Quarterly Report • Nov 7, 2025
Quarterly Report
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CONSOLIDATED FINANCIAL STATEMENTS FOR INTERIM PERIOD 1 JANUARY – 30 SEPTEMBER 2025 AND INDEPENDENT AUDITOR'S REPORT
(CONVENIENCE TRANSLATION OF THE FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-2 | |
|---|---|---|
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
3 | |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 4 | |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 5 | |
| NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6-48 | |
| NOTE 1 | ORGANIZATION AND OPERATION OF THE GROUP | 6-7 |
| NOTE 2 | BASIS OF PRESENTATION OF THE CONCOLIDATED FINANCIAL STATEMENTS 8-11 | |
| NOTE 3 | ACCOUNTING POLICIES12-14 | |
| NOTE 4 | CASH AND CASH EQUIVALENTS | 15 |
| NOTE 5 | FINANCIAL LIABILITIES 16-17 | |
| NOTE 6 | TRADE RECEIVABLES AND PAYABLES 18-19 | |
| NOTE 7 | OTHER RECEIVABLES AND PAYABLES19 | |
| NOTE 8 | INVENTORIES20-24 | |
| NOTE 9 | INVESTMENT PROPERTIES24-25 | |
| NOTE 10 | PROPERTY, PLANT AND EQUIPMENT 26 | |
| NOTE 11 | INTANGIBLE ASSETS 27 | |
| NOTE 12 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 27-31 | |
| NOTE 13 | EMPOYEE BENEFITS 32 | |
| NOTE 14 | OTHER ASSETS | 33 |
| NOTE 15 | DEFERRED INCOME AND PREPAID EXPENSES 33 | |
| NOTE 16 | SHAREHOLDERS' EQUITY | 34 |
| NOTE 17 | REVENUE AND COST OF SALES 35 | |
| NOTE 18 | GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES 36 | |
| NOTE 19 | EXPENSES BY NATURE 37 | |
| NOTE 20 | OTHER INCOME / EXPENSES FROM OPERATING ACTIVITIES 37 | |
| NOTE 21 | FINANCIAL INCOME / EXPENSES 38 | |
| NOTE 22 | TAX ASSETS AND LIABILITIES 38-41 | |
| NOTE 23 | EARNING PER SHARE41 | |
| NOTE 24 | RELATED PARTY DISCLOSURES 42-44 | |
| NOTE 25 | EXPLANATIONS ON MONETARY POSITION GAINS/(LOSSES)45 | |
| NOTE 26 | COMMITMENTS 46 | |
| NOTE 27 | EVENTS AFTER THE REPORTING PERIOD 47 | |
| ADDITIONAL NOTE CONTROL OF COMPLIANCE WITH THE PORTFOLIO LIMITATIONS | 48 |
| Notes | Unaudited 30 September 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| ASSETS | |||
| Current assets | 260,581,276 | 236,731,799 | |
| Cash and cash equivalents | 4 | 11,909,732 | 10,387,306 |
| Financial investments | 2,218,083 | 72,067 | |
| Trade receivables | 26,795,923 | 7,751,139 | |
| Trade receivables due from related parties | 24 | 6,787,254 | 9,706 |
| Trade receivables due from third parties | 6 | 20,008,669 | 7,741,433 |
| Other receivables | 1,522,577 | 1,493,114 | |
| Other receivables due from related parties | 24 | 657,802 | 326,127 |
| Other receivables due from third parties | 7 | 864,775 | 1,166,987 |
| Inventories | 8 | 213,229,016 | 209,742,106 |
| Prepaid expenses | 233,940 | 539,920 | |
| Prepaid expenses to third parties | 15 | 233,940 | 539,920 |
| Other current assets | 14 | 4,672,005 | 6,746,147 |
| Non-current assets | 37,176,343 | 20,277,136 | |
| Trade receivables | 6,110,685 | 5,451,142 | |
| Trade receivables due from third parties | 6 | 6,110,685 | 5,451,142 |
| Other receivables | 17,092,681 | 32,299 | |
| Other receivables due from related parties | 24 | 17,066,580 | - |
| Other receivables due from third parties | 7 | 26,101 | 32,299 |
| Investments accounted for using equity method | 2,963 | 3,126 | |
| Investment properties | 9 | 5,807,995 | 3,311,860 |
| Right-of-use assets | 81,492 | 29,081 | |
| Property, plant and equipment | 10 | 2,637,732 | 2,521,991 |
| Intangible assets | 11 | 173,200 | 158,844 |
| Prepaid expenses | 2,445 | 1,185 | |
| Deferred tax assets | 22 | 5,267,150 | 8,767,608 |
| Total assets | 297,757,619 | 257,008,935 |
| Notes | Unaudited 30 September 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| LIABILITIES AND EQUITY | |||
| Current liabilities | 124,355,994 | 135,532,226 | |
| Short-term borrowings | 5 | 16,634,819 | 14,557,302 |
| Short-term portions of long-term borrowings | 5 | 88,378 | 1,629,610 |
| Lease liabilities | 5 | 3,039 | 3,812 |
| Bank loans | 5 | 85,339 | 1,625,798 |
| Trade payables | 19,031,551 | 9,387,643 | |
| Trade payables due to related parties | 24 | 579,158 | - |
| Trade payables due to third parties | 6 | 18,452,393 | 9,387,643 |
| Other payables | 2,465,026 | 3,799,372 | |
| Other payables to related parties | 24 | 5,205 | 842 |
| Other payables to third parties | 7 | 2,459,821 | 3,798,530 |
| Deferred income | 84,944,671 | 105,339,975 | |
| Deferred income from related parties | 24 | 549,148 | 5,657,657 |
| Deferred income from third parties | 15 | 84,395,523 | 99,682,318 |
| 22 | |||
| Current period profit tax liability | 597,124 | 159,681 | |
| Short-term provisions | 594,425 | 658,643 | |
| Short-term provisions for employee benefits Other short-term provisions |
13 12 |
110,758 483,667 |
118,888 539,755 |
| Non-current liabilities | 44,546,862 | 1,311,248 | |
| Long-term borrowings | 5 | 22,319,465 | 24,415 |
| Lease liabilities | 5 | 19,465 | 24,415 |
| Bank Loans | 5 | 22,300,000 | - |
| Other financial liabilities | 5 | 21,408,305 | - |
| Trade payables | 7,110 | 463,116 | |
| Trade payables due to third parties | 6 | 7,110 | 463,116 |
| Other payables | 573,424 | 593,076 | |
| Other payables to third parties | 7 | 573,424 | 593,076 |
| Deferred income | 6,001 | 7,206 | |
| Deferred income from third parties | 15 | 6,001 | 7,206 |
| Long-term provisions | 232,557 | 223,435 | |
| Long-term provisions for employee benefits | 13 | 232,557 | 223,435 |
| Shareholders' equity | 128,854,763 | 120,165,461 | |
| Total equity attributable to equity holders of the Company | 128,854,763 | 120,165,461 | |
| Paid-in capital | 16 | 3,800,000 | 3,800,000 |
| Adjustment to share capital | 16 | 65,255,943 | 65,255,943 |
| Treasury shares (-) | (81,088) | (81,088) | |
| Share premium (discounts) | 36,287,362 | 36,287,362 | |
| Other comprehensive expenses | (19,189) | (28,596) | |
| not to be reclassified under profit and loss | |||
| Loss arising from defined benefit plans | (19,189) | (28,596) | |
| Other equity reserves | (2,181,476) | (2,181,476) | |
| Restricted reserves appropriated from profit | 11,038,901 | 10,893,956 | |
| Retained earnings | 4,417,909 | (10,334,061) | |
| Net profit for the year | 10,336,401 | 16,553,421 | |
| Non-controlling interests | |||
| Total liabilities and equity | 297,757,619 | 257,008,935 | |
| Unaudited | Unaudited | Unaudited | Unaudited | ||
|---|---|---|---|---|---|
| Notes | 1 January - | 1 July - | 1 January - 30 September 2025 30 September 2025 30 September 2024 30 September 2024 |
1 July - | |
| Revenue Cost of sales (-) |
17 17 |
65,695,425 (45,058,793) |
14,211,296 (9,838,098) |
22,294,223 (13,911,405) |
11,498,584 (7,841,343) |
| Gross profit | 20,636,632 | 4,373,198 | 8,382,818 | 3,657,241 | |
| General administrative expenses (-) | 18 | (3,222,480) | (1,070,984) | (3,071,005) | (1,114,305) |
| Marketing expenses (-) | 18 | (988,309) | (462,115) | (389,877) | (84,239) |
| Other income from operating activities | 20 | 6,363,685 | 1,714,974 | 2,341,251 | 893,379 |
| Other expenses from operating activities (-) | 20 | (2,435,527) | (76,683) | (921,856) | (620,074) |
| Operating profit | 20,354,001 | 4,478,390 | 6,341,331 | 2,732,002 | |
| Expense from investing activities (-) | (257,296) - |
(257,296) - |
- - |
- - |
|
| Operating profit before financial income | 20,096,705 | 4,221,094 | 6,341,331 | 2,732,002 | |
| Financial income | 21 | 1,348,130 | - 492,403 |
- 4,084,452 |
- 1,202,301 |
| Financial expenses (-) | 21 | (7,772,674) | (3,480,601) | (1,243,800) | (371,300) |
| Monetary gain /(loss) | 25 | 1,738,500 | 189,573 | (4,648,719) | (635,267) |
| Profit from continuing operations, before tax | 15,410,661 | 1,422,469 | 4,533,264 | 2,927,736 | |
| Tax expense from continuing operations | (5,074,260) | - (1,228,251) |
- (11,789) |
- 73,696 |
|
| Current period tax expense | 22 | (1,576,938) | 500,408 | - | - |
| Deferred tax expense | 22 | (3,497,322) | (1,728,659) | (11,789) | 73,696 |
| Net profit for the period | 10,336,401 | 194,218 | 4,521,475 | 3,001,432 | |
| Profit for the period is attributable to: | |||||
| Non-controlling interests | - | - | - | - | |
| Owners of the Company | 10,336,401 | 194,218 - |
4,521,475 - |
3,001,432 - |
|
| Earnings per share (in full TRY) | 23 | 0.27169 | 0.00510- | 0.11884- | 0.07889- |
| Other comprehensive expense | - | - | - | ||
| Items that will be reclassified to profit or loss | |||||
| Actuarial losses related to | |||||
| employee benefit liabilities | 12,543 | 10,403 | (33,158) | 117 | |
| Taxes related to components of other comprehensive | |||||
| income that will be reclassified to profit or loss Actuarial losses related to |
(3,136) | (2,601) | 8,290 | (29) | |
| employee benefit liabilities, tax effect | 22 | (3,136) | (2,601) | 8,290 | (29) |
| Other comprehensive expense | 9,407 | - 7,802 |
- (24,868) |
- 88 |
|
| Total comprehensive income for the period | 10,345,808 | 202,020 | 4,496,607 | 3,001,520 | |
| Total comprehensive income is attributable to: | |||||
| Non-controlling interests | - | - | - | - | |
| Owners of the Company | 10,345,808 | 202,020 | 4,496,607 | 3,001,520 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Other accumulated comprehensive income and expense
| not to be reclassified to | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| profit or loss | Retained earnings | |||||||||||
| Adjustment | Share | Other | Other restricted | Gain/loss on | Net profit | Equity | ||||||
| Share | to share | Treasury | premium/ | equityreserves appropriated | remeasurement of | Retained | for the | attributable Non-controlling | Total | |||
| capital | capital | shares | discounts | reserves | from profit | defined benefit plans | earnings | period | to the parent | interest | equity | |
| 1 January 2024 | 3,800,000 | 59,600,877 | (74,447) | 33,315,749 | (2,002,833) | 10,001,838 | - | (2,713,687) | (6,774,107) | 95,153,390 | - | 95,153,390 |
| Transfers | - | - | - | - | - | - | - | (6,774,107) | 6,774,107 | - | - | - |
| Total comprehensive income | - | - | - | - | - | - | (24,868) | - | 4,521,475 | 4,496,607 | - | 4,496,607 |
| 30 September 2024 | 3,800,000 | 59,600,877 | (74,447) | 33,315,749 | (2,002,833) | 10,001,838 | (24,868) | (9,487,794) | 4,521,475 | 99,649,997 | - | 99,649,997 |
| 1 January 2025 | 3,800,000 | 65,255,943 | (81,088) | 36,287,362 | (2,181,476) | 10,893,956 | (28,596) | (10,334,061) | 16,553,421 | 120,165,461 | - | 120,165,461 |
| Transfers | - | - | - | - | - | - | - | 16,553,421 (16,553,421) | - | - | - | |
| Dividend (*) | - | - | - | - | - | 144,945 | - | (1,801,451) | - | (1,656,506) | - | (1,656,506) |
| Total comprehensive income | - | - | - | - | - | - | 9,407 | - | 10,336,401 | 10,345,808 | - | 10,345,808 |
| 30 September 2025 | 3,800,000 | 65,255,943 | (81,088) | 36,287,362 | (2,181,476) | 11,038,901 | (19,189) | 4,417,909 | 10,336,401 | 128,854,763 | - | 128,854,763 |
(*) At the Ordinary General Assembly Meeting held on 14 May 2025, the decision to distribute a cash dividend amounting to TRY 1,656,506 from the profit for the year 2024 was approved by majority vote. As of the date of the dividend distribution decision (14 May 2025), the Company held 0.12% of its own shares with a nominal value of TRY 1 per share. Accordingly, the dividend amount corresponding to the Company's own shares has been netted off from the total dividend payable. The dividend payment was made in cash on 16 June 2025.
| Unaudited | Unaudited | ||
|---|---|---|---|
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
||
| Cash flows from operating activities | |||
| Profit for the period | 10,336,401 | 4,521,475 | |
| Adjustments related to reconcile of net profit for the period | |||
| Adjustments related to depreciation and amortization expenses | 9, 10, 11, 18, 19 | 321,088 | 214,708 |
| Adjustments related to tax expense | 22 | 5,074,260 | 11,789 |
| Adjustments related to (reversal of) impairments (net) | (7,542,435) | (1,397,833) | |
| Adjustments related to (reversal of) impairment of inventories (net) | 8 | (7,542,435) | (1,397,833) |
| Adjustments related to provisions | (29,087) | (41,347) | |
| Adjustments related to (reversal of) | |||
| provisions for employee benefits | (53,477) | (45,193) | |
| Adjustments related to (reversal of) provision for lawsuit and other | 24,390 | 3,846 | |
| Adjustments for interest (income) and expenses | 2,982,500 | (3,270,264) | |
| Adjustments for interest income | 20, 21 | (6,643,297) | (4,802,089) |
| Adjustments for interest expense | 20, 21 | 9,625,797 | 1,531,825 |
| Monetary gain/loss | 932,611 | 8,484,308 | |
| Net cash from operations | |||
| before changes in assets and liabilities | 12,075,338 | 8,522,836 | |
| Changes in net working capital: | |||
| Adjustments related to (increase)/decrease in trade receivable | (24,515,811) | 1,568,785 | |
| Decrease/(increase) in trade receivables from related parties | (7,426,194) | 2,343,498 | |
| Decrease/(Increase) in trade receivables from third parties | (17,089,617) | (774,713) | |
| Adjustments related to decrease/(increase) in inventories | 2,021,770 | (49,334,850) | |
| Adjustments related to increase/(decrease) in trade payables | 12,251,953 | 3,450,114 | |
| Increase/(decrease) in trade payables to third parties | 12,251,953 | 3,450,114 | |
| Adjustments related to decrease/(increase) in other receivables related to operations | (19,058,757) | 1,196,635 | |
| Decrease/(increase) in other receivables from related parties | (19,130,249) | 107,583 | |
| Decrease/(Increase) in other receivables from third parties | 71,492 | 1,089,052 | |
| Adjustments related to increase/(decrease) in other payables related to operations | (20,914,124) | 12,102,939 | |
| Increase/(decrease) in other payables to related parties | (5,113,475) | (711,448) | |
| Increase/(decrease) in other payables to third parties | (15,800,649) | 12,814,387 | |
| Adjustments related to other increase/(decrease) in working capital | (4,729,548) | 162,208 | |
| Cash flows from operating activities | |||
| Interest received | 243,462 | 219,803 | |
| Payments related to provisions for employee benefits | (11,089) | (26,475) | |
| Cash flows from operating activities, net | (42,636,806) | (22,138,005) | |
| Purchases of investment properties, | |||
| property, plant and equipment and intangible assets | 9, 10, 11 | (913,565) | (596,402) |
| Adjustments related to the increase/decrease in financial investments | (2,366,723) | - | |
| Cash flows from investing activities | (3,280,288) | (596,402) | |
| Proceeds from borrowings | 5 | 55,832,610 | 8,520,891 |
| Proceeds from loans | 29,292,477 | 2,412,752 | |
| Proceeds from Issue of debt instruments | 26,540,133 | 6,108,139 | |
| Repayments of borrowings | 5 | (28,963,958) | (6,292,015) |
| Loan repayments | (10,351,689) | (2,508,023) | |
| Payments of issued debt instruments | (18,612,269) | (3,783,992) | |
| Other financial liabilities | 21,408,305 | - | |
| Interest paid | (6,818,956) | (2,445,747) | |
| Dividend | (1,656,506) | - | |
| Interest received | 6,399,835 | 4,582,286 | |
| Cash flow from financing activities | 46,201,330 | 4,365,415 | |
| Inflation impact on cash and cash equivalents | (3,646,691) | (4,772,832) | |
| Net increase (decrease) in cash and cash equivalents | (3,362,455) | (23,141,824) | |
| Cash and cash equivalents at the beginning of the period | 4 | 8,328,374 | 26,927,954 |
| Cash and cash equivalents at the end of the period | 4 | 4,965,919 | 3,786,130 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. ("Emlak Konut GYO" or the "Group") was established on 26 December 1990 as a subsidiary of Türkiye Emlak Bankası A.Ş. The Group is governed by its articles of association, and is also subject to the terms of the decree law about Public Finances Enterprises No. 233, in accordance with the statute of Türkiye Emlak Bankası A.Ş. The Group has been registered and started its activities on 6 March 1991. The Group's articles of association were revised on 19 May 2001 and it became an entity subject to the Turkish Commercial Code No. 4603.
The Company was transformed into a Real Estate Investment Company with Senior Planning Committee Decree No. 99/T-29, dated 4 August 1999, and according to Statutory Decree No. 588, dated 29 December 1999. According to Permission No. 298, dated 20 June 2002, granted by the Capital Markets Board ("CMB") regarding transformation of the Company into a Real Estate Investment Company and permission No. 5320, dated 25 June 2002, from the Republic of Turkey Ministry of Industry and Trade and amendment draft for the articles of association of the Company was submitted for the approval of the Board and the amendment draft was approved at the Ordinary General Shareholders Committee meeting of the Company convened on 22 July 2002, changing the articles of association accordingly.
The articles of association of the Company were certified by Istanbul Trade Registry Office on 29 July 2002 and entered into force after being published in Trade Registry Gazette dated 1 August 2002. As the result of the General Shareholders committee meeting of the Company convened on 28 February 2006, the title of the Company "Emlak Gayrimenkul Yatırım Ortaklığı A.Ş." was changed to "Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş."
By the decision of the Board of Directors of Istanbul Stock Exchange Market on 26 November 2010, 25% portion of the Company's class B shares with a nominal value of TRY625,000 has been trading on the stock exchange since 2 December 2010.
The registered address of the Group is Barbaros Mah. Mor Sümbül Sok. No: 7/2 B (Batı Ataşehir) Ataşehir – İstanbul. As of 30 September 2025, the number of employees of the Group is 1,370 (31 December 2024 - 1,231).
The objective and operating activity of the Company is coordinating and executing real estate property projects mostly housing, besides, commercial units, educational units, social facilities, and all related aspects, controlling and building audit services of the ongoing projects, marketing and selling the finished housing. Due to statutory obligation to be in compliance with the Real Estate Investment Companies decrees and related CMB communiqués, The Company cannot be a part of construction business, but only can organize it by auctioning between the contractors.
The consolidated financial statements on 30 September 2025 have been approved by the Board of Directors on 7 November 2025.
The ultimate parent and ultimate controlling party of the Group is T.C. Toplu Konut İdaresi Başkanlığı (the Housing Development Administration of Turkey, "TOKİ"). TOKİ is a state institution under the control of Republic of Turkey Ministry of Enviroment Urbanisation and Climate Change.
Emlak Konut GYO will be referred to as the "Group" with its subsidiaries and interests in joint ventures.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Subsidiaries of Emlak Konut GYO operate in Turkey and their main operations are as follows:
Subsidiaries Main Operations
Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. A.Ş. ("EPP") Real Estate Investments Emlak Konut Asansör Sistemleri Sanayi ve Ticaret A.Ş. Production, Sales and Marketing
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Direct and indirect |
Effective ownership rate |
Direct and indirect | Effective ownership rate |
|
| ownership rate | (%) | ownership rate (%) | (%) | |
| Emlak Planlama İnşaat Proje Yönetimi ve Ticaret A.Ş. | 100 | 100 | 100 | 100 |
| Emlak Konut Asansör Sistemleri Sanayi ve Ticaret A.Ş. | 100 | 100 | 100 | 100 |
Shares in Joint Operations of Emlak Konut GYO operate in Turkey and their main operations are as follows:
Dap Yapı İnşaat Sanayi ve Ticaret A.Ş. ve Eltes İnşaat Tesisat Sanayi ve Ticaret A.Ş.Ortak Girişimi –
Emlak Konut GYO A.Ş. ("İstmarina AVM Adi Ortaklığı") Shopping Mall and Office Management Büyükyalı Tesis Yönetimi A.Ş Shopping Mall and Office Management
Merkez Cadde Yönetim A.Ş Shopping Mall and Office Management
| 30 September 2025 Direct and |
31 December 2024 | |||
|---|---|---|---|---|
| indirect ownership rate (%) |
Effective ownership rate (%) |
Direct and indirect ownership rate (%) |
Effective ownership rate (%) |
|
| Merkez Cadde Yönetim A.Ş. | 30 | 30 | - | - |
| İstmarina AVM Adi Ortaklığı | 40 | 40 | 40 | 40 |
| Büyükyalı Tesis Yönetimi A.Ş. | 37 | 37 | 37 | 37 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The accompanying standalone financial statements of the Group have been prepared in accordance with the communiqué numbered II-14,1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") which is published on Official Gazette numbered 28676 dated 13 June 2013 and Turkish Financial Reporting Standards and appendices and interpretations related to them adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA") have been taken as basis. TFRS is updated through communiqués in order to comply with the changes in the Turkish Financial Reporting Standards (TFRS).
The interim condensed consolidated financial statements are presented in accordance with the formats specified in the "Communiqué on TFRS Taxonomy" published by the POA on 4 October 2022 and the Illustrations of Financial Statements and Application Guidance published by the CMB. Pursuant to Turkish Accounting Standard No. 34 "Interim Financial Reporting," entities are allowed to prepare either a full set or condensed interim consolidated financial statements. In this context, the Company has opted to prepare condensed interim consolidated financial statements. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements as of 31 December 2024.
The Group maintains its books of account and prepares its statutory financial statements in accordance with the principals issued by CMB, the Turkish Commercial Code ("TCC"), tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The consolidated financial statements have been prepared on the basis of historical cost, with the necessary adjustments and classifications reflected in the statutory records in accordance with TFRS.
The consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group and its subsidiaries. Control is achieved when the Group:
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group's voting rights in an investee are sufficient to give it power, including:
Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. 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 Group gains control until the date when the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e., reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable TFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under TFRS 9 Financial Instruments, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
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.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with TFRS 5. Under the equity method, investments in associates are carried in the balance sheet at cost as adjusted for post-acquisition changes in the Group's share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate) are not recognized. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
Gains and losses arising from transactions between the Group and an associate of the Group are eliminated to the extent of the Group's interest in the relevant associate or joint venture.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the 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 prepared its consolidated financial statements as of 30 September 2025 and for the interim period ended 30 September 2025 by applying TAS 29 "Financial Reporting in Hyperinflationary Economies" in accordance with the announcement made by POA on 23 November 2023 and the "Application Guidance on Financial Reporting in Hyperinflationary Economies". In accordance with the standard, financial statements prepared in the currency of a hyperinflationary economy are stated in terms of the purchasing power of that currency at the balance sheet date and comparative figures for prior periods are expressed in terms of the measuring unit current at the end of the reporting period. Therefore, the Group has presented its consolidated financial statements as of 30 September 2024 and 31 December 2024 on a purchasing power basis as of 30 September 2025.
It has been decided that institutions registered in CMB and import companies obligated to apply financial statement adjustments stated in TAS/TFRS are required to apply hyperinflation accounting by implementing TAS 29 to financial statements for the year ended 31 December 2023, according to the rule number 81/1820 declared by CMB dated in 28 December 2023.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Turkey published by the Turkish Statistical Institute ("TSI"). As at 30 September 2025, the indices and adjustment factors used in the restatement of the consolidated financial statements are as follows:
| Date | Index | Adjustment | 3-year cumulative |
|---|---|---|---|
| correlation | inflation ratios | ||
| 30.09.2025 | 3,367,22 | 1.00000 | 222% |
| 31.12.2024 | 2,684,55 | 1.25430 | 291% |
| 30.09.2024 | 2,526,16 | 1.33294 | 343% |
Procedure of TAS 29 is presented below:
The main components of the Group's restatement for the purpose of financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Interim condensed consolidated financial statements as of 30 September 2025 have been prepared by applying accounting policies that are consistent with the accounting policies applied in the preparation of the financial statements for the year ended 31 December 2024. Therefore, interim condensed financial statements should be read together with the end-of-year financial statements in order to create coherence.
Management assesses that the amendments to the standards will not have a material impact on the Group's financial statements.
Management assesses that the amendments to the standards will not have a material impact on the Group's financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Management assesses that the amendments to the standards will not have a material impact on the Group's financial statements.
• Amendment to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity; effective from annual periods beginning on or after 1 January 2026 but can be early adopted subject to local endorsement where required. These amendments change the 'own use' and hedge accounting requirements of IFRS 9 and include targeted disclosure requirements to IFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as 'contracts referencing nature-dependent electricity'.
Management assesses that the amendments to the standards will not have a material impact on the Group's financial statements.
Management assesses that the amendments to the standards will not have a material impact on the Group's financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Management assesses that the amendments to the standards will not have a material impact on the Group's financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Cash on hand | 120 | 114 |
| Banks | 9,980,350 | 7,715,212 |
| - Demand deposit | 347,779 | 541,773 |
| - Time deposits with maturities less than 3 months | 9,632,571 | 7,173,439 |
| Other cash and cash equivalents | 1,929,262 | 2,671,980 |
| 11,909,732 | 10,387,306 |
Maturities of cash and cash flows are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Demand | 347,779 | 541,773 |
| Up to 3 month | 9,632,571 | 7,173,439 |
| 9,980,350 | 7,715,212 |
Average effective annual interest rates on time deposits in TRY on the balance sheet date:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| (%) | (%) | |
| Effective annual interest rate | 40.59 | 46.34 |
The calculation of cash and cash equivalents of the Group for the use in statements of cash flows is as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Cash and cash equivalents | 11,909,732 | 10,387,306 |
| Less: Interest accruals on deposits | - | (3,862) |
| Less: LSRSA project deposits (*) | (3,386,005) | (2,059,282) |
| Less: T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") (**) |
(3,561,166) | - |
| Add: the effect of provisions released under TFRS 9 | 3,358 | 4,212 |
| 4,965,919 | 8,328,374 |
(*) The contractors' portion of the residential unit sales from the LSRSA projects under construction and which accumulated in the bank accounts opened under the control of the Group is kept in deposits accounts in the name of the related projects under the control of the Group as stated in the agreement. There is no blocked deposit (31 December 2024: None) project accounts amounting TRY 3,386,005 (31 December 2024: TRY 2,059,282).
(**) Within the scope of the protocols executed with TOKİ relating to the Damla Kent project, the certificate proceeds issued on behalf of TOKİ are invested in time deposit accounts of Emlak Konut on behalf of TOKİ. All interest income accrued in these time deposit accounts will be payable to TOKİ.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term financial liabilities | ||
| Short-term bank loans | 12,999,624 | 8,100,814 |
| Issued debt instruments | 3,635,195 | 6,456,488 |
| Short-term portion of long-term borrowings | 85,339 | 1,625,798 |
| Lease obligation | 3,039 | 3,812 |
| 16,723,197 | 16,186,912 | |
| Long-term financial liabilities | 30 September 2025 | 31 December 2024 |
| Long-term bank loans | 22,300,000 | - |
| Lease obligation | 19,465 | 24,415 |
| 22,319,465 | 24,415 |
Borrowings used as of 30 September 2025 are denominated in TRY and the weighted average interest rate is 43.77% (31 December 2024: 41.11%).
As of 30 September 2025, the entity completed a lease certificate issuance, with a weighted average interest rate of 41.42% (31 December 2024: 44.29%).
| Other financial liabilities | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Other financial liabilities (*) | 21,408,305 | - |
| 21,408,305 | - |
(*) This amount represents the proceeds obtained from the Real Estate Certificate issuance carried out by the Group on behalf of TOKİ, within the scope of the "Cooperation Protocol" signed between the Group and the Ministry of Environment, Urbanisation and Climate Change – Housing Development Administration of Turkey (TOKİ), for the "Damla Kent Project" to be developed on the TOKİ-owned land located in Başakşehir / İstanbul under the guarantee of TOKİ.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The movement table of loans and issued debt instruments is presented below:
| 2025 | 2024 | |
|---|---|---|
| Opening balance, 1 January | 16,183,100 | 8,140,846 |
| Additions during the period | 55,832,610 | 8,520,891 |
| Payments during the period | (28,963,958) | (6,292,015) |
| Interest accruals | 2,806,841 | 913,921 |
| Monetary gain | (6,838,435) | (3,209,497) |
| Closing balance, 30 September | 39,020,158 | 8,074,146 |
The maturity distributions of the borrowings are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Less than 3 months | 12,600,515 | 2,941,700 |
| Between 3 - 12 months | 4,119,643 | 13,241,400 |
| Between 1 - 5 years | 22,300,000 | - |
| 39,020,158 | 16,183,100 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Short-term trade receivables | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Receivables from sale of residential and commercial units | 14,216,400 | 5,378,935 |
| Due from related parties (Note 24) | 6,787,254 | 9,706 |
| Receivables from contractors of the lands invoiced under LSRSA |
5,460,649 | 1,536,775 |
| Receivables from land sales | 884,265 | 1,392,886 |
| Notes of receivables | 119,496 | 187,601 |
| Receivables from lessees | 53,552 | 87,175 |
| Other | 25,506 | 25,304 |
| Unearned finance income | (751,199) | (867,243) |
| 26,795,923 | 7,751,139 | |
| Doubtful receivables | 10,616 | 15,631 |
| Less: Provision for doubtful receivables | (10,616) | (15,631) |
| 26,795,923 | 7,751,139 | |
| 30 September 2025 | 31 December 2024 | |
| Long-term trade receivables | ||
| Receivables from sale of residential and commercial units | 9,066,448 | 7,227,445 |
| Receivables from land sales | 678,448 | 891,365 |
| Unearned finance income | (3,634,211) | (2,667,668) |
| 6,110,685 | 5,451,142 | |
| 30 September 2025 | 31 December 2024 | |
| Short-term trade payables | ||
| Trade payables | 15,377,923 | 7,229,932 |
| Payables to LSRSA contractors invoiced | 2,452,790 | 1,850,435 |
| Due to related parties (Note 24) | 579,158 | - |
Interest accruals on time deposits of contractors (*) 621,680 307,276
19,031,551 9,387,643
(*) The contractors' portion of the residential unit sales from the LSRSA projects under construction and which accumulated in the bank accounts opened under the control of the Group is kept in deposits accounts in the name of the related projects under the control of the Group as stated in the agreement. The Group tracks the contractor's share of the interest obtained from the advances accumulated in these accounts in short-term payables.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Long-term trade payables | ||
| Trade payables | 7,110 | 463,116 |
| 7,110 | 463,116 | |
| NOTE 7 – OTHER RECEIVABLES AND PAYABLES |
31 December 2024 | |
| Short-term other receivables | 30 September 2025 | |
| Advances given to contractor firms | 725,021 | 1,006,091 |
| Other receivables from related parties (Note 24) | 657,802 | 326,127 |
| Receivables from the authorities | 31,893 | 39,941 |
| Other | 107,861 | 120,955 |
| 1,522,577 | 1,493,114 | |
| 30 September 2025 | 31 December 2024 | |
| Long-term other receivables | ||
| Other receivables from related parties (Note 24)(*) | 17,066,580 | - |
| Other receivables from third parties | 25,087 | 31,028 |
| Deposits and guarantees given | 1,014 | 1,271 |
| 17,092,681 | 32,299 |
(*) Within the scope of the "Cooperation Protocol" signed between the Group and the Republic of Türkiye Ministry of Environment, Urbanisation and Climate Change – Housing Development Administration of Türkiye (TOKİ), this represents the portion paid to TOKİ from the proceeds of the Real Estate Certificate issuance carried out by the Group on behalf of TOKİ for the "Damla Kent Project" to be developed, under TOKİ guarantee, on the land owned by TOKİ located in Başakşehir / İstanbul.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term other payables | ||
| Taxes and funds payable | 2,312,021 | 3,639,859 |
| Other payables to related parties (Note 24) | 5,205 | 842 |
| Other | 147,800 | 158,671 |
| 2,465,026 | 3,799,372 |
As of 30 September 2025, other long-term payables are amount to TRY573,424 and consist of deposits and guarantees received (31 December 2024: TRY593,076).
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Lands | 90,230,280 | 61,874,816 |
| Cost | 93,018,625 | 66,487,394 |
| Impairment | (2,788,345) | (4,612,578) |
| Planned land by LSRSA | 55,241,898 | 54,963,663 |
| Planned land by turnkey project | 23,737,348 | 14,815,944 |
| Planned land by turnkey project | 24,024,316 | 14,815,944 |
| Impairment (*) | (286,968) | - |
| Residential and commercial units ready for sale | 27,610,609 | 52,819,083 |
| Cost | 31,789,061 | 62,966,286 |
| Impairment | (4,178,452) | (10,147,203) |
| Inventories of Emlak Konut Asansör | 2,050,149 | 3,121,546 |
| Advances given for inventories (**) | 14,358,732 | 22,147,054 |
| Cost | 14,892,525 | 22,717,266 |
| Impairment | (533,793) | (570,212) |
| 213,229,016 | 209,742,106 |
(*) As of 30 September 2025, 11,138,621 TRY of the advances given for inventory consists of the amount paid for 856 independent units purchased within the scope of the Yeni Fikirtepe Project, undertaken on behalf of the Republic of Türkiye Ministry of Environment, Urbanization, and Climate Change.
The determination of the net realizable value of the Group's assets classified as "Inventories" and the calculation of any impairment provision, if necessary, have been based on valuation reports prepared by Net Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş., Form Gayrimenkul Değerleme ve Danışmanlık A.Ş., and Yetkin Gayrimenkul Değerleme ve Danışmanlık A.Ş. as of 31 December 2024.
The movements of impairment on inventories are as follows:
| 2025 | 2024 | |
|---|---|---|
| Opening balance at 1 January | 15,329,993- | 21,210,999- |
| Impairment on inventories within the current period | - | - |
| Reversal of impairment on invetories within the current period | (7,542,435) | (1,397,833) |
| Closing balance at 30 September | 7,787,558 | 19,813,166 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
As of 30 September 2025 and 31 December 2024 the details of land and residential inventories of the Group are as follows:
| Lands | 30 September 2025 | 31 December 2024 |
|---|---|---|
| İstanbul Esenler Lands | 33,675,715 | 26,150,013 |
| İzmir Aliağa Lands | 12,019,324 | 459,556 |
| İstanbul Küçükçekmece Lands | 8,255,555 | 10,431,156 |
| İstanbul Avcılar Lands | 7,286,578 | 7,286,093 |
| İstanbul Başakşehir Mahmutbey Lands | 5,169,856 | - |
| Muğla Bodrum Lands | 4,901,430 | 6,071,432 |
| İstanbul Eyüp Lands | 3,344,755 | 70,608 |
| Muğla Köyceğiz Toparlar Lands | 2,791,678 | - |
| İzmir Çeşme Lands | 2,122,150 | 2,122,149 |
| Aydın Didim Lands | 2,012,928 | 2,012,372 |
| İstanbul Başakşehir Lands | 1,492,885 | 1,492,182 |
| Antalya Alanya Lands | 1,261,041 | 1,261,041 |
| İstanbul Arnavutköy Lands | 1,108,146 | 1,105,918 |
| Gaziantep Şehitkamil Aydınlar Lands | 964,155 | - |
| İstanbul Kartal Lands | 720,136 | 741,330 |
| İzmir Urla Lands | 614,018 | 610,209 |
| İstanbul Bakırköy Şenlik Lands | 436,468 | - |
| Amasya Merkez Ziyere Lands | 435,036 | - |
| İstanbul Resneli Lands | 262,092 | 262,093 |
| Muğla Milas Lands | 259,185 | - |
| Antalya Konyaaltı Lands | 209,060 | 209,060 |
| İstanbul Çekmeköy Lands | 198,965 | 904,408 |
| İzmir Seferihisar Lands | 148,468 | 146,347 |
| Tekirdağ Çorlu Lands | 136,184 | 134,295 |
| Zonguldak Merkez Lands | 123,775 | 122,807 |
| İstanbul Tuzla Lands | 122,570 | 122,569 |
| Sakarya Sapanca Lands | 76,523 | 76,522 |
| Yalova Lands | 51,642 | 51,642 |
| İstanbul Sarıyer Lands | 24,607 | 17,588 |
| Other | 5,355 | 13,426 |
| 90,230,280 | 61,874,816 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Planned land by LSRSA | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Nidapark İstinye Project | 8,246,308 | 8,236,834 |
| Bizim Mahalle 2. Etap 2. Kısım Project | 4,603,156 | 4,584,050 |
| Merkez Ankara Project | 4,112,630 | 4,111,806 |
| Nidapark Küçükyalı Project | 4,051,310 | 4,050,326 |
| Bizim Mahalle 2. Etap 1. Kısım Project | 2,676,039 | 2,671,338 |
| Çekmeköy Çınarköy Project | 2,529,883 | 2,528,747 |
| Batıyakası 2. Etap Project | 2,165,566 | 2,163,833 |
| Esenler Atışalanı 3. Etap Project | 2,163,623 | - |
| Next Level İstanbul Project | 2,003,775 | 2,003,775 |
| Beşiktaş Akat Project | 1,988,999 | 1,972,795 |
| Ümraniye İnkılap Project | 1,829,050 | 1,829,051 |
| İstanbul Kayabaşı 9. Etap Project | 1,792,802 | 1,789,321 |
| Başakşehir Ayazma 4. Etap Project | 1,616,229 | 1,616,750 |
| İstanbul Tuzla Merkez Project | 1,599,027 | 1,598,562 |
| Esenler Atışalanı 1. Etap Project | 1,519,394 | - |
| Yeni Levent Project | 1,435,147 | 2,909,555 |
| Esenler Atışalanı 2. Etap Project | 1,261,387 | - |
| İstanbul Kayabaşı 8. Etap Project | 1,227,078 | 1,220,845 |
| Avcılar Firüzköy 1. Etap 2. Kısım Project | 1,128,307 | 1,128,307 |
| Avcılar Firüzköy 2. Etap Project | 1,126,309 | 1,114,426 |
| Avcılar Firüzköy 1. Etap 1. Kısım Project | 1,036,780 | 1,036,780 |
| Muğla Ortakent 1. Etap Project | 987,376 | - |
| Bodrum Türkbükü Project | 840,475 | 840,474 |
| Nezihpark Project | 503,736 | 515,336 |
| Antalya Aksu Project | 454,477 | 452,894 |
| Barbaros 48 Project | 444,632 | 444,264 |
| İstanbul Ataşehir Küçükbakkalköy Project | 418,981 | 417,670 |
| İstanbul Kayabaşı 10. Etap Project | 390,225 | 390,224 |
| Muğla Milas Meşelik Project | 271,682 | 267,569 |
| Cer İstanbul Project | 257,285 | 257,285 |
| Ankara Çayyolu 2. Etap Project | 219,309 | 219,304 |
| Batıyakası 1. Etap Project | 216,205 | 1,187,598 |
| Allsancak Project | 78,252 | 47,570 |
| Evora İzmir Project | 46,464 | - |
| Meydan Başakşehir Project | - | 1,236,747 |
| İstanbul Eyüpsultan Kemerburgaz Project | - | 1,167,490 |
| Nişantaşı Koru Project | - | 923,869 |
| Other | - | 28,268 |
| 55,241,898 | 54,963,663 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Residential and commercial units ready for sale | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Merkez Ankara Project | 5,205,387 | 5,205,387 |
| Çekmeköy Konut Parselleri 3. Etap 4. Kısım Project | 3,409,818 | 4,835,709 |
| Yenifikirtepe -10 | 2,416,143 | - |
| Saraçoğlu Mahallesi Project | 2,062,446 | 2,410,210 |
| Yenifikirtepe 14- 15 | 1,817,775 | - |
| Maslak 1453 Project | 1,616,638 | 1,643,090 |
| Nişantaşı Koru | 1,125,732 | - |
| Yenifikirtepe -7 | 1,071,585 | - |
| Komşu Finans Evleri | 898,331 | 1,002,004 |
| Çekmeköy Konut Parselleri 2. Etap Project | 760,391 | 6,617,759 |
| Yenifikirtepe - 3-2. Etap | 731,092 | - |
| Köyceğiz Göl Evleri | 540,700 | - |
| Çekmeköy Villa Parselleri | 494,227 | 6,079,863 |
| Yenifikirtepe -2 | 468,838 | - |
| Sarphan Finanspark Project | 393,868 | 393,868 |
| Yenifikirtepe -16 | 391,420 | - |
| Bizim Mahalle 1. Etap 3. Kısım Project | 387,446 | 3,148,973 |
| Bizim Mahalle 1. Etap 1. Kısım Project | 343,072 | 389,856 |
| Yenifikirtepe -13 | 329,170 | - |
| Balıkesir Altıeylül Gümüşçeşme Project | 303,190 | 2,806,347 |
| Çekmeköy Konut Parselleri 4. Etap 3. Kısım Project | 299,700 | 1,456,539 |
| Çekmeköy Konut Parselleri 3. Etap 3. Kısım Project | 270,809 | 3,499,058 |
| Çekmeköy Konut Parselleri 4. Etap 1. Kısım Project | 256,692 | 477,901 |
| Meydan Başakşehir | 244,357 | - |
| Bizim Mahalle 1. Etap 4. Kısım Project | 240,749 | 1,178,830 |
| Hoşdere Vadi Evleri 2. Etap Project | 182,896 | 414,567 |
| Kuzey Yakası Project | 139,450 | 2,164,329 |
| Hoşdere Vadi Evleri 1. Etap Project | 138,751 | 896,188 |
| Yeni Levent | 124,597 | - |
| Semt Bahçekent 1. Etap 2. Kısım Project | 116,748 | 116,747 |
| Ebruli Kayaşehir | 113,625 | - |
| Çekmeköy Konut Parselleri 3. Etap 1. Kısım Project | 100,823 | 3,866,555 |
| Çınarköy Evleri - 4 | 98,731 | 0 |
| Bizim Mahalle 1. Etap 2. Kısım Project | 92,661 | 152,514 |
| Büyükyalı Project | 54,459 | 54,459 |
| Denizli Merkez Efendi İkmal İşi Project | 48,831 | 92,897 |
| İdealist Cadde / Koru | 41,454 | 41,454 |
| Metropol İstanbul Project | 35,107 | 35,106 |
| Çekmeköy Konut Parselleri 3. Etap 2. Kısım Project | 31,673 | - |
| Yenifikirtepe -4 | 26,485 | - |
| Yenifikirtepe -19 | 26,271 | - |
| Karat 34 Project | 23,169 | 23,169 |
| Kocaeli Körfezkent Emlak Konutları | 11,101 | 11,101 |
| Başakşehir Ayazma Emlak Konutları | 5,406 | 5,406 |
| Temaşehir Project | 1,791 | 1,794 |
| Ataşehir Küçükbakkalköy Project | - | 3,292,527 |
| Samsun Canik Kentssel Dönüşüm Project | - | 410,911 |
| Göl Panorama Project | - | 5,543 |
| Other | 117,004 | 88,422 |
| 27,610,609 | 52,819,083 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Planned land by turnkey project | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Arnavutköy Yenişehir Project | 18,653,104 | 10,868,159 |
| Küçükçekmece Bizim Mahalle Project | 2,352,098 | - |
| İstanbul Avcılar Firuzköy Project | 1,677,754 | 1,418,116 |
| Çekmeköy Çınarköy Project | 204,211 | 1,713,297 |
| Other | 850,181 | 816,372 |
| 23,737,348 | 14,815,944 |
Rent income is obtained in investment properties and the appraisal used in calculation of low value is made through a precedent comparison and income reduction. As of 30 September 2025 and 2024 the Group evaluated that there is no situation that would lead to low value in investment properties.
The movements of investment properties as of 30 September 2025 and 2024 are as follows:
| Lands, residential and | ||
|---|---|---|
| Cost Value | commercial units | Total |
| Opening balance as of 1 January 2025 | 3,653,469 | 3,653,469 |
| Additions | 531,179 | 531,179 |
| Transfers from residential and commercial unit inventories | 2,033,755 | 2,033,755 |
| Closing balance as of 30 September 2025 | 6,218,403 | 6,218,403 |
| Accumulated Depreciation | ||
| Opening balance as of 1 January 2025 | 341,609 | 341,609 |
| Charge for the year | 68,799 | 68,799 |
| Disposal (-) Closing balance as of 30 September 2025 |
- 410,408 |
- 410,408 |
| Net book value as of 30 September 2025 | 5,807,995 | 5,807,995 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Lands, residential and | ||
|---|---|---|
| Cost Value | commercial units | Total |
| Opening balance as of 1 January 2024 Transfers to commercial units and land inventories |
3,653,470 - |
3,653,470 - |
| Transfers to residential and commercial unit inventories | - | - |
| Closing balance as of 30 September 2024 | 3,653,470 | 3,653,470 |
| Accumulated Depreciation | ||
| Opening balance as of 1 January 2024 Charge for the year |
273,585 48,157 |
273,585 48,157 |
| Çıkışların (-) Closing balance as of 30 September 2024 |
- 321,742 |
- 321,742 |
| Net book value as of 30 September 2024 | 3,331,728 | 3,331,728 |
As of 31 December 2024, the valuation reports prepared by Net Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş., Form Gayrimenkul Değerleme ve Danışmanlık A.Ş. and Yetkin Gayrimenkul Değerleme ve Danışmanlık A.Ş. have taken into consideration when determining the fair values of investment properties. The fair values of the investment property determined by independent valuation experts are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Lands and completed units | 4,257,602 | 1,483,633 |
| Independent commercial units of Büyükyalı AVM | 3,182,184 | 3,182,184 |
| Atasehir General Management Office A Block | 2,634,021 | 2,634,021 |
| Independent commercial units of Istmarina AVM | 1,814,696 | 1,814,695 |
| 11,888,503 | 9,114,533 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Motor | Machinary and |
Furniture, | Construction | ||||
|---|---|---|---|---|---|---|---|
| 30 September 2025 | Buildings | vehicles | equipment | equipment and fixtures |
Special cost | in progress | Total |
| Net book value as of 1 January 2025 | 1,563,013 | 47,328 | 250,295 | 193,092 | 464,212 | 4,051 | 2,521,991 |
| Additions | 185,603 | 10,599 | 27,314 | 63,936 | 27,253 | - | 314,705 |
| Depreciation expense (-) | (76,200) | (13,785) | (31,005) | (45,643) | (32,331) | - | (198,964) |
| Net book value 30 September 2025 | 1,672,416 | 44,142 | 246,604 | 211,385 | 459,134 | 4,051 | 2,637,732 |
| Cost | 1,903,546 | 118,072 | 350,391 | 705,120 | 538,739 | 4,051 | 3,619,919 |
| Accumulated depreciation (-) | (231,130) | (73,930) | (103,787) | (493,735) | (79,605) | - | (982,187) |
| Net book value 30 September 2025 | 1,672,416 | 44,142 | 246,604 | 211,385 | 459,134 | 4,051 | 2,637,732 |
| Machinary | Furniture, | ||||||
|---|---|---|---|---|---|---|---|
| Motor | and | equipment and | Construction | ||||
| 30 September 2024 | Buildings | vehicles | equipment | fixtures | Special cost | in progress | Total |
| Net book value as of 1 January 2024 | |||||||
| Additions | 1,223,312 307,260 |
38,115 15,017 |
219,782 155,428 |
248,987 25,930 |
75,119 22,254 |
245,938 - |
2,051,253 525,889 |
| Disposal, (net) (-) | - | - | - | (110) | - | - | (110) |
| Depreciation expense (-) | (27,635) | (440) | (44,106) | (49,103) | (9,131) | - | (130,415) |
| Net book value 30 September 2024 | 1,502,937 | 52,692 | 331,104 | 225,704 | 88,242 | 245,938 | 2,446,617 |
| Cost | 1,666,128 | 97,286 | 413,330 | 658,810 | 115,578 | 245,938 | 3,197,070 |
| Accumulated depreciation (-) | (163,191) | (44,594) | (82,226) | (433,106) | (27,336) | - | (750,453) |
| Net book value 30 September 2024 | 1,502,937 | 52,692 | 331,104 | 225,704 | 88,242 | 245,938 | 2,446,617 |
All of the depreciation expenses are included in the general administrative expenses.
The expected useful lives for property, plant and equipment are as follows:
| Years | |
|---|---|
| Buildings | 50 |
| Motor vehicles | 5 |
| Furniture, equipment and fixtures | 4-5 |
| Machinery and equipment |
5 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Licenses | software | Rights | Total |
|---|---|---|---|
| 158,844 | |||
| 37,479 | - | 30,202 | 67,681 |
| (1,749) | (3,545) | (48,031) | (53,325) |
| 173,200 | |||
| 189,495 | 166,787 | 135,308 | 491,590 |
| (318,390) | |||
| 42,749 | 84,675 | 45,776 | 173,200 |
| 7,019 42,749 (146,746) |
Computer 88,220 84,675 (82,112) |
63,605 45,776 (89,532) |
| Computer | ||||
|---|---|---|---|---|
| 30 September 2024 | Licenses | software | Rights | Total |
| Net book value, 1 January 2024 | 10,581 | 45,673 | 53,728 | 109,982 |
| Additions | 20,335 | 9,307 | 40,981 | 70,623 |
| Amortization expense (-) | (18,804) | (16,558) | (774) | (36,136) |
| Net book value 30 September 2024 | 12,112 | 38,422 | 93,935 | 144,469 |
| Cost | 166,137 | 107,913 | 122,521 | 396,571 |
| Accumulated amortization (-) | (154,025) | (69,491) | (28,586) | (252,102) |
| Net book value 30 September 2024 | 12,112 | 38,422 | 93,935 | 144,469 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Provision for lawsuits | 430,932 | 502,373 |
| Provision for bonuses and premiums | 52,735 | 37,382 |
| 483,667 | 539,755 |
Based on the legal opinions obtained from the Group's lawyers, the total exposure related to lawsuits filed against the Company amounts to TRY 690,899 (31 December 2024: TRY 671,069) and a provision amounting to TRY 424,919 has been recognised as of 30 September 2025 (31 December 2024: TRY 502,373). As of 30 September 2025, there are 2 partial fault lawsuits, 10 collection lawsuits, 9 labour lawsuits, 9 compensation lawsuits, and 25 other miscellaneous lawsuits filed against the Company.
The movements of provision for lawsuits as of 30 September 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| Balance at 1 January | 539,755 | 436,750 |
| Provision added within the current period (Note 20) | 26,412 | 2,401 |
| Monetary loss / gain | (82,500) | (86,607) |
| Closing balance at 30 September | 483,667 | 352,544 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
On December 21, 2005, a contract was signed for the İzmir Mavişehir Project involving the construction of 750 independent units under a revenue-sharing model. Due to the contractor's failure to fulfill contractual obligations, the contract was terminated on December 21, 2009. Subsequently, the project was transferred to the Company and the remaining construction works were retendered and completed by another contractor in accordance with the Public Procurement Law. Sales of the independent units are being completed by the Company on a turnkey basis.
The former contractor, arguing that a high percentage of the work had been completed and that the legal relationship between the parties constituted a "construction in return for land" agreement, filed a compensation lawsuit alleging unlawful termination and partial receivables. A court-appointed expert report prepared under the instruction of the İzmir Karşıyaka Commercial Court estimated the progress level at approximately 83% and concluded that the legal relationship was not one of construction in return for land. Following the Company's objection to the report regarding both the progress level and ambiguities in the findings, a supplementary expert report was commissioned. Subsequently, both parties initiated additional lawsuits.
In the principal case, the Istanbul 10th Commercial Court partially ruled in favor of the contractor, determining that the termination was unlawful. However, since the contractor had assigned its receivables to Vakıfbank T.A.O., the court rejected the compensation claim for lack of legal standing in that regard. The court partially accepted the material compensation claim within the scope of a partial lawsuit and dismissed the remaining claims due to statute of limitations. The counterclaim filed by the Company was also partially accepted, and based on the amended petition, it was ruled that the pledged deposits and inspection costs be paid to Emlak Konut GYO A.Ş. The contractor, as principal intervenor and plaintiff, appealed the decision. The request for legal aid was rejected, and appellate review is ongoing. As of September 30, 2025, a provision amounting to TRY 245,866 (including interest and court expenses) has been recognized.
Within the scope of the tender for the "Revenue Sharing Model based on Land Sale" project concerning the real estate located in Riva Neighborhood, Beykoz District, Istanbul (parcels no. 3201, 3202, 3203), temporary letters of guarantee were submitted to our client company by the Joint Venture participating in the tender, in accordance with Article 14 of the Tender Specifications. In the second session of the tender held on June 15, 2017, it was decided to award the contract to the Joint Venture which had submitted the most economically advantageous offer. However, the companies invited to sign the contract later applied to our client, requesting a revision of the tender terms and conditions. They cited the Regulation on Planned Areas (Planlı Alanlar Tip İmar Yönetmeliği) issued by the Ministry of Environment, Urbanization and Climate Change of the Republic of Turkey and published in the Official Gazette dated July 3, 2017 (No. 30113), which, according to them, significantly reduced the usable construction area based on floor area ratio.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
Our client company rejected the request for revision on the grounds that the new regulation would not result in any change in the floor area ratio applicable to the construction in question. Accordingly, a deadline was set for the contract to be signed by August 15, 2017. When the companies failed to sign the contract within the given period, the temporary letters of guarantee submitted by the plaintiffs were seized and recorded as income. The project was then awarded to the runner-up bidder.
A lawsuit was filed by the plaintiffs claiming that the rejection of their revision request and the forfeiture of their guarantee letters were unlawful, and they sought both material and moral compensation. For one of the plaintiffs, the court ruled that the guarantee amount, together with default interest accrued from August 17, 2017, be paid by the defendant. Additionally, in accordance with LSRSA and commission fees, the defendant was ordered to pay the relevant amount along with default interest accrued from September 15, 2017. All other claims for material and moral damages by both plaintiffs were rejected. The court also ordered that any outstanding court fees be deducted from the advance paid and the remainder be charged to the defendant and recorded as income to the treasury. Litigation costs, including notification fees and expert witness fees, were to be borne by the defendant and reimbursed to the plaintiffs based on the ratio of acceptance to rejection. If there is any remaining portion of the advance expense fund, it shall be refunded to the plaintiffs once the decision becomes final. Furthermore, the court ruled that the relative attorney's fee shall be paid by the defendant to the plaintiff in accordance with the Attorneyship Minimum Fee Tariff (AMFT) in force on the date of the decision. The case is currently at the appellate stage, and as of September 30, 2025, a provision of TRY 15,552, including interest and legal costs, has been recognized.
This case has been filed by Şekerbank T.A.Ş., which has taken assignment of a receivable amounting to TRY 46,000 (existing and future) from Yeni Sarp-Özarak Joint Venture, the contractor of İstanbul Ümraniye 1st Stage Revenue Sharing Project, against Emlak Konut REIC. The plaintiff claims that the remaining portion of the assigned receivable amounting to TRY 34,135 has not been paid to it unfairly. Within the scope of this lawsuit, the plaintiff also requested mortgage to be established over certain immovable properties within the project to the extent of the amount of this receivable as security. The claim was dismissed by the court on 15 October 2020. The decision was appealed by the plaintiff, the regional appellate court reversed the dismissal, and following the new trial, the claim was accepted. The Company appealed this decision. The appeal was rejected and a further cassation application has been filed. In the hearing dated 30 April 2025, the court decided to wait for the finalisation of the file, and the hearing has been postponed. As of 30 September 2025, a provision amounting to TRY 106,150 has been recognised, including interest and litigation expenses.
This is a compensation lawsuit filed due to defective construction works in Çerkezköy Yıldızkent Ayışığı Site. In the latest expert report obtained during the proceedings, the calculation was made based on the principle of corrective (equalising) justice. The trial is ongoing, and as of 30 September 2025, a provision amounting to TRY 29,198 has been recognised, including interest and litigation expenses.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
In the financial statements prepared as of 30 September 2025, obligations in respect of the ongoing legal cases described below have been assessed. Based on the views of Management and the Company's legal counsel, no provision has been recognised in the financial statements as of 30 September 2025, since the outflow of resources embodying economic benefits in relation to these lawsuits filed against the Company is not considered probable.
This lawsuit has been filed due to the termination of the contract dated 17.09.2012 relating to the infrastructure and landscaping works within the block for the Alemdağ Emlak Konutları Project located in Çekmeköy / İstanbul, alleging that the contractor's performed works were not included in the progress payments and that the contract was unjustly terminated. The court dismissed the case on the grounds that the plaintiff could not substantiate its claim. The Regional Appellate Court held that the first instance court decision was flawed due to reliance on an incomplete expert report, and decided to reverse the decision and remit the file to the local court to perform additional examination in line with the relevant contract appendices and the Public Construction Works General Specifications, and to determine which party failed to perform its primary obligations and accordingly assess default and the justification of the contract termination. The local court subsequently dismissed the main claim on the grounds of lack of evidence, and dismissed the consolidated claim on the grounds of statute of limitations. This decision has been appealed by the plaintiff. Based on the opinion obtained from the Company's legal counsel, no obligation is expected to arise as a result of this lawsuit.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
12.3.1 As of September 30, 2025 and December 31, 2024, the breakdown of the Company's nominal trade receivables arising from the sale of lands, residential and commercial units based on their maturities, as well as the outstanding or uncollected amounts related to residential and commercial units that are either under construction or completed but not yet delivered within the scope of promise-to-sell contracts that have not yet met the recognition criteria under TFRS 15, are as follows:
| 14,890,631 | 35,559,231 | 50,449,862 | |
|---|---|---|---|
| 5 years and above | 1,521,796 | 689,747 | 2,211,543 |
| 4 years | 919,379 | 1,558,187 | 2,477,566 |
| 3 years | 1,490,344 | 4,172,570 | 5,662,914 |
| 2 years | 4,187,291 | 11,237,113 | 15,424,404 |
| 1 year | 6,771,821 | 17,901,614 | 24,673,435 |
| 31 December 2024 | Trade Receivables | Off-balance sheet deferred revenue |
Total |
| 24,845,561 | 33,573,404 | 58,418,965 | |
| 5 years and above | 1,281,485 | 1,387,108 | 2,668,593 |
| 4 years | 1,167,638 | 2,761,281 | 3,928,919 |
| 3 years | 2,329,380 | 4,407,264 | 6,736,644 |
| 2 years | 4,966,393 | 8,432,178 | 13,398,571 |
| 1 year | 15,100,665 | 16,585,573 | 31,686,238 |
| 30 September 2025 | Trade Receivables | Off-balance sheet deferred revenue |
Total |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The details of short term provisions as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term provisions | ||
| Unused vacation provision | 110,758 | 118,888 |
| 110,758 | 118,888 | |
| The details of long term provisions as of 30 September | 2025 and 31 December 2024 are as follows: |
| Provision for employment termination benefit | 232,557 | 223,435 |
|---|---|---|
| 232,557 | 223,435 |
TAS 19 requires actuarial valuation methods to be developed to estimate the Group's provision for severance pay. Accordingly, the following actuarial assumptions were used in the calculation of the total liability:
| Discount rate (%) | 3.50 | 3.50 |
|---|---|---|
| Turnover rate to estimate probability of retirement (%) | 1.10 | 1.10 |
The basic assumption is that the ceiling provision for each year of service will increase in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for the expected effects of inflation.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The details of other assets as of 30 September 2025 and 31 December 2024 are as follows:
| Other current assets | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Deferred VAT | 4,274,963 | 5,260,557 |
| Receivables from tax office | 182,827 | 207,213 |
| Income accruals | 102,347 | 164,160 |
| Other payments to contractors | 86,788 | 1,090,787 |
| Prepaid income tax | 20,823 | 7,900 |
| Other | 4,257 | 15,530 |
| 4,672,005 | 6,746,147 |
The details of short-term deferred income as of 30 September 2025 and 31 December 2024 are as follows:
| Short-term deferred income | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Advances taken from turnkey project sales | 34,967,117 | 43,648,631 |
| Deferred income from LSRSA projects (*) | 29,727,833 | 31,695,471 |
| Advances taken from LSRSA contractors (**) | 16,956,891 | 21,311,241 |
| Deferred income related to sales of independent units | 2,743,682 | 3,026,975 |
| Advances received from related parties (Note 24) | 549,148 | 5,657,657 |
| 84,944,671 | 105,339,975 |
(*) The balance is comprised of deferred income of future land sales regarding the related residential unit's sales under LSRSA projects.
The details of prepaid expenses as of 30 September 2025 and 31 December 2024 are as follows:
| Prepaid expenses | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Prepaid expenses | 233,940 | 539,920 |
| 233,940 | 539,920 | |
| The details of long-term deferred income as of 30 September follows: |
2025 and 31 December 2024 are as | |
| Long-term deferred income | 30 September 2025 | 31 December 2024 |
| Other advances given | 6,001 | 7,206 |
6,001 7,206
(**) Before the contract is signed with the contractor companies in the LSRSA projects, the Group collects the first payment of the total income corresponding to the share of the Group from the total sales income in advance at the determined rates.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The Group's authorized capital amount is TRY3,800,000 (31 December 2024: TRY3,800,000) and consists of 380,000,000,000 (31 December 2024: 380,000,000,000) authorized number of shares with a nominal value of TRY0.01 each.
The Group's shareholders and their shareholding percentages as of 30 September 2025 and 31 December 2024 is as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Shareholders | Share (%) | TL | Share (%) | TL |
| Public offering portion | 50.66 | 1,925,119 | 50.66 | 1,925,119 |
| T.C. Toplu Konut İdaresi Başkanlığı "TOKİ" |
49.34 | 1,874,831 | 49.34 | 1,874,831 |
| HAS beneficiaries | 0.00 | 48 | 0.00 | 48 |
| Other | 0.00 | 2 | 0.00 | 2 |
| Total paid-in capital | 100 | 3,800,000 | 100 | 3,800,000 |
| Share capital adjustments | 65,255,943 | 65,255,943 | ||
| 69,055,943 | 69,055,943 |
The legal reserves consist of first and second reserves, appropriated in accordance with the Turkish Commercial Code ("TCC"). The TCC stipulates that the first legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve balance reaches 20% of the Group's paid-in share capital. The second legal reserve is appropriated at the rate of 10% per annum of all cash distributions in excess of 5% of the paid-in share capital. Under the TCC, the legal reserves can only be used to offset losses and are not available for any other usage unless they exceed 50% of paid-in share capital.
In accordance with the Communiqué Serial: II, No: 14,1 which became effective as of 13 June 2013 and according to the CMB's announcements clarifying the said Communiqué, "Share Capital", "Restricted Reserves Appropriated from Profit" and "Share Premiums" need to be recognized over the amounts contained in the legal records. The valuation differences (such as inflation adjustment differences) shall be disclosed as follows:
There is no any use of the adjustment to share capital except adding it to the share capital.
The capital adjustment differences can only be used for capitalization and have no other usage. The Group's explanation regarding the restated equity calculations prepared in accordance with IAS 29, based on the Capital Markets Board Bulletin published on 7 March 2024, is as follows:
| PPI indexed legal | CPI indexed | Amounts followed in | |
|---|---|---|---|
| records | records | Accumulated profit/low | |
| Adjustment to share capital | 95,806,551 | 65,255,943 | 30,550,608 |
| Share premium | 54,880,641 | 36,287,362 | 18,593,279 |
| Restricted reserves appropriated from profit | 15,170,823 | 11,038,901 | 4,131,922 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The details of revenue and cost of sales as of 30 September 2025 and 2024 are as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Sales income | ||||
| Land sales | 12,111,088 | 4,408 | 12,469,640 | 7,462,099 |
| Sales of planned lands | ||||
| by way of LSRSA | 10,221,629 | 4,408 | 8,322,425 | 7,462,099 |
| Land sales income | 1,889,459 | - | 4,147,215 | - |
| Residential and commercial units sales | 41,956,254 | 6,737,437 | 3,151,832 | 1,029,919 |
| Consultancy income | 6,874,060 | 3,157,703 | 6,273,191 | 2,805,526 |
| Elevator sales income | 4,581,540 | 4,219,981 | 240,944 | 152,547 |
| Rent income | 188,562 | 94,428 | 170,636 | 50,866 |
| 65,711,504 | 14,213,957 | 22,306,243 | 11,500,957 | |
| Sales returns and discounts | (16,079) | (2,661) | (12,020) | (2,373) |
| Net sales income | 65,695,425 | 14,211,296 | 22,294,223 | 11,498,584 |
| Cost of sales | ||||
| Cost of lands | (6,252,714) | (30,317) | (10,577,102) | (6,676,638) |
| Cost of lands planned | ||||
| by way of LSRSA | (4,812,373) | (30,317) | (7,250,059) | (6,676,638) |
| Cost of lands sold | (1,440,341) | - | (3,327,043) | - |
| Cost of residential and commercial units sold | (32,789,605) | (4,909,545) | (2,081,201) | (668,198) |
| Cost of consultancy | (2,079,999) | (1,290,227) | (1,113,966) | (452,756) |
| Cost of elevator | (3,936,475) | (3,608,009) | (139,136) | (43,751) - |
| (45,058,793) | (9,838,098) | (13,911,405) | (7,841,343) - |
|
| Gross Profit | 20,636,632 | 4,373,198 | 8,382,818 | 3,657,241 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The details of marketing expenses as of 30 September 2025 and 2024 are as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| General administrative expenses | ||||
| Personnel expenses | (1,769,148) | (644,716) | (1,757,248) | (570,856) |
| Depreciation and amortization | (321,088) | (142,956) | (214,708) | (5,862) |
| Taxes, duties and fees | (242,416) | (71,567) | (157,302) | (30,784) |
| Consultancy expenses | (222,298) | (38,610) | (180,603) | (56,986) |
| Security and cleaning expenses | (155,173) | (21,674) | (244,325) | (86,363) |
| Maintenance and repair expenses | (86,703) | (9,742) | (15,823) | (5,209) |
| Due and contribution expenses | (86,190) | (35,517) | (67,403) | (21,218) |
| Travel expenses | (67,018) | (25,685) | (75,327) | (29,690) |
| Information technologies expenses | (59,235) | (20,828) | (36,732) | (18,287) |
| Donations | (33,008) | (12,645) | (37,456) | (37,456) |
| Insurance expenses | (31,226) | (4,345) | (19,050) | (3,831) |
| Communication expenses | (10,765) | (4,745) | (9,059) | (3,834) |
| Lawsuit and notary expenses | (7,421) | (4,657) | (5,729) | (1,316) |
| Other | (130,791) | (33,297) | (250,240) | (242,613) |
| (3,222,480) | (1,070,984) | (3,071,005) | (1,114,305) |
The details of general administrative expenses as of 30 September 2025 and 30 September 2024 are as follows:
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Marketing and sales expenses | ||||
| Advertising expenses | (646,475) | (314,188) | (192,049) | (23,777) |
| Personnel expenses | (142,931) | (40,504) | (127,216) | (43,491) |
| Consultancy expenses | (62,170) | (9,369) | (43,708) | (10,222) |
| Other | (136,733) | (98,054) | (26,904) | (6,749) |
| (988,309) | (462,115) | (389,877) | (84,239) |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The details of expenses by nature as of 30 September 2025 and 30 September 2024 are as follows:
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| Expense by nature | 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 |
| Expenses from residential and commercial units | ||||
| sales | 32,789,605 | 4,909,545 | 2,081,201 | 668,198 |
| Land costs | 6,252,714 | 30,317 | 10,577,102 | 6,676,638 |
| Cost of elevator | 3,936,475 | 3,608,009 | 139,136 | 43,751 |
| Cost of consultancy | 2,079,999 | 1,290,227 | 1,113,966 | 452,756 |
| Personnel expenses | 1,912,079 | 685,220 | 1,884,464 | 614,347 |
| Advertising expenses | 646,475 | 314,188 | 192,049 | 23,777 |
| Depreciation and amortisation (Note 9, 10,11) | 321,088 | 142,956 | 214,708 | 5,862 |
| Consultancy expenses | 284,468 | 47,979 | 224,311 | 67,208 |
| Taxes,duties and fees | 242,416 | 71,567 | 157,302 | 30,784 |
| Security and cleaning expenses | 155,173 | 21,674 | 244,325 | 86,363 |
| Maintenance and repair expenses | 86,703 | 9,742 | 15,823 | 5,209 |
| Due and contribution expenses | 86,190 | 35,517 | 67,403 | 21,218 |
| Information technologies expenses | 59,235 | 20,828 | 36,732 | 18,287 |
| Insurance expenses | 31,226 | 4,345 | 19,050 | 3,831 |
| Donations | 33,008 | 12,645 | 37,456 | 37,456 |
| Communication expenses | 10,765 | 4,745 | 9,058 | 3,833 |
| Lawsuit and notary expenses | 7,421 | 4,657 | 5,729 | 1,316 |
| Other | 334,542 | 157,036 | 352,472 | 279,053 |
| 49,269,582 | 11,371,197 | 17,372,287 | 9,039,887 |
The details of other operating income as of 30 September 2025 and 30 September 2024 are as follows:
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| Other income from operating activities | 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 |
| Financial income from forward sales | 5,058,696 | 1,178,186 | 662,134 | 333,072 |
| Income from transfer commissions | 339,266 | 136,152 | 232,925 | 66,303 |
| Foreign exchange gains | 510,382 | 229,564 | 262,520 | 47,406 |
| Default interest income from projects | 243,462 | 109,779 | 219,803 | 217,669 |
| Impairment provisions released | 12,094 | 10,658 | 881,661 | 219,527 |
| Other | 199,785 | 50,635 | 82,208 | 9,402 |
| 6,363,685 | 1,714,974 | 2,341,251 | 893,379 |
The details of other operating expenses as of 30 September 2025 and 30 September 2024 are as follows:
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 | |
| Other expenses from operating activities | ||||
| Reversal of unaccrued financial expense | (1,869,387) | (54,360) | (294,361) | (42,458) |
| Foreign exchange loss | (433,860) | - | (589,062) | (549,954) |
| Provision for lawsuits (Note 12) | (26,412) | (11,491) | (6,638) | (4,023) |
| Other | (105,868) | (10,832) | (31,795) | (23,639) |
| (2,435,527) | (76,683) | (921,856) | (620,074) |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The details of finance income and expenses as of 30 September 2025 and 30 September 2024 are as follows:
| Financial income | 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|---|---|---|---|---|
| Interest and updating income | 1,341,139 | 488,862 | 3,920,152 | 1,118,262 |
| Other | 6,991 | 3,541 | 164,300 | 84,039 |
| 1,348,130 | 492,403 | 4,084,452 | 1,202,301 | |
| 1 January - | 1 July - | 1 January - | 1 July - | |
| Financial expenses | 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 |
| Borrowings interest and lease certificate expenses Other |
(7,756,410) (16,264) |
(3,475,418) (5,183) |
(1,237,464) (6,336) |
(364,964) (6,336) |
| (7,772,674) | (3,480,601) | (1,243,800) | (371,300) |
Significant changes have been made to the tax regulations for Real Estate Investment Trusts (REITs) and Real Estate Investment Funds (REIFs) in Turkey, effective from January 1, 2025. According to these changes, earnings generated until 31 December 2024, will remain subject to the current regulations and will be exempt from corporate tax. However, new conditions and taxation practices will apply to earnings generated from 1 January 2025, onwards.
The Group's subsidiaries, associates and joint operations are subject to Turkish corporate taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Group's results for the years and periods. Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been calculated on a separate-entity basis.
Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding back non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and other incentives (prior year's losses if any and investment incentives used if preferred) utilized.
The current tax liability of the Group as of 30 September 2025 and 31 December 2024 is as follows:
| 30 September | 31 December | |
|---|---|---|
| Current tax assets | 2025 | 2024 |
| Current period tax provision | 1,576,938 | 365,914 |
| Prepaid taxes and funds | (979,814) | (206,233) |
| 597,124 | 159,681 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
As of 30 September 2025 and 2024, the Group's tax expenses/income are composed of the following:
| 30 September | 30 September | |
|---|---|---|
| 2025 | 2024 | |
| Current tax expense | (1,576,938) | - |
| Deferred tax expense | (3,497,322) | (11,789) |
| Total tax expense | (5,074,260) | (11,789) |
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from the differences between its consolidated financial statements as reported for TFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for TFRS and tax purposes and they are given below.
The tax rate used in the calculation of deferred tax assets and liabilities has been determined at 30-25% based on the temporary timing differences expected to reverse in the future.
In Turkey, the companies cannot declare a tax return, therefore subsidiaries that have deferred tax assets position were not netted off against subsidiaries that have deferred tax liabilities position and disclosed separately.
The Group recognizes deferred tax assets and liabilities for temporary timing differences arising between the statutory financial statements that form the basis for taxation and the financial statements prepared in accordance with TFRS. Such differences generally arise because certain income and expense items are recognized in different periods in the tax-basis financial statements and in the financial statements prepared in accordance with TFRS. These differences are presented below.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| 30 September 2025 |
31 December 2024 |
|
|---|---|---|
| Deferred tax (assets)/liabilities: | ||
| Adjustments to TFRS 9 expected credit loss | - | 1,263 |
| Adjustment to inventories | 8,963,986 | 5,308,737 |
| Effect of amortized cost method on receivables | (132,200) | 1,058,015 |
| Depreciation / amortization differences of | ||
| property, plant and equipment and other intangible assets | (66,933) | 8,689 |
| Adjustments to investment properties | (351,828) | 508,490 |
| Adjustment to deferred income | (3,321,877) | 1,741,705 |
| Provision for provisions | 198,344 | 246,819 |
| Adjustment to prepaid expenses | (7,594) | (107,906) |
| Adjustment to leases | (14,748) | 1,796 |
| 5,267,150 | 8,767,608 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The movements of deferred tax (asses)/ liabilities for the periods ended 30 September 2025 and 2024 are as follows:
| 1 January- | 1 January | ||
|---|---|---|---|
| 30 September | 30 September | ||
| Movement of deferred tax (assets)/liabilities: | 2025 | 2024 | |
| Opening balance as of 1 January | 8,767,608 | 26,275 | |
| Charged to profit or loss | (3,497,322) | (11,789) | |
| Other comprehensive income | (3,136) | 8,290 | |
| Closing balance at 30 September | 5,267,150 | 22,776 |
In Turkey, companies can increase their share capital by making a pro rata distribution of shares "bonus shares" to existing shareholders from retained earnings. The issue of such shares is treated as the issuance of ordinary shares in the calculation of earnings per share. Accordingly, the weighted average number of shares used in these calculations is determined by taking into consideration the retroactive effects of these share distributions. Earnings per share is calculated by considering the total number of new shares when there is an increase in issued shares because of distribution of bonus shares after the balance sheet date but before the preparation of financial statements.
The earnings per share stated in income statement are calculated by dividing net income for the period by the weighted average number of the Group's shares for the period.
The Group can withdraw the issued shares. The weighted average number of shares taken back changes the calculation of earnings per share in line with the number of shares.
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Net profit attributable to Shareholders (TRY) | 10,336,401 | 194,218 | 4,521,475 | 3,001,432 |
| Weighted average number of ordinary shares | 3,804,550,291 | 3,804,550,291 | 3,804,550,291 | 3,804,550,291 |
| Earnings per share in full TRY | 0.27169 | 0.00510 | 0.11884 | 0.07889 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The main shareholder of the Group is T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ"). TOKİ is a state institution under the control of Republic of Turkey Ministry of Enviroment and Urbanisation. Related parties of the Group are as listed below.
According to the revised TAS 24 – "Related Parties Transactions Standard", exemptions have been made to the related party disclosures of state institutions and organizations. The Group has transactions with state banks (T.C.Ziraat Bankası A.Ş., Türkiye Vakıflar Bankası T.A.O., Türkiye Halk Bankası A.Ş., Türkiye Emlak Katılım Bankası A.Ş.) and Republic of Turkey Undersecretariat of Treasury.
The transactions between the Group and the related parties are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Trade receivables from related parties | ||
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı (*) |
6,787,254 | 6,419 |
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") |
- | 3,287 |
| 6,787,254 | 9,706 | |
| (*) The Group's trade receivables from the Ministry of Environment and Urbanization consist of payments made by the Group for urban transformation projects. |
||
| 30 September 2025 | 31 December 2024 | |
| Trade payables to related parties | ||
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") |
579,158 | - |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short-term other receivables from related parties | ||
| Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. A.Ş. – Şua İnşaat Adi Ortaklığı Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. A.Ş. – |
607,978 | 324,958 |
| Atlas İnşaat Adi Ortaklığı |
48,814 | - |
| Other | 1,010 | 1,169 |
| 657,802 | 326,127 | |
| Short-term other payables from related parties | 30 September 2025 | 31 December 2024 |
| Emlak Planl. İnş. Prj. Yön. A.Ş Cathay Ortak Girişimi |
5,205 | 842 |
| 5,205 | 842 | |
| Deferred revenue from related parties | 30 September 2025 | 31 December 2024 |
| Türkiye Emlak Katılım Bankası A.Ş. (*) | 549,148 | 5,657,657 |
| 549,148 | 5,657,657 | |
| (*) Includes amounts received by the Group for 29 commercial units sold to Türkiye Emlak Katılım Bankası A.Ş. |
||
| Deposits with related parties | 30 September 2025 | 31 December 2024 |
| Türkiye Emlak Katılım Bankası A.Ş. | 1,773,613 | 2,300,633 |
| 1,773,613 | 2,300,633 | |
| As at 30 September 2025 and 31 December 2024, the Group's non-current other receivables are as follows: | ||
| Other receivables due to related parties | 30 September 2025 | 31 December 2024 |
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") |
17,066,580 | - |
| 17,066,580 | - |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| Purchases from related parties | 30 September 2025 30 September 2025 30 September 2024 30 September 2024 | |||
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") (*) | 31,588,030 | 11,807,047 | 846,420 | 108,675 |
| Marmara Kentsel Dönüşüm Müdürlüğü (**) | 3,923,534 | 282,276 | - | - |
| Kentsel Dönüşüm Hizmetleri Genel Müdürlüğü | 260,466 | 1,327 | - | - |
| Emlak Basın Yayın A.Ş. | 158,831 | 156,869 | - | - |
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı | - | - | 39,639,200 | 16,834,031 |
| 35,930,861 | 12,247,519 | 40,485,620 | 16,942,706 | |
| 1 January - | 1 July - | 1 January - | 1 July - | |
| Sales to related parties | 30 September 2025 30 September 2025 30 September 2024 30 September 2024 | |||
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") | 152,154 | 62,463 | 73,137 | - |
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı | 14,114 | 3,333 | - | - |
| 166,268 | 65,796 | 73,137 | - |
(*) The real estate with the parcel number 2, island 1692, located in Atışalanı neighborhood, Esenler district, Istanbul province, and 504,534 m² lands located in İzmir Aliağa was purchased from T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı Toplu Konut İdaresi Başkanlığı (TOKİ).
(**) A total of 75,272.82 m² of lands located in the Atışalanı neighborhood of the Esenler district of Istanbul province and 14,375 m² of land located in the Arnavutköy Ömerli neighborhood of Istanbul were purchased from the T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı Marmara Kentsel Dönüşüm Müdürlüğü.
Key management personnel are those who have the authority and responsibility to plan, manage and control the activities (administrative or other) directly or indirectly of the Group including any manager. Salaries and other short-term benefits provided to the key management personnel, General Manager of the Board of Directors, Assistant General Managers and General Manager Consultant, are as follows:
| Compensation to key management | 1 January - | 1 July - 30 September 2025 30 September 2025 30 September 2024 30 September 2024 |
1 January - | 1 July - |
|---|---|---|---|---|
| Wages and other short-term benefits | 82,517 | 25,473 | 57,588 | 19,793 |
| 82,517 | 25,473 | 57,588 | 19,793 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The monetary position gains (losses) reported in the statement of profit or loss arise from the monetary/non-monetary financial statement items listed below:
30 September 2025
| 30 September 2025 | |
|---|---|
| Non-monetary items | |
| Statement of financial position items | |
| Inventories | 22,650,096 |
| Given advances | 18,959 |
| Investment properties, tangible and intangible assets | 2,923,452 |
| Right of use asset | 56,008 |
| Deferred tax assets | 1,804,090 |
| Deferred income | 2,543,080 |
| Share premiums / discounts | (7,356,898) |
| Paid-in capital | (14,000,398) |
| Treasury shares (-) | 16,439 |
| Restricted reserves appropriated from profit | (2,237,117) |
| Gain / (loss) arising from defined benefit plans | 7,694 |
| Other equity items | 442,274 |
| Retained earnings / accumulated losses | (1,028,330) |
| Statement of profit or loss items | |
| Revenue | (22,349,185) |
| Cost of sales (-) | 18,875,358 |
| General administrative expenses (-) | 369,938 |
| Marketing expenses (-) | 69,515 |
| Other income from main operations | (1,687,330) |
| Other expenses from main operations (-) | 202,526 |
| Expenses from investing activities (-) | 1,935 |
| Finance income | (64,307) |
| Finance costs (-) | 371,142 |
| Current tax expense | 109,559 |
Monetary gain 1,738,500
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The Group's mortgage and guarantees received as of 30 September 2025 and 31 December 2024 are as follows:
| 64,821,527 | 68,298,335 | |
|---|---|---|
| Mortgages received (**) | 835,275 | 840,385 |
| Guarantees received (*) | 63,986,252 | 67,457,950 |
(*) Guarantees received consist of letters of guarantee given by contractors for construction projects and temporary guarantee letters received during the tender process.
The collaterals, pledges and mortgages ("CPM") of the Group as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | ||
|---|---|---|---|
| A. | CPM given on behalf of the Company's legal personality | 603,246 | 760,670 |
| B. | CPM given on behalf of fully consolidated subsidiaries | - | - |
| C. | CPM given for continuation of its economic activities on behalf of third parties | - | - |
| D. | Total amount of other CPM i) Total amount of CPM given on behalf of majority shareholder ii) Total amount of CPM given on behalf of other companies which are not in scope of B and C iii) Total amount of CPM given on behalf of third parties which are not in scope of C | - | - |
| 603,246 | 760,670 |
(**) Mortgages received consist of mortgaged independent sections and lands sold but not yet collected.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
The tenders for Stage A – Section 2, Stage A – Section 3, Stage B – Section 1 and Stage B – Section 2 Residential and Commercial Construction as well as Infrastructure and Landscaping Works of the Istanbul Başakşehir Damla Kent Project have been completed. Based on the tender results, the contractors that will undertake the construction works have been determined and the tenders cover a total construction area of 386,234.57 m². Within the scope of the projects, a total of 1,666 independent units, consisting of 1,652 residential units and 14 commercial units, will be constructed.
Under the Additional Protocol signed with the Contractor of the Antalya Aksu Phase 1 Revenue Sharing in Return for Land Sale Project (Park Yaşam Antalya), the Minimum Total Company Share Revenue has been increased from TRY 1,515,000 to TRY 2,459,596.
The contract for the Muğla Bodrum Ortakent Müskebi Revenue Sharing in Return for Land Sale Project was signed with the Contractor ILGILN İnş. İç ve Dış Tic. A.Ş. on 09.10.2025. Pursuant to the signed contract; the Total Sales Revenue in Return for Land Sale is TRY 17,530,000, the Company Share Revenue Rate in Return for Land Sale is 40%, and the Total Company Share Revenue in Return for Land Sale is TRY 7,012,000.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 September 2025, unless otherwise stated.)
| Non-Consolidated (Standole) Financial Statement Main | ||||
|---|---|---|---|---|
| Account Items | Related Regulation | 30 September 2025 | 31 December 2024 | |
| A | Money and Capital Market Instruments | Series: III-No.48, Art.24/(b) | 5,434,042 | 7,862,513 |
| Properties, Projects based on Properties and Rights based on | ||||
| B | Properties | Series: III-No.48, Art.24/(a) | 209,082,812 | 214,867,605 |
| IS | Subsidiaries | Series: III-No.48, Art.24/(b) | 5,168,887 | 5,168,887 |
| Due from Related Parties (Non-trade) | Series: III-No.48, Art.23/(f) | - | - | |
| DV Other Assets | 56,318,505 | 24,977,615 | ||
| D | Total Assets (Total Assets) | 276,004,246 | 252,876,620 | |
| E | Financial Liabilities | Series: III-No.48, Art.24/(b) | 39,020,158 | 16,183,100 |
| F | Other Financial Liabilities | Series: III-No.48, Art.24/(a) | - | - |
| G | Due from Financial Leases | Series: III-No.48, Art.24/(b) | - | - |
| H | Due to Related Parties (Non commercial) | Series: III-No.48, Art.23/(f) | - | - |
| I | Shareholders' equity | 129,488,315 | 122,064,413 | |
| EB | Other Resources | 107,495,773 | 114,629,107 | |
| D | Total Resources | Series: III-No.48, Art.3/(k) | 276,004,246 | 252,876,620 |
| Non-Consolidated (Standole) Other Financial Information | Related Regulation | 30 September 2025 | 31 December 2024 | |
| The Portion of Money and Capital Market Instruments Held for 3- | ||||
| A1 | Year Real Estate Payments | Series: III-No.48, Art.24/(b) | 5,434,042 | 7,862,513 |
| A2 | Term / Demand / Currency | Series: III-No.48, Art.24/(b) | 11,049,309 | 9,917,583 |
| A3 | Foreign Capital Market Instruments | Series: III-No.48, Art.24/(d) | - | - |
| Foreign Properties, Projects based on properties and rights based | ||||
| B1 | on Properties | Series: III-No.48, Art.24/(d) | - | - |
| B2 | Idle Land | Series: III-No.48, Art.24/(c) | 22,749,924 | 18,690,119 |
| C1 | Foreign Subsidiaries | Series: III-No.48, Art.24/(d) | - | - |
| C2 | Subsidiaries of the Operating Company | Series: III-No.48, Art.28 | 5,589,183 | 5,511,319 |
| J | Non-Cash Loans | Series: III-No.48, Art.31 | 172,934 | 207,101 |
| Mortgage amount of servient lands which will be developed and | ||||
| K | not owned | Series: III-No.48, Art.22/(e) |
| Portfolio Restrictions | Related Regulation | 30 September 2025 | 31 December 2024 | |
|---|---|---|---|---|
| Mortgage amount of Servient Lands Which Will be Developed | ||||
| 1 | And Not Owned | Series: III-No.48, Art.22/(e) | 0% | 0% |
| Properties, Projects based on Properties and Rights based on | ||||
| 2 | Properties | Series: III-No.48, Art.24/(a),(b) | 78% | 88% |
| 3 | Money and Capital Market Instruments and Affiliates | Series: III-No.48, Art.24/(b) | 2% | 2% |
| Foreign Properties, Projects based on properties and rights based | ||||
| on Properties, | ||||
| 4 | Subsidiaries, Capital Market Instruments | Series: III-No.48, Art.24/(d) | 0% | 0% |
| 5 | Idle Land | Series: III-No.48, Art.24/(c) | 8% | 7% |
| 6 | Subsidiaries of the Operating Company | Series: III-No.48, Art.28 | 2% | 2% |
| 7 | Borrowing Limit | Series: III-No.48, Art.31 | 30% | 13% |
| 8 | Term / Demand / Currency | Series: III-No.48, Art.22/(e) | 2% | 1% |
The information in the table of Control of Compliance with the Portfolio Limitations is condensed information derived from financial statements as per Article 16 of Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets" and is prepared within the frame of provisions related to compliance to portfolio limitations stated in the Communiqué Serial III No 48.1 "Principles Regarding Real Estate Investment Trusts" published in the Official Gazette No. 28660 on 28 May 2013.
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