Quarterly Report • Nov 10, 2025
Quarterly Report
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT 1 JANUARY - 30 SEPTEMBER 2025 (ORIGINALLY ISSUED IN TURKISH)
| CONTENTS | 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 EQUITY | 4 | |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | 5 | |
| CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 6-33 | |
| NOTE 1 | ORGANISATION AND NATURE OF OPERATIONS | 6 |
| NOTE 2 | BASIS OF PREPARATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 7-12 |
| NOTE 3 | CASH AND CASH EQUIVALENTS | 12 |
| NOTE 4 | TRADE RECEIVABLES AND PAYABLES | 13 |
| NOTE 5 | OTHER RECEIVABLES AND PAYABLES | 14 |
| NOTE 6 | INVENTORIES | 14 |
| NOTE 7 | PREPAID EXPENSES AND DEFERRED INCOME | 15 |
| NOTE 8 | PROPERTY, PLANT AND EQUIPMENT | 16-17 |
| NOTE 9 | INTANGIBLE ASSETS | 18 |
| NOTE 10 | OTHER ASSETS AND LIABILITIES | 18 |
| NOTE 11 | BORROWINGS | 19 |
| NOTE 12 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 19 |
| NOTE 13 | SHARE CAPITAL, RESERVES AND OTHER EQUITY COMPONENTS | 20 |
| NOTE 14 | CONTRACTUAL ASSETS AND LIABILITIES | 21 |
| NOTE 15 | REVENUE AND COST OF SALES | 21 |
| NOTE 16 | RESEARCH AND DEVELOPMENT EXPENSES | 22 |
| NOTE 17 | MARKETING, SELLING AND DISTRIBUTION EXPENSES | 22 |
| NOTE 18 | OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES | 23 |
| NOTE 19 | INVESTMENT ACTIVITIES INCOME AND EXPENSES | 23 |
| NOTE 20 | INCOME TAX | 24 |
| NOTE 21 | EARNINGS PER SHARE | 25 |
| NOTE 22 | RELATED PARTY DISCLOSURES | 25-28 |
| NOTE 23 | FOREIGN CURRENCY POSITION | 29 |
| NOTE 24 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 30 |
| NOTE 25 | FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES AND EXPLANATIONS | |
| IN THE FRAMEWORK OF HEDGE ACCOUNTING) | 31-32 | |
| NOTE 26 | EXPLANATORY NOTES ON NET MONETARY POSITION GAINS/(LOSSES) | 33 |
| Notes | Unaudited 30 September 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 3 | 468,854,415 | 395,832,657 |
| Derivative instruments | 25 | 24,534,385 | 24,734,113 |
| Trade receivables | 2,827,143,014 | 2,433,052,511 | |
| - Due from related parties |
22 | 704,501,294 | 736,050,773 |
| - Due from third parties |
4 | 2,122,641,720 | 1,697,001,738 |
| Other receivables | 7,960,524 | 2,899,055 | |
| - Due from third parties |
5 | 7,960,524 | 2,899,055 |
| Contract assets | 25,269,560 | 83,188,934 | |
| - Contract assets arising from ongoing | |||
| contracting business | 14 | 25,269,560 | 83,188,934 |
| Inventories | 6 | 1,630,665,511 | 1,557,488,223 |
| Prepaid expenses | 7 | 39,604,084 | 176,347,316 |
| Current income tax assets | 20 | 75,277,720 | 421,959,816 |
| Other current assets | 10 | 835,209,558 | 777,908,527 |
| Total current assets | 5,934,518,771 | 5,873,411,152 | |
| Non-current assets | |||
| Property, plant and equipment | 8 | 730,082,634 | 755,803,639 |
| Right of use assets | 55,713,142 | 91,720,015 | |
| Intangible assets other than goodwill | 9 | 403,805 | 2,293,476 |
| Deferred tax assets | 20 | 86,958,531 | 155,617,713 |
| Total non-current assets | 873,158,112 | 1,005,434,843 | |
| Total assets | 6,807,676,883 | 6,878,845,995 |
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | 30 September 2025 | 31 December 2024 | |
| LIABILITIES | |||
| Current Liabilities | |||
| Liabilities arising from leasing transactions | 11 | 40,519,682 | 48,939,716 |
| Derivative instruments | 25 | 42,715,855 | 153,318,006 |
| Trade payables | 2,604,196,966 | 4,475,225,504 | |
| - Due to related parties | 22 | 1,381,447,534 | 2,598,642,132 |
| - Trade payables, third parties | 4 | 1,222,749,432 | 1,876,583,372 |
| Employee benefit obligations | 59,804,709 | 58,743,097 | |
| Other payables | 63,306,250 | - | |
| - Due to related parties | 22 | 63,306,250 | - |
| Contract liabilities | 84,309,064 | 249,763,875 | |
| - Contract liabilities arising from ongoing | |||
| contracting business | 7 | 84,309,064 | 249,763,875 |
| Deferred income (excluding contractual obligations) | 7 | 134,519,704 | 79,265,876 |
| Short-term provisions | 663,751,168 | 563,609,882 | |
| - Short-term provisions for employee benefits | 88,818,166 | 68,602,478 | |
| - Other short-term provisions | 574,933,002 | 495,007,404 | |
| Other current liabilities | 10 | 76,493,669 | 21,905,503 |
| Total Current Liabilities | 3,769,617,067 | 5,650,771,459 | |
| Non-Current Liabilities | |||
| Long-term liabilities | 22 | 2,100,000,000 | - |
| Liabilities arising from leasing transactions | 11 | 2,089,312 | 24,263,500 |
| Long-term borrowings | 89,801,360 | 95,513,499 | |
| - Long-term provisions for employee benefits | 83,340,837 | 87,462,887 | |
| - Other long-term provisions | 6,460,523 | 8,050,612 | |
| Total Non-Current Liabilities | 2,191,890,672 | 119,776,999 | |
| Total Liabilities | 5,961,507,739 | 5,770,548,458 | |
| EQUITY | |||
| Paid in share capital | 13 | 216,733,652 | 216,733,652 |
| Capital adjustment differences | 3,337,034,347 | 3,337,034,347 | |
| Repurchased shares (-) | (25,824,073) | (25,824,073) | |
| Premiums related to shares | 420,569,443 | 420,569,443 | |
| Other comprehensive expense | (147,286,563) | (147,286,563) | |
| - That will not be reclassified to profit or loss | (147,286,563) | (147,286,563) | |
| Restricted reserves | 13 | 128,395,533 | 128,395,533 |
| Accumulated losses | (2,821,324,802) | (1,908,972,051) | |
| Net profit /(loss) | (262,128,393) | (912,352,751) | |
| Total Equity | 846,169,144 | 1,108,297,537 | |
| Total Liabilities and Equity | 6,807,676,883 | 6,878,845,995 |
| Notes | Unaudited 1 January - 30 September 2025 |
Unaudited 1 January - 30 September 2024 |
Unaudited 1 July - 30 September 2025 |
Unaudited 1 July - 30 September 2024 |
|
|---|---|---|---|---|---|
| Revenue | 15 | 11,496,734,666 | 14,145,209,341 | 3,975,521,022 | 4,701,678,942 |
| Cost of sales (-) | 15 | (10,344,276,391) | (12,436,911,941) | (3,547,659,485) | (4,089,045,466) |
| Gross profit/(loss) | 1,152,458,275 | 1,708,297,400 | 427,861,537 | 612,633,476 | |
| General administrative expenses (-) Marketing selling and distribution |
17 | (261,179,818) | (395,032,732) | (92,369,621) | (142,373,864) |
| expenses (-) | 17 | (716,840,914) | (1,111,628,677) | (307,149,216) | (412,339,668) |
| Research and development expenses (-) | 16 | (29,729,212) | (31,515,957) | (9,651,529) | (10,028,519) |
| Other operating income | 18 | 596,995,332 | 666,920,091 | 96,217,072 | 166,141,831 |
| Other operating expenses (-) | 18 | (761,521,812) | (1,880,008,277) | (90,419,207) | (561,138,810) |
| Operating profit/(loss) | (19,818,149) | (1,042,968,152) | 24,489,036 | (347,105,554) | |
| Income from investment activities | 19 | 1,450,698 | (22,346,198) | 1,450,698 | (26,609,514) |
| Operating profit/(loss) before financial income/(expense) |
(18,367,451) | (1,065,314,350) | 25,939,734 | (373,715,068) | |
| Financial income | 83,202,852 | 319,842,344 | 11,353,830 | 188,314,520 | |
| Finance expenses (-) | (584,669,195) | (529,917,460) | (252,544,533) | (293,947,986) | |
| Monetary gain/(loss) | 295,187,813 | 404,707,108 | 78,685,930 | 184,296,215 | |
| Profit/(loss) before taxation | (224,645,981) | (870,682,358) | (136,565,039) | (295,052,319) | |
| Tax income/(expense) | (37,482,412) | 104,212,109 | 42,566,133 | (48,245,896) | |
| Deferred tax (income)/expense | 20 | (37,482,412) | 104,212,109 | 42,566,133 | (48,245,896) |
| Net profit/(loss) for the period | (262,128,393) | (766,470,249) | (93,998,906) | (343,298,215) | |
| Earnings/(losses) per share | 21 | (1.2094) | (3.5365) | (0.4337) | (1.5840) |
| Other comprehensive income | - | - | - | - | |
| Total comprehensive income /(expense) |
(262,128,393) | (766,470,249) | (93,998,906) | (343,298,215) |
| Share capital |
Capital adjustment differences |
Repurchased shares (-) |
Premiums/ discounts related to shares |
Other retained earnings/(losses) that will not be reclassified to profit or loss |
Restricted reserves |
Retained earnings/ (losses) |
Net profit/(loss) for the year |
Total equity |
|
|---|---|---|---|---|---|---|---|---|---|
| Balances at 1 January 2024 | 216,733,652 | 3,337,034,347 | (25,824,073) | 420,569,443 | (241,661,214) | 128,395,533 | (1,751,672,189) | (157,299,860) | 1,926,275,639 |
| Transfers | - | - | - | - | - | - | (157,299,860) | 157,299,860 | - |
| Total comprehensive income /(expense) |
- | - | - | - | - | - | - | (766,470,249) | (766,470,249) |
| -Net profit/(loss) for the period | - | - | - | - | - | - | - | (766,470,249) | (766,470,249) |
| Balances at 30 September 2024 | 216,733,652 | 3,337,034,347 | (25,824,073) | 420,569,443 | (241,661,214) | 128,395,533 | (1,908,972,049) | (766,470,249) | 1,159,805,390 |
| Balances at 1 January 2025 | 216,733,652 | 3,337,034,347 | (25,824,073) | 420,569,443 | (147,286,563) | 128,395,533 | (1,908,972,051) | (912,352,751) | 1,108,297,537 |
| Transfers Total comprehensive |
- | - | - | - | - | - | (912,352,751) | 912,352,751 | - |
| income/(expense) | - | - | - | - | - | - | - | (262,128,393) | (262,128,393) |
| -Net profit/(loss) for the period | - | - | - | - | - | - | - | (262,128,393) | (262,128,393) |
| Balances at 30 September 2024 | 216,733,652 | 3,337,034,347 | (25,824,073) | 420,569,443 | (147,286,563) | 128,395,533 | (2,821,324,802) | (262,128,393) | 846,169,144 |
| Unaudited 1 January - |
Unaudited 1 January - |
||
|---|---|---|---|
| Notes | 30 September 2025 | 30 September 2024 | |
| Cash flows from operating activities | |||
| Net profit/(loss) for the period (+/-) | (262,128,393) | (766,470,249) | |
| Adjustments to reconcile the profit/(loss) for the period | |||
| Adjustments for tax expense (+/-) | 20 | 37,482,412 | (104,212,109) |
| Adjustments for financial expense | 584,669,195 | 75,071,824 | |
| Adjustments for interest income (-) | (83,202,852) | (97,235,295) | |
| Adjustments for decrease/(increase) in inventories (+/-) Adjustments for decrease/(increase) in trade receivables (+/-) |
6 4 |
(120,603,074) (774,452,458) |
51,628,227 (633,294,984) |
| Adjustments for decrease/(increase) in | |||
| other receivables related to operations (+/-) | 5 | (119,672,802) | (162,982,357) |
| Adjustments for decrease/(increase) in contract assets (+/-) | 41,053,654 | 499,559,481 | |
| Adjustments for increase/(decrease) in trade payables (+/-) | 4 | (963,721,562) | 1,182,963,561 |
| Adjustments for decrease/(increase) in | |||
| other payables related to operations (+/-) | 130,353,473 | 15,701,088 | |
| Adjustments for increase/(decrease) in contract liabilities (+/-) | 14 | (101,846,512) | (120,960,659) |
| Adjustments for depreciation and amortisation expense | 8,9 | 120,963,450 | 102,323,839 |
| Adjustments for impairment (reversal) (+/-) | (65,489,192) | (44,606,826) | |
| Adjustments for provisions (+/-) | 228,059,786 | 392,384,372 | |
| Total adjustments related to net profit (loss) reconciliation | |||
| for the period (+/-) | (1,086,406,482) | 1,156,340,162 | |
| Cash flows from operating activities (+/-) | (1,348,534,875) | 389,869,913 | |
| Tax refunds (returns) (+/-) | 20 | 261,133,986 | (18,706,011) |
| Other cash outflows /(inflows) (+/-) | (73,287,501) | 95,545,543 | |
| Monetary (loss)/gain adjustments | (356,503,225) | (709,077,464) | |
| Net cash flow from operating activities (+/-) | (1,517,191,615) | (242,368,019) | |
| Cash flows from investing activities | |||
| Cash outflows from the purchase of property, plant and | |||
| equipment (-) | 8,9 | (33,412,610) | (11,457,449) |
| Other cash inflows (outflows) (+/-) | - | (190,015,954) | |
| Interest received | 83,202,853 | 97,235,295 | |
| Net cash flow from investing activities (+/-) | 49,790,243 | (104,238,108) | |
| Cash flows from financing activities | |||
| Increase in other borrowings from related parties | 22 | 2,100,000,000 | - |
| Cash inflows from debt financing | 11 | - | 702,454,736 |
| Cash outflows related to debt repayments (-) | 11 | - | (626,921,290) |
| Cash outflows from leasing operations (-) | (10,425,179) | (44,979,538) | |
| Interest paid (-) | (468,900,600) | (86,399,191) | |
| Net cash flow from financing activities (+/-) | 1,620,674,221 | (55,845,283) | |
| Net increase/(decrease) in cash and cash equivalents (+/-) | 153,272,849 | (402,451,410) | |
| E. Inflation effect on cash and cash equivalents (+/-) | (80,251,091) | (195,518,553) | |
| Net increase/decrease) in cash and cash equivalents | 73,021,758 | (597,969,963) | |
| Cash and cash equivalents at the beginning of the period | 395,832,657 | 985,984,703 | |
| Cash and cash equivalents at the end of the period | 3 | 468,854,415 | 388,014,740 |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Türk Prysmian Kablo ve Sistemleri A.Ş. ("Company") and its subsidiaries (collectively referred to as the "Group") were established and are operating in Turkey. The Group is engaged in the production, import, export and trade of all kinds of cables, conductors, machinery, apparatus, tools and equipment, and their spare parts and accessories. The Company was established in 1964 and continues its activities under the parent company of Draka Holding BV, which currently owns (83.75%) of its shares. The Group's shares have been traded in Borsa İstanbul A.Ş. ("BIST") since 1986. The share of the Group that is traded in BIST is 16.25% (31 December 2024 16.25%). The ultimate parent of the Group is Prysmian SpA, located in Italy.
The subsdiary of the Group is Türk Prysmian - Prysmian Powerlink DB. KAB. 19 İşi Adi Ortaklığı (Ordinary Partnership); is engaged in DB KAB19 referenced 400 kV Çanakkale Strait (Lapseki 3- Sütlüce 3) crossing and İzmit Körfez (Hersek-Dilovası) crossing Submarine Cable Connection works projects. It was established in 2021 in line with the opinion of the Revenue Administration. 99.99% of this subsidiary is owned by the Company and the remaining 0.01% of shares are owned by Prysmian Powerlink Srl.
The publicly traded Group operates in one line of business (cable manufacturing and sales) and in one geographic region. The Group's product range includes all energy cables up to 220 kV, communication cables with copper conductors up to 3,600 pairs and fiber optic cables. The Group's factory is located in Bursa Mudanya, and this factory also includes thermal, mechanical, chemistry and electrical scientific research and test laboratories with TSE qualification, with the high technological level in the cable sector.
The registered address of the Company in the commercial registry is Ömerbey Mahallesi, Bursa Asfaltı Caddesi, No:51, 16941, Mudanya, Bursa and registered on 20 December 2012 at Ömer Avni Mah. İnebolu Sok. Haktan İş Merkezi No:39 K:2 Setüstü Kabataş Beyoğlu Istanbul has its registered office in Istanbul. The average number of personnel employed by the Group within the nine-mounth period as of 30 September 2025 is 545 (31 December 2024: 585).
The details of the Group's subsidiaries are as follows:
Subsidiary Types of activities Main fields of activity Türk Prysmian - Prysmian Powerlink DB. KAB. 19 Business Ordinary Partnership Sales Energy cables sales
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The interim condensed consolidated financial statements have been prepared in accordance with the provisions of the Capital Markets Board ("CMB"), Serial II, No. 14.1 "Communiqué on the Principles of Financial Reporting in the Capital Markets" ("Communiqué") published in the Official Gazette dated 13 June 2013 and numbered 28676. and Turkish Accounting Standards and their annexes and comments ("TFRS"), which were put into effect by the Public Oversight Accounting and Auditing Standards Authority ("KGK"), pursuant to Article 5 of the Communiqué. TFRS is updated with communiqués published to comply with amendments made in the International Financial Reporting Standards. It covers TFRS and appendices and interpretations thereof. The interim condensed consolidated financial statements have been presented in accordance with the formats determined in the "Announcement on TMS Taxonomy" published by POA on 4 October 2022, and the Financial Statement Examples and User Guide published by the CMB.
The condensed consolidated financial statements are prepared on the historical cost basis, except for derivative financial instruments measured at fair value. In determining the historical cost, the fair value of the amount paid for the assets is generally taken as the basis.
The Company prepared the condensed consolidated financial statements for the interim fiscal period ending on 30 September 2025 in accordance with the CMB's communiqués with Serial: II, No. 14.1 and announcements made to clarify this communiqué and based on the principle of going concern according to TAS 34 "Interim Period Financial Reporting" standard. Condensed consolidated financial statements for the interim period and notes thereof are presented in the formats recommended by the CMB and by including all mandatory information.
In accordance with TAS 34 standard, entities are free to prepare interim period consolidated financial statements either as a whole set or summarized versions. In line with this the Group chose to prepare condensed consolidated financial statements for interim periods.
Condensed consolidated financial statements of the Group include all explanations and notes required to be included in the year-end consolidated financial statements. Therefore, the statements for the interim period must be read together with the consolidated financial statements dated 31 December 2025.
Functional and reporting currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The financial statements are presented in TRY, which is the Company's functional and presentation currency.
Condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. Control is provided by the Company's fulfillment of the following conditions:
In the event that a situation or event arises that may cause any change in at least one of the criteria listed above, the Group re-evaluates whether it has control over its investment.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
In cases where the company does not have majority voting rights on the investee company, it has control power over the investee company, provided that it has sufficient voting rights to direct/manage the activities of the relevant investment. The Group considers all relevant events and circumstances in assessing whether the majority of the votes in the relevant investment is sufficient to exercise control, including the following:
Consolidation of a subsidiary begins when the Group has control over the subsidiary and ends when it loses control. Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date of acquisition to the date of disposal.
Each item of profit or loss and other comprehensive income belongs to the parent shareholders and noncontrolling interests. Even if the non-controlling interests result in a reverse balance, the total comprehensive income of the subsidiaries is transferred to the parent shareholders and non-controlling interests.
All intragroup assets and liabilities, equity, income and expenses, and cash flows from transactions between Group companies are eliminated on consolidation.
The accounting policies used in the preparation of the consolidated financial statements for the accounting period 1 January - 31 September 2025 have been applied in a consistent manner with the consolidated financial statements prepared as of 31 December 2024.
Changes in accounting estimates are applied prospectively in the current period if the change is made, if it relates to only one period, and in both the period in which the change is made and in future periods if it relates to future periods. There has been no significant change in the accounting estimates of the Group in the current year.
Condensed consolidated financial statements for the interim period ending on 30 September 2025 are prepared in accordance with the TAS 34 standard regarding preparation of interim period financial statements. Significant accounting policies applied when preparing interim period condensed consolidated financial statements are consistent with those applied for the annual consolidated financial statements for the fiscal period 1 January-31 December 2024. Interim period summarized consolidated financial statements for the interim period 1 January - 30 September 2025 should be evaluated together with the annual consolidated financial statements for the fiscal period 1 January-31 December 2024.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The Group continued to predicate the assumptions explained in the notes of the consolidated financial statement dated 31 December 2024 on the assumptions taken as basis for the fiscal period ending on 30 September 2025.
Operations of the companies within the scope of consolidation may increase or decrease by period. Accordingly, the results of the period ending on 30 September 2025 may not serve as an indicator for the yearround.
Group prepared its consolidated financial statements as at and for the period ended 30 September 2025, by applying TAS 29 "Financial Reporting in Hyperinflationary Economies" in accordance with the announcement made by Public Oversight Accounting and Auditing Standards Authority ("POA") on 23 November 2023, and the "Implementation Guide on Financial Reporting in Hyperinflationary Economies". The standard requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the purchasing power of that currency at the balance sheet date and that comparative figures for prior period financial statements be expressed in terms of the measuring unit current at the end of the reporting period. Therefore, the Company has presented its consolidated financial statements as of 31 December 2024, and 30 September 2024, on the purchasing power basis as of 30 September 2025.
In accordance with the CMB's decision dated 28 December 2023, and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by applying the provisions of TAS 29 to their annual financial statements for the accounting periods ending on 31 December 2024.
The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Turkey published by the Turkish Statistical Institute. As of 30 September 2025 the indexes and adjustment factors used in the restatement of the consolidated financial statements are as follows:
| Adjustment | Three-year | ||
|---|---|---|---|
| Dates | Index | Coefficent | Compound Inflation |
| 30 September 2025 | 3,367.22 | 1,00000 | 222% |
| 31 December 2024 | 2,684.55 | 1,25430 | 291% |
| 30 September 2024 | 2,526.16 | 1,33294 | 343% |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The main components of Group's restatement for the purpose of financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The above amendments and new standards will be applied by the Group management as of their effective dates. The effects of these amendments and new standards are expected be not material for the Group's consolidated financial statements.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Cash | 18,246 | 30,428 |
| Bank | 426,135,717 | 333,484,529 |
| - Time deposit |
336,557,675 | 321,943,375 |
| - Demand deposit |
89,578,042 | 11,541,154 |
| Cheques and notes | - | 45,784,485 |
| Credit card receivables | 42,700,452 | 16,533,215 |
| 468,854,415 | 395,832,657 |
The Group's time deposits are in TRY, Euro and USD with average maturities less than one week and annual weighted average effective interest rates are 48.33%, 1.93% and 1.93%, respectively (31 December 2024: Time deposits are in TRY, Euro and USD and overnight weighted average effective interest rates are 48.33%, 1.93% and 1.93%, respectively). Checks and credit card receivables have a maturity of less than 3 months.
Credit risks of banks with group deposits are evaluated by taking into account independent data and no credit risk is expected.
The market values of cash and cash equivalents approximate their carrying values including the accrued interest income at the balance sheet date. As of 30 September 2025 and 31 December 2024, the Group has no blocked deposits for POS receivables amounting (31 December 2024: TRY45,784,485).
Details with respect to the foreign currency cash and cash equivalents are explained in Note 23.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Short-term trade receivables | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Trade receivables and income accruals | 1,517,804,486 | 1,361,775,824 |
| Checks and promissory notes received | 704,501,294 | 736,050,773 |
| Trade receivables from related parties | 628,378,908 | 584,211,658 |
| Less: Provision for impairment | (23,541,674) | (248,985,744) |
| 2,827,143,014 | 2,433,052,511 |
The average maturity period of the Group's trade receivables is 2 months (31 December 2024: 2 months). The carrying value of trade receivables approximates their fair value. Details of trade receivable balances in foreign currency are shown in Note 23.
The movement table of the provision for impairment in trade receivables is as follows:
| 1 January- 30 September 2025 |
1 January 30 September 2024 |
|
|---|---|---|
| 1 January | (248,985,744) | (268,275,373) |
| Provisions made during the period | 225,444,070 | 33,704,401 |
| 30 September | (23,541,674) | (234,570,972) |
The allowance for doubtful receivables for trade receivables has been determined by estimating expected credit losses based on past experience of uncollectibility.
| Short-term trade payables | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Trade payables | 1,381,447,534 | 2,598,642,132 |
| Trade payables to related parties | 1,222,749,432 | 1,876,583,372 |
| 2,604,196,966 | 4,475,225,504 |
(*) Expense accruals consist of amounts that have been finalized and have not yet been invoiced.
Average payment term of the Group's trade payables is 3 months (31 December 2024: 3 months). The carrying value of trade receivables approximates their amortized costs.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Other short-term receivables | 30 September 2025 |
31 December 2024 |
|---|---|---|
| Other receivables from third parties | 7,960,524 | 2,899,055 |
| 7,960,524 | 2,899,055 | |
| Other short-term payables | 30 September 20245 | 31 December 2024 |
| Other payables to related parties | 63,306,250 | - |
| 63,306,250 | - |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Raw materials | 568,332,165 | 472,587,104 |
| Semi products | 419,678,500 | 279,796,690 |
| Finished product | 632,804,277 | 727,682,951 |
| Trade goods | 59,976,971 | 174,973,668 |
| Less: Provision for inventory impairment | (50,126,402) | (97,552,190) |
| 1,630,665,511 | 1,557,488,223 |
In the accounting period of 30 September 2025 and 2024, the cost of first materials and materials associated with the cost of sales is TRY8,198,058,793 (30 September 2024: TRY9,528,432,800) (Note 16).
The movement of the inventory depreciation for the interim accounting periods ending on 30 September 2025 and 2024 is as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | (97,552,190) | (35,810,848) |
| Increase during the period | 47,425,788 | (61,741,342) |
| 30 September | (50,126,402) | (97,552,190) |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| a) Short-term prepaid expenses |
30 September 2025 | 31 December 2024 |
|---|---|---|
| Order advances for projects (*) | 34,709,879 | 17,821,702 |
| Expenses for incoming months | 4,894,205 | 158,525,614 |
| 39,604,084 | 176,347,316 |
(*) Order advances given for projects consist of cash advances given for projects that have just started.
| b) Short-term contractual obligations and deferred income |
30 September 2025 | 31 December 2024 |
|---|---|---|
| Order advances received (except for contractual | ||
| obligations) | 134,519,704 | 79,265,876 |
| Contractual obligations (*) | 84,309,064 | 249,763,876 |
| 218,828,768 | 329,029,752 |
(*) Order advances received consist of cash advances received from customers regarding the Group's projects. A significant portion of the order advances received consists of the cash advances received for the Submarine project made with TEIAS in 2021.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January | 30 September | |||
|---|---|---|---|---|
| 2025 | Additions | Disposals | 2025 | |
| Cost | ||||
| Land | 129,145,584 | - | - | 129,145,584 |
| Buildings | 1,574,098,087 | - | - | 1,574,098,087 |
| Machinery and equipment | 6,646,444,570 | 33,412,610 | - | 6,679,857,180 |
| Vehicles, floors and fixtures | 657,359,627 | - | - | 657,359,627 |
| Specific costs | 2,354,182 | - | - | 2,354,182 |
| Construction in progress | 1,933,207 | - | - | 1,933,207 |
| 9,011,335,257 | 33,412,610 | - | 9,044,747,867 | |
| Less: Accumulated depreciation | ||||
| Buildings (-) | (1,282,899,055) | (23,639,380) | - | (1,306,538,435) |
| Machinery and equipment (-) | (6,338,683,446) | (26,823,064) | - | (6,365,506,510) |
| Vehicles, floors and fixtures (-) | (631,594,935) | (8,671,171) | - | (640,266,106) |
| Specific costs (-) | (2,354,182) | - | - | (2,354,182) |
| (8,255,531,618) | (59,133,615) | - | (8,314,665,233) | |
| Net book value | 755,803,639 | 730,082,634 |
As of 30 September 2025, the Group has depreciation and amortization expenses amounting to TRY120,963,450, TRY59,133,615 for tangible assets, TRY59,940,164 for right-of-use assets and TRY1,889,671 for intangible assets. TRY70,627,398 of the aforementioned current period depreciation and amortization expenses is reflected to the cost of sales, TRY50,123,524 to general administrative expenses, TRY204,955 to marketing expenses and TRY7,573 to research and development expenses.
As of 30 September 2025, there is no pledge or mortgage on tangible assets (31 December 2024: None).
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
NOTE 8 - PROPERTY, PLANT AND EQUIPMENT (Continued)
| 1 January | 30 September | |||
|---|---|---|---|---|
| 2024 | Additions | Disposals | 2024 | |
| Cost | ||||
| Land | 129,145,583 | - | - | 129,145,583 |
| Buildings | 1,574,098,086 | - | - | 1,574,098,086 |
| Machinery and equipment | 6,607,473,095 | 11,457,448 | - | 6,618,930,543 |
| Vehicles, floors and fixtures | 652,557,344 | - | - | 652,557,344 |
| Specific costs | 2,354,182 | - | - | 2,354,182 |
| Construction in progress | 1,933,208 | - | - | 1,933,208 |
| 8,967,561,498 | 11,457,448 | - | 8,979,018,946 | |
| Less: Accumulated depreciation | ||||
| Buildings (-) | (1,241,614,924) | (23,639,381) | - | (1,265,254,305) |
| Machinery and equipment (-) | (6,276,875,762) | (42,939,769) | - | (6,319,815,531) |
| Vehicles, floors and fixtures (-) | (619,567,311) | (9,805,434) | - | (629,372,745) |
| Specific costs (-) | (2,354,182) | - | - | (2,354,182) |
| (8,140,412,179) | (76,384,584) | - | (8,216,796,763) | |
| Net book value | (8,140,412,179) | (8,216,796,763) |
As of 30 September 2024, the Group has depreciation and amortization expenses amounting to TRY102,323,839 TRY76,384,584 for tangible assets, TRY23,428,669 for right-of-use assets and TRY2,510,586 for intangible assets. TRY50,550,124 of the aforementioned current period depreciation and amortization expenses is reflected to the cost of sales, TRY51,425,912 to general administrative expenses, TRY334,780 to marketing expenses and TRY13,023 to research and development expenses.
As of 30 September 2025, there is no pledge or mortgage on tangible assets (31 December 2024: None).
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January 2025 | Additions | 30 September 2025 | |
|---|---|---|---|
| Cost | |||
| Software | 48,462,222 | - | 48,462,222 |
| 48,462,222 | 48,462,222 | ||
| Accumulated amortisation | |||
| Software (-) |
(46,168,746) | (1,889,671) | (48,058,417) |
| (46,168,746) | (1,889,671) | (48,058,417) | |
| Net book value | 2,293,476 | 403,805 | |
| 1 January 2024 | Additions | 30 September 2024 | |
| Cost | |||
| Software | 48,462,222 | - | 48,462,222 |
| 48,462,222 | - | 48,462,222 | |
| Accumulated amortization |
|||
| Software (-) |
(43,028,271) | (2,510,586) | (45,538,857) |
| (43,028,271) | (2,510,586) | (45,538,857) | |
| Net book value | 5,433,951 | 2,923,365 |
| Other current assets | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Transferred VAT (*) | 475,824,201 | 369,156,966 |
| Receivables from tax office (**) | 359,385,357 | 408,751,562 |
| 835,209,558 | 777,908,528 |
(*) It consists of the short-term part of the value added taxes that cannot be deducted due to the change in the communiqué regarding export registered sales, and the return process has started.
(**) It consists of SCT and other VAT receivables from the tax office.
| Other short-term current liabilities | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Taxes and funds payable | 54,415,498 | 21,222,292 |
| Other | 22,078,171 | 683,211 |
| 76,493,669 | 21,905,503 |
(*) It consists of value added taxes that cannot be deducted due to the change in the communiqué regarding export registered sales. The refund process is ongoing and the return process is expected by the group management to take more than one year.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Short-term loans | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Obligations under leases | 40,519,682 | 48,939,716 |
| 40,519,682 | 48,939,716 |
Carrying amount of the short-term bank loans and lease liabilities are considered to approximate to their fair values as of 30 September 2025 and 31 December 2024.
| Long-term borrowings | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Long-term borrowings from related parties | 2,100,000,000 | - |
| Obligations under leases | 2,089,312 | |
| 2,102,089,312 | 24,263,501 |
Details with respect to the foreign currency borrowings are explained in Note 23.
The Group's collateral/pledge/mortgage/guarantee ("CPM") position is as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| A. Total amount of CPM given | ||
| for the Group's own legal personality | 1,935,469,737 | 3,040,549,523 |
| B. Total amount of CPM given on behalf of | ||
| fully consolidated companies | 1,015,011,414 | 1,340,272,859 |
| C. Total amount of CPM given for continuity of | ||
| its economic activities on behalf of third parties | ||
| C. Total amount of CPM given for continuity of | - | - |
| D. Total amount of other CPM |
||
| i) Total amount of CPM given behalf of the majority | ||
| shareholder | - | - |
| ii) Total amount of CPM given to on behalf of other | ||
| third parties which are not in scope of B and C | - | - |
| iii) Total amount of CPM given on behalf of | ||
| third parties which are not in scope of C. | - | - |
| The ratio of total amount of other CPM to Equity (%) | %0 | %0 |
The Group has not given any other guarantee, pledge and mortgage (31 December 2024: None)
All letters of guarantee listed in paragraph A consist of performance letters extended by the Group to customs, various bidding authorities and customers due to sales contracts.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Compositions of the Group's paid-in share capital at 30 September 2025 and 31 December2024 are as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Share ratio | Share ratio | |||
| (%) | Amount | (%) | Amount | |
| Draka Holding B.V | 83,75 | 181,506,654 | 83,75 | 181,506,654 |
| Public | 16,25 | 35,226,998 | 16,25 | 35,226,998 |
| Paid in share capital | 216,733,652 | 216,733,652 |
As of 31 September 2025, the Group's capital consists of 216,733,652 shares (31 December 2024: 216,733,652 shares). The nominal value of the shares is TRY 1 per share (31 December 2024: TRY1 per share). All issued shares were paid in cash.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Legal reserves | 128,395,533 | 128,395,533 |
| 128,395,533 | 128,395,533 |
According to the Turkish Commercial Code, the general legal reserve is appropriated at the rate of 5% per annum, until the total reserve reaches 20% of the Group's paid-in share capital. After paying five percent dividend to the shareholders, 10% of the total amount to be distributed to the shareholders reserved as other legal reserves.
According to the Turkish Commercial Code, if the general legal reserve does not exceed half of the issued capital or the capital, it can be used only to cover the losses, to continue the business when the works are not going well or to prevent unemployment and to mitigate the results.
Publicly traded companies make their dividend distributions in accordance with the CMB's Dividend Communiqué No. II-19 19.1, which came into force as of 1 February 2014.
Partnerships distribute their profits within the framework of the profit distribution policies to be determined by their general assembly and in accordance with the provisions of the relevant legislation. Within the scope of the said communiqué, a minimum distribution rate has not been determined. Companies pay dividends as determined in their articles of association or dividend policy.
Consists of the Group's repurchased shares within the scope of liquidity provider transactions carried out within the framework of CMB legislation. The Company's repurchased shares are realized at the market prices in Borsa Istanbul on the date of the transaction; Repurchased shares are accounted for in "Repurchased Shares" accounts, including the parts exceeding their nominal value.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Costs on work-in-progress | 4,942,308,616 | 6,123,132,143 |
| Recognized profits less/losses (net) | 1,252,940,706 | 1,572,999,901 |
| Minus: Realized progress payments (-) | (6,254,288,826) | (7,862,706,985) |
| (59,039,504) | (166,574,941) |
The Group records referred income and expenses from said construction works in financial statements following the percentage completion method The Group has signed the related contracts, which constitute the majority of the construction works, for Çanakkale Strait Lapseki 3 Sütlüce 3 Lot 1 and İzmit Gulf Hersek-Dilovası_Lot 2 projects on 30 June 2021. The income and expenses calculated according to the completion percentage related to the construction works mentioned are reflected in the interim condensed financial statements with 100% and 98% completion percentages, respectively, as of the current period.
NOTE 15 - REVENUE AND COST OF SALES
| 1 January - 30 September 2025 |
1 January- 30 September 2024 |
1 July- 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Domestic sales | 10,993,569,327 | 17,287,173,848 | 3,869,603,595 | 4,889,203,754 |
| Export sales | 4,704,027,886 | 4,063,678,698 | 1,503,798,631 | 1,522,541,762 |
| Sales returns (-) | (3,149,561) | (45,463,264) | (1,333,166) | (26,247,389) |
| Sales discounts (-) | (4,197,712,986) | (7,160,179,941) | (1,396,548,038) | (1,683,819,185) |
| Net sales | 11,496,734,666 | 14,145,209,341 | 3,975,521,022 | 4,701,678,942 |
| Cost of sales (-) | (10,344,276,391) | (12,436,911,941) | (3,547,659,485) | (4,089,045,466) |
| Gross profit from operations |
1,152,458,275 | 1,708,297,400 | 427,861,537 | 612,633,476 |
Cost of sales details for the period 1 January - 30 September 2025 and 2024 is as follows:
| 1 January - 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Raw material expenses | (8,198,058,793) | (9,528,432,800) | (2,884,494,019) | (3,317,185,514) |
| Cost of merchandise sold | (967,636,089) | (782,032,374) | (304,656,029) | (168,042,673) |
| General production expense | (460,970,173) | (409,177,226) | (160,387,334) | (17,928,794) |
| Personnel expenses | (452,419,440) | (581,783,553) | (167,421,441) | (332,929,578) |
| Cost of service sold Depreciation and |
(194,564,498) | (1,084,935,864) | (8,268,147) | (236,276,641) |
| amortization expenses | (70,627,398) | (50,550,124) | (22,432,515) | (16,682,266) |
| (10,344,276,391) | (12,436,911,941) | (3,547,659,485) | (4,089,045,466) |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Research and development expenses: | ||||
| Personnel expenses | (20,091,215) | (21,295,333) | (6,082,187) | (6,300,824) |
| Test, measurement and | ||||
| document expenses | (5,855,076) | (6,205,987) | (2,319,813) | (2,422,031) |
| Amortization and depreciation | ||||
| costs | (7,573) | (13,023) | (2,223) | (1,032) |
| Other | (3,775,348) | (4,001,614) | (1,247,306) | (1,304,632) |
| (29,729,212) | (31,515,957) | (9,651,529) | (10,028,519) |
| 1 January - 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Marketing, selling and distribution expenses | ||||
| Logistics expenses, sales, | ||||
| distribution and letter of | ||||
| guarantee commissions | (622,830,072) | (965,828,254) | (268,711,461) | (361,247,226) |
| Personnel expenses | (75,678,123) | (117,354,752) | (30,765,197) | (40,675,634) |
| Outsorced service expenses | (599,198) | (929,182) | (227,794) | (295,088) |
| Amortization and depreciation | ||||
| costs | (204,955) | (334,780) | (60,175) | (26,512) |
| Other | (17,528,566) | (27,181,709) | (7,384,589) | (10,095,208) |
| (716,840,914) | (1,111,628,677) | (307,149,216) | (412,339,668) | |
| 1 January - | 1 January- | 1 July | 1 July - | |
| 30 September | 30 September | 30 September | 30 September | |
| 2025 | 2024 | 2025 | 2024 | |
| General administrative expenses: | ||||
| License and service expenses | (99,984,860) | (162,778,749) | (34,548,915) | (45,718,226) |
| Personnel expenses | (78,567,528) | (127,910,605) | (32,353,480) | (45,236,767) |
| Amortization and depreciation | ||||
| costs | (50,123,524) | (51,425,912) | (17,907,830) | (21,138,203) |
| Consultancy expenses | (4,829,338) | (7,862,327) | (2,729,756) | (4,106,315) |
| Membership and grants | (2,045,233) | (3,329,710) | (824,205) | (1,145,373) |
| Insurance expense | (1,399,514) | (2,278,456) | (504,781) | (677,838) |
| Outsourced service expenses Other |
(2,168,153) (22,061,668) |
(3,529,827) (35,917,146) |
(1,043,393) (2,457,261) |
(1,517,706) (22,833,436) |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Statements regarding other operating income for the period 1 January - 30 September 2025 and 2024 is as follows:
| 30 September 2025 |
1 January - 1 January- 30 September 2024 |
1 July 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Income realized from marketable derivative financial instruments |
507,028,662 | 350,773,547 | 78,800,713 | 54,516,061 |
| Charge out income Other |
20,631,649 69,335,021 |
41,899,963 274,246,581 |
5,460,243 11,956,116 |
26,728,557 84,897,213 |
| 596,995,332 | 666,920,091 | 96,217,072 | 166,141,831 |
Statements regarding other operating expense for the period 1 January - 30 September 2025 and 2024 is as follows:
| 30 September 2025 |
1 January - 1 January- 30 September 2024 |
1 July 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Expenses realized from marketable derivative financial instruments |
(680,955,688) | (1,392,972,481 ) |
(66,885,465) | (390,058,675) |
| Foreing exchange losses from trading activities, net |
(41,161,737) | - | - | - |
| Provision expense | - | (245,096,223) | - | (146,181,824) |
| Other | (39,404,387) | (241,939,573) | (23,533,742) | (24,898,311) |
| (1,880,008,277 | ||||
| (761,521,812) | ) | (90,419,207) | (561,138,810) |
Details of income from investment activities are as follows:
| 1 January - 30 September 2025 |
1 January- 30 September 2024 |
1 July 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Gain/(loss) on sales of tangible and intangible assets |
1,450,698 | (22,346,199) | 1,450,698 | (26,609,514) |
| 1,450,698 | (22,346,199) | 1,450,698 | (26,609,514) |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The income tax payable as of 30 September 2025 and 31 December 2024 is summarized below:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Corporate tax provision | 75.277.720 | 421.959.816 |
| Current income tax liability/(assets) | 75.277.720 | 421.959.816 |
In Turkey, the corporation tax rate is 25% for 2025 (2024: 25%).
For the period ended 30 September 2025 and 2024, tax expense in the profit or loss comprised the following:
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July- 30 September 2025 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Deferred tax assets/(liabilities) | (37,482,412) | 104,212,109 | 42,164,973 | (48,245,897) |
| Total tax income/(expense) | (37,482,412) | 104,212,109 | 42,164,973 | (48,245,897) |
The breakdown of cumulative temporary differences and the resulting deferred income tax assets/(liabilities) provided as follows:
| Cumulative temporary differences | Deferred income tax assets/(liabilities) |
|||
|---|---|---|---|---|
| Deferred tax | 30 September | 31 December | 30 September | 31 December |
| assets/(liabilities) | 2025 | 2024 | 2025 | 2024 |
| Construction projects spread | ||||
| over years | 129,717,921 | 287,005,133 | (32,429,480) | (71,751,283) |
| Stock adjustments | 17,047,281 | 106,301,789 | (4,261,820) | (26,575,448) |
| Tangible and intangible | ||||
| non-current assets | (754,110,340) | (717,273,045) | 188,527,585 | 179,318,262 |
| Derivative instruments | 93,344,842 | (128,583,894) | (23,336,211) | 32,145,974 |
| Provisions | 36,230,563 | (176,146,980) | (9,057,641) | 44,036,745 |
| Other | 146,982,890 | 6,226,149 | (36,745,722) | (1,556,537) |
| Deferred tax | ||||
| assets/(liabilities), net | 82,696,711 | 155,617,713 |
Movements of deferred tax assets and liabilities at 1 January – 30 September 2025 and 2024 as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January |
155,617,713 | 140,863,566 |
| Associated with the profit or loss | (37,482,412) | 104,212,109 |
| Monetary gain, loss | (31,176,770) | (37,181,085) |
| 30 September | 86,958,531 | 207,894,590 |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Earnings per share is calculated by dividing the net profit for the period attributed to the parent company shares by the weighted average number of shares of the Company during the period.
| 30 September 2025 |
1 January - 1 January - 30 September 2024 |
1 July- 30 September 2025 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Net profit per share of the parent Weighted average number of |
(262,128,393) | (766,470,249) | (93,998,906) | (343,298,215) |
| ordinary shares issued | 216,733,652 | 216,733,652 | 216,733,652 | 216,733,652 |
| Earnings per share | (1.2094) | (3.5365) | (0.4337) | (1.5840) |
Short-term and long-term trade receivables from related parties are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Prysmian Cavi e Sistemi Italia S.r.l. | 170,763,638 | 76,228,213 |
| Prysmian Kabel und Systeme GmbH | 106,126,978 | 168,535,848 |
| LLC Rybinskelektrokabel | 85,723,707 | 75,702,442 |
| Prysmian Spain, S.A | 73,190,446 | 62,096,421 |
| Prysmian Power Link Srl | 72,000,448 | 114,766,881 |
| Prysmian MKM Magyar Kabel Muve | 60,071,063 | 5,364,310 |
| Prysmian Group Norge AS | 26,119,035 | 28,071,238 |
| Prysmian Cabluri Si Sisteme S. | 25,600,368 | 81,854,373 |
| Prysmian Cables & Systems Limited | 24,192,521 | 70,052,539 |
| LLC Prysmian RUS | 14,485,953 | - |
| Prysmian Finland Oy | - | 9,667,004 |
| Other | 46,227,137 | 43,711,504 |
| 704,501,294 | 736,050,773 |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Trade receivables |
Other receivables |
Trade receivables |
Other receivables |
|
| Prysmian S.P.A. | 1,157,816,584 | - | 2,511,382,211 | - |
| Oman Cables Industry SAOG | 130,000,757 | - | 1,327,803 | - |
| Prysmian Wuxi Cable Company Lt | 30,143,265 | - | - | - |
| Prysmian Cavi e Sistemi Italia S.r.l. | 18,155,538 | - | 43,522,852 | - |
| Prysmian Cables et Systèmes Fr | 17,915,328 | - | 11,111,122 | - |
| Prysmian MKM Magyar Kabel Muve | 9,848,707 | - | 7,225,176 | - |
| Prysmian Kabel und Systeme GmbH | 5,858,349 | - | 3,820,553 | - |
| Prysmian Power Link Srl | - | - | 13,118,500 | - |
| Draka Holding BV (*) | - | 2,163,306,250 | - | - |
| Other | 11,709,006 | - | 7,133,915 | - |
| 1,381,447,534 | 2,163,306,250 | 2,598,642,132 | - |
(*) The Group's operational activities involve a loan provision of TRY 2,100,000,000 (Two Billion One Hundred Million Turkish Lira) with a 2-year maturity, provided by Draka Holding B.V., the main shareholder of the Group and the direct sole shareholder of Prysmian S.P.A., as the 'Lender.' The principal repayment of the loan is due in 2027, with an annual effective interest rate of 36.741%, and the interest is payable quarterly.
Sales transactions with related parties are as follows:
| 1 January- 30 September 2025 |
1 January- 30 September 2024 |
1 January- 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Prysmian Power Link Srl | 679,680,576 | 393,777,384 | 148,331,635 | 179,002,256 |
| Prysmian Kabel und Systeme Gmb | 362,180,413 | 522,732,756 | 59,548,642 | 207,933,910 |
| Prysmian Cabluri Si Sisteme S. | 350,482,200 | 69,160,841 | 100,763,257 | 32,694,198 |
| Prysmian Cavi e Sist. It. srl | 297,853,478 | 324,084,654 | 157,676,866 | 871,313 |
| Prysmian MKM Magyar Kabel Muve | 241,851,867 | 149,465,970 | 82,655,041 | 112,116,084 |
| PRYSMIAN SPAIN, S.A. | 152,455,717 | 288,504,968 | 81,837,093 | 43,327,121 |
| Prysmian Group Norge AS | 115,850,029 | 161,920,497 | 29,203,443 | 80,092,267 |
| Conducen SRL | 98,931,031 | 73,844,308 | 19,755,597 | 12,213,462 |
| Prysmian Cables & Systems Limi | 79,946,421 | 15,328,717 | 12,478,108 | 12,403,867 |
| Prysmian Group Baltics AS | 56,431,111 | 6,773,343 | 13,061,321 | 1,543,297 |
| Prysmian Finland Oy | 41,861,406 | 134,259,996 | 4,735,720 | 75,917,181 |
| Draka Comteq UK Limited | 25,080,892 | 26,868,153 | 12,021,516 | 12,799,212 |
| Draka Kabel Sverige AB | 14,209,228 | 54,644 | 13,543,910 | 33 |
| Draka Denmark Optical Cable AS | 13,646,499 | 10,405,078 | 3,138,042 | -9,972 |
| Oman Cables Industry (SAOG) | 12,710,645 | 8,153,988 | 9,771,785 | 1,545,898 |
| Prysmian Australia Pty Ltd | 9,299,027 | 5,627,690 | 680,045 | 675 |
| LLC Investitsionno | 5,592,641 | 5,284,994 | 1,546,781 | 2,931,799 |
| Prysmian Cavi e Sistemi Srl | 4,139,378 | 1,868,391 | 876,156 | 864,928 |
| Prysmian Spa | 2,096,203 | 3,049,574 | 697,263 | 855,854 |
| Prysmian Kablo s.r.o | 1,776,816 | 4,183,742 | - | 1,855,292 |
| Singapore Cables Manufacturers | 1,298,183 | 103,590,559 | 226,946 | 823,958 |
| Prysmian Cable Industrial GmbH | - | 101,346,893 | - | 80,963,448 |
| Other | 6,206,712 | 117,845,779 | 2,053,687 | 6,276,448 |
| 2,573,580,472 | 2,528,132,921 | 754,602,852 | 867,022,528 |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January- 30 September 2025 |
1 January- 30 September 2024 |
1 July- 30 September 2025 |
1 July 30 September 2024 |
|
|---|---|---|---|---|
| Prysmian Spa | 1,184,334,358 | 1,219,945,683 | 596,059,485 | 613,584,142 |
| Prysmian Kabel und Systeme Gmb | 280,776,376 | 248,676,297 | 70,250,347 | 75,504,220 |
| Oman Cables Industry (SAOG) | 253,410,532 | 124,781,811 | 131,979,634 | 465,557 |
| Prysmian Cavi e Sist. It. srl | 144,901,205 | 243,204,686 | - | 61,252,599 |
| Prysmian MKM Magyar Kabel Muve | 84,250,020 | 105,575,324 | 10,770,086 | 27,205,090 |
| General Cable Celcat, Energia | 62,760,092 | 41,472,043 | 20,230,930 | 20,885,997 |
| Prysmian Wuxi Cable Company Ltd | 30,182,785 | 152,864,007 | 30,182,785 | - |
| Prysmian Cables et Systèmes Fr | 23,096,367 | 1,372,378 | 6,588,219 | 1,657,808 |
| Draka Comteq Germany GmbH | 19,262,595 | 19,443,176 | 4,415,059 | 9,274,463 |
| Oman Aluminium Processing | 13,668,093 | 47,982,652 | - | 13,184,970 |
| Prys Cables Sys USA LLC | 12,902,355 | 7,840,501 | 3,973,589 | 7,716,723 |
| PRYSMIAN SPAIN, S.A. | 10,257,015 | 34,215,504 | 3,577,828 | 3,749,313 |
| Prysmian Netherlands B.V. | 9,168,263 | 17,256,874 | 2,419,117 | 4,402,972 |
| Prysmian Group Norge AS | 8,714,278 | - | - | - |
| Draka Comteq Fibre BV | 6,394,611 | 1,749,840 | 1,103,197 | - |
| Prysmian Cables (Shangai) Trad | 5,787,770 | 17,081,795 | 53,337 | 1,137,764 |
| Prysmian Cabluri Si Sisteme S. | 3,528,255 | 14,696,624 | - | 13,316,046 |
| Prysmian Cables & Systems Limi | 3,113,791 | 13,159,787 | 13,806 | 15,198,988 |
| Prysmian Power Link Srl | 1,724,119 | 72,077,940 | - | 2,325,516 |
| Draka Comteq UK Limited | - | 21,352,923 | - | 95,571 |
| Other | 8,043,823 | 44,414,754 | - | 40,919,868 |
| 2,166,276,702 | 2,449,164,599 | 881,617,419 | 911,877,607 |
| 1 Ocak 30 Eylül 2025 |
1 Ocak 30 Eylül 2024 |
1 Temmuz 30 Eylül 2024 |
1 Temmuz 30 Eylül 2024 |
|
|---|---|---|---|---|
| Hizmet | Hizmet | Hizmet | Hizmet | |
| Alımları | Alımları | Alımları | Alımları | |
| Prysmian S.P.A.(*) | 8,008,673 | 88,886,663 | 7,891,783 | 28,454,588 |
| Prysmian Cavi e Sistemi Italia S.r.l. | - | 28,183,190 | 9,972,898 | |
| 8,008,673 | 117,069,853 | 7,891,783 | 38,427,486 |
(*) Prysmian S.p.A. and Prysmian Cavi e Sistemi S.r.l., which are license holders and service providers from the Prysmian Group companies, have waived all receivables arising from service and license agreements for a period of two years to keep the Group's operational and financing costs at a minimum (Note 15).
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
|
|---|---|---|
| Wages and other short term benefits | 22,652,717 | 20,252,815 |
| Others | - | 59,223 |
| 22,652,717 | 20,312,037 |
Key management personnel include consists of senior executives in the board of directors, executive board and other important management levels. Benefits provided to senior executives during the period are summarized above.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 30 September 2025 | 31 December 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| TRY Equivalent |
USD | EUR | GBP | TRY Equivalent |
USD | EUR | GBP | |
| 1. Trade Receivables | 1,572,198,195 | 17,398,853 | 17,436,032 | - | 1,999,352,194 | 20,120,187 | 24,067,600 | - |
| 2a. Monetary Financial Assets (including cash bank accounts) | 221,433,192 | 1,248,743 | 3,478,927 | - | 72,429,724 | - | 1,571,888 | - |
| 2b. Non-monetary Financial Assets | - | - | - | - | - | - | - | - |
| 3. Other | 16,822,662 | 137,519 | 227,988 | - | 122,017,869 | 96,621 | 2,555,276 | - |
| 4. Current Assets (1+2+3) | 1,810,454,049 | 18,785,115 | 21,142,947 | - | 2,193,793,857 | 20,216,808 | 28,194,764 | - |
| 5. Trade Receivables | - | - | - | - | - | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - | - | - | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - | - | - | - | - |
| 7. Other | - | - | - | - | - | - | - | - |
| 8. Non-Current Assets (5+6+7) | - | - | - | - | - | - | - | - |
| 9. Total Assets (4+8) | 1,810,454,049 | 18,785,115 | 21,142,947 | - | 2,193,793,039 | 20,216,808 | 28,194,764 | - |
| 10. Trade Payables | (1,138,013,060) | (21,911,013) | (4,645,586) | (577) | (2,964,878,403) | (3,278,446) | (61,193,530) | (2,014) |
| 11. Financial Liabilities | - | - | - | - | - | - | - | - |
| 12a. Other Monetary Liabilities | (325,906,295) | (6,481,797) | (1,154,463) | - | (680,004,572) | (7,703,295) | (7,359,611) | - |
| 12b. Other Non-monetary Liabilities | - | - | - | - | (110,451,575) | (219,275) | (2,182,157) | - |
| 13. Short-term Liabilities (10+11+12) | (1,463,919,355) | (28,392,810) | (5,800,049) | (577) | (3,755,136,250) | (11,201,016) | (70,735,298) | (2,014) |
| 14. Trade Payables | - | - | - | - | - | - | - | - |
| 15. Financial Liabilities | - | - | - | - | - | - | - | - |
| 16 a. Other Monetary Liabilities | - | - | - | - | - | - | - | - |
| 16. b Other Non-monetary Liabilities | - | - | - | - | - | - | - | - |
| 17. Long-term Liabilities (14+15+16) | - | - | - | - | - | - | - | - |
| 18. Total Liabilities (13+17) | (1,463,919,355) | (28,392,810) | (5,800,049) | (577) | (3,755,136,250) | (11,201,016) | (70,735,29 | (2,014) |
| 19. Net Asset/(Liability) Position of off Balance Sheet derivate instruments (19a-19b) 19.a, Asset Position of Off Balance Sheet Derivate Instruments |
731,975,600 | 30,500,000 | (11,000,000) | - | 954,596,002 | (11,000,000) | 31,300,000 | - |
| Denominated in Foreign Currency 19.b. Liability position of Off Balance Sheet Derivative Instruments Denominated in Foreign Currency |
(536,263,200) 1,268,238,800 |
- 30,500,000 |
(11,000,000) - |
- - |
1,442,243,411 (487,647,409) |
- (11,000,000) |
31,300,000 - |
- - |
| 20. Net Foreign Exchange Asset/(Liability) Position (9+18+19) |
1,078,510,467 | 20,892,305 | 4,342,898 | (577) | (606,740,391) | (1,984,208) | (11,240,534) | (2.014) |
| 21. Net Foreign Currency Asset/ Liability Position (UFRS 7.B23) (=1+2a+5+6a+10+11+12a+14+15+16) 22. Total Fair Value of Financial Instruments Used for - |
329,712,032 | (9,745,213) | 15,114,910 | (577) | (1,573,100,987) | 9,138,445 | (42,913,653) | (2,014) |
| Foreign Currency Hedging 23. Hedged Foreign Exchange Assets 24. Hedged Foreign Exchange Liabilities **** |
731,975,600 1,268,238,800 (536,263,200) |
30,500,000 30,500,000 - |
(11,000,000) - (11,000,000) |
- - - |
954,596,002 (574,064,698) |
(11,000,000) (11,000,000) - |
31,300,000 - 31,300,000 |
- - - |
| 25. Export | 3,727,105,557 | 14,013,024 | 63,817,342 | - | 5,232,566,541 | 23,544,792 | 76,144,352 | - |
| 26. Import | 2,507,908,342 | 19,905,992 | 34,495,034 | - | 3,649,728,265 | 5,411,564 | 63,805,070 | - |
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The table below shows the effect of a 10% depreciation in TRY on the profit before tax level:
| Table of sensitivity analysis for foreign currency risk: |
30 September 2025 |
|||
|---|---|---|---|---|
| Profit/(Loss) Depreciation of foreign currency |
Profit/(Loss) Appreciation of foreign currency |
|||
| 10% change in USD against TRY: | ||||
| USD net assets/liabilities | 40,522,159 | (40,522,159) | ||
| USD net effect | 40,522,159 | (40,522,159) | ||
| 10% change in EUR against TRY: | ||||
| EUR net assets/liabilities | 62,737,155 | (62,737,155) | ||
| EUR net effect | 62,737,155 | (62,737,155) | ||
| 10% change in Others average against TRY: | ||||
| Others net assets/liabilities | (3,231) | 3,231 | ||
| Others net effect | (3,231) | 3,231 | ||
| Total | 103,256,083 | (103,256,083) | ||
| Table of sensitivity analysis for foreign currency risk: |
December | |||
| 31 Profit/(Loss) |
2024 Profit/(Loss) |
|||
| Depreciation of | Appreciation of | |||
| 10% change in USD against TRY: | foreign currency | foreign currency | ||
| USD net assets/liabilities | (40,439,525) | 40,439,525 | ||
| USD net effect | (40,439,525) | 40,439,525 | ||
| 10% change in EUR against TRY: | ||||
| EUR net assets/liabilities | (198,094,788) | 198,094,788 | ||
| EUR net effect | (198,094,788) | 198,094,788 | ||
| 10% change in Others average against TRY: | ||||
| Others net assets/liabilities | (11,226) | 11,226 | ||
| Others net effect | (11,226) | 11,226 |
The Group evaluates its foreign currency assets at the "buying" rate, while valuing its foreign currency liabilities at the "sales" rate.
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The Group has classified its financial assets and liabilities as financial investments, loans and receivables. The Group's financial assets are classified as cash and cash equivalents, trade receivables and other receivables, loans and derivative instruments and are presented at amortized cost using the effective interest method. The Group's financial liabilities consist of financial liabilities, trade payables, derivative instruments payables and other payables and are classified as financial liabilities carried at discounted cost and presented at amortized cost using the effective interest method.
Fair value is the amount at which a financial instrument could be exchanged in a current transaction between voluntary parties, other than in a forced sale or liquidation, and is best determined by an established market price, if any.
The estimated fair values of financial instruments have been determined by the Company using available market information and appropriate valuation methods. However, judgment is used in interpreting market data for the purpose of estimating fair value. Accordingly, the estimates presented here may not be indicative of the values that the Group could realize in a current market transaction.
The following methods and assumptions have been used in estimating the fair values of financial instruments whose fair value can be determined:
The fair values of the balances denominated in foreign currency translated at period-end rates are considered to approximate their book values. Cash and cash equivalents are presented at their fair values. It is assumed that the fair values of trade receivables and receivables from related parties approximate their book values due to their short-term nature. Derivative instruments are shown at their fair values.
Trade payables, payables to related parties and other monetary liabilities are estimated to be approximated to their fair values together with their discounted book values, and it is accepted that the fair values of the foreign currency balances translated with year-end rates approximate their book values. Liabilities from derivative instruments are shown at their fair values.
The table below contains the analysis of financial instruments whose fair value is determined by valuation method. Fair value calculations are based on the stages described below:
(Amounts expressed in TRY based on the 30 September 2025 purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The table below consists of the Group's assets calculated at fair value as of 30 September 2025 and 31 December 2024.
| Financial assets / liabilities | Reasonable | |||
|---|---|---|---|---|
| Reasonable value | value level | Valuation Technique | ||
| 30 September 2025 |
31 December 2024 |
|||
| Financial assets/ (liabilities) from foreign currency forward contracts |
93,344,842 | (128,583,894) Level 2 | Future cash flows estimated using forward exchange rates (observable forward exchange rates at maturity) and contract rates are discounted using a rate that reflects the credit risk of the various parties. |
| Non-monetary Items | 30 September 2025 |
|---|---|
| Balance sheet items | (64,697,035) |
| Inventories | (5,238,587) |
| Tangible assets | 159,240,386 |
| Intangible assets | 846,827 |
| Right of use assets | 17,209,741 |
| Deferred tax assets | - |
| Paid-in capital | (720,490,731) |
| Treasury shares | 5,235,571 |
| Share premium | (85,266,226) |
| Not to be re-classified under profit or loss other accumulated | |
| comprehensive income and expenses | 29,860,870 |
| Restricted reserves | (26,030,903) |
| Retained earnings | 559,936,017 |
| 1 January - | |
| 30 September 2025 |
|
| Income statement items | 359,884,848 |
| Revenue | (945,100,323) |
| Cost of sales | 1,141,469,871 |
| Research and development expenses | 4,006,530 |
| Marketing expenses | 66,684,985 |
| General administrative expenses | 29,679,490 |
| Other income and expenses from main activities | 14,074,278 |
| Income/(expense) from investing activities | (59,608) |
| Financial income/(expenses) | 49,129,625 |
| Net monetary position gains/(losses) | 295,187,813 |
…………………………..
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