Quarterly Report • Nov 8, 2025
Quarterly Report
Open in ViewerOpens in native device viewer
(Convenience Translation of Financial Statements Originally Issued in Turkish)
Condensed Interim Consolidated Financial Statements for the Period January 1 - September 30, 2025
| Page | |
|---|---|
| Condensed consolidated statements of financial position | 1 - 2 |
| Condensed consolidated statements of profit or loss and other comprehensive income | 3 |
| Condensed consolidated statements of changes in shareholders' equity | 4 |
| Condensed consolidated statements of cash flows | 5 |
| Notes to the condensed consolidated financial statements | 6 - 41 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
| Reviewed | Audited | ||
|---|---|---|---|
| Current period | Prior period | ||
| Note | September 30, 2025 | December 31, 2024 | |
| Current assets | 2.841.620.888 | 2.417.036.276 | |
| Cash and cash equivalents | 4 | 421.754.905 | 67.606.747 |
| Financial investments | 5 | 626.988.723 | 59.221.517 |
| Trade receivables | |||
| Due from related parties | 7-18 | - | 212.015.111 |
| Due from third parties | 7 | 1.089.992.745 | 382.770.484 |
| Other receivables | |||
| Due from related parties | 8-18 | 1.076.228 | 7.503.636 |
| Due from third parties | 8 | 4.203.264 | 15.022.563 |
| Inventories | 9 | 525.834.361 | 487.436.874 |
| Prepaid expenses | |||
| Due to related parties | 10-18 | - | 763.943.550 |
| Due to third parties | 10 | 37.741.562 | 288.519.255 |
| Current income tax assets | 17 | 4.589.213 | 272.377 |
| Other current assets | 11 | 129.439.887 | 132.724.162 |
| Non-current assets | 7.219.724.620 | 7.722.403.743 | |
| Trade receivables | |||
| Due from related parties | 7-18 | 74.580 | - |
| Other receivables | |||
| Due from third parties | 8 | 758.328 | 1.729.396 |
| Investment properties | 12 | 7.199.770.950 | 7.627.545.446 |
| Property, plant and equipment | 13 | 12.605.833 | 89.043.076 |
| 6.514.929 | 4.085.825 | ||
| Deferred tax asset | 17 | ||
| Total assets | 10.061.345.508 | 10.139.440.019 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
| Reviewed | Audited | ||
|---|---|---|---|
| Current period | Prior period | ||
| Note | September 30, 2025 937.668.742 |
December 31, 2024 2.584.552.637 |
|
| Current liabilities | |||
| Short-term borrowings | 6 | 611.410.985 | 1.583.040.999 |
| Short-term portion of long-term borrowings | 6 | - | 108.286.059 |
| Short-term lease liabilities | 6 | 14.641.330 | 50.081.872 |
| Trade payables | |||
| Due to related parties | 7-18 | - | 8.449.207 |
| Due to third parties | 7 | 123.267.545 | 164.458.744 |
| Contract liabilities | 10 | 3.171.759 | 331.584.162 |
| Employee benefit obligations | 2.308.943 | 2.013.644 | |
| Other payables | |||
| Deferred Income | 10 | 67.667.142 | |
| Due to related parties | 8-18 | 2.005.280 | 288.184.558 |
| Due to third parties | 8 | 99.532.219 | 7.956.019 |
| Provisions Other provisions |
3.565.561 | 2.585.022 | |
| Other current liabilities | 11 | 10.097.978 | 37.912.351 |
| Non-current liabilities | 2.360.086.559 | 3.309.016.066 | |
| Long-term borrowings | 6 | 1.544.799.656 | 2.014.786.762 |
| Long-term lease liabilities | 6 | 348.657.062 | 420.919.321 |
| Other payables | |||
| Due to related parties | 8-18 | - | 432.856.548 |
| Provisions | |||
| Provision for employee benefits | 478.405 | 1.123.763 | |
| Deferred tax liabilities | 17 | 466.151.436 | 439.329.672 |
| Equity | 6.763.590.207 | 4.245.871.316 | |
| Equity holders of the parent | 6.763.590.207 | 3.991.427.257 | |
| Paid-in capital | 15 | 5.000.000.000 | 2.500.000.000 |
| Adjustment to share capital | 15 | 2.571.974.057 | 2.571.974.057 |
| Share Premium | 15 | 31.187.571 | 28.525 |
| Other accumulated comprehensive income and | - | - | |
| expense not to be reclassified to profit or loss | |||
| Gain/ (loss) arising from defined benefit plans | (316.611) | (1.000.056) | |
| Other accumulated comprehensive income and | - | - | |
| expense to be reclassified to profit or loss | |||
| Currency translation differences | (1.116.319.445) | (1.639.286.193) | |
| Effect of combinations of businesses under common control |
(3.558.360.306) | (3.421.088.936) | |
| Restricted reserves | 15 | 335.410.144 | 335.410.144 |
| Retained earnings | 3.096.060.185 | 3.512.656.981 | |
| Net profit for the period | 403.954.612 | 132.732.732 | |
| Non-controlling interest | - | 254.444.062 | |
| Total liabilities and equity | 10.061.345.508 | 10.139.440.019 | |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
| Current period Current period Prior period Prior period January 1- July 1- January 1- July 1- September 30, September 30, September 30, September 30, Note 2025 2025 2024 2024 Revenue 19 914.127.043 58.873.987 142.269.906 55.030.535 Cost of sales (-) 19 (717.694.136) (33.545.453) (29.468.919) (29.422.707) Gross profit/ (loss) 196.432.907 25.328.534 112.800.987 25.607.828 Marketing expenses (-) (1.612.566) - (16.604.016) - General administrative expenses (-) 20 (213.683.865) (52.272.226) (156.339.997) (59.716.790) Other income from operating activities 21 1.370.816.942 9.891.376 1.675.047.335 336.990.449 Other expenses from operating activities (-) 21 (582.481.084) (53.947.630) (500.039.397) (366.853.425) Operating profit 769.472.334 (70.999.946) 1.114.864.912 (63.971.938) Income from investment activities 22 414.318.026 412.193.947 76.721.768 23.769.436 Expenses from investment activities (-) 22 (49.981.128) (46.350.598) (48.661.072) (434.152) Operating income before financial income 1.133.809.232 294.843.403 1.142.925.608 (40.636.654) Finance income 23 97.714.873 90.232.738 3.558.181 1.509.276 Finance expenses (-) 23 (816.369.169) (284.614.762) (431.935.353) (147.036.460) Net monetary position gain/(loss) 26 200.118.149 (67.807.211) (217.528.912) 28.828.058 Profit before tax from continuing operations 615.273.085 32.654.168 497.019.524 (157.335.780) Tax income/(expense), continuing operations (211.318.473) (106.831.308) (54.281.744) (12.659.044) Deferred tax expenses (-) 17 (211.318.473) (106.831.308) (54.281.744) (12.659.044) Net income 403.954.612 (74.177.140) 442.737.780 (169.994.824) Equity holders of the parent 403.954.612 (73.371.423) 455.541.059 (169.994.824) Non-controlling interest - (805.717) (12.803.279) - Earnings per share 16 ,08 ,68 Not to be reclassified to profit or loss 683.445 (343.749) (203.569) (15.361) Loss arising from defined benefit plans 976.350 (50.844) (203.569) (15.361) Gain/(loss) arising from defined benefit plans, net of tax (292.905) (292.905) - - To be reclassified to profit or loss 299.412.711 544.646.445 (644.093.437) (132.027.521) Currency translation differences 299.412.711 544.646.445 (644.093.437) (132.027.521) Other comprehensive (expense)/ income 300.096.156 544.302.696 (644.297.006) (132.042.882) |
Reviewed | Reviewed | ||
|---|---|---|---|---|
| Total comprehensive income 704.050.768 470.125.556 (201.559.226) (302.037.706) |
||||
| Equity holders of the parent 704.050.768 454.846.475 (201.559.226) (302.037.706) Non-controlling interest - 15.279.081 - - |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)
| Paid-in capital |
Equity adjustment differences |
Treasury shares |
Loss arising from remeasurement of defined benefit plans |
Foreign currency translation differences |
Legal reserves appropriated from profit |
Effect of business combinations under common control |
Retained earnings |
Net profit for the period |
Equity attributable to equity holders of the parent |
Non controlling interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balances as of January 1, 2024 |
669.833.747 | 3.779.714.792 | 28.526 | (962.685) | (930.991.593) | 208.708.769 | (2.576.136.364) | 2.383.598.801 | 1.951.216.711 | 5.485.010.708 | 380.577.044 | 5.865.587.752 |
| Transfers Total comprehensive income |
- - - |
- - - |
- - - |
- - - |
- - - |
- 126.701.375 - |
- - - |
- 1.824.515.339 - |
(1.951.216.711) | - | - | - |
| Net loss for the period Other |
- | - | - | - | - | - | - | - | 455.541.059 | 455.541.059 | (12.803.279) | 442.737.780 |
| comprehensive expenses Repurchase of shares |
- - |
- - |
- - |
(203.569) - |
(564.507.823) - |
- - |
- - |
- (52.069.390) |
- - |
(564.711.395) (52.069.393) |
(79.585.610) - |
(644.297.005) (52.069.393) |
| Transactions with non-controlling shareholders |
- | - | - | - | - | - | - | (1.637.244) | - | (1.637.241) | 1.636.881 | (360) |
| Effect of business combinations under common control |
- | - | - | - | - | - | (844.544.285) | - | - | (844.544.282) | - | (844.544.282) |
| Balances as of September 30, 2024 |
669.833.747 | 3.779.714.792 | 28.526 | (1.166.255) | (1.495.499.415) | 335.410.144 | (3.420.680.649) | 4.154.407.507 | 455.541.059 | 4.477.589.456 | 289.825.036 | 4.767.414.492 |
| Paid-in capital |
Equity adjustment differences |
Share premium |
Loss arising from remeasurement of defined benefit plans |
Foreign currency translation differences |
Legal reserves appropriated from profit |
Effect of business combinations under common control |
Retained earnings |
Net profit/(loss) for the period |
Equity attributable to equity holders of the parent |
Non controlling interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balances as of January 1, 2025 |
2.500.000.000 | 2.571.974.057 | 28.525 | (1.000.056) | (1.639.286.193) | 335.410.144 | (3.421.088.936) | 3.512.656.981 | 132.732.732 | 3.991.427.254 | 254.444.062 | 4.245.871.316 |
| Transfers Total comprehensive income |
- | - | - | - | - | - | - | 132.732.732 | (132.732.732) | - | - | - |
| Net loss for the period |
- | - | - | - | - | - | - | - | 403.954.612 | 403.954.612 | - | 403.954.612 |
| Other comprehensive expense |
- | - | - | 683.445 | 522.966.748 | - | - | - | - | 523.650.193 | 523.650.193 | |
| Capital increase | 2.500.000.000 | - | 31.159.046 | - | - | - | - | - | - | 2.531.159.046 | - | 2.531.159.046 |
| Transactions with non controlling interests Effect of merger |
- | - | - | - | - | - | - | (549.329.528) | - | (549.329.528) | (254.444.062) | (803.773.590) |
| involving entities or businesses under common control |
- | - | - | - | - | - | (137.271.370) | - | - | (137.271.370) | - | (137.271.370) |
| Balances as of September 30, 2025 |
5.000.000.000 | 2.571.974.057 | 31.187.571 | (316.611) | (1.116.319.445) | 335.410.144 | (3.558.360.306) | 3.096.060.185 | 403.954.612 | 6.763.590.207 | - | 6.763.590.207 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)
| Reviewed | Reviewed | ||
|---|---|---|---|
| Current period | Prior period | ||
| January 1- | January 1- | ||
| September 30, | September 30, | ||
| Note | 2025 | 2024 | |
| A. Cash flows from operating activities | 457.208.286 | 866.721.858 | |
| Net income | 403.954.612 | 442.737.780 | |
| Adjustments regarding net profit reconciliation for the period | 424.297.854 | (303.422.553) | |
| Adjustments for depreciation and amortization expense | 13 | 10.967.538 | 18.006.743 |
| Adjustments for provisions for employee benefits | 683.445 | 132.714 | |
| Adjustments for interest income Adjustments for interest expense |
23 23 |
(35.315.947) 635.506.124 |
(3.461.075) 397.645.456 |
| Adjustments for unrealized foreign exchange differences | (182.290.912) | (294.978.662) | |
| Adjustments for fair value (gains) losses | |||
| Adjustments for fair value (gains) losses on investment properties | 12 | (505.096.685) | (863.354.214) |
| Adjustments for fair value (gains) losses on financial investments | 5 | ||
| Adjustments for tax expense/ (income) | 17 | 211.318.473 | 54.281.744 |
| Monetary (gain)/ loss | (810.368.620) | 395.105.336 | |
| Adjustments for unrealized translation differences | 1.048.913.309 | 36.031.223 | |
| Adjustments related to losses/(gains) from disposals of non-current | |||
| assets | 49.981.129 | - | |
| Adjustments for other cash flows from investing or financing activities | 5 | - | (42.831.818) |
| Changes in operating assets and liabilities | (371.044.180) | 727.861.002 | |
| Adjustments for decrease (increase) in trade receivables | (559.306.683) | 457.278.736 | |
| Adjustments for decrease (increase) in other receivables | 215.441.332 | (346.755.191) | |
| Decrease (increase) in inventories | (38.397.487) | - | |
| Decrease (increase) in prepaid expenses | 763.943.554 | (104.109.161) | |
| Increase (decrease) in employee benefit liabilities | (45.332.889) | 60.049.151 | |
| Adjustments for increase (decrease) in other payables | 295.299 | 867.981 | |
| Adjustments for other (increase) decrease in changes in operating | |||
| assets and liabilities | (679.820.904) | 700.396.900 | |
| Adjustments for (increase) decrease in other assets Adjustments for increase (decrease) in other liabilities |
(1.032.561) (26.833.841) |
9.471.275 (49.338.689) |
|
| Cash flows from operating activities | - | (454.371) | |
| Payments related to provisions for employee termination benefits | - | (454.371) | |
| B. Cash flows from investing activities | (272.232.872) | (867.704.890) | |
| Cash outflow from purchase of property, plant, equipment | 13 | (1.523.070) | (40.256.997) |
| Cash outflows arising from project expenditures of investment properties Cash inflow from sales of investment properties |
12 12 |
6.013.464 - |
21.742.762 (366.752.725) |
| Cash outflow from sales of investment properties | (260.745.261) | - | |
| Cash outflows from other investing activities | 250.777.693 | (56.559.087) | |
| Cash outflows from purchase of funds and stocks | 5 | (3.847.509.092) | (2.408.687.828) |
| Cash inflow from sales of funds and stocks | 5 | 3.718.024.764 | 2.510.804.541 |
| Cash outflows from subsidiary acquisition | (137.271.370) | (527.995.556) | |
| C. Cash flows from financing activities | 169.684.805 | (9.747.305) | |
| Cash inflow from borrowings | 6 | 724.618.872 | 1.330.508.103 |
| Cash outflow from repayments of borrowings | 6 | (2.413.024.122) | (957.624.249) |
| Payments of lease liabilities | 6 | (6.313.306) | (8.475.935) |
| Cash outflows from acquisition of treasury shares | 15 | 2.531.159.046 | (52.069.390) |
| Transactions with non-controlling shareholders | (694.900.504) | - | |
| Interest and commission paid | (7.171.129) | (325.546.909) | |
| Interest received | 35.315.948 | 3.461.075 | |
| D. Net change in cash and cash equivalents (A+B+C) | 354.660.219 | (10.730.337) | |
| E. Effect of monetary gain/ loss | (2.552.309) | (3.276.800) | |
| F. Effect of foreign exchange gain/ loss | 2.040.248 | 1.630.556 | |
| G. Cash and cash equivalents at January 1 | 4 | 67.606.747 | 105.211.700 |
| Cash and cash equivalents at September 30 (D+E+F+G) | 4 | 421.754.905 | 92.835.119 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Peker Investment Gayrimenkul Anonim Şirketi was established as of April 25, 2017 by separating part of Peker Holding Anonim Şirketi through division. The Company was registered in the trade registry as of April 25, 2017, and at the same time, it applied to the Capital Markets Board for be a Real Estate Investment Corporation. It was approved in accordance with the Capital Markets Board's decision dated September 21, 2017 and numbered 34/1144. The title of the Company, Peker Gayrimenkul Yatırım Ortaklığı A.Ş. ("Company"), was registered in the trade registry on September 28, 2017, pursuant to the permissions of the CMB and the Ministry of Customs and Trade. Group is composed of Peker Gayrimenkul Yatırım Ortaklığı A.Ş. ("the Company") and its subsidiaries which it owns the majority of their shares.
The Company's shares have been traded on the Borsa İstanbul Anonim Şirketi (formerly known as the Istanbul Stock Exchange) ("BIST") since February 21, 2018. As of September 30, 2025, 68,74% of its shares are traded on BIST.
The Company is affiliated to the İstanbul Ticaret Odası and its registered address is as follows: Cumhuriyet Mahallesi Silahşor Cad. Yeniyol Sk. No:8/1-G Şişli/ İstanbul.
The main objective and operations of the Company are real estate buying-selling, renting, developing real estate projects etc.
Number of employees of the Group as of September 30, 2025 is 28 (December 31, 2024: 29).
As of September 30, 2025 and December 31, 2024, the shareholder structure is as follows:
| September 30, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| Number of shares | Share (%) | Amount Number of shares Share (%) | Amount | |||
| Tera Yatırım Holding A.Ş. Hasan Peker Halka açık kısım |
300.000.000 536.988.457 4.163.011.543 |
6 10,74 |
300.000.000 536.988.457 83,26 4.163.011.543 |
781.406.458 1.718.593.542 |
31,26 68,74 |
781.406.458 1.718.593.542 |
The main operations of the companies included in the consolidation and the share percentage of the Group for these companies are as follows:
| Voting right and ownership ratios (%) | ||||
|---|---|---|---|---|
| September 30, 2025 |
December 31, 2024 | |||
| Name of the Company | Operation | Country of operation | Share (%) | Share (%) |
| DİGH Maslak | Real estate projects | İstanbul - Türkiye | 100 | - |
| Peker GMBH | Real estate projects | Düsseldorf - Germany | 100 | 100 |
| Peker GYO Global GMBH | Real estate projects | Düsseldorf - Germany | 100 | 100 |
| Blue Stone Investment GMBH | Real estate projects | Grevenbroich -Germany | 100 | 100 |
| Nordstern Düsseldorf GMBH | Real estate projects | Düsseldorf - Germany | 100 | 100 |
| Peker GYO Spain SL | Real estate projects | Malaga - Spain | 100 | 100 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. ("DİGH Maslak")
On September 24, 2024, the Company has purchased 100% shares of the GG Gayrimenkul Geliştirme İnşaat I ̇şletmecilik A.Ş. which owns 99% of the shares of DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. from its related party Peker Holding A.Ş. DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. has Peker Tower Maslak Project. The land, which has a total construction area of 16,554 m2, is located on Büyükdere Street, in the area where plazas and business centers are most dense in Istanbul. The project, which will consist of 6 basement floors and ground floor + 15 floors, will have office sizes ranging from 120 m2 to 560 m2. GG Gayrimenkul merged with DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. in accordance with the simplified merger provisions in accordance with the relevant provisions of the Turkish Commercial Code and the Corporate Tax Law and was registered on October 18, 2024.
The Company has purchased 100% shares of the capital of Peker GMBH, established in Germany and with a capital amounting to 1.000.000, euros from its related parties, Peker Holding GMBH and Goldstein Investment GMBH, for 40.000.000 euros. The value of the related shares has been determined as 41.428.663 euros in the valuation report dated September 23, 2023 prepared by Konfident Steuerberatungsgesellscharft MBH which is established in Germany. Peker GMBH owns the Northgate Düsseldorf project.
On October 6, 2021, the Group purchased 100% shares of Blue Stone Investment GMBH, which was established to acquire land in Germany, from Peker Holding GMBH. This transaction is considered as a business combination under common control. Therefore, Blue Stone Investment GMBH has been consolidated since 2021.
On December 1, 2021, the Group has purchased 89% of the shares of the capital of Nordstern Düsseldorf GMBH, established in Germany, from Peker GMBH. The remaining 11% of the shares were purchased from Peker GMBH on August 26, 2022 for a payment of 13.367.707 Turkish liras. With this share purchase, the Company has become the owner of all the shares of the related company. This transaction is considered as a business combination under common control and has been consolidated since 2021.
The Group established the Spain-based company Peker GYO Spain SL as part of its restructuring to plan and realize its real estate investments through subsidiaries established abroad and to realize new investments to be made in Spain in order to benefit from lower cost and long-term financing opportunities abroad.
The Group has established Peker GYO Global GMBH, headquartered in Düsseldorf/ Germany, as part of its restructuring to plan and realize real estate investments through subsidiaries established abroad and to realize new investments to be made in Germany in order to benefit from lower cost and long-term financing opportunities abroad.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The condensed consolidated financial statements of the Group have been prepared in accordance with the Turkish Financial Reporting Standards, ("TFRS") and interpretations as adopted in line with international standards by the Public Oversight Accounting and Auditing Standards Authority of Turkey ("POA") and in line with the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board of Turkey ("CMB") on September 13, 2013 which is published on Official Gazette numbered 28676. TFRS are updated in harmony with the changes and updates in International Financial and Accounting Standards ("IFRS") by the communiqués announced by the POA.
The financial statements have been prepared and presented in accordance with the formats specified in the "Announcement on TFRS Taxonomy" published by the Public Oversight, Accounting and Auditing Standards Authority (POA) on April 15, 2019, and the "Sample Financial Statements and User Guide" published by the Capital Markets Board (CMB).
The Company maintain its legal books of account and prepare their statutory financial statements ("Statutory Financial Statements") in accordance with accounting principles issued by the Turkish Commercial Code ("TCC") and tax legislation. These consolidated financial statements are based on the statutory records with adjustments and reclassifications, for the purpose of fair presentation in accordance with Turkish Financial Reporting Standards ("TFRS"). The condensed consolidated financial statements are prepared on the basis of historical cost, with the exception of investment properties and short-term financial investments carried at fair value. In determining the historical cost, generally the fair value of the amount paid for the assets is taken as basis.
The Group prepared its condensed consolidated interim financial statements for the three months period ended September 30, 2025 in accordance with TAS 34 "Interim Reporting" standard. Interim condensed consolidated financial statements do not include all the information required for the annual financial statements and therefore they should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024.
With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2024. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.
According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of September 30, 2024, and December 31, 2024 on the purchasing power basis as of September 30, 2025.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Financial reporting in hyperinflationary economies (cont'd)
The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index ("CPI") of Turkey published by the Turkish Statistical Institute ("TÜİK"). As of September 30, 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:
| Date | Index | Average Index | Conversion Factor |
|---|---|---|---|
| September 30, 2025 | 3.132,17 | 1,00000 | %220 |
| December 31, 2024 | 2.684,55 | 1,16674 | %291 |
| September 30, 2025 | 2.319,29 | 1,35049 | %324 |
| September 30, | |||
| September 30, 2025 | December 31, 2024 | 2025 | |
| Period - Inflation Rate | 24,74% | 64,78% | 19,78% |
| Cumulative - Inflation Rate | 359,44% | 268,33% | 167,74% |
As of September 30, 2025 and 2024, quarterly inflation refers to the 6-month inflation starting from the end of the previous year.
The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Functional and reporting presentation currency
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency of the Company and its subsidiary DİGH Maslak which is operating in Türkiye is Turkish lira and the foreign subsidiaries is euro.
The accompanying condensed consolidated financial statements are prepared in Turkish lira (TL) in accordance with the requirements of Capital Markets Board ("CMB") Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets", which was published in the Official Gazette No:28676 on September 13, 2013.
In accordance with the Public Oversight, Accounting and Auditing Standards Authority's ("POA") announcement "On the Next Measurement of Foreign Currency Monetary Items According to Turkish Accounting Standards" dated March 15, 2021, the Group carried out a valuation for the assets and liabilities in the condensed consolidated financial statements based on the current buying and selling rates effective as of the end of the reporting period, income and expenses are translated into TRY at the average foreign exchange rate.
| September 30, | September 30, | ||
|---|---|---|---|
| 2025 | December 31, 2024 | 2024 | |
| Buying exchange rate | 48,7512 | 36,8024 | 35,1284 |
| Selling exchange rate | 48,8390 | 36,7362 | 35,1917 |
| Average exchange rate | 47,6182 | 35,4893 | 34,1737 |
The differences between the values arising from translation of the historical values of these items into the presentation currency and their carrying values from statutory records are recognized as foreign currency translation differences in the statement of other comprehensive income.
The Group prepared consolidated financial statements in accordance with the going concern assumption.
The consolidated financial statements have been approved and authorized to be published on August 28, 2024 by the Board of Directors. The General Assembly has the authority to revise the financial statements.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
As of the date of approval of the financial statements, the new standards, interpretations, and amendments that have been issued but are not yet effective for the current reporting period and have not been early adopted by the Company are as follows. Unless otherwise stated, the Company will make the necessary changes to its consolidated financial statements and notes following the effective date of the new standards and interpretations:
Amendments to TFRS 10 and TAS 28 Sale or contribution of assets between an investor and its associate or joint venture TFRS 17 The new standard for insurance contracts IFRS 18 New Standard on Presentation and Disclosures in Financial Statements
The effects of these standards on the Group's financial position and performance are being evaluated.
In July 2024, the IASB issued the "11th Cycle of Annual Improvements to IFRS Accounting Standards," which includes the following amendments:
These standards are not applicable to the Group.
The Group's condensed consolidated financial statements are prepared in comparison with the previous period in order to allow for the determination of the financial position and performance trends in accordance with a new illustrative financial statement. Comparative information is reclassified when necessary and important differences are explained in order to ensure compliance with the presentation of the current period consolidated financial statements.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The condensed consolidated financial statements for the interim period ended 30 September 2024 have been prepared in accordance with TAS 34 Interim Financial Reporting. The significant accounting policies applied in the preparation of the condensed consolidated financial statements are consistent with those disclosed in the consolidated financial statements as of 31 December 2024. Accordingly, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025.
Within the framework of TFRS 8 - Operating Segments, there are no operating segments that meet limits and require segment reporting (December 31, 2024: None).
The details of cash and cash equivalents as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, | ||
|---|---|---|
| 2025 | December 31, 2024 | |
| Cash on hand: | ||
| - Turkish lira | 3.030 | 8.719 |
| Cash in bank: | ||
| Time deposits | ||
| - Turkish lira |
142.614.423 | 1.492.055 |
| - US dollar |
- | 88.361 |
| - Euro |
- | 691.298 |
| Demand deposits | ||
| - Turkish lira |
21.068.320 | 2.709.971 |
| - US dollar |
1.719.729 | 1.101.421 |
| - Euro |
256.262.081 | 60.512.549 |
| - British pound |
87.322 | 1.002.373 |
| Total | 421.754.905 | 67.606.747 |
As of September 30, 2025 and December 31, 2024 the details of the time deposits are as follows:
| Maturity | Interest rate | September 30, 2025 | |
|---|---|---|---|
| Turkish lira | July '25 | 37,25 | 142.614.423 |
| Total | 142.614.423 | ||
| Maturity | Interest rate | December 31, 2024 | |
| Turkish lira US dollar Euro |
January '25 January '25 January '25 |
44,50 3,50 2,00 |
1.492.055 88.361 691.298 |
| Total | 2.271.714 |
As of September 30, 2025 and December 31, 2024, there is no blockage on the bank accounts.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of short-term financial investments as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Foreign funds Investment funds Other |
57.047.951 569.940.772 - |
55.121.629 4.094.010 5.878 |
| Total | 626.988.723 | 59.221.517 |
The details of financial liabilities as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Short-term bank loans | 530.347.517 | 953.315.984 |
| Commercial paper (*) | - | 108.286.059 |
| Short-term portion of long-term | ||
| borrowings | 14.641.330 | 50.081.872 |
| Short-term lease liabilities (**) | 81.063.468 | 629.725.015 |
| Short-term financial liabilities | 626.052.315 | 1.741.408.930 |
| Long-term bank loans | 2.079.926.556 | 2.014.786.762 |
| Long-term lease liabilities (**) | 348.657.062 | 420.919.321 |
| Long-term financial liabilities | 2.428.583.618 | 2.435.706.083 |
| Total | 3.054.635.933 | 4.177.115.013 |
(*) As of September 30, 2025, the financing bills consist of the bill issued on April 30, 2025, with a nominal value of TRY 100,000,000, ISIN code TRFPEGYE2519, carrying a 59% simple annual interest rate and a 67.84% compound annual interest rate, maturing on October 27, 2025.
Interest rate risks arising from variable interest bank loans are disclosed in Note 24.
(**) As of September 30, 2025 and December 31, 2024, the lease transactions consist of land lease agreements under the Peker Maslak Tower project, which is included within investment properties.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of bank loans as of September 30, 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| January 1 | 3.076.388.805 | 3.565.707.982 |
| Loan proceeds | 724.618.872 | 329.217.730 |
| Principal repayments (-) | (1.209.359.772) | (146.897.458) |
| Accrued / (paid) interest, net | (26.102.387) | 32.517.218 |
| Foreign exchange difference | (332.948.358) | (456.225.057) |
| Monetary gain | 377.676.912 | (50.185.813) |
| September 30 | 2.610.274.073 | 3.274.134.602 |
The details of short-term trade receivables as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Trade receivables from third parties Trade receivables from related parties (Note 18) |
1.089.992.745 - |
382.770.484 212.015.111 |
| Total | 1.089.992.745 | 594.785.595 |
The details of short-term trade payables as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Trade payables to third parties (*) Trade payables to related parties (Note 18) |
123.267.545 - |
164.458.744 8.449.207 |
| Total | 123.267.545 | 172.907.951 |
(*) Trade payables to third parties mainly consist of trade payables of Peker GMBH to DeSa Construction GMBH and the Company's payables to Timur Gayrimenkul Geliştirme Yapı ve Yatırımları A.Ş. regarding trading areas purchased pursuant to the additional protocol of the "Revenue Sharing Project in Return for Land" agreement within the scope of the Ataköy project.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of short-term other receivables as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Deposits and guarantees given | - | 14.669.684 |
| Receivables from the tax authorities | 3.563.432 | 163.141 |
| Other receivables from third parties | 639.832 | 189.738 |
| Other receivables from related parties (Note 18) | 1.076.228 | 7.503.636 |
| Total | 5.279.492 | 22.526.199 |
The details of long-term other receivables as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Deposits and guarantees given | 758.328 | 1.729.396 |
| Total | 758.328 | 1.729.396 |
The details of short-term other payables as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Deposits and guarantees taken | 1.542.269 | 7.930.169 |
| Other payables to third parties (*) | 97.989.950 | 25.850 |
| Other payables to related parties (Note 18) | 2.005.280 | 288.184.558 |
| Total | 101.537.499 | 296.140.577 |
The details of long-term other payables as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Other payables to related parties (Note 18) | - | 432.856.548 |
| Total | - | 432.856.548 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of inventories as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, | ||
|---|---|---|
| 2025 | December 31, 2024 | |
| Ataköy Nef 22 independent sections (*) | 371.221.580 | 371.221.579 |
| Land shares of Ataköy Project (**) | 122.679.372 | 122.679.374 |
| Housing of Sultan Makamı (***) | - | 71.707.230 |
| Tenet project independent unit stocks | 186.696.556 | - |
| Inventories, gross | 680.597.508 | 565.608.183 |
| Ataköy Nef 22 independent sections (-) (*) | (105.440.153) | (47.502.540) |
| Land shares of Ataköy Project (-) (**) | (49.322.994) | (30.668.769) |
| Impairment (-) | (154.763.147) | (78.171.309) |
| Inventories, net | 525.834.361 | 487.436.874 |
Movement of inventories for the periods ended September 30, 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| January 1 | 487.436.874 | 491.380.136 |
| Sales of inventories (Note 19) (*) | (703.593.266) | - |
| Impairment (-) (Note 21b) | (76.591.837) | - |
| Additions | 818.582.590 | - |
| September 30 | 525.834.361 | 491.380.136 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of short-term prepaid expenses as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Advances given to third parties | 37.446.937 | 287.080.365 |
| Prepaid expenses for next months | 294.625 | 1.438.890 |
| Advances given to related parties (Note 18) | - | 763.943.550 |
| Total | 37.741.562 | 1.052.462.805 |
As of September 30, 2025 and December 31, 2024, the details of the Group's short-term advances received are as follows:
| 30 Eylül 2025 | 31 Aralık 2024 | |
|---|---|---|
| Advances received | 67.667.142 | - |
| Toplam | 67.667.142 | - |
The details of contract liabilities as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Liabilities from customer contracts | 3.171.759 | 331.584.162 |
| Total | 3.171.759 | 331.584.162 |
The details of other current assets as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Deferred VAT | 125.522.356 | 128.714.305 |
| Personnel and job advances | 41.426 | 125.430 |
| Other | 3.876.105 | 3.884.427 |
| Total | 129.439.887 | 132.724.162 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
As of 30 September 2025 and 31 December 2024, the details of the Group's short-term other liabilities are as follows:
| 30 Haziran 2025 | 31 Aralık 2024 | |
|---|---|---|
| Taxes and funds payable | 10.097.978 | 37.912.351 |
| Total | 10.097.978 | 37.912.351 |
The details of investment properties as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Hotel - Peker GMBH (1) | 4.150.152.349 | 3.930.919.661 |
| Peker Tower Maslak (11) | 1.510.592.177 | 1.510.202.341 |
| Düsseldorf 2 - Nordstern (2) | - | 972.247.156 |
| Düsseldorf - Nordstern (2) | 755.553.940 | 452.025.810 |
| Solingen - Peker GYO Global (3) | 152.267.927 | 144.224.341 |
| Land use right | 96.876.796 | 96.876.796 |
| Grevenbroich - Bluestone (4) | 83.471.258 | 83.471.258 |
| Ritz Carlton A 95 - Peker GYO (5) | 68.350.300 | 65.406.273 |
| Nef 22 - Peker GYO (6) | 69.054.069 | 64.739.680 |
| House - Peker GMBH (1) | 56.799.524 | 53.799.078 |
| Parcela Benalmadena - Spain (8) | 33.323.812 | 31.563.474 |
| Parcela Mijas - Spain (8) | 23.837.471 | 22.578.251 |
| Grevenbroich - Peker GYO Global (3) | 199.491.327 | 199.491.327 |
| Total | 7.199.770.950 | 7.627.545.446 |
(1) Peker GMBH houses the Northgate Düsseldorf project, located in Düsseldorf, Germany. The project comprises a gross construction area of 26,200 m² developed on a land plot of 11,600 m². It includes a total net usable area of 24,000 m² (8,400 m² hotel, 5,800 m² boarding house, 1,800 m² office space, and 8,000 m² common area). Construction of the 431-room hotel project began in 2019 and was completed at the beginning of 2023. The hotel, which is one of the largest in Düsseldorf, has been leased to the Novum Hotels Group for a period of 25+5 years and is currently in operation.
(2) Nordstern Düsseldorf GMBH owns an 8,891 m² land plot in Düsseldorf, Germany, where development activities are ongoing. Additionally, pursuant to the land purchase agreement signed with the Municipality of Düsseldorf on August 31, 2023, a second adjacent plot of 9,163 m² was acquired. These two parcels will be jointly developed under a single project.
(3) Peker GYO Global GMBH owns three adjacent buildings located in Grevenbroich, in the state of North Rhine-Westphalia, Germany. The company plans to develop a combined project across these properties. It also owns a 2,690 m² land parcel in Solingen, where it plans to build a development consisting of 45 residential units, 33 indoor parking spaces, 14 outdoor parking spaces, and motorcycle parking. The residential portion of the project has been completed, while the hotel construction is ongoing.
(4) A residential development is planned on a 2,370 m² land parcel located in Grevenbroich, Germany. Construction is expected to commence in December 2025 and be completed by September 2027.
(5) Ritz Carlton A 95 is located on parcel no. 114, block 840, in the Teşvikiye neighborhood of Şişli, Istanbul. The property includes units in blocks A, B, and C. The residential unit no. 95 located on the 14th floor of Block A was acquired on July 26, 2023, for TRY 48,303,840 excluding VAT.
(6) Due to the rental of four residential units previously included in the inventories of Nef 22 independent sections, these units were reclassified as investment properties as of December 31, 2022, March 31, 2023, September 30, 2024, and March 31, 2025, respectively. In the project, a total of 14 commercial units are being tracked under inventories, of which 9 are independent sections and 5 are land shares intended for sale.
(7) A property located in Recklinghausen, North Rhine-Westphalia, Germany, comprising three residential units and one commercial unit with a total rentable area of 417 m², was acquired for EUR 500,000. The building currently includes a tenant generating rental income, and the remaining units are intended to be leased.
(8) As part of a newly structured entity established to execute new investments in Spain, the Group acquired two land parcels: one of 609.11 m² located at Avellano 9.3, Benalmadena 1, 29639 Malaga, and another of 670 m² at Ficus Buena Vista Sol 2, Buenavista, 29650, Mijas, Malaga. Landscaping works are ongoing, and upon completion, the properties will either be sold or leased depending on market conditions.
(9) On September 24, 2024, the Company acquired all shares of GG Gayrimenkul Geliştirme İnşaat İşletmecilik A.Ş. from Peker Holding A.Ş., which owns 99% of DİGH Maslak İnşaat Proje Danışmanlık Ltd. Şti., the entity holding the Peker Tower Maslak project. The land, with a total construction area of 16,554 m², is located in one of Istanbul's prime business districts on Büyükdere Street. The project will consist of 6 basement floors and 15 above-ground floors, offering office units ranging from 120 m² to 560 m². The Group had previously measured this investment property under construction at cost until its fair value could be reliably determined. As of September 30, 2024, the fair value of the property has become reliably measurable and has been accounted for at fair value accordingly.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Movement of investment properties for the periods ended September 30, 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| January 1 | 7.428.054.119 | 7.860.188.268 |
| Additions | 366.752.725 | |
| Sales of subsidiary | (1.026.470.690) | - |
| Sales of investment properties | - | - |
| Translation differences | 93.599.509 | (1.256.003.364) |
| Fair value change (Note 21a) | 505.096.685 | 877.782.155 |
| September 30 | 7.000.279.623 | 7.848.719.784 |
The Group classifies its rights for the lands that are rented to develop investment real estate as investment real estates. In such a case, the rights to the related land are recognized as if it were a financial lease. The fair values of the investment properties developed on the leased land have been deducted from the estimated cash flows to be paid for the rents and therefore the discounted values of rentable rentals related to the related land are accounted for in the investment property and lease liabilities accounts. Movement of right of use land for the periods ended September 30, 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| January 1 Arrangements |
199.491.327 - |
288.024.089 (61.315.659) |
| September 30 | 199.491.327 | 226.708.430 |
As of September 30, 2025, the fair values of the investment properties are as follows:
| 30 Haziran 2025 | |||||
|---|---|---|---|---|---|
| Name of investment property | Date of appraisal report |
Fair value | Currency | Fair value (TL) | |
| Northgate Hotel – Düsseldorf – Peker GMBH | 5 January 2025 | 85.310.000 | Euro | 4.150.152.349 | |
| Land under development – Solingen – Peker REIT Global |
3 January 2025 | 15.531.070 | Euro | 755.553.940 | |
| Erft-Lofts Project – Grevenbroich – Bluestone | 3 January 2025 | 3.130.000 | Euro | 152.267.927 | |
| Ritz Carlton A 95 – Peker REIT | 31 December 2024 | 96.876.796 | Turkish Lira | 96.876.796 | |
| Nef 22 – Peker REIT | 31 December 2024 | 83.471.258 | Turkish Lira | 83.471.258 | |
| Detached house – Grevenbroich – Peker GMBH | 2 January 2025 | 1.405.000 | Euro | 68.350.300 | |
| Modular villa – Benalmadena – Spain | 13 January 2025 | 1.419.467 | Euro | 69.054.069 | |
| Modular villa – Mijas – Spain | 10 January 2025 | 1.167.564 | Euro | 56.799.524 | |
| 3 Adjacent Buildings – Grevenbroich – Peker REIT Global |
4 January 2025 | 685.000 | Euro | 33.323.812 | |
| Kaiserwall – Peker REIT | 13 January 2025 | 490.000 | Euro | 23.837.471 | |
| Peker Tower Maslak | 31 December 2024 | 1.510.592.177 | Turkish Lira | 1.510.592.177 | |
| Land use right | - | 199.491.327 | Turkish Lira | 199.491.327 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
As of 31 December 2024, the fair values of investment properties are as follows:
| 30 Haziran 2025 | ||||||
|---|---|---|---|---|---|---|
| Name of investment property | Date of appraisal report | Fair value | Currency | Fair value (TL) | ||
| Northgate Hotel – Düsseldorf – Peker GMBH | January 5, 2025 | 85.310.000 | Euro | 3.930.919.661 | ||
| Land under development – Düsseldorf – Nordstern |
January 4, 2025 | 21.100.000 | Euro | 972.247.156 | ||
| Land under development – Solingen – Peker REIT Global |
January 3, 2025 | 9.810.000 | Euro | 452.025.810 | ||
| Erft-Lofts Project – Grevenbroich – Bluestone | January 3, 2025 | 3.130.000 | Euro | 144.224.341 | ||
| Ritz Carlton A 95 – Peker REIT | December 31, 2024 | 77.236.000 | Turkish Lira | 96.876.796 | ||
| Nef 22 – Peker REIT | December 31, 2024 | 66.548.300 | Turkish Lira | 83.471.258 | ||
| Detached house – Grevenbroich – Peker GMBH | January 2, 2025 | 1.405.000 | Euro | 65.406.273 | ||
| Modular villa – Benalmadena – Spain | January 13, 2025 | 1.419.467 | Euro | 64.739.680 | ||
| Modular villa – Mijas – Spain | January 10, 2025 | 1.167.564 | Euro | 53.799.078 | ||
| 3 Adjacent Buildings – Grevenbroich – Peker REIT Global |
January 4, 2025 | 685.000 | Euro | 31.563.474 | ||
| Kaiserwall – Peker REIT | January 13, 2025 | 490.000 | Euro | 22.578.251 | ||
| Peker Tower Maslak | December 31, 2024 | 1.204.024.000 | Turkish Lira | 1.510.202.341 | ||
| Land use right | – | 159.046.466 | Turkish Lira | 199.491.327 |
As of September 30, 2025, the methods that are used to identify the fair values of investment properties are as follows:
| Name of investment property | Valuation method use | Based on valuation method |
|---|---|---|
| Hotel - Peker GMBH | Precent comparison, Income discount | Income discount |
| Solingen - Peker GYO Global | Cost analysis, Precent comparison, Income discount |
Precent comparison |
| Grevenbroich - Bluestone | Precent comparison | Precent comparison |
| Ritz Carlton A 95 - Peker GYO | Precent comparison, Income discount | Precent comparison |
| Nef 22 - Peker GYO | Precent comparison, Income discount | Precent comparison |
| House - Peker GMBH | Precent comparison | Precent comparison |
| Parcela Benalmadena - Spain | Precent comparison | Precent comparison |
| Parcela Mijas - Spain | Precent comparison | Precent comparison |
| Grevenbroich - Peker GYO Global Kaiserwall - Peker GYO Peker Tower Maslak |
Precent comparison, Income discount Cost analysis, Income discount Income discount |
Precent comparison Income discount Income discount |
As of December 31, 2024, the methods that are used to identify the fair values of investment properties are as follows:
| Name of investment property | Valuation method use | Based on valuation method |
|---|---|---|
| Hotel - Peker GMBH | Precent comparison, Income discount | Income discount |
| Düsseldorf 2 - Nordstern | Precent comparison | Precent comparison |
| Düsseldorf - Nordstern | Precent comparison | Precent comparison |
| Solingen - Peker GYO Global | Cost analysis, Precent comparison, Income discount |
Precent comparison |
| Grevenbroich - Bluestone | Precent comparison | Precent comparison |
| Ritz Carlton A 95 - Peker GYO | Precent comparison, Income discount | Precent comparison |
| Nef 22 - Peker GYO | Precent comparison, Income discount | Precent comparison |
| House - Peker GMBH | Precent comparison | Precent comparison |
| Parcela Benalmadena - Spain | Precent comparison | Precent comparison |
| Parcela Mijas - Spain | Precent comparison | Precent comparison |
| Grevenbroich - Peker GYO Global | Precent comparison, Income discount | Precent comparison |
| Kaiserwall - Peker GYO | Cost analysis, Income discount | Income discount |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
As of September 30, 2025 the fair values classification of the investment properties are as follows:
| September | 1. | 2. level | 3. level | |
|---|---|---|---|---|
| 30, 2025 | level | |||
| Northgate Hotel - Düsseldorf - Peker GMBH | 4.150.152.349 | - | 4.150.152.349 | - |
| Proje geliştirilen arsa - Solingen - Peker GYO Global | 755.553.940 | - | 755.553.940 | - |
| Erft-Lofts Projesi - Grevenbroich - Bluestone | 152.267.927 | - | 152.267.927 | - |
| Ritz Carlton A 95 - Peker GYO | 96.876.796 | - | 96.876.796 | - |
| Nef 22 - Peker GYO | 83.471.258 | - | 83.471.258 | - |
| Müstakil ev - Grevenbroich - Peker GMBH | 68.350.300 | - | 68.350.300 | - |
| Modüler villa - Benalmadena - Spain | 69.054.069 | - | 69.054.069 | - |
| Modüler villa - Mijas - Spain | 56.799.524 | - | 56.799.524 | - |
| 3 Bitişik Bina - Grevenbroich - Peker GYO Global | 33.323.812 | - | 33.323.812 | - |
| Kaiserwall - Peker GYO | 23.837.471 | - | - | 23.837.471 |
| Peker Tower Maslak | 1.510.592.177 | - | 1.510.592.177 | - |
| Toplam | 7.000.279.623 | - | 6.976.442.152 | 23.837.471 |
As of 31 December 2024, the Group's investment properties and the related fair value hierarchy of these assets are presented in the table below:
| September 30, 2025 |
1. level |
2. level | 3. level | |
|---|---|---|---|---|
| Northgate Hotel – Düsseldorf – Peker GMBH | 3.930.919.661 | - | 3.930.919.661 | - |
| Land under development – Düsseldorf – Nordstern | 972.247.156 | - | 972.247.156 | - |
| Land under development – Solingen – Peker REIT Global |
452.025.810 | - | 452.025.810 | - |
| Erft-Lofts Project – Grevenbroich – Bluestone | 144.224.341 | - | 144.224.341 | - |
| Ritz Carlton A 95 – Peker REIT | 96.876.796 | - | 96.876.796 | - |
| Nef 22 – Peker REIT | 83.471.258 | - | 83.471.258 | - |
| Detached house – Grevenbroich – Peker GMBH | 65.406.273 | - | 64.739.680 | - |
| Modular villa – Benalmadena – Spain | 64.739.680 | - | 65.406.273 | - |
| Modular villa – Mijas – Spain | 53.799.078 | - | 53.799.077 | - |
| 3 Adjacent Buildings – Grevenbroich – Peker REIT Global |
31.563.474 | - | 31.563.474 | - |
| Kaiserwall – Peker REIT | 22.578.251 | - | - | 22.578.251 |
| Total | 5.917.851.778 | - | 5.895.273.527 | 22.578.251 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Movement of property, plant and equipment and accumulated depreciation for the periods ended September 30, 2025 and 2024 are as follows:
| Cost: Vehicles 117.059.957 - (104.565.889) (12.494.068) Furniture and fixtures 21.131.607 1.523.070 (4.465.321) (5.498.869) Leasehold improvements 106.775 - (106.775) - Total 138.298.339 1.523.070 (109.137.984) (17.992.937) Accumulated depreciation (-): Vehicles 42.756.704 10.648.257 (51.412.379) (1.907.927) 84.654 Furniture and fixtures 6.482.543 1.396.293 (1.702.539) (1.196.085) Leasehold improvements 16.016 12.458 (28.474) - Total 49.255.263 12.057.008 (53.143.393) (3.104.012) Book value 89.043.076 January 1, Translation 2025 Addition Disposal difference Cost: Vehicles 119.748.375 39.253.879 (40.867.184) (2.198.833) 115.936.237 Furniture and fixtures 25.323.869 827.718 - (3.147.709) 23.003.879 Leasehold improvements - 106.775 - - Advances provided - 68.625 - - Toplam 145.072.245 40.256.997 (40.867.184) (5.346.541) Accumulated depreciation (-): Vehicles 40.579.847 16.192.297 (18.690.270) (350.675) 37.731.199 Furniture and fixtures 5.641.199 1.803.769 - (522.445) 6.922.523 Leasehold improvements - 10.677 - - Total 46.221.046 18.006.743 (18.690.270) (873.120) |
January 1, 2025 | Addition | Disposal | Translation difference |
September 30, 2025 |
|---|---|---|---|---|---|
| - | |||||
| 12.690.487 | |||||
| 12.690.487 | |||||
| 84.654 | |||||
| 12.605.833 | |||||
| September 30, 2025 |
|||||
| 106.775 | |||||
| 68.625 | |||||
| 139.115.517 | |||||
| 10.677 | |||||
| 44.664.399 | |||||
| Book Value 98.851.199 |
94.451.118 |
As of September 30, 2025 and September 30, 2024 there are no property, plant and equipment acquired through financial leasing.
As of September 30, 2025 and September 30, 2024 there is no capitalized borrowing cost.
For the periods ended September 30, 2025 and September 30, 2024 depreciation expenses are included in general administrative expenses (Note 20).
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, there are 8 lawsuits to which the Group is a party. The Group does not foresee a significant cash outflow risk for the related lawsuits.
The details of collaterals, pledges and mortgages ("CPM") received as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Letter of guarantees taken (*) - Turkish lira - US dollar |
- - |
3.470.467 114.743.257 |
| Total | - | 118.213.724 |
(*) As of September 30, 2025 and December 31, 2024, letter of guarantees taken consist of the letter of guarantees received from the customers regarding the undelivered residences and workplaces within the scope of the sales contracts made within the scope of Nef 22 Project.
The details of collaterals, pledges and mortgages ("CPM") given as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| A. Total amount of guarantees provided by the Company on behalf of itself (*) |
- | 405.925.373 |
| B. Total amount for guarantees provided on behalf of subsidiaries accounted under full consolidation method (**) |
2.592.049.478 | 3.306.519.495 |
| C. Provided on behalf of third parties in order to maintain operating activities |
- | - |
| D. Other guarantees given i. Total amount of guarantees given on behalf of the |
- | - |
| parent company ii. Total amount of guarantees provided on behalf of the associates which are not in the scope of B and C |
- - |
- - |
| iii. Total amount of guarantees provided on behalf of third parties which are not in the scope of C |
- | - |
| Total | 2.592.049.478 | 3.712.444.868 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of paid-in capital as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Name of shareholder | Share (%) | Amount Share (%) |
||
| Tera Yatırım Holding Anonim | ||||
| Şirketi | 6 | 300.000.000 | ||
| Hasan Peker | 10,74 | 536.988.457 | 31,26 | 781.406.458 |
| Other | 83,26 | 4.163.011.543 | 68,74 | 1.718.593.542 |
| Total | 5.000.000.000 | 2.500.000.000 | ||
| Inflation adjustment to share capital |
2.571.974.057 | 2.571.974.057 | ||
| Total | 7.571.974.057 | 5.071.974.057 |
A "Share Purchase Agreement" dated July 28, 2025 was executed regarding the transfer by Hasan Peker, the shareholder holding management control of the Company, of all his Class A shares with a nominal value of TRY 314,754,719.80 to Tera Yatırım Holding A.Ş. for a total consideration of EUR 20,000,000. An application has been submitted to the Capital Markets Board of Turkey (CMB) for approval of the said share transfer, which will result in a change of control of the Company, in accordance with Article 15, paragraph 2 of the Communiqué on Principles Regarding Real Estate Investment Companies (III-48.1).
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
In accordance with the Turkish Commercial Code ("TCC"), unless the required reserves and the dividend for shareholders as determined in the article of association or in the dividend distribution policy of the Company are set aside, no decision may be made to set aside other reserves, to transfer profits to the subsequent year or to distribute dividends to the holders of usufruct right certificates, to the members of the board of directors or to the employees; and no dividend can be distributed to these persons unless the determined dividend for shareholders is paid in cash.
The Turkish Commercial Code ("TCC") stipulates that the legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Group's paid-in share capital. Other legal reserve is appropriated out of 10% of the distributable income after 5% dividend is paid to shareholders. Under the TCC, legal reserves can only be used for compensating losses, continuing operations in severe conditions or preventing unemployment and taking actions for relieving its effects in case general legal reserves does not exceed half of paid-in capital or issued capital.
Earnings per share disclosed in the consolidated statements of income are determined by dividing the net income per share by the weighted average number of shares that have been outstanding during the year.
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Profit for the year | 403.954.612 | 455.541.059 |
| Weighted average number of ordinary shares with nominal value |
5.000.000.000 | 669.833.747 |
| Earnings per share | ,08 | ,68 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Until 31 December 2024 in Türkiye, the earnings derived from real estate investment trusts ("REITs") were exempt from corporate tax under Article 5/1(d)(4) of the Corporate Tax Law No. 5520. However, with the Law No. 7524 on the Amendment of Tax Laws and Certain Laws and Decree Law No. 375, published in the Official Gazette on 2 August 2024, changes were introduced to the application principles of this exemption for REITs and real estate investment funds ("REIFs"), effective from 1 January 2025, as detailed below:
• If the dividend distribution condition is not met, the earnings of REITs and REIFs will be subject to a 30% corporate tax rate.
For the period ended 30 September 2025, the effective tax rate was 15.825% in Germany and 15% in Spain (31 December 2024: 15.825% in Germany and 15% in Spain).
The Company recognizes deferred tax assets and liabilities for temporary differences arising between its financial statements prepared in accordance with tax legislation and those prepared in accordance with IFRS.
The Company recognized deferred tax assets and liabilities in its financial statements for the current period. Given that the decision to distribute dividends falls under the authority of the General Assembly, a 30% tax rate was used in calculating deferred tax assets and liabilities for the year 2025.
If, following the General Assembly's resolution, the Company fulfills the exemption condition by distributing profits and becomes subject to the minimum corporate tax of 10%, necessary updates will be made in the next reporting period and reported under income tax income/(expense) in the profit or loss statement.
Subsidiaries in Germany and Spain recognize deferred tax assets and liabilities for temporary taxable differences arising between their statutory financial statements and those prepared under IFRS.
| September 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Total | Total | Deferred tax | ||
| temporary | Deferred tax | temporary | asset / | |
| differences | asset / (liability) | differences | (liability) | |
| Investment properties | 2.466.354.063 | (485.829.499) | 2.877.408.588 | (562.902.010) |
| Inventories | 272.968.707 | (81.890.611) | 160.698.513 | (48.209.554) |
| Financial investments | - | - | 4.434.263 | (701.722) |
| Lease liabilities | (363.298.392) | 88.742.095 | (436.892.473) | 109.248.294 |
| Advances given | 1.020.633.399 | 48.178.742 | (93.221.330) | 27.966.399 |
| Financing bills | (3.601.468) | 1.080.440 | (77.719.120) | 23.315.736 |
| Bank loans | - | - | (32.740.116) | 9.822.035 |
| Liabilities from customer contracts | (11.396.694) | 3.419.008 | (18.519.025) | 5.555.708 |
| Provision for employee termination benefits | (319.251) | 95.775 | (989.915) | 296.975 |
| Property, plant and equipment | 17.352.711 | (5.205.813) | (844.790) | 253.437 |
| Prepaid expenses | (231.510) | (4.649.217) | (235.672) | 70.702 |
| Unused vacation liability | 78.591.424 | (23.577.427) | (133.847) | 40.153 |
| Deferred tax asset / (liability), net | (459.636.507) | (435.243.847) |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The movements of deferred tax for the periods ended 30 September 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| January 1 | (435.243.847) | (330.165.522) |
| Deferred tax income recognized in statement of profit or loss | (211.318.473) | (54.281.744) |
| Associated with other comprehensive income | (4.180.323) | - |
| Translation differences | 191.106.136 | 87.148.008 |
| September 30 | (459.636.507) | (297.299.258) |
The details of short-term trade receivables from related parties as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Peker Holding GMBH (*) | - | 210.041.125 |
| Peker Port GMBH | - | 493.496 |
| Pollux Construction GMBH | - | 493.496 |
| PekFor 95 GMBH | - | 493.496 |
| Peker Investment GMBH | - | 493.496 |
| Peker Management GMBH | - | - |
| Total | - | 212.015.111 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of long-term trade receivables from related parties as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Hasan Peker Peker Investment GMBH Peker Holding GMBH |
- 1.076.228 - |
6.460.991 1.042.645 - |
| Toplam | 1.076.228 | 7.503.636 |
On September 23, 2023, long-term trade receivables from related parties were transferred to Peker Holding GMBH during the acquisition of Peker GMBH.
The details of short-term prepaid expenses to related parties as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, | ||
|---|---|---|
| 2025 | December 31, 2024 | |
| Marbella Lifestyle Investment SL (*) | - | 512.864.178 |
| Pollux Construction GMBH | - | 251.079.372 |
| Toplam | - | 763.943.550 |
(*) The Company signed a real estate purchase agreement amounting to 8.900.000 euros with its related party, Marbella Life Style Investments SL, regarding the purchase of a villa with 16 rooms and a total construction area of 1,992 m2 on a 7,100 m2 land in Malaga, Spain. Pursuant to the aforesaid agreement, the title deed will be transferred after the permissions for the construction of 4 additional villas on the land area excluding the existing villa are obtained. Within the scope of the relevant agreement, an advance of 8.500.000 euros was paid to the seller.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The details of short-term trade payables to related parties as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, | ||
|---|---|---|
| 2025 | December 31, 2024 | |
| Peker Port GMBH | - | 4.424.300 |
| Peker Management GMBH | - | 3.403.103 |
| Pollux Construction GMBH | - | 549.318 |
| Peker International Property Investment Yön. Hiz. | - | |
| A.Ş. | - | |
| Pek Yönetim Hizmetleri A.Ş. | - | - |
| Peker Holding A.Ş. | - | 72.486 |
| Total | - | 8.449.207 |
The details of short-term other payables to related parties as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Hasan Peker | 1.257.172 | 195.670.471 |
| Peker Holding A.Ş. | - | 91.817.244 |
| Peker Management GMBH | 748.108 | 696.843 |
| Total | 2.005.280 | 288.184.558 |
The details of long-term other payables to related parties as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Peker Holding A.Ş. Peker Holding Ltd. |
- - |
431.109.674 1.746.874 |
| Total | - | 432.856.548 |
The key management of the Group consists of the Board of Directors, General Manager and Directors. For the period ended September 30, 2025, the total compensation consisting of short-term benefits such as salaries and rental of car. For the periods ended September 30, 2025, benefits of the key management amounting to 4.073.022 Turkish liras.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
For the periods ended September 30, 2025 and 2024, the details of sales and cost of sales are as follows:
| January 1 - | July 1 - | January 1 - | July 1 - | |
|---|---|---|---|---|
| September 30, 2025 | September 30, 2025 |
September 30, 2024 |
September 30, 2024 |
|
| Domestic sales Export sales (**) |
783.307.362 | - | 18.097.648 | 18.097.648 |
| Rent income | - 130.819.681 |
- 58.873.987 |
- 124.172.258 |
- 36.932.887 |
| Net sales | 914.127.043 | 58.873.987 | 142.269.906 | 55.030.535 |
| Cost of domestic sales (-) Cost of export sales (-) |
(703.593.266) - |
(19.444.583) - |
(24.221.002) - |
(24.221.002) - |
| Other (-) | (14.100.870) | (14.100.870) | (5.247.917) | (5.201.705) |
| Cost of sales (-) | (717.694.136) | (33.545.453) | (29.468.919) | (29.422.707) |
| Gross profit | 196.432.907 | 25.328.534 | 112.800.987 | 25.607.828 |
For the periods ended September 30, 2025 and 2024, the details of general administrative expenses are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Sponsorship expenses | 1.612.566 | - | 16.604.016 | - |
| Total | 1.612.566 | - | 16.604.016 | - |
For the periods ended September 30, 2025 and 2024, the details of general administrative expenses are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Personnel expenses | 43.895.940 | 19.492.640 | 47.363.445 | 16.034.395 |
| Consultancy expenses | 39.145.147 | 17.115.477 | 33.557.129 | 18.600.008 |
| Taxes, duties and other charges | 58.561.816 | 6.816.645 | 18.006.743 | 5.526.642 |
| Rent expenses | 9.258.718 | 1.076.406 | 15.943.403 | 4.224.432 |
| Amortization and depreciation | ||||
| expenses (Note 13) | 10.967.538 | 1.948.125 | 7.008.511 | 1.909.869 |
| Insurance expenses | 5.802.009 | 1.226.372 | 6.881.746 | 1.897.350 |
| Travel and accommodation expenses | 5.364.542 | 262.242 | 5.534.455 | 4.686.909 |
| Maintenance and repair expenses | 10.678.883 | 29.025 | 3.352.690 | 928.571 |
| Transportation expenses | 9.886.107 | 3.180.538 | 2.598.676 | 1.478.384 |
| Outsourced benefits and services | 940.059 | 281.945 | 2.567.477 | 1.106.072 |
| Donations and grants | 276.038 | 86.400 | 1.477.254 | 745.673 |
| Other | 18.907.068 | 756.411 | 11.940.794 | 2.545.593 |
| Total | 213.683.865 | 52.272.226 | 156.339.997 | 59.716.790 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
For the periods ended September 30, 2025 and 2024, the details of other income from operating activities are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Foreign exchange gains Fair value differences of investment |
798.375.317 | (130.972.573) | 517.268.204 | 238.221.961 |
| properties (Note 12) | 522.995.126 | 95.970.263 | 1.152.837.960 | 98.765.247 |
| Other (*) | 49.446.499 | 44.893.686 | 4.941.171 | 3.241 |
| Total | 1.370.816.942 | 9.891.376 | 1.675.047.335 | 336.990.449 |
(*) For the period ended September 30, 2025, other expenses mainly consist of income arising from trade payables that will not be paid.
For the periods ended September 30, 2025 and 2024, the details of other expenses from operating activities are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Foreign exchange loss Fair value differences of investment properties (Note 12) |
318.282.271 | 79.036.562 | 219.373.170 | 91.098.454 |
| Provision expenses for impairment | ||||
| of inventories (Note 9) | 76.591.837 | 27.797.511 | - | - |
| Taxes, duties and other charges | 17.898.441 | (4.396.310) | 275.055.805 | 272.974.223 |
| Insurance claim loss expenses | 350.178 | 159.325 | 2.402.347 | 166.018 |
| Other | 169.358.357 | (48.649.458) | 3.208.075 | 2.614.730 |
| Total | 582.481.084 | 53.947.630 | 500.039.397 | 366.853.425 |
For the periods ended September 30, 2025 and 2024, the details of income from investing activities are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Profit from sales of funds (Note 5a) | 29.948.214 | 27.953.894 | 44.001.373 | 9.947.443 |
| Profit from sales of stocks (Note 5a) | - | - | 32.602.276 | 13.821.993 |
| Interest income from funds | - | - | 90.970 | - |
| Fair value gain of stocks (Note 5a) | - | - | 27.149 | - |
| Profit from sales of subsidiary | 354.651.709 | 354.651.709 | ||
| Gains on disposal of property, plant | ||||
| and equipment | 29.718.103 | 29.588.344 | - | |
| Total | 414.318.026 | 412.193.947 | 76.721.768 | 23.769.436 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
For the periods ended September 30, 2025 and 2024, the details of expense from investing activities are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Loss from sales of funds (Not 5a) | - | - | 33.771.829 | - |
| Fair value loss of stocks (Note 5a) Losses on disposal of property, |
- | - | 14.455.090 | - |
| plant and equipment | 49.981.128 | 46.350.598 | 434.153 | 434.152 |
| Total | 49.981.128 | 46.350.598 | 48.661.072 | 434.152 |
For the periods ended September 30, 2025 and 2024, the details of income from financing activities are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Interest income from time deposits | 35.315.947 | 30.993.297 | 3.461.075 | 1.416.073 |
| Late interest income | 60.361.492 | 59.201.007 | - | - |
| Other | 2.037.434 | 38.434 | 97.106 | 93.203 |
| Total | 97.714.873 | 90.232.738 | 3.558.181 | 1.509.276 |
For the periods ended September 30, 2025 and 2024, the details of expense from financing activities are as follows:
| January 1 - September 30, 2025 |
July 1 - September 30, 2025 |
January 1 - September 30, 2024 |
July 1 - September 30, 2024 |
|
|---|---|---|---|---|
| Interest and commission expenses | ||||
| related to loans | 295.699.262 | 8.280.775 | 173.974.021 | 48.382.147 |
| Financing bond interest expenses | ||||
| (Note 6) | 298.189.852 | 145.725.632 | 76.501.664 | 39.673.771 |
| Maturity difference expenses | 69.969.884 | 14.994.509 | 103.023.728 | 35.556.783 |
| Financial lease interest and | ||||
| commission expenses (Note 6) | 16.769.839 | 3.870.150 | - | - |
| Operational lease interest expenses | ||||
| (Note 6) | 24.632.898 | 7.106.580 | 73.535.624 | 21.055.242 |
| Intercompany interest expenses | 97.739.461 | 94.304.151 | - | - |
| Bank commission expenses | 9.043.608 | 8.441.000 | 3.482.181 | 1.975.327 |
| Taxes, duties and fees expenses | 2.966.049 | 1.623.568 | 837.144 | 244.924 |
| Employee termination benefit interest | ||||
| cost | 259.011 | 14.821 | 98.522 | 30.998 |
| Other | 1.099.305 | 253.576 | 482.469 | 117.268 |
| Total | 816.369.169 | 284.614.762 | 431.935.353 | 147.036.460 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
The primary financial instruments of the Group consist of bank loans, cash and short-term deposits. The main objective of the related financial instruments is to finance the Group's business activities. The Group also has other financial instruments such as trade receivables and trade payables arising directly from its operating activities.
The Group manages its capital through the optimization of the debt and the equity balance that minimizes the financial risk.
Through the forecasts regularly prepared by the Group, the future capital amount, debt to equity ratio and similar ratios are forecasted and required precautions are taken to strengthen the capital.
The capital structure of the Group consists of debt which includes the financial liabilities disclosed in Note 4 cash and cash equivalents and equity attributable to equity holders of the parent company, comprising issued capital, reserves and retained earnings as disclosed in Note 15.
As of reporting date the net financial debt/ equity ratio is as follows:
| September 30, 2025 |
December 31, 2024 | |
|---|---|---|
| Financial liabilities Less: Cash and cash equivalents |
2.519.509.033 (421.754.905) |
4.177.115.013 (67.606.747) |
| Net financial debt | 2.097.754.128 | 4.109.508.266 |
| Total equity | 6.763.590.207 | 4.245.871.316 |
| Net financial debt/ Total equity ratio | 0,31 | 0,97 |
The Group's activities expose it to a variety of financial risks: foreign exchange risk, credit risk and liquidity risk. Group Management and Board of Directors examines and approves the policies on the management of risks stated below. In addition, the Group also considers the market risk of all of its financial instruments.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.
Credit risk of receivables is managed by securing receivables with collaterals covering receivables at the highest possible proportion. Methods used are bank guarantees, mortgages and cheques-notes negotiated.
In credit risk control, for the customers which are not secured with collaterals, the credit quality of the customer is assessed by taking into account its financial position, past experience and other factors. Individual risk limits are set in accordance and the utilization of credit limits is regularly monitored.
| Current period | Receivables | Financial | ||
|---|---|---|---|---|
| September 30, 2025 |
Trade receivables | Other receivables | Bank deposits | investments |
| Maximum net credit risk as of balance sheet date (A+B+C+D+E) (*) | 1.090.067.325 | 6.037.820 | 421.751.875 | 626.988.723 |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| A. Net book value of financial assets that are neither overdue nor impaired | 1.090.067.325 | 6.037.820 | 421.751.875 | 626.988.723 |
| B. Net book value of financial assets that are renegotiated | - | - | - | - |
| C. Net book value of financial assets that are overdue but not impaired | - | - | - | - |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| D. Net book value of impaired asset | - | - | - | - |
| - Overdue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc |
- | - | - | - |
| - Undue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc. |
- | - | - | - |
| E. Credit risk off the statement of financial position | - | - | - | - |
(*) The factors that increase the credit reliability, such as guarantee received are not considered in the determination of the balance.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
| Prior period | Receivables | Financial | ||
|---|---|---|---|---|
| December 31, 2024 | Trade receivables | Other receivables | Bank deposits | investments |
| Maximum net credit risk as of balance sheet date (A+B+C+D+E) (*) | 594.785.595 | 24.255.595 | 67.598.028 | 59.221.517 |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| A. Net book value of financial assets that are neither overdue nor impaired | 594.785.595 | 24.255.595 | 67.598.028 | 59.221.517 |
| B. Net book value of financial assets that are renegotiated | - | - | - | - |
| C. Net book value of financial assets that are overdue but not impaired | - | - | - | - |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| D. Net book value of impaired asset | - | - | - | - |
| - Overdue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc |
- | - | - | - |
| - Undue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc. |
- | - | - | - |
| E. Credit risk off the statement of financial position | - | - | - | - |
(*) The factors that increase the credit reliability, such as guarantee received are not considered in the determination of the balance.
There is no additional impairment on the Group's financial assets in relation to credit risk other than the provisions recognized in the financial statements.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Liquidity risk is the risk of the Group not meeting its net funding requirements. The following tables detail the Group's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
The Group management eliminates of the liquidity risk with the principle of managing the balance sheet in accordance with the expected cash flow by keeping sufficient cash and cash equivalents for daily transactions and ensuring the availability of high-quality credit providers. The Group management also tries to adjust the maturity structures of the financial debts used for construction costs and investment property development according to the cash flow of the incomes to be obtained from these real estates as much as possible.
As of September 30, 2025 and December 31, 2024 the maturity analysis of the financial liabilities is as follows:
| September 30, 2025 | Carrying value | Total cash outflow according to contract (I+II+III) |
Less than 3 months (I) |
3-12 months (II) |
1-5 years (III) |
More than 5 years (IV) |
|---|---|---|---|---|---|---|
| Non derivative | ||||||
| financial liabilities | ||||||
| Bank loans | 2.075.147.173 | 3.310.399.898 | - | - | 2.818.924.408 | 491.475.490 |
| Commercial paper | 81.063.468 | 81.063.468 | 81.063.468 | - | - | - |
| Lease liabilities | 363.298.392 | 762.407.615 | 3.083.333 | 10.788.664 | 113.866.528 | 634.669.090 |
| Trade payables | 123.267.545 | 123.267.545 | 123.267.545 | - | - | - |
| Other payables | 101.537.499 | 101.537.499 | 99.532.219 | 2.005.280 | - | - |
| Total liabilities | 2.744.314.077 | 4.378.676.025 | 306.946.565 | 12.793.944 | 2.932.790.936 | 1.126.144.580 |
| December 31, 2024 | Carrying value | Total cash outflow according to contract (I+II+III) |
Less than 3 months (I) |
3-12 months (II) |
1-5 years (III) |
More than 5 years (IV) |
| Non derivative financial | ||||||
| liabilities | ||||||
| Bank loans | 3.076.388.804 | 3.173.645.931 | 339.434.227 | 796.342.969 | 2.037.868.734 | - |
| Commercial paper | 629.725.015 | 676.271.665 | 535.687.433 | 140.584.231 | - | - |
| Lease liabilities | 471.001.193 | 989.514.479 | 16.735.766 | 41.628.394 | 111.482.690 | 819.667.629 |
| Trade payables | 172.907.950 | 172.907.950 | 141.426.811 | 31.481.140 | - | - |
| Other payables | 728.997.124 | 728.997.124 | 7.956.020 | 288.184.558 | 432.856.548 | - |
| Total liabilities | 5.079.020.086 | 5.741.337.149 | 1.041.240.257 | 1.298.221.292 | 2.582.207.972 | 819.667.629 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Changes in interest rates create significant risks over financial results with due to the impact on interest sensitive assets and liabilities. These exposures are managed by establishing a fixed-floating balance in the consolidated financial statements and balancing interest rate sensitive assets and maturity with inter balance sheet items. As of September 30, 2025 and December 31, 2024, interest rate table of financial instruments is as follow:
| September 30, | ||
|---|---|---|
| 2025 | December 31, 2024 | |
| Fixed interest rate financial assets | ||
| Time deposits (Note 4) | 142.614.423 | 2.271.714 |
| Fixed interest rate financial liabilities | ||
| Bank loans (Note 6) | 2.037.905.093 | 3.016.790.000 |
| Commercial paper (Note 6) | - | 494.385.567 |
| Lease liabilities (Note 6) | 363.298.392 | 471.001.193 |
| Floating interest rate financial liabilities | ||
| Bank loans (Note 6) | 37.242.080 | 59.598.803 |
| Commercial paper (Note 6) | 81.063.468 | 135.339.448 |
The Group's floating rate bank loans are exposed to interest rate risk depending on interest rate changes. Interest rates of floating interest rate bank loans as of September 30, 2025 and December 31, 2024 are %2,90+3 months libor (Note 6).
The Group is exposed to foreign exchange risk arising from foreign currency transactions. As of September 30, 2025 and December 31, 2024, details of foreign currency positions of assets and liabilities of the Group are as follows:
| Current period | ||||
|---|---|---|---|---|
| September 30, 2025 | ||||
| Foreign exchange position | TL equivalent | USD | EUR | GBP |
| 1. Monetary financial assets | 2.563.998 | 17.120 | 34.494 | 5.097 |
| 2. Trade receivables | 233.815.697 | - | 3.800.000 | 1.044.177 |
| 3. Other receivables | 58.369 | - | - | 1.071 |
| 4. Current assets (1+2+3) | 236.438.064 | 17.120 | 3.834.494 | 1.050.346 |
| 5. Other receivables | - | - | - | - |
| 6. Non-current assets (5) | - | - | - | - |
| 7. Total assets (4+6) | 236.438.064 | 17.120 | 3.834.494 | 1.050.346 |
| 8. Trade payables | (927.107.795) | (22.068) | (19.896.434) | - |
| 9. Other payables | - | - | - | - |
| 10. Short-term liabilities (8+9) | (927.107.795) | (22.068) | (19.896.434) | - |
| 11. Other payables | - | - | - | - |
| 12. Current liabilities (11) | - | - | - | - |
| 13. Total liabilities (10+12) | (927.107.795) | (22.068) | (19.896.434) | - |
| 14. Net foreign currency (liability)/ asset (7+13) |
(690.669.731) | (4.949) | (16.061.940) | 1.050.346 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
| Prior period | |||||
|---|---|---|---|---|---|
| Foreign exchange position | December 31, 2024 | ||||
| TL equivalent | USD | EUR | GBP | ||
| 1. Monetary financial assets | 1.580.382 | 5.503 | 16.197 | 10.816 | |
| 2. Trade receivables | 1.208.680.038 | - | 24.500.000 | 1.044.177 | |
| 3. Other receivables | 99.791 | - | - | 1.846 | |
| 4. Current assets (1+2+3) | 1.210.360.211 | 5.503 | 24.516.197 | 1.056.839 | |
| 5. Other receivables | 1.717.811.184 | - | 36.525.896 | - | |
| 6. Non-current assets (5) | 1.717.811.184 | - | 36.525.896 | - | |
| 7. Total assets (4+6) | 2.928.171.395 | 5.503 | 61.042.093 | 1.056.839 | |
| 8. Trade payables | (446.691) | - | (9.498) | - | |
| 9. Other payables | (1.167.016.606) | - | (24.814.326) | - | |
| 10. Current liabilities (8+9) | (1.167.463.297) | - | (24.823.824) | - | |
| 11. Total liabilities (10) | (1.167.463.297) | - | (24.823.824) | - | |
| 12. Net foreign currency (liability)/ asset (7+11) |
1.760.708.098 | 5.503 | 36.218.269 | 1.056.839 |
The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR and GBP.
In foreign currency sensitivity analysis gain/ loss section as of September 30, 2025 and December 31, 2024, the exposure of the 10% loss/ gain of Turkis lira against foreign currencies on the comprehensive financial income statement is disclosed. During the foreign currency sensitivity analysis, all variables, especially interest rates are assumed to be fixed.
| Foreign currency sensitivity table | |||
|---|---|---|---|
| Current period | September 30, 2025 | ||
| Profit/ (loss) | |||
| Appreciation of foreign | Depreciation of foreign | ||
| currency | currency | ||
| US dollar against Turkish lira by 10% | |||
| 1- US dollar denominated net assets/ (liabilities) | (19.667) | 19.667 | |
| 2- Hedged amount against US dollar risk (-) | - | - | |
| 3- Net effect of USD (1+2) | (19.667) | 19.667 | |
| EUR against Turkish lira by 10% | |||
| 4- EUR denominated net assets/ (liabilities) | (74.772.510) | 74.772.510 | |
| 5- Hedged amount against EUR risk (-) | - | - | |
| 6- Net effect of EUR (4+5) | (74.772.510) | 74.772.510 | |
| GBP against Turkish lira by 10% | |||
| 7- GBP denominated net assets/ (liabilities) | 5.725.204 | (5.725.204) | |
| 8- Hedged amount against GBP risk (-) | - | - | |
| 9- Net effect of GBP (7+8) | 5.725.204 | (5.725.204) | |
| Total (3+6+9) | (69.066.973) | 69.066.973 |
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Foreign currency sensitivity (cont'd)
| Foreign currency sensitivity table | |||
|---|---|---|---|
| Prior period | December 31, 2024 | ||
| Profit/ (loss) | |||
| Appreciation of foreign | Depreciation of foreign | ||
| currency | currency | ||
| US dollar against Turkish lira by 10% | |||
| 1- US dollar denominated net assets/ (liabilities) | 23.389 | (23.389) | |
| 2- Hedged amount against US dollar risk (-) | - | - | |
| 3- Net effect of USD (1+2) | 23.389 (23.389) |
||
| EUR against Turkish lira by 10% | |||
| 4- EUR denominated net assets/ (liabilities) | 170.334.356 | (170.334.356) | |
| 5- Hedged amount against EUR risk (-) | - | - | |
| 6- Net effect of EUR (4+5) | 170.334.356 | (170.334.356) | |
| GBP against Turkish lira by 10% | |||
| 7- GBP denominated net assets/ (liabilities) | 5.713.065 | (5.713.065) | |
| 8- Hedged amount against GBP risk (-) | - | - | |
| 9- Net effect of GBP (7+8) | 5.713.065 | (5.713.065) | |
| Total (3+6+9) | 176.070.810 | (176.070.810) |
On October 1, 2025, during the tender held by the General Directorate of Foundations of the Ministry of Culture and Tourism (Vakıflar Genel Müdürlüğü Vakıflar Meclisi) for the immovable property located in İstanbul, Sarıyer district, block 154, parcel 70, with a total area of 1,706.00 m², the Company's subsidiary Digh Maslak İnşaat Proje Danışmanlık Ltd. Şti. submitted the highest bid amounting to TL 1,510,000,000.
On October 21, 2025, the title deed transfer was completed in the name of the Company's subsidiary Digh Maslak İnşaat Proje Danışmanlık Ltd. Şti.
It has been resolved to amend the Company's trade name from Peker Gayrimenkul Yatırım Ortaklığı Anonim Şirketi to Tera Gayrimenkul Yatırım Ortaklığı Anonim Şirketi, and accordingly, to amend Article 2 ("Company Name") of the Company's Articles of Association as per the attached draft. In this regard, it was decided to apply to the Capital Markets Board (CMB) for approval and subsequently to the Ministry of Trade for authorization, and subject to obtaining all necessary approvals and permissions—to submit the amendment to the next General Assembly meeting for shareholder approval.
The Ordinary General Assembly Meeting for the 2024 fiscal year was held on Friday, October 31, 2025, at 11:00 a.m. As the minimum quorum required under Article 418 of the Turkish Commercial Code was not met, it was resolved to reconvene the Ordinary General Assembly Meeting on December 1, 2025. The necessary disclosures and notifications were made on November 4, 2025.
As stated in the Public Disclosure Platform (KAP) announcement dated July 30, 2025, an application was submitted to the Capital Markets Board on July 30, 2025, pursuant to Article 15/2 of the Communiqué No. III-48.1 on Real Estate Investment Companies, seeking approval for the share transfer that would result in a change of control in the Company.
Within the framework of the debt instrument issuance program with a ceiling of TL 1,500,000,000, the redemption of the debt instrument with a nominal value of TL 100,000,000 and maturity date of October 27, 2025, has been completed.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2025 unless otherwise indicated.)
Details of the Group's net monetary position gains / (losses) for the period ended 31 December 2024 are as follows:
| January 1 - September 30, 2025 |
|
|---|---|
| Financial position statement items | |
| Subsidiaries | 666.785.247 |
| Advances given | - |
| Investment properties | 326.617.132 |
| Repurchased shares | - |
| Inventories | 179.975.829 |
| Property, plant and equipment | 6.786.977 |
| Prepaid expenses | 29.704.112 |
| Actuarial loss | (147.914) |
| Share premium | (1.584.085) |
| Liabilities from customer contracts | 15.124.066 |
| Legal reserves | (68.001.035) |
| Paid-in capital | (238.519.084) |
| Retained earnings | (709.825.711) |
| Statement of profit or loss items | |
| Revenue | (61.711.362) |
| Cost of sales | 730.145 |
| Marketing, sales and distribution expenses | 8.628.316 |
| General administrative expenses | (79.993.521) |
| Other income from main operations | 88.899.905 |
| Other expenses from main operations | (2.239.785) |
| Income from investing activities | 2.310.966 |
| Expenses from investing activities | (3.287.455) |
| Finance income | 44.118.766 |
| Finance expenses | (4.253.360) |
| Net monetary position gains / (losses) | 200.118.149 |
Have a question? We'll get back to you promptly.