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GELECEK VARLIK YÖNETİMİ A.Ş.
Investor Presentation • Nov 5, 2025
9079_rns_2025-11-05_1d98efc9-5202-48ec-87a3-78670508a26a.pdf
Investor Presentation
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Banking Sector Overview
NPL Sector Overview
Company Overview
Overview of the Lending Landscape
*Source : BRSA
** Participation Banks and Stage-3 Credits are included.
Evolution of Loan Quality in Türkiye
*Source : BRSA, The Banks Association of Turkey
Evolution of NPLs in Türkiye (TL BN)
*Source : BRSA, The Banks Association of Turkey
** Participation Banks are excluded.
*** End of September 2025 Stage-3 Credits 453 Bn TL excluded participation banks , sector NPL to 503 Bn TL included participation banks with the sector's NPL ratio standing at 2.3%
Overview of the Lending Landscape
*Source : BRSA
**Participation Banks data are included.
*Source : BRSA
**Participation Banks data are included.
Banking Sector Overview
NPL Sector Overview
Company Overview
Asset Management Sales
Cumulative NPL Sales** (TL BN)
2025
- Principal sales in the first 9 months of the year 43,7 Billion TL,
- Share of retail in principal sales is 86.0% ,share of SME+Corporate segment is 14.0%
2025 EXPECTATIONS
- NPL sales expectation for 2025 is 55-60 Billion TL
-
70-80% of sales come from the retail segment
-
* Source: Year 2021 data is built by adding public tender information to the 2020 PWC Sector report negotiations. (Non-public individual file data is unknown.)
- ** Source: Financial Institutions Association
- *** Source: September 2025 data was found by adding public tender information to the June 2025 data of the Financial Institutions Association. (Non-public individual file data is unknown.)
Banking Sector Overview
NPL Sector Overview
Company Overview
Gelecek Varlık Overview
Gelecek Varlık is a publicly listed company with 20 years of investment and collection experience in the market
Company Overview
-
Founded under the name Girisim Varlik Yonetimi, Gelecek Varlik Yonetimi engages in provision of financial services by operating in the field of debt resolution by purchasing nonperforming loan of banks and other financial institutions.
- The company was founded by Fiba Holding in 2005 and is headquartered in Istanbul, Türkiye
- As of 30 September 2025, the company has 585 employees.
- Ownership: Fiba Holding c.69.9%, Murat Özyegin c.5.6%, Aysecan Özyegin Oktay c.5.6%, free float c.19%
- Since 30th September 2025, the Company is listed in Borsa Istanbul stock exchange with a current market capitalisation of 8.6 Bn TL
- Market Positioning: Gelecek Varlık, with a market share of 25.6% in total principal and 27.8% on the remaining principal basis, is a market leader in NPL purchase and service. It continues to maintain market leadership in total remaining principal, total investment, and total collection.
- Management: Sezin Ünlüdoğan has been serving as the CEO of Gelecek Varlik since 2016. Top Management has 14+ year Asset Management & 20+ years financial industries experience
Remaining Principal Market Share of Gelecek Varlık
(September 2025)
Gelecek Varlık; 27.8%
Segment Breakdown of Collection
Gelecek Varlık is active with a high performance in all segments; retail, SME and corporate
| Collection (Mn TL) |
Sep 2025 |
Sep 2024 |
2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Retail | 2.923,7 | 1.935,1 | 2.865,8 | 1.597,7 | 794,1 | 503,2 | 381,1 |
| SME | 575,0 | 518,3 | 744,8 | 415,3 | 175,0 | 99 | 73 |
| Corporate | 772,9 | 533,8 | 770,9 | 598,8 | 242,9 | 109,5 | 96,6 |
| Total Collection | 4.271,6 | 2.987,2 | 4.381,5 | 2.611,9 | 1.212,1 | 711,8 | 550,7 |
Collection Growth
| Retail | %51,1 | %65,4 | %101,2 | %57,8 | %32,1 | ||
|---|---|---|---|---|---|---|---|
| SME | %11,0 | %17,0 | %137,3 | %76,7 | %35,7 | ||
| Corporate | %44,8 | %17,6 | %146,5 | %122,2 | %13,4 | ||
| Total Collection | %43,0 | %67,8 | %115,5 | %70,3 | %29,3 |
In 2025 first 9 months, Gelecek Varlık increased it's collections to 4,3 Bn TL with 43.0% annual growth
Strong Collections and Profitability
The increase in collection continues by getting stronger.
LTM: Last Twelve Month
10-Year Collection Projection(ERC)* (Mn TL)
* Current Portfolios
• Realization of 63% of the current portfolio collection expectation in the first 5 years
* Indicates the collection projection for the period October 1, 2025- September 30, 2035.
Historical Financials
| (mn TL) | Sep 2025 | Sep 2024 | Annual Growth |
2024 | 2023 | ||
|---|---|---|---|---|---|---|---|
| ' | 1 | ' | |||||
| Total Assets | 8.855 | 5.195 | %70,5 | 6.043 | 2.622 | ||
| Loans (Net) | 7.796 | 4.426 | %76,1 | 5.088 | 1.908 | ||
| Total Borrowing | 3.902 | 2.156 | %81,0 | 2.314 | 550 | ||
| Equity | 3.480 | 2.376 | %46,4 | 2.696 | 1.639 | ||
| Equity/Assets (%) | %39,3 | %45,7 | %44,6 | %62,5 | |||
| 1 | |||||||
| Revenues | 4.374 | 3.064 | %42,7 | 4.489 | 2.649 | ||
| Expenses | 1.820 | 1.321 | %37,7 | 1.797 | 954 | ||
| Adj.EBITDA | 2.555 | 1.743 | %46,6 | 2.692 | 1.695 | ||
| Adj.EBITDA Margin % | %58,4 | %56,9 | %60,0 | %64,0 | |||
| Net Profit | 1.134 | 857 | %32,2 | 1.182 | 855 |
Outstanding Financial Performance
| 78,0% | 76,6° |
|---|---|
| Last 3 years | Last 3 yea |
| Collection | EBITD |
| CAGR | CAGR |
49,7% LTM ROAE
20,9% LTM ROAA
Key Indicators
| Sep 2025 |
Sep 2024 |
2024 | 2023 | 2022 | ||
|---|---|---|---|---|---|---|
| Net Interest Expense/ EBITDA |
0,28x | 0,19x | 0,22x | 0,02x | 0,08x | |
| Net Debt (Mn TL) | 3.807 | 2.078 | 2.237 | 349 | 206 | |
| Net Debt/EBITDA | 1,09x | 0,9x | 0,8x | 0,2x | 0,3x | |
| ERC (Bn TL) | 35,1 | 27,6 | 32,8 | 18,1 | 6,8 | |
| Investments (Mn TL) | 2.609 | 2.689 | 3.449 | 1.063 | 389 |
| (mn TL) | 2025-Q3 | 2025-Q2 | 2025- Q2 Quarterly Growth |
2025-Q1 | 2024-Q3 | 2025 – Q3 Annual Growth |
|
|---|---|---|---|---|---|---|---|
| Purchased Loans | 6.289,8 | 3.981,7 | %58,0 | 2.225,2 | 3.385,7 | %85,8 | |
| Investments | 1.128,7 | 960,9 | %17,5 | 519,1 | 888,5 | %27,0 | |
| COLLECTION | |||||||
| Retail | 1.031,9 | 969,2 | %6,5 | 922,6 | 712,5 | %44,8 | |
| SME | 192,1 | 187,2 | %2,6 | 195,7 | 205,1 | -%6,3 | |
| Corporate | 339,3 | 292,3 | %16,0 | 141,2 | 248,3 | %36,7 | |
| Total Collection | 1.563 | 1.449 | %7,9 | 1.260 | 1.166 | %34,1 | |
| l | ı | ||||||
| Revenues | 1.600 | 1.487 | %7,6 | 1.287 | 1.194 | %34,0 | |
| Expenses | 589 | 614 | -%4,0 | 617 | 484 | %21,7 | |
| Adj.EBITDA | 1.011 | 874 | %15,7 | 671 | 710 | %42,4 | |
| Adj.EBITDA Margin % | %63,2 | %58,7 | %52,1 | %59,4 | |||
| Net Profit | 409 | 373 | %9,8 | 352 | 288 | %42,2 |
DISCLAIMER STATEMENT
Gelecek Varlık Yönetimi A.Ş. ('Gelecek Varlık") has prepared this presentation for the sole purpose of providing information, which contains forward-looking statements that reflect the Company management's current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially.
No representation or guarantee is made by Gelecek Varlık for the accuracy or completeness of the Information contained herein. The Information is subject to change without any notice. Neither the presentation nor the information can construe any investment advise, or an offer to buy or sell Gelecek Varlık shares/bonds. This presentation and/or the information cannot be copied, disclosed or distributed. Gelecek Varlık expressly disclaims any and all liability for any statements including any forward looking projections and statements, expressed, implied, contained herein, or for any omissions from information or any other written or oral communication transmitted or made available. Neither Gelecek Varlık nor any of its directors, managers, employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation.
