Quarterly Report • Nov 10, 2025
Quarterly Report
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CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025 (ORIGINALLY ISSUED IN TURKISH)
| Consolidated Balance Sheet | 1-2 |
|---|---|
| Consolidated Statements of Profit or Loss | 3 |
| Consolidated Statements of Other Comprehensive Income | 4 |
| Consolidated Statements of Changes in Equity | 5 |
| Consolidated Statements of Cash Flows | 6-7 |
| Notes to the Consolidated Financial Statements | 8-89 |
| Note 1 - Group's Organization and Nature of the Operations | 8-13 |
| Note 2 - Basis of the Consolidated Financial Statements | |
| Note 3 - Shares in Other Companies. | |
| Note 4 - Business Combinations | |
| Note 5 - Related Party Disclosures | |
| Note 6 - Cash and Cash Equivalents. | |
| Note 7 - Financial Investments | |
| Note 8 - Financial Borrowings | |
| Note 9 - Trade Receivables and Payables | |
| Note 10 - Other Receivables and Payables | |
| Note 11 - Employee Benefits Obligations | |
| Note 12 – Inventories | |
| Note 13 - Other Current Assets | |
| Note 14 - Prepaid Expenses | |
| Note 15 – Goodwill. | |
| Note 16 – Deferred Income | |
| Note 17 – Right of Use Assets | |
| Note 18 - Tangible Fixed Assets | |
| Note 19 – Intangible Assets | |
| Note 20 – Investments Valued by Equity Method | |
| Note 21 - Government Incentives and Grants | |
| Note 22 - Provisions, Contingent Assets and Liabilities | |
| Note 23 – Employee Benefits | |
| Note 24 – Derivative Instruments | |
| Note 25 – Capital, Reserves and Other Equity Items | |
| Note 26 – Revenue and Cost of Sales | |
| Note 27 – General Administrative Expenses, Marketing Expenses and Research and Development Expenses | |
| Note 28 – Expenses by Nature | |
| Note 29 – Other Income / (Expenses) from Operating Activities | |
| Note 30 – Income / (Expenses) from Investment Activities | |
| Note 31 – Finance Income / (Expenses) | |
| Not 32 – Monetary Gain / (Loss), Net | |
| Note 33 – Tax Assets and Liabilities | |
| Note 34 – Earnings / (Loss) per Share | |
| Note 35 – Exposure to Financial Risks Due to Financial Instrument | |
| Note 36 - Financial Instruments. | |
| Note 37 –Subsequent Events After the Financial Position Statement Date |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Current Period Unaudited |
Prior Period Audited |
||
|---|---|---|---|
| Footnote | |||
| ASSETS | References | 30.09.2025 | 31.12.2024 |
| CURRENT ASSETS | |||
| Cash and Cash Equivalents | 6 | 359.790.825 | 809.713.170 |
| Trade Receivables | 9 | 619.866.165 | 448.885.364 |
| - Trade receivables from related parties | 16.915.114 | 2.495.513 | |
| - Trade receivables from third parties | 602.951.051 | 446.389.851 | |
| Other Receivables | 10 | 30.024.886 | 10.161.045 |
| - Other receivables from related parties | - | - | |
| - Other receivables from third parties | 30.024.886 | 10.161.045 | |
| Inventories | 12 | 1.728.116.518 | 1.532.849.153 |
| Prepaid Expenses | 14 | 51.801.431 | 152.854.181 |
| Current Period Tax Related Assets | 33 | 722 | 6.824.051 |
| Other Current Assets | 13 | 56.588.076 | 19.684.804 |
| TOTAL CURRENT ASSETS | 2.846.188.623 | 2.980.971.768 | |
| NON-CURRENT ASSETS | |||
| Other Receivables | 10 | 555.583 | 658.834 |
| - Other receivables from related parties | - | - | |
| - Other receivables from third parties | 555.583 | 658.834 | |
| Financial Investments | 7 | 10.020.349 | 11.525.300 |
| Investments Accounted through Equity Method | 20 | 11.563.246 | 9.676.859 |
| Right of Use Assets | 17 | 64.017.756 | 34.191.825 |
| Tangible Fixed Assets | 18 | 395.802.878 | 205.607.178 |
| Intangible Assets | 223.568.483 | 101.393.017 | |
| - Goodwill | 15 | 93.024.437 | - |
| - Other Intangible Assets | 19 | 130.544.046 | 101.393.017 |
| Prepaid Expenses | 14 | 133.402.097 | 127.335.814 |
| Deferred Tax Asset | 33 | 183.218.117 | 139.534.436 |
| TOTAL NON-CURRENT ASSETS | 1.022.148.509 | 629.923.263 | |
| TOTAL ASSETS | 3.868.337.132 | 3.610.895.031 |
AS OF 30 SEPTEMBER 2025 AND 31 DECEMBER 2024
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Current Period Unaudited |
Prior Period Audited |
||
|---|---|---|---|
| Footnote References |
30.09.2025 | 31.12.2024 | |
| LIABILITIES | |||
| CURRENT LIABILITIES | |||
| Financial Borrowings | 8 | 290.251.567 | 176.208.606 |
| Current Installment of Long Term Financial Borrowings | 8 | 138.821.614 | 231.503.457 |
| Trade Payables | 9 | 154.587.354 | 114.709.209 |
| - Trade payables to related parties | 894.494 | 655.679 | |
| - Trade payables to third parties | 153.692.860 | 114.053.530 | |
| Employee Benefit Payables | 11 | 69.158.152 | 46.614.612 |
| Other Payables | 10 | 85.053.079 | 20.712.737 |
| - Other payables to related parties | 9.921.913 | - | |
| - Other payables to third parties | 75.131.166 | 20.712.737 | |
| Deferred Income | 16 | 535.339.043 | 533.352.400 |
| Short Term Provisions | 46.759.945 | 48.181.964 | |
| - Provisions for employee benefits | 23 | 42.110.393 | 43.867.200 |
| - Other short term provisions | 22 | 4.649.552 | 4.314.764 |
| Derivative Instruments | 24 | 17.389.104 | 7.690.503 |
| TOTAL CURRENT LIABILITIES | 1.337.359.858 | 1.178.973.488 | |
| NON-CURRENT LIABILITIES | |||
| Financial Borrowings | 8 | 68.004.408 | 14.154.893 |
| Deferred Income | 16 | 110.533.111 | 76.733.601 |
| Long Term Provisions | 40.398.776 | 27.857.373 | |
| - Provisions for employee benefits | 23 | 38.264.406 | 25.394.211 |
| - Other long term provisions | 22 | 2.134.370 | 2.463.162 |
| TOTAL NON-CURRENT LIABILITIES | 218.936.295 | 118.745.867 | |
| TOTAL LIABILITIES | 1.556.296.153 | 1.297.719.355 | |
| SHAREHOLDERS' EQUITY | |||
| Parent Company's Equity | 2.308.303.705 | 2.313.175.676 | |
| Paid-in Capital | 25.1 | 58.000.000 | 58.000.000 |
| Capital Adjustment Differences | 25.1 | 227.476.430 | 227.476.430 |
| Share Premiums/Discounts | 25.5 | 646.782.793 | 646.782.793 |
| Not to be Reclassified to Profit or Loss | |||
| Accumulated Other Comprehensive Income or Expense | 2.091.952 | 1.117.998 | |
| Gain (Loss) on Remeasurement | 2.091.952 | 1.117.998 | |
| - Gain on remeasurement of defined benefit plans | |||
| (Losses) | 25.4 | 2.091.952 | 1.117.998 |
| Restricted Reserves | 25.2 | 35.508.765 | 35.508.765 |
| Retained Earnings | 25.3 | 1.333.478.584 | 1.331.846.820 |
| Net Profit / Loss for the Period | 34 | 4.965.181 | 12.442.870 |
| Minority Interests | 25.6 | 3.737.274 | - |
| TOTAL SHAREHOLDERS' EQUITY | 2.312.040.979 | 2.313.175.676 | |
| TOTAL LIABILITIES AND EQUITY | 3.868.337.132 | 3.610.895.031 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Current Period |
Prior Period |
Current Period |
Prior Period | ||
|---|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | Unaudited | ||
| Footnote References |
01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
| PROFIT OR LOSS PORTION | |||||
| Revenue | 26.1 | 1.353.732.437 | 1.822.687.185 | 617.179.109 | 713.104.086 |
| Cost of Sales | 26.2 | (844.248.704) | (1.361.478.853) | (337.375.466) | (513.589.996) |
| GROSS PROFIT / (LOSS) | 509.483.733 | 461.208.332 | 279.803.643 | 199.514.090 | |
| General Administrative Expenses | 28.1 | (176.814.130) | (166.979.093) | (59.397.266) | (51.942.940) |
| Marketing Expenses | 28.2 | (66.484.452) | (50.881.685) | (25.867.256) | (15.283.703) |
| Research and Development Expenses | 28.3 | (15.259.811) | (20.625.970) | (6.026.211) | (4.446.563) |
| Other Income from Operation Activities | 29.1 | 165.601.017 | 240.329.624 | 71.007.307 | 52.057.512 |
| Other Expense from Operation Activities PROFIT/ (LOSS) FROM OPERATING |
29.2 | (108.463.352) | (186.809.602) | (24.539.135) | (28.031.525) |
| ACTIVITIES | 308.063.005 | 276.241.606 | 234.981.082 | 151.866.871 | |
| Income from Investing Activities | 30.1 | 116.164.540 | 109.557.356 | 13.535.959 | 20.278.156 |
| Expenses from Investing Activities | 30.2 | (18.638) | (1.298.517) | (18.638) | (54.725) |
| Share of Profit/Loss of Investments Accounted Through Equity Method |
20 | 1.882.657 | 7.021.989 | (364.187) | 1.012.318 |
| OPERATING INCOME BEFORE FINANCIAL INCOME/ (EXPENSE) |
426.091.564 | 391.522.434 | 248.134.216 | 173.102.620 | |
| Financing Income | 31.1 | 138.495.293 | 175.140.105 | 3.320.653 | 66.694.271 |
| Finance Expenses (-) | 31.2 | (298.716.156) | (131.961.012) | (63.589.407) | (38.257.592) |
| Monetary Gain / (Loss), net | 34 | (291.603.427) | (436.804.309) | (72.896.933) | (97.929.662) |
| PROFIT/ (LOSS) BEFORE TAX FROM | |||||
| CONTINUING OPERATIONS | (25.732.726) | (2.102.782) | 114.968.529 | 103.609.637 | |
| Tax Income / (Expense) from Continuing Operations |
30.324.175 | 70.944.770 | (43.357.025) | (15.080.981) | |
| Current Period Tax (Expense) / Income | 33 | (2.581.484) | - | (404.501) | - |
| Deferred Tax (Expense) / Income | 33 | 32.905.659 | 70.944.770 | (42.952.524) | (15.080.981) |
| PROFIT / (LOSS) FOR THE PERIOD | 34 | 4.591.449 | 68.841.988 | 71.611.504 | 88.528.656 |
| Distribution of Profit / (Loss) for the Period | |||||
| Minority Interests | 34 | (373.732) | - | (373.732) | - |
| Parent Company Shares | 34 | 4.965.181 | 68.841.988 | 71.985.236 | 88.528.656 |
| Earnings / (Loss) per Share | 34 | 0,09 | 1,19 | 1,24 | 1,53 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Footnote References |
Current Period Unaudited 01.01 30.09.2025 |
Prior Period Unaudited 01.01 30.09.2024 |
Current Period Unaudited 01.07 30.09.2025 |
Prior Period Unaudited 01.07 30.09.2024 |
|
|---|---|---|---|---|---|
| PROFIT / (LOSS) FOR THE PERIOD | 4.591.449 | 68.841.988 | 71.611.504 | 88.528.656 | |
| OTHER COMPREHENSIVE INCOME / (EXPENSES) |
|||||
| Not To Be Reclassified Under Profit or Loss | 973.954 | 747.409 | 977.716 | (165.400) | |
| Gain (Loss) on Remeasurement of Defined Benefit Plans |
23 | 1.264.875 | 970.660 | 1.269.760 | (214.806) |
| Taxes on other comprehensive income not to be reclassified to profit or loss |
(290.921) | (223.251) | (292.044) | 49.406 | |
| - Deferred Tax Expense/Income | 33 | (290.921) | (223.251) | (292.044) | 49.406 |
| OTHER COMPREHENSIVE INCOME / (EXPENSES) |
973.954 | 747.409 | 977.716 | (165.400) | |
| TOTAL COMPREHENSIVE INCOME / (EXPENSES) |
5.565.403 | 69.589.397 | 72.589.220 | 88.363.256 | |
| Distribution of Total Comprehensive Income /(Expense) |
|||||
| Minority Interests | (373.732) | - | (373.732) | - | |
| Parent Company Shares | 5.939.135 | 69.589.397 | 72.962.952 | 88.363.256 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Other comprehensive income or expenses not to be
| not to be reclassified to profit |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| or loss | Retained Earnings / (Losses) | ||||||||||
| Equity | |||||||||||
| Gain (Loss) on | attributable | ||||||||||
| Capital | Premiums | Remeasurement of | Retained | Net Profit / | to equity | ||||||
| Footnote References |
Paid-in Capital |
Adjustment Differences |
Related to Shares |
Defined Benefit Plans |
Restricted Reserves |
Earnings / (Losses) |
(Loss) for the Period |
holders of the parent |
Minority Interests |
Total Equity | |
| Balances as of 31 December 2023 (Beginning of the period)) | 58.000.000 | 227.476.430 | 646.782.793 | 315.046 | 35.508.765 | 940.160.375 | 583.801.831 | 2.492.045.240 | - | 2.492.045.240 | |
| Transfers | 25.3 | - | - | - | - | - | 583.801.831 | (583.801.831) | - | - | - |
| Dividends | 25.3 | - | - | - | - | - | (192.118.468) | - | (192.118.468) | - | (192.118.468) |
| Total Comprehensive Income / (Expense) | - | - | - | 747.409 | - | - | 68.841.988 | 69.589.397 | - | 69.589.397 | |
| - Profit (Loss) for the Period |
34 | - | - | - | - | - | - | 68.841.988 | 68.841.988 | - | 68.841.988 |
| - Other Comprehensive Income (Expense) |
25.4 | - | - | - | 747.409 | - | - | - | 747.409 | - | 747.409 |
| Balances as of 30 September 2024 (End of the period) | 58.000.000 | 227.476.430 | 646.782.793 | 1.062.455 | 35.508.765 | 1.331.843.738 | 68.841.988 | 2.369.516.169 | - | 2.369.516.169 | |
| Balances as of 31 December 2024 (Beginning of the period)) | 58.000.000 | 227.476.430 | 646.782.793 | 1.117.998 | 35.508.765 | 1.331.846.820 | 12.442.870 | 2.313.175.676 | - | 2.313.175.676 | |
| Transfers | 25.3 | - | - | - | - | - | 12.442.870 | (12.442.870) | - | - | - |
| Effects of the business combinations |
25.6 | - | - | - | - | - | - | - | - | 4.111.006 | 4.111.006 |
| Dividends | 25.3 | - | - | - | - | - | (10.811.106) | - | (10.811.106) | - | (10.811.106) |
| Total Comprehensive Income / (Expense) |
- | - | - | 973.954 | - | - | 4.965.181 | 5.939.135 | (373.732) | 5.565.403 | |
| - Profit (Loss) for the Period |
34 | - | - | - | - | - | - | 4.965.181 | 4.965.181 | (373.732) | 4.591.449 |
| - Other Comprehensive Income (Expense) |
25.4 | - | - | - | 973.954 | - | - | - | 973.954 | - | 973.954 |
| Balances as of 30 September 2025 (End of the period) | 58.000.000 | 227.476.430 | 646.782.793 | 2.091.952 | 35.508.765 | 1.333.478.584 | 4.965.181 | 2.308.303.705 | 3.737.274 | 2.312.040.979 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Footnote References |
Current Period Unaudited 01.01 30.09.2025 |
Prior Period Unaudited 01.01 30.09.2024 |
|
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | 52.067.065 | 416.677.031 | |
| Net Profit (Loss) For the Period - Operating Activity Profit (Loss) For the Period |
34 | 4.591.449 4.591.449 |
68.841.988 68.841.988 |
| Adjustments Related to Reconciliation of Net Profit / (Loss) for the Period | |||
| Adjustments Related to Depreciation and Amortization Expenses | 17 - 18 – 19 | 44.290.016 | 47.460.279 |
| Adjustments Related to Impairment (Reversal) | - | 4.121.236 | |
| - Adjustments for Impairment (Reversal) of Receivables Adjustments Related to Provisions |
29.2 | - 14.141.066 |
4.121.236 (5.745.869) |
| - Provision (Reversal) for Employee Benefits Adjustments | 23 | 14.135.070 | 6.772.678 |
| - Corrections Regarding Warranty Provisions (Cancellation) | 22 | 5.996 | (12.518.547) |
| Adjustments for Interest (Income) and Expenses | 31 | 18.767.888 | (19.619.827) |
| - Adjustments Related to Interest Income | 16.489.825 | (22.460.510) | |
| - Adjustments Related to Interest Expense | 2.278.063 | 2.840.683 | |
| - Deferred Finance Expense on Credit Purchases | 29.2 | 15.333.462 | 28.007.226 |
| - Unearned finance income from credit sales | 29.1 | (13.055.399) | (25.166.543) |
| Adjustments Related to Tax (Income) Expense | 33 | (32.905.659) | (70.944.770) |
| Adjustments Related to Monetary Gain / (Loss) | 32 | 159.300.993 | 212.514.827 |
| Changes in Working Capital | |||
| Decrease (Increase) in Financial Investments | 7 | 1.504.951 | 658.474.992 |
| Adjustments for Decrease (Increase) in Trade Receivables | 9 | (157.925.402) | 109.148.162 |
| - Decrease (Increase) in Trade Receivables from Related Parties | (14.419.601) | 3.583.534 | |
| - Decrease (Increase) in Trade Receivables from Third Parties | (143.505.801) | 105.564.628 | |
| Adjustments for Decrease (Increase) in Other Receivables Related to Operations | 10 | (19.760.590) | 12.369.626 |
| - Decrease (Increase) in Other Receivables from Related Parties | - | - | |
| -Decrease (Increase) in Other Receivables from Third Parties | (19.760.590) | 12.369.626 | |
| Adjustments for Decrease (Increase) in Inventories | 12 | (195.267.365) | (154.228.369) |
| Decrease (Increase) in Prepaid Expenses Decrease (Increase) in Other Assets Related to Operations |
14 | 94.986.467 | (9.672.320) |
| Increase (Decrease) in Other Operating Liabilities | 13 22 |
(30.079.943) 9.369.809 |
35.570.155 812.543 |
| Adjustments related to increase/decrease in trade payables | 9 | 24.544.683 | (214.614.750) |
| - Decrease (Increase) in Trade Payables to Related Parties | 238.815 | 481.057 | |
| - Decrease (Increase)in Trade Payables to Third Parties | 24.305.868 | (215.095.807) | |
| Increase (Decrease) in Employee Benefit Payables | 11 | 22.543.540 | 4.142.439 |
| Adjustments Related to Increase (Decrease) in Other Payables Related to Operations | 10 | 58.179.009 | 70.779.840 |
| - Increase (Decrease) in Other Payables to Related Parties | 9.921.913 | 108.464.424 | |
| - Increase in Other Payables to Third Parties Related to Operations / (Decrease) | 48.257.096 | (37.684.584) | |
| Increase (Decrease) in Deferred Income | 16 | 35.786.153 | (332.733.151) |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Footnote References |
Current Period Unaudited 01.01 30.09.2025 |
Prior Period Unaudited 01.01 30.09.2024 |
||||||
|---|---|---|---|---|---|---|---|---|
| CASH FLOWS FROM INVESTING ACTIVITIES | (390.598.119) | (100.974.405) | ||||||
| Cash outflows from the acquisition of property, plant and equipment and intangible | ||||||||
| assets | (138.672.435) | (101.529.609) | ||||||
| - Cash outflows from purchase of property, plant and equipment | 18 | (103.218.267) | (98.552.587) | |||||
| - Cash outflows from acquisition of intangible assets | 19 | (35.454.168) | (2.977.022) | |||||
| Cash inflows from sale of property, plant and equipment and intangible assets | 71.945 | 555.204 | ||||||
| - Cash inflows from sale of property, plant and equipment | 18 | 71.945 | 555.204 | |||||
| Effects of the Business Combination (Other Cash Inflows and Outflows) | 17 – 18 – 19 | (251.997.629) | - | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES | 26.458.114 | (5.834.955) | ||||||
| Dividends | 25.3 | (10.811.106) | (192.118.468) | |||||
| Cash Inflows from Borrowing | 487.886.348 | 328.847.995 | ||||||
| - Cash inflows from loans | 8 | 487.886.348 | 328.847.995 | |||||
| Cash Outflows Related to Debt Payments | (434.127.303) | (165.024.992) | ||||||
| - Cash outflows related to loan repayments | 8 | (434.127.303) | (165.024.992) | |||||
| Interest Paid | 31.2 | (22.938.360) | (18.073.912) | |||||
| Interest Received | 31.1 | 6.448.535 | 40.534.422 | |||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE THE | ||||||||
| EFFECT OF FOREIGN CURRENCY TRANSLATION DIFFERENCES | (312.072.940) | 309.867.671 | ||||||
| INFLATION EFFECT | (137.849.405) | (180.984.239) | ||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (449.922.345) | 128.883.432 | ||||||
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 6 | 809.713.170 | 454.614.004 | |||||
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 6 | 359.790.825 | 583.497.436 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
SDT Uzay ve Savunma Teknolojileri Anonim Şirketi, its subsidiaries and joint operations will be referred to as the "Group" in the notes to the consolidated financial statements. Information regarding the operations of the Company and joint operations included in the consolidation is as follows;
Information on the operations of the Company and joint operations included in full consolidation is as follows;
The Company was established on 11 February 2005 in Ankara, Türkiye under the name SDT Uzay ve Savunma Teknolojileri Bilişim Üretim Danışmanlık Ticaret Anonim Şirketi and as of 13 July 2017, the Company changed its title and started to use its current title.
The main activity of the Company is the production, import and export of all kinds of electrotechnical, electronic, electromechanical and mechatronic products related to space and defense technologies.
The shares of SDT Uzay ve Savunma Teknolojileri Anonim Şirketi were started to be traded on Borsa Istanbul Stars Market on 04 January 2023 with the code "SDTTR" and continuous trading method.
The Company's ongoing research, development and production projects as of 30 September 2025 are as follows;
| Project Name | Project Description |
|---|---|
| AGAMA COMPUTER 12P (AGS12) | Mission Computer Production |
| BATTERY KB SERIAL PRODUCTION | Medium Range Anti-Tank Weapon System Fire Control Unit Control Unit Production |
| ANKA_S GVKS | Data Recording System |
| ASELSAN CONTRACT MANUFACTURING | Contract Fiber Optic, Contract Lcd, Contract Card, Contract Computer Production |
| ASELSAN HGK-3 | ASELSAN Precision Guidance Kit Type-3 (HGK-3) Guidance Electronics Whole Procurement |
| ASFAT HGK | ASFAT - Precision Guidance Kit Type-3 (HGK-3) Guidance Electronics Whole Procurement |
| ATAK -VKS | ATAK Helicopter Data Recording System Project |
| Aselpod VKS | Aselpod Solid State Recorder Production |
| CBUGS | Cloud Based User Ground Segment Project |
| Bag Type Signal Jammer System | Jammer Production |
| Çekirge | Ground Station Integration |
| EMI/EMC | EMI/EMC Test Services |
| F16_MEP FESİM |
Live, Virtual and Simulated Integrated Training System Mass Production Project Missile Training Simulator Project |
| Flutter Excitation System (FES) | Flutter Excitation System Project |
| GlGS_U | Modular Computer GPS, LCD, Console, Servo Interface Unit, Mission Computer, Fiber Optic Booster, Contract Manufacturing |
| GKB | Image Coding Unit |
| Görgüç Productization | Sar Imaging Image Generation Solution (Sar Görgüç) Project |
| GVKS | Task Data Recording System Production |
| GK-Y | Göktürk-Y Ground Systems Development Project |
| Görevsayar | Mission Computer Production |
| HAKBD | Aircraft Control Computer Hardware Production |
| HETS | Helicopter Obstacle Detection System Project |
| HÜRKUŞ-B DVKS | HÜRKUŞ-B Digital Data Recording System Production |
| HGK-84 | Precision Guidance Kit electronics production |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Project Name (Continued) | Project Description (Continued) |
|---|---|
| ILK | Infrared Launcher Kit |
| KAŞİF-FASON | Precision Guidance Kit (HGK-82) Production |
| Explorer Cards | Electronic card production for the Explorer project |
| Explorer Hybrid | Global Positioning Device Production |
| CONSOLE | Console Production |
| KÖ-ATESİM | Small Scale Shooting Training Simulator |
| LAB Kartları | Laser seeker head electronic card production |
| Lançer Yönetim Bilgisayarı-Lyb | Launcher Management Computer Project |
| Lcd/Fo/Görevsayar/Konsol (Lfgk) | LCD/Fiber Optics/Computer/Consoles Production |
| LSS | Life Support System Project |
| LTO-7 | Gokturk Ground Station Offline Storage Unit Upgrade |
| LNA Kartı | Antenna Card Production |
| MCT ARAYUZ BIRIMI_KONSOL | Console Production |
| MİLLİ HGK | National Precision Guidance Kit (Type-1) Guidance Electronics Whole Procurement |
| miniCOMINT | MiniCOMINT System Development Project |
| National Combat Aircraft (MMU) Project Image Based Classification Function Set & | |
| MMU: IBCF & SAR/ISAR GIF | SAR/ISAR and Ground Imaging Function Set Project |
| MSTTS UKB | Battlefield Recognition Identification System Remote Command Unit Production |
| MUHAREBESİM | Combat Training Simulator Project |
| Nigeria Backpack Jammer Supply | Production of back type mixers (Foreign sales) |
| NİŞANCI ARAYÜZÜ BİRİMİ | Weapon Carrier Vehicles (STA) Project Gunner Interface Unit Project |
| OMTAS GÖREV BİRİMİ | Medium Range Anti-Tank System Mission Unit Project |
| ÖZGÜR VKS | Free Data Recording System Production |
| PAF_ACMI | Air Combat Maneuvering System For Pakistan Air Force (PAF) Project |
| PSFE | Payload Stream Frontend Development |
| SGS Faz-2 | Synthetic Aperture Radar (SAR) Imaging System Project |
| SİGMA | Seismic Processing Visualization Module Infrastructure Development Project |
| Sırt Tipi Mobil Jammer Projesi | Production of backpack mixers |
| SSS | Ruggedized Servo Drive Production Technology Acquisition Obligation Interferometric Synthetic Aperture Radar |
| TKY InSAR | Development Project |
| TÜFEK TİPİ JAMMER | Rifle Type Jammer (RF Jamming System) Production |
| UAEK | Remote Sensing Project License Sale |
| UDS | Aircraft Interceptor Systems (IIS) Procurement Project |
| 32 ADET LCD (TUŞSUZ) | LCD Production |
| Spare Parts and Accessories Sales | Spare Parts and Accessories Sales |
| Hava Telsiz - UKB | Airborne Radio - UKB |
| Gözde GEB | Guidance Electronic Whole Project |
| GÇU V2 TASARIMI VE ÜRETİMİ | Image Conversion Unit |
| LEB Ek Sipariş 4 | Launcher Electronic Unit |
| GCB EK SİPARİŞ – 4 | Image Conversion Module |
| METE (LGMF) | Laser-Guided Mini Missile |
| MASTER CONTROLLER | Train / Locomotive Power System |
| SIDESTICK Tasarımı ve Üretimi | Design and Production of SIDESTICK |
| MMUGS İdame & İşletme | Maintenance and Operation of MMUGS Software |
| MGS Virtualization | Virtualization of Hardware Components within the MGS System |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Project Name (Continued) | Project Description (Continued) |
|---|---|
| SMART Satış | SMART Sales |
| FESİM Ek Sipariş-1 | Platform and Simulation Systems |
| KIVILCIM | Guidance and Weapon Systems |
| NUROL Jammer Sistemleri Tedariği | Remote Sensing and Electronic Warfare (E/W) Systems |
| JGK.lığı TSA-4A Bakım/Onarım | Remote Sensing and Electronic Warfare (E/W) Systems |
As of 30 September 2025, the average number of personnel employed by the Company is 270 (31 December 2024: 266).
The capital structure of the Company as of 30 September 2025 and 31 December 2024 is presented in Note 25.1.
The Company's head office and branch addresses are as follows::
Merkez: Üniversiteler Mahallesi İhsan Doğramacı Bulvarı No:37/1 Çankaya / Ankara / Türkiye Met 2 Şubesi: Mustafa Kemal Mahallesi 2082 Caddesi No: 54 A Çankaya / Ankara / Türkiye
SDT - ASO Teknopark Şubesi: Ahi Evran OSB Mahallesi Erkunt Caddesi No:3/16 Sincan / Ankara / Türkiye
The Company's head office and branch addresses are as follows:
Kuala Lumpur / Malaysia Islamabad / Pakistan
Tamgör Elektronik Sanayi ve Ticaret Limited Şirketi and SDT Uzay ve Savunma Teknolojileri Anonim Şirketi have established a joint venture for the production of vehicle and backpack type frequency jammers.
A new joint venture has been established for each project and/or tender and as of 30 September 2025, there are 10 joint ventures (31 December 2024: 11).
As of 30 September 2025 and 31 December 2024, summary information of joint operations is as follows;
| Title | Year of Establishment |
Project Name | Capital Amount |
Shareholding Rate |
|---|---|---|---|---|
| TAMGÖR - SDT Business Partnership (ST 02) | ||||
| (a) | 2018 | 2nd Generation Back Type Jammer System Project | 5.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 05) | 2018 | TSS-3A Projesi (Tamgör SDT Ridge Type-3A) | 2.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 06) | 2018 | K.K.K. 528 Back Type Cargo Project | 2.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 07) TAMGÖR - SDT Business Partnership (ST 08) |
2019 | 148 Vehicle Type Mixer system Procurement Project | 2.000 | 50% |
| (b) | 2019 | 91 Vehicle Type Mixer / Blender System Procurement Project | 2.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 09) TAMGÖR - SDT Business Partnership (ST 11) |
2019 | Effective Countermeasures Against Vehicle-Borne Mini-Micro UAVs Project | 2.000 | 50% |
| (c) | 2020 | Tactical Wheeled Vehicle-2 (TTA-2) Project Mixing Blinding System | 2.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 12) | 2020 | JEMUS Integration Project | 2.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 13) (d) TAMGÖR - SDT Business Partnership (ST 14) |
2020 | JAMMER_JBO283AT | 400.000 | 50% |
| (e) | 2021 | TTA-2 Project — KKS 2021: 12 Units of TSA-2A Vehicle-Mounted Jammers | 2.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 15) | 2022 | Maintenance, Repair and Servicing Project for Manufactured Jamming and Suppression Systems |
400.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 16) | 2023 | Gendarmerie Maintenance and Repair Project | 300.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 17) | 2024 | Land Forces Command Jammer Procurement (Package III) Project | 2.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 18) | 2025 | Land Forces Command Maintenance and Repair Project | 400.000 | 50% |
| TAMGÖR - SDT Business Partnership (ST 02) (a) |
2025 | Gendarmerie General Command — TSA-4A Maintenance and Repair | 400.000 | 50% |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of 30 September 2025 and 31 December 2024, the number of personnel of the joint operations are as follows;
| Title | 30 September 2025 | 31 December 2024 |
|---|---|---|
| TAMGÖR - SDT Business Partnership (ST 02) | - | - |
| TAMGÖR - SDT Business Partnership (ST 05) | - | - |
| TAMGÖR - SDT Business Partnership (ST 06) | - | - |
| TAMGÖR - SDT Business Partnership (ST 07) | - | - |
| TAMGÖR - SDT Business Partnership (ST 08) | - | - |
| TAMGÖR - SDT Business Partnership (ST 09) | - | - |
| TAMGÖR - SDT Business Partnership (ST 11) | - | - |
| TAMGÖR - SDT Business Partnership (ST 12) | 1 | 1 |
| TAMGÖR - SDT Business Partnership (ST 13) | - | - |
| TAMGÖR - SDT Business Partnership (ST 14) | - | - |
| TAMGÖR - SDT Business Partnership (ST 15) | - | 2 |
| TAMGÖR - SDT Business Partnership (ST 16) | 2 | 5 |
| TAMGÖR - SDT Business Partnership (ST 17) | 9 | 9 |
| TAMGÖR - SDT Business Partnership (ST 18) | 4 | - |
| TAMGÖR - SDT Business Partnership (ST 19) | 1 | - |
| Total | 17 | 17 |
Thales Italy SpA and SDT Space and Defense Technologies Joint Stock Company signed a joint venture agreement on 14 December 2016 for the execution and completion of the "Supply and Installation of 8 ILS/DME Systems" tendered by the General Directorate of State Airports Authority.
| Year of | Capital | Shareholdin | ||
|---|---|---|---|---|
| Title | Establishment | Project Name | Amount | g rate |
| Thales – SDT İş Ortaklığı | 2016 | 8 Adet ILS/DME Sistemi Temin ve Tesisi | 5.000 | 19% |
As of 30 September 2025 and 31 December 2024, the joint operation has no personnel.
The related joint venture was closed on 31 July 2025.
SDT Azerbaijan MMC was established on 11 January 2023 in Baku / Azerbaijan. The main activity of the Company is to carry out new business activities in the region where it was established, in line with the activities of SDT Space and Defense Technologies Joint Stock Company, which is the main shareholder of the Company. As of 30 September 2025 and 31 December 2024, SDT Azerbaijan has no personnel. As of 30 September 2025 and 31 December 2024, the sole shareholder of SDT Azerbaijan is SDT Uzay ve Savunma Teknolojileri Anonim Şirketi.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Cey Savunma ve Simülasyon Sistemleri Sanayi ve Ticaret Anonim Şirketi ("Subsidiary" and/or "Cey Savunma")
Cey Savunma ve Simülasyon Sistemleri Sanayi ve Ticaret Anonim Şirketi ("the Company") was established on 26 January 2016 in Ankara, Türkiye.
Cey Savunma's main field of activity is to establish and operate the electronic, electromechanical and mechanical manufacturing industry for military and civilian needs, and to design and manufacture related products. In addition, to design and manufacture software within its field of activity and to trade in all these fields.
As of 30 September 2025 and 31 December 2024, the company has no personnel.
The shareholding structure of Cey Savunma ve Simülasyon Sistemleri Sanayi ve Ticaret Anonim Şirketi as of 30 September 2025 and 31 December 2024 is as follows;
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Share | Share | |||
| Shareholders | Share Ratio | Amount | Share Ratio | Amount |
| SDT Uzay ve Savunma Teknolojileri Anonim Şirketi | 100,00% | 11.670.000 | 100,00% | 11.670.000 |
| Total | 100,00% | 11.670.000 | 100,00% | 11.670.000 |
Cey Savunma's headquarters address is as follows:
Kızılırmak Mahallesi
1443 Cad. Dış Kapı No: 25/A
No: 92
Çankaya/Ankara
BKM Bursa Kalıp Merkezi Metal Form Makine Sanayi ve Ticaret Anonim Şirketi ("Subsidiary" and/or "BKM Bursa Kalıp Merkezi")
BKM Bursa Kalıp Merkezi Metal Form Makine Sanayi ve Ticaret Anonim Şirketi (the "Company") was established on 13 October 2005 in Bursa, Turkey.
The principal activity of BKM Bursa Kalıp Merkezi is the manufacture and sale of precision parts and moulds for the defence, aerospace and automotive industries.
As of 30 September 2025, the Company's average number of employees is 47.
As of 30 September 2025, the shareholding structure of BKM Bursa Kalıp Merkezi Metal Form Makine Sanayi ve Ticaret Anonim Şirketi is as follows;;
| 30 September 2025 | ||
|---|---|---|
| Share | ||
| Shareholders | Share Ratio | Amount |
| SDT Uzay ve Savunma Teknolojileri Anonim Şirketi | 95,00% | 570.000 |
| Emel Taşyakan | 5,00% | 30.000 |
| Total | 100,00% | 600.000 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
On 28 August 2025, SDT Uzay ve Savunma Teknolojileri Anonim Şirketi acquired 95% of the shares of BKM Bursa Kalıp Merkezi Metal Form Makine Sanayi ve Ticaret Anonim Şirketi from non-related parties for a total consideration of TL 171.810.824 (Note 4).
The registered office of BKM Bursa Kalıp Merkezi is as follows:
Işıktepe OSB Mahallesi Turkuaz Cad. No: 65 Nilüfer/Bursa
Information regarding the operations of the Company, which is included in the consolidation by equity method, is as follows;
Sirius Tasarım Laboratuvarı Mühendislik Anonim Şirketi ("Subsidiary" and/or "Sirius")
Sirius Tasarım Laboratuvarı Mühendislik Anonim Şirketi ("the Company") was established on 14 September 2023 with the title "Sirius Tasarım Laboratuvarı Mühendislik Anonim Şirketi".
The Company's field of activity is to manufacture and trade all kinds of electronic, electromechanical and mechanical tools and equipment and their spare parts for aviation, defense and space technologies. In addition, it is to prepare all kinds of systems, hardware, algorithms, modeling, technical support and software, and to trade in all these matters.
As of 30 September 2025, the average number of personnel employed by Sirius is 10. (31 December 2024: 8).
The shareholding structure of Sirius Tasarım Laboratuvarı Mühendislik Anonim Şirketi as of 30 September 2025 and 31 December 2024 is as follows;
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Share | Share | ||||
| Shareholders | Share Ratio | Amount | Share Ratio | Amount | |
| SDT Uzay ve Savunma Teknolojileri Anonim Şirketi | 40,00% | 500.000 | 40,00% | 500.000 | |
| Mehmet Dora | 20,00% | 250.000 | 20,00% | 250.000 | |
| Osman Başoğlu | 10,00% | 125.000 | 10,00% | 125.000 | |
| Önder Yazlık | 9,00% | 106.500 | 9,00% | 106.500 | |
| Görkem Kandemir | 9,00% | 106.500 | 9,00% | 106.500 | |
| Furkan Koltuk | 6,00% | 81.000 | 6,00% | 81.000 | |
| Kenan Bozdaş | 6,00% | 81.000 | 6,00% | 81.000 | |
| Total | 100,00% | 1.250.000 | 100,00% | 1.250.000 |
The Company's head office address is as follows:
İvedik Osb Mahallesi 2224 Caddesi No:1 İç Kapı No:116 Yenimahalle/Ankara
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The Parent Company, its subsidiaries and joint operations maintain their books of account and prepare their statutory financial statements in accordance with the Turkish Commercial Code numbered 6102 ("TCC"), tax legislation and the Uniform Chart of Accounts issued by the Republic of Türkiye Ministry of Treasury and Finance. The subsidiary operating abroad prepares its accounting records and legal books in accordance with the laws and regulations of the country in which it operates.
The accompanying consolidated financial statements have been prepared in accordance with the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting in Capital Markets" announced by the Capital Markets Board ("CMB") on June 13, 2013 which is published on Official Gazette numbered 28676. In accordance with Article 5 of the Communiqué, Turkish Accounting Standards / Turkish Financial Reporting Standards ("TAS / TFRS") and the related appendices and interpretations ("TAS / TFRS") promulgated by the Public Oversight Accounting and Auditing Standards Authority ("POA") are taken as basis. TAS consists of Turkish Accounting Standards and the related appendices and interpretations. TFRS are updated through communiqués in line with the changes in International Financial Reporting Standards ("IFRS"). In addition, the financial statements are presented in accordance with the formats specified in the "Announcement on TAS Taxonomy" published by POA on 04 October 2022 and the Financial Statement Examples and User Guide published by CMB.
The attached consolidated financial statements of the Group have been prepared in accordance with the CMB's "Announcement on Financial Statement and Footnote Formats" dated 07 June 2013 and its decision numbered 14/382 dated 07 March 2024. In addition, the attached consolidated financial statements are presented in accordance with the 2016 TAS Taxonomy, which was developed by the POA based on paragraph (b) of Article 9 of the Decree Law No. 660 ("Decree Law") and approved by the Board decision No. 30 dated 02 June 2016.
Based on the announcement made and published by the KGK on 23 November 2023 with the decision of the CMB dated 28 December 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies", issuers and capital companies subject to financial reporting regulations applying TAS / UFRS It has been decided that market institutions will apply inflation accounting by applying the provisions of TMS 29, starting from their annual financial reports for the accounting periods ending as of 31 December 2023.
The consolidated financial statements are based on the group's legal records and expressed in TRY and have been prepared by subjecting the Company to a number of corrections and classification changes in order to properly present the company's situation according to the Turkish Accounting Standards published by the POA.
In accordance with Turkish Accounting Standard No. 34 "Interim Financial Reporting," entities are permitted to prepare interim financial statements either as a complete set or in condensed form. These interim consolidated financial statements should be read in conjunction with the Group's consolidated financial statements as of 31 December 2024.
The financial statements of subsidiary who operates in foreign country are prepared by the regulations of residing country and organized by reflection of required adjustments and reclassifications in order to be convenient to the accounting policy of consolidated financial statements of the Group. The assets and liabilities of foreign subsidiary are converted to Turkish Lira with the balance sheet date foreign exchange rate. The incomes and expenses of foreign subsidiary are converted to Turkish Lira with average foreign exchange rate. The foreign exchange differences occurred after the re-conversion of beginning net asset and using average foreign exchange rate; pursued under foreign currency conversion account.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Businesses applying TAS / TFRS began implementing inflation accounting as of the financial statements for the annual reporting period ending on or after 31 December 2023. This transition was initiated in accordance with "TAS 29 Financial Reporting Standard in Economies with High Inflation," as per the decision of the Capital Markets Board (SPK) dated 28 December 2023, with reference number 81/1820, and the announcement made by the Public Oversight Accounting and Auditing Standards Authority (KGK) on 23 November 2023. TAS 29 is applicable to entities whose functional currency is that of a high-inflation economy, encompassing their financial statements, including consolidated financial statements.
The attached consolidated financial statements are prepared on a historical cost basis. All comparative amounts for previous periods in these consolidated financial statements have been adjusted in accordance with TAS 29 to reflect changes in the general purchasing power of the Turkish Lira and ultimately expressed in terms of the purchasing power of the Turkish Lira as of 30 September 2025.
In applying TAS 29, the Group utilized adjustment coefficients obtained from the Consumer Price Index (CPI) published by the Turkish Statistical Institute, as directed by the Public Oversight Accounting and Auditing Standards Authority (KGK). Since the discontinuation of the definition of the Turkish Lira as the currency of a high-inflation economy as of 1 January 2005, the adjustment coefficients corresponding to the current and past periods based on the CPI are as follows:
| Year-end | Index | Index% | Correction Factor |
|---|---|---|---|
| 31.12.2005 | 122,65 | 7,72 | 27,45389 |
| 31.12.2006 | 134,49 | 9,65 | 25,03695 |
| 31.12.2007 | 145,77 | 8,39 | 23,09954 |
| 31.12.2008 | 160,44 | 10,06 | 20,98741 |
| 31.12.2009 | 170,91 | 6,53 | 19,70171 |
| 31.12.2010 | 181,85 | 6,40 | 18,51647 |
| 31.12.2011 | 200,85 | 10,45 | 16,76485 |
| 31.12.2012 | 213,23 | 6,16 | 15,79149 |
| 31.12.2013 | 229,01 | 7,40 | 14,70338 |
| 31.12.2014 | 247,72 | 8,17 | 13,59285 |
| 31.12.2015 | 269,54 | 8,81 | 12,49247 |
| 31.12.2016 | 292,54 | 8,53 | 11,51029 |
| 31.12.2017 | 327,41 | 11,92 | 10,28441 |
| 31.12.2018 | 393,88 | 20,30 | 8,54885 |
| 31.12.2019 | 440,50 | 11,84 | 7,64409 |
| 31.12.2020 | 504,81 | 14,60 | 6,67027 |
| 31.12.2021 | 686,95 | 36,08 | 4,90170 |
| 31.12.2022 | 1.128,4 | 64,27 | 2,98393 |
| 31.12.2023 | 1.859,38 | 64,77 | 1,81094 |
| 31.12.2024 | 2.684,55 | 44,38 | 1,25430 |
| 30.09.2025 | 3.367,22 | 25,43 | 1,00000 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
In accordance with TAS 29, assets and liabilities were initially segregated into monetary and non-monetary categories to facilitate necessary adjustments in the consolidated financial statements. Non-monetary assets and liabilities were further segregated into those measured at current value and those measured at cost value. Monetary items (excluding those linked to an index) along with non-monetary items measured at their current values at the end of the reporting period were not subjected to inflation adjustment as they were already expressed in terms of the current measurement unit as of 30 September 2025. However, non-monetary items not expressed in terms of the measurement unit as of 30 September 2025 were subjected to inflation adjustment using the respective coefficients. Where the recoverable amount or net realizable value of nonmonetary items adjusted for inflation exceeded, the relevant TAS/IFRS was applied, resulting in a reduction in book value. Additionally, inflation adjustments were made to all items in the equity statement, income statement, and other comprehensive income statement. All items in the income statement and other comprehensive income statement except for cost of sales, depreciation and amortization, gain or loss on asset sales, and fair value adjustments were adjusted using the respective correction factors. Cost of sales, depreciation and amortization, gain or loss on asset sales, and fair value adjustments were recalculated based on adjusted consolidated financial position statement items using the respective correction factors. All items in the cash flow statement are expressed in the measurement unit prevailing at the end of the reporting period.
Non-monetary items acquired or assumed before 1 January 2005, when the Turkish Lira ceased to be defined as the currency of a high-inflation economy, as well as equity items put into operation or formed before this date, have been adjusted based on the changes in the Consumer Price Index (CPI) from 1 January 2005, to 30 September 2025.
The implementation of TAS 29 necessitated adjustments, presented in the income statement's gain or loss section, due to the decrease in purchasing power of the Turkish Lira. Unless the value of monetary assets or liabilities is dependent on changes in an index, during inflationary periods, businesses holding a higher amount of monetary assets experience a decrease in purchasing power, while those holding a higher amount of monetary liabilities experience an increase in purchasing power. Net monetary position gains or losses were derived from differences in adjustments of non-monetary items, equity items, items in the income statement, and other comprehensive income statements, and indexed monetary assets and liabilities.
Additionally, in the reporting period when TAS 29 was initially applied, the standard provisions were applied assuming persistent high inflation in the relevant economy. Therefore, for subsequent reporting periods, the consolidated financial position statement dated 1 January 2022, was adjusted for inflation to serve as the basis for comparison with the earliest comparative period. The inflation-adjusted amount of profits/losses from previous years in the consolidated financial position statement dated 1 January 2022, was derived from the balance sheet's equity after adjusting other items in the statement for inflation.
Amounts relating to the previous reporting period were reclassified by applying the general price index to ensure presentation in the measurement unit prevailing at the end of the reporting period. Information disclosed for prior periods is also presented in terms of the measurement unit prevailing at the end of the reporting period.
Equity-accounted investees not reporting in currencies of high-inflation economies are subject to TAS 21 provisions. In this context, TAS 29 was applied only to equity-accounted investees resident in Türkiye, while other equity-accounted investees were assessed and accounted for under TAS 21.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The functional and reporting currency of the Parent Company, subsidiary (located in Turkey) and joint operations is TRY for comparative periods. The functional currency of the subsidiary (located in Azerbaijani) is Azerbaijani New Manat ("AZN") and its reporting currency is also TRY.
Financial information presented in TRY has been rounded to the nearest full TRY value.
Consolidated financial statements of the Group are approved by the Board of Directors at 10 November 2025. Consolidated financial statements will be finalized upon approval at the General Assembly of the Parent Company. The Board of Directors and some regulative agencies have the right to change the financial statements that were prepared according to legal regulations after they have been published.
The companies are subject to "Complete Consolidation Method" if direct TRY or indirect TRY 50% or more than 50% of their shares or over 50% of their voting rights or the controlling rights regarding to companies' operations are belonging to the Parent Company. Parent Company has controlling rights if it is able to govern the financial and operating policies of an enterprise so as to benefit from its activities. The companies which have continuous relationship on management and power to govern Parent Company's policies and/or which have direct or indirect capital and management relationship or which have voting share of Parent Company between the rates 20-50% are accounted by using equity pick-up method.
The principles of consolidation followed in the preparation of the accompanying financial statements are as follows:
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of 30 September 2025, the Parent Company has applied the "full consolidation method" to the following companies in which it directly or indirectly owns 50% or more of the shares, holds more than 50% of the voting rights, or has control over their operations;
| Ownership of the Parent through the Equity Affiliates |
Non-controlling Interest |
||
|---|---|---|---|
| (Direct+ | |||
| Subsidiaries | (Direct) | Indirect) | Ratio |
| SDT Azerbaycan (a) | %100,00 | %100,00 | - |
| Cey Savunma (b) | %100,00 | %100,00 | - |
| BKM Bursa Kalıp Merkezi (c) | %95,00 | %95,00 | %5,00 |
Detailed information about the Group's subsidiaries is presented in Note 1 and Note 3.
The acquisition cost of the Parent Company's shares in the capital of the subsidiary subject to the equity method is brought to the value represented in the equity capital of the financial position statement of these subsidiaries adapted to the Parent Company's accounting policies, and the difference in the previous years is called "Prior Years Loss or Past Years" The difference in "Profits" in the current period is shown in the "Shares of Profits and Losses of Investments Valued by Equity Method" account.
If the Parent Company's share of the subsidiary's losses is equal to or greater than the balance sheet value of the subsidiary, it continues to be accounted in the records with the subsidiary trace price.
As of 30 September 2025 and 31 December 2024, the Parent Company maintains a continuous connection in terms of participating in management and determination of business policies, or has a direct or indirect capital and management relationship, with companies where it holds twenty percent or more but less than fifty percent of their capital or has the right to participate in management at this percentage. These companies are as follows;
| Ownership of the Parent through the Equity Affiliates |
|||
|---|---|---|---|
| (Direct+ | |||
| Affiliates | (Direct) | Indirect) | (Direct) |
| Sirius | %40 | %40 | %60 |
Detailed information about the Group's subsidiaries is presented in Note 1 and Note 3.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Partnerships within the scope of joint operations refer to partnerships formed within the scope of a contract to undertake an economic activity, to be jointly managed by the Group and one or more entrepreneurial partners. A joint operation is a joint arrangement in which the parties having joint control of the arrangement have rights to the assets and obligations regarding the debts related to the arrangement. The Group provides these joint operations by benefiting from the shares and/or contracts it owns directly or indirectly. The accounting policies applied by joint operations are aligned with the accounting policies of the Group. The financial statements of partnerships within the scope of joint operations are included in the financial statements of the Group, taking into account the share ratios of the Group. Assets, liabilities, equity, income and expenses included in the financial statements of partnerships within the scope of joint operations are processed with the effective partnership rates owned by the Group. Liabilities and expenses arising from jointly controlled assets are accounted for on an accrual basis. The Group's share of the income obtained from the use of assets of jointly controlled partnerships or the sale of such assets is recorded if it is probable that the relevant economic benefits will flow to the Group and their amounts can be measured reliably. Balances and unrealized profits and losses arising from transactions between the Group and its jointly controlled enterprises are eliminated in proportion to the Group's share in the jointly controlled enterprise.
As of 30 September 2025, the Group's joint operations are as follows;
| Group's Share Ratio in Joint Operation |
Non-Owned Share Ratio |
||
|---|---|---|---|
| Joint Operation | (Direct+ | ||
| (Direct) | Indirect) | (Direct) | |
| TAMGÖR - SDT İş Ortaklığı (ST 05) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 06) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 07) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 09) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 12) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 15) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 16) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 17) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 18) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 19) |
%50,00 | %50,00 | %50,00 |
| Thales - SDT İş Ortaklığı (a) |
%19,00 | %19,00 | %81,00 |
(a) The relevant business partnership was closed on, 31 July 2025.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of 31 December 2024, the Group's joint operations are as follows;
| Group's Share Ratio in Joint Operation |
Non-Owned Share Ratio |
||
|---|---|---|---|
| Joint Operation | (Direct+ | ||
| (Direct) | Indirect) | (Direct) | |
| TAMGÖR - SDT İş Ortaklığı (ST 02) (a) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 05) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 06) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 07) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 08) (b) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 09) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 11) (e) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 12) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 13) (d) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 14) (c) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 15) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 16) |
%50,00 | %50,00 | %50,00 |
| TAMGÖR - SDT İş Ortaklığı (ST 17) |
%50,00 | %50,00 | %50,00 |
| Thales - SDT İş Ortaklığı |
%19,00 | %19,00 | %81,00 |
Detailed information about the Group's subsidiaries is presented in Note 1 and Note 3.
Consolidated financial statements are prepared by adopting consistent accounting policies for similar transactions and other events under similar conditions. If the financial statements of any entity included in the consolidated financial statements are prepared using different accounting policies for similar transactions and other events under similar conditions, necessary adjustments are made to the financial statements of that entity during the preparation of the consolidated financial statements.
The investor's financial statements are prepared using consistent accounting policies for similar transactions and other events under similar conditions. If an investee uses accounting policies different from those of the investor for similar transactions and other events under similar conditions, necessary adjustments are made to align the investee's accounting policies with those of the investor for applying the equity method in the investor's financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The consolidated financial statements presented herein have been prepared on the assumption of the continuity of business, under which it is assumed that the Group will derive benefits from its assets and fulfill its obligations in the natural course of its activities in the coming year.
Financial assets and liabilities are presented on a net basis when there is a legal right to offset, an intention to settle the asset and liability on a net basis, or when the asset is realized and the liability is settled simultaneously.
To enable the assessment of the Group's consolidated financial position and performance, the Group's consolidated financial statements are prepared on a comparative basis with the prior periods. The Group has prepared the consolidated statement of financial position as of 30 September 2025, in comparison with the consolidated statement of financial position as of 31 December 2024, and the consolidated statement of profit or loss, consolidated statement of other comprehensive income, consolidated statement of cash flows, and consolidated statement of changes in equity for the period 1 January – 30 September 2025, in comparison with the corresponding period of 1 January – 30 September 2024. Comparative information is reclassified where necessary to conform to the presentation of the current period's consolidated financial statements, and material differences are disclosed.
Except for the adjustments made as a result of the application of TAS 29 "Financial Reporting in Hyperinflationary Economies," the details of which are explained in the section "Restatement of Consolidated Financial Statements in Hyperinflationary Periods," the Group has not made any corrections to its consolidated financial statements as of 31 December 2024, and 30 September 2024.
A company can only change its accounting policies under the following circumstances;
Users of consolidated financial statements should have the ability to compare the company's financial position, performance, and cash flows over time. Therefore, unless a change in accounting policy meets one of the conditions stated above, the same accounting policies should be applied consistently in each interim period and fiscal year.
The preparation of the consolidated financial statements in compliance with TAS/IFRS requires certain estimates to be made by Management regarding the carrying values of certain assets and liabilities, potential liabilities disclosed, and the amounts of income and expenses reported. Actual amounts may differ from these estimates. These estimates are reviewed periodically and any differences are reported in the income statement as of the periods known.
The assumptions and assessments made, taking into account significant interpretations that could significantly impact the amounts reflected in the consolidated financial statements, as well as important assumptions and evaluations based on the main sources of estimates existing at the date of the financial position statement or that may occur in the future, are as follows:
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
However, it reflects the amounts it believes to cover future losses from receivables at risk of non-collection under the current economic conditions. While evaluating whether the receivables are impaired or not, the past performances of borrowers other than the related institution and permanent customers, their credibility in the market and the performance of the consolidated financial statements until the approval date of the consolidated financial statements are also taken into consideration. As of the statement of financial position, the provisions for doubtful receivables are reflected in Note 9.
Regarding stock impairment, the physical and past history of stocks are examined, their usability is determined in line with the opinions of technical personnel, and provisions are made for items that are estimated to be unusable (Note 12).
In calculating the effective interest rate for the amortized cost of trade receivables and payables, expected collection and payment dates based on current information related to receivables and payables are taken into account.
The Group depreciates its tangible and intangible fixed assets based on the useful lives and residual values stated in Note 2.c. Explanations regarding the useful lives are provided in Note 2.c.
Research findings or other information applied to a plan prepared to produce new, unique, and significantly improved products, processes, systems, or services are defined as development, and the costs incurred for these activities are capitalized by the Group. In capitalizing the salaries of personnel directly involved in creating the asset, the Group management considers the amount of time each person spends on research and development activities. Personnel costs related to research activities are recognized as an expense when incurred.
While reserving provisions for litigation, the probability of losing related lawsuits and the results to be incurred in case of loss are evaluated in line with the opinions of the Group's legal counsel. Explanations regarding the provisions that the Group Management deems necessary in accordance with the best estimations made by using the available data are included in Note 22.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Warranty provisions generally include expenses related to labor, spare parts, and similar costs incurred without charging the customer for products and services sold. For sales recorded as revenue in the current period, the Group accounts for future service costs that may arise in subsequent years based on estimates derived from management's experience, distinguishing between short-term and long-term provisions for warranty expenses in the relevant period (Note 22).
The severance pay liability is determined by actuarial calculations based on a number of assumptions, including discount rates, future salary increases and employee turnover rates. As these plans are long term, these assumptions contain significant uncertainties. Details on provisions for employee benefits are included in Note 23.
The Group accounts for deferred tax assets and liabilities for temporary timing differences arising from differences between tax-based legal financial statements and financial statements prepared in accordance with TAS/IFRS. These differences arise from the fact that some income and expense items are included in different periods in the financial statements prepared in accordance with TAS/IFRS and financial statements. The Group has deferred tax assets consisting of deductible temporary differences that may occur in the future. Partially or fully recoverable amount of deferred tax assets are estimated under current conditions. During the evaluation, future profit projections, losses in current periods, unused losses and other tax assets can be used. As a result of the evaluations, as of 30 September 2025 and 31 December 2024, temporary differences arising from tax deductions can be foreseen and deferred tax assets will be deemed to be deemed to be deemed to be available within the framework of tax laws within the period that the tax reduction right can continue. Details on deferred tax calculations as of the relevant statement of financial position are provided in Note 33.
The accounting policies adopted in the preparation of the financial statements for the interim period ended 30 September 2025, have been applied consistently with those used in the previous year, except for the new and amended TAS / TFRS standards and TAS / TFRS interpretations that became effective as of 1 January 2025, which are summarized below.
New Standards, Amendments, and Interpretations Effective as of 30 September 2025:
These amendments are effective for annual reporting periods beginning on or after 1 January 2025. An entity is affected by these amendments when it has a transaction or operation denominated in a foreign currency that cannot be converted into another currency at a specific measurement date for a particular purpose. A currency can be exchanged for another currency when the opportunity to obtain the other currency exists (with normal administrative delays), and the transaction occurs through a market or exchange mechanism that creates enforceable rights and obligations.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
TFRS 17 requires insurance liabilities to be measured at current fulfillment value and provides a more consistent measurement and presentation approach for all insurance contracts. These requirements are designed to achieve consistent, principle-based accounting for insurance contracts. TFRS 17 has been deferred by one year for insurance, reinsurance, and pension companies and will replace TFRS 4 Insurance Contracts as of 1 January 2026.
Effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). These amendments
Effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
Effective from annual periods beginning on or after 1 January 2027. Earlier application is permitted. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the requirements is other IFRS Accounting Standards expect for the disclosure requirements balance the information needs of the user of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if.
These changes are not expected to have a significant impact on the financial position and performance of the Group.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments which their maturities are three months or less from date of acquisition and that are readily convertible to a known amount of cash and are subject to an insignificant change in value. The carrying amount of these assets approximates their fair value.
According to TFRS 9, when a financial asset is initially recognized in the financial statements, it is classified as follows: debt instruments measured at amortized cost, equity instruments or debt instruments measured at fair value through other comprehensive income (OCI), or debt instruments measured at fair value through profit or loss (FVL). The classification of financial assets under TFRS 9 is generally based on the business model used by the entity for managing financial assets and the characteristics of the contractual cash flows of the financial asset. The requirement to separate embedded derivatives from the financial asset has been removed under the standard, and the classification of a hybrid contract as a whole should be evaluated.
A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:
A debt investment is measured FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-byinvestment basis. All financial assets not classified as measured at amortized for the FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized for the at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
IFRS 9 replaces the 'incurred loss' model in TAS 39 with an 'expected credit loss' ("ECL") model. The new impairment model applies to financial assets measured at amortized cost and contract assets, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39. The financial assets at amortized cost consist of trade receivables, cash and cash equivalents, and corporate debt securities.
Under IFRS 9, loss allowances will be measured on either the following bases:
The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.
Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement entered into and the definitions of a financial liability and an equity instrument. An equity instrument is ant contract that evidences a residual interest in the asset of the Group after deducting all of its liabilities.
Financial liabilities at fair value reflected as profit or loss classified as financial liabilities or other financial liabilities.
Financial liabilities at fair value through other comprehensive income
The effective interest method calculates the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts the estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Financial assets carried at fair value through profit or loss include "derivative instruments" items in the statement of financial position. Derivative instruments are recognized as assets when their fair value is positive, and as liabilities when it is negative. Although the Group uses derivative instruments during the relevant reporting periods, there are no derivative instruments held by the Group at the end of the periods.
Other financial liabilities, including financial liabilities, are initially recognized at fair value, net of transaction costs.
Other financial liabilities are subsequently measured at amortized cost using the effective interest method plus the interest expense recognized on an effective yield basis.
The effective interest method calculates the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts the estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Trade receivables arising from the provision of products or services to the buyer are recognized from the amortized value of the receivables recorded from the original invoice value in the subsequent periods with the effective interest method. Short-term receivables with no determined interest rates are shown in the invoice amount if the effect of the original effective interest rate is not very large.
The "simplified approach" is applied within the scope of impairment calculations of trade receivables that are recognized at amortized cost in the financial statements and do not contain a significant financing component (with a maturity of less than 1 year). With this approach, in cases where trade receivables are not impaired for certain reasons (except for the impairment losses incurred), the provisions for losses related to trade receivables are measured at an amount equal to "lifelong expected credit losses".
In the event that all or some of the amount of the receivable that is impaired is collected following the provision for impairment, the amount collected is deducted from the provision for impairment and recorded in other income from the main activities.
Maturity difference income / expenses related to commercial transactions and exchange rate profit / loss are recognized in the statement of "Other Income / Expense from Main Operations" in the profit or loss statement.
Financial liabilities are measured at fair value at initial recognition. Transaction costs directly attributable to the burden of the related financial liability are also added to the fair value.
The effective interest method calculates the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts the estimated future cash payments through the expected life of the financial liability or where appropriate, a shorter period.
Trade payables are the payments to be made in relation to the goods and services provided from the suppliers within the ordinary activities. Trade payables are initially measured at fair value and subsequently measured at amortized cost using the effective interest method. Income/expenses related to term differences in commercial transactions and foreign exchange gains/losses are accounted for within the "Other Income/Expenses from Core Operations" account in the income statement.
Inventories are measured at the lower of cost and net realisable value. The cost of inventories includes all costs of purchase, costs of conversion (direct labour and production overhead) and other costs incurred in bringing the inventories to their present location and condition. Cost is calculated by weighted average cost formula for trade goods. The cost of software programs made to order is calculated according to the real lot cost method. In cases where the revenue related to the service provided (order software projects) is not reflected as income in the financial statements, the related expenses are reflected to the inventory account. The cost of inventories of project-style software programs mainly includes the labor and other costs of personnel directly involved in the delivery of the service, including the personnel performing the control operations, and the overheads that may be associated with them. Labor fees and other related expenses of sales and general management personnel are not included in the cost of the service, that is, in the inventory. These expenses are recognized as expense in the period in which they are incurred
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Inventory impairment provision amounts that reduce inventories to their net realizable value and losses related to inventories are recognized as expense in the period in which the reduction and losses occur. The amount of the inventory impairment loss canceled due to the increase in the net realizable value is accounted for in a way that reduces the accrued selling cost of the period in which the cancellation occurred. Net realizable value is reviewed for each financial statement period. In cases where the conditions that previously caused the inventories to be reduced to net realizable value no longer apply or an increase in net realizable value is proven due to changing economic conditions, the reserve for impairment is reversed (the amount canceled is limited to the amount of impairment previously allocated).
Tangible fixed assets are shown by deducting accumulated depreciation from the acquisition cost, if any, after deducting the scrap value. Assets subject to depreciation are subject to pro-rata depreciation based on their estimated economic lives over their cost amounts, using the straight-line method of depreciation, taking into account the date they are active. The economic life and depreciation method are regularly reviewed, and accordingly, it is checked whether the method and the depreciation period are in line with the economic benefits to be obtained from the relevant asset, and adjustments are made when necessary. The land is not subject to depreciation as its useful life is considered indefinite.
The cost value of the property, plant and equipment; The purchase price, import duties and non-refundable taxes consist of expenses incurred to prepare the property, plant and equipment for use. Expenses such as repair and maintenance that occur after the use of tangible fixed assets are recognized in the profit or loss statement in the period in which they are incurred. If the expenditures provide an economic value increase in the future use of the related property, plant and equipment, these expenditures are added to the cost of the asset.
Leasehold improvements include the expenses incurred for the leased property and are depreciated over the useful life of the leased property where the useful life is longer than the lease term, and over the useful life if it is short.
The depreciation rates for property, plant and equipment, which approximate the useful economic lives of these assets, are as follows:
| Useful Life | |
|---|---|
| Machinery, plant and equipment | 3-10 years |
| Vehicles | 4-10 years |
| Office equipment | 3-10 years |
| Special costs | Shorter than the lease term or useful life |
Maintenance and repair expenses are recorded in the income statement in the period in which they are incurred. Costs related to the primary renewals are added to this cost of assets in the expected condition that providing economical profit with the better performance than the situation before renewals. Expenses which were made after the activation added to the cost of assets are put to amortization pursuant to economical lifetime of related assets. Group, value of the part that was changed in the range of expenses which was made after activation removes from income statement regardless to put the amortization independently to the other part.
The Group accounts for its use right assets on the date of the financial lease contract (for example, as of the date when the related asset is suitable for use). The right of use assets are calculated by deducting the accumulated depreciation and impairment losses from the cost value.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The cost of the right of use asset includes:
Unless the transfer of the ownership of the underlying asset to the Group is reasonably finalized at the end of the lease term, the Group is subject to depreciation of the right to use until the end of the useful life of the underlying asset. Right of use assets are subject to impairment assessment.
The depreciation rates for right of use assets, which approximate the useful economic lives of these assets, are as follows:
| Useful Life | |
|---|---|
| Buildings | 3-5 years |
| Motor vehicles | 1-3 years |
| Machinery, plant and equipment | 3-10 years |
The Group measures the lease obligation based on the present value of the lease payments that were not paid on the date the lease actually began.
The lease payments included in the measurement of the lease obligation at the date of the lease actually consist of the following payments to be made for the right of use of the underlying asset during the lease period and not paid at the date when the lease actually started:
Variable lease payments that do not depend on an index or rate are recorded as expenses in the period when the event or condition that triggered the payment occurred. If the Group can easily determine the revised discount rate for the remainder of the lease term and the implied interest rate on the lease; In case it cannot be determined easily, it determines the alternative borrowing interest rate on the date of the Group's reevaluation.
The Group measures the lease obligation after the lease actually starts as follows:
In addition, in the event of a change in lease duration, a change in substance of fixed lease payments, or a change in the assessment of the option to purchase an underlying asset, the value of financial lease liabilities is re-measured.
A lease obligation is determined by considering the extension of the contracts and early termination options. Most of the extension and early termination options included in the contracts consist of options that are jointly applicable by the Group and the lessor. However, if such extension and early termination options are at the Group's discretion in accordance with the contract and the use of the options is reasonably certain, the lease term shall be determined by taking this issue into account. If there is a significant change in the conditions, the evaluation is reviewed by the Group.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The Group applies the short-term lease registration exemption to short-term machinery and equipment and low-value real estate lease agreements (i.e., assets with a rental period of 12 months or less starting from the start date and which do not have a purchase option). At the same time, it applies the exemption for the recognition of lower-value assets to the fixed assets, which are considered to be of low value. Short-term lease agreements and leases of lower-value assets are accounted for as expense on a straight- line basis over the term of the lease.
A single discount rate is applied to a portfolio of leases with reasonably similar characteristics (such as leases with a similar remaining lease term for a similar asset class in a similar economic environment.
Intangible assets acquired include acquired usage rights, information systems and other identifiable rights. Intangible assets with finite lives are presented at cost less their residual value, if any, less accumulated amortization and accumulated impairment losses. These assets are amortized using the straight-line method over their expected useful lives (useful lives not exceeding 10 years). The expected useful life and depreciation method are reviewed annually to determine the possible effects of changes in estimates and changes in estimates are accounted for prospectively.
Purchased computer software is capitalized over the costs incurred during its purchase and during the period from purchase until it is ready for use.
Planned activities to obtain new technological information or findings are defined as research and research expenses incurred at this stage are recorded as expense when incurred.
The application of research findings or other information to a plan prepared to produce new or significantly improved products, processes, systems or services is defined as development and is recognized as intangible assets resulting from development if all of the following conditions are met.
Internally generated intangible assets resulting from development activities (or the development phase of an internal project) are recognized only when all the following conditions are met:
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The amount of intangible assets created internally is the total amount of expenses incurred since the intangible asset meets the above-mentioned recognition conditions. When internally generated intangible assets cannot be recognized, development expenditures are recorded as expense in the period in which they are incurred. After initial recognition, internally generated intangible assets, like separately purchased intangible assets, are carried at cost less accumulated depreciation and accumulated impairment losses. The useful lives of development costs are evaluated on a case-by-case basis and range from 2 to 12 years.
An intangible asset is derecognised when it is disposed of or when future economic benefits are not expected from its use or sale. The profit or loss resulting from the derecognition of an intangible asset is calculated as the difference between the net proceeds from the disposal of the assets and their carrying amount, if any. This difference is recognized in profit or loss when the related asset is taken out of the balance sheet.
At each reporting date, Group assesses whether there is an impairment indication for the assets, except for the deferred income tax asset that are stated at revalued amounts as of reporting date. When an indication of impairment exists, Group estimates the recoverable amounts of such assets. An impairment loss is recognized for the amount by which the carrying amount of the asset or any cash generating unit of that asset exceeds its recoverable amount which is the higher of an asset's net selling price and value in use. All impairment losses are accounted for in the statement of comprehensive income.
The criteria that the Group uses to determine that there is objective evidence of an impairment loss include:
Business merger and acquisition is combining of two separate legal entities or organizations into an entity that makes reporting. Business merger is accounted based on acquisition method within the context of IFRS 3.
Acquisition cost contains the fair value of assets given in purchase date; issued capital instruments, assumed and realized payables due to change, the costs that can be associated with additional acquisition. If the business merger agreement includes articles that foresees that cost can be adjusted according to the future actions, this adjustment is probable, and this adjustment is include into merger cost that formed on the day of acquisition when the value is detected. Purchase-related costs are expensed in the period in which they are incurred. Goodwill arising from the acquisition of subsidiaries, acquisitions of associates and establishment of joint ventures is the portion of the consideration paid in excess of the fair value of the Group's net identifiable assets, liabilities and contingent liabilities in the acquiree and its non-controlling interest in the acquiree.
The difference between the acquisition cost coming from purchase of an organization and fair value of identifiable asset, liability and conditioned liabilities is accounted as goodwill in consolidated financial statements. If real value of acquired assets, liability and contingency liabilities exceeds the business merger cost, then the difference is accounted in the consolidated income statements as goodwill.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
For impairment testing, goodwill is allocated to cash-generating units. Distribution is made to cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arises. Each unit or group of units to which the goodwill is distributed is the smallest asset group of the entity in which the goodwill is monitored for internal managerial purposes. Goodwill is monitored on the basis of operating segments. Impairment reviews of goodwill are performed annually or more frequently when events or changes in circumstances indicate the possibility of impairment. The higher of the carrying amount of the goodwill, its value in use and its fair value less costs to sell, is compared with its recoverable value. In case of any impairment, the loss is recognized immediately and is not reversed in the following period.
Legal mergers between entities controlled by the Group are not considered within the scope of TFRS 3. Therefore, goodwill is not calculated in such mergers. In addition, transactions between parties in legal mergers are subject to adjustments during the preparation of the consolidated financial statements.
The Group considers the purchase and sale transactions of the shares of minority interests and the partnerships that it currently controls as transactions between the equity holders of the Group. Accordingly, in the purchase of additional shares from minority interests, the difference between the acquisition cost and the book value of the company's net assets in proportion to the purchased shares is accounted for under equity. In the sale of shares to minority interests, losses or gains resulting from the difference between the sales price and the book value of the company's net assets in proportion to the sold share are also accounted for under equity.
Determination of fair values, fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Fair value, according to valuation techniques used is classified into the following levels:
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All of the other borrowing costs are recorded in the income statement in the period in which they are incurred. There are no capitalized borrowing costs for the periods ended at 30 September 2025 and 31 December 2024.
Taxes on income for the period comprise current tax and the change in the deferred taxes.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The charge for current tax is based on the results for the period as adjusted for items which are non-assessable or disallowed. Taxable profit differs from profit as reported in the income statement because it excludes terms of income or expense that taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases use in the computation of taxable profit and are accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized for all deductable temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary differences arisen from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit not the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences. It associates with investments in subsidiaries and associates and interests in joint ventures, except where the company is able to control the reversal of the temporary differences. It is probable that the temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amounts of deferred tax assets is reviewed at each balance sheet date and reduce to extent that is no longer probable that sufficient taxable profits will be available to allow all part of the assets to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and the tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to items credited or debited directly to equity, in which case the tax is also recognized directly in equity, or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax affect is taken into account in calculating goodwill or determining the excess of the acquirer's interest in the net fair value of the acquirer's identifiable assets liabilities and contingent liabilities over cost.
Provisions are recognized when an enterprise has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Transactions that may give rise to contingencies and commitments are those where the outcome and the performance of which will be ultimately confirmed only on the occurrence or non occurrence of certain future events, unless the expected performance is not very likely. Accordingly, contingent losses are recognized in the financial statements of Group if a reasonable estimate of the amount of the resulting loss can be made. Contingent gains are reflected only if it is probable that the gain will be realized.
In the presence of one of the following criteria, parties are considered as related to Group:
Transactions with related parties are transfer of resources or obligations between related parties, regardless of whether a price is charged. Group interacts with its related parties within the frame of ordinary business activities (Note 5).
Foreign currency transactions are entered in the accounts with current rates in transaction date. Foreign currency assets and liabilities in the balance sheet are converted to the TRY as the rates in the balance sheet date. Foreign exchange profit and loss are reflected to the income statements. The Group carried out the measurements in accordance with the announcement of the Public Oversight, Accounting and Auditing Standards Authority, dated 15 March 2021, "About the Next Measurement of Foreign Currency Monetary Items According to Turkish Accounting Standards".
The exchange rates used for the amounts classified in the assets section of the financial position statement at the end of the periods are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| USD | 41,5068 | 35,2803 |
| EURO | 48,7512 | 36,7362 |
| GBP | 55,7010 | 44,2073 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The exchange rates used for the amounts classified in the liabilities section of the financial position statement at the end of the periods are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| USD | 41,5816 | 35,3438 |
| EURO | 48,8390 | 36,8024 |
| GBP | 55,9914 | 44,4378 |
A business segment is distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business segments. A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different from those of components operating in other economic environments.
A reportable segment is business segment or a geographical segment identified based on the foregoing definitions for which segment information is required to be disclosed. A business segment or geographical segment should be identified as a reportable segment if a majority of its revenue is earned from sales to external customers and its revenue from sales to external customers and from transactions with other segments is 10% or more of the total revenue, external and internal, of all segments; or its segment result, whether profit or loss, is 10% or more of the result of all segments in profit or the result of all segments in loss, whichever is the greater in absolute amount; or its assets are 10% or more of the total assets of all segments.
The Group operates its activities in the same geographical region and industry sector. Therefore, reporting by segments has not been performed.
In accordance with current labor law, the Group is obliged to pay a certain amount of severance pay to employees who leave due to retirement after at least one year of service, or whose employment is terminated for reasons other than resignation or misconduct. This obligation is calculated based on total gross salary and other entitlements for 30 days per year of service, with a maximum of TRY 53.920 as of 30 September 2025 (31 December 2024: TRY 41.828).
Group calculates provisions for severance pay in the attached consolidated financial statements in consideration of previous year's experiences on deserving severance pay and also, discount rate generated from effective interest rate and inflation on balance sheet period was included in calculations. All of profits and losses except calculated actuarial profit / (loss) were shown in statements of income, actuarial profit / (loss) was shown in statements of changes in equity.
The rates of the key assumptions used as of the date of the consolidated statement of financial position are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Real discount rate | 3,03% | 3,05% |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Group pays social security contribution to social security organization compulsorily. As long as group pays these premiums, it has no liability. These premiums are reflected as personnel expenses in the period in which they are paid.
Dividends receivables are recognized as income in the period when they are declared, and dividends payables are recognized as an appropriation of profit in the period in which they are declared.
Common stocks are classified to equity. Costs related to new shares and option issued, are shown in equity by deducting the collected amounts whose tax effect was deducted.
It is a procedure to assist the companies that are unable to achieve certain businesses. It is to stimulate the businesses with the incentives. Government incentives, including those followed at their fair values will be included in the financial statements only if there is reasonable assurance that the Company will fulfill all required conditions and acquire the incentive.
Government incentives, including non-monetary grants at fair value, are included in the financial statements only if there is reasonable assurance that the Company will fulfill all required conditions and acquire the incentive.
Although post balance sheet events arise after the explanation of the financial information to the public or any announcement related to profitability, it encloses all the events with balance sheet date and authorization date for the diffusion of the balance sheet.
Group adjusts the amounts in the combined financial statements if there exist any events necessitates adjustment. Subsequent events are stated in the combined notes to financial statements, if they do not need adjustments.
Earnings / (loss) per share in the combined income statements are calculated by dividing the net profit for the year by the weighted average number of ordinary shares outstanding during the year. In Türkiye, companies can increase their share capital by making distribution of "bonus shares" to existing shareholders from inflation adjustment difference in shareholder's equity. For the purpose of the earnings / (loss) per share computations, the weighted average number of shares outstanding during the year has been adjusted in respect of "bonus shares" issued without corresponding change in resources by giving them retroactive effect for the period in which they were issued and each earlier period.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The Company has started to use the following five-step model in accounting for revenue in line with TFRS 15 "Revenue from Customer Contracts Standard", which entered into force as of 01 January 2018.
According to this model, firstly, the committed goods or services are evaluated in each contract with customers and each commitment made to transfer the said goods or services is determined as a separate performance obligation. Afterwards, it is determined whether performance obligations will be fulfilled over time or at a certain time. If the Group transfers control of a good or service over time and therefore fulfills its performance obligations related to the sales, it takes the revenue to the financial statements over time by measuring the progress towards the fulfillment of the performance obligations in question.
The Group generates revenue as a result of sales of defense electronics and software products and services. Revenue related to performance obligations in the nature of a commitment to transfer goods or services; It is recognized when control of goods or services comes to customers.
When evaluating the transfer of control of the goods or services sold to the customer,
The Company does not make any adjustments to the effect of a significant financing component in the promised price at the beginning of the contract, if the period between the transfer date of the goods or service it promises to the customer and the date when the customer pays the price of this goods or service will be one year or less. On the other hand, if there is an important financing element in the revenue, the revenue value is determined by reducing the future collections with the interest rate included in the financing element. The difference is recorded in the relevant periods as other income from the main activities on an accrual basis.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.
Interest income and foreign exchange income from commercial transactions are recognized as other income from operating activities.
Dividend income from stock investments is reflected in the financial statements when shareholders have the right to receive dividends. Dividend debts are reflected in the financial statements as a liability after the approval of the general assembly as an element of profit distribution.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The Group prepares statement of cash flows to inform users of financial statements about changes in net assets and ability to direct financial structure, amounts and timing of cash flows according to changing situations. In the statement of cash flows, current period cash flows are grouped according to operating, financing, and investing activities. Operating cash flows resulting from activities in scope of Group's main operating scope. Cash flows related to investing activities are cash flows resulting from investing activities (fixed investments and financial investments) of the group. Cash flows related to financing activities comprise of funds used in financing activities of the Group and their repayments. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments which their maturities are three months or less from date of acquisition and that are readily convertible to a known amount of cash and are subject to an insignificant change in value.
As of 30 September 2025, the summary information regarding the equity interests of the Parent Company in other entities and the relevant Company to which the interests are held is as follows;
| Ownership of the Parent | |||
|---|---|---|---|
| through the Equity Affiliates | Interests | ||
| (Direct+ | |||
| (Direct) | Indirect) | Ratio | |
| SDT Azerbaycan MMC | %100,00 | %100,00 | - |
| Cey Savunma | %100,00 | %100,00 | - |
| BKM Bursa Kalıp Merkezi | %95,00 | %95,00 | %5,00 |
As of 30 September 2025, the summarized financial information of the Parent Company's subsidiaries is as follows;
| Subject of Activity | Assets | Equity | Revenue | Profit / Loss for the period |
|
|---|---|---|---|---|---|
| SDT Azerbaycan MMC (a) Cey Savunma BKM Bursa Kalıp Merkezi (b) |
Defense industry Defense industry Defense industry |
20 9.036.150 250.139.780 |
20 3.006.142 74.745.481 |
- - 50.551.872 |
- (2.984.688) (27.777.885) |
As of 31 December 2024, the summarized financial information of the Parent Company's subsidiaries is as follows;
| Subject of Activity | Assets | Equity | Revenue | Profit / Loss for the period |
|
|---|---|---|---|---|---|
| SDT Azerbaycan MMC (a) | Defense industry | 20 | 20 | - | - |
| Cey Savunma | Defense industry | 25.895.520 | 11.847.986 | 14.514.941 | (6.209.838) |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Affiliates | |||
|---|---|---|---|
| Ownership of the Parent | Non-controlling | ||
| through the Equity Affiliates | Interests | ||
| (Direct+ | |||
| (Direct) | Indirect) | (Direct) | |
As of 30 September 2025, the summarized financial information of the Parent Company's participation is as follows;
Sirius %40 %40 %60
| Profit / Loss for the |
|||||
|---|---|---|---|---|---|
| Subject of Activity | Assets | Equity | Revenue | period | |
| Sirius | Defense industry | 59.814.352 | 28.908.114 | 32.563.031 | 4.706.642 |
As of 31 December 2024, the summarized financial information of the Parent Company's participation is as follows;
| Subject of Activity | Assets | Equity | Revenue | Profit / Loss for the period |
|
|---|---|---|---|---|---|
| Sirius | Defense industry | 46.138.455 | 24.192.146 | 20.806.094 | 15.445.207 |
As of 30 September 2025, the Parent Company's shares in its joint operations and summary information about the relevant joint operations in which it has shares are as follows;
| Title | Year of Establishment |
Project Name | Partnership Rate |
|---|---|---|---|
| TAMGÖR - SDT İş Ortaklığı (ST 05) | 2018 | TSS-3A Project (Tamgör SDT Backpack Type-3A) | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 06) | 2018 | Turkish Land Forces 528 Units Backpack-Type Jammer Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 07) | 2019 | 148 Vehicle-Type Jammer System Procurement Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 09) | 2019 | Vehicle-Type Countermeasures Project Against Mini-Micro UAVs | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 12) | 2020 | Jemus Integration Project | 50% |
| Maintenance, Repair, and Servicing of Manufactured Jammer and | |||
| TAMGÖR - SDT İş Ortaklığı (ST 15) | 2022 | Suppression Systems Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 16) | 2023 | Gendarmerie Maintenance and Repair Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 17) | 2024 | Turkish Land Forces Jammer Procurement (Phase III) Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 18) | 2025 | Turkish Land Forces Maintenance and Repair Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 19) | 2025 | Gendarmerie General Command TSA-4A Maintenance/Repair | 50% |
| Thales – SDT İş Ortaklığı (Thales – SDT) (a) | 2016 | Procurement and Installation of 8 ILS/DME Systems | 19% |
(a) The relevant business partnership was closed, 31 July 2025.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of 31 December 2024, the Parent Company's shares in its joint operations and summary information about the relevant joint operations in which it has shares are as follows;
| Title | Year of Establishment |
Project Name | Partnership Rate |
|---|---|---|---|
| TAMGÖR - SDT İş Ortaklığı (ST 02) (a) | 2018 | 2.Generation Manpack RF jammer Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 05) | 2018 | TSS-3A Projesi Manpack RF Jammer Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 06) | 2018 | 528 Unit Manpack RF Jammer For Turkish Army Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 07) | 2019 | 148 Unit Vehicle Type RF Jammer project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 08) (b) | 2019 | 91 Unit Vehicle Type RF Jammer Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 09) | 2019 | Vehicle Type RF Jammer for Mini / Micro UAVs Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 11) (e) | 2020 | Wheeled armoured vehicle RF jammer Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 12) | 2020 | Wheeled armoured vehicle RF jammer Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 13) (c) | 2020 | Jammer JBO283AT Project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 14) (d) | 2021 | 6985 TTA-2 KKS 2021 12 Unit Vehicle Type RF Jammer project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 15) | 2022 | Maintenance contract for Turkish Land Forces jammer systems | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 16) | 2023 | Gendarmariere maintenance project | 50% |
| TAMGÖR - SDT İş Ortaklığı (ST 17) | 2024 | Procurement and Installation of 8 ILS/DME Systems | 50% |
| Thales – SDT İş Ortaklığı (Thales – SDT) | 2016 | 8 Unit ILS/DME Project | 19% |
Summary solo financial information of the Group's joint operations, as of 30 September 2025, is as follows;
| Joint operations | Activity area | Assets | Equity | Revenue | Profit / Loss for the period |
|---|---|---|---|---|---|
| ST 05 | Frequency mixer system production | 20.473 | (105.724) | - | (27.816) |
| ST 06 | Frequency mixer system production | 4.291.172 | (7.021) | 51.429 | 498.728 |
| ST 07 | Frequency mixer system production | 6.465.433 | 1.368.628 | 6.278.839 | 1.515.639 |
| ST 09 | Frequency mixer system production | 509.116 | 598.081 | 963.209 | 198.082 |
| ST 12 | Frequency mixer system production | 4.868.929 | (2.450.696) | 24.967 | (672.043) |
| ST 15 | Frequency mixer system production | 9.704.813 | (2.002.885) | 306.727 | (2.745.451) |
| ST 16 | Frequency mixer system production | 13.477.792 | 1.609.777 | 5.846.039 | (918.575) |
| ST 17 | Frequency mixer system production | 294.398.004 | 273.896.566 | 538.888.749 | 264.539.381 |
| ST 18 | Frequency mixer system production | 4.177.361 | 2.692.977 | 5.944.098 | 2.692.978 |
| ST 19 | Frequency mixer system production | 509.116 | 198.081 | 963.209 | 198.082 |
| Thales - SDT | ILS/DME System | 28.567 | (261.161) | - | (89.922) |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Summary solo financial information of the Group's joint operations, as of 31 December 2024, is as follows;
| Joint operations | Activity area | Assets | Equity | Revenue | Profit / Loss for the period |
|---|---|---|---|---|---|
| ST 05 | Frequency mixer system production | 115.642 | (105.576) | - | 19.446 |
| ST 06 | Frequency mixer system production | 4.660.812 | 370.159 | 1.158.210 | 1.273.025 |
| ST 07 | Frequency mixer system production | 6.003.073 | 148.060 | 947.404 | (854.267) |
| ST 08 | Frequency mixer system production | 148.960 | 149.438 | 708.245 | 218.892 |
| ST 09 | Frequency mixer system production | 2.526.300 | (997.177) | 699.512 | 536.786 |
| ST 11 | Frequency mixer system production | 1.185.302 | 1.183.847 | 2.358.317 | 996.769 |
| ST 12 | Frequency mixer system production | 5.707.510 | (3.323.834) | 1.560.720 | (1.971.941) |
| ST 13 | Frequency mixer system production | 660.952 | 659.432 | 1.290.356 | (530.204) |
| ST 14 | Frequency mixer system production | 11.381 | (45.048) | 1.018.530 | (453.068) |
| ST 15 | Frequency mixer system production | 15.384.493 | 2.378.321 | 5.846.886 | (699.804) |
| ST 16 | Frequency mixer system production | 16.614.445 | 9.025.627 | 17.739.370 | 4.926.012 |
| ST 17 | Frequency mixer system production | 143.427.394 | 16.073.242 | 37.512 | 16.056.258 |
| Thales - SDT | ILS/DME System | 154.411 | (171.238) | - | (88.813) |
The above-mentioned solo financial statements of the partnerships within the scope of joint operations are included in the attached financial statements of the Parent Company, taking into account the share ratios of the Parent Company. Other information regarding joint operations is presented in Footnote 1.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The details of business combinations that occurred during the period ended September 30, 2025 are as follows;
The Parent Company acquired 95% of the shares of BKM Bursa Kalıp Merkezi Metal Form Makine Sanayi ve Ticaret Anonim Şirketi from unrelated parties on August 28, 2025 in consideration of TRY 171.810.824. In this transaction, which is accounted for in accordance with "TFRS 3 Business Combinations", since the net assets acquired through the acquisition transaction are TRY 93.024.437 less than the acquisition cost, the related amount has been reported as "Goodwill" in the accompanying consolidated statement of financial position (Note 15). The reconciliation of the related amount is as follows;
| As of 31 | |||
|---|---|---|---|
| August 2025 | As of 31 | As of 31 | |
| Book values | August 2025 | August | |
| before the | Fair value | 2025 | |
| merger | adjustments | Fair value | |
| Current assets | 93.995.477 | (18.458.762) | 75.536.715 |
| Fixed assets | 99.859.309 | 99.704.876 | 199.564.185 |
| Total assets | 193.854.786 | 81.246.114 | 275.100.900 |
| Short-term liabilities | 161.307.130 | (3.272.629) | 158.034.501 |
| Long-term liabilities | 25.074.204 | 9.059.156 | 34.133.360 |
| Total Liabilities | 186.381.334 | 5.786.527 | 192.167.861 |
| Equity | 82.933.039 | ||
| Acquisition rate | 95,00% | ||
| Equity attributable to equity holders of the parent (a) | 78.786.387 | ||
| Acquisition amount (b) | 171.810.824 | ||
| Goodwill (b - a) (Note 15) |
93.024.437 | ||
(*) The related amount has been determined based on the fair value of the purchase consideration and, as of September 30, 2025, the entire liability amounting to TRY 41.513.150 arising from the related acquisition is reported under the "Short-term other payables" account (Note 10).
The revenue of BKM Bursa Kalıp Merkezi, whose results are included in the consolidated statement of profit or loss for the year ended 30 September 2025, for the period from 1 January to 31 August 2025, being the period up to the date of the business combination, amounted to TRY 45.784.216, and its operating loss for the same period was TRY 20.303.237.
Had the Parent Company acquired the shares of BKM Bursa Kalıp Merkezi on 01 January 2025, the revenue that would have been consolidated in the Parent Company's financial statements for the period ended 30 September 2025 would have amounted to TRY 50.551.872, and the net loss for the same period would have amounted to TRY 27.777.885.
As of December 31, 2024, there is no business combination.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
a) The details of due from related parties classified under short term trade receivables are as follows (Note 9):
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Sirius Tasarım Laboratuvarı Mühendislik A.Ş. | - | 2.316.762 |
| Dormak İth. İhr. Müm. ve Dan. Tic. A.Ş. | 16.915.114 | 178.751 |
| 16.915.114 | 2.495.513 | |
| b) The details of advances given to related parties classified under prepaid expenses are as follows (Note 14): | ||
| 30.09.2025 | 31.12.2024 | |
| Dormak İth. İhr. Müm. ve Dan. Tic. A.Ş. | - | 30.070.132 |
| - | 30.070.132 | |
| c) The details of due to related parties classified under short-term trade payables are as follows (Note 9): | ||
| 30.09.2025 | 31.12.2024 | |
| Tamgör Elektronik Sanayi ve Ticaret Limited Şirketi | 894.494 | 629.002 |
| Gate-Tamgör Elektronik Sanayi Ticaret Limited Şirketi | - | 26.677 |
| 894.494 | 655.679 | |
| d) The details of due to related parties classified in other short-term payables are as follows (Note 10): | (*) | |
| 30.09.2025 | 31.12.2024 | |
| Mehmet Dora | 6.260.640 | - |
| Mustafa Fatih Ünal | 230.149 | - |
| Other Shareholders | 3.431.124 | - |
| 9.921.913 | - |
(*) As of September 30, 2025, payables to related parties amounting to TRY 9.920.203 consist of payables to shareholders that became due to the dividend decision taken at the general assembly of the Parent Company held on April 28, 2025. According to the related general assembly resolution, the related amount will be paid in two installments.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
a) The details of sales to related parties classified under revenue are as follows:
| 01.01 | 01.01 | |
|---|---|---|
| 30.09.2025 | 30.09.2024 | |
| Dormak İth. İhr. Müm. ve Dan. Tic. A.Ş. | 41.398.006 | - |
| Sirius Tasarım Laboratuvarı Mühendislik A.Ş. | 102.792 | 1.731.515 |
| Dorsan Uzay ve Hav.Sav. San.Taah.ve Tic. Ltd.Şti. | 3.215.580 | 10.908.830 |
| Tamgör Elektronik Sanayi ve Ticaret Limited Şirketi | 536.882 | 2.151.141 |
| 48.468.840 | 14.791.486 | |
| b) The details of purchases from related parties classified under cost of sales are as follows: | ||
| 01.01 | 01.01 | |
| 30.09.2025 | 30.09.2024 | |
| Dormak İth. İhr. Müm. ve Dan. Tic. A.Ş. | 167.800.488 | 2.727.765 |
| Tamgör Elektronik Sanayi ve Ticaret Limited Şirketi | 53.048.830 | 1.402.113 |
| Sirius Tasarım Laboratuvarı Mühendislik A.Ş. Gate-Tamgör Elektronik Sanayi Ticaret Limited Şirketi |
26.428.633 402.867 |
4.520.924 2.839.690 |
| 247.680.818 | 11.490.492 | |
| c) The details of foreign exchange differences and other income obtained from related parties and classified under other income from operating activities are as follows: |
||
| 01.01 30.09.2025 |
01.01 30.09.2024 |
|
| Dormak İth. İhr. Müm. ve Dan. Tic. A.Ş. | 33.602 | 833.210 |
| Sirius Tasarım Laboratuvarı Mühendislik A.Ş. | 11.20 | - |
| Tamgör Elektronik Sanayi ve Ticaret Limited Şirketi | 5.151.518 | 708.246 |
| d) The details of foreign exchange differences and other expenses arising from related parties and classified | 5.196.321 | 1.541.456 |
| under other expenses from operating activities are as follows: | ||
| 01.01 30.09.2025 |
01.01 30.09.2024 |
3.271.045 -
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
e) The details of other expenses from related parties classified under expenses from investing activities are as follows:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
|
|---|---|---|
| Sirius Tasarım Laboratuvarı Mühendislik A.Ş. | - | 530.424 |
| - | 530.424 | |
| f) The details of purchases from related parties classified under general and administrative expenses are as follows: |
||
| 01.01 30.09.2025 |
01.01 30.09.2024 |
|
| Tamgör Elektronik Sanayi ve Ticaret Limited Şirketi | 34.020 | - |
| 34.020 | - | |
| g) The details of purchases from related parties classified under selling and marketing expenses are as follows: | ||
| 01.01 30.09.2025 |
01.01 30.09.2024 |
|
| Tamgör Elektronik Sanayi ve Ticaret Limited Şirketi | 14.538 | - |
| 14.538 | - | |
| h) The details of remuneration and similar benefits provided to senior manager are as follows: | ||
| 01.01 30.09.2025 |
01.01 30.09.2024 |
|
| Remuneration and similar benefits provided to senior manager | 22.395.885 | 17.311.530 |
| 22.395.885 | 17.311.530 |
The Group has determined the members of the board of directors, the General Manager and assistant general managers as senior managers..
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, cash and cash equivalents are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Safe deposit box | 809.363 | 56.152 |
| Banks | ||
| Time deposits | 14.109.502 | 119.953.761 |
| Demand deposits | 34.583.921 | 16.788.423 |
| Liquid funds | 310.288.039 | 672.914.834 |
| 359.790.825 | 809.713.170 |
As of September 30, 2025 and December 31, 2024, the Group's bank deposits consist of time and demand deposits. As of September 30, 2025 and December 31, 2024, there is no blockage on the related deposits. Liquid funds consist of cash equivalents that can be converted into cash at their carrying values.
As of September 30, 2025, details of time deposits are as follows:
| Currency | Foreign Currency Amount |
Interest Rate Range |
Maturity Range |
TRY Amount |
|---|---|---|---|---|
| TL USD |
10.310.212 91.534 |
%0,01 - %43,00 %0,01 - %3,00 |
1 - 90 days 7 - 39 days |
10.310.212 3.799.290 |
| 14.109.502 |
As of December 31, 2024, details of time deposits are as follows:
| Currency | Foreign Currency Amount |
Interest Rate Range |
Maturity Range |
TRY Amount |
|---|---|---|---|---|
| TL | 105.319.936 | %0,01 - %50,00 |
3 - 35 days |
105.319.936 |
| USD | 330.475 | %0,5 - %3,50 |
7 - 35 days |
14.624.149 |
| EURO | 210 | %0,001 | 35 days | 9.676 |
| 119.953.761 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the details of financial investments are as follows:
None (31 December 2024: None).
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Other financial investments (a) | 10.020.349 | 11.525.300 |
| 10.020.349 | 11.525.300 |
(a) Other financial investments arise from the Group's long-term fund purchases acquired within the scope of "Regulation No. 5746 on the Amendment of the Implementation and Audit Regulation on Supporting Research, Development and Design Activities".
As of September 30, 2025 and December 31, 2024, details of financial liabilities are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Short-term bank borrowings | 290.049.809 | 176.010.634 |
| Other financial payables (credit cards) | 201.758 | 197.972 |
| Payables arising from leases (*) | 15.044.292 | 18.869.993 |
| Short-term finance lease liabilities, net | 1.825.306 | - |
| Short-term portion of long-term borrowings | 121.952.016 | 212.633.464 |
| Total short-term financial liabilities | 429.073.181 | 407.712.063 |
| Long-term bank borrowings | 64.169.664 | - |
| Payables arising from leases (*) | 3.834.744 | 14.154.893 |
| Total long-term financial liabilities | 68.004.408 | 14.154.893 |
| Total financial liabilities | 497.077.589 | 421.866.956 |
(*) As of September 30, 2025 and December 31, 2024, the related financial liabilities consist of payables within the scope of "TFRS 16 Leases" standard.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of 30 September 2025 and 31 December 2024, the shareholders of the Parent Company have personal guarantees in favor of financial institutions as collateral for all of the Group's bank borrowings. In addition, As of 30 September 2025, the Group has made an export commitment amounting to TRY 420.837.305 to the financial institution for the loan utilization (31 December 2024: 388.644.099 TRY ). (Note 22)
Finance leases are related to purchases of machinery and equipment. The Group has an option to purchase the related assets at a low value at the end of the lease term. The Group's obligations under finance leases are secured by the lessor's ownership rights over the leased assets.
As of September 30, 2025, the average effective interest rate of USD denominated bank borrowings are 44,55% and 7,38% (December 31, 2024: TRY: None USD: 8,02%).
As of September 30, 2025, the foreign currency position of financial liabilities is presented below:
| Currency | Currency | Exchange | TRY |
|---|---|---|---|
| Amount | Rate | Amount | |
| TL | 295.298.509 | 1,0000 | 295.298.509 |
| USD | 4.852.605 | 41,5816 | 201.779.080 |
| Total | 497.077.589 | ||
| As of December 31, 2024, the foreign currency position of financial liabilities is presented below: | |||
| Currency | Currency | Exchange | TRY |
| Amount | Rate | Amount | |
| TL | 33.222.878 | 1,0000 | 33.222.878 |
| USD | 8.766.754 | 35,3438 | 388.644.078 |
| Total | 421.866.956 |
As of September 30, 2025 and December 31, 2024, the maturity analysis of financial liabilities is as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Payable between 0 - 1 year |
429.073.181 | 407.712.063 |
| Payable between 1 and 2 years | 62.286.913 | 14.154.893 |
| Payable between 2 and 3 years | 4.438.145 | - |
| Payable between 3 and 4 years | 1.279.350 | - |
| 497.077.589 | 421.866.956 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, details of trade receivables are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Trade receivables | 386.782.151 | 451.503.223 |
| Notes receivables | 31.038.403 | 2.527.059 |
| Rediscount on receivables (-) | (9.204.558) | (7.640.431) |
| Accrued income | 194.335.055 | - |
| Trade receivables from related parties (Note 4) | 16.915.114 | 2.495.513 |
| Doubtful trade receivables | 3.631.766 | 4.639.583 |
| Provision for doubtful trade receivables (-) | (3.631.766) | (4.639.583) |
| 619.866.165 | 448.885.364 | |
| The movement of doubtful trade receivables during the period is as follows: | ||
| 01.01 30.09.2025 |
01.01 31.12.2024 |
|
| Opening balance | 4.639.583 | 9.155.152 |
| Collections | (177.605) | (2.097.489) |
| Monetary gain / (loss) effect reversal, net | (942.018) | (2.437.798) |
| Effects of the business combination | 111.806 | - |
| Provisions for doubtful receivables | - | 19.718 |
| Closing balance | 3.631.766 | 4.639.583 |
As of 30 September 2025, the Group has given letters of guarantee amounting to TRY 957.710.858 (31 December 2024: TRY 975.144.339) to customers, tender organizers and other institutions. . In addition, as of September 30, 2025, the Group has given guarantee notes amounting to TRY 530.181.372 (December 31, 2024: TRY 293.850.092) to its customers (Note 22).
As of 30 September 2025, no collateral has been received from customers for trade receivables (31 December 2024: None).
The maturity of the Group's trade receivables varies on an individual customer basis and averages between 60 - 120 days.
None (December 31, 2024: None).
The credit risk table for trade receivables is presented in Note 35.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, details of trade payables are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Trade payables | 154.299.921 | 118.788.002 |
| Trade payables to related parties (Note 5) | 894.494 | 655.679 |
| Trade payables | 4.853.494 | - |
| Expense accruals from trading activities | 625.000 | 760.416 |
| Rediscount on payables (-) | (6.085.555) | (5.494.888) |
| 154.587.354 | 114.709.209 |
The details of the Group's contingent assets arising from trade payables are as follows;
As of September 30, 2025, the Group has received letters of guarantee amounting to TRY 84.457.503 from its suppliers (December 31, 2024: TRY 20.515.179). As of September 30, 2025, the Group has received promissory notes amounting to TRY 24.669.627 (December 31, 2024: TRY 14.563.629) from its suppliers (Note 22).
The details of the Group's contingent liabilities arising from trade payables are as follows;
As of September 30, 2025, the Group has given promissory notes amounting to TRY 3.150.228 to its suppliers (December 31, 2024: TRY 3.951.318) (Note 22).
The maturity of the Group's trade payables varies on a supplier-by-supplier basis and averages between 30 - 60 days.
None (December 31, 2024: None).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, details of other receivables are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Receivables from the tax office | 25.416.063 | 10.153.944 |
| Deposits and guarantees given | 4.244.236 | - |
| Other receivables | 364.587 | 7.101 |
| 30.024.886 | 10.161.045 | |
| Other long term receivables | ||
| 30.09.2025 | 31.12.2024 | |
| Deposits and guarantees given | 555.583 | 658.834 |
| 555.583 | 658.834 |
As of September 30, 2025 and December 31, 2024, details of other payables are as follows:
| 85.053.079 | 20.712.737 | |
|---|---|---|
| Deposits and guarantees received | 512.663 | 643.031 |
| Liabilities arising from share purchase (Note 4) | 41.513.150 | - |
| Due to shareholders (Note 5) (a) | 9.921.913 | - |
| Other payables | 16.202.452 | - |
| Taxes and funds payable | 16.902.901 | 20.069.706 |
| 30.09.2025 | 31.12.2024 |
(a) As of September 30, 2025, payables to related parties amounting to TRY 9.920.203 consist of payables to shareholders that became due to the dividend decision taken at the general assembly of the Parent Company held on April 28, 2025. According to the related general assembly resolution, the related amount will be paid in two instalments.
None (December 31, 2024: None).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the details of employee benefit obligations are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Payables to personnel | 39.898.521 | 33.523.281 |
| Social security deductions payable | 29.259.631 | 13.091.331 |
| 69.158.152 | 46.614.612 |
As of September 30, 2025 and December 31, 2024, the details of inventories are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Raw materials and supplies | 735.659.172 | 703.946.407 |
| Semi-finished products | 843.826.513 | 695.944.587 |
| Finished good | 189.339.269 | 180.535.401 |
| Merchandise inventories | 1.765.690 | - |
| Other inventories | 5.103.116 | - |
| Provision for impairment of inventories (-) (a) |
(47.577.242) | (47.577.242) |
| 1.728.116.518 | 1.532.849.153 |
(a) The Group calculates impairment provisions within the scope of the precautionary principle for stocks that have not been active for a long time and that are not certain to be used in current and/or future production projects.
The movement table of inventory impairment provision is as follows:
| 01.01 30.09.2025 |
01.01 31.12.2024 |
|
|---|---|---|
| Balance at the beginning of the period | 47.577.242 | 47.523.545 |
| Monetary gain /(loss), net | - | 16.505 |
| Provision allocated during the period | - | 37.192 |
| 47.577.242 | 47.577.242 | |
| The details of the inventory impairment provision on a stock basis are as follows: |
||
| 30.09.2025 | 31.12.2024 | |
| Raw materials Semi-finished goods |
10.093.732 37.483.510 |
10.093.732 37.483.510 |
| 47.577.242 | 47.577.242 |
As of 30 September 2025, there is insurance coverage of TRY 951.282.588 on the inventories.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, details of other current assets are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| VAT carried forward | 52.895.138 | 19.684.804 |
| Deferred VAT | 3.607.911 | - |
| Other assets | 85.027 | - |
| 56.588.076 | 19.684.804 |
As of September 30, 2025 and December 31, 2024, details of prepaid expenses are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Order advances given | 32.979.685 | 79.465.976 |
| Expenses for the coming months | 14.105.559 | 22.590.623 |
| Advanced given for business purposes | 4.653.097 | 20.686.826 |
| Advanced given to personnel | 63.090 | 40.624 |
| Order advances given to related parties (Note 5) | - | 30.070.132 |
| 51.801.431 | 152.854.181 | |
| Long-term prepaid expenses | ||
| 30.09.2025 | 31.12.2024 | |
| Advances given for purchases of property, plant and equipment (*) | 128.213.118 | 125.922.675 |
| Prepaid expenses | 5.188.979 | 1.413.139 |
| 133.402.097 | 127.335.814 |
(*) As of 30 September 2025, TRY 76.995.433 of the related amount consists of the advance given within the scope of "Land allocation agreement" with Ankara Space and Aviation Specialized Organized Industrial Zone Directorate (31 December 2024: TRY 76.995.433).
The details of goodwill as of September 30, 2025 and December 31, 2024 are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Goodwill (Note 4) |
93.024.437 | - |
| 93.024.437 | - |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the details of deferred income are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Order advances received (*) | 448.795.606 | 444.297.666 |
| Income for the coming months | 86.543.437 | 89.054.734 |
| 535.339.043 | 533.352.400 |
(*) As of September 30, 2025, TRY 20.826.144 of order advances received consists of cash advances received from foreign customers (December 31, 2024: TRY 61.753.895).
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Order advances received (**) Income for future years |
110.533.111 - |
74.147.399 2.586.202 |
| 110.533.111 | 76.733.601 |
(**) As of September 30, 2025, TRY 2.314.016 of the order advances received consist of cash advances received from foreign customers (December 31, 2024: None).
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the details and movement of right of use assets are as follows:
| Cost | 31 December 2023 |
Addition | Transfer | 31 December 2024 |
Addition | Disposal | Effects of the business combination |
30 September 2025 |
|---|---|---|---|---|---|---|---|---|
| Buildings | 82.836.975 | 28.701.675 | - | 111.538.650 | - | - | - | 111.538.650 |
| Vehicles | 13.126.943 | 6.401.993 | - | 19.528.936 | - | - | - | 19.528.936 |
| Machinery, plant and equipment | - | - | - | - | - | - | 52.664.902 | 52.664.902 |
| Total | 95.963.918 | 35.103.668 | - | 131.067.586 | - | - | 52.664.902 | 183.732.488 |
| Accumulated Depreciation (-) | ||||||||
| Buildings | 67.561.221 | 16.471.659 | - | 84.032.880 | 10.763.128 | - | - | 94.796.008 |
| Vehicles | 9.183.337 | 3.659.544 | - | 12.842.881 | 4.171.500 | - | - | 17.014.381 |
| Machinery, plant and equipment | - | - | - | - | - | - | 7.904.343 | 7.904.343 |
| Total | 76.744.558 | 20.131.203 | - | 96.875.761 | 14.934.628 | - | 7.904.343 | 119.714.732 |
| Net Book Value | 19.219.360 | 34.191.825 | 64.017.756 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the details and movement of property, plant and equipment are as follows:
| Effects of the | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 December | 31 December | business | 30 September | |||||
| Cost | 2023 | Addition | Disposal | 2024 | Addition | Disposal | combination | 2025 |
| Machinery, plant and equipment | 96.981.501 | 10.046.491 | (221.969) | 106.806.023 | 24.952.542 | (176.967) | 149.399.247 | 280.980.845 |
| Vehicles | 8.207.263 | - | - | 8.207.263 | - | - | 18.070 | 8.225.333 |
| Fixtures | 69.724.518 | 8.065.181 | (705.023) | 77.084.676 | 6.127.684 | (170.213) | 6.514.831 | 89.556.978 |
| Special Costs | 42.795.513 | - | - | 42.795.513 | 79.594 | - | 181.719 | 43.056.826 |
| Investments in Progress | 10.136.048 | 141.811.831 | - | 151.947.879 | 72.058.447 | - | 251.084 | 224.257.410 |
| Total | 227.844.843 | 159.923.503 | (926.992) | 386.841.354 | 103.218.267 | (347.180) | 156.364.951 | 646.077.392 |
| Accumulated Depreciation (-) | ||||||||
| Machinery, plant and equipment | 66.948.280 | 11.828.261 | (170.177) | 78.606.364 | 9.302.593 | (135.675) | 49.481.158 | 137.254.440 |
| Vehicles | 821.318 | 820.726 | - | 1.642.044 | 615.545 | - | 18.070 | 2.275.659 |
| Fixtures | 52.429.055 | 5.947.476 | (149.819) | 58.226.712 | 5.368.461 | (139.560) | 4.418.383 | 67.873.996 |
| Special Costs | 42.596.212 | 162.844 | - | 42.759.056 | 36.529 | - | 74.834 | 42.870.419 |
| Total | 162.794.865 | 18.759.307 | (319.996) | 181.234.176 | 15.323.128 | (275.235) | 53.992.445 | 250.274.514 |
| Net Book Value | 65.049.978 | 205.607.178 | 395.802.878 |
As of September 30, 2025 and December 31, 2024, property, plant and equipment are carried at cost less accumulated depreciation calculated by deducting the residual value, if any (cost method).
As of September 30, 2025 and December 31, 2024, there is no encumbrance on property, plant and equipment. As of September 30, 2025, the total amount of insurance on property, plant and equipment is TRY 131.024.251.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the details and movement of intangible assets are as follows:
| Cost | 31 December 2023 |
Addition | 31 December 2024 |
Addition | Effects of the business combination |
30 September 2025 |
|---|---|---|---|---|---|---|
| Rights | 46.118.558 | 534.693 | 46.653.251 | 3.068.407 | 10.518.468 | 60.240.126 |
| Development costs (a) | 221.896.121 | 31.630.639 | 253.526.760 | 32.385.761 | 1.952.441 | 287.864.962 |
| Total | 268.014.679 | 32.165.332 | 300.180.011 | 35.454.168 | 12.470.909 | 348.105.088 |
| Accumulated Depreciation (-) | ||||||
| Rights | 40.678.360 | 2.882.766 | 43.561.126 | 1.973.124 | 4.286.219 | 49.820.469 |
| Development costs (a) | 132.107.965 | 23.117.903 | 155.225.868 | 12.059.136 | 455.569 | 167.740.573 |
| Total | 172.786.325 | 26.000.669 | 198.786.994 | 14.032.260 | 4.741.788 | 217.561.042 |
| Net Book Value | 95.228.354 | 101.393.017 | 130.544.046 |
(a) Capitalized development costs consist of the costs of software projects that the Group does not make to order. The related costs mainly consist of personnel costs for the related project.
As of 30 September 2025, the net book value of capitalized development costs is TRY 120.124.389 (31 December 2024: TRY 98.300.892).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the details of investments accounted through equity method are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Sirius - Cost amount |
6.383.553 | 6.383.553 |
| Sirius - Adjustment to equity method |
5.179.693 | 3.293.306 |
| 11.563.246 | 9.676.859 | |
| As of September 30, 2025 and 2024, the share of profit / (loss) of investments accounted for using the equity method is as follows: |
||
| 01.01 | 01.01 | |
| 30.09.2025 | 30.09.2024 | |
| Share of Profit / (Loss) of Investments Accounted Through Equity | ||
| Method | 1.882.657 | 7.021.989 |
| 1.882.657 | 7.021.989 |
As of September 30, 2025 and December 31, 2024, summary financial information of investments accounted through equity method is as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Current assets | 6.026.482 | 6.534.232 |
| Fixed assets | 53.787.870 | 39.604.223 |
| Total assets | 59.814.352 | 46.138.455 |
| Short-term liabilities | 27.239.455 | 21.671.422 |
| Long-term liabilities | 3.666.783 | 274.887 |
| Equity | 28.908.114 | 24.192.146 |
| Total Liabilities | 59.814.352 | 46.138.455 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Condensed Statement of Profit or Loss | ||
|---|---|---|
| 01.01 | 01.01 | |
| 30.09.2025 | 30.09.2024 | |
| Revenue | 32.563.031 | 20.806.094 |
| Gross profit / (loss) | 32.563.031 | 20.806.094 |
| Operating expenses | (30.872.807) | (3.232.677) |
| Other income / (expenses), net | 3.016.418 | (20.908) |
| Profit / (loss) for the period, net | 4.706.642 | 17.552.509 |
The details of incentives received by the Group are as follows;
The Group's income from research and development activities is exempt from corporate tax pursuant to the provisional second article of the Technology Development Zones Law No. 4691, which states that "The earnings of the management companies within the scope of this law and the earnings of the income and corporate taxpayers operating in the zone exclusively from software and R&D activities in this zone are exempt from income and corporate tax until 31 December 2028".
In this context, the Group's income exempt from corporate tax for the period ended September 30, 2025 is TRY 40.076.828 (January 1 - December 31, 2024: TRY 244.337.431).
In addition, within the scope of the same law; the Group's personnel SSI premium, income and stamp tax incentive amount for the period ended September 30, 2025 is TRY 12.065.484 (January 01 - December 31, 2024: TRY 14.582.046).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
f) The Group has undergone an audit covering its software development processes and general organizational processes and has been entitled to receive the CMMI (Capability Maturity Model Integration) certificate. Within this scope, the incentive income obtained by the Group for the year ended December 31, 2024 amounts to TRY 1.491.298 (January 1 – September 30, 2025: None).
As of September 30, 2025 and December 31, 2024, provisions, contingent assets and liabilities are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Provision for warranty service expenses Provision for litigation expenses |
4.649.552 - |
4.314.764 - |
| 4.649.552 | 4.314.764 | |
| Provisions for long term debt | ||
| 30.09.2025 | 31.12.2024 | |
| Provision for warranty service expenses | 2.134.370 | 2.463.162 |
| 2.134.370 | 2.463.162 |
As of September 30, 2025, the Group has made an export commitment of TRY 420.837.305 to a financial institution for credit usage (December 31, 2024: TRY 388.644.099). In addition, as of September 30, 2025, the Group holds a purchase commitment of USD 4.020.750 from banks under derivative contracts, with maturities ranging from 1 to 12 months (December 31, 2024: USD 11,005,521) (Note 24).
The Group's contingent assets are as follows;
Letters of guarantee - As of September 30, 2025, the Group has received letters of guarantee amounting to TRY 84.457.503 (USD 1.154.220 - EUR 120.537 - TRY 30.673.188) from its suppliers (December 31, 2024: TRY 20.515.179 (USD 157.580 – EUR 1.124.957)).
Promissory notes - As of September 30, 2025, the Group has received promissory notes amounting to TRY 24.669.627 (USD 177.284 - TRY 17.311.135) from its suppliers (December 31, 2024: TRY 14.563.629 (TRY 14.563.629)).
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the Group's guarantee / pledge / mortgage / bail ("GPM") position is as follows:
| GPMs given by the Group | 30.09.2025 | 31.12.2024 |
|---|---|---|
| A. Total amount of GPMs given on behalf of its own legal entity | 1.496.888.007 | 1.276.326.479 |
| B. In Favor of Subsidiaries Included in the Scope of Full Consolidation | ||
| Total amount of GPMs given (a) | 1.000.000 | 1.254.296 |
| C. Other Third Parties for the Execution of Ordinary Commercial | ||
| Activities | ||
| Total amount of GPMs given in order to secure its liabilities | - | - |
| D. Total amount of other GPMs given | - | - |
| i. Total amount of GPMs given in favor of the main shareholder | - | - |
| ii. Other Group Companies Not Covered by Items B and C | ||
| Total amount of GPMs given in favor of | - | - |
| iii. In Favor of Third Parties Not Covered by Article C | ||
| Total amount of GPMs | - | - |
| Total | 1.497.888.007 | 1.277.580.775 |
(a) As of 30 September 2025, the Parent Company has a guarantee amounting to TRY 1.000.000 in favor of financial institutions for Cey Savunma, a subsidiary of the Parent Company (31 December 2024: TRY 1.254.296).
The details of the Group's contingent liabilities are as follows:
Letters of guarantee – As of 30 September 2025, the Group has letters of guarantee amounting to TRY 957.710.858 (231.643.723 TRY – 17.297.441 USD – 139.476 EURO) (31 December 2024: 975.144.339 TRY (58.311.779 TRY – 21.138.835 USD – 279.537 EURO)).
Promissory notes - As of September 30, 2025, the Group has given promissory notes amounting to TRY 533.331.600 (95.918.761 TRY - 10.519.385 USD) (31 December 2024: 293.850.092 TRY (65.725.576 TRY - 5.145.869 USD)).
Venture capital fund - The Group has a fund purchase obligation amounting to TRY 5.845.549 until December 31, 2025 as of September 30, 2025 (December 31, 2024: TRY 7.332.048) within the scope of the "Regulation on the Amendment of the Implementation and Audit Regulation on Supporting Research, Development and Design Activities numbered 5746".
Lawsuits - From time to time, lawsuits may be filed against the Group in connection with its business activities. The Group management and legal advisors analyze the realizability of the related risks. As a result of the analysis, there is no matter that requires a provision to be allocated by the Group management.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, provisions for short-term and long-term employee benefits are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Provision for unused vacation | 27.311.606 | 24.829.191 |
| Wage premium provision | 14.798.787 | 19.038.009 |
| 42.110.393 | 43.867.200 | |
| Provisions for long-term employee benefits | ||
| 30.09.2025 | 31.12.2024 | |
| Provision for employment termination benefits | 38.264.406 | 25.394.211 |
| 38.264.406 | 25.394.211 |
The Group's provision for employment termination benefits is calculated as explained in Note 2. As of September 30, 2025, the maximum amount of TRY 53.920 for each year of service is calculated over 30 days' pay, using the rates prevailing at the date of retirement or termination (December 31, 2024: TRY 41.828).
In the consolidated financial statements as of September 30, 2025 and December 31, 2024, the Group has reflected a liability calculated on the basis of the above-mentioned principles, using the expected inflation rate and real discount rate, discounted to the balance sheet date.
The ratios of the basic assumptions used on the statement of financial position day are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Interest rate | 45,00% | 53,55% |
| Inflation rate | 40,00% | 49,00% |
| Real discount rates | 3,03% | 3,05% |
| The rate used for the probability of retirement | 89,93% | 89,19% |
The Group does not provide any benefits other than severance pay to its employees.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the movement of provision for employment termination benefits is as follows:
| 01.01 | 01.01 | |
|---|---|---|
| 30.09.2025 | 31.12.2024 | |
| Balance at the beginning of the period | 25.394.211 | 19.598.578 |
| Service cost | 19.390.931 | 13.508.596 |
| Monetary gain / (loss), net | (10.991.028) | (6.616.832) |
| Interest cost | 459.207 | 299.566 |
| In-period payments | 9.155.386 | - |
| Actuarial difference | (3.879.426) | (352.902) |
| Balance at the beginning of the period | (1.264.875) | (1.042.795) |
| Closing balance | 38.264.406 | 25.394.211 |
As of September 30, 2025, the details of forward foreign currency purchase/sale contracts are as follows:
| Amount of foreign currency to be received from the bank (USD) |
TRY equivalent of foreign currency to be received from the bank as of the statement of financial position date |
TRY equivalent of the foreign currency to be received from the bank according to the contract |
Fair Value Difference (TRY) |
|
|---|---|---|---|---|
| USD to TRY Exchange Rate 1 to 3 months |
4.020.750 | 167.189.218 | 149.800.114 | 17.389.104 |
As of December 31, 2024, the details of forward foreign currency purchase/sale contracts are as follows:
| Amount of foreign currency to be received from the bank (USD) |
TRY equivalent of foreign currency to be received from the bank as of the statement of financial position date |
TRY equivalent of the foreign currency to be received from the bank according to the contract |
Fair Value Difference (TRY) |
|
|---|---|---|---|---|
| USD to TRY Exchange Rate 1 to 12 months |
11.005.521 | 487.892.156 | 480.201.654 | 7.690.503 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025, the Parent Company's share capital consists of 58.000.000 shares with a par value of TRY 1 each.
The capital structure of the Parent Company as of September 30, 2025 and December 31, 2024 is as follows
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Share | Share amount | Share | Share amount | |
| Ratio | (TRY) | Ratio | (TRY) | |
| Mehmet Dora | 63,11% | 36.602.500 | 63,11% | 36.602.500 |
| Mustafa Fatih Ünal | 2,32% | 1.347.500 | 2,32% | 1.347.500 |
| Public Portion | 27,57% | 15.990.000 | 27,57% | 15.990.000 |
| Others (a) | 7% | 4.060.000 | 7% | 4.060.000 |
| Total | 100,00% | 58.000.000 | 100,00% | 58.000.000 |
| Inflation adjustment for capital |
227.476.430 | 227.476.430 | ||
| Paid-in Capital | 285.476.430 | 285.476.430 |
(a) On 05 September 2023, Mehmet Dora and Mustafa Fatih Ünal, shareholders of the Parent Company, transferred their 1.060.000 and 940.000 unlisted B group shares, respectively, to the investment funds established by Hedef Portföy Yönetimi Anonim Şirketi within the scope of the Procedure on Wholesale Transactions. Mehmet Dora, one of the shareholders of the Parent Company, transferred 5.800.000 shares of unlisted Group B shares to the investment funds established by Hedef Portföy Yönetimi Anonim Şirketi on 28 June 2024 within the scope of the Procedure Regarding Wholesale Purchase and Sale Transactions. As a result of the share purchase and sale transactions of the related portfolio investment company during the period, as of 30 September 2025, the number of shares of the related investment company in the capital of the Parent Company is 4.060.000.
The share capital of the Parent Company was increased from TRY 10.000.000 to TRY 50.000.000 on 08 March 2022 and the entire amount was transferred from retained earnings.
SDT Uzay ve Savunma Teknolojileri Anonim Şirketi's issued capital of TRY 50.000.000 within the registered capital ceiling of TRY 750.000.000 was increased to TRY 58.000.000 by completely restricting the pre-emptive rights of the existing shareholders in accordance with the approvals of the Capital Markets Board of Turkey and Borsa Istanbul Anonim Şirketi. TRY 8.000.000 nominal capital amount and shares with a nominal value of TRY 4.250.000 within the scope of shareholder sales, in total TRY 12.250.000 nominal value shares were offered to the public on 28 - 29 December 2022 at a price of TRY 32, and the Parent Company shares started to be traded on Borsa Istanbul Stars Market on 04 January 2023 with the code "SDTTR" and continuous trading method.
According to the articles of association of the Parent Company registered on 14 September 2022; the Parent Company shares are divided into Group A and Group B shares. Out of the total 58.000.000 shares of the Parent Company, 7.500.000 shares are Group A shares and all of these shares belong to Mehmet Dora.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of 30 September 2025, capital adjustment differences amount to TRY 227.476.430 (31 December 2024: TRY 227.476.430). Adjustment to share capital represents the difference between the inflation adjusted amounts of cash and cash equivalent contributions to share capital and the amounts before inflation adjustment.
Effective from September 14, 2022, the privileges granted to Group A shares are as follows:
Pursuant to Article 9 of the Articles of Association titled "Board of Directors and its Term", it is stated that the Board of Directors may consist of at least 5 members, half of the members of the Board of Directors may be elected from among the candidates to be nominated by the Group A shareholders, and if half of the number of members of the Board of Directors is a fractional number, the fraction should be rounded down to the following whole number.
According to Article 12 of the Articles of Association titled "General Assembly", each Group A share has 5 voting rights and each Group B share has 1 voting right in ordinary and extraordinary general assembly meetings.
Effective from September 14, 2022, there is no privilege granted to Group B shares.
The Group's explanation regarding the adjusted equity accounts in accordance with TAS 29 prepared in accordance with the Capital Markets Board Bulletin published on March 07, 2024 is as follows;
| Financial | Financial statements | Differences to be | |
|---|---|---|---|
| statements | according to TAS / | recognized in retained | |
| according to TPL | TFRS | earnings/(losses) | |
| Capital Adjustment Differences | 176.186.039 | 227.476.430 | 51.290.391 |
| Restricted Reserves | 63.974.712 | 35.508.765 | (28.465.947) |
The Group's explanation on adjusted retained earnings in accordance with TAS 29 prepared in accordance with the Capital Markets Board Bulletin published on March 07, 2024 is as follows;
| Retained Earnings / (Losses) | Amount Before TAS 29 | Amount after TAS 29 |
|---|---|---|
| 01 January 2022 | 250.042.240 | 761.367.208 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The legal reserve is appropriated out of the statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Company's paid-in share capital. Other legal reserves are appropriated at the rate of 10% of the total amount to be distributed to shareholders after payment of a 5% dividend to shareholders. According to the Turkish Commercial Code, unless the legal reserve does not exceed half of the share capital or issued capital, it can only be used to cover losses, to continue the business when business is not going well, or to take measures to prevent unemployment and mitigate its consequences.
As of September 30, 2025 and December 31, 2024, restricted reserves account is as follows:
| 35.508.765 | 35.508.765 | |
|---|---|---|
| Restricted reserves appropriated from profit | 35.508.765 | 35.508.765 |
| 30.09.2025 | 31.12.2024 |
As of September 30, 2025 and December 31, 2024, retained earnings / (losses) are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Retained earnings / (losses) | 1.333.478.584 | 1.331.846.820 |
| 1.333.478.584 | 1.331.846.820 |
In the general assembly meeting of the Parent Company held on April 28, 2025, it has been decided to pay dividend amounting to gross TRY 9.920.203 (TRY 10.811.106 based on the purchasing power as of September 30, 2025). According to the related general assembly resolution, the related dividends will be paid in two installments.
In the general assembly meeting of the Parent Company held on May 30, 2024, it has been decided to pay dividend amounting to gross TRY 130.192.124 (TRY 192.118.468 based on the purchasing power as of September 30, 2024). The related dividends will be paid in 3 installments in total.
As of September 30, 2025 and 2024, the movement of retained earnings / (losses) is presented in the accompanying statement of changes in equity.
For the periods ended September 30, 2025 and 2024, the Group has reflected a liability for employment termination benefits calculated by discounting the liability to the statement of financial position date using the expected inflation rate and real discount rate based on the principles explained in Note 2. All gains and losses other than actuarial gains / (losses) are recognized in the statement of profit or loss and actuarial gains / (losses) are recognized in the statement of changes in equity.
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Gain / (loss) on remeasurement of defined benefit plans | 2.091.952 | 1.117.998 |
| 2.091.952 | 1.117.998 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Share premiums consist of the cash inflows obtained from the sale of the Parent Company's shares at market prices in the Borsa Istanbul Star Market and the costs related to the public offering process. Share premiums are reported under shareholders' equity.
With the sale of 8.000.000 shares of the Parent Company, each of which is TRY 1, at a price of TRY 32 per share on Borsa Istanbul A.Ş. on the relevant date, a total fund amounting to TRY 256.000.000 has been generated. TRY 8.000.000 of the related amount is reported under share capital account and the remaining TRY 248.000.000 (TRY 693.879.884 based on the purchasing power as of September 30, 2025) is reported under share premium account. Total public offering cost of the Parent Company amounting to TRY 16.832.997 (TRY 47.097.090 on the basis of purchasing power as of September 30, 2025) is reported by deducting from the share premium amount.
As of September 30, 2025 and December 31, 2024, the details of share premium account are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Premiums obtained from the sale of shares on Borsa Istanbul A.Ş. Expenses related to the public offering process |
693.879.883 (47.097.090) |
693.879.883 (47.097.090) |
| 646.782.793 | 646.782.793 |
As of September 30, 2025 and December 31, 2024, the details of non-controlling interests on an account basis are as follows:
| 30.09.2025 | 31.12.2024 | |
|---|---|---|
| Capital | 30.000 | - |
| Retained earnings / (losses) | 4.081.006 | - |
| Net profit for the period (Note 34) | (373.732) | - |
| 3.737.274 | - |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
For the periods ended at September 30, 2025 and 2024, the details of revenue are as follows:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| Domestic sales | 1.271.166.715 | 1.384.553.726 | 597.520.490 | 659.732.598 |
| International sales | 116.627.496 | 439.801.132 | 29.786.545 | 54.791.693 |
| 1.387.794.211 | 1.824.354.858 | 627.307.035 | 714.524.291 | |
| Returns from sales | (34.061.774) | (1.667.673) | (10.127.926) | (1.420.205) |
| Sales Revenues (net) | 1.353.732.437 | 1.822.687.185 | 617.179.109 | 713.104.086 |
For the periods ended at September 30, 2025 and 2024, concentration risk analysis is presented in Note 35.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
For the periods ended at September 30, 2025 and 2024, the details of cost of sales are as follows:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| Direct raw material costs | 564.032.492 | 1.177.639.928 | 357.655.195 | 454.237.418 |
| Direct labor expenses | 128.202.194 | 127.050.449 | 54.474.752 | 15.652.788 |
| General production expenses | 92.381.902 | 195.083.389 | 36.343.558 | 71.306.235 |
| Depreciation and amortization | 35.637.895 | 32.774.941 | 12.208.790 | 11.604.103 |
| Change in work-in-process inventories 1. Work in progress at the beginning of |
||||
| the period (+) 2. Semi-finished products at the end of |
695.944.587 | 380.740.901 | 728.114.969 | 514.983.993 |
| the period (-) | (843.826.513) | (625.937.758) | (843.826.513) | (625.937.758) |
| Cost of finished goods produced | 672.372.557 | 1.287.351.850 | 344.970.751 | 441.846.779 |
| Change in finished goods inventories 1. Finished goods at the beginning of the |
||||
| period (+) | 180.535.401 | 26.793.512 | 135.353.718 | 69.670.195 |
| 2. End of period finished goods (-) | (189.339.269) | (33.916.840) | (189.339.269) | (33.916.840) |
| Cost of goods sold | 663.568.689 | 1.280.228.522 | 290.985.200 | 477.600.134 |
| Cost of merchandise sold | ||||
| 1. Purchases during the period (+) |
36.927.592 | - | 35.669.137 | - |
| 2. Ending merchandise inventories (-) |
(1.765.690) | - | (1.765.690) | - |
| Cost of merchandise sold | 35.161.902 | - | 33.903.447 | - |
| Cost of services sold | 145.114.274 | 81.071.147 | 12.269.235 | 35.922.667 |
| Depreciation and amortization | 403.839 | 179.184 | 217.584 | 67.195 |
| Cost of sales, net | 844.248.704 | 1.361.478.853 | 337.375.466 | 513.589.996 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
For the periods ended at September 30, 2025 and 2024, general administrative, marketing and research and development expenses are as follows
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| General administrative expenses | 176.814.130 | 166.979.093 | 59.397.266 | 51.942.940 |
| Marketing expenses | 66.484.452 | 50.881.685 | 25.867.256 | 15.283.703 |
| Research and development expenses | 15.259.811 | 20.625.970 | 6.026.211 | 4.446.563 |
| 258.558.393 | 238.486.748 | 91.290.733 | 71.673.206 |
For the periods ended at September 30, 2025 and 2024, the details of general administrative expenses are as follows:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| Personnel expenses | 128.474.363 | 106.591.106 | 37.223.911 | 31.303.731 |
| Consultancy and license expenses | 10.692.674 | 16.551.163 | 1.052.219 | 1.514.621 |
| Office overheads | 8.738.978 | 9.807.617 | 3.745.210 | 5.806.248 |
| Depreciation and amortization | 3.258.296 | 10.296.482 | 797.288 | 3.065.028 |
| Representation and hospitality expenses | 4.189.838 | 5.718.297 | 1.590.544 | 1.944.301 |
| Accommodation and travel expenses | 3.882.073 | 3.435.015 | 1.064.849 | 1.814.245 |
| Stationery and printing expenses | 711.086 | 875.876 | 105.788 | 211.488 |
| Other expenses | 16.866.822 | 13.703.537 | 13.817.457 | 6.283.278 |
| 176.814.130 | 166.979.093 | 59.397.266 | 51.942.940 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
For the periods ended at September 30, 2025 and 2024, the details of marketing expenses are as follows:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| Personnel expenses | 27.277.571 | 27.303.663 | 7.526.776 | 6.844.537 |
| Training, seminar and fair expenses | 13.253.185 | 7.609.438 | 4.946.668 | 1.146.134 |
| Travel and accommodation expenses | 14.640.146 | 8.078.350 | 10.247.322 | 4.372.006 |
| Advertisement and announcement expenses | 3.728.579 | 2.504.914 | 993.549 | 867.363 |
| Customs expenses | 1.578.555 | 360.606 | 1.139.499 | 215.473 |
| Depreciation and amortization | 365.229 | 1.380.667 | 137.031 | 337.713 |
| Other expenses | 5.641.187 | 3.644.047 | 876.411 | 1.500.477 |
| 66.484.452 | 50.881.685 | 25.867.256 | 15.283.703 |
For the periods ended at September 30, 2025 and 2024, the details of research and development expenses are as follows:
| 01.01 | 01.01 | 01.07 | 01.07 | |
|---|---|---|---|---|
| 30.09.2025 | 30.09.2024 | 30.09.2025 | 30.09.2024 | |
| Personnel expenses | 10.635.054 | 17.796.965 | 4.809.539 | 3.756.799 |
| Depreciation and amortization | 4.624.757 | 2.829.005 | 1.216.672 | 689.764 |
| 15.259.811 | 20.625.970 | 6.026.211 | 4.446.563 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
For the periods ended at September 30, 2025 and 2024, other operating income comprised the following:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| Foreign exchange gains from trading activities | 134.128.164 | 195.922.671 | 60.890.730 | 48.621.592 |
| Rediscount income | 13.055.399 | 25.166.543 | 443.172 | 392.057 |
| Reversal of unnecessary provision | 177.605 | 2.974.423 | 814.854 | 267.162 |
| Other income | 18.239.849 | 16.265.987 | 8.858.551 | 2.776.701 |
| 165.601.017 | 240.329.624 | 71.007.307 | 52.057.512 |
For the periods ended at September 30, 2025 and 2024, other operating expenses are as follows:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| Foreign exchange losses from trading activities | 89.937.534 | 153.193.284 | 22.631.893 | 25.358.747 |
| Rediscount expenses | 15.333.462 | 28.007.226 | 1.542.793 | 1.271.304 |
| Provision for doubtful receivables | - | 4.121.236 | - | 741.967 |
| Other expenses | 3.192.356 | 1.487.856 | 364.449 | 659.507 |
| 108.463.352 | 186.809.602 | 24.539.135 | 28.031.525 |
For the periods ended at September 30, 2025 and 2024, income from investing activities is as follows:
| 01.01 | 01.01 | 01.07 | 01.07 | |
|---|---|---|---|---|
| 30.09.2025 | 30.09.2024 | 30.09.2025 | 30.09.2024 | |
| Sale and valuation of financial investments profits Gain on sale of fixed assets |
116.157.504 7.036 |
36.409.452 603.471 |
13.535.959 - |
15.651.152 280.784 |
| Currency hedged deposit income | - | 72.544.433 | - | 4.346.220 |
| 116.164.540 | 109.557.356 | 13.535.959 | 20.278.156 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
For the periods ended at September 30, 2025 and 2024, expenses from investing activities are as follows:
| 01.01 | 01.01 | 01.07 | 01.07 | |
|---|---|---|---|---|
| 30.09.2025 | 30.09.2024 | 30.09.2025 | 30.09.2024 | |
| Loss on sale of fixed assets | 18.638 | 555.765 | 18.638 | - |
| Loss on sale of financial investments | - | 742.752 | - | 54.725 |
| 18.638 | 1.298.517 | 18.638 | 54.725 |
The details of financial income for the periods ended on 30 September 2025 and 2024 are as following:
| 01.01 | 01.01 | 01.07 | 01.07 | |
|---|---|---|---|---|
| 30.09.2025 | 30.09.2024 | 30.09.2025 | 30.09.2024 | |
| Foreign exchange gains | 132.046.758 | 134.605.683 | 987.665 | 49.915.794 |
| Interest income | 6.448.535 | 40.534.422 | 2.332.988 | 16.778.477 |
| 138.495.293 | 175.140.105 | 3.320.653 | 66.694.271 |
The details of financial expenses for the periods ended on 30 September 2025 and 2024 are as following:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
01.07 30.09.2025 |
01.07 30.09.2024 |
|
|---|---|---|---|---|
| Foreign exchange loses | 269.315.533 | 110.197.210 | 51.812.404 | 33.611.118 |
| Loan interest expenses Letter of guarantee, bank commission and |
22.938.360 | 18.073.912 | 9.443.106 | 3.795.572 |
| other expenses | 6.462.263 | 3.689.890 | 2.333.897 | 850.902 |
| 298.716.156 | 131.961.012 | 63.589.407 | 38.257.592 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The details of the net amount of monetary gain / (loss) for the accounting periods ended at 30 September 2025 and 2024 before the consolidation and elimination transactions of the Parent Company, subsidiaries and joint operations, are as follows;
| 01.01 30.09.2025 |
01.01 30.09.2024 |
|
|---|---|---|
| Statement of Financial Position Items | ||
| Inventories | 90.195.475 | 172.556.433 |
| Prepaid Expenses | 45.353.886 | 33.417.583 |
| Subsidiaries / Joint Ventures | 8.953.855 | 4.648.833 |
| Right of Use Assets | 6.932.048 | 5.072.949 |
| Tangible Assets | 47.691.346 | 57.778.915 |
| Intangible Assets | 24.061.530 | 25.480.611 |
| Deferred Tax Assets / (Liabilities) | 28.265.047 | 23.811.024 |
| Deferred Income | (16.255.659) | (24.927.634) |
| Paid in Capital | (66.484.811) | (86.914.048) |
| Share Premiums / Discounts | (131.128.708) | (170.718.335) |
| Other Comprehensive Income or Expenses | ||
| Will Not Be Reclassified to Profit or Loss | ||
| - Defined Benefit Plan Remeasurement Gains (Losses) |
(226.662) | (83.155) |
| Restricted Reserves | (7.199.045) | (9.372.539) |
| Retained Earnings / (Losses) from Previous Years | (276.727.261) | (378.900.013) |
| Statement of Profit or Loss Items | ||
| Revenue | (89.874.673) | (164.275.922) |
| Cost of Sales | 43.795.832 | 72.322.741 |
| General Administrative Expenses | 14.678.010 | 16.716.423 |
| Marketing Expenses | 5.149.981 | 4.889.170 |
| Research and Development Expenses | 774.904 | 3.514.824 |
| Other Income / (Expenses) from Operating Activities, net | (20.016.674) | (7.908.243) |
| Income / (Expenses) from Investment Activities, net | (9.744.027) | (13.666.581) |
| Financial Income / (Cost), net | 10.010.848 | (247.345) |
| Current Tax (Expense) / Income | 191.331 | - |
| Monetary Gain / (Loss), net | (291.603.427) | (436.804.309) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The Group's deferred tax assets and liabilities are derived from temporary differences between the financial statements prepared under TAS / TFRS and the Group's statutory books. These differences arise due to income and expenses being recognized in different reporting periods under TAS / TFRS and for tax purposes.
According to the existing regulations as of the reporting date, the corporate tax rate for 2025 will be applied as 25% (2024: 25%). As of 30 September 2025 and 31 December 2024, in the calculation of deferred tax; in accordance with the provision of the "TMS 12 Income Taxes" standard under the measurement heading, stating that 'deferred tax assets or liabilities are calculated using the tax rates (and tax laws) that are enacted or substantively enacted by the end of the reporting period and are expected to be applicable in the periods when the assets are realized or the liabilities are settled,' the rate of 25% has been taken into account (For the Parent Company: 23%).
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of the dates of the consolidated statement of financial position, the breakdown of accumulated temporary differences and deferred tax assets and liabilities, prepared using the applicable tax rates, is as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Total temporary differences |
Deferred tax assets / (liabilities) |
Total temporary differences |
Deferred tax assets / (liabilities) |
|
| Deferred tax Assets: | ||||
| Deductible Tax Losses | 190.256.753 | 44.268.605 | 37.339.453 | 8.588.074 |
| Investment Allowance | 327.732.721 | 76.691.254 | 152.599.513 | 35.097.888 |
| Prepaid Expenses Adjustment | 22.588.710 | 5.513.927 | 4.309.897 | 994.815 |
| Derivative Instruments | 17.389.104 | 3.999.494 | 7.690.503 | 1.768.816 |
| Severance pay provision | 38.264.406 | 8.983.922 | 25.394.211 | 5.840.669 |
| Receivables discount | 9.204.558 | 2.119.278 | 7.640.430 | 1.757.299 |
| Provision for doubtful receivables | 3.627.944 | 836.587 | 4.639.583 | 1.067.104 |
| Accrued loan interest | 2.504.067 | 597.853 | 11.610.252 | 2.670.358 |
| Unused vacation provision | 27.311.606 | 6.315.939 | 24.829.191 | 5.710.714 |
| Provision for inventory impairment | 47.577.242 | 10.942.766 | 47.577.243 | 10.942.766 |
| Indexation and depreciation differences in tangible and intangible fixed assets |
450.689.518 | 103.858.993 | 316.563.644 | 73.216.656 |
| Expense accrual | 15.423.787 | 3.547.471 | 19.798.426 | 4.553.638 |
| Provision for warranty service expenses | 6.783.922 | 1.560.301 | 6.777.926 | 1.558.923 |
| Deferred revenue classification | 7.473.646 | 1.718.938 | - | - |
| Currency difference expenses | 1.467.836 | 349.085 | 563.181 | 129.650 |
| Other | 804 | 201 | - | - |
| Deferred Tax Assets | 271.304.614 | 153.897.370 | ||
| Deferred tax liabilities: | ||||
| Adjustments related to inventories Indexation and depreciation differences in tangible and intangible |
(98.604.749) | (22.620.957) | (47.567.736) | (10.940.579) |
| fixed assets | (71.094.910) | (17.756.720) | (399.532) | (83.810) |
| Payables discount | (6.085.556) | (1.428.224) | (5.494.888) | (1.263.827) |
| Foreign exchange income | (356.301) | (81.949) | (1.169.528) | (268.991) |
| Deferred revenue classification | (5.773.849) | (1.443.462) | (7.838.179) | (1.804.760) |
| Prepaid expenses classification | (224.514) | (51.663) | (12.784) | (967) |
| Accrued Revenues | (194.335.055) | (44.697.063) | - | - |
| Other | (25.810) | (6.459) | - | - |
| Deferred Tax Liabilities | (88.086.497) | (14.362.934) | ||
| Deferred tax assets / (liabilities), net | 183.218.117 | 139.534.436 |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| For the periods ended at 30 September 2025 and 2024 tax income / (expense) on income statement are as | |
|---|---|
| follows: |
| follows: | ||
|---|---|---|
| 01.01 | 01.01 | |
| 30.09.2025 | 30.09.2024 | |
| Corporate Tax Income / (Expense) | (2.581.484) | - |
| Deferred Tax Income / (Expense) | 32.905.659 | 70.944.770 |
| Tax income / (expense), net | 30.324.175 | 70.944.770 |
| For the periods ended at 30 September 2025 and 2024, the movement schedule of corporate tax expense are as follows: |
||
| 01.01 | 01.01 | |
| 30.09.2025 | 30.09.2024 | |
| Unaudited profit / (loss) before tax | 105.340.539 | 235.985.853 |
| Total additions / deductions to the tax base | (94.948.570) | (235.985.853) |
| Unaudited taxable profit / (loss) | 10.391.969 | - |
| Effective tax rate | 23% | 23% |
| Calculated tax | 2.390.153 | - |
| Monetary gain / (loss), net | 191.331 | - |
| Corporate tax provision in the profit or loss statement | 2.581.484 | - |
| The movements in deferred tax income/(expense) for the interim periods ended at 30 September 2025 and 2024 are as follows: |
||
| 01.01 | 01.01 | |
| 30.09.2025 | 30.09.2024 | |
| Opening balance at the beginning of the period | (139.534.436) | (90.227.408) |
| Deferred tax recognized in equity | 290.921 | 223.251 |
| Effect of business combination | (11.068.943) | - |
| Net deferred tax assets / (liabilities) | 183.218.117 | 160.948.927 |
| Deferred tax income / (expense), net | 32.905.659 | 70.944.770 |
| As of 30 September 2025 and 31 December 2024, the details of the current period income tax assets is as follows; |
||
| 30.09.2025 | 31.12.2024 | |
| Current period income tax assets | 722 | 6.824.051 |
| 722 | 6.824.051 | |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The Group is subject to taxation in accordance with the tax procedures and the legislation effective in Türkiye. Necessary provisions have been made in the accompanying consolidated financial statements for the estimated tax liabilities of the Group regarding the current period operating results.
The corporate tax rate to be accrued on taxable corporate income, the addition of non-deductible expenses from the tax base in the determination of business income, and the deduction of tax-exempt gains, nontaxable incomes and other deductions (past year losses, if any, and investment allowances used if preferred). calculated on. In 2025, the effective tax rate is 25% (2024: 25%).
In Türkiye, provisional tax is calculated and accrued quarterly. The provisional tax rate that must be changed on corporate earnings during the taxation of 2025 corporate earnings as of the provisional tax periods is 25% (2024: 25%). With the regulation in the Corporate Tax Law, corporations whose shares are offered to the public at a rate of at least 20% for the first time in the Borsa Istanbul Equity Market will be subject to a corporate tax of 2 points on their corporate earnings for 5 accounting periods, starting from the accounting period in which their shares are offered to the public for the first time. discount is applied.
There is no absolute and certain confirmation procedure related to tax evaluation in Türkiye. Companies prepare their tax return between 1-30 April coming after the related year's balancing period (for the companies having special account period, between 1st and 30th of fourth month following the closing of period). These tax returns and related accounting records may be inspected and changed by tax department in five years.
In addition to Corporation tax, it is required to calculate withholding tax from the dividends distributed by full pledge taxpayer enterprise and include in its income tax base and except dividends distributed by foreign companies to its subsidiary in Türkiye. Dividend withholding tax rate was reduced from 15% to 10%. Dividends that are not distributed but added to the capital are not subject to income tax withholding.
For the periods ended on 30 September 2025 and 2024 profit / (loss) per share whose nominal value is TRY 1 as follows:
| 01.01 | 01.01 | |
|---|---|---|
| 30.09.2025 | 30.09.2024 | |
| Net profit / (loss) for the period | 4.591.449 | 68.841.988 |
| Net profit / (loss) attributable to non-controlling interests (Not 25.6) |
(373.732) | - |
| Net profit / (loss) attributable to the parent company | 4.965.181 | 68.841.988 |
| Total weighted average number of shares (*) | 58.000.000 | 58.000.000 |
| Basic and diluted earnings / (loss) per share (TRY). | 0,09 | 1,19 |
(*) The number of shares has been calculated using the weighted average method, taking into account capital increase dates.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Credit risk is the risk that a party to a financial instrument will default on a contractual obligation, resulting in a financial loss to the Group. The Group is exposed to credit risk through its trade receivables from forward sales, other receivables and deposits held at banks. The Group management mitigates the credit risk related to receivables from customers by setting credit limits for each customer individually and by obtaining collaterals when necessary and by selling to risky customers only through cash collections. The Group's collection risk arises mainly from trade receivables. Trade receivables are evaluated by the Group management based on past experience and the current economic situation and are recognized net in the statement of financial position after an appropriate allowance for doubtful receivables is recognized.
As of September 30, 2025, the Group's exposure to credit risks by types of financial instruments is as follows:
| Trade receivables | Other Receivables | Banks | ||||
|---|---|---|---|---|---|---|
| Related Party |
Other Party | Related Party |
Other Party |
Related Party |
Other Party |
|
| Maximum credit risk exposure as of reporting date (A+B+C+D+D+E) (*) |
16.915.114 | 602.951.051 | - | 30.580.469 | 48.693.423 | 310.288.039 |
| Portion of maximum risk under guarantee with collaterals, etc. | - | - | - | - | - | - |
| A. Net book value of financial assets that are neither past due nor impaired |
16.915.114 | 602.951.051 | - | 30.580.469 | 48.693.423 | 310.288.039 |
| B. Carrying amount of financial assets with renegotiated terms that would otherwise be considered past due or impaired |
- | - | - | - | - | - |
| C. Net book value of assets that are past due but not impaired | - | - | - | - | - | - |
| -The part secured with collateral etc. | - | - | - | - | - | - |
| D. Net book value of impaired assets | - | - | - | - | - | - |
| -Past due (gross carrying amount) | - | 3.631.766 | - | - | - | - |
| -Impairment (-) | - | (3.631.766) | - | - | - | - |
| Portion of net value under guarantee with collaterals, etc. |
- | - | - | - | - | - |
| Not past due (gross carrying amount) | - | - | - | - | - | - |
| Impairment (-) | - | - | - | - | - | - |
| - Portion of net value under guarantee with collaterals, etc. | - | - | - | - | - | - |
| E. Off statement of financial position items with credit risk | - | - | - | - | - | - |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of December 31, 2024, the Group's exposure to credit risks by types of financial instruments is as follows:
| Trade receivables | Other Receivables | Banks | ||||
|---|---|---|---|---|---|---|
| Other Party |
Related Party |
Other Party |
Deposit | Other Party | Other Party |
|
| Maximum credit risk exposure as of reporting date (A+B+C+D+D+E) (*) |
2.495.513 | 446.389.851 | - | 10.819.879 | 136.742.184 | 672.914.834 |
| Portion of maximum risk under guarantee with collaterals, etc. | - | - | - | - | - | - |
| A. Net book value of financial assets that are neither past due nor impaired |
2.495.513 | 446.389.851 | - | 10.819.879 | 136.742.184 | 672.914.834 |
| B. Carrying amount of financial assets with renegotiated terms that would otherwise be considered past due or impaired |
- | - | - | - | - | - |
| C. Net book value of assets that are past due but not impaired | - | - | - | - | - | - |
| -The part secured with collateral etc. | - | - | - | - | - | - |
| D. Net book value of impaired assets | - | - | - | - | - | - |
| -Past due (gross carrying amount) | - | 4.639.583 | - | - | - | - |
| -Impairment (-) | - | (4.639.583) | - | - | - | - |
| Portion of net value under guarantee with collaterals, etc. |
- | - | - | - | - | - |
| Not past due (gross carrying amount) | - | - | - | - | - | - |
| Impairment (-) | - | - | - | - | - | - |
| - Portion of net value under guarantee with collaterals, etc. | - | - | - | - | - | - |
| E. Off statement of financial position items with credit risk | - | - | - | - | - | - |
(*) This field represents the sum of rows A, B, C, D and E in the table. In determining the amount in question, factors that increase credit reliability, such as guarantees received, are not taken into account.
Fluctuations in the value of financial instruments may occur as market prices change. Such fluctuations may result from price changes in securities or from factors specific to the issuer or affecting the entire market. The Group's interest rate risk is primarily related to bank borrowings.
Interest-bearing financial liabilities have variable interest rates, whereas interest-bearing financial assets have fixed interest rates and future cash flows do not vary with the size of these assets. The Group's exposure to the risk of changes in market interest rates depends primarily on the Group's floating rate debt obligations. The Group's policy is to manage interest cost by using fixed and floating rate borrowings. As of September 30, 2025 and December 31, 2024, the Group has no floating rate borrowings.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Liquidity risk is the possibility that the Group will not be able to meet its net funding obligations. Liquidity risk arises from the occurrence of events that result in a decrease in funding sources, such as market deterioration or credit rating downgrades. The Group management manages liquidity risk by allocating funding sources and maintaining sufficient cash and cash equivalents to meet its current and prospective obligations.
The tables showing the Group's liquidity risk as of September 30, 2025 are as follows:
| Totalcash outflowsin accordance with |
|||||
|---|---|---|---|---|---|
| Contractual maturities | Book Value | the contract(=I+II+III) |
Less than 3 Months (I) |
3 to 12 Months (II) |
1- 5 Years (III) |
| Non-Derivative Financial Liabilities | |||||
| Financial liabilities | 497.077.589 | 600.029.797 | 224.036.143 | 375.993.654 | - |
| 497.077.589 | 600.029.797 | 224.036.143 | 375.993.654 | - | |
| Totalcash outflowsin accordance with expected |
Less than 3 | 3 to 12 Months |
1- 5 Years |
||
| Expected maturities | Book Value | maturity(=I+II+III) | Months (I) | (II) | (III) |
| Non-Derivative Financial Liabilities | |||||
| Trade payables | 154.587.354 | 160.672.909 | 153.640.093 | 7.032.816 | - |
| Other payables | 154.211.231 | 154.211.231 | 154.211.231 | - | - |
| 308.798.585 | 314.884.140 | 307.851.324 | 7.032.816 | - | |
| Book Value | Totalcash outflowsin accordance with expected maturity(=I+II+III) |
Less than 3 Months (I) |
3 to 12 Months (II) |
1- 5 Years (III) |
|
| Derivative instruments | |||||
| Cash inflows from derivatives | - | 167.189.218 | 167.189.218 | - | - |
| Cash outflows from derivatives | 17.389.104 | (149.800.114) | (149.800.114) | - | - |
| 17.389.104 | 17.389.104 | 17.389.104 | - | - |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
The tables showing the Group's liquidity risk as of December 31, 2024 are as follows:
| Totalcash outflowsin accordance with the |
Less than 3 Months |
3 to 12 | 1- 5 Years | ||
|---|---|---|---|---|---|
| Contractual maturities | Book Value | contract(=I+II+III) | (I) | Months (II) | (III) |
| Non-Derivative Financial Liabilities | |||||
| Financial liabilities | 421.866.956 | 440.220.296 | 4.889.869 | 435.330.427 | - |
| 421.866.956 | 440.220.296 | 4.889.869 | 435.330.427 | - | |
| Totalcash outflowsin accordance with |
3 to 12 | ||||
| Expected maturities | Book Value | expected maturity(=I+II+III) |
Less than 3 Months (I) |
Months (II) |
1- 5 Years (III) |
| Non-Derivative Financial Liabilities | |||||
| Trade payables | 114.709.209 | 119.443.680 | 119.443.680 | - | - |
| Other payables | 67.327.349 | 67.327.349 | 66.684.320 | 643.029 | - |
| 182.036.558 | 186.771.029 | 166.949.207 | 643.029 | - | |
| Book Value | Totalcash outflowsin accordance with expected maturity(=I+II+III) |
Less than 3 Months (I) |
3 to 12 Months (II) |
1- 5 Years (III) |
|
| Derivative instruments | |||||
| Cash inflows from derivatives | - | 487.892.157 | 487.892.157 | - | - |
| Cash outflows from derivatives | 7.690.503 | (480.201.654) | (480.201.654) | - | - |
| 7.690.503 | 7.690.503 | 7.690.503 | - | - |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Foreign currency risk is the risk arising from the effects of movements in foreign exchange rates on assets, liabilities and off-balance sheet liabilities denominated in foreign currencies. Foreign currency transactions during the period are translated at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the end of the period. Exchange gains or losses arising on the settlement and translation of foreign currency items have been included in the statement of profit or loss.
As of September 30, 2025, assets and liabilities denominated in foreign currencies held by the Group are as follows:
| TRY equivalent functional currency |
USD | EURO | CHF | GBP | XAU | |
|---|---|---|---|---|---|---|
| 1. Trade Receivables | 281.666.738 | 6.565.573 | 187.705 | - | - | - |
| 2a. Monetary Financial Assets (including cash and bank | ||||||
| accounts) | 187.367.485 | 3.374.802 | 969.690 | 91 | - | 4 |
| 2b. Non-monetary financial assets | - | - | - | - | - | - |
| 3. Other | - | - | - | - | - | - |
| 4.Current Assets (1+2+3) | 469.034.223 | 9.940.375 | 1.157.395 | 91 | - | 4 |
| 5. Trade Receivables | - | - | - | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - | - | - |
| 6b. Non-monetary financial assets | - | - | - | - | - | - |
| 7. Other | - | - | - | - | - | - |
| 8. Fixed Assets (5+6+7) | - | - | - | - | - | - |
| 9. Total Assets (4+8) | 469.034.223 | 9.940.375 | 1.157.395 | 91 | - | 4 |
| 10. Trade Payables | 229.105.907 | 4.760.670 | 633.043 | - | 4.151 | - |
| 11. Financial Liabilities | 1.742.499 | 41.906 | - | - | - | - |
| 12a. Other monetary liabilities | 333.804.068 | 7.029.333 | 850.000 | - | - | - |
| 12b. Other non-monetary liabilities | - | - | - | - | - | - |
| 13. Short-term liabilities (10+11+12) | 564.652.474 | 11.831.909 | 1.483.043 | - | 4.151 | - |
| 14. Trade Payables | - | - | - | - | - | - |
| 15. Financial Liabilities | - | - | - | - | - | - |
| 16a. Other monetary liabilities | - | - | - | - | - | - |
| 16b. Other non-monetary liabilities | - | - | - | - | - | - |
| 17. Long-term liabilities (14+15+16) | - | - | - | - | - | - |
| 18. Total liabilities | 564.652.474 | 11.831.909 | 1.483.043 | - | 4.151 | - |
| 19. Net asset / liability position of off-balance sheet derivative instruments (19a-19b) |
166.888.466 | 4.020.750 | - | - | - | - |
| 19a. Total amount of hedged assets (*) | 166.888.466 | 4.020.750 | - | - | - | - |
| 19b. Total amount of hedged liabilities | - | - | - | - | - | - |
| 20. Net foreign currency asset/liability position (9-18+19) | 71.270.215 | 2.129.216 | (325.648) | 91 | (4.151) | 4 |
| 21. Net foreign currency asset/liability position of monetary items (IFRS 7.B23) (=1+2a+5+6a-10-11-12a |
||||||
| 14-15-16a) | (95.618.251) | (1.891.534) | (325.648) | 91 | (4.151) | 4 |
| 22. Total fair value of financial instruments used for foreign currency hedges |
- | - | - | - | - | - |
| 23. Export | 107.611.047 | 1.880.929 | 789.678 | - | - | - |
| 24. Import | 229.185.056 | 5.609.627 | 175.543 | 5.995 | 60.391 | - |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of December 31, 2024, assets and liabilities denominated in foreign currencies held by the Group are as follows:
| TRY equivalent functional currency |
USD | EURO | CHF | GBP | XAU | |
|---|---|---|---|---|---|---|
| 1. Trade Receivables | 407.860.167 | 7.251.819 | 1.887.083 | - | - | - |
| 2a. Monetary Financial Assets (including cash and bank | ||||||
| accounts) | 732.567.336 | 16.055.923 | 477.667 | 675 | - | 5 |
| 2b. Non-monetary financial assets | - | - | - | - | - | - |
| 3. Other | - | - | - | - | - | - |
| 4.Current Assets (1+2+3) | 1.140.427.503 | 23.307.742 | 2.364.750 | 675 | - | 5 |
| 5. Trade Receivables | - | - | - | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - | - | - |
| 6b. Non-monetary financial assets | - | - | - | - | - | - |
| 7. Other | - | - | - | - | - | - |
| 8. Fixed Assets (5+6+7) | - | - | - | - | - | - |
| 9. Total Assets (4+8) | 1.140.427.503 | 23.307.742 | 2.364.750 | 675 | - | 5 |
| 10. Trade Payables | 96.143.179 | 1.971.199 | 181.565 | - | 8.258 | - |
| 11. Financial Liabilities | 388.644.080 | 8.766.754 | - | - | - | - |
| 12a. Other monetary liabilities | 534.950.665 | 12.065.122 | - | - | - | - |
| 12b. Other non-monetary liabilities | - | - | - | - | - | - |
| 13. Short-term liabilities (10+11+12) | 1.019.737.924 | 22.803.075 | 181.565 | - | 8.258 | - |
| 14. Trade Payables | - | - | - | - | - | - |
| 15. Financial Liabilities | - | - | - | - | - | - |
| 16a. Other monetary liabilities | - | - | - | - | - | - |
| 16b. Other non-monetary liabilities | - | - | - | - | - | - |
| 17. Long-term liabilities (14+15+16) | - | - | - | - | - | - |
| 18. Total liabilities | 1.019.737.924 | 22.803.075 | 181.565 | - | 8.258 | - |
| 19. Net asset / liability position of off-balance sheet | ||||||
| derivative instruments (19a-19b) | 487.015.599 | 11.005.521 | - | - | - | - |
| 19a. Total amount of hedged assets (*) | 487.015.599 | 11.005.521 | - | - | - | - |
| 19b. Total amount of hedged liabilities | - | - | - | - | - | - |
| 20. Net foreign currency asset/liability position (9-18+19) | 607.705.178 | 11.510.188 | 2.183.185 | 675 | (8.258) | 5 |
| 21. Net foreign currency asset/liability position of monetary items (IFRS 7.B23) (=1+2a+5+6a-10-11-12a-14- |
||||||
| 15-16a) | 120.689.579 | 504.667 | 2.183.185 | 675 | (8.258) | 5 |
| 22. Total fair value of financial instruments used for | ||||||
| foreign currency hedges | - | - | - | - | - | - |
| 23. Export | 428.212.974 | 8.512.713 | 1.825.815 | - | - | - |
| 24. Import | 852.359.911 | 19.028.304 | 916.994 | 19.681 | 24.684 | - |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025, according to the foreign currency position in the statement of financial position As of September 30, 2025, if the Turkish Lira had appreciated/depreciated by 10% against foreign currencies with all other variables held constant, net loss would have been higher/lower by TRY 7.127.022 as a result of foreign exchange gains/losses on assets and liabilities denominated in foreign currencies for the year then ended.
| Profit / (Loss) | Equity | |||||
|---|---|---|---|---|---|---|
| Foreign currency appreciation |
Foreign currency depreciation |
Foreign currency appreciation |
Foreign currency depreciation |
|||
| In case of a 10% appreciation/depreciation of the US Dollar against TRY | ||||||
| 1-US Dollar net asset/liability | (7.939.656) | 7.939.656 | (7.939.656) | 7.939.656 | ||
| 2-US Dollar hedged portion (-) | 16.688.847 | (16.688.847) | 16.688.847 | (16.688.847) | ||
| 3-US Dollar Net effect (1+2) | 8.749.191 | (8.749.191) | 8.749.191 | (8.749.191) | ||
| In case of a 10% appreciation/depreciation of the EURO against TRY | ||||||
| 4-Euro net asset / liability | (1.600.594) | 1.600.594 | (1.600.594) | 1.600.594 | ||
| 5-Euro hedged portion (-) | - | - | - | - | ||
| 6-Euro Net effect (4+5) | (1.600.594) | 1.600.594 | (1.600.594) | 1.600.594 | ||
| In case of a 10% appreciation/depreciation of the British Pound against TRY | ||||||
| 7-GBP net asset / liability | (23.242) | 23.242 | (23.242) | 23.242 | ||
| 8-The portion hedged against GBP risk (-) | - | - | - | - | ||
| 9-GBP Net effect (7+8) | (23.242) | 23.242 | (23.242) | 23.242 | ||
| In case of a 10% appreciation/depreciation of the Swiss Franc against TRY | ||||||
| 10-Swiss Franc net assets/liabilities | 473 | (473) | 473 | (473) | ||
| 11-Swiss Franc hedged portion (-) | - | - | - | - | ||
| 12-Swiss Francs Net effect (10+11) | 473 | (473) | 473 | (473) | ||
| In case of a 10% appreciation/depreciation of the Gold against TRY | ||||||
| 13-XAU net assets/liabilities | 1.194 | (1.194) | 1.194 | (1.194) | ||
| 14-XAU hedged portion (-) | - | - | - | - | ||
| 15-XAU Net effect (13+14) | 1.194 | (1.194) | 1.194 | (1.194) | ||
| TOTAL (3+6+9+12+15) | 7.127.022 | (7.127.022) | 7.127.022 | (7.127.022) |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of December 31, 2024, according to the foreign currency position in the statement of financial position as of December 31, 2024, if the Turkish Lira had appreciated/depreciated by 10% against foreign currencies with all other variables held constant, net loss would have been higher/lower by TRY 60.770.518 as a result of foreign exchange gains/losses on assets and liabilities denominated in foreign currencies for the year then ended.
| Profit / (Loss) | Equity | |||||
|---|---|---|---|---|---|---|
| Foreign currency | Foreign currency | Foreign currency | Foreign currency | |||
| appreciation | depreciation | appreciation | depreciation | |||
| In case of a 10% appreciation/depreciation of the US Dollar against TRY | ||||||
| 1-US Dollar net asset/liability | 2.051.628 | (2.051.628) | 2.051.628 | (2.051.628) | ||
| 2-US Dollar hedged portion (-) | 48.701.560 | (48.701.560) | 48.701.560 | (48.701.560) | ||
| 3-US Dollar Net effect (1+2) | 50.753.188 | (50.753.188) | 50.753.188 | (50.753.188) | ||
| In case of a 10% appreciation/depreciation of the EURO against TRY | ||||||
| 4-Euro net asset / liability | 10.058.191 | (10.058.191) | 10.058.191 | (10.058.191) | ||
| 5-Euro hedged portion (-) | - | - | - | - | ||
| 6-Euro Net effect (4+5) | 10.058.191 | (10.058.191) | 10.058.191 | (10.058.191) | ||
| In case of a 10% appreciation/depreciation of the British Pound against TRY | ||||||
| 7-GBP net asset / liability | (46.029) | 46.029 | (46.029) | 46.029 | ||
| 8-The portion hedged against GBP risk (-) | - | - | - | - | ||
| 9-GBP Net effect (7+8) | (46.029) | 46.029 | (46.029) | 46.029 | ||
| In case of a 10% appreciation/depreciation of the Swiss Franc against TRY | ||||||
| 10-Swiss Franc net assets/liabilities | 3.298 | (3.298) | 3.298 | (3.298) | ||
| 11-Swiss Franc hedged portion (-) | - | - | - | - | ||
| 12-Swiss Francs Net effect (10+11) | 3.298 | (3.298) | 3.298 | (3.298) | ||
| In case of a 10% appreciation/depreciation of the Gold against TRY | ||||||
| 13-XAU net assets/liabilities | 1.870 | (1.870) | 1.870 | (1.870) | ||
| 14-XAU hedged portion (-) | - | - | - | - | ||
| 15-XAU Net effect (13+14) | 1.870 | (1.870) | 1.870 | (1.870) | ||
| TOTAL (3+6+9+12+15) | 60.770.518 | (60.770.518) | 60.770.518 | (60.770.518) |
As of September 30, 2025 and 2024, the Group's concentration of sales risk arises from sales from its main operations.
As of September 30, 2025 and 2024, the Group's sales and customers create a concentration risk due to the high share of certain customers in the Group's sales. Under IFRS 8 Operating Segments, if revenue from transactions with a single external customer is 10 percent or more of the entity's revenue, the entity discloses this fact, the total amount of revenue from each such customer and the segment or segments that report the revenue. An entity need not disclose the identity of its major customers, or the amount of revenue reported by each segment from that customer.
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
As of September 30, 2025 and 2024, the customers and proportions of customers that account for 10% or more of the Group's revenue are as follows:
| 01.01 30.09.2025 |
01.01 30.09.2024 |
|
|---|---|---|
| Company A | 17,16% | 14,42% |
| Company B | 13,26% | 25,76% |
| Company C | 8,78% | 7,28% |
| Company D | 0,00% | 18,87% |
The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
The Group monitors capital management using the debt to equity ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated by deducting cash and cash equivalents from total debt (which includes current and non-current liabilities as presented in the statement of financial position). Cash and cash equivalents comprise cash and cash equivalents and currency hedged deposits recognized in short-term financial investments. Total capital is calculated as equity plus net debt, as shown in the statement of financial position.
As of September 30, 2025 and December 31, 2024, net debt / total capital ratio is as follows:
| 1.556.296.153 | |
|---|---|
| 1.297.719.355 | |
| 359.790.825 | 809.713.170 |
| 1.196.505.328 | 488.006.185 |
| 2.312.040.979 | 2.313.175.676 |
| 3.508.546.307 | 2.801.181.861 |
| 17% | |
| 34% |
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
Fair value is the price at which a financial instrument could be exchanged between willing parties in a current transaction, other than in a forced sale or liquidation. The quoted market price, if any, is the price that best reflects the fair value of a financial instrument. The fair values of the Group's financial instruments have been estimated to the extent that relevant and reliable information is available from financial markets in Türkiye. The estimates presented herein do not necessarily reflect the amounts the Group could realize in a market transaction. The following methods and assumptions were used in estimating the fair values of the Group's financial instruments.
The following methods and assumptions are used to estimate the fair values of financial instruments for which it is practicable to estimate fair values:
Monetary assets whose fair value approximates their carrying amount:
Monetary liabilities whose fair value approximates their carrying amount:
The fair values of short-term borrowings and other monetary liabilities are considered to approximate their carrying values due to their short-term nature.
The Group classifies the fair value measurements of financial instruments carried at fair value in the financial statements according to the source of inputs for each class of financial instruments, using a threelevel hierarchy, as follows:
Level one: Financial assets and liabilities are valued at quoted market prices in active markets for identical assets and liabilities.
Second level: Financial assets and liabilities are valued using inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
Third level: Financial assets and liabilities are valued using inputs that are not based on observable market data used to determine the fair value of the asset or liability.
As of September 30, 2025 and December 31, 2024, the Group has not made any transfers between level two and level one and to or from level three.
As of September 30, 2025, the classes of financial instruments and their fair values are as follows:
(Amounts expressed in Turkish Lira ("TRY") in terms of the purchasing power of the TRY at 30 September 2025, unless otherwise indicated.)
| Financial liabilities measured at amortized cost |
Financial assets at fair value through profit or loss |
Book value | Note | |
|---|---|---|---|---|
| Financial assets | ||||
| Cash and cash equivalents | 359.790.825 | - | 359.790.825 | 6 |
| Trade receivables | 619.866.165 | - | 619.866.165 | 9 |
| Financial investments | - | 10.020.349 | 10.020.349 | 7 |
| Financial liabilities | ||||
| Financial liabilities | 497.077.589 | - | 497.077.589 | 8 |
| Trade payables | 154.587.354 | - | 154.587.354 | 9 |
| Derivative instruments | - | 17.389.104 | 17.389.104 | 24 |
As of December 31, 2024, the classes of financial instruments and their fair values are as follows:
| Financial liabilities measured at |
Financial assets at fair value through |
|||
|---|---|---|---|---|
| amortized cost | profit or loss | Book value | Note | |
| Financial assets | ||||
| Cash and cash equivalents | 809.713.170 | - | 809.713.170 | 6 |
| Trade receivables | 448.885.364 | - | 448.885.364 | 9 |
| Financial investments | - | 11.525.300 | 11.525.300 | 7 |
| Financial liabilities | ||||
| Financial liabilities | 421.866.956 | - | 421.866.956 | 8 |
| Trade payables | 114.709.209 | - | 114.709.209 | 9 |
| Derivative instruments | - | 7.690.503 | 7.690.503 | 24 |
The subsequent events after the financial position statement date are as follows;
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