Quarterly Report • Nov 6, 2025
Quarterly Report
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(Convenience translation of a report and financial statements originally issued in Turkish)
Condensed consolidated financial statements for the interim period ended 1 January - 30 September 2025
| TABLE OF CONTENTS | PAGE | |
|---|---|---|
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-2 | |
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 3 | |
| CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME | 4 | |
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 5 | |
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 6 | |
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 7-37 | |
| NOTE 1 | ORGANISATION OF GROUP AND NATURE OF OPERATIONS | 7 |
| NOTE 2 | BASIS OF PRESENTATION OF FINANCIAL STATEMENTS | 8-13 |
| NOTE 3 | BORROWINGS 13-15 | |
| NOTE 4 | PROPERTY, PLANT AND EQUIPMENT 16-18 | |
| NOTE 5 | INTANGIBLE ASSETS | 18 |
| NOTE 6 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 19-21 | |
| NOTE 7 | DERIVATIVE FINANCIAL INSTRUMENTS | 22 |
| NOTE 8 | EQUITY 23-24 | |
| NOTE 9 | TAX ASSETS AND LIABILITIES 24-26 | |
| NOTE 10 | REVENUE AND COST OF SALES | 27 |
| NOTE 11 | EXPENSES BY NATURE | 28 |
| NOTE 12 | OTHER OPERATING INCOME AND EXPENSE | 29 |
| NOTE 13 | OTHER INCOME AND EXPENSE FROM INVESTING ACTIVITIES | 30 |
| NOTE 14 | FINANCIAL INCOME AND EXPENSE | 30 |
| NOTE 15 | NET MONETARY GAIN/(LOSS) | 31 |
| NOTE 16 | RELATED PARTY DISCLOSURES 32-34 | |
| NOTE 17 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 34-36 | |
| NOTE 18 | FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS | 37 |
| NOTE 19 | SUBSEQUENT EVENTS | 37 |
| Current period | Prior period | ||
|---|---|---|---|
| Unaudited | Audited | ||
| Notes | 30 September 2025 | 31 December 2024 | |
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 1.552.160 | 2.276.982 | |
| Trade receivables | |||
| - Due from related parties | 16 | 37.563 | 15.516 |
| - Due from third parties | 502.130 | 866.799 | |
| Other receivables | |||
| - Due from third parties | 169.749 | 163.787 | |
| Inventories | 119.041 | 215.918 | |
| Prepaid expenses | 94.961 | 221.437 | |
| Current income tax assets | 9 | 27.757 | 21.622 |
| Other current assets | 228.799 | 119.023 | |
| Total current assets | 2.732.160 | 3.901.084 | |
| Assets held for sale | 60.344 | 60.344 | |
| Non - current assets | |||
| Other receivables | |||
| - Due from third parties | 36.154 | 33.808 | |
| Financial investments | 1.789 | 1.789 | |
| Inventories | 97.587 | 125.225 | |
| Property, plant and equipment | 4 | 36.186.152 | 37.552.486 |
| Right of use assets | 456.910 | 422.532 | |
| Intangible assets | 5 | 763.949 | 761.779 |
| Prepaid expenses | 2.453 | 3.775 | |
| Deferred tax assets | 9 | 190.259 | 269.312 |
| Other non-current assests | 428.978 | 461.134 | |
| Total non - current assets | 38.164.231 | 39.631.840 | |
| TOTAL ASSETS | 40.956.735 | 43.593.268 |
| Current Period | Prior Period | ||
|---|---|---|---|
| Unaudited | Audited | ||
| Notes | 30 September 2025 |
31 December 2024 |
|
| LIABILITIES | |||
| Current liabilities | |||
| Short term borrowings | 3 | 294.466 | 382.322 |
| Short term portion of long-term borrowings | |||
| - Bank loans | 3 | 10.037.320 | 1.918.767 |
| - Lease payables | 3 | 68.195 | 70.538 |
| Trade payables | |||
| - Due to related parties | 16 | 26.818 | 243.286 |
| - Due to third parties | 1.575.367 | 1.675.699 | |
| Employee benefit obligations | 17.504 | 13.050 | |
| Other payables | |||
| - Other payables to third parties Derivative instruments |
7 | 213.233 73.920 |
366.402 59.642 |
| Current income tax liabilities | 9 | 3.316 | |
| Deferred income | 437 | 536 | |
| Short term provisions | |||
| - Provisions for employee benefits | 43.522 | 57.392 | |
| - Other short-term provisions | 6 | 91.058 | 109.329 |
| Total current liabilities | 12.445.156 | 4.896.963 | |
| Non-current liabilities | |||
| Long term borrowings | |||
| - Bank loans | 3 | 11.235.443 | 20.475.507 |
| -Lease payables | 3 | 289.529 | 323.889 |
| Other payables | |||
| - Due to third parties | 688.086 | 696.204 | |
| Long term provisions | |||
| -Provisions for employee benefits Deferred tax liabilities |
9 | 65.801 5.014 |
68.242 16.486 |
| Total non-current liabilities | 12.283.873 | 21.580.328 | |
| EQUITY | |||
| Share capital | 8 | 729.164 | 729.164 |
| Adjustments to share capital | 8 | 15.615.159 | 15.615.159 |
| Share premiums | 1.469.583 | 1.469.583 | |
| Other comprehensive income/(expense) not to be reclassified to | |||
| profit/loss | |||
| Losses on revaluation and remeasurement | |||
| - Losses on re-measurement of defined benefit plans | (70.525) | (66.223) | |
| Restricted reserves | |||
| - Legal reserves | 8 | 318.051 | 318.051 |
| - Other reserves Accumulated income/(losses) |
(21.184) (928.573) |
(21.184) 3.207.766 |
|
| Net loss for the period | (883.969) | (4.136.339) | |
| Total equity | 16.227.706 | 17.115.977 | |
| Current period | Prior period | ||||
|---|---|---|---|---|---|
| Unaudited | Unaudited | ||||
| 1 January - | 1 January - | 1 July - | 1 July - | ||
| 30 September | 30 September | 30 September | 30 September | ||
| Notes | 2025 | 2024 | 2025 | 2024 | |
| Revenue | 10 | 15.438.888 | 24.130.799 | 5.169.265 | 9.564.047 |
| Cost of sales (-) | 10 | (15.706.014) | (23.782.088) | (5.473.579) | (9.197.285) |
| Gross profit/(loss) | (267.126) | 348.711 | (304.314) | 366.762 | |
| General administrative expenses (-) | (616.157) | (633.369) | (164.636) | (217.674) | |
| Other operating income | 12 | 459.865 | 446.418 | 247.839 | 154.670 |
| Other operating expenses (-) | 12 | (386.254) | (307.015) | (217.027) | (76.336) |
| Operating profit/(loss) | (809.672) | (145.255) | (438.138) | 227.422 | |
| Income from investment activities | 13 | 2.203 | 4.132 | 2.129 | (226) |
| Expenses from investment activities | 13 | (431) | (27.663) | (4) | (27.663) |
| Operating profit/(loss) before | |||||
| financial income/(expense) | (807.900) | (168.786) | (436.013) | 199.533 | |
| Financial income | 14 | 479.103 | 434.825 | 122.293 | 73.639 |
| Financial expense (-) | 14 | (5.222.485) | (5.091.402) | (1.512.156) | (1.394.947) |
| Monetary gain | 15 | 4.755.629 | 7.095.481 | 1.519.196 | 1.950.366 |
| Profit/(loss) before tax | (795.653) | 2.270.118 | (306.680) | 828.591 | |
| Tax income/(expense) | |||||
| Current income tax expense (-) | 9 | (10.608) | - | (679) | 32 |
| Deferred tax income/(expense) | 9 | (77.708) | (955.177) | 1.120 | (455.401) |
| Net income/(loss) for the period | (883.969) | 1.314.941 | (306.239) | 373.222 | |
| Equity holders of the parent | (883.969) | 1.314.941 | (306.239) | 373.222 | |
| Current period | Prior period | |||
|---|---|---|---|---|
| Unaudited | Unaudited | |||
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
| Net income/(loss) for the period | (883.969) | 1.314.941 | (306.239) | 373.222 |
| Other comprehensive income/ (expense) | ||||
| Not to be reclassified to profit or loss | ||||
| Actuarial gain/ (loss) arising from defined | ||||
| benefit plans | (5.736) | (13.181) | 2.832 | (464) |
| Deferred tax effect | 1.434 | 3.295 | (695) | 130 |
| Other comprehensive income/(expense) | (4.302) | (9.886) | 2.137 | (334) |
| Total comprehensive income/(expense) | (888.271) | 1.305.055 | (304.102) | 372.888 |
| income /(expenses) | Other comprehensive | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| not to be | ||||||||||
| Share capital |
Adjustments to share capital |
Share premiums |
reclassified to profit or loss Increase on revaluation of property, plant and equipment(*) |
Losses on re-measurement of defined benefit |
plans) Other reserves | Restricted reserves Legal reserves |
Retained earnings/ (accumulated losses) |
Net profit/(loss)for the period |
Total equity | |
| 1 January 2024 | 729.164 | 15.615.159 | 1.469.583 | 3.875.806 | (58.649) | (21.184) | 318.051 | (6.097.878) | 9.126.866 | 24.956.918 |
| Transfers Total comprehensive |
- | - | - | - | - | - | - | 9.126.866 | (9.126.866) | - |
| income/(expense) Other adjustments (*) |
- - |
- - |
- - |
- (134.106) |
(9.886) - |
- - |
- - |
- 134.106 |
1.314.941 - |
1.305.055 - |
| 30 September 2024 | 729.164 | 15.615.159 | 1.469.583 | 3.741.700 | (68.535) | (21.184) | 318.051 | 3.163.094 | 1.314.941 | 26.261.973 |
| 1 January 2025 | 729.164 | 15.615.159 | 1.469.583 | - | (66.223) | (21.184) | 318.051 | 3.207.766 | (4.136.339) | 17.115.977 |
| Transfers Total compherensive expense |
- - |
- - |
- - |
- - |
- (4.302) |
- - |
- - |
(4.136.339) - |
4.136.339 (883.969) |
- (888.271) |
| 30 September 2025 | 729.164 | 15.615.159 | 1.469.583 | - | (70.525) | (21.184) | 318.051 | (928.573) | (883.969) | 16.227.706 |
(*) As of September 30, 2025, there is no difference between the depreciation calculated based on the carrying amounts of the revalued assets and the depreciation calculated based on their acquisition costs (30 September 2024: TL 134.106 were reclassified to accumulated losses from revaluation fund of property, plant and equipment.)
| Current Period Unaudited |
Prior Period Unaudited |
||
|---|---|---|---|
| Notes | 1 January - 30 September 2025 |
1 January - 30 September 2024 |
|
| A. Cash flows from operating activities | 741.810 | 2.016.012 | |
| Net income/ (loss) for the period | (883.969) | 1.314.941 | |
| Adjustments to reconcile net income/(loss) for the period | 1.537.520 | 338.150 | |
| Adjustments for depreciation and amortisation expenses | 11 | 1.515.367 | 1.946.742 |
| Adjustments for provisions | |||
| - Adjustments for provisions for employee benefits | 21.611 | 70.011 | |
| - Adjustments for litigation provisions | 6 | 2.731 | (11.779) |
| - Adjustments for other provisions | 6 | (9.817) | (17.009) |
| Adjustments for interest income | (283.865) | (260.995) | |
| Adjustments for interest expense | 1.478.766 | 1.955.986 | |
| Adjustments for financial investments | - | (1.476) | |
| Adjustments for (gain)/loss on sale of property, plant and equipment and impairment | (1.772) | 27.592 | |
| Adjustments for unrealized foreign exchange differences | 3.512.226 | 2.785.440 | |
| Fair value adjustments | |||
| -Adjustments for fair value of derivative financial instruments | 29.304 | (40.120) | |
| Adjustments for tax expense | 9 | 88.316 | 955.177 |
| Monetary gain | (4.815.347) | (7.071.419) | |
| Changes in working capital | 118.936 | 418.887 | |
| Adjustments for (increase)/ decrease in trade receivables from related parties | (27.996) | 177.166 | |
| Adjustments for (increase)/ decrease in trade receivables from third parties | 269.450 | (190.630) | |
| Adjustments for (increase)/ decrease in other receivables from third parties | (53.579) | (267.030) | |
| Adjustments for (increase)/ decrease in inventories | 60.222 | 49.131 | |
| Adjustments for (increase)/ decrease in prepaid expenses | 98.045 | 178.167 | |
| Adjustments for (increase)/ decrease in other assets | (216.967) | (112.747) | |
| Adjustments for increase/ (decrease) in trade payables to related parties | (185.743) | (210.509) | |
| Adjustments for increase/ (decrease) in trade payables to third parties | 266.039 | 628.695 | |
| Adjustments for increase/ (decrease) in derivative financial instruments | - | 40.999 | |
| Adjustments for increase/ (decrease) in deferred income | (81) | 162.914 | |
| Adjustments for increase/ (decrease) in employee benefit obligations | 7.890 | (1.494) | |
| Adjustments for increase/ (decrease) in other payables | (98.344) | (35.775) | |
| Cash flows from operating activities | 772.487 | 2.071.978 | |
| (17.250) | (48.932) | ||
| (13.427) | (7.034) | ||
| Provisions related to provisions for employee benefits | |||
| Tax receipts/(payments) | |||
| B. Cash flows from investing activities | (120.703) | ||
| Cash outflows due to purchase of property, plant and equipment | 4 | (90.404) | |
| Cash outflows due to purchase of intangible assets | 5 | (35.013) | |
| Cash inflows due to disposal of property, plant and equipment and intangible assets | 4.714 | ||
| Other cash inflows/(outflows) | - | ||
| C. Cash flows from investing activities | (906.559) | ||
| Cash inflows on borrowings received | 400.060 | ||
| Cash inflows/outflows due to repayment of borrowings | (823.625) | ||
| Cash outflows from payments of rent agreements | (90.680) | ||
| Interest paid | (651.012) | ||
| İnterest received Other cash inflows/ (outflows) (*) |
283.441 (24.743) |
||
| Net increase/ (decrease) in cash and cash equivalents | (285.452) | ||
| Monetary loss through cash and cash equivalents | (456.258) | 19.985 (212.908) (75.344) 107.878 200.359 (796.023) 9.886.126 (6.183.625) (103.420) (4.590.336) 184.016 11.216 1.239.974 (546.866) |
|
| Cash and cash equivalents at the beginning of the period (*) | 2.250.457 | 2.071.856 |
(*) Cash and cash equivalents at the beginning of the period and at the end of the period does not include interest accruals and restricted deposits, and the changes in restricted deposits are provided in "Other cash inflows / (outflows)".
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Akenerji Elektrik Üretim A.Ş. ("the Company" or "Akenerji") is engaged in establishing, renting and operating facilities of electrical energy production plant, producing electricity and trading electricity to the customers. The Company was established by Akkök Sanayi Yatırım ve Geliştirme A.Ş. in 1989 (Akkök Sanayi Yatırım ve Geliştirme A.Ş. is registered as Akkök Holding A.Ş. on 13 May 2014). On 14 May 2009, the Company has become a joint venture between Akkök Holding A.Ş. and CEZ a.s.
The Company is registered in Turkey and its registered address is as follows;
Miralay Şefik Bey Sokak No: 15 Akhan Kat: 3-4 Gümüşsuyu / Istanbul - Turkey
The Company is registered to the Capital Markets Board ("CMB"), and its shares are publicly traded in Istanbul Stock Exchange ("ISE"). As of 30 September 2025, the Company's free float is 25,28% (31 December 2024: 25,28%).
As of 30 September 2025, the number of employees employed by Akenerji and its subsidiaries (Akenerji and its subsidiaries will be referred called as the "Group") is 252 (31 December 2024: 283).
The condensed consolidated financial statements for the interim period 1 January - 30 September 2025 were approved by the Board of Directors on 6 November 2025.
The nature of business and registered addresses of the entities included in the consolidation ("Subsidiaries") are provided below:
| Subsidiaries | Nature of business |
Registered address |
|---|---|---|
| Akenerji Elektrik Enerjisi İthalat-İhracat | ||
| ve Toptan Ticaret A.Ş. ("Akenerji Toptan") | Electricity trading | Gümüşsuyu/İstanbul |
| Akel Kemah Elektrik Üretim A.Ş. | ||
| ("Akel Kemah") | Electricity generation and trading | Gümüşsuyu/İstanbul |
| Akenerji Doğalgaz İthalat İhracat ve Toptan | ||
| Ticaret A.Ş. ("Akenerji Doğalgaz") | Natural gas trading | Gümüşsuyu/İstanbul |
| Akel Sungurlu Elektrik Üretim A.Ş. | ||
| ("Akel Sungurlu") | Electricity generation | Gümüşsuyu/İstanbul |
| 5ER Enerji Tarım Hayvancılık A.Ş. | ||
| ("5ER Enerji") | Electricity generation | Gümüşsuyu/İstanbul |
| Akenerji Company For Electric Energy Import | ||
| And Export and Wholesale Trading/Contribution Branch | ||
| ("Akenerji Toptan Khabat") | Electricity trading | Erbil/Iraq |
| Aken Europe B.V. | ||
| ("Aken B.V.") | Electricity trading | Amsterdam/Netherlands |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
The condensed consolidated financial statements of the Group have been prepared in accordance with the Turkish Financial Reporting Standards, ("TFRS") and interpretations as adopted in line with international standards by the Public Oversight Accounting and Auditing Standards Authority of Turkey ("POA") in line with the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board of Turkey ("CMB") on June 13, 2013 which is published on Official Gazette numbered 28676. TFRS are updated in harmony with the changes and updates in International Financial and Accounting Standards ("IFRS") by the communiqués announced by the POA.
The condensed interim consolidated financial statements are presented in accordance with, "Announcement regarding with TAS/TFRS Taxanomy" which was published on 3 July 2024 by POA and the format and mandatory information recommended by CMB.
In accordance with the TAS 34 "Interim Financial Reporting", entities are allowed to prepare a complete or condensed set of interim financial statements. In this respect, the Group has preferred to prepare condensed consolidated financial statements in the interim periods. Accordingly, these interim condensed consolidated financial statements does not include all required explanatory notes as should be provided and should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2024.
The Group and its Turkish subsidiaries, associates and joint ventures maintain their books of accounts and prepare their statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance and principles issued by CMB. The consolidated financial statements are based on the statutory records, which are maintained under historical cost conventions except for the derivative financial instruments, financial investmens and revaluated property, plant and equipment presented a fair values, with the required adjustments and reclassifications reflected for the purpose of fair presentation in accordance with TAS/TFRS.
Pursuant to the decision of the Capital Markets Board of Türkiye (CMB) dated December 28, 2023 and numbered 81/1820, it has been resolved that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards (TFRS) shall implement inflation accounting by applying the provisions of TAS 29 "Financial Reporting in Hyperinflationary Economies", starting from their annual financial statements for the periods ending on or after December 31, 2023.
The Group has prepared its consolidated financial statements for the period ended 30 September 2025 by applying TAS 29, based on the relevant Capital Markets Board (CMB) decision, the announcement made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2023, and the published 'Implementation Guide on Financial Reporting in Hyperinflationary Economies.
According to the standard, financial statements prepared in the currency of a hyperinflationary economy must be expressed in terms of the purchasing power of that currency as of the balance sheet date. Prior period financial statements are also restated in the same current measurement unit as of the end of the reporting period for comparative purposes. Accordingly, the Group has restated and presented its consolidated financial statements dated 30 September, 2024 and 31 December, 2024 in purchasing power terms as of 30 September, 2025.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
The adjustments made in accordance with TAS 29 were performed using the adjustment coefficient calculated based on the Consumer Price Index ("CPI") published by the Turkish Statistical Institute ("TÜİK"). As of September 30, 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:
| Adjustment | 3 year cumulative | ||
|---|---|---|---|
| Date | Index | correlation | inflation ratios |
| 30 September 2025 | 3.367,22 | 1,00000 | 222% |
| 31 December 2024 | 2.684,55 | 1,25430 | 291% |
| 30 September 2024 | 2.526,16 | 1,33294 | 343% |
The main components of the Group's adjustments for financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
The table below shows the effective ownership percentages of subsidiaries and associates as of 30 September 2025 and 31 December 2024, along with the voting rights percentages held directly or indirectly by the Group.
| Effective shareholding (%) | Ownership interest (%) | ||||
|---|---|---|---|---|---|
| Subsidiaries | 30 September 2025 |
31 December 2024 |
30 September 2025 |
31 December 2024 |
|
| Akenerji Toptan | 100,00 | 100,00 | 100,00 | 100,00 | |
| Ak-el Kemah | 100,00 | 100,00 | 100,00 | 100,00 | |
| Akenerji Doğalgaz | 100,00 | 100,00 | 100,00 | 100,00 | |
| Akel Sungurlu (*) | - | - | 100,00 | 100,00 | |
| 5ER Enerji (*) | - | - | 100,00 | 100,00 | |
| Akenerji Toptan Khabat (**) | - | - | 100,00 | 100,00 | |
| Aken B.V. | 100,00 | 100,00 | 100,00 | 100,00 |
(*) Within the scope of the capacity rental agreements and usufruct right agreements signed by Akenerji Toptan, since Akenerji Toptan has a free purchase option for the shares of Akel Sungurlu and 5ER Enerji at any time and holds control over these companies, Akel Sungurlu and 5ER Enerji have been consolidated in the financial statements using the full consolidation method. As the Sungurlu Biomass Power Plant ("Sungurlu BPP"), operating under Akel Sungurlu, is actively planned to be sold and is highly likely to be disposed of within the short-term, it has been classified under "non-current assets held for sale", and has been presented in the financial statements at the lower of its net realizable value and book value.
Subsidiaries are consolidated from the date on which the control is transferred to the Group and are deconsolidated from the date that the control ceases. Where necessary, accounting policies for subsidiaries have been changed to ensure consistency with the policies adopted by the Group.
Carrying values of the Subsidiaries' shares held by the Company are eliminated against the related equity of subsidiaries. Intercompany transactions and balances between Akenerji and its subsidiaries are eliminated on consolidation. Dividends arising from shares held by the Company in its subsidiaries are eliminated from income for the period and equity, respectively.
The accounting policies adopted in preparation of the consolidated financial statements as of 30 September 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and Turkey Financial Reporting Interpretations Committee's ("TFRIC") interpretations effective as of 1 January 2025.
- Amendments to IAS 21 - Lack of Exchangeability;
The amendments did not have a significant impact on the financial position or performance of the Group.
(**) Branch of the Subsidiary, which operate in a different country, are separately presented.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the interim condensed consolidated financial statements are as follows. The Group will make the necessary changes if not indicated otherwise, which will be affecting the consolidated financial statements and disclosures, when the new standards and interpretations become effective.
The Group is in the process of assessing the impact of the standard on financial position or performance of the Group.
Any change in the accounting policies resulted from the first time adoption of a new standard is made either retrospectively or prospectively in accordance with the transition requirements. Changes without any transition requirement, material changes in accounting policies or material errors are corrected, retrospectively by restating the prior period consolidated financial statements. If changes in accounting estimates are related to only one period, they are recognised in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.
The Group prepares comparative consolidated financial statements, to enable readers to determine financial position and performance trends. For the purposes of effective comparison, comparative financial statements can be reclassified when deemed necessary by the Group, where descriptions on significant differences are disclosed.
The preparation of interim condensed consolidated financial statements requires the use of estimates and assumptions that could affect the reported amounts of assets and liabilities as of the balance sheet date, as well as the disclosure of contingent assets and liabilities and the amounts of reported income and expenses for the period. Although these estimates and assumptions are based on the best information available to the Group's management regarding current events and transactions, actual results may differ from these assumptions.
The estimates and assumptions that are material to the carrying values of assets and liabilities as well as the results of operations are outlined below:
Deferred tax assets for the carry forward tax losses:
Deferred tax assets are accounted for only where it is likely that related temporary differences and accumulated losses will be recovered through expected future profits or will be offsetted from the deferred tax liabilities incurred on the temporary differences will be recovered at the same date.
As of 30 September 2025, as a result of the studies performed, the Group recognized no deferred tax assets on carry forward tax losses (31 December 2024: None).
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Carry forward tax losses amounting to TL 10.626.506 (31 December 2024: TL 5.190.134) (Note 9). As of 30 September 2025, the deferred tax asset has not been calculated by the Group considering its expected future profits and the related deferred tax liabilities for the relevant periods.
Explanations for revaluation method and fair value measurement
The Group has chosen revaluation method instead of historical cost model as an accounting policy among application methods mentioned under TAS 16 for lands, land improvements, buildings, machinery and equipment belong to its power plants commencing from 30 September 2015.
An independent valuation firm has been authorized for revaluation because using of long-term price expectation, electricity generation expectation, discount rate, profit margin between electricity and natural gas prices ("spark spread"), and capacity utilization rate forecasts which are sensitive to sectoral and economic variables and also complexity of inputs and calculations. As of 31 December 2024, the fair value which is determined with valuation study by an independent valuation company which has CMB license, is used for lands, land improvements, buildings, machinery and equipment. In the aforementioned valuation and impairment studies, "income reduction method - discounted cash flow analysis " was applied.
Income Approach, discounted cash flow analysis (Level 3) is used by the valuation company for valuation reports of 31 December 2024 aims to determine fair value of lands, land improvements, buildings, machineries and equipment of Uluabat Hydroelectric Power Plant (HPP), Ayyıldız Wind Farm Power Plant (WFPP), Burç HPP, Feke I HPP, Feke II HPP, Bulam HPP, Gökkaya HPP, Himmetli HPP Konya Biomass Power Plant (BPP), Konya Solar Power Plant (SPP) and Erzin Natural Gas Combined Cycle Power Plant (NGCCPP) which are belong to Akenerji assets. For the valuation of the Sungurlu BPP facility, the "Cost Approach Method" has been applied.
Since long term electricity prices and spark spreads are the most important inputs of "Income Approach discounted cash flow analysis", an independent consultancy and technology firm, which operates in energy market, has been hired. The most important inputs of model determine long term electricity prices are; long term electricity demand, entrance of new plants, exit of old plant, renewable total capacity, evolution of capacity factor, carbon market expectations, natural gas and coal prices, evolution of electricity import export, and development in the efficiency of thermal plants.
Changes in the spark spread are used in the model impact generation at the Erzin natural gas combined cycle power plant. For hydroelectric power plants (HPPs), as well as the Konya and Ayyıldız facilities, generation forecasts have been prepared using historical generation data and feasibility reports. In valuation models prepared in USD terms, the discount rate has been determined as 9,29% in real terms, considering the prevailing macroeconomic market conditions. An increase in the discount rate negatively affects the fair value of the power plants. The portion of the relevant valuation results related to the decrease in value that is associated with "Gains/(losses) on revaluation of property, plant and equipment" has been recognized in the consolidated statement of other comprehensive income statement, while the remaining amount has been accounted for in the consolidated statement of profit or loss statement. The valuation report is prepared by an independent valuation firm holding the relevant Capital Markets Board (CMB) license and possessing the necessary professional expertise.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
The Group considers it appropriate to prepare its consolidated financial statements on a going concern basis for the foreseeable future.
As of 30 September 2025, the Group's current liabilities exceeded its current assets by TL 9.712.996. This situation mainly arises from the reclassification of a bank loan amounting to TL 8.036.675 with a maturity date of 27 March 2026, to short-term bank borrowings. Taking into consideration its current financial position, ongoing negotiations with banks, cash flow projections, and expected EBITDA performance, the Group has assessed that there is no significant risk regarding its ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.
The Group is continuing its negotiations with Yapı ve Kredi Bankası A.Ş. regarding the extension of the maturity of the loan with a nominal value of USD 180 million, which was utilized in 2024 and is due on 27 March 2026. The Group anticipates that, through its financing strategies and liquidity management practices, all short-term obligations can be met on time.
Due to the nature of the industry in which the Group operates, its business volume exhibits seasonal fluctuations. Business volume tends to be higher in the second quarter for hydroelectric power plants and in the first quarter for wind power plants. Demand, on the other hand is generally higher in the third quarter. Seasonality does not have a significant impact on the business volume of the Group's remaining segments.
The details of borrowings of the Group as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short term borrowings | ||
| - Bank loans | 294.466 | 382.322 |
| Total short term borrowings | 294.466 | 382.322 |
| Short-term portion of long term borrowings | ||
| - Bank loans | 10.037.320 | 1.918.767 |
| - Lease liabilities | 68.195 | 70.538 |
| Total short-term portion of long term borrowings | 10.105.515 | 1.989.305 |
| Long term borrowings | ||
| - Bank loans | 11.235.443 | 20.475.507 |
| - Lease liabilities | 289.529 | 323.889 |
| Total long term borrowings | 11.524.972 | 20.799.396 |
| Total short term and long term borrowings | 21.924.953 | 23.171.023 |
Letters of guarantee given, pledges and mortgages related to financial liabilities are disclosed in Note 6.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
As of 30 September 2025 and 31 December 2024, the original currencies and weighted average interest rates for short and long-term financial liabilities are as follows:
| 30 September 2025 | ||||
|---|---|---|---|---|
| Currency | Effective Interest rate % |
Original Amount |
Amount in TL | |
| Short term borrowings | TL | 23,33 | 294.466 | 294.466 |
| Total short term borrowings | 294.466 | |||
| Short term portion of long-term bank loans | USD | 8,08 | 241.824 | 10.037.320 |
| Short term portion of long-term lease liabilities Interest cost of short-term portion of long-term |
EUR | 5,50 | 1.449 | 70.643 |
| lease liabilities (-) | EUR | 5,50 | (213) | (10.403) |
| Short term portion of long-term lease liabilities | TL | 19,08 | 7.955 | 7.955 |
| Total short term portion of long term borrowings | 10.105.515 | |||
| Long term bank loans | USD | 8,08 | 270.689 | 11.235.443 |
| Long term lease liabilities | EUR | 5,50 | 3.525 | 171.832 |
| Interest cost of long term lease liabilities (-) | EUR | 5,50 | (935) | (45.573) |
| Long term lease liabilities | TL | 19,08 | 163.270 | 163.270 |
| Total long term borrowings | 11.524.972 |
| 31 December 2024 | ||||
|---|---|---|---|---|
| Effective | ||||
| Interest | Original | |||
| Currency | rate % | Amount | Amount in TL | |
| Short term borrowings | TL | 26,93 | 382.322 | 382.322 |
| Total short term borrowings | 382.322 | |||
| Short term portion of long-term bank loans | USD | 8,08 | 43.360 | 1.918.767 |
| Short term portion of long-term lease liabilities | EUR | 5,97 | 1.580 | 72.814 |
| Interest cost of short-term portion of long-term | ||||
| lease liabilities (-) | EUR | 5,97 | (291) | (13.397) |
| Short term portion of long-term lease liabilities | TL | 19,26 | 11.121 | 11.121 |
| Total short term portion of long term borrowings | 1.989.305 | |||
| Long term bank loans | USD | 8,08 | 462.703 | 20.475.507 |
| Long term lease liabilities | EUR | 5,97 | 5.071 | 233.649 |
| Interest cost of long term lease liabilities (-) | EUR | 5,97 | (1.292) | (59.553) |
| Long term lease liabilities | TL | 19,26 | 149.793 | 149.793 |
| Total long term borrowings | 20.799.396 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
As of 30 September 2025, all of the Euro finance lease liabilities of the Group are subject to floating interest rate of Euribor + 3,4% (31 December 2024: All of the Euro finance lease liabilities of the Group are subject to floating interest rate of Euribor + 3,4%).
The details of redemption schedule of the long term bank borrowings as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Up to 1 - 2 years | 2.131.028 | 10.217.055 |
| Up to 2 - 3 years | 2.038.730 | 2.182.758 |
| Up to 3 - 4 years | 1.785.893 | 1.907.788 |
| Up to 4 - 5 years | 1.678.958 | 1.685.637 |
| More than 5 years | 3.600.834 | 4.482.269 |
| 11.235.443 | 20.475.507 |
The principal repayment schedule of the Group's long-term finance lease obligations as of 30 September 2025 and 31 December 2024 is as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Up to 1-2 years | 64.877 | 62.475 |
| Up to 2-3 years | 64.756 | 59.516 |
| Up to 3-4 years | 1.424 | 58.981 |
| Up to 4-5 years | 410 | 3.957 |
| Up to 5-6 years | 483 | 362 |
| Up to 6-7 years | 571 | 428 |
| Up to 7-8 years | 677 | 505 |
| Up to 8-9 years | 808 | 601 |
| Up to 9-10 years | 972 | 717 |
| More than 10 years | 154.551 | 136.347 |
| 289.529 | 323.889 |
As of 30 September 2025 and 2024, the movements of borrowings are as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | 23.171.023 | 28.589.349 |
| Foreign exchange differences | 3.512.226 | 2.785.440 |
| Change in interest accruals | 1.430.700 | 1.900.810 |
| Changes in lease liabilities | 58.042 | 85.102 |
| Cash flow impact | (1.165.257) | (991.255) |
| Monetary gain | (5.081.781) | (8.026.632) |
| 30 September | 21.924.953 | 24.342.814 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT
| 1 January 2025 |
Additions | Transfers | Disposals | 30 September 2025 |
|
|---|---|---|---|---|---|
| Cost | |||||
| Lands | 1.892 | - | - | - | 1.892 |
| Land improvements (*) |
23.786.606 | - | - | - | 23.786.606 |
| Buildings | 5.752.074 | - | - | - | 5.752.074 |
| Machinery and equipment (**) |
23.408.812 | 9.986 | 325.531 | - | 23.744.329 |
| Motor vehicles |
40.838 | 2.574 | - | (2.980) | 40.432 |
| Furnitures and fixtures | 283.821 | 8.759 | - | (50.614) | 241.966 |
| Special costs | 129.827 | 581 | - | (26) | 130.382 |
| Construction in progress | 415.936 | 68.504 | (325.531) | (2.325) | 156.584 |
| 53.819.806 | 90.404 | - | (55.945) | 53.854.265 | |
| Accumulated depreciation | |||||
| Land improvements | (6.241.493) | (541.419) | - | - | (6.782.912) |
| Buildings | (1.179.882) | (118.698) | - | - | (1.298.580) |
| Machinery and equipment | (8.564.983) | (773.990) | - | - | (9.338.973) |
| Motor vehicles |
(31.296) | (4.247) | - | 2.980 | (32.563) |
| Furnitures and fixtures | (217.316) | (11.557) | - | 50.011 | (178.862) |
| Special costs | (32.350) | (3.899) | - | 26 | (36.223) |
| (16.267.320) | (1.453.810) | - | 53.017 | (17.668.113) | |
| Net book value | 37.552.486 | 36.186.152 |
(*) Within the capacity increase project of Ayyıldız wind power plant, the cost of land improvement acquired through finance lease on 27 January 2017 is amounting to TL 5.566. As of 30 September 2025, the total amount of accumulated depreciation of related land improvement is TL 1.282.
Current period depreciation expense amounting to TL 1.449.559 has been included in cost of sales and TL 4.251 has been included in general administrative expenses.
(**) Within the capacity increase project of Ayyıldız wind power plant, the cost of machinery and equipment acquired through finance lease on 27 January 2017 is amounting to TL 552.926. As of 30 September 2025, the total amount of accumulated depreciation of the related machinery and equipment is TL 483.810.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT (Continued)
| 1 January 2024 |
Additions | Transfers | Disposals | 30 September 2024 |
|
|---|---|---|---|---|---|
| Cost | |||||
| Lands | 3.547 | - | - | - | 3.547 |
| Land improvements (*) |
30.440.525 | 35.175 | - | - | 30.475.700 |
| Buildings | 6.924.109 | 1.771 | - | - | 6.925.880 |
| Machinery and equipment (**) |
26.546.757 | 19.784 | 238.953 | - | 26.805.494 |
| Motor vehicles |
38.306 | 2.504 | - | - | 40.810 |
| Furnitures and fixtures | 281.389 | 8.020 | - | (5.937) | 283.472 |
| Special costs | 184.669 | 2.619 | - | (58.445) | 128.843 |
| Construction in progress | 558.323 | 143.035 | (239.504) | (40.563) | 421.291 |
| 64.977.625 | 212.908 | (551) | (104.945) | 65.085.037 | |
| Accumulated depreciation | |||||
| Land improvements | (5.262.879) | (739.806) | - | - | (6.002.685) |
| Buildings | (984.016) | (149.519) | - | - | (1.133.535) |
| Machinery and equipment | (7.323.271) | (961.038) | - | - | (8.284.309) |
| Motor vehicles |
(25.387) | (4.427) | - | - | (29.814) |
| Furnitures and fixtures | (208.237) | (5.393) | - | 209 | (213.421) |
| Special costs | (28.468) | (3.879) | - | 1.343 | (31.004) |
| (13.832.258) | (1.864.062) | - | 1.552 | (15.694.768) | |
| Net book value | 51.145.367 | 49.390.269 |
(*) Within the capacity increase project of Ayyıldız wind power plant, the cost of land improvement acquired through finance lease on 27 January 2017 is amounting to TL 5.566. As of 30 September 2024, the total amount of accumulated depreciation of related land improvement is TL 1.135.
Current period depreciation expense amounting to TL 1.859.582 has been included in cost of sales and TL 4.480 has been included in general administrative expenses.
(**) Within the capacity increase project of Ayyıldız wind power plant, the cost of machinery and equipment acquired through finance lease on 27 January 2017 is amounting to TL 552.926. As of 30 September 2024, the total amount of accumulated depreciation of the related machinery and equipment is TL 428.518.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
There are no borrowing costs capitalized in the cost of construction in progress for the period ended 30 September 2025 (30 September 2024: None).
Details of the guarantees, pledges and mortgages on property, plant and equipment as of 30 September 2025 and 31 December 2024 are disclosed in Note 6.
| 1 January 2025 | Additions | Transfers | Disposals | 30 September 2025 | |
|---|---|---|---|---|---|
| Costs | |||||
| Rights | 135.741 | 2.103 | - | (24.801) | 113.043 |
| Licenses | 1.272.638 | 32.910 | - | (793) | 1.304.755 |
| 1.408.379 | 35.013 | - | (25.594) | 1.417.798 | |
| Accumulated amortization | |||||
| Rights | (90.220) | (7.117) | - | 24.787 | (72.550) |
| Licenses | (556.380) | (25.712) | - | 793 | (581.299) |
| (646.600) | (32.829) | - | 25.580 | (653.849) | |
| Net book value | 761.779 | 763.949 |
| 1 January 2024 | Additions | Transfers | Disposals | 30 September 2024 | |
|---|---|---|---|---|---|
| Costs | |||||
| Rights | 10.425 | 75.344 | 46.204 | (47) | 131.926 |
| Licenses | 1.353.818 | - | (45.653) | (52.494) | 1.255.671 |
| 1.364.243 | 75.344 | 551 | (52.541) | 1.387.597 | |
| Accumulated amortization | |||||
| Rights | (9.972) | (4.730) | (93.931) | 14.715 | (93.918) |
| Licenses | (606.779) | (35.519) | 93.931 | 5.749 | (542.618) |
| (616.751) | (40.249) | - | 20.464 | (636.536) | |
| Net book value | 747.492 | 751.061 |
Current period amortisation expense amounting to TL 17.924 (30 September 2024: TL 25.025) has been included in cost of sales and remaining TL 14.905 (30 September 2024: TL 15.224) has been included in general administrative expenses.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
As of 30 September 2025, there are various lawsuits against or in favor of the Group.These lawsuits are mainly action of debt and business cases.The Group management estimates the outcomes of these lawsuits and the financial effects thereof, and the required provisions are accounted for based on these estimates. The amount of provisions for the lawsuits as of 30 September 2025 is TL 45.319 (31 December 2024: TL 53.773).
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Litigation provision | 45.319 | 53.773 |
| Periodical maintenance provisions | 45.739 | 55.556 |
| 91.058 | 109.329 |
The movements of litigation provision are as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | 53.773 | 89.548 |
| Interest charges of litigation provision | 3.461 | - |
| Released provisions (Note 12) | (730) | (11.779) |
| Monetary gain | (11.185) | (19.537) |
| 30 September | 45.319 | 58.232 |
The commitments and contingent liabilities of the Group that are not expected to be resulted in a significant loss or liability to the Group are summarized below:
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Original currency |
Original Amount |
TL equivalent |
Original Amount |
TL Equivalent |
|
| Letters of guarantees given | TL | 631.314 | 631.314 | 773.805 | 773.805 |
| USD | 829 | 34.401 | 1.560 | 69.024 | |
| EUR | 660 | 32.167 | 1.181 | 54.436 | |
| 697.882 | 897.265 |
The guarantees provided generally consist of letters of guarantee issued to various institutions and organizations related to the Group's operations (such as the Energy Market Regulatory Authority (EMRA), suppliers, state institutions responsible for electricity transmission and distribution, tax offices,other financials institution), and various judicial authorities for ongoing legal cases.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Guarantees, pledges, mortgages ("GPM") given by the Group as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Original | TL | Original | TL | ||
| Currency | currency | equivalent | currency | equivalent | |
| GPMs given by the Group | |||||
| A. GPMs given | |||||
| for companies' own legal entity | TL | 7.049.775 | 7.049.775 | 8.824.454 | 8.824.454 |
| USD | 918.344 | 38.117.537 | 919.075 | 40.670.865 | |
| EUR | 660 | 32.167 | 1.181 | 54.437 | |
| B.Total amount of GPM given for the subsidiaries and associates in |
|||||
| the scope of consolidation | - | - | - | - | |
| C.Total amount of GPM given for the purpose of maintaining |
|||||
| operating activities D.Total other GPMs given i) Total amount of CPMB's given on behalf of the |
- - |
- - |
- - |
- - |
|
| majority shareholder ii) Total amount of CPMB's given to on behalf of other |
- | - | - | - | |
| which are not in scope of B and C. |
- | - | - | - | |
| iii) Total amount of CPMB's given on behalf of third parties which are not in |
|||||
| scope of C. | - | - | - | - | |
| 45.199.479 | 49.549.756 |
Details of the guarantees given by Akenerji for its own legal entity as of 30 September 2025 are as follows:
As of 11 November, 2019, within the scope of financial restructuring, a refinancing loan agreement amounting to a total of USD 859 million with a 13-year maturity, including a 1,5 year principal grace period, was executed between Yapı ve Kredi Bankası A.Ş. and our company, Akenerji ("Borrower"), to refinance all existing debts of our company and extend their maturity. The aforementioned Loan Agreement was amended on 20 September, 2024, whereby the principal repayment of USD 40 million under Tranche 1 and TL 2.271.037 under Tranche 2, both due in 2024, were made, and a new Tranche 5 Loan amounting to USD 180 million was utilized. As a result, as of 30 September 2025, the validity of the Assignment of Receivables, EPİAŞ Receivables Assignment, Mortgage Agreements related to Real Estate and Surface Rights, Commercial Enterprise Pledge, Account Pledge, Insurance Receivables Assignment, Shareholder Receivables Assignment, Movable Pledge, and Share Pledge Agreements initially signed in 2019 and subsequently amended from time to time continues in order to secure the outstanding principal debt of USD 493 million along with the accrued interest and other associated liabilities. Pursuant to the Movable Pledge Agreements signed between Akenerji and the Bank, a first-degree movable pledge amounting to TL 6.418.461 and a second-degree movable pledge amounting to USD 917.515.600 have been established as an upper limit for Akenerji. Additionally, Yapı ve Kredi Bankası A.Ş. has been designated as the pledgee as the beneficiary under the power plants' insurance policies.
As of 30 September 2025, GPMs given by the Group to equity ratio is 279% (31 December 2024: 289%).
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Electricity sales and purchase commitments:
Within the scope of electricity energy sales agreements made with energy companies, the Group has committed to sell 533.217 MWh of energy physically in 2025, and within the scope of the related commitment, 533.217 MWh of energy has been sold as of 30 September 2025.
The Group has commited to purchase 144.004 MWh of physical electricity energy within the scope of electricity energy purchase agreements with energy companies in 2025 and as of 30 September 2025, 130.756 MWh of the electricity enerji was committed to be purchased is completed.
As of 30 September 2025, the Group does not have any physical purchase or sales electricity protocols that it has committed to perform in 2026 and beyond.
Natural gas puchase commitments:
As of 30 September 2025, the Group has fulfilled 96% of its 2025 take-or-pay commitment.The Group expects to complete the remaining take-or-pay obligation by October 2025.
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Currency | Original Currency |
TL Equivalent |
Original currency |
TL Equivalent |
|
| Letters of guarantees received | TL | 44.374 | 44.374 | 64.886 | 64.886 |
| EURO | 24 | 1.159 | 24 | 1.106 | |
| USD | 64 | 2.656 | 484 | 21.418 | |
| Notes of guarantees received | TL | 1.752 | 1.752 | 2.198 | 2.198 |
| USD | 746 | 30.957 | 746 | 33.004 | |
| EURO | 34 | 1.648 | 34 | 1.558 | |
| GBP | 6 | 316 | 6 | 316 | |
| Cheques of guarantees received | TL | 106 | 106 | 133 | 133 |
| USD | 17 | 691 | 17 | 736 | |
| Mortgages received | TL | 3.242 | 3.242 | 4.066 | 4.066 |
| 86.901 | 129.421 |
Letters of guarantees received, in general, comprised of the letters of guarantees received from the customers in relation to the Group's electricity sales operations.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Contract amount |
Fair value |
Contract amount |
Fair value |
|
| Forward contracts - Short - term |
1.162.190 | 73.920 | 593.874 | 59.642 |
| Derivative financial liabilities | 1.162.190 | 73.920 | 593.874 | 59.642 |
Movement of derivative instruments during the period is as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | (59.642) | (62.471) |
| To be reclassified to profit or loss | ||
| - Financial (income)/expense - Monetary gain |
(15.867) 1.589 |
4.964 15.858 |
| 30 September | (73.920) | (41.649) |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Akenerji adopted the registered capital system applicable to the companies registered on the CMB and defined a limit to its registered capital for shares. Akenerji's registered capital ceiling and paid-in capital as of 30 September 2025 and 31 December 2024 are shown below:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Limit on registered share capital (historical) | 1.500.000 | 1.500.000 |
| Issued capital | 729.164 | 729.164 |
The Company's shareholders and shareholding structure as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Share (%) | Amount | Share (%) | Amount | |
| CEZ a.s. | 37,36 | 272.426 | 37,36 | 272.426 |
| Akkök Holding A.Ş. | 20,43 | 148.989 | 20,43 | 148.989 |
| Akarsu Enerji Yatırımları San. ve Ticaret A.Ş. | ||||
| ("Akarsu") | 16,93 | 123.437 | 16,93 | 123.437 |
| Publicly held | 25,28 | 184.312 | 25,28 | 184.312 |
| 729.164 | 729.164 | |||
| Adjustment to share capital(*) | 15.615.159 | 15.615.159 | ||
| Total paid-in capital | 16.344.323 | 16.344.323 |
(*) Adjustment to share capital represents the restatement effect of cash and cash equivalent contributions to share capital measured in accordance with the TAS/TFRS promulgated by the POA. "Adjustment to share capital" has no use other than being transferred to paid-in share capital.
The share capital of the Company consists of 72.916.400.000 shares with a nominal value of 1 (one) Kr for each where no privilege rights are provided for any kind of shares.
As of 30 September 2025, hyperinflation adjustments made on equity according to TAS 29, published by CMB on 7 March 2024, are presented below:
| Equity | PPE indexed accounting entries |
CPE indexed accounting entries |
Differences classified in retained earnings |
|---|---|---|---|
| Share capital | 18.893.711 | 16.344.323 | (2.549.388) |
| Share premiums | 1.988.971 | 1.469.583 | (519.388) |
| Restricted reserves | 436.107 | 318.051 | (118.056) |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Share premiums presented in the consolidated financial statements represent the proceeds from the excess of the amount of shares compared to their nominal values.
Turkish Commercial Code stipulates that the legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Group's paid - in share capital. Other legal reserve is appropriated out of 10% of the distributable income after 5% dividend is paid to shareholders. Under the TCC, legal reserves can only be used for compensating losses, continuing operations in severe conditions or preventing unemployment and taking actions for relieving its effects in case general legal reserves does not exceed half of paid - in capital or issued capital.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Current income tax expenses | 10.608 | 25 |
| Prepaid taxes | (35.049) | (21.647) |
| Current income tax liabilities/ (Current income tax assets), net |
(24.441) | (21.622) |
The Group is subject to corporate tax in Turkey. Necessary provisions have been made in the financial statements for the estimated tax liabilities of the Group related to the current period activity results.
The corporate tax rate in Turkey is 25% (31 December 2024: 25%). The corporate tax rate is applied to the net corporate income to be found as a result of adding the non-deductible expenses to the commercial earnings of the companies, and deducting the exemptions and deductions stated in the tax laws. Losses can be carried forward to offset against future taxable income for up to 5 years. However, the resulting losses cannot be deducted retrospectively from the profits of previous years.
In Turkey, there is no practice to reconcile with the tax authority on taxes payable. The corporate tax return is submitted until the evening of the 30th day of the fourth month following the end of the accounting period and is paid until the end of the month.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Companies in Turkey calculate temporary tax at the rate of 25% over their quarterly financial profits (31 December 2024: 25%) and declared until the 17th day of the second month following that period and pay it by the evening of the seventeenth day. The temporary tax paid during the year belongs to that year and is deducted from the corporate tax to be calculated over the corporate tax return to be submitted in the following year. Despite the deduction, if there is an amount of advance tax paid, this amount can be refunded or deducted in cash.
Limited tax payers, who earn income through a permanent establishment or representative and pay it to companies (dividends) resident in Turkey, not subject to withholding tax. Dividend payments made to persons other than these are subject to 10% withholding tax. The profit included to the capital is not a profit distribution.
The details of tax income / expense for the period ended 30 September 2025 and 2024 are as follows:
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Current income tax expense (-) | (10.608) | - | (679) | 32 |
| Deferred tax income/(expense) | (77.708) | (955.177) | 1.120 | (455.401) |
| (88.316) | (955.177) | 441 | (455.369) |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Deferred tax assets | 190.259 | 269.312 |
| Deferred tax liabilities | (5.014) | (16.486) |
| Deferred tax assets/(liabilities), net | 185.245 | 252.826 |
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from its financial statements prepared in compliance with TAS and its statutory tax financial statements. The temporary differences usually result from the recognition of revenue and expenses in different reporting periods according to TAS and Tax Laws.
The tax rate used in the calculation of deferred tax assets and liabilities is 25% (31 December 2024: 25%)
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
The breakdown of cumulative temporary differences and the resulting deferred tax assets/liabilities provided using principal tax rates is as follows:
| Total temporary differences |
Deferred tax assets/(liabilities) |
||||
|---|---|---|---|---|---|
| 30 | 31 | 30 | 31 | ||
| September 2025 |
December 2024 |
September 2025 |
December 2024 |
||
| Investment incentives (*) | (1.155.093) | (1.171.637) | 288.773 | 292.909 | |
| Adjustments to borrowings | 104.034 | 91.666 | (26.008) | (22.916) | |
| Adjustments to property, plant and equipment | 509 | 17.783 | (127) | (4.446) | |
| Other | 309.572 | 50.881 | (77.393) | (12.721) | |
| Deffered tax assets/(liabilities), net | 185.245 | 252.826 |
(*) Within the scope of former Article 19 of Income Taxation Law, the related amount of investment incentive is mainly due to investment expenditures of Uluabat HEPP.
In accordance with the Group's assessments as of 30 September 2025, details of tax losses on which deferred taxes are not recognized, along with the year it is incurred and the maximum year it can be utilized, are provided below:
| Year incurred | Year can be used | 30 September 2025 | 31 December 2024 |
|---|---|---|---|
| 2020 | 2025 | 262.766 | 262.766 |
| 2021 | 2026 | 1.181.822 | 1.181.822 |
| 2022 | 2027 | 220.742 | 220.742 |
| 2023 | 2028 | 1.504.823 | 1.846.248 |
| 2024 | 2029 | 1.637.249 | 1.678.556 |
| 2025 | 2030 | 5.819.104 | - |
| 10.626.506 | 5.190.134 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Electricity sales revenue | 8.574.414 | 10.781.153 | 3.006.894 | 5.022.238 |
| Revenue on sharing of imbalance | 5.126.548 | 10.815.097 | 1.802.170 | 3.629.683 |
| Revenue on seconder frequency control | 612.942 | 1.023.095 | 228.203 | 343.833 |
| Revenue on capacity mechanism | 539.689 | 450.360 | 113.827 | 270.956 |
| Revenue on loading orders | 18.831 | 294.228 | 8.380 | 49.588 |
| Other revenues | 566.464 | 766.866 | 9.791 | 247.749 |
| 15.438.888 | 24.130.799 | 5.169.265 | 9.564.047 |
| 1 January - | 1 January - | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 |
30 September 2024 |
30 September 2025 |
30 September 2024 |
|
| Direct raw materials consumed and cost of | ||||
| electricity purchased (*) | 12.989.217 | 20.310.136 | 4.706.640 | 8.035.201 |
| Depreciation and amortization expenses | 1.478.567 | 1.893.840 | 496.679 | 616.354 |
| Personnel expenses | 509.654 | 604.215 | 100.365 | 193.054 |
| Maintenance and repair expenses | 349.700 | 405.712 | 90.419 | 148.087 |
| Other materials and spare parts consumed | 148.764 | 188.592 | 6.880 | 66.303 |
| Insurance expenses | 128.051 | 158.199 | 40.262 | 48.384 |
| Other expenses | 102.061 | 221.394 | 32.334 | 89.902 |
| 15.706.014 | 23.782.088 | 5.473.579 | 9.197.285 |
(*) Direct raw materials consumed comprised of cost of natural gas purchased, cost of energy purchased, imbalance sharing costs, system usage costs, and etc.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Direct raw materials consumed and | ||||
| cost of electricity purchased | 12.989.217 | 20.310.136 | 4.706.640 | 8.035.201 |
| Depreciation and amortization |
||||
| expenses (*) | 1.515.367 | 1.946.742 | 507.673 | 629.413 |
| Personnel expenses (**) | 845.977 | 922.612 | 189.892 | 300.626 |
| Maintenance and repair expenses | 349.700 | 405.712 | 90.419 | 148.087 |
| Other materials and spare parts | ||||
| consumed | 148.764 | 188.592 | 6.880 | 66.303 |
| Insurance expenses (***) | 130.841 | 161.798 | 41.293 | 49.521 |
| IT expenses | 63.724 | 40.696 | 17.441 | 15.580 |
| Consultancy expenses | 37.140 | 48.871 | 12.504 | 14.398 |
| Rent expenses | 29.354 | 21.908 | 8.931 | 8.153 |
| Office expenses | 18.899 | 21.539 | 4.204 | 7.016 |
| Taxes and duties | 17.671 | 25.305 | 3.520 | 4.598 |
| Vehicle expenses | 16.052 | 21.680 | 2.999 | 7.413 |
| Travel expenses | 13.818 | 12.043 | 2.939 | 3.957 |
| Advertising and sponsorship expenses | 5.052 | 2.771 | 968 | 1.006 |
| Other expenses | 140.595 | 285.052 | 41.912 | 123.687 |
| 16.322.171 | 24.415.457 | 5.638.215 | 9.414.959 |
(*) Depreciation and amortization expenses amounting to TL 1.478.567 (30 September 2024: TL 1.893.840) is classified in cost of sales, TL 36.800 (30 September 2024: TL 52.902) of amortization and depreciation expenses is classified in general administrative expenses.
(**) Personnel expenses amounting to 509.654 (30 September 2024: TL 604.215) is classified in cost of sales, TL 336.323 (30 September 2024: TL 318.397 is classified in general and administrative expenses.
(***) Insurance expenses amounting to TL 128.051 (30 September 2024: TL 158.199) is classified in cost of sales, TL 2.790 (30 September 2024: TL 3.599) is classified in general and administrative expenses.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Foreign exchange gains from | ||||
| trading activities | 243.352 | 63.812 | 175.858 | 35.934 |
| Gains of futures and options market | 147.637 | 196.614 | 70.045 | 96.321 |
| Provisions no longer required (*) | 44.293 | 25.117 | - | (1.097) |
| Delay interests received | 424 | 76.979 | 27 | 1.551 |
| Revenues from risk sharing |
||||
| agreements | - | 49.873 | - | 14.042 |
| Other income | 24.159 | 34.023 | 1.909 | 7.919 |
| 459.865 | 446.418 | 247.839 | 154.670 |
(*) As of 30 September 2025, TL 730 (30 September 2024: TL 11.779) of the provisions no longer required from litigation provisions, TL 42.091 from premium provisions (30 September 2024: TL 5.937) and TL 1.472 from other no longer required provisions (30 September 2024: TL 7.401)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Foreign exchange losses from | ||||
| trading activities | 205.892 | 43.946 | 163.506 | 7.807 |
| Losses on futures and options market | 152.072 | 154.080 | 40.019 | 50.252 |
| Other expenses | 28.290 | 108.989 | 13.502 | 18.277 |
| 386.254 | 307.015 | 217.027 | 76.336 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Profit on sale of property, plant and equipment |
2.203 | 71 | 2.129 | (259) |
| Dividend income | - | 97 | - | 97 |
| Fair value difference gain on exchange | ||||
| rate protected deposit accounts | - | 3.160 | - | (66) |
| Other income | - | 804 | - | 2 |
| 2.203 | 4.132 | 2.129 | (226) |
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Loss on sale of property, plant and equipment | 431 | 27.663 | 4 | 27.663 |
| 431 | 27.663 | 4 | 27.663 |
| 1 January - 30 September 2025 |
1 January -30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Interest income | 283.441 | 184.016 | 79.067 | 71.646 |
| Foreign exchange gain Gain on derivative financial |
181.909 | 214.390 | 43.226 | 1.993 |
| instruments | 13.753 | 36.419 | - | - |
| 479.103 | 434.825 | 122.293 | 73.639 |
| 1 January - 30 September 2025 |
1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Foreign exchange losses Interest and commission expenses Losses on derivative financial |
3.555.480 1.478.766 |
2.872.067 1.955.986 |
938.900 491.591 |
699.243 639.953 |
| instruments | 170.390 | 245.585 | 74.861 | 50.271 |
| Other financial expenses | 17.849 | 17.764 | 6.804 | 5.480 |
| 5.222.485 | 5.091.402 | 1.512.156 | 1.394.947 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 1 January - 30 September 2025 |
|
|---|---|
| Statement of financial position items | |
| Inventories | (16.059) |
| Prepaid expenses | 7.258 |
| Financial investments | 112 |
| Property, plant, and equipment | 7.670.414 |
| Intangible assets | 4.341 |
| Right of use assets | 27.533 |
| Deferred tax assets | 54.600 |
| Deferred income | (13) |
| Other payables (DSI payables indexation) | (142.641) |
| Deferred tax liabilities | (3.342) |
| Share capital | (3.351.240) |
| Other reserves | 4.295 |
| Share premiums | (297.943) |
| Gains/(losses) on re-measurement of defined benefit plans | 14.298 |
| Legal reserves | (64.482) |
| Accumulated profit/(loss) | 188.259 |
| Profit or Loss Statement Items | |
| Revenue | (1.366.721) |
| Cost of sales (-) | 1.505.114 |
| General administrative expenses (-) | 61.355 |
| Other operating income | (33.555) |
| Other operating expense (-) | 24.899 |
| Expenses from investment activities | (116) |
| Income from investment activities | 46 |
| Financial income | (51.616) |
| Financial expense (-) | 519.984 |
| Current income tax expense | 849 |
| Net monetary position gains | 4.755.629 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Sakarya Elektrik Perakende Satış A.Ş. ("Sepaş") (1) (**) | 351.904 | 300.573 | 236.800 | (12.963) |
| Aktek Bilgi İlet. Tekn. San. ve Tic. A.Ş. ("Aktek") (2) (**) | 67.725 | 50.642 | 17.637 | 11.280 |
| Ak-Han Bak.Yön.Serv.Hiz.Güv.Mal. A.Ş. ("Ak-Han") (3) (**) | 35.443 | 28.908 | 11.839 | 8.651 |
| Aksa Akrilik Kimya Sanayi A.Ş. ("Aksa) (4) (**) | 30.962 | 41.796 | 13.214 | 18.071 |
| Cez a.s. (5) (*) | 25.408 | 15.093 | 11.924 | 4.057 |
| Dinkal Sigorta Acenteliği A.Ş. ("Dinkal") (6) (**) | 24.015 | 29.834 | 14.480 | 19.487 |
| Other | 10.617 | 3.334 | 336 | 459 |
| 546.074 | 470.180 | 306.230 | 49.042 |
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Sepaş (1) (**) | 799.103 | 889.535 | 433.427 | 556.031 |
| Cez a.s (2) (*) | 343.985 | 332.899 | 106.328 | 129.028 |
| Aksa (3) (**) | 35.329 | 32.387 | 10.069 | 9.870 |
| Other | 6.703 | 7.293 | 2.692 | 3.589 |
| 1.185.120 | 1.262.114 | 552.516 | 698.518 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Sepaş (1) (**) | 21.115 | - |
| CEZ a.s. (2) (*) | 12.864 | 12.838 |
| Aksa (3) (**) | 2.661 | 2.447 |
| Other | 923 | 231 |
| 37.563 | 15.516 |
The average maturity days of trade receivables from related parties is 20 days.
| 30 September 2025 31 December 2024 |
|||
|---|---|---|---|
| Aktek (1) (**) | 10.726 | 19.689 | |
| Ak-Han (2) (**) | 6.097 | 6.374 | |
| Dinkal (3) (**) | 6.026 | 201.549 | |
| Aksa (4) (**) | 3.436 | 5.031 | |
| CEZ a.s (5)(*) | 249 | 1.688 | |
| Other | 284 | 8.955 | |
| 26.818 | 243.286 |
The average maturity days of trade payables from related parties is 30 days.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
For the purpose of these consolidated financial statements, key management compensation consists of the payments made to Group shareholders and top management (General Manager and Vice General Managers and directors).
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Salaries and benefits | 43.939 | 39.105 | 12.364 | 13.531 |
| Attendance fee | 7.078 | 4.787 | 3.002 | 1.882 |
| Bonus payment | - | 12.396 | - | (544) |
| 51.017 | 56.288 | 15.366 | 14.869 |
The Group is exposed to foreign exchange risk through the impact of rate changes in the translation of foreign currency denominated assets and liabilities to local currency. Foreign exchange risk arises from future obligations as well as foreign currency denominated assets and liabilities. These risks are monitored and limited by the monitoring of the foreign currency position. In order to manage this risk, foreign exchange purchases are made from spot markets and derivative instruments are used. The management limits the foreign currency position of the Group through analyzing it. The Group has reduced its exposure to currency risk by converting a significant portion of its USD denominated loans into TL with the refinancing it has made within the scope of Financial Restructuring on 11 November 2019.
The details of the foreign currency assets and liabilities as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Assets | 1.150.022 | 1.221.345 |
| Liabilities | (21.681.476) | (23.046.815) |
| Net financial position | (20.531.454) | (21.825.470) |
| Net position of derivative instruments | (1.162.190) | (744.894) |
| Foreign currency assets/(liabilities) position (net) | (21.693.644) | (22.570.364) |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
As of 30 September 2025 and 31 December 2024, assets and liabilities denominated in foreign currency and their TL equivalent held by the Group are as follows:
| 30 September 2025 | 31 December 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| TL | ||||||||
| Equivalent | USD | Euro | Other | TL Equivalent | USD | Euro | Other | |
| Trade receivables | 32.083 | 383 | 332 | - | 148.879 | 3.053 | 299 | |
| Monetary financial assets | 1.082.107 | 22.325 | 3.189 | - | 1.039.059 | 20.262 | 3.091 | |
| - | ||||||||
| Current assets | 1.114.190 | 22.708 | 3.521 | - | 1.187.938 | 23.315 | 3.390 | |
| Monetary financial assets | 35.832 | - | 735 | - | 33.407 | - | 725 | |
| Non-current assets | 35.832 | - | 735 | - | 33.407 | - | 725 | |
| Total assets | 1.150.022 | 22.708 | 4.256 | - | 1.221.345 | 23.315 | 4.115 | - |
| Trade payables Financial liabilities |
102.373 10.097.560 |
2.277 241.824 |
151 1.236 |
9 - |
294.455 1.978.159 |
6.300 43.360 |
340 1.289 |
|
| Other monetary liabilities | 28.194 | 415 | 225 | - | 33.411 | 755 | - | |
| Short-term liabilities | 10.228.127 | 244.516 | 1.612 | 9 | 2.306.025 | 50.415 | 1.629 | |
| Financial liabilities | 11.361.702 | 270.689 | 2.590 | - | 20.649.586 | 462.703 | 3.778 | |
| Other monetary liabilities | 91.647 | 2.208 | - | - | 91.204 | 2.061 | - | |
| Long-term liabilities | 11.453.349 | 272.897 | 2.590 | - | 20.740.790 | 464.764 | 3.778 | |
| Total liabilities | 21.681.476 | 517.413 | 4.202 | 9 | 23.046.815 | 515.179 | 5.407 | |
| Net Asset(Liability) Position of Statement of Financial Position Derivative | ||||||||
| Instruments | (1.162.190) | (28.000) | - | - | (744.894) | (16.000) | (800) | - |
| Off-Statement of financial position derivative liabilities | ||||||||
| Net foreign currency asset(liability) position | 1.162.190 (21.693.644) |
28.000 (522.705) |
- 54 |
- (9) |
744.894 (22.570.364) |
16.000 (507.864) |
800 (2.092) |
|
| Net foreign currency asset/(liability) position of monetary items | (20.531.454) | (494.705) | 54 | (9) | (21.825.470) | (491.864) | (1.292) | |
| Total fair value of financial instruments used for foreign currency | ||||||||
| hedging | 73.920 | 1.781 | - | - | 59.642 | 1.228 | 115 | |
| Export | 784.982 | 12.496 | 7.467 | - | 1.234.952 | 20.103 | 8.955 | |
| Import | 723.395 | 16.532 | 2.137 | 74 | 1.006.806 | 22.856 | 1.382 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to USD and EURO. As of 30 September 2025 and 31 December 2024, the following table details of Group's sensitivity to a 10% increase and decrease in the TL against relevant foreign currencies, all other variables held constant. The sensitivity analysis includes only monetary items in open foreign currency at the end of the year.
| Appreciation of foreign currency (2.053.362) (2.053.362) |
Profit /Loss Depreciation of foreign currency 2.053.362 2.053.362 |
Appreciation of foreign currency - - |
Equity Depreciation of foreign currency - |
|---|---|---|---|
| - | |||
| - | |||
| 263 | (263) | - | - |
| - | |||
| - | |||
| (2.053.149) | 2.053.149 | - | - |
| 31 December 2024 | |||
| Equity | |||
| Depreciation of | |||
| foreign | foreign | foreign | foreign |
| currency | currency | currency | currency |
| - | |||
| (2.176.593) | 2.176.593 | - | - |
| - | |||
| (5.953) | 5.953 | - | - |
| - | |||
| - | - | - | - |
| - | |||
| 263 +/- 10% fluctuation of other currencies rate against to TL (50) (50) Appreciation of (2.176.593) (5.953) +/- 10% fluctuation of other currencies rate against to TL - (2.182.546) |
(263) 50 50 Profit /Loss Depreciation of 2.176.593 5.953 - 2.182.546 |
- - - Appreciation of - - - - |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 30 September 2025 unless otherwise indicated.)
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The estimated fair values of financial instruments have been determined by the Group, using available market information and appropriate valuation methodologies. However, judgment is necessarily required to interpret market data to estimate the fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Group could realize in a current market exchange.
The following methods and assumptions have been used in estimating the fair value of financial instruments:
It is anticipated that the carrying values of financial assets, including cash and cash equivalents, measured at cost, are equal to their fair values due to their short-term nature.
The carrying values of trade receivables along with the related allowances for uncollectability are estimated to be their fair values.
The fair values of short-term bank borrowings and other monetary liabilities are considered to approximate to their respective carrying values. The carrying values of the long-term bank loans of the Group reflect their fair values due to the repricing of the loans within the scope of the Financial Restructuring made on 11 November 2019.
NOTE 19 - SUBSEQUENT EVENTS
The Group classifies the fair value measurement of each class of financial instruments according to the source, using the three-level hierarchy, as follows:
Level 1: Market price valuation techniques for the determined financial instruments traded in markets (unadjusted)
Level 2: Other valuation techniques include direct or indirect observable inputs
Level 3: Valuation techniques do not contain observable market inputs
As of 30 September 2025, the Group has short-term liabilities of TL 73.920 (31 December 2024: TL 59.642) related to derivative financial instruments classified as level 2.
Fair value of the lands, land improvements, buildings, machinery and equipment of the Group's power plants were measured by a professional independent valuation company on 31 December 2024 through other valuation techniques involving direct and indirect observable inputs (Level 3) (Note 2.6).
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