense | 100,248 |
| Other operating income/(expense) | 484,640 |
| Finance income/(expense) | 1,015,663 |
| Income/ (loss) from investing activities | (166,297) |
| Period tax income/(expense) | 32,742 |
| Net monetary position gains/(losses) | 1,633,635 |
(*) It consists of deposits received.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Korteks | 2,191,430 | 1,628,671 |
| Zorluteks Tekstil Ticaret ve Sanayi AŞ ("Zorluteks") | 502,422 | 246,010 |
| Meta Nikel Kobalt Madencilik Sanayi AŞ | ||
| ("Meta Nikel") | 242,276 | 180,884 |
| Zorlu Tesis Yönetim AŞ ("Zorlu Tesis Yönetimi") | 120,282 | 34,903 |
| ZES Dijital Ticaret AŞ ("ZES Dijital") | 39,365 | 266,525 |
| Vestel Ticaret AŞ ("Vestel Ticaret") | 26,864 | 15,461 |
| Zes Teknik Enerji Tesisleri AŞ ("Zes Teknik") | 20,076 | - |
| Other | 200,190 | 30,041 |
| 3,342,905 | 2,402,495 |
The Group's trade receivables consist of electricity and commercial goods sales within the scope of its main activity.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Zorlu Holding (*) | 1,187,161 | 1,273,753 |
| Zorlu Doğal Gaz İth.İhr.ve Top. AŞ ("Zorlu Doğal Gaz") |
257,154 | 38,172 |
| 1,444,315 | 1,311,925 |
(*) TRY 1,187,161 of the Group's total receivables from Zorlu Holding amounting to TRY 14,994,726 are short-term. All of the short-term receivables have a financing nature and the interest rates of the receivables amounting to are 9% for USD.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Zorlu Holding (*) | 13,807,565 | 12,305,693 |
| Zorlu O&M Enerji Tesisleri İşletme ve Bakım | ||
| Hizmetleri AŞ ("Zorlu O&M") (**) | 3,558,941 | 3,238,995 |
| 17,366,506 | 15,544,688 |
(*) TRY 14,994,726 of the Group's total receivables from Zorlu Holding amounting to TRY 13,807,565 are long-term. All of the long-term receivables have a financing nature and the interest rates of the receivables amounting to are 9% for USD.
| 30 September 2025 | 31 December2024 | |
|---|---|---|
| Zorlu O&M (*) | 138,242 | 133,175 |
| Vestel Ticaret | 25,231 | 34,308 |
| Zorlu Gayrimenkul Geliştirme ve Yatırım AŞ | ||
| ("Zorlu Gayrimenkul") | 5,998 | 51,380 |
| Zorlu Holding | 2,164 | 20,411 |
| Zes Solar Mena Dmcc ("Zes Solar Mena") | - | 50,438 |
| Vestel Elektronik Sanayi ve Ticaret AŞ | ||
| ("Vestel Elektronik") | - | 39,769 |
| Other | 7,536 | 36,060 |
| 179,171 | 365,541 |
(*) The Group's trade payables to Zorlu O&M consists of the maintanance and repair services provided to the power plants which belogs to the Group.
(**) The Group's entire long-term receivable amounting to TRY 3,558,941 from Zorlu O&M have a financial nature and the interest rate is 9% for USD.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Zorlu O&M | 46,933 | 56,031 |
| 46,933 | 56,031 | |
| f) Long term other payables to related parties |
30 September 2025 | 31 December 2024 |
| Zorlu O&M | 20,082 | 19,858 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Vestel Elektronik (*) | 321,790 | 350,756 |
| Vestel Beyaz Eşya Sanayi ve Ticaret AŞ | ||
| ("Vestel Beyaz Eşya") (*) | 203,824 | 774,929 |
| 525,614 | 1,125,685 |
(*) As of September 30, 2025 and December 31, 2024 the balances represent the Group's short term advance payables due to Vestel Elektronik and Vestel Beyaz Eşya.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Vestel Beyaz Eşya (*) | - | 530,168 |
| Vestel Elektronik (*) | - | 401,293 |
| - | 931,461 |
(*) As of December 31, 2024 the balances represent the Group's long term advance payables from Vestel Elektronik and Vestel Beyaz Eşya.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
All other transactions between the Company and its subsidiaries that are not mentioned in this footnote have been eliminated during consolidation. Details of transactions between the Group and other related parties are explained below.
| 1 January- | 1 July- | 1 January- | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Korteks | 509,224 | 229,436 | 727,803 | 211,459 |
| Zorlu Tesis Yönetimi | 266,947 | 105,059 | 276,273 | 111,660 |
| Zorluteks | 242,554 | 77,363 | 329,896 | 103,039 |
| Vestel Beyaz Eşya | 241,977 | 90,237 | 380,732 | 138,413 |
| Vestel Elektronik | 152,882 | 62,370 | 251,041 | 82,441 |
| Meta Nikel | 30,676 | 5,665 | 189,929 | 58,733 |
| Zes Solar | 5,102 | 1,541 | 21,462 | - |
| Diğer | 306,218 | 162,155 | 105,593 | 14,388 |
| 1,755,580 | 733,826 | 2,282,729 | 720,133 |
| 1 January- 30 September 2025 |
1 July- 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Zorlu O&M | 170,227 | 54,024 | 240,250 | 98,277 |
| Zes Solar | 25,764 | 111 | 3,454 | - |
| Other | 36,277 | 8,593 | 4,039 | 25 |
| 232,268 | 62,728 | 247,743 | 98,302 |
| 1 January- 30 September 2025 |
1 July- 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Zorlu Gayrimenkul | 41,487 | 5,998 | 48,307 | 17,368 |
| Zorlu Yapı Yatırım AŞ | 12,422 | 179 | 16,859 | 5 |
| Zorlu Holding | 11,416 | 2,379 | 38,717 | 21,621 |
| Zorlu Tesis Yönetimi | 6,508 | 553 | 12,826 | 3,780 |
| ABH Turizm Temsilcilik ve | ||||
| Ticaret AŞ ("ABH Turizm") | 6,172 | 1,090 | 12,872 | 3,628 |
| Zes Solar | 3,230 | - | - | - |
| Mehmet Zorlu Vakfı | 2,372 | 23 | - | - |
| Zorlu O/M Enerji | 40 | 32 | - | - |
| Diğer | 9,024 | 6,676 | 16,001 | 10,195 |
| 92,671 | 16,930 | 145,582 | 56,597 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 1 January- | 1 July- | 1 January- | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Korteks | 475,863 | 161,627 | 226,721 | 60,241 |
| Zorluteks | 74,155 | 25,989 | 101,774 | 2,131 |
| Meta Nikel | 70,387 | 24,867 | 225,532 | 39,903 |
| Other | 51,545 | 22,820 | 3,986 | 1,198 |
| 671,950 | 235,303 | 558,013 | 103,473 |
| 1 January- 30 September 2025 |
1 July- 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Vestel Beyaz Eşya | 106,475 | 15,600 | 265,696 | 127,447 |
| Vestel Elektronik | 105,974 | 15,005 | 734,045 | 283,864 |
| Vestel Ticaret | 93,158 | 27,920 | - | - |
| Other | 37,151 | 8,907 | 26,638 | 6,682 |
| 342,758 | 67,432 | 1,026,379 | 417,993 |
| 1 January- 30 September 2025 |
1 July- 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Zorlu Holding | 1,027,233 | 338,902 | 1,192,122 | 440,926 |
| Zorlu O&M | 211,651 | 75,113 | 212,340 | 37,730 |
| Other | 39,540 | 17,947 | 34,894 | 20,227 |
| 1,278,424 | 431,962 | 1,439,356 | 498,883 |
| 1 January- | 1 July- | 1 January- | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Zorlu O&M | 2,886 | 1,712 | 1,721 | - |
| Other | 6,006 | 5,987 | 4,968 | 2,686 |
| 8,892 | 7,699 | 6,689 | 2,686 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 1 January- | 1 July- | 1 January- | 1 July | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2025 | 2024 | 2024 | |
| Zorlu Holding | 2,389,921 | 978,522 | 966,995 | 251,687 |
| Zorlu O&M | 545,061 | 149,675 | 760,148 | 119,909 |
| Zorlu Doğal Gaz | 19,662 | 8,716 | 45,902 | 643 |
| Ezotech Electric Ltd. | - | - | 174,086 | 30,655 |
| Other | 28,677 | 8,675 | 49,409 | 629 |
| 2,983,321 | 1,145,588 | 1,996,540 | 403,523 |
| , | 1 January- 30 September 2025 |
1 July- 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2024 |
|---|---|---|---|---|
| Zes Solar Mena | 6,750 | 1,153 | - | - |
| ZES Dijital | 3,201 | 170 | - | - |
| Other | 9,413 | 6 | - | - |
| 19,364 | 1,329 | - | - |
Sales and purchase transactions with related parties generally include electricity, product and service sales and purchase transactions made within the framework of the main activity.
Exchange rate differential income and expenses from related parties and interest income and expenses are related to receivables and debits from related parties that are in the nature of financing.
The operating income and expenses related parties included trade receivables related to the Group's related parties interest income and expense related to debt and income and foreing exchange gains and loss.
For the purpose of this consolidated financial statements, key management compensation consists of the payments made to Group shareholders and top management (General Manager and Vice General Managers and directors).
| 1 January- | 1 July- | 1 January- | 1 July | ||
|---|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | ||
| 2025 | 2025 | 2024 | 2024 | ||
| Salaries and other benefits | 122,016 | 24,777 | 159,453 | 38,327 |
There are no guarantees, pledges or mortgages regarding the Group's related party transactions.
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The Company and its subsidiaries located in Turkey are subject to the tax legislation and practices in force in Turkey. Corporate tax is payable in one installment by the end of the fourth month following the end of the accounting period to which it relates. Corporations are required to calculate advance tax at the current rate on their quarterly financial profits and declare it until the 17th day of the second month following the end of the period and pay it until the 17th day of the second month. Advance taxes paid during the year are offset against the corporate tax calculated on the annual corporate tax return for that year. If there is an amount of advance tax paid despite the offset, this amount can be refunded in cash or offset against other financial debts.
| 1 January - | 1 January | ||
|---|---|---|---|
| 30 September 2025 | 30 September 2024 | ||
| Current period tax expenses | (799,817) | (544,078) | |
| Deferred tax income/(expenses) | (160,185) | 3,511,320 | |
| Total tax income /(expenses) | (960,002) | 2,967,242 |
The Group calculates its deferred tax assets and liabilities by taking into account the effects of temporary differences that arise as a result of different evaluations of financial statements prepared in accordance with TFRS and Tax Procedure Law.
As of September 30, 2025, the tax rate used in the calculation of deferred tax assets and liabilities is 25% (December 31, 2024: 25%).
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Deferred tax assets | 11,005,628 | 13,266,145 |
| Deferred tax liabilities | (5,110,073) | (5,347,445) |
| Deferred tax assets/(liabilities), net | 5,895,555 | 7,918,700 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| Deferred tax | ||||
|---|---|---|---|---|
| Temporary diffrences | assets/(liabilities) | |||
| 30 September | 31 December | 30 September | 31 December | |
| 2025 | 2024 | 2025 | 2024 | |
| Tangible and intangible assets | (28,761,228) | (32,210,595) | 7,190,307 | 8,052,649 |
| Carry forward tax losses | (8,845,844) | (13,128,809) | 2,211,461 | 3,282,202 |
| Receivables from service concession arrangement | 12,646,845 | 15,370,551 | (3,161,711) | (3,842,637) |
| Credit comission and unearned credit finance | ||||
| expense | 1,174,416 | (6,357) | (293,604) | 1,589 |
| Indexation of deposits received | (1,916,595) | (1,948,688) | 479,149 | 487,173 |
| Investment incentive | (797,829) | (790,519) | 199,457 | 197,630 |
| Provision for employee termination benefits | (747,053) | (610,064) | 186,763 | 163,832 |
| Other | 3,665,073 | 1,642,506 | (916,267) | (423,738) |
| Deferred tax assets/(liabilities), net | (23,582,215) | (31,681,975) | 5,895,555 | 7,918,700 |
The movements in deferred tax assets and liabilities for the years ended September 30, 2025 and September 30, 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | 7,918,700 | 3,905,600 |
| Charged to statement of profit or loss from continued operations (net) |
(160,185) | 3,511,320 |
| Charged to statement of other comprehensive income (net) | (1,862,960) | (2,395,367) |
| 30 September | 5,895,555 | 5,021,553 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
As of September 30, 2025, and December 31, 2024, the amounts of foreign currency assets and liabilities held by the Group are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Assets | 22,555,395 | 19,555,075 |
| Liabilities | (53,678,050) | (54,626,294) |
| Foreign currency position, (net) | (31,122,655) | (35,071,219) |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
The amounts and TRY equivalent of assets and liabilities denominated in foreign currency held by the Group at September 30, 2025 and December 31, 2024 are as follows:
| 30 September 2025 | |||||
|---|---|---|---|---|---|
| TRY equivalent | |||||
| (functional | |||||
| currency) | USD | EURO | NIS | ||
| 1- | Trade receivables | 1,786,398 | 42,210 | 738 | - |
| 2a- | Monetary financial assets | 3,372,630 | 40,328 | 2,080 | 135,413 |
| 2b- | Non-monetary financial assets | - | - | - | - |
| 3- | Other | 29,861 | 679 | 36 | - |
| 4- | Current Assets (1+2+3) | 5,188,889 | 83,217 | 2,854 | 135,413 |
| 5- | Trade receivables | - | - | - | - |
| 6a- | Monetary financial assets | 17,366,506 | 418,401 | - | - |
| 6b- | Non-monetary financial assets | - | - | - | - |
| 7- | Other | - | - | - | - |
| 8- | Non-Current Assets (5+6+7) | 17,366,506 | 418,401 | - | - |
| 9- | Total Assets (4+8) | 22,555,395 | 501,618 | 2,854 | 135,413 |
| 10- | Trade payables | 1,636,354 | 31,615 | 6,588 | - |
| 11- | Financial liabilities | 6,884,962 | 148,066 | 14,909 | - |
| 12a- | Other monetary liabilities | 526,673 | 12,666 | - | - |
| 12b- | Other non-monetary liabilities | - | - | - | - |
| 13- | Short-term Liabilities (10+11+12) | 9,047,989 | 192,347 | 21,497 | - |
| 14- | Trade payables | - | - | - | - |
| 15- | Financial liabilities | 44,630,061 | 1,056,497 | 14,317 | - |
| 16a- | Other monetary liabilities | - | - | - | - |
| 16b- | Other non-monetary liabilities | - | - | - | - |
| 17- | Long-term Liabilities (14+15+16) | 44,630,061 | 1,056,497 | 14,317 | - |
| 18- | Total Liabilities (13+17) | 53,678,050 | 1,248,844 | 35,814 | - |
| 19- | Net asset/liability position of | ||||
| off-balance sheet derivative instruments | |||||
| (19a-19b) | - | - | - | - | |
| 19a- | Amount of active off-balance sheet derivative | ||||
| products denominated in foreign currency | - | - | - | - | |
| 19b- | Amount of passive off-balance sheet foreign | ||||
| currency derivative products | - | - | - | - | |
| 20- | Net foreign currency denominated | ||||
| assets/(liabilities) position (9-18+19) | (31,122,655) | (747,226) | (32,960) | 135,413 | |
| 21- | Monetary accounts net foreign currency | ||||
| denominated assets/(liabilities) position | |||||
| (1+2a+5+6a-10-11-12a-14-15-16a) | (31,152,516) | (747,905) | (32,996) | 135,413 | |
| Total fair value of financial instruments | |||||
| 22- | used for foreign exchange hedge | - | - | - | - |
| 23- | Export | 83,844 | 2,020 | - | - |
| 24- | Import | 108,665 | 2,618 | - | - |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
| 31 December 2024 | |||||
|---|---|---|---|---|---|
| TRY equivalent (functional |
|||||
| currency) | USD | EURO | NIS | ||
| 1- | Trade receivables | 1,945,205 | 40,329 | 3,320 | 860 |
| 2a- | Monetary financial assets | 1,986,154 | 42,498 | 2,080 | 1,047 |
| 2b- | Non-monetary financial assets | - | - | - | - |
| 3- | Other | 79,028 | 1,237 | 527 | - |
| 4- | Current Assets (1+2+3) | 4,010,387 | 84,064 | 5,927 | 1,907 |
| 5- | Trade receivables | - | - | - | - |
| 6a- | Monetary financial assets | 15,544,688 | 351,844 | - | - |
| 6b- | Non-monetary financial assets | - | - | - | - |
| 7- | Other | - | - | - | - |
| 8- | Non-Current Assets (5+6+7) | 15,544,688 | 351,844 | - | - |
| 9- | Total Assets (4+8) | 19,555,075 | 435,908 | 5,927 | 1,907 |
| 10- | Trade payables | 2,131,289 | 46,135 | 1,864 | - |
| 11- | Financial liabilities | 7,150,242 | 147,955 | 12,806 | - |
| 12a- | Other monetary liabilities | 2,377,733 | 67,274 | - | - |
| 12b- | Other non-monetary liabilities | - | - | - | - |
| 13- | Short-term Liabilities (10+11+12) | 11,659,264 | 261,364 | 14,670 | - |
| 14- | Trade payables | - | - | - | - |
| 15- | Financial liabilities | 42,920,437 | 950,616 | 16,854 | - |
| 16a- | Other monetary liabilities | 46,593 | - | 1,268 | - |
| 16b- | Other non-monetary liabilities | - | - | - | - |
| 17- | Long-term Liabilities (14+15+16) | 42,967,030 | 950,616 | 18,122 | - |
| 18- | Total Liabilities (13+17) | 54,626,294 | 1,211,980 | 32,792 | - |
| 19- | Net asset/liability position of | ||||
| off-balance sheet derivative instruments (19a-19b) |
- | - | - | - | |
| 19a- | Amount of active off-balance sheet derivative | ||||
| products denominated in foreign currency | - | - | - | - | |
| 19b- | Amount of passive off-balance sheet foreign | ||||
| currency derivative products | - | - | - | - | |
| 20- | Net foreign currency denominated | ||||
| assets/(liabilities) position (9-18+19) | (35,071,219) | (776,072) | (26,865) | 1,907 | |
| 21- | Monetary accounts net foreign currency | ||||
| denominated assets/(liabilities) position | |||||
| (1+2a+5+6a-10-11-12a-14-15-16a) | (35,150,247) | (777,309) | (27,392) | 1,907 | |
| Total fair value of financial instruments | |||||
| 22- | used for foreign exchange hedge | - | - | - | - |
| 23- | Export | 8,394 | 190 | - | - |
| 24- | Import | 597,409 | 13,522 | - | - |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
As at September 30, 2025 and December 31, 2024, had the TRY appreciated or depreciated by 10% against USD, EUR and NIS with all other variables held constant, the effect over current consolidated net income/ (loss) and equity would be as follows:
| 30 September 2025 | 30 September 2025 | ||||
|---|---|---|---|---|---|
| Profit or loss | Equity | ||||
| Appreciation of | Depreciation of | Appreciation of | Depreciation of | ||
| foreign currency | foreign currency | foreign currency | foreign currency | ||
| In case of 10% appreciation | |||||
| / depreciation USD against TRY: | |||||
| USD net asset/(liability) | (3,110,837) | 3,110,837 | (3,110,837) | 3,110,837 | |
| Amount hedged for USD risk (-) | - | - | * | * | |
| USD net effect | (3,110,837) | 3,110,837 | (3,110,837) | 3,110,837 | |
| In case of 10% appreciation | |||||
| / depreciation of EUR against TRY: | |||||
| EUR net asset/(liability) | (161,610) | 161,610 | (161,610) | 161,610 | |
| Amount hedged for EUR risk (-) | - | - | * | * | |
| EUR net effect | (161,610) | 161,610 | (161,610) | 161,610 | |
| In case of 10% appreciation | |||||
| / depreciation of NIS against TRY: | |||||
| NIS net asset/(liability) | 160,182 | (160,182) | 160,182 | (160,182) | |
| Amount hedged for NIS risk (-) | - | - | - | - | |
| NIS net effect | 160,182 | (160,182) | 160,182 | (160,182) | |
| Total net effect | (3,112,265) | 3,112,265 | (3,112,265) | 3,112,265 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Foreign exchange risk (Continued)
| 31 December 2024 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Profit or loss | Equity | ||||
| Appreciation of | Depreciation of | Appreciation of | Depreciation of | ||
| foreign currency | foreign currency | foreign currency | foreign currency | ||
| In case of 10% appreciation | |||||
| / depreciation USD against TRY: | |||||
| USD net asset/(liability) | (3,386,585) | 3,386,585 | (3,386,585) | 3,386,585 | |
| Amount hedged for USD risk (-) | 1,360,762 | (1,360,762) | - | - | |
| USD net effect | (2,025,823) | 2,025,823 | (3,386,585) | 3,386,585 | |
| In case of 10% appreciation / depreciation of EUR against TRY: |
|||||
| EUR net asset/(liability) | (122,870) | 122,870 | (122,870) | 122,870 | |
| Amount hedged for EUR risk (-) | - | - | - | - | |
| EUR net effect | (122,870) | 122,870 | (122,870) | 122,870 | |
| In case of 10% appreciation | |||||
| / depreciation of NIS against TRY: | |||||
| NIS net asset/(liability) | 2,333 | (2,333) | 2,333 | (2,333) | |
| Amount hedged for NIS risk (-) | - | - | - | - | |
| NIS net effect | 2,333 | (2,333) | 2,333 | (2,333) | |
| Total net effect | (2,146,360) | 2,146,360 | (3,507,122) | 3,507,122 |
(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchasing power of 30 September 2025 unless otherwise stated.)
Based on the material event disclosure dated October 27, 2025, the partial demerger transaction to be carried out through the transfer of the Gökçedağ wind power plant operations, which are recorded under the assets of Zorlu Yenilenebilir Enerji AŞ ("ZORYEN"), one of the Company's subsidiaries, to a newly established company through the "share transfer model to shareholders", has been registered on October 27, 2025, in line with the approval of EMRA and the resolutions adopted at ZORYEN's extraordinary general assembly meeting held on October 22, 2025, whereby "Gökçedağ Rüzgar Enerji Üretim AŞ", wholly owned by the Company, has been established and the partial demerger has been completed.
Based on the material event disclosure dated October 23, 2025, the 0.9867 MWm solar power plant integrated into the 15 MWm / 15 MWe Kızıldere 1 Geothermal Power Plant operated in Denizli, Sarayköy by Zorlu Doğal Elektrik Üretimi AŞ, the Company's 100% indirect subsidiary, commenced commercial electricity sales following the Ministry's official acceptance on October 23, 2025.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.