ASELSAN ELEKTRONİK SANAYİ VE TİCARET A.Ş.

Quarterly Report • Nov 4, 2025

(Convenience Translation of Consolidated Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish)

ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025

4 November 2025

This report contains condensed consolidated interim financial information and related disclosures and footnotes comprising 45 pages.

CONT	ENT	PAGE
CONSC	DLIDATED STATEMENT OF FINANCIAL POSITION	1-3
CONSC	OLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	4-5
CONSC	OLIDATED STATEMENT OF CHANGES IN EQUITY	6
CONSC	OLIDATED STATEMENT OF CASH FLOWS	7
NOTES	S TO THE CONSOLIDATED FINANCIAL STATEMENTS	8-45
NOTE
1.	ORGANIZATION AND OPERATIONS OF THE GROUP	8
2.	BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS	9
3.	CASH AND CASH EQUIVALENTS	19
4.	RELATED PARTY DISCLOSURES
5.	TRADE RECEIVABLES AND PAYABLES	24
6.	INVENTORIES	25
7.	PREPAID EXPENSES AND DEFERRED INCOME	26
8.	PROPERTY, PLANT AND EQUIPMENT	27
9.	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES	28
10.	TAX	29
11.	COMMITMENTS AND CONTINGENCIES	29
12.	EMPLOYEE BENEFITS	32
13.	SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS	33
14.	REVENUE AND COST OF SALES	35
15.	OTHER OPERATING INCOME AND EXPENSES	35
16.	FINANCIAL INCOME	35
17.	FINANCIAL EXPENSES	36
18.	GAIN/(LOSS) ON NET MONETARY POSITION	36
19.	EARNINGS PER SHARE	37
20.	FINANCIAL LIABILITIES	37
21.	FOREIGN EXCHANGE POSITION	39
22.	EVENTS AFTER THE REPORTING PERIOD	45

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2025

	Note References	Not Limited Reviewed 30 September 2025	Audited 31 December 2024
ASSETS
Current Assets		139.538.973	133.104.959
Cash and Cash Equivalents	3	14.437.566	20.868.120
Trade Receivables	5	28.902.261	35.566.221
From Related Parties	4	14.460.491	15.859.696
From Third Parties		14.441.770	19.706.525
Other Receivables		3.833.983	3.117.495
From Related Parties	4	65.546
From Third Parties		3.768.437	3.117.495
Inventories	6	65.493.112	54.526.596
Prepaid Expenses	7	21.795.014	15.317.587
From Related Parties	4	2.695.559	2.398.567
From Third Parties		19.099.455	12.919.020
Other Current Assets		5.077.037	3.708.940
Non-Current Assets		184.780.379	171.435.960
Financial Investments		10.144.463	10.146.541
Trade Receivables	5	63.508.041	68.960.082
From Related Parties	4	42.805.303	50.348.380
From Third Parties		20.702.738	18.611.702
Other Receivables		16.096	14.924
From Third Parties		16.096	14.924
Equity Accounted Investments		1.387.978	1.671.059
Property, Plant and Equipment	8	50.662.906	46.922.161
Intangible Assets	8	35.677.518	27.383.099
Prepaid Expenses	7	4.996.780	4.689.438
From Related Parties	4	1.248.284	1.664.376
From Third Parties		3.748.496	3.025.062
Deferred Tax Assets	10	17.228.103	10.220.146
Other Non-Current Assets		1.158.494	1.428.510
TOTAL ASSETS		324.319.352	304.540.919

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2025

		Not Limited
		Reviewed	Audited
	Note	30 September	31 December
	References	2025	2024
LIABILITIES
Current Liabilities		98.423.385	87.501.715
Short-term Financial Liabilities	20	12.737.397	17.014.289
Short-term Portion of Long-term Financial Liabilities	20	24.257.680	11.628.374
Trade Payables	5	21.588.251	24.785.637
To Related Parties	4	1.740.961	3.083.851
To Third Parties		19.847.290	21.701.786
Employee Benefit Obligations		4.922.287	4.440.935
Other Payables		1.327.903	688.063
To Related Parties	4	1.070.000	426.910
To Third Parties		257.903	261.153
Government Grants and Incentives		62.716	82.826
Deferred Income	7	23.075.937	16.311.595
To Related Parties	4	3.665.655	7.611.454
To Third Parties		19.410.282	8.700.141
Short-term Provisions		10.439.716	12.506.148
For Employee Benefits	12	1.943.205	3.835.543
Other	9	8.496.511	8.670.605
Other Current Liabilities		11.498	43.848
Non-Current Liabilities		38.273.720	39.732.422
Long-term Financial Liabilities	20	1.211.187	12.200.259
Trade Payables	5	3
To Third Parties		3
Other Payables		12.477	24.209
To Third Parties		12.477	24.209
Deferred Income	7	30.408.688	14.836.489
To Related Parties	4	10.844.969	8.785.358
To Third Parties		19.563.719	6.051.131
Long-term Provisions		6.612.791	12.621.068
Long-term Provisions for Employee Benefits	12	1.315.979	1.318.720
Other	9	5.296.812	11.302.348
Other Non-Current Liabilities		28.574	50.397

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2025

EQUITY	Note References	Not Limited Reviewed 30 September 2025 187.622.247	Audited 31 December 2024 177.306.782
Equity Attributable to Equity Holders of the Parent		186.355.356	175.976.962
Share Capital	13	4.560.000	4.560.000
Inflation Adjustments on Share Capital Differences	13	31.512.593	31.512.593
Share Premiums		26.346.275	26.346.275
Other Comprehensive Income / (Expense) that will not be
Reclassified to Profit or (Loss)		3.998.621	4.160.494
Gain on Revaluation of Property, Plant and Equipment		5.762.963	5.762.963
Gain/ Loss on Remeasurement of Defined Benefit Plans		(1.764.342)	(1.602.469)
Other Cumulative Comprehensive Income / (Expense) will be
Reclassified to Profit/Loss		(801.406)	(760.985)
Gain (Loss) on Financial Assets That Fair Value Difference
Reflect in Other Comprehensive income		(614.477)	(614.477)
Cumulative Translation Adjustments		(186.929)	(146.508)
Restricted Reserves	13	6.910.020	6.369.820
Retained Earnings		102.178.565	84.599.551
Net Profit for the Year		11.650.688	19.189.214
Non-Controlling Interests		1.266.891	1.329.820
TOTAL LIABILITIES AND EQUITY		324.319.352	304.540.919

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS and OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025

	Notes	Not Limited Reviewed 1 January- 30 September	Not Limited Reviewed 1 July- 30 September	Not Limited Reviewed 1 January- 30 September	Not Limited Reviewed 1 July 30 September
PROFIT OR LOSS	References	2025	2025	2024	2024
Revenue	14	90.872.870	33.132.260	80.930.749	29.073.200
Cost of Sales (-)	14	(62.784.749)	(23.521.892)	(55.909.899)	(20.617.379)
GROSS PROFIT		28.088.121	9.610.368	25.020.850	8.455.821
General Administrative Expenses (-)		(4.221.916)	(1.312.804)	(4.710.249)	(1.510.424)
Marketing Expenses (-)		(2.076.516)	(607.244)	(1.971.454)	(677.602)
Research and Development Expenses (-)		(2.869.812)	(833.677)	(2.141.446)	(642.220)
Other Operating Income	15	24.398.453	5.087.273	17.091.049	4.725.890
Other Operating Expenses (-)	15	(17.044.532)	(4.438.259)	(14.137.011)	(4.721.923)
OPERATING PROFIT		26.273.798	7.505.657	19.151.739	5.629.542
Income From Investing Activities		302.173	83.619	93.240	299
Shares of profit/(losses) of Equity Accounted
Investees		(211.334)	11.827	(32.573)	(2.794)
OPERATING PROFIT BEFORE FINANCIAL
EXPENSE		26.364.637	7.601.103	19.212.406	5.627.047
Financial Income	16	2.592.105	536.789	904.546	245.868
Financial Expense (-)	17	(10.612.562)	(2.264.738)	(7.507.231)	(2.851.788)
Monetary Gain/(Loss)	18	(15.690.500)	(655.149)	(13.945.106)	(2.947.876)
PROFIT BEFORE TAX FROM CONTINUING
OPERATIONS		2.653.680	5.218.005	(1.335.385)	73.251
Tax Income from Continuing Operations	10	8.934.079	(521.907)	9.432.595	2.730.603
- Current Corporate Tax Expense(-)		(91.979)	28.686	(15.867)	3.217
- Deferred Tax Income		9.026.058	(550.593)	9.448.462	2.727.386
PROFIT FOR THE PERIOD FROM CONTINUING
OPERATIONS		11.587.759	4.696.098	8.097.210	2.803.854
Profit for the Period Attributable to		11.587.759	4.696.098	8.097.210	2.803.854
Non-Controlling Interest		(62.929)	(69.234)	(89.330)	132.652
Owners of the Company	19	11.650.688	4.765.332	8.186.540	2.671.202
		11.587.759	4.696.098	8.097.210	2.803.854
Earnings for per 100 Shares (in full kuruş)	19	255,50	104,50	179,53	58,58

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS and OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025

		Not Limited Reviewed	Not Limited Reviewed	Not Limited Reviewed	Not Limited Reviewed
		1 January-	1 July-	1 January-	1 July
	Note	30 September	30 September	30 September	30 September
	References	2025	2025	2024	2024
PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS
Items that will not to be reclassified
subsequently in Profit or Loss		(161.873)	(142.259)	(213.969)	(200.026)
Loss on Remeasurement of Defined Benefit
Plans	12	(215.830)	(189.679)	(285.046)	(266.455)
Deferred Tax Income / (Expense)		53.957	47.420	71.077	66.429
Items that may be reclassified subsequently
to profit or loss		(40.421)	(33.823)	(165.565)	(11.704)
Foreign Currency Exchange Differences		(40.421)	(33.823)	(165.565)	(11.704)
OTHER COMPREHENSIVE INCOME		(202.294)	(176.082)	(379.534)	(211.730)
TOTAL COMPREHENSIVE INCOME		11.385.465	4.520.016	7.717.676	2.592.124
Total Comprehensive Income Attributable to Non-Controlling Interest		(62.929)	(69.234)	(89.330)	132.652
Owners of the Company		11.448.394	4.589.250	7.807.006	2.459.472
		11.385.465	4.520.016	7.717.676	2.592.124

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

					Other Comprehensive Income / Expense that will not to be Reclassified Subsequently to Profit or Loss	Other Comprehensive Income / Expense that may not to be Reclassified Subsequently to Profit or Loss			Retained Earnings
	Share	Inflation Adjustments on Share	Share Issuance Premiums/	Revaluation	Remeasurement of Defined	Gain (Loss) on Financial Assets That Fair Value Difference Reflect in Other Comprehensi	Translation	Restricted	Retained	Net Profit/(Loss)	Equity Attributable to Owners of	Non Controlling
	Capital	Capital	(Discounts)	Reserves	Benefit Plans	ve income	Reserves	Reserves	Earnings	for the Year	the Company	Interests	Equity
Balance as of 1 January 2024	4.560.000	31.512.593	26.346.275	5.261.378	(1.275.913)		101.887	6.305.830	72.100.336	13.202.588	158.114.974	1.936.517	160.051.491
Transfers Total Comprehensive Income Dividends					(213.969)		(165.565)	67.980	12.454.810	(12.522.790) 8.186.540 (679.799)	7.807.006 (679.799)	(89.330)	7.717.676 (679.799)
Balance as of 30 September 2024 (Closing Balance)	4.560.000	31.512.593	26.346.275	5.261.378	(1.489.882)		(63.678)	6.373.810	84.555.146	8.186.539	165.242.181	1.847.187	167.089.368
Balance as of 1 January 2025	4.560.000	31.512.593	26.346.275	5.762.963	(1.602.469)	(614.477)	(146.508)	6.369.820	84.599.551	19.189.214	175.976.962	1.329.820	177.306.782
Transfers Total Comprehensive Income					(161.873)		(40.421)	540.200	17.579.014	(18.119.214) 11.650.688	11.448.394	(62.929)	11.385.465
Dividends										(1.070.000)	(1.070.000)		(1.070.000)
Balance as of 30 September 2025 (Closing Balance)	4.560.000	31.512.593	26.346.275	5.762.963	(1.764.342)	(614.477)	(186.929)	6.910.020	102.178.565	11.650.688	186.355.356	1.266.891	187.622.247

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

	Note References	Not Limited Reviewed 1 January 30 September 2025	Not Limited Reviewed 1 January 30 September 2024
A.Cash Flows from Operating Activities		24.094.505	1.204.217
Profit for the Period		11.587.759	8.097.210
Adjustments to Reconcile Profit for the Period		9.947.762	6.367.554
- Adjustments for Depreciation and Amortization Expense	8	3.748.282	2.990.899
- Adjustments for Impairment Loss (Reversal of Impairment Loss)		201.655	(67.904)
Adjustments for Impairment Loss (Reversal of Impairment Loss) of Receivables	5	(8.913)	(18.997)
Adjustments for Impairment Loss (Reversal of Impairment Loss) of Inventories	6	210.568	(48.907)
- Adjustments for Provisions		495.116	3.066.870
Adjustments for (Reversal of) Provisions Related with Employee Benefits	12	(692.682)	(586.955)
Adjustments for (Reversal of) Lawsuit and/or Penalty Provisions		(1.750.746)	1.039.252
Adjustments for (Reversal of) Warranty Provisions		3.097.120	2.388.618
Adjustments for (Reversal of) Other Provisions		(158.576)	225.955
- Adjustments for Interest (Income) Expenses		(756.673)	(502.586)
Adjustments for Interest Income		(1.456.753)	(1.187.295)
Adjustments for Interest Expense		700.080	684.709
- Adjustments for Retained Profit of Equity Accounted Investees		211.334	32.573
- Adjustments for Tax (Income)/Expenses - Other Adjustments for which Cash Effects are Investing or Financing Cash Flow		(8.934.079) 7.564.335	(9.432.595) 6.901.653
- Other Adjustments to Reconcile Profit (Loss)		7.417.792	3.378.644
Changes in Working Capital		6.342.262	(10.000.139)
- Decrease (Increase) in Trade Receivables		4.676.864	(2.574.102)
- Decrease (Increase) in Other Receivables Related with Operations		(717.660)	(415.076)
- Decrease (Increase) in Inventories	6	(10.741.223)	2.479.986
- Decrease (Increase) in Prepaid Expenses	7	(6.014.654)	(2.783.640)
- Increase (Decrease) in Trade Payables	5	(2.081.735)	(1.203.901)
- Increase (Decrease) in Employee Benefit Obligations	12	481.352	1.409.356
- Adjustments for Stage of Completion of Construction or Service Contracts in
Progress		11.401.330	(12.777.082)
- Increase (Decrease) in Other Operating Payables		(441.891)	(308.656)
- Increase (Decrease) in Government Grants and Subsidies		(20.110)	2.178
- Increase (Decrease) in Deferred Income		17.683.179	(43.207)
- Adjustments Related to Monetary Gain/ Losses		(7.072.040)	7.684.147
- Other Increase (Decrease) in Working Capital		(811.150)	(1.470.142)
Cash Flows From Operations		27.877.783	4.464.625
Payments Related with Provisions for Employee Benefits	12	(373.238)	(462.295)
Payments Related with Other Provisions		(3.318.061)	(2.782.246)
Income Taxes Refund (Paid)		(91.979)	(15.867)
B.Cash Flows From Investing Activities Proceeds from Sales of Property, Plant, Equipment and Intangible Assets		(24.668.594) 144.601	(19.695.464) 520.682
Purchase of Property, Plant and Equipment	8	(7.247.996)	(4.764.441)
Purchase of Intangible Assets	8	(16.767.108)	(15.439.693)
Dividends Received		66.546	59.619
Other Cash Inflows (Outflows)		(864.637)	(71.631)
C.Cash Flows From Financing Activities		(1.986.939)	14.485.878
Proceeds from Borrowings		18.469.433	32.261.740
Repayments of Borrowings		(20.456.372)	(17.775.862)
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS BEFORE
EFFECT OF EXCHANGE RATE CHANGES (A+B+C)		(2.561.028)	(4.005.369)
D. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		361.331	5.161
E. MONETARY GAİN/LOSS EFFECT ON CASH AND CASH EQUİVALENTS		(4.230.857)	(3.159.573)
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D+E)		(6.430.554)	(7.159.781)
F.CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD		20.868.120	11.954.133
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E+F)	3	14.437.566	4.794.352

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

1. ORGANIZATION AND OPERATIONS OF THE GROUP

ASELSAN Elektronik Sanayi ve Ticaret Anonim Şirketi ("the Company") was established in order to engage principally in research, development, engineering, production, tests, assembly, integration and sales, after sales support, consultancy and trading activities, to provide and conduct all sorts of activities for project preparation, engineering, consultancy, service providing, training, contracting, construction, publishing, trading, operation and internet services regarding various software, equipment, system, tools, material and platforms in the fields of electrical, electronics, microwave, electro-optics, guidance, computer, data processing, encryption, security, mechanics, chemistry and related areas within the army, navy, air force and aerospace applications to all institutions, organizations, companies and individual consumers.

The Company was established at the end of 1975 as a corporation by Turkish Land Forces Foundation. The Company commenced its production activities in Macunköy Facilities in early 1979.

As of the reporting date, the Company has been organized under six divisions under the Vice Presidential Sector with regard to investment and production requirements of projects. These divisions comprise Communication and Information Technologies Vice Presidency (''HBT''), Microelectronics and Electro-Optics Vice Presidency (''MEOS''), Avionics and Guidance Systems Vice Presidency ("AGS"), Integrated Defence Systems Technologies Vice Presidency (''SST''), Radar and Electronic Warfare Systems Vice Presidency (''REHİS''), and Transportation, Security, Energy, Automation and Healthcare Systems Vice Presidency (''UGES'').

In addition to the Vice Presidencies above, the Company organization also includes five Vice Presidencies to fulfil the planning, monitoring and analyzing functions: Financial Management Vice Presidency, Corporate Management Vice Presidency, Technology and Strategy Management Vice Presidency, Business Development and Marketing Vice Presidency, Supply Chain Management Vice Presidency and Malatya Campus Directorate. In addition to these, there are also Legal Affairs and Office of the Private Secretary.

The Internal Audit Department and Board of Directors Planning and Coordination Management have been established under the Board of Directors.

The Company maintains production and engineering operations in Ankara, Macunköy, Akyurt and Gölbaşı campuses and engineering operations in Hacettepe Teknokent, Teknopark İstanbul, Aselsan Temelli Campus and Aselsan Malatya Campus. Headquarters is located in Ankara Macunköy.

Turkish Armed Forces Foundation ("TSKGV") is the main shareholder of the Company which holds 74,20 percent of the capital and maintains control of the Company. TSKGV was established on 17 June 1987 with the law number 3388, in order to manufacture or import guns, equipment and appliances needed for Turkish Armed Forces.

The Company is registered to Capital Markets Board of Türkiye ("CMB") and its shares have been quoted in Borsa İstanbul Anonim Şirketi ("BIST") since 1990. As of 30 September 2025, 25,80 percent of the Company's shares are publicly traded (31 December 2024: 25,80 percent) (Note 13).

The Company's trade registry address is Mehmet Akif Ersoy Mahallesi İstiklal Marşı Caddesi No:16 06200 Yenimahalle/Ankara. The average number of personnel employed by the Group as of 30 September 2025 is 13.879 (31 December 2024: 12.014).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

1. ORGANIZATION AND OPERATIONS OF THE GROUP (continued)

The Company's consolidated subsidiaries are ASELSAN Baku ("ASELSAN Baku"), Aselsan Sivas Hassas Optik San. Tic. A.Ş. (" ASELSAN Sivas Hassas Optik"), Mikroelektronik Ar-Ge Tasarım ve Ticaret Ltd. Co. ("MKR-IC"), ASELSANNET Elektronik ve Haberleşme Sistemleri Sanayi Ticaret İnşaat ve Taahhüt Ltd. Co. ("ASELSANNET"), Aselsan Konya Silah Sistemleri Anonim Şirketi ("ASELSAN Konya"), ASELSAN Malaysia Sdn. Bhd. ("ASELSAN Malaysia"), BITES Savunma Havacılık ve Uzay Teknolojileri Yazılım Elektronik A.Ş. ("BITES"), Aselsan Global Dış Ticaret ve Pazarlama A.Ş. ("ASELSAN Global"), ASELSAN UKRAINE LLC. ("ASELSAN Ukrayna"), ASELSAN Latin Amerika SpA ("ASELSAN Latin Amerika") and ASELSAN Technologies Limited ("ASELSAN UAE"). They are collectively referred as the "Group" in the accompanying notes.

The Company has six branch offices; Aselsan Elektronik Sanayi ve Ticaret Anonim Şirketi EP Co. (''ASELSAN South Africa''), ASELSAN Balkans (''ASELSAN Balkans''), ASELSAN Kıbrıs İleri Araştırma Merkezi ("ASELSAN N.Cyprus"), ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Katar ("ASELSAN Qatar"), ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Poland ("ASELSAN Poland) and ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Albania ("ASELSAN Albania) located in Republic of South Africa, Macedonia, Turkish Republic of Northern Cyprus ("TRNC"), Qatar, Poland and Albania, respectively. The branches are also included in the consolidated financial statements.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

2.1 The Basis of Presentation

Statement of Compliance to TFRS

The accompanying consolidated financial statements are prepared in accordance with the requirements of CMB Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets" ("Communiqué"), which were published in the Official Gazette No: 28676 on 13 June 2013 and in accordance with the Turkish Financial Reporting Standards ("TFRS") and Interpretations that have been put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA").

The consolidated financial statements has been presented with examples of Financial Statement by the POA. All reports have suited the TFRS formats. The consolidated financial statements are prepared according to historical cost accounting except for the revaluation of land and financial instruments. The consolidated condensed financial statements of the Group for the nine months ended 30 September 2025 have been prepared in accordance with TAS 34 Interim Financial Reporting. The interim condensed financial statements do not contain all the information and explanations that should be included in the annual financial statements and should be read together with the annual consolidated financial statements of the Group as of 31 December 2024.

Approval of the Consolidated Financial Statements

These consolidated financial statements have been approved for issue by the Board of Directors with the resolution number 1284 on 4 November 2025. There is no authority other than General Assembly and legal entities has the right to amend the consolidated financial statements.

Functional Currency

The individual financial statements of each Group entity are presented in the currency of the primary economic environment ("Functional Currency") in which the entity operates. The Company's reporting currency is Turkish Lira (''TL''). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in TL, which is the functional, and presentation currency of the Company for the consolidated financial statements. Amounts are expressed in thousands of TL or Foreign Currency unless otherwise stated. Kuruş, Turkish Currency subunit and 1 TL is equal to 100 Kuruş.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.1 The Basis of Presentation (continued)

Preparation of Financial Statements in Hyperinflationary Periods

With the decision taken on 17 March 2005, the CMB has announced that, effective from 1 January 2005, the application of inflation accounting is no longer required for companies operating in Türkiye and preparing their financial statements in accordance with CMB Accounting Standards and therefore the preparation and presentation of financial statements in accordance with International Accounting Standard 29 "Financial Reporting in Hyperinflationary Economies" is no longer required.

On 23 November 2023, Public Oversight Accounting and Auditing Standards Authority ("POA") announced the application of inflation accounting in Türkiye and according to the announcement, financial statements of entities applying TFRS for the annual reporting period ending on or after December 31, 2023 should be presented as adjusted for the effects of inflation in accordance with the related accounting principles in TAS 29. As of the date of these financial statements, inflation adjustment has been made in accordance with TAS 29 while preparing the financial statements dated 30 September 2025.

IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the balance sheet date and that corresponding figures for previous periods be restated in the same terms using the general price index. One of the conditions that require the application of TAS 29 is a three-year cumulative inflation rate of approximately 100% or more. In Türkiye, based on the consumer price index ("CPI") published by the Turkish Statistical Institute ("TURKSTAT"), the cumulative rate was 222% for the three-year period ended 30 September 2025 (31 December 2024: %291).

Adjustments for inflation have been calculated based on the coefficients calculated using the Consumer Price Index in Türkiye published by the Turkish Statistical Institute. As of 30 September 2025, the indices and coefficients used in the restatement of the accompanying financial statements are as follows:

Period	Index	Correction Coefficient
30 September 2025	3.367,22	1
31 December 2024	2.684,55	1,25430
30 September 2024	2.526,16	1,33294
31 December 2023	1.859,38	1,81094

The main lines of TAS 29 indexation transactions are as follows:

As of the balance sheet date, all items other than those stated in terms of current purchasing power are restated by using the relevant consumer price index coefficients. Prior year amounts are restated in the same way. Financial statements of previous reporting periods have been restated to reflect the current purchasing power of money at the latest balance sheet date. The current period restatement factor has been applied to the prior period financial statements.

Monetary assets and liabilities are not restated because they are expressed in terms of the purchasing power of money at the balance sheet date. Monetary items are cash and items to be received or paid in cash.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.2 The Basis of Presentation (continued)

Non-monetary assets and liabilities are restated by reflecting the changes in the general price index from the date of acquisition or initial recognition to the balance sheet date in their acquisition costs and accumulated amortization amounts. Accordingly, property, plant and equipment, intangible assets, right-of-use assets and similar assets are restated to their acquisition values, which do not exceed their market values. Depreciation has been restated in a similar manner. Amounts included in shareholders' equity have been restated by applying the consumer price indices for the periods in which such amounts were contributed to or arose within the Company.

All items in the income statement, except for the effects of non-monetary items in the balance sheet on the income statement, have been restated by applying the multiples calculated over the periods when the income and expense accounts were initially recognized in the financial statements.

The gain or loss arising on the net monetary position as a result of general inflation is the difference between the restatement adjustments to non-monetary assets, equity items and income statement accounts. This gain or loss on the net monetary position is included in net profit.

All items presented in the statement of cash flows are restated for the effects of inflation in the measuring unit current at the end of the reporting period.

The effect of inflation on cash flows from operating, investing and financial activities is attributed to the related item and the monetary gain or loss on cash and cash equivalents is presented separately.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.1 The Basis of Presentation (continued)

Basis of Consolidation

Subsidiaries:

The details of the subsidiaries of the Group are as follows:

Group's proportion of ownership and voting power held (%)

		Functional	30 September	31 December
Subsidiaries	Location	Currency	2025	2024	Main Activity
ASELSANNET	Türkiye	TL	100	100	Communication systems
ASELSAN Baku	Azerbaijan	AZN	100	100	Marketing and sales of the group products
ASELSAN Global	Türkiye	TL	100	100	Export
ASELSAN Sivas Hassas Optik	Türkiye	TL	80	80	Sensitive optic technologies
MKR-IC	Türkiye	TL	85	85	Microelectronic R&D projects
ASELSAN Malaysia	Malaysia	MYR	100	100	Remote controlled weapon systems
ASELSAN Konya	Türkiye	TL	51	51	Weapon and weapon systems
BITES	Türkiye	TL	100	100	Defense, Aerospace, Space Technologies, Software
ASELSAN Ukraine	Ukraine	UAH	100	100	Marketing and sales of the group products
ASELSAN Latin Amerika	Chile	CLP	100	100	Marketing and business development
ASELSAN UAE	UAE	AED	100	100	Marketing and business development

The consolidated financial statements include the financial statements of the Company and its subsidiaries. Control is achieved when the Company:

• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns

The Company reassesses whether or not it controls an investee when if facts and circumstances arise there are changes to one or more of the three elements of control listed above.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.2 The Basis of Presentation (continued)

Basis of Consolidation (continued)

Subsidiaries (continued):

Even though the Company has voting rights less than a majority, if it has ability to manage the operation of the investee unintentionally, then the Group assess that it has control over that investee.

The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:

• comparison of voting rights of the Group and the others,
• potential voting rights held by the Group, and others,
• rights arising from contractual arrangements; and
• any additional facts and circumstances that indicate the Group has, or does have, the current ability to direct the relevant activities at the time that decisions need to be made (including voting patterns at previous shareholders' meeting).

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.

Each item of profit or loss and other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to align with the Group accounting policies and the Group's accounting policies.

All intragroup balances, equity, income and expenses, profits and losses and cash flows relating to transactions between members of the Group are eliminated during consolidation.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.1 The Basis of Presentation (continued)

Basis of Consolidation (continued)

Joint Ventures

The details of the Group's interests in joint ventures as of 30 September 2025 and 31 December 2024 are as follows:

Group's proportion of

				ownership and voting power held (%)
Joint Ventures	Principal Activity	Country of establishment and operation	30 September 2025	31 December 2024
ASELSAN Bikent Mikro Nano Teknolojileri Sanayi ve Ticaret Anonim Şirketi (''ASELSAN Bilkent Mikro Nano'')	Production of micro and nano sized devices which contains semi-conductive and similar technological materials	Türkiye	50	50
International Golden Group ("IGG") ASELSAN Integrated Systems LLC ("IGG ASELSAN Integrated Systems ")	Manufacturing, testing, maintenance-repair and marketing of remote control system	United Arab Emirates	49	49
Kazakhstan ASELSAN Engineering LLP ("ASELSAN Kazakhstan Engineering")	Manufacturing, development and maintenance repair of electronic devices and systems	Kazakhstan	49	49
ASELSAN Middle East PSC ("ASELSAN Middle East")	Production, sales and technical maintenance service of electronic and electro-optic devices and systems	Jordan	49	49
TÜYAR Mikroelektronik Sanayi ve Ticaret Anonim Şirketi ("TÜYAR Mikroelektronik Sanayi")	Production of micro and nano-sized devices containing semiconductor	Türkiye	51	51
BARQ QSTP LLC. ("BARQ QSTP LLC.")	Command and control systems, thermal and night vision camera, crypto, remote controlled weapon systems	Qatar	48	48
Teknohab Teknoloji Geliştirme Bölgesi Yönetici Anonim Şirketi ("TEKNOHAB Teknoloji Geliştirme Bölgesi")	Manage and operate the technology development zone	Türkiye	13,04	13,04
EHSİM Elektronik Harp Sistemleri Müh. Tic. Anonim Şirketi ("EHSİM")	Electronic warfare systems, tactical command and control systems & decoy target systems	Türkiye	50	50
TR Eğitim ve Teknoloji Anonim Şirketi ("TR Eğitim ve Teknoloji")	Human Resources Studies, consultancy and training activities, certification activities, training software activities, publishing activities	Türkiye	35	35
İstanbul Finans ve Teknoloji Üssü Anonim Şirketi ("İstanbul Finans ve Teknoloji Üssü")	To establish infrastructure activities for the development of the financial technology ecosystem	Türkiye	9,25	44,44
Adıyaman Kablo ve Konnektör Anonim Şirketi ("Adıyaman Kablo ve Konnektör")	Production, design and sale of cables, connectors, cabling and similar products and technologies	Türkiye	15	15
ULAK Haberleşme A.Ş. ("ULAK")	Design, development and engineering activities of broadband communication devices and mobile communication systems	Türkiye	51	51

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.1 The Basis of Presentation (continued)

Basis of Consolidation (continued)

Joint Ventures (continued):

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

The Group's joint ventures; EHSİM established in 1998, IGG ASELSAN Integrated Systems and ASELSAN Kazakhstan Engineering established in 2011, ASELSAN Middle East established in 2012 and ASELSAN Bilkent Mikro Nano established in 2014, TÜYAR Mikroelektronik Sanayi and ULAK established in 2017, TEKNOHAB Teknoloji Geliştirme Bölgesi established in 2018, TR Eğitim ve Teknoloji established in 2019, İstanbul Finans ve Teknoloji Üssü established in 2022, and Adıyaman Kablo ve Konnektör established in 2024 were included in the condensed consolidated financial statements by using the equity method. Since BARQ QSTP LLC is at micro level, there is no material consolidation effect on the Group's financial statements.

2.2 Comparative Information and Restatement of Prior Period Consolidated Financial Statements

In order to determine the financial position and performance trends, the Group's consolidated financial statements are presented comparatively with the corresponding figures. For the purpose of having consistency with the current term's presentation of consolidated financial statements, comparative information is reclassified and significant differences are explained if necessary.

2.3 Accounting Policies, Changes in Accounting Estimates and Errors

Significant changes in accounting policies and errors are applied retrospectively and prior period financial statements are restated, changes in accounting estimates are reflected to the financial in current period profit/loss.

When change in estimate in accounting policies are related with only one period, changes are applied on the current period but if the estimated changes are for the following periods, changes are applied both on the current and following periods prospectively.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.4 New and Revised Turkish Accounting Standards

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

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

Amendments to IAS 21 - Lack of Exchangeability;

Effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. The Group assessed that there is no impact on its consolidated financial statements resulting from the amendments of IAS 21.

b) The new amendments that are issued by the International Accounting Standards Board (IASB) but not issued by POA

The following amendments which are issued by IASB but not yet adapted/issued by POA. Therefore, they do not constitute part of TFRS. The Group will make the necessary changes to its consolidated financial statements after the amendments are issued and become effective under TFRS.

IFRS 18 Presentation and Disclosure in Financial Statements;

Effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

• The structure of the statement of profit or loss;
• Required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management defined performance measures); and
• Enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

IFRS 19 Subsidiaries without Public Accountability: Disclosures;

Effective from annual periods beginning on or after 1 January 2027. Earlier application is permitted. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:

• It does not have public accountability; and
• It has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.4 New and Revised Turkish Accounting Standards (continued)

Amendments to the Classification and Measurement of Financial Instruments

Amendments to the Classification and Measurement of Financial Instruments was issued in May 2024 in response to feedback received as part of the post-implementation review of the classification and measurement requirements in IFRS 9 Financial Instruments and related requirements in IFRS 7 Financial Instruments: Disclosures. effective from 1 January 2026.

The amendments specify:

• when a financial liability settled using an electronic payment system can be deemed to be discharged before the settlement date;
• how to assess the contractual cash flow characteristics of financial assets with contingent features when the nature of the contingent event does not relate directly to changes in basic lending risks and costs; and
• new or amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features that do not relate directly to basic lending risks and costs.

Annual Improvements to IFRS Accounting Standards—Volume 11

Annual Improvements to IFRS Accounting Standards—Volume 11 contains the following amendments effective from 1 January 2026::

IFRS 1 First-time Adoption of International Financial Reporting Standards

• Hedge accounting by a first-time adopter

IFRS 7 Financial Instruments: Disclosures

• Gain or loss on derecognition

Guidance on implementing IFRS 7 Financial Instruments: Disclosures

• Introduction
• Disclosure of deferred difference between fair value and transaction price
• Credit risk disclosures

IFRS 9 Financial Instruments

• Derecognition of lease liabilities
• Transaction price

IFRS 10 Consolidated Financial Statements

• Determination of a 'de facto agent'

IAS 7 Statement of Cash Flows

• Cost method

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.4 New and Revised Turkish Accounting Standards (continued)

Contracts Referencing Nature-dependent Electricity

Contracts Referencing Nature-dependent Electricity amends IFRS 9 Financial Instruments and IFRS 7 Financial Instruments effective from 1 January 2026: Disclosures to more faithfully reflect the effects of contracts referencing nature-dependent electricity on an entity's financial statements.

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 10 and IAS 28

In December 2015, the IASB decided to defer the effective date of the amendments until such time as it has finalised any amendments that result from its research project on the equity method. Early application of the amendments is still permitted.

The amendments address the conflict between IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that a full gain or loss is recognised when a transfer to an associate or joint venture involves a business as defined in IFRS 3 Business combinations. Any gain or loss resulting from the sale or contribution of assets that does not constitute a business, however, is recognised only to the extent of unrelated investors' interests in the associate or joint venture.

The amendments must be applied prospectively. Early application is permitted and must be disclosed.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

3. CASH AND CASH EQUIVALENTS

	30 September	31 December
	2025	2024
Cash	1.524	1.334
Bank
- Time deposit	11.025.300	19.362.131
- Demand deposit	1.499.620	1.317.216
Investment funds	1.774.205
Other	136.917	187.439
Cash and cash equivalents on the cash flow statement	14.437.566	20.868.120
Interest income accruals
	14.437.566	20.868.120

As of 30 September 2025, the Group has time deposits denominated in foreign currencies with maturities on October 2025 (31 December 2024: January 2025), with the interest rates between 1,50 percent and 3,75 percent (31 December 2024: 0,50 percent and 3 percent) amounting to TL 5.375.239 (31 December 2024: TL 2.349.416) in several banks.

As of 30 September 2025, the Group has time deposits denominated in TL terms with maturities on October 2025 (31 December 2024: January 2025) with the interest rates between 40,00 percent and 41,50 percent (31 December 2024: 48,50 percent and 49,25 percent) amounting to TL 5.650.061 (31 December 2024: TL 17.012.715) in several banks.

As of 30 September 2025, the Group's investment funds consist of money market funds.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

4. RELATED PARTY DISCLOSURES

Transactions between the Company and its subsidiaries which are related parties of the Company have been eliminated on consolidation, therefore have not been disclosed in this note.

The trade receivables from related parties generally arise from sales activities with maturitiy of 1 year.

The trade payables to related parties generally arise from the purchase activities with maturities of 1-4 months.

Total amount of salaries and other short-term benefits paid for key management for the period ended 30 September 2025 is approximately TL 395.509 (The vast majority consists of paid wages and benefits.)(30 September 2024: TL 320.448).

The details of transactions between the Group and other related parties are disclosed in the following pages.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

4. RELATED PARTY DISCLOSURES (continued)

30 September 2025
-------------------

Receivables Payables Short-term Long-term Short-term Prepaid Other Prepaid Deferred Other Payables
	Long-term
		Deferred
1 Balances with related parties Trading Expenses Receivables Trading Expenses Trading Income	Trading	Income
Main shareholder
TSKGV 94 793.425
Main shareholder's subsidiaries and associates
Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'') 14.447 556.917 821 206.451 280.797 8		1.488.220
HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR") 172.056 262.858 73.586 592.557
İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR") 194.847 27.641 124.064
NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") 1.403 14.868 104.767
Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi ("STM") 111.693 18.870 1.768.000 2.227		997.396
Tusaş Motor Sanayii Anonim Şirketi ("TEI") 51.933 16.996 6.296
Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ") 5.033.488 1.143 5.185.889 25.781 396.493		1.006.284
Financial Instruments
ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") 2 63.629 34.267
Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN") 4.612.009 64.883 65.546 519.638 830.851 41.840 343.740		235.387
Joint ventures and its related parties
ASELSAN Bilkent Mikro Nano 408.676 44.635 73.876
İhsan Doğramacı Bilkent Üniversitesi 5.302 12.787
IGG 25.530 3.038 2.928
IGG ASELSAN Integrated Systems 7.146 36.368 3.627 31.455
Kazakhstan ASELSAN Engineering 371.136 9.109 61.574 339 10.994
ASELSAN Middle East 122.516 3.862 9.598		8.310
TÜBİTAK BİLGEM 83.511 11.562 228.829
TÜBİTAK-UME 5.485 3
TÜBİTAK Bilimsel Teknolojik Araştırma 43.409 423.125 1.356 4.950 5.807		13.957
TÜBİTAK SAGE Savunma Sanayii 79.147 694.116 6.012 22.969 111.344 4.331
TÜBİTAK Uzay Teknolojileri Araştırma Enstitüsü 801 4.811 16.721
Savunma Sanayi Başkanlığı ("SSB") 34.820.210 2.152.798		7.095.382
SSTEK 2.624.969 732.662		33
EHSİM 23 116.950 337 47.066
ULAK 1.234.302 8.331
TÜYAR Mikroelektronik Sanayi 118.951 5.590 3.019
TR Eğitim ve Teknoloji 410
Shares offered to the public 276.575
14.460.491 2.695.559 65.546 42.805.303 1.248.284 1.740.961 3.665.655 1.070.000		10.844.969

21

¹ All other short term payable is 2024 divident payments.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

4. RELATED PARTY DISCLOSURES (continued)

31 December 2024

						31 December 2024
			Receivables					Payables
		Short-term		Long-term			Short-term		Long-term
		Prepaid	Other		Prepaid		Deferred			Deferred
Balances with related parties	Trading	Expenses	Receivables	Trading	Expenses	Trading	Income	Other Payables1	Trading	Income
Main shareholder
TSKGV								426.910
Main shareholder's subsidiaries and associates
Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'')	65.107	678.218		18.586	259.781	1.060.850	7			807.125
HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR")	51.660	280.085			64.641	661.204	14.865
İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR")		235.068			52.805	96.902
NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi		10.290			23.238	53.067
("STM")
Tusaş Motor Sanayii Anonim Şirketi ("TEI")	172.866	25.996		935.494		22.979				792.885
Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ")	55.005 5.062.018			2.898.419		17.728	450.559
Financial Instruments
ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN")	4.704.270	29.810 94.139		493.309	6.053 1.042.139	24.037 582.838	5.892 647.621			329.435
Joint ventures and its related parties
ASELSAN Bilkent Mikro Nano		308.479			92.168	110.685
İhsan Doğramacı Bilkent Üniversitesi		7.803				46
IGG	27.180			3.811			2.928
IGG ASELSAN Integrated Systems	7.608	45.632			4.549	30.387
Kazakhstan ASELSAN Engineering	374.567			74.859		361	1.733
ASELSAN Middle East	154.342					32.683	436			6.915
TÜBİTAK BİLGEM		106.551			17.417	126.549
TÜBİTAK-UME		3.128				4
TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA	12.365	57.193		386.258	1.610	4.678	6.918			17.303
TÜBİTAK SAGE Savunma Sanayii	37.663	246.525		12.176	96.669	193.894	1.279
Savunma Sanayi Başkanlığı ("SSB")	3.965.199			45.525.468			5.979.011			6.811.036
SSTEK	4						500.205			20.659
ULAK	1.169.842	2.977				4.096
TÜYAR Mikroelektronik Sanayi		65.384
EHSİM		201.289			3.306	60.863
	15.859.696	2.398.567		50.348.380	1.664.376	3.083.851	7.611.454	426.910		8.785.358

¹ All other short term payable is 2023 divident payments.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

4. RELATED PARTY DISCLOSURES (continued)

	1 January 30 September	1 July 30 September	1 January 30 September	1 July 30 September
	2025	2025	2024	2024
Transactions with related parties	Purchases	Purchases	Purchases	Purchases
Main Shareholder
TSKGV	2.130	523	1.953	597
Main shareholder's shareholders/subsidiaries/associates
NETAŞ	146.535	40.291	160.731	25.827
İŞBİR	355.695	84.229	255.815	102.984
HTR	1.129.460	419.205	901.069	272.438
TUSAŞ	53.205	51.815	16.529	16.015
HAVELSAN	573.240	150.932	320.530	227.282
STM	63.932	27.296	38.452	29.633
Financial Investments
ROKETSAN	638.591	636.838	6.164	5.900
ASPİLSAN	127.111	51.401	181.111	55.866
Joint ventures and its related parties
İhsan Doğramacı Bilkent Üniversitesi	14.275	364	2.728	770
TÜBİTAK BİLGEM	246.628	113.689	126.163	5.852
TÜBİTAK-UME	5.731	3.623	2.942	1.809
TÜBİTAK Bilimsel Teknolojik Araştırma	44.830	11.397	3.641
TÜBİTAK SAGE Savunma Sanayii	376.254	204.103	397.422	104.942
TÜBİTAK Uzay Teknolojileri Araştırma Enstitüsü	15.634	15.634
SSTEK	530
	3.793.781	1.811.340	2.415.250	849.915
	1 January	1 July	1 January	1 July
	30 September 2025	30 September 2025	30 September 2024	30 September 2024
Transactions with related parties	Sales	Sales	Sales	Sales
Main Shareholder
TSKGV	500	157	531	221
Main shareholder's shareholders/subsidiaries /associates
TUSAŞ	12.149.196	2.851.969	18.551.352	7.201.735
STM	2.565.051	1.623.612	4.405.283	626.206
HAVELSAN	637.698	471.014	184.139	131.383
HTR	255.192	148.359	39.439	14.410
Financial Investments
ROKETSAN	4.231.693	1.496.782	2.411.698	448.170
ASPİLSAN	1.955		167	1
Joint ventures and its related parties
TÜBİTAK Bilimsel Teknolojik Araştırma	86.235	57.179	144.389	36.297
TÜBİTAK SAGE Savunma Sanayii	240.372	80.978
Savunma Sanayi Başkanlığı	36.520.474	15.057.658	82.691.467	32.579.814
SSTEK	11.425.564	11.415.741	71.266	14.170
	68.113.930	33.203.449	108.499.731	41.052.407

Transactions with related parties are generally related to the purchases and sales of goods and services related to projects under TFRS 15 "Revenue from Contracts with Customers".

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

4. TRADE RECEIVABLES AND PAYABLES

a) Trade receivables

Details of the Group's trade receivables are as follows:

	30 September	31 December
Short-term trade receivables	2025	2024
Trade receivables	14.338.607	19.644.841
Trade receivables from related parties (Note 4)	14.460.491	15.859.696
Notes receivable	71.750	51.026
Other receivables	31.413	10.658
Doubtful trade receivables	31.590	40.503
Allowance for doubtful trade receivables (-)	(31.590)	(40.503)
	28.902.261	35.566.221

	30 September	31 December
Long-term trade receivables	2025	2024
Unbilled receivables from contracts with customers	19.687.310	17.653.746
Trade receivables	1.015.428	957.956
Unbilled receivables from contracts with customers -
Related party (Note 4)	42.805.303	50.348.380
	63.508.041	68.960.082

The movement for the Group's allowance for doubtful receivables is as follows:

	30 September	30 September
	2025	2024
Opening balance	40.503	95.939
Provision for the period		6.326
Provisions no longer required	(701)
Monetary gain/(loss)	(8.212)	(25.323)
Closing balance	31.590	76.942

b) Trade payables

Details of The Group's trade payables are as follows:

	30 September	31 December
Short-term trade payables	2025	2024
Trade payables	18.594.499	19.772.314
Due to related parties (Note 4)	1.740.961	3.083.851
Notes payable	1.118.374	1.410.641
Other trade payables	134.417	518.831
	21.588.251	24.785.637
	30 September	31 December
Long-term trade payables	2025	2024
Trade payables	3
	3

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

5. INVENTORIES

	30 September	31 December
	2025	2024
Raw materials	35.890.919	32.135.196
Work-in progress	23.130.760	15.743.388
Goods in transit 1	1.929	26.241
Finished goods	3.282.970	1.943.942
Other inventories	1.256.485	3.439.982
Trade goods	2.166.858	1.264.088
Allowance for impairment on inventories (-)	(236.809)	(26.241)
	65.493.112	54.526.596

The Group provides an allowance for impairment on inventories when the inventories net realizable values are lower than their costs or when they are determined as slow-moving inventories.

The Group has identified raw material, work-in progress and finished goods inventories below net realizable value within the current year.

Impaired inventory movements for the period ended in 30 September are as follows:

	2025	2024
Opening balance	26.241	138.442
Provision for the period	340.178	99.910
Provision unrealised	(129.610)	(148.817)
Closing balance	236.809	89.535

¹ Goods in transit includes the goods for which significant risks and rewards of ownership has been transferred to the Group due to their shipping terms.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

6. PREPAID EXPENSES AND DEFERRED INCOME

	30 September	31 December
Short-term prepaid expenses	2025	2024
Order advances given for inventory purchases	17.310.697	9.861.784
Short-term order advances given to related
parties for inventory purchases (Note 4)	2.695.559	2.398.567
Work advances	1.372.915	888.810
Prepaid expenses	415.843	2.168.426
	21.795.014	15.317.587
	30 September	31 December
Long-term prepaid expenses	2025	2024
Long-term order advances given to related
parties for inventory purchases (Note 4)	1.248.284	1.664.376
Order advances given for inventory purchases	1.713.191	1.683.248
Order advances given for fixed assets purchases	1.366.701	596.587
Prepaid expenses	668.604	745.227
	4.996.780	4.689.438
	30 September	31 December
Short-term deferred income	2025	2024
Order advances received	9.105.335	4.633.226
Order advances received from related parties
(Note 4)	3.665.655	7.611.454
Deffered income	10.304.947	4.066.915
	23.075.937	16.311.595
	30 September	31 December
Long-term deferred income	2025	2024
Order advances received	8.885.074	5.561.385
Order advances received from related parties
(Note 4)	10.844.969	8.785.358
Deferred income	10.678.645	489.746
	30.408.688	14.836.489

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

7. PROPERTY, PLANT AND EQUIPMENT

	Property, Plant	Intangible
Cost	and Equipment	Assets
Opening balance as of 1 January 2025	78.564.690	42.543.418
Additions	7.307.799	16.767.108
Disposals	(744.027)	(7.917.385)
Closing balance as of 30 September 2025	85.128.462	51.393.141
Accumulated Depreciation and Amortisation
Opening balance as of 1 January 2025	31.642.529	15.160.319
Change for the period1	3.400.547	783.596
Disposals	(577.520)	(228.292)
Closing balance as of 30 September 2025	34.465.556	15.715.623
Net book value as of 30 September 2025	50.662.906	35.677.518
Net book value as of 31 December 2024	46.922.161	27.383.099
	Property, Plant	Intangible
Cost	and Equipment	Assets
Opening balance as of 1 January 2024	73.015.020	36.614.373
Additions	4.770.960	15.439.693
Disposals	(1.929.345)	(7.166.516)
Closing balance as of 30 September 2024	75.856.635	44.887.550
Accumulated Depreciation and Amortisation
Opening balance as of 1 January 2024	30.041.872	14.615.545
Change for the period	2.468.306	867.684
Disposals	(1.354.640)	(156.105)
Closing balance as of 30 September 2024	31.155.538	15.327.124
Net book value as of 30 September 2024	44.701.097	29.560.426
Net book value as of 31 December 2023	42.973.148	21.998.828

In accordance with TFRS 13 "Fair Value Measurement" standard, fair values of the lands are considered as level three of fair value hierarchy, since measurement techniques do not include observable market inputs.

¹ The amount of amortization related to inventories are TL 435.861 in the year 2025 (September 2024: TL 345.091)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

8. PROVISIONS, CONTINGENT ASSETS AND LIABILITIES

a) Provisions

	30 September	31 December
Other short-term provisions	2025	2024
Provision for warranties1	4.154.293	4.943.079
Provision for onerous contracts	73.810	273.689
Provision for delay penalties2	3.551.918	2.402.700
Sales commission	114.715	143.887
Provision for legal cases	91.653	68.504
Provision for cost expenses	418.070	811.490
Other	92.052	27.256
	8.496.511	8.670.605
	30 September	31 December
Other long-term provisions	2025	2024
Provision for delay penalties	503.017	630.934
Provision for onerous contracts	4.793.795	10.671.414
	5.296.812	11.302.348

b) Legal cases

There has not been any final judicial decision against the Group due to the responsibility related with work accidents within 2025.

As of the dates 30 September 2025 and 31 December 2024, according to the declarations written by the legal counselors, the lawsuits and legal executions in favor of and against the Group are as follows:

	Description	202 5	2024
a)	Ongoing lawsuits filed by the Group	31.938	53.766
b)	Execution proceedings carried out by the Group	982.839	936.833
c)	Ongoing lawsuits filed against the Group	91.653	68.504
d)	Executions against the Group	29.469	24.043
e)	Lawsuits finalized against the Group within the period	30.925	8.854
f)	Lawsuits finalized in favor of the Group within the
	period	5.253	6.214

• a) Ongoing lawsuits filed by the Group are comprised of lawsuits for patents, trademarks and lawsuits filed by the Group due to the disagreements related to previous lawsuits. These lawsuits will not be recognised in the financial statements until they are finalized.
• b) Execution of proceedings carried out by the Group are comprised of lawsuits that would result in favor of the Group that will be recognised as revenue under "Other Operating Income" line when they are collected.
• c) The Company made provisions for all lawsuits filed against the Group and recognised as "Provisions" in the statement of financial positon and "Other Operating Expense" in the statement of profit or loss and other comprehensive income.
• d) Executions against the Group are not included in Financial Statements.

e) Lawsuits finalized against the Group are recognised in the statement of profit or loss to the extent that the amount differs from the amount previously provided. Amounts in excess of the amount previously provided are recognised under 'Other Operating Expense' when the penalty is paid.

f) Lawsuits finalized in favor of the Group are recognised in statement of profit or loss and other comprehensive income under "Other Operating Income" line when the final judgement is determined.

¹ The Group's provision for warranty is based on sales under warranty are estimated in accordance with historical data. Provision for warranty is calculated by using warranty rate included in the contract as long as the invoice issued throughout the life of the Contract

² Provision for delay penalties and fines are calculated in accordance with interest rates mentioned in the agreement for defaulet and within the client's knowledge.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

9. TAX

"Deferred Tax Assets" of the Group as of 30 September 2025 is TL 17.228.103. The amount is comprised of the items below.

	30 September 2025	31 December 2024
Carried Forward R&D Incentives Effect	18.547.207	10.999.001
Temporary Differences	(1.319.104)	(778.855)
Deferred Tax Assets - Net	17.228.103	10.220.146

The earnings gained within the scope of Technology Development Zones Law numbered 4691 and the Support of Research and Development Activities Law numbered 5746 were exempted from corporate tax until 31 December 2028.

Forecasts, expected duration of research and development incentives and temporary differences are considered in calculating deferred tax asset.

In accordance with the law numbered 5746 pertaining to 1 January-30 September 2025 period the Group has calculated "Deferred Tax Asset" amounting to TL 18.547.207 from Research and Development expenses comprising "Outstanding Research and Development Deductions".

	30 September	30 September
	2025	2024
Profit/(loss) before tax from continuing operations	2.653.680	(1.335.385)
Tax (expense)/income recognized in profit or loss	8.934.079	9.432.595
Effective tax rate	337%	(706%)

Effective tax rate is calculated by dividing net tax income recognized in profit or loss to profit before tax from continuing operations.

10. COMMITMENTS AND CONTINGENCIES

a) Guarantees received

	30 September 2025	31 December 2024
Letters of guarantees received from the suppliers	14.007.923	12.262.164
Collaterals received from the customers	895.738	848.682
Letters of guarantees received from the customers	40.032	56.077
Collaterals received from the suppliers	1.840.082	1.738.613
Cheques of guarantees received from the suppliers	2.236.582	590.760
Cheques of guarantees received from the customers		2.509
	19.020.357	15.498.805

b) Collaterals / Pledges / Mortgages ("CPM") given

The collaterals/pledges/mortgages ("CPM") given by the Group as of 30 September 2025 and 31 December 2024 is as follows:

In accordance with the terms of the Patrol and Anti-Submarine Warfare Ship Projects ("MİLGEM"), the Company is a guarantor if HAVELSAN cannot be able to fulfill the obligations in this project of an amount of USD 294.417.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

11. COMMITMENTS AND CONTINGENCIES (continued)

c) Guarantees given

30 September 2025	TL Equivalent		TL	USD	EURO	British Pound	Qatar Rial
A. Total amount of CPM given on behalf of the legal
entity
	-Collateral	54.889.064	2.259.667	753.196	438.966	276	250
	-Pledge
	-Mortgage
B. Total amount of CPM given on behalf of the
subsidiaries included in full consolidation
	-Collateral	194.592			4.000
	-Pledge
	-Mortgage
C. Total amount of CPM given to maintain operations
and collect payables from third parties
	-Collateral
	-Pledge
	-Mortgage
D. Total amount of other CPM given
i. Total Amount of CPM on behalf of the main partner
	-Collateral
	-Pledge
	-Mortgage
ii. Total amount of CPM given on behalf of other
1 group companies that do not cover B and C
	-Collateral	192.926		4.649
	-Pledge
	-Mortgage
iii. Total amount of CPM on behalf of third parties
that do not cover
	-Collateral
	-Pledge
	-Mortgage
Total		55.276.582	2.259.667	757.845	442.966	276	250

¹ The ratio of the other CPM given by the Group to equity as of 30 September 2025 is 0,10 percent. TL 192.926 is the collateral amount pertaing to guarantee letter given on behalf of the entity's joint venture ASELSAN Bilkent.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

11. COMMITMENTS AND CONTINGENCIES (continued)

c) Guarantees given (continued)

31 December 2024 TL Equivalent TL USD EURO Rumen Leyi A. Total amount of CPM given on behalf of the legal entity -Collateral 19.657.323 2.708.256 278.011 100.387 4.004 -Pledge -Mortgage B. Total amount of CPM given on behalf of the subsidiaries included in full consolidation -Collateral 184.347 4.000 -Pledge -Mortgage C. Total amount of CPM given to maintain operations and collect payables from third parties -Collateral -Pledge -Mortgage D. Total amount of other CPM given i. Total Amount of CPM on behalf of the main partner -Collateral -Pledge -Mortgage ii. Total amount of CPM given on behalf of other group companies that do not cover B and C 1 -Collateral 56.110 1.270 -Pledge -Mortgage
	iii. Total amount of CPM on behalf of third parties
that do not cover
-Collateral
-Pledge
-Mortgage
Total 19.897.780 2.708.256 279.281 104.387 4.004

¹ The ratio of the other CPM given by the Group to equity as of 31 December 2024 is 0,03 percent. TL 56.110 is the collateral amount pertaing to guarantee letter given on behalf of the entity's joint venture ASELSAN Bilkent.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

11. EMPLOYEE BENEFITS

a) Short-term provisions for employee benefits

	30 September 2025	31 December 2024
Provision for vacation pay and overtime	1.943.205	1.422.472
Bonus provision		2.413.071
	1.943.205	3.835.543

As of 30 September the movement of the provision for vacation pay and overtime is as follows:

	2025	2024
Opening balance	1.422.472	1.270.640
Provision for the period	1.161.776	567.457
Provision paid during the period	(313.968)	(266.184)
Provision realized during the period	(38.680)	(66.965)
Monetary gain/(loss)	(288.395)	(335.386)
Closing balance	1.943.205	1.169.562

b) Long-term provisions for employee benefits

	30 September 2025	31 December 2024
Provision for severance pay	1.315.979	1.318.720
	1.315.979	1.318.720

As of 30 September the movement of severance and retirement pays are as follows:

	2025	2024
Opening balance	1.318.720	1.925.528
Actuarial loss/gain	215.830	285.046
Interest cost	22.834	31.445
Service cost	85.226	75.568
Payments	(59.270)	(196.111)
Monetary gain/(loss)	(267.361)	(508.243)
Closing balance	1.315.979	1.613.233

Provision for severance pay:

In accordance with the Labor Law Legislations, the Group is obliged to make legal severance indemnity payments to entitled employees whose employment has been terminated. Furthermore, with regard to Social Security Law numbered 506 dated 6 March 1981, number 2422 dated 25 August 1999 and law numbered 4447, article 60 denotes the legal obligation to make severance payments to all employees who are entitled to indemnity by the date of leave of employment.

Certain provisions regarding services before retirement, has been annulled on 23 May 2002 during the revision of the related law. As of 30 September 2025 severance payments are calculated on the basis of 30 days' pay, limited to a ceiling of TL 53.919,68 (31 December 2024: TL 46.655,43)

The liability is not funded, as there is no funding requirement. The provision has been calculated by estimating the present value of the future probable obligation of the Group arising from the retirement of employees. TAS 19 ("Employee Benefits") requires actuarial valuation methods to be developed to estimate the entity's obligation under defined benefit plans.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

12. EMPLOYEE BENEFITS (continued)

Provision for severance pay (continued)

Accordingly, the following actuarial assumptions were used in the calculation of the total liability:

	30 September 2025 (%)	31 December 2024 (%)
Interest rate	24,90	24,90
Inflation rate	21,05	21,05
Discount ratio	3,18	3,18
Estimation of probability of retirement ratio	94	94

12. SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS

Capital

Shareholders	Share (%)	30 September 2025	Share (%)	31 December 2024
TSKGV	74,20	3.383.302	74,20	3.383.302
Publicly held	25,80	1.176.698	25,80	1.176.698
Nominal capital	100	4.560.000	100	4.560.000
Share capital adjustment		31.512.593		31.512.593
Inflation adjusted capital		36.072.593		36.072.593

The Group's nominal capital is TL 4.560.000 comprising 4.560.000.000 shares each of which is TL 1. A total of 2.421.818.182 of the shares constitutes "Group A" and 2.138.181.818 of the shares constitutes "Group B" shares. All of the shares are nominative. "Group A" shares are privileged nominative shares and 6 Members of the Board of Directors are assigned from the holders of nominative "Group A" type shareholders or from the ones nominated by "Group A" type shareholders. Moreover, the Board of Directors shall be authorized in matters regarding issuing preferred shares or issuing shares above the nominal values. Regarding capital increases by restricting preemptive rights, the shares to be issued shall be "Group B". In accordance with the CMB's legislation, other Members of the Board of Directors, not including elected Independent Members of the Board of Directors, are assigned from nominative "Group A" shareholders or elected from among candidate nominated by "Group A" shareholders.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

13. SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS (continued)

Restricted reserves

In accordance with Capital Markets Board's Communique Serial II No:19.1 "Share of Profit", effective as of 1 February 2014, and with regard to the Turkish Commercial Code ("TCC"), legal reserves in publicly held companies will be generated by 5 percent of income until it reaches 20 percent of paidin share capital. After the 5 percent of the dividend is paid to shareholders, 10 percent of the total distributed to shareholders and employees can be added in the other legal reserve. Under the TCC, the legal reserves can be used only to offset losses for the going concern of the company or to prevent unemployment as long as the amount does not exceed 50 percent of the paid-in capital.

Retained Earnings

Accumulated profits apart from net profit for the year and extraordinary reserves which is accumulated profit by nature are shown under retained earnings.

Profit distribution

Publicly traded companies perform dividend distribution in accordance with Capital Markets Board's Communique Serial II No: 19.1 "Share of Profit", effective as of 1 February 2014.

Shareholders, distribute dividend with general assembly decision, within the context of profit distribution policies set by general assembly and related regulations. As part of the communique, no specific minimum distribution ratio is indicated. Companies pay dividend as defined in their articles of association or dividend distribution policies.

As a result of the 50th Ordinary General Assembly Meeting of the Company held on 29 May 2025; of the net profit for the period obtained from its activities in 2024;

• In accordance with Article 519/(1) of the Turkish Commercial Code, General Legal Reserves amounting to TL 456.000.000,- is going to be allocated,
• Out of net distributable profit to the shareholders for the period, calculated in the framework of the dividend distribution regulations and decisions of the Capital Markets Board, gross, TL 1.070.000.000,- (Kuruş 23,464912 per share of TL 1 and 23,464912% on the basis of the capital) (net TL 909.500.000,- Kuruş 19,945175 per share of TL 1 and 19,945175% on the basis of the capital) shall be distributed in the form of cash,
• In accordance with Article 519/2 of the Turkish Commercial Code, General Legal Reserves amounting to TL 84.200.000,- is going to be allocated,
• The remaining profit is going to be allocated as Extraordinary Legal Reserves,

and distribution of the cash dividends to the shareholders shall be distributed as of 25 November 2025.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

14. REVENUE AND COST OF SALES

	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
a) Revenue	2025	2025	2024	2024
Domestic sales	82.332.050	31.086.738	70.259.531	25.422.499
Export sales	8.540.820	2.045.522	10.671.218	3.650.701
	90.872.870	33.132.260	80.930.749	29.073.200
	1 January-	1 July-	1 January-	1 July
Revenue Recognized Regarding	30 September	30 September	30 September	30 September
Performance Obligation	2025	2025	2024	2024
Over time	56.518.194	16.545.164	57.170.023	18.827.016
Point in time	34.354.676	16.587.096	23.760.726	10.246.184
	90.872.870	33.132.260	80.930.749	29.073.200
	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
b) Cost of Sales (-)	2025	2025	2024	2024
Cost of raw materials and supplies (-)	37.556.863	13.783.020	40.779.484	15.000.369
Cost of merchandise goods sold(-)	2.324.105	1.047.233	1.533.812	212.530
Cost of services sold (-)	21.658.494	8.119.983	12.028.174	4.977.523
Cost of other sales (-)	1.245.287	571.656	1.568.429	426.957
	62.784.749	23.521.892	55.909.899	20.617.379
15. OTHER OPERATING INCOME AND EXPENSES
	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
a) Other Operating Income	2025	2025	2024	2024
Foreign currency exchange differences
from operations	20.595.084	3.897.727	13.269.821	3.634.262
Amortized cost effect of trade payables	1.115.649	(13.314)	1.159.853	(108.069)
Other income	2.687.720	1.202.860	2.661.375	1.199.697
	24.398.453	5.087.273	17.091.049	4.725.890
	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
b) Other Operating Expense (-)	2025	2025	2024	2024
Foreign currency exchange differences
from operations (-)	14.236.556	3.603.589	10.461.496	3.478.713
Amortized cost effect of trade
receivables (-)	700.080	(26.794)	684.709	(209.035)
Other expense and losses (-)	2.107.896 17.044.532	861.464 4.438.259	2.990.806 14.137.011	1.452.245 4.721.923
15. FINANCIAL INCOME
	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
	2025	2025	2024	2024
Interest income Foreign currency exchange gains from	2.526.395	520.104	611.648	199.046
bank loans	65.710	16.685	292.898	46.822
	2.592.105	536.789	904.546	245.868

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

16. FINANCIAL EXPENSES

	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
	2025	2025	2024	2024
Interest cost of borrowings (-) Foreign currency exchange	2.958.331	1.367.249	3.727.199	1.278.863
losses from bank loans (-) Interest cost related with	7.631.397	891.166	3.748.587	1.565.498
employee benefits (-)	22.834	6.323	31.445	7.427
	10.612.562	2.264.738	7.507.231	2.851.788

17. GAIN/(LOSS) ON NET MONETARY POSITION

As of 30 September 2025, the details of the net monetary position gains (losses) arising from nonmonetary financial statement items reported in the Group's profit or loss statement are as follows:

Net Monetary Gain/ (Losses)	30 September 2025
Balance Sheet Items	(13.791.328)
Inventories	3.875.384
Prepaid expenses	4.073.620
Property, plant and equipment	9.391.031
Intangible assets	5.777.549
Equity accounted investments and financial investments	3.060.034
Deferred income	(4.194.186)
Share capital	(7.313.450)
Share premiums	(5.341.511)
Other comprehensive income / (expense) that will not be reclassified to profit or
(loss)	(849.522)
Other comprehensive income / (expense) that will be reclassified to profit or (loss)	124.581
Restricted reserves	(1.267.142)
Retained earnings	(21.127.716)
Statement of Profit or Loss Items	(1.899.172)
Revenue	(6.655.294)
Cost of sales (-)	4.268.515
General administrative expenses (-)	245.651
Marketing expenses (-)	164.523
Research and development expenses (-)	147.033
Other operating ıncome	(2.376.420)
Other operating expenses (-)	1.604.053
Income from investing activities	(14.589)
Financial income	(214.297)
Financial expense (-)	931.653
Net Monetary Gain/ (Losses)	(15.690.500)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

18. EARNINGS PER SHARE

Earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders of the parent entity by the weighted average number of ordinary shares outstanding during the period. The Group does not have diluted shares. For the 30 September 2025 and 2024 earnings per share calculations are as follows:

	1 January-	1 July-	1 January-	1 July
	30 September	30 September	30 September	30 September
	2025	2025	2024	2024
Number of shares
outstanding (in thousands)	4.560.000	4.560.000	4.560.000	4.560.000
Net profit – TL	11.650.688	4.765.332	8.186.540	2.671.202
Earnings per 100 shares
(Kuruş)	255,50	104,50	179,53	58,58
Diluted Earnings per 100
shares (Kuruş)	255,50	104,50	179,53	58,58

19. FINANCIAL LIABILITIES

Financial Liabilities

		30 September	31 December
		2025	2024
Short-term financial liabilities	Unsecured loan	12.737.224	16.938.339
Other short-term financial liabilities	Unsecured loan	173	75.950
Current portion of long-term financial
liabilities	Unsecured loan	24.257.680	11.628.374
Total short-term financial liabilities		36.995.077	28.642.663
Other long-term financial liabilities	Unsecured loan	1.211.187	12.200.259
Total long-term financial liabilities		1.211.187	12.200.259
Total financial liabilities		38.206.264	40.842.922

As of 30 September 2025, TL 4.175.755 of the financial debts included in short-term borrowings consists of EUR Rediscount Foreign Currency Loans, which have maturity dates due between December 2025 and April 2026 and the interest rates between 4,29 percent and 4,42 percent. As of 30 September 2025, TL 8.463.134 of financial debts within short-term borrowings consist of TL Rediscount Foreign Currency Loans, which have maturity dates due between October 2025 and December 2025 and the interest rates is 21,32 percent.

As of 30 September 2025, TL 40.306 of the financial debts included in short-term borrowings consists of investment credits, which have maturity dates due August 2026 and the interest rates between 8,25 percent and 12,50 percent. As of 30 September 2025, TL 58.029 of financial debts within short-term borrowings consist of USD business loans, which have maturity dates due August 2026 and the interest rates is 5,70 percent.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

20. FINANCIAL LIABILITIES (continued)

Financial Liabilities (continued)

As of 30 September 2025, there are TL 11.600.668 Spot EUR Loans within the short-term borrowings, which have maturity dates due between October 2025 and August 2026, and the interest rates between 4,50 percent and 5,10 percent. As of 30 September 2025, there are TL 12.657.012 Spot USD Loans within the short-term borrowings, which have maturity dates due between January 2026 and August 2026, and the interest rates between 4,50 percent and 5,10 percent.

As of 30 September 2025, TL 173 of other short-term financial liabilities were taken within the scope credit card debts.

As of 30 September 2025, TL 922.838 of financial debts included in the long-term borrowings were taken within the scope of investment credit, which have maturity dates due between March 2028 and Temmuz 2035 and the interest rate is between 8,25 percent and 23,00 percent. As of 30 September 2025, TL 288.349 of financial debts included in the long-term borrowings were taken within the scope of business loans, which have maturity dates due October 2027 and the interest rate is 5,70 percent.

As of 31 December 2024, TL 4.147.796 of the financial debts included in short-term borrowings consists of EUR Rediscount Foreign Currency Loans, which have maturity dates due between May 2025 and December 2025 and the interest rates between 4,29 percent and 4,42 percent. As of 31 December 2024, TL 6.221.694 of the financial debts included in short-term borrowings consists of EUR Spot Loans, which have maturity dates due between January 2025 and November 2025 and the interest rates between 4,30 percent and 5,95 percent.

As of 31 December 2024, TL 6.069.800 of financial debts within short-term borrowings consist of USD Spot Loans, which have maturity dates due between February 2025 and August 2025 and the interest rate is between 5,70 percent and 6,75 percent. As of 31 December 2024, TL 43.901 of financial debts within short-term borrowings consist of TL Rediscount Foreign Currency Loans, which have maturity dates due between April 2025 and the interest rates 26,93 percent. As of 31 December 2024, TL 455.148 of financial debts within short-term borrowings consist of TL investment loans, which have maturity dates due between November 2025 and the interest rates 49 percent. As of 31 December 2024, there are TL 8.295.592 EUR Spot Loans within the short-term borrowings, which have maturity dates due between July 2025 and October 2025, and the interest rates between 4,99 percent and 5,00 percent. As of 31 December 2024, there are TL 3.332.782 USD Spot Loans within the short-term borrowings, which have maturity dates due between February 2025 and August 2025, and the interest rates between 5,25 percent and 5,99 percent.

As of 31 December 2024, TL 75.950 of other short-term financial liabilities were taken within the scope of investment credit, which have maturity dates due November 2025, and the interest rates 49 percent.

As of 31 December 2024, TL 5.161.702 of the financial debts included in the long-term borrowings consists of EUR Spot Loans, which have maturity dates due February 2026 and the interest rates between 4,75 and 5,10 percent. As of 31 December 2024, TL 6.805.069 of the financial debts included in the long-term borrowings consists of USD Spot Loans, which have maturity dates due January 2026 and the interest rates 5,85 percent. As of 31 December 2024, TL 233.488 of financial debts included in the long-term borrowings were taken within the scope of investment credit, which have maturity dates due December 2026 and the interest rate is between 9 percent and 17,50 percent.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

20. FOREIGN EXCHANGE POSITION

FOREIGN EXCHANGE POSITION
	TL Equivalent (Functional	USD	TL equivalent by using closing	EURO	TL equivalent by using closing	Other1
30 September 2025	currency)		rates		rates
1. Trade receivables	24.065.726	513.046	21.294.895	56.835	2.770.795	36
2a. Monetary financial assets (including cash,
bank)	5.593.421	124.690	5.175.493	8.496	414.170	3.758
2b. Non- monetary financial assets	14.619.403	169.234	7.024.377	77.539	3.780.109	249.622
3. Other	13.584	296	12.267	17	848	469
4. Current assets (1+2+3)	44.292.134	807.266	33.507.032	142.887	6.965.922	253.885
5. Trade receivables	54.897.856	594.221	24.664.193	620.162	30.233.663
6a. Monetary trade receivables
6b. Non-monetary trade receivables	234.834	2.036	84.519	1.772	86.402	3.142
7. Other	351.638	2.758	114.457	3.801	185.289	51.892
8. Long-term assets (5+6+7)	55.484.328	599.015	24.863.169	625.735	30.505.354	55.034
9. Total assets (4+8)	99.776.462	1.406.281	58.370.201	768.622	37.471.276	308.919
10. Trade payables	8.276.933	121.376	5.046.998	57.177	2.792.474	437.461
11. Financial liabilities	28.178.343	305.336	12.696.380	317.000	15.481.963
12a. Other monetary financial liabilities	19.297	403	16.778	52	2.519
12b. Other non-monetary financial liabilities	21.740.204	368.105	15.306.414	217.514	10.623.178
13. Current liabilities (10+11+12)	58.214.777	795.220	33.066.570	591.743	28.900.134	437.461
14. Trade payables
15. Financial liabilities	110.884	2.667	110.884
16a. Other monetary financial liabilities	5.630	132	5.484	3	146
16b. Other non-monetary financial liabilities	24.219.882	550.351	22.843.322	94.946	4.637.082
17. Non-current liabilities (14+15+16)	24.336.396	553.150	22.959.690	94.949	4.637.228

¹ Comprises of the currencies CAD, CHF, GBP, JPY, AUD, DKK, ZAR, AED, PHP, SAR and reported in TL.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

21. FOREIGN EXCHANGE POSITION (continued)

FOREIGN EXCHANGE POSITION
30 September 2025	TL Equivalent (Functional currency)	USD	TL equivalent by using closing rates	EURO	TL equivalent by using closing rates	Other
18. Total liabilities (13+17)	82.551.173	1.348.370	56.026.260	686.692	33.537.362	437.461
19. Net asset/liability position of off balance sheet derivative financial
instruments (19a-19b) 19a. Hedged total financial assets
19b. Hedged total financial liabilities
20. Net foreign currency asset/liability (9- 18+19)	17.225.289	57.911	2.343.941	81.930	3.933.914	(128.542)
21. Net foreign currency asset / liability position of monetary items (1+2a+5+6a-10- 11-12a-14-15-16a)	47.965.916	802.043	33.258.057	311.261	15.141.526	(433.667)
22. Fair value of derivative financial instruments used in foreign currency hedge
23. Hedged foreign currency assets
24. Hedged foreign currency liabilities
25. Exports	8.540.820	144.547	5.514.072	44.369	1.987.038	1.039.710
26. Imports	25.760.886	402.590	16.740.317	132.233	6.458.140	2.562.429

Accompanying foreign exchange position which was prepared in accordance with TAS is different from the foreign exchange position of the financial statement which is prepared according to General Communiqué on Accounting System Application (GCASA). The difference is mainly due to the adjustments and classifications which are related with TFRS 15 .

"For TL functional currency" calculations regarding "Other non-monetary assets" and "Other non-monetary liabilities" presented under foreign currency position, advances received are considered with regard to historic values therefore "TL equivalent of currency as at balance sheet date" differentiate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

21. FOREIGN EXCHANGE POSITION (continued)

FOREIGN EXCHANGE POSITION
31 December 2024	TL Equivalent (Functional currency)	USD	TL equivalent by using closing rates	EURO	TL equivalent by using closing rates	Other1
1. Trade receivables	22.171.525	417.340	18.468.175	80.371	3.703.350
2a. Monetary financial assets (including cash,
bank)	2.432.153	40.218	1.779.728	13.668	629.813	22.612
2b. Non- monetary financial assets	10.660.446	91.482	4.048.260	50.194	2.312.864	125.039
3. Other	16.136	84	3.714	263	12.093	329
4. Current assets (1+2+3)	35.280.260	549.124	24.299.877	144.496	6.658.120	147.980
5. Trade receivables	57.003.346	551.044	24.384.855	707.894	32.618.491
6a. Monetary trade receivables
6b. Non-monetary trade receivables	486.550	692	30.615	1.951	89.902	17.217
7. Other	273.747	5.206	230.382	938	43.239	126
8. Long-term assets (5+6+7)	57.763.643	556.942	24.645.852	710.783	32.751.632	17.343
9. Total assets (4+8)	93.043.903	1.106.066	48.945.729	855.279	39.409.752	165.323
10. Trade payables	10.294.134	168.203	7.456.750	54.030	2.494.092	343.292
11. Financial liabilities	27.731.591	203.833	9.036.285	405.000	18.695.306
12a. Other monetary financial liabilities	600.862	13.500	598.479	52	2.383
12b. Other non-monetary financial liabilities	4.687.019	201.682	8.940.884	28.223	1.302.815
13. Current liabilities (10+11+12)	43.313.606	587.218	26.032.398	487.305	22.494.596	343.292
14. Trade payables
15. Financial liabilities	11.938.037	152.667	6.767.977	112.000	5.170.060
16a. Other monetary financial liabilities	8.778	132	5.846	64	2.932
16b. Other non-monetary financial liabilities	5.818.916	191.363	8.483.448	27.991	1.292.115
17. Non-current liabilities (14+15+16)	17.765.731	344.162	15.257.271	140.055	6.465.107

¹ Comprises of the currencies CAD, CHF, GBP, JPY, AUD, DKK, ZAR, AED, PHP, SAR and reported in TL.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

21. FOREIGN EXCHANGE POSITION (continued)

FOREIGN EXCHANGE POSITION
31 December 2024	TL Equivalent (Functional currency)	USD	TL equivalent by using closing rates	EURO	TL equivalent by using closing rates	Other
18. Total liabilities (13+17)	61.079.337	931.380	41.289.669	627.360	28.959.703	343.292
19. Net asset/liability position of off balance sheet derivative financial instruments (19a-19b)
19a. Hedged total financial assets
19b. Hedged total financial liabilities
20. Net foreign currency asset/liability (9- 18+19)	31.964.566	174.686	7.656.060	227.919	10.450.049	(177.969)
21. Net foreign currency asset / liability position of monetary items (1+2a+5+6a-10- 11-12a-14-15-16a)	31.033.622	470.267	20.767.421	230.787	10.586.881	(320.680)
22. Fair value of derivative financial instruments used in foreign currency hedge
23. Hedged foreign currency assets
24. Hedged foreign currency liabilities
25. Exports	21.506.648	182.178	4.030.665	146.554	4.087.337	13.388.646
26. Imports	25.124.358	378.920	16.741.329	142.582	6.571.101	1.811.928

Accompanying foreign exchange position which was prepared in accordance with TAS is different from the foreign exchange position of the financial statement which is prepared according to General Communiqué on Accounting System Application (GCASA). The difference is mainly due to the adjustments and classifications which are related with TFRS 15.

^"For TL functional currency" calculations regarding "Other non-monetary assets" and "Other non-monetary liabilities" presented under foreign currency position, advances received are considered with regard to historic values therefore "TL equivalent of currency as at balance sheet date" differentiate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

21. FOREIGN EXCHANGE POSITION (continued) Foreign currency sensitivity

The Group is exposed to foreign currency risk with respect to USD and EURO.

The following table details the Group's sensitivity to a 10 percent increase and decrease in foreign exchange rates. 10 percent is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and present 10 percent change in foreign currency rates. This analysis does not include Group companies' balance sheet items which have functional currency other than TL. The effects of 10 percent changes in foreign currency rate on financial statements is as follows;

Foreign currency sensitivity table
30 September 2025
	Profit/Loss		Equity1
	Appreciation	Depreciation	Appreciation	Depreciation
	of foreign	of foreign	of foreign	of foreign
	currency	currency	currency	currency
	Change of USD against TL by 10%:
1- USD denominated net
assets/(liabilities)	3.325.806	(3.325.806)	3.325.806	(3.325.806)
2- Hedged amount against
USD risk (-)
3- Net effect of USD (1+2)	3.325.806	(3.325.806)	3.325.806	(3.325.806)
	Change of EURO against TL by 10%:
4- EURO denominated net
assets/(liabilities)	1.514.153	(1.514.153)	1.514.153	(1.514.153)
5- Hedged amount against
EURO risk (-)
6- Net effect of EURO (4+5)	1.514.153	(1.514.153)	1.514.153	(1.514.153)
	Change of other currencies against TL by 10%:
7- Other currencies
denominated net assets/
(liabilities)	(43.367)	43.367	(43.367)	43.367
8- Hedged amount against
other currencies risk (-)
9- Net effect of other
currencies (7+8)	(43.367)	43.367	(43.367)	43.367

¹ Comprises of profit/loss effect.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

21. FOREIGN EXCHANGE POSITION (continued)

Foreign currency sensitivity (continued)

Foreign currency sensitivity table
31 December 2024
		Profit/Loss	Equity1
	Appreciation Depreciation of foreign of foreign		Appreciation of foreign	Depreciation of foreign
	currency	currency	currency	currency
Change of USD against TL by 10%:
1- USD denominated net
assets/(liabilities)	2.076.742	(2.076.742)	2.076.742	(2.076.742)
2- Hedged amount against USD risk (-)
3- Net effect of USD (1+2)	2.076.742	(2.076.742)	2.076.742	(2.076.742)
	Change of EURO against TL by 10%:
4- EURO denominated net
assets/(liabilities)	1.058.688	(1.058.688)	1.058.688	(1.058.688)
5- Hedged amount against EURO risk (-)
6- Net effect of EURO (4+5)	1.058.688	(1.058.688)	1.058.688	(1.058.688)
Change of other currencies against TL by 10%:
7- Other currencies denominated net
assets/ (liabilities)	(32.068)	32.068	(32.068)	32.068
8- Hedged amount against other
currencies risk (-)
9- Net effect of other currencies (7+8)	(32.068)	32.068	(32.068)	32.068

¹ Comprises of profit/loss effect.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025

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

21. EVENTS AFTER THE REPORTING PERIOD

After the reporting period, the Group have signed contracts amounting to USD 719 Million.