ANATOLİA TANI VE BİYOTEKNOLOJİ ÜRÜNLERİ ARAŞTIRMA GELİŞTİRME SANAYİ VE TİCARET A.Ş.

Quarterly Report • May 9, 2025

ANATOLIA TANI VE BİYOTEKNOLOJİ ÜRÜNLERİ AR-GE SANAYİ VE TİCARET A.Ş. AND GROUP COMPANIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

CONTENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS

Contents

1.	GROUP'S ORGANIZATION AND NATURE OF OPERATIONS	8
2.	BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS	8
3.	SHARES IN OTHER BUSINESS	15
4.	CASH AND CASH EQUIVALENTS	18
5.	FINANCIAL INVESTMENTS	19
6.	TRADE RECEIVABLES AND PAYABLES	19
7.	RELATED PARTIES TRANSACTION	19
9.	INVENTORIES	20
10.	PREPAID EXPENSES AND DEFERRED INCOME	21
12.	PROPERTY, PLANT AND EQUIPMENTS	21
13.	INTANGIBLE ASSETS	22
13.	RIGHTS OF USE ASSETS	23
14.	LEASE LIABILITIES	24
15.	FINANCIAL BORROWINGS	25
16.	EMPLOYEE BENEFITS	26
18.	COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES	27
19.	PAYABLES WITHIN BENEFIT TO EMPLOYEES	28
20.	INCOME TAX	28
21.	SHARE CAPITAL AND NON-CONTROLLING INTERESTS	29
22.	EARNINGS PER SHARE	29
23.	REVENUE AND COST OF SALES	30
24.	MARKETING, SELLING AND DISTRIBUTION EXPENSES	31
25.	GENERAL ADMINISTRATIVE EXPENSES	31
26.	RESEARCH AND DEVELOPMENT EXPENSES	31
27.	OTHER OPERATING INCOME AND EXPENSES	31
28.	INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES	32
29.	FINANCIAL INCOME AND EXPENSES	32
29.	FINANCIAL INSTRUMENTS	32
31.	NATURE AND LEVEL OF RISKS ARISING FROM DERIVATIVE FINANCIAL INSTRUMENTS	33
32.	FINANCIAL INSTRUMENTS (FAIR VALUE EXPLANATION)	35
33.	EXPLANATIONS FOR NET MONETARY POSITION GAINS/(LOSSES)	36
34.	SUBSEQUENT EVENTS	36

Consolidated Statements of Financial Position for The Periods Ended 31 March 2025 and 31 December 2024 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

ASSETS	Notes	Unaudited 31 March 2025	Audited 31 December 2024
Current Assets
Cash and cash equivalents	4	171.403.557	225.655.033
Financial investments	5	17.461.643	17.925.000
Trade receivables	6	127.380.189	120.246.376
- Due from third parties		127.380.189	120.246.376
Other receivables	8	11.481.488	11.931.787
- Other receivables from third parties		11.481.488	11.931.787
Inventories	9	348.814.752	397.310.029
Prepaid expenses	10	30.070.861	16.292.271
Current tax assets		466.699	806.578
Other current assets	11	42.530.425	44.296.283
TOTAL CURRENT ASSETS		749.609.614	834.463.357
Non-current Assets
Financial investments		3.777.758	3.777.758
Other receivables	8	1.071.823	1.071.518
- Other receivables from third parties		1.071.823	1.071.518
Right use of assets	14	21.481.777	21.780.355
Tangible assets	12	674.774.911	678.580.709
Intangible assets	13	444.620.068	418.691.669
- Other intangible assets		444.620.068	418.691.669
Prepaid expenses	10	1.211.348	8.159.931
TOTAL NON-CURRENT ASSETS		1.146.937.685	1.132.061.940
TOTAL ASSETS		1.896.547.299	1.966.525.297

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated Statements of Financial Position for The Periods Ended 31 March 2025 and 31 December 2024 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

LIABILITIES	Notes	Unaudited 31 March 2025	Audited 31 December 2024
Current Liabilities
Lease liabilities	15	2.782.884	2.782.000
Short-term borrowings	16	31.509.050	1.470.149
Short-term portion of long-term borrowings	16	--	--
Trade payables	6	41.377.373	51.109.380
- Due to third parties		41.377.373	51.109.380
Employee benefit obligations	19	14.711.406	6.766.061
Other Payables	8	9.462.480	4.409.114
- Due to third parties		9.462.480	4.409.114
Deferred income	10	13.137.073	10.843.278
Period Profit Tax Liability		259.371	217.065
Provisions		8.574.880	7.822.558
- Provisions for employee benefits	17	8.574.880	7.822.558
Other short-term liabilities	11	3.988.339	10.931.943
TOTAL CURRENT LIABILITIES		125.802.856	96.351.548
Non-current liabilities
Lease liabilities	15	15.785.528	16.974.985
Deferred income		707.509	2.113.624
Long-term provisions		7.611.447	8.312.779
- Long-term provisions for employee benefits	17	7.611.447	8.312.779
Deferred tax liabilities	20	132.685.778	135.296.553
TOTAL NON-CURRENT LIABILITIES		156.790.262	162.697.941
EQUITY
Equity attributable to owners of the Company		1.613.954.181	1.707.475.808
Share capital	21	220.000.000	220.000.000
Adjustment to share capital		657.788.000	657.788.000
Share premium		843.877.516	843.877.516
Other accumulated comprehensive income and expense not to be reclassified to
profit or loss		2.009.346	2.211.543
- Gain/loss arising from defined
benefit plans		2.009.346	2.211.543
Other accumulated comprehensive income and
expense to be reclassified to profit or loss		118.097.830	106.089.943
- Currency translation reserve		118.097.830	106.089.943
Restricted reserves		250.197.586	250.197.586
Retained earnings		(372.688.780)	(131.787.637)
Profit for the period		(105.327.317)	(240.901.142)
Non-controlling interests
TOTAL SHAREHOLDER'S EQUITY		1.613.954.181	1.707.475.808
TOTAL LIABILITIES		1.896.547.299	1.966.525.297

The accompanying notes form an integral part of these consolidated financial statement.

Consolidated Statements of Financial Position and Other Comprehensive Income as of 1 January – 31 March 2025 and 2024

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Revenue 23 138.144.781 130.410.432 Cost of sales (-) 23 (47.329.714) (23.333.227) GROSS PROFIT 90.815.067 107.077.205 General administrative expenses (-) 25 (41.075.224) (47.833.611) Marketing expenses (-) 24 (50.997.033) (43.420.240) Research and development expenses (-) 26 -- -- Other income from operating activitie 27 12.877.716 18.017.190 Other expenses from operating activities (-) 27 (3.081.024) (3.322.704) OPERATING PROFIT 8.539.502 30.517.840 Other income from investing activities 28 1.588.284 9.915.601 Other income from investing activities (-) 28 -- -- OPERATING INCOME BEFORE FINANCIAL INCOME/(EXPENSE) 10.127.786 40.433.441 Finance expenses (-) 29 (1.481.792) (831.645) Finance income 29 2.474.435 18.184.238 Monetary position gain/(loss) (107.068.510) (140.724.238) PROFIT BEFORE TAX FROM CONTINUING OPERATIONS (95.948.081) (82.938.204) Tax income/(expense), continuing operations (9.379.236) (186.080) Tax expenses (45.923) (23.621) Deferred tax expense / incomes 20 (9.333.313) (162.459) NET PROFIT FOR THE PERIOD (105.327.317) (83.124.284) Attributable to: Non-controlling interests -- -- Equity holders of the parent (105.327.317) (83.124.283) Earnings per Share 22 (,4788) (,3778) OTHER COMPREHENSIVE INCOME Not to be reclassified to profit or loss (202.196) 82.672 Gain/ loss arising from defined benefit plans (262.592) 107.366 Not to be reclassified to profit or loss, tax effect 60.396 (24.694) -Deferred tax income/(expense) 60.396 (24.694) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 12.007.887 (28.880.814) Foreign Currency Translation Differences 12.007.887 (28.880.814) OTHER COMPREHENSIVE INCOME 11.805.691 (28.798.142) TOTAL COMPREHENSIVE INCOME (93.521.626) (111.922.426) Attributable to (93.521.626) (111.922.426) Non-controlling interests -- -- Equity holders of the parent (93.521.626) (111.922.426)	Notes	Unaudited 1 January 31 March 2025	Unaudited 1 January 31 March 2024

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Share Holder's Equity as of 1 January – 31 March 2025 and 2024 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

	Share capital (Note 21)	Share capital adjustments (Note 21)	Share premium/(discount) (Note 21)	Other comprehensive income not to be reclassified under profit and loss (Note 21)	Other comprehensive income to be reclassified under profit and loss (Note 21)	Restricted reserves (Note 21)	Retained earnings (Note 21)	Net income/(loss) (Note 21)	Equity holders of the parent (Note 21)	Total equity (Note 21)
Balance at January 1, 2024	220.000.000	657.788.000	843.877.516	1.849.685	86.019.052	250.197.585	85.391.549	(217.179.187)	1.927.944.200	1.927.944.200
Transfers	--	--	--	--	--	--	(217.179.187)	217.179.187	--	--
Total comprehensive
income	--	--	--	82.672	(28.880.814)	--	--	(83.124.283)	(111.922.425)	(111.922.425)
As of March 31, 2024	220.000.000	657.788.000	843.877.516	1.932.357	57.138.239	250.197.585	(131.787.637)	(83.124.283)	1.816.021.777	1.816.021.777
Balance at January 1, 2025	220.000.000	657.788.000	843.877.516	2.211.542	106.089.943	250.197.586	(131.787.638)	(240.901.142)	1.707.475.808	1.707.475.808
Transfers	--	--	--	--	--	--	(240.901.142)	240.901.142	--	--
Total comprehensive
Income	--	--	--	(202.197)	12.007.887	--	--	(105.327.317)	(93.521.627)	(93.521.627)
As of March 31 , 2025	220.000.000	657.788.000	843.877.516	2.009.346	118.097.830	250.197.586	(372.688.780)	(105.327.317)	1.613.954.181	1.613.954.181

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flows For The Periods Ended at 1 January – 31 March 2025 and 2024 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

		Unaudited	Unaudited
		1 January	1 January
	Notes	31 March 2025	31 March 2024
A. Cash flow from Operating activities
Income for the period		(105.327.317)	(83.124.283)
Adjustments to reconcile net profit (loss) for the period to cash flows from operating activities
Adjustments Related to Depreciation and Amortization Expenses	12,13,14	24.124.693	21.909.442
Corrections Regarding Provisions		115.035	155.236
Provision for employment termination benefit	17	6.560.130	2.552.149
Provision for unused vacation	17	(48.420)	(529.646)
Adjustments for Interest (Income) and Expenses		(27.429)	(659.792)
Provision for impairment of inventories	9	(3.540.255)	11.145.955
Adjustments related to unrealized foreign currency translation differences		41.811.912	(48.061.603)
Adjustments for Fair Value Losses (Gains)		(1.588.284)	--
Adjustments Related to Tax (Income) Expense		9.379.236	186.080
Adjustments Related to Losses (Gains) on Disposal of Non-Current Assets Monetary (Gain) / Loss		-- (7.846.972)	-- 20.151.895
Changes in working capital		(36.387.671)	(76.274.567)
Adjustments for Decrease (Increase) in Financial Investments		463.357	--
Adjustments for Decrease (Increase) in Trade Receivables		(7.133.813)	(893.946)
Adjustments for Decrease (Increase) in Other Receivables Related to Operations		449.994	6.150.924
Adjustments for Decrease (Increase) in Inventories		48.495.277	20.557.042
Decrease (Increase) in Prepaid Expenses		(6.830.008)	(40.862)
Adjustments related to increase (decrease) in trade payables		(9.732.007)	43.611.847
Increase (Decrease) in Employee Benefit Payables		7.945.345	12.911.958
Adjustments Related to Increase (Decrease) in Other Payables Related to Operations		5.053.366	12.138.937
Change in other current and fixed assets		(5.177.744)	(9.191.663)
Increase (Decrease) in Deferred Income		887.679	(3.686.940)
Total Adjustments		(1.966.225)	5.282.730
Cash Flows from Operating Activities
Payments made within the scope of provisions for employee benefits Tax Refunds (Payments)	18	(1.966.225)	5.282.730
Total		(272.286)	(1.486.218)
B. Cash flows used in investing activities
Cash inflows from sale of property, plant and equipment and intangible assets		3.765.132	20.260.466
Cash outflows from the acquisition of property, plant and equipment and intangible assets	12,13,14	(20.754.443)	(93.227.914)
Total		(16.989.311)	(72.967.448)
C. Cash flows from financing activities
Cash inflows and (outflows) related to debt payments, net		30.038.901	(62.705)
Cash outflows related to debt payments arising from finance lease agreements		(1.971.524)	(2.301.899)
Dividends Paid		--	--
Interests paid		(858.630)	(583.215)
Interest received		27.429	1.243.009
Total		27.236.176	(1.704.810)
Net (decrease) / increase in cash and cash equivalents (A+B+C)		8.008.354	(73.241.683)
D. Inflation Effect on Cash		(62.259.830)	(62.770.646)
Net increase (decrease) in cash and cash equivalents (A+B+C+D)		(230.613.058)	(326.053.653)
E. Cash and Cash Equivalents at the Beginning of the Period	4	225.655.033	479.474.145
Cash and cash equivalents at the end of the period (A+B+C+D)	4	171.403.557	343.461.816

The accompanying notes form an integral part of these consolidated financial statements.

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless

otherwise indicated)

1. GROUP'S ORGANIZATION AND NATURE OF OPERATIONS

The main field of Anatolia Tanı ve Biyoteknoloji Ürünleri Araştırma Sanayi ve Ticaret A.Ş ("Company" or "Anatolia") and its subsidiaries (collectively "The Group"), is producing kits, installation of robots, developing software and designing of devices for research of real-time PCR and such as DNA sequencing and DNA/RNA Isolation techniques.

Exporting its developed products to more than 50 countries in Europe, Asia, Africa and America, the Group is the first and only Turkish manufacturer company invited by the World Health Organization to determine new global test reference standards on four different viruses ("WHO Collaborative Study").

As of the 31 March 2025 the total number of employees of the Group is 246.

The company is registered with the Capital Markets Board ("CMB") and its shares are traded on Borsa Istanbul A.Ş. ("BIST") as of 2021. As of 31 March 2025, the Company has 35,40% of shares registered in BIST (Note 21).

The final control of the Group belongs to Elif Akyüz and Alper Akyüz.

The company is registered in Turkey, its registered address and R&D Departments are as follows: Hasanpaşa Mh. Beydağı Sk. No:1-9H, Sultanbeyli, İstanbul, Turkey. The Group has a free zone branch at Aydınlı SB Mahallesi, Matraş Caddesi, No:18/Z02, Tuzla / Istanbul.

The Group carries out production in its head office and free zone branches.

Subsidiaries

As of 31 March 2025, the subsidiaries subject to the consolidated financial statements, the countries in which they operate, and their fields of activity are as follows:

Subsidiaries	Country	Main Activity
		Trading of test kits, devices and software in the field of molecular
Alpha IVD SRL ("Alpha")	Italy	biology
		Trading of test kits, devices and software in the field of molecular
Euronano Diagnostics (Private) Limited ("Euronano")	Pakistan	biology
		Establishing or acquiring companies and businesses in the field of
RhineGene B.V. ("RhineGene") () (*)	Holland	molecular biology
		Trading of test kits, devices and software in the field of molecular
RhineGene Philippines ("RhineGene PH") (**)	Philippines	biology
		Trading of test kits, devices and software in the field of molecular
RhineGene Bulgaria ("RhineGene BG") (***)	Bulgaria	biology
		Trading of test kits, devices and software in the field of molecular
RhineGene Poland("RhineGene PL") (****)	Poland	biology
		Trading of test kits, devices and software in the field of molecular
RhineGene Germany ("RhineGene GE") (**)	Germany	biology

Alpha and Euronano were founded by Anatolia, Elif Akyüz and Alper Akyüz in 2017 and 2018, respectively.

(*) Within the scope of its growth strategy in international markets, the company established and registered its RhineGene B.V subsidiary, located in the Netherlands, with a capital of 2,000,000 Euros, in which it fully participates, on 09.02.2022.

(**) 200,000 of which RhineGene B.V, which is a 100% subsidiary of the Company, has fully participated in on 10.05.2022. -USD capital, RhineGene Philippines Inc. was established.

(**) RhineGene B, which is a 100% subsidiary of the Company, has been decided to increase its capital to EUR 8,000,000 on 03.01.2024.

(***) RhineGene Bulgaria was established on 26.07.2022, in which RhineGene B.V, a 100% subsidiary of the Company, fully participated.

(***) It was decided to increase the capital of RhineGene Bulgaria, a 100% subsidiary of the Company, to 5,868,000 Leva on 03.09.2024.

(****) RhineGene Poland was established on 27.09.2022, in which RhineGene B.V, a 100% subsidiary of the Company, fully participated.

(*****) RhineGene Germany was established on 03.11.2023, in which RhineGene B.V, a 100% subsidiary of the Company, fully participated.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

2.1. Basis of presentation

Accounting policies

The accompanying consolidated financial statements are prepared in accordance with the announcement of the Capital Markets Board ("CMB") "Communiqué on Principles Regarding Financial Reporting in the Capital Markets" ("Communiqué") No. II-14.1 published in the Official Gazette dated 13.06.2013 and numbered 28676 and Turkish Financial Reporting Standards (''TFRS'') published by Public Oversight Accounting and Auditing Standards Board ("POA"). TASs; Turkish Accounting Standards, includes Turkish Financial Reporting Standards ("TFRS") and related annexes and comments. Consolidated financial statements are presented in accordance with the "TFRS Taxonomy" published by POA dated on 4 October 2023 and Financial Statement Examples and User Guide published by CMB.

Approval of consolidated financial statements

Consolidated financial statements as of 1 January – 31 March 2025 have been approved by the Board of Directors and authorized for publication on 09 May 2025. The General Assembly of the Company and the relevant regulatory authorities have the right to request the amendment of the consolidated financial statements after the publication of the consolidated financial statements.

Financial reporting in hyperinflationary economy

With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2023. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.

According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of March 31, 2025, on the purchasing power basis as of December 31, 2024. Pursuant to the decision of the Capital Markets Board (SPK) dated December 28, 2023 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of IAS 29 starting from their annual financial reports for the periods ending on September, 2024.

8

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TÜİK). As of December 31, 2024, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:

Year End	lndeks	Conversion Factor	Three Year Inflation Rate
31 March 2025	2.954,69	1,0000	%250
31 December 2024	2.684,55	1,10063	%291
31 March 2024	2.139,47	1,38104	%309

The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows: - Current period consolidated financial statements prepared in TRY are expressed in terms of the purchasing power at the balance sheet date, and amounts from previous reporting periods are also adjusted and expressed in terms of the purchasing power at the end of the reporting period.

• Monetary assets and liabilities are not adjusted as they are already expressed in terms of the current purchasing power at the balance sheet date. In cases where the inflation-adjusted values of non-monetary items exceed their recoverable amount or net realizable value, the provisions of IAS 36 "Impairment of Assets" and IAS 2 "Inventories" are applied, respectively.

• Non-monetary assets and liabilities and equity items that are not expressed in terms of the current purchasing power at the balance sheet date have been adjusted using the relevant adjustment coefficients.

• All items in the comprehensive income statement, except for those that have an impact on the comprehensive income statement of non-monetary items on the balance sheet, have been indexed using the coefficients calculated for the periods when the income and expense accounts were first reflected in the financial statements.

• The impact of inflation on the Group's net monetary asset position in the current period is recorded in the net monetary gain/(loss) account in the consolidated income statement.

Comparative Information and Correction of Prior Financial Statements

The current period consolidated financial statements of the Group are prepared comparatively with the previous period in order to enable the determination of the financial position and performance trends. Comparative information is reclassified when deemed necessary in order to comply with the presentation of the current period consolidated financial statements.

Functional and presentation currency

The Group prepares and maintains its legal books and prepares its statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), accounting principles set forth by tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The valid currency of the Group is Turkish Lira ("TL"). These consolidated financial statements are presented in TL, which is the valid currency of the Group.

Financial statements of subsidiaries operating in countries other than Turkey

Subsidiaries in foreign country assets and liabilities are translated into TRY from the foreign exchange rate at the reporting date and income and expenses are translated into TRY at the average foreign exchange rate. The retranslation of net assets at the beginning of the period and the exchange differences which resulting from the using of average exchange rates are followed on differences of foreign currency translation account within shareholders' equity.

Netting/Offsetting

Financial assets and liabilities are shown in net, if the required legal right already exists, there is an intention to pay the assets and liabilities on a net basis, or if there is an intention to realize the assets and the fulfilment of the liabilities simultaneously.

2.1. Changes in Accounting Policies

Significant changes in accounting policies are applied retrospectively and prior period consolidated financial statements are restated.

If changes in accounting estimates are related to only one period, they are recognized in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.

There was no significant change in accounting estimates of the Group in the current year. The detected significant accounting errors are applied retrospectively, and prior period consolidated financial statements are restated.

2.3. Going concern

The consolidated financial statements prepared on a going concern basis, with the assumption that the Group will benefit from its assets and fulfil its obligations in the next year and in the natural course of its activities.

2.4. New and Amended Turkish Financial Reporting Standards

As at 31 March 2025, the accounting policies adopted in preparation of the condensed consolidated interim financial statements for the year ended 31 March 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRIC interpretations effective as of 1 January 2024.

The effects of these standards and interpretations on the financial position and performance of the Groupare disclosed in the related paragraphs.

a) Amendments and interpretations effective from 2024

TAS 1 (Amendments) Classification of Liabilities as Current or Non-Current

IFRS 16 (Amendments) Lease Liability in a Sale and Leaseback Transaction

TAS 1 (Amendments) Long-term liabilities with loan contract terms

TAS 7 and TFRS 7 (Amendments) Supplier Financing Arrangements

TSRS 1 General requirements for disclosure of sustainability-related financial information

TSRS 2 Climate Related Disclosures

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless

otherwise indicated) TAS 1 (Amendments) Classification of Liabilities as Current or Non-Current

The purpose of these amendments is to ensure consistent application of the requirements of the standard by assisting entities in making decisions about whether debt and other liabilities in the statement of financial position that have no fixed maturity should be classified as current (expected to be settled within one year) or non-current.

These amendments to IAS 1 will be effective for annual periods beginning on or after 1 January 2024, with earlier application permitted.

The Group is in the process of assessing the potential impact of the standard, amendments and improvements on the consolidated financial position and performance of the Group / the Company.

IFRS 16 (Amendments) Lease Liability in a Sale and Leaseback Transaction

These amendments to TFRS 16 clarify how a seller-lessee subsequently measures sale and leaseback transactions that meet the requirements in TFRS 15 to be recognised as sales.

These amendments to TFRS 16 are effective for annual periods beginning on or after 1 January 2024, with earlier application permitted.

The Group is in the process of assessing the potential impact of these standards, amendments and improvements on the consolidated financial position and performance of the Group

The amendments to TAS 1 clarify how conditions that an entity must meet within twelve months of the reporting period affect the classification of a liability.

The amendments to TAS 1 are effective for annual periods beginning on or after 1 January 2024, with earlier application permitted.

The Group is in the process of assessing the potential impact of these standards, amendments and improvements on the consolidated financial position and performance of the Group

TAS 7 and TFRS 7 (Amendments) Supplier Financing Arrangements

The amendments to TAS 7 and TFRS 7 add guidance that requires entities to provide qualitative and quantitative information about supplier financing arrangements and disclosure requirements to existing disclosure requirements. The amendments are effective for annual periods beginning on or after 1 January 2024.

The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group

TSRS 1 General requirements for disclosure of sustainability-related financial information

TSRS 1 sets out general requirements for sustainability-related financial disclosures, requiring an entity to disclose information about sustainability-related risks and opportunities that is useful for primary users of general purpose financial reports to make decisions about funding the entity. The application of this standard is mandatory for annual reporting periods beginning on or after 1 January 2024 for entities that meet the relevant criteria in the POA's announcement dated 5 January 2024 and numbered 2024-5 and for banks regardless of the criteria. Other entities may voluntarily report in accordance with TSRS.

The Group is in the process of assessing the impact of the amendment on the financial position and performance of the Group

TSRS 2 Climate Related Disclosures

TSRS 2 sets out the requirements for identifying, measuring and disclosing climate-related risks and opportunities that are useful to primary users of general purpose financial reports in making decisions about funding the entity. The application of this standard is mandatory for annual reporting periods beginning on or after 1 January 2024 for entities that meet the relevant criteria in the POA's announcement dated 5 January 2024 and numbered 2024-5 and for banks regardless of the criteria. Other entities may report in accordance with TSRS on a voluntary basis.

b) Standards, amendments and interpretations to existing standards that are not yet effective

The Group has not yet adopted the following standards, amendments and interpretations to existing standards that are not yet effective

TFRS 17 Insurance Contracts

TFRS 17 (Amendments) Insurance Contracts and First-time Adoption of TFRS 17 and TFRS 9 - Comparative Information

TAS 21 (Amendments) Lack of Exchangeability

TFRS 17 - Insurance Contracts

IFRS 17 requires insurance liabilities to be measured at a current settlement value and provides a more uniform 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 for insurance, reinsurance and pension companies for a further year and will replace TFRS 4 Insurance Contracts as at 1 January 2025.

The Group is in the process of assessing the potential impact of the standards, amendments and improvements on the consolidated financial position and performance of the Group

TFRS 17 (Amendments) Insurance Contracts and First-time Adoption of TFRS 17 and TFRS 9 - Comparative Information

Amendments have been made to TFRS 17 to reduce implementation costs and facilitate disclosure of results and transition.

In addition, the amendment on comparative information permits entities that are first-time adopters of TFRS 7 and TFRS 9 to present comparative information about a financial asset as if the classification and measurement requirements of TFRS 9 had previously been applied to that financial asset.

The Group is in the process of assessing the potential impact of the standards, amendments and improvements on the consolidated financial position and performance of the Group

TAS 21 (Amendments) Lack of Exchangeability

These amendments provide guidance on when a currency is exchangeable and how exchange rates should be determined when it is not. The amendments are effective for annual reporting periods beginning on or after January 1, 2025.

The Group is in the process of assessing the potential impact of the standards, amendments and improvements on the consolidated financial position and performance of the Group

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless

otherwise indicated) 2.6. Summary of significant accounting policies

Significant accounting policies applied in the preparation of these consolidated financial statements are summarized below:

Consolidation Principles

Full Consolidation:

Consolidated financial statements include the financial statements of the subsidiary managed by the Group in Note 1.

As of 31 March 2025 and 31 December 2024, the subsidiaries consolidated within the Parent Company have been consolidated using the "full consolidation method" since the control power belongs to the Group.

The applied principles of consolidation as below:

• (i) The balance sheets and income statements of the subsidiaries are consolidated one by one for each item and the carried net book value of the investment, which is owned by the Parent Company, is eliminated with the related equity items. The intra-group transactions, the remaining profit margins balances in the balance sheets which between the Parent Company and its subsidiaries, are eliminated.
• (ii) Operating results of subsidiaries are included in the consolidation effective from the date on which the said company controls are transferred to the Parent Company.
• (iii) Non-controlling interests in net assets and operating results of subsidiaries are presented separately as non-controlling interests in the consolidated balance sheet and consolidated income statement.

The following table shows the subsidiaries, total shares of owned and effective partnership ratios as of 31 March 2025 and 31 December 2024:

Subsidiaries	31 March 2025	31 December 2024
Alpha IVD SRL ("Alpha") (*)	100,00%	100,00%
Euronano Diagnostics (Private) Limited ("Euronano")	99,99%	99,99%
RhineGene B.V. ("RhineGene")	100%	100%
RhineGene Philippines ("RhineGene PH")	100%	100%
RhineGene Bulgaria ("RhineGene BG")	100%	100%
RhineGene Poland ("RhineGene PL")	100%	100%
RhineGene Germany ("RhineGene GE")	100%	100%

(*) Although the ownership rate of the company is 50% or less, control power can be obtained with the remaining votes belonging to Elif Akyüz and Alper Akyüz, who are also the controlling shareholders of Anatolia. Elif Akyüz and Alper Akyüz declared that they will use their voting rights in line with Anatolia.

The company take over 100% of the company by paying 66,501,299 TL for the remaining 76.67% of Alpha shares. The transfer and delivery procedures were completed on May 25, 2023. This take over is considered as a "business combination under common control" and the difference between Alpha's net equity at the acquisition date and the purchase price is classified under "Share Premiums" under equity. (**) (Footnote 1)

Related Parties

To the accompanying consolidated financial statements, key personnel in management and board of directors, their family and controlled or dependent companies, participations and subsidiaries of the Group is referred to as related parties.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less (Note 5). To consolidated statements of cash flows, cash and cash equivalents includes cash and cash equivalents with original maturities less than three months, excluding the interest accruals. If any provision provided to the cash and cash equivalents because of a specific event, Group measures expected credit loss from these cash and cash equivalents by the life-time expected credit loss. The calculation of expected credit loss is performed based on the experience of the Group and its expectations for the future indications.

Trade Receivables and Allowance for Doubtful Receivables

Trade receivables that are created by the Group by way of providing goods or services in the ordinary course of business directly to a debtor are recognized initially at fair value and subsequently measured at amortized cost, using the effective interest rate method, less provision for impairment. Short-term trade receivables with no specific interest rates are measured at original invoice amount ifthe effect of interest accrual is unsignificant.

Impairment

IAS 39, "Financial Instruments" valid before 1 January 2018: Instead of "realised credit losses model" in Accounting and Measurement Standard, "expected credit loss model" was defined in IFRS 9 "Financial Instruments" Standard. Expected credit loss is estimated by weighting credit losses, expected to occur throughout the expected life of financial instruments, based on previous statistics. When calculating the expected credit losses, credit losses in the previous years and forecasts of the Group are considered.

Trade Payables

Trade payables are stated at their nominal value, discounted to present value as appropriate.

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is calculated using the weighted average method. Costs comprise direct materials, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realizable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing, selling and distributed.

Property, plant and equipment and related depreciation

Property, plant, and equipment are carried at acquisition cost, less any accumulated depreciation and any impairment loss Land is not depreciated as it is deemed to have an indefinite useful life.

Depreciation is provided on the restated amounts of property, plant and equipment on a pro-rata basis. Profit and loss arising out of the sale of property, plant and equipment are included in the other income and expense accounts. Repair and maintenance expenditure related to property, plant and equipment is expensed as incurred.

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Cost amounts of property, plant and equipment, other than the lands and construction in progress are subject to depreciation by using systematic pro-rata basis using the straight-line method in accordance with their expected useful life.

The depreciation and amortization periods for property, plant and equipment, which approximate the economic useful lives of such assets, are as follows:

	Year
Buildings	50
Machinery and Equipment	4-14
Motor vehicles	5-10
Furniture and Fixtures	4-10
Leasehold improvements	10-20

Intangible assets and related amortization

An intangible asset is recognized if it meets the identifiability criterion of intangibles, control exists over the asset; it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the costs can be measured reliably. Intangible assets are carried at cost less accumulated amortization and impairment. Amortization of intangible assets is allocated on a systematic pro-rata basis using the straight-line method Intangible assets including acquired rights, information systems and computer software are amortized using the straight-line.

Costs incurred on development projects relating to the design and testing of new or improved products are recognized as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other research and development expenditures are recognized as an expense as incurred. Development expenditures previously recognized as an expense cannot be recognized as an asset in a subsequent period.

The useful lives of intangible assets are as follows:

	Year
Rights Research and development costs Other intangible asset	3-5 5 5-10

Impairment of assets

The carrying values of all tangible or intangible fixed assets, other than goodwill which is reviewed for impairment at least annually, are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the income statement for items carried at cost and treated as a revaluation decrease for items carried at revalued amount to the extent that impairment loss does not exceed the amount held in the revaluation surplus. The recoverable amount of property, plant and equipment is the greater of net selling price and value in use.

Financial assets

The Group performs the classification process regarding its financial assets during the acquisition of the related assets and reviews them regularly.

Classification

The Group classifies its financial assets in three categories of financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income and financial assets measured at fair value through profit of loss. The classification of financial assets is determined considering the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The appropriate classification of financial assets is determined at the time of the purchase.

Financial assets are not reclassified after initial recognition except when the Group's business model for managing financial assets changes; in the case of a business model change, after the amendment, the financial assets are reclassified on the first day of the following reporting period.

Recognition and Measurement

a) Financial assets measured at amortized cost

Financial assets measured at amortized cost, are non-derivative assets that are held within a business model whose objective is to hold assets to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group's financial assets measured at amortized cost comprise "cash and cash equivalents", "trade receivables", "other receivables" and "financial investments". Financial assets carried at amortized cost are measured at their fair value at initial recognition and by effective interest rate method at subsequent measurements. Gains and losses on valuation of non-derivative financial assets measured at amortized cost are accounted for under the statement of income.

Financial assets measured at fair value

i. Financial assets measured at fair value through other comprehensive income

Financial assets measured at fair value through other comprehensive income, are non-derivative assets that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Gains or losses on a financial asset measured at fair value through other comprehensive income is recognized in other comprehensive income, except for impairment gains or losses and foreign exchange gains and losses until the financial asset is derecognized or reclassified. When the financial asset is derecognized the cumulative gain or loss previously recognized in other comprehensive income is reclassified to retained earnings.

In case of sale of assets, valuation differences classified to other comprehensive income are reclassified to retained earnings.

Group make a choice for the equity instruments during the initial recognition and elect profit or loss or other comprehensive income for the presentation of fair value gain and loss. If the said preference is made, dividends from related investments are recognized in the income statement.

ii. Financial assets measured at fair value through profit or loss

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Financial assets measured at fair value through profit or loss, are assets that are not measured at amortized cost or at fair value through other comprehensive income. Gains and losses on valuation of these financial assets are accounted for under the statement of income.

Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expires, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset were transferred. Any interest in such transferred financial assets that was created or retained by the Company is recognized as a separate asset or liability.

Impairment

Impairment of the financial and contractual assets is measured by using "Expected credit loss model" (ECL). The impairment model applies for amortized financial and contractual assets.

Provisions for losses are measured as below.

• Impairment of the financial and contractual assets is measured by using "Expected credit loss model" (ECL). The impairment model applies for amortized financial and contractual assets.

Provisions for losses are measured as below.

• 12- Month ECL: results from default events that are possible within 12 months after reporting date.

• Lifetime ECL: results from all possible default events over the expected life of financial instrument.

Lifetime ECL measurement applies if the credit risk of a financial asset at the reporting date has increased significantly since 12-month ECL measurement if it has not.

The Group may determine that the credit risk of a financial asset has not increased significantly if the asset has low credit risk at the reporting date. However, lifetime ECL measurement (simplified approach) always apply for trade receivables and contract assets without a significant financing.

Financial liabilities

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Financial liabilities are classified as either financial liabilities at fair value through profit and loss or other financial liabilities.

a) Financial liabilities at fair value through profit and loss

Financial liabilities are classified as at FVTPL where the financial liability is either held for trading or it is designated as at FVTPL. Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability.

b) Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected fife of the financial liability, or, where appropriate, a shorter period.

Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a considerable time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets is substantially ready for their intended use or sale. Investment income earned by the temporary investment of the part of the borrowing not yet used is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

Taxation and Deferred Income Taxes

Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax: The tax currently payable is based on taxable profit for the year.

Deferred tax: Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Employee Benefits / Retirement Pay Provision

Under the Turkish law and union agreements, severance payments are made to employees retiring or involuntarily leaving the Group. Such payments are considered as being part of defined retirement benefit plan as per International Accounting Standard No: 19 "Employee Benefits" ("IAS 19"). The retirement benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses.

Operating Expenses

Operating expenses are recognized in profit or loss upon utilization of the service or at the date of their origin. Expenditure for warranties is recognized and charged against the associated provision when the related revenue is recognized.

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Revenue Recognition

Group recognizes revenue when the goods or services is transferred to the customer and when performance obligation is fulfilled. Goods are counted to be transferred when the control belongs to the customer.

Group recognizes revenue based on the following main principles:

• (a) Identification of customer contracts
• (b) Identification of performance obligations,
• (c) Determination of transaction price in the contract,
• (d) Allocation of price to performance obligations,
• (e) Recognition of revenue when the performance obligations are fulfilled.
• Group recognizes revenue from its customers only when all the following criteria are met:
  • (a) The parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations,
  • (b) Group can identify each party's rights regarding the goods or services to be transferred,
  • (c) Group can identify the payment terms for the goods or services to be transferred.
  • (d) The contract has commercial substance,

It is probable that Group will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, an entity shall consider only the customer's ability and intention to pay that amount of consideration when it is due. Equipment rental revenue

Rent income from operational rental transactions is accounted if it is measured reliably based on straight-line method during relevant rental agreement and if it is possible that an economic benefit related to transaction is achieved by the Group.

Provisions

Provisions are recognized when, and only when the Group has a present obligation because of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are recognized by the amortized amount as of balance sheet date in case that the monetary loss is material. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

Commitments and Contingencies

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 remote. Accordingly, contingent losses are recognized in the financial statements 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.

Transactions in foreign currency

Transactions in foreign currencies during the periods have been translated at the exchange rates prevailing at the dates of these transactions. Balance sheet items denominated in foreign currencies have been translated at the exchange rates prevailing at the balance sheet dates. The foreign exchange gains and losses are recognized in the income statement.

The periods-end rates used for USD, EURO and PKR are shown below:

	31 March 2025	31 December 2024
US Dollars	37,76 TRY	35,22 TRY
Euro	40,70 TRY	36,74 TRY
PKR	0,13 TRY	0,12 TRY
PLN (Zloti)	0,11 TRY	0,11 TRY
LEVA	9,75 TRY	8,68 TRY
PHP	1,64TRY	1,64TRY

Earnings per share

Earnings per share presented in the consolidated statements of profit or loss are determined by dividing consolidated net income attributable to that class of shares by the weighted average number of such shares outstanding during the year concerned. In Turkey, companies can increase their share capital by making a pro-rata distribution of shares ("bonus shares") to existing shareholders from retained earnings or inflation adjustments. To earnings per share computations, the weighted average number of shares outstanding during the year has been adjusted in respect of bonus shares issued without a corresponding change in resources by giving them retroactive effect for the year in which they were issued and for each earlier period.

Government incentives and grants

Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the group will comply with all the attached conditions. Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets.

Cash Flow statement

Cash and cash equivalents comprise of cash in hand, bank deposits and short-term investments, which can easily be converted into cash for a known amount, has high liquidity with maturities of 3 months or less.

EBITDA

EBITDA is defined as earnings before interest expense, income tax expense (benefit), depreciation and amortization. This information should be read with the statements of cash flows contained in the accompanying financial statements (note 3).

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Provisions for doubtful trade receivables: The provision for doubtful receivables reflects the amounts that the management believes will cover the future losses of the receivables that exist as of the reporting date but have the risk of being uncollectible within the current economic conditions. While evaluating whether the receivables are impaired or not, the past performance of the debtors, their credibility in the market, their performance from the date of the consolidated financial statements until the approval date of the consolidated financial statements and the renegotiated conditions are also taken into. In addition, the "simplified approach" defined in TFRS 9 has been preferred within the scope of the impairment calculations of trade receivables that are accounted at amortized cost in the consolidated financial statements and that do not contain a significant financing component (with a maturity of less than one year). With this approach, the Group measures the provision for impairment on trade receivables at an amount equal to "lifetime expected credit losses", unless the trade receivables are impaired for certain reasons (excluding realized impairment losses).

Provision for employee benefit: Employment termination benefits pay liability is determined by actuarial calculations based on some assumptions including discount rates, future salary increases and employee turnover rates. Since these plans are long term, these assumptions contain significant uncertainties.

Lawsuit provisions: The probability of loss of ongoing lawsuits and the consequences that will be endured if they are lost are evaluated in line with the opinions of the Group's legal advisors. The Group management makes its best estimates using the data in hand and estimates the provision it deems necessary.

Deferred tax: The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between their statement of financial position accounts prepared in accordance with TAS/TFRS promulgated by POA Financial Reporting Standards and their statutory financial statements. These temporary differences usually result from the recognition of revenue and expenses in different reporting periods for TAS/TFRS and Tax Laws.

Impairment of Inventory: When calculating, data on the list prices of inventories after discounting are used. In cases where the projected net realizable value is below the cost value, an inventory impairment provision is made.

3. SHARES IN OTHER BUSINESS

The details of the Group's shares in other businesses for the periods are as follows:

	31 March 2025 Alpha IVD S.p.A (Italy)	31 December 2024 Alpha IVD S.p.A (Italy)
	Solo	Solo
Current assets	69.868.134	76.978.070
Non-current assets	7.243.961	60.997.954
Total assets	77.112.095	137.976.024
Current liabilities	10.784.206	9.343.092
Non-current liabilities	2.177.511	2.174.809
Total debts	12.961.717	11.517.901
Net assets	64.150.378	126.458.122

Profit Loss for the period:
Revenue	9.293.483	46.843.196
Profit / (Loss) for the period	(10.904.116)	(47.962.837)
Profit Loss for the period:	(10.904.116)	(47.962.837)

Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

	Euronano (Pakistan) Solo	Euronano (Pakistan) Solo
xxx Current assets	36.556.620	44.229.008
Non-current assets	7.243.961	7.832.844
Total assets	43.800.581	52.061.851
Current liabilities	107.944.208	115.376.219
	487.458	--
Total debts Net assets	108.431.666 (64.631.085)	115.376.219 (63.314.368)
Profit Loss for the period: Revenue	3.612.381	11.955.985
Profit / (Loss) for the period	195.145	(1.293.819)
Profit Loss for the period:	195.145	(1.293.819)
	31 March 2025	31 December 2024 RhineGene B.V. (The
	RhineGene B.V. (The Netherlands) Solo	Netherlands) Solo
xxx Current assets Non-current assets	77.845.963 109.349.640	78.362.954 122.715.015
Total assets	187.195.603	201.077.970
Current liabilities	674.079	277.171
Total debts	674.079	277.171
Net assets	186.521.524	200.800.798
Profit Loss for the period:
Revenue Profit / (Loss) for the period	-- (1.643.073)	-- (2.234.396)
Profit Loss for the period:	(1.643.073)	(2.234.396)

Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

	31 March 2025	31 December 2024
	RhineGene	RhineGene
	Philippines	Philippines
	Solo	Solo
xxx
Current assets	1.446.948	1.523.449
Non-current assets	4.990.115	4.598.404
Total assets	6.437.063	6.121.853
Current liabilities	18.636.108	17.573.382
Total debts	18.636.108	17.573.382
Net assets	(12.199.045)	(11.451.529)
Profit Loss for the period:
Revenue	--	--
Profit / (Loss) for the period	(868.617)	(2.842.058)
Profit Loss for the period:	(868.617)	(2.842.058)
	31 March 2025	31 December 2024
	RhineGene	RhineGene
	Bulgaria	Bulgaria
	Solo	Solo
Current assets	102.971.838	110.919.715
Non-current assets	5.195.350	1.336.382
Total assets	108.167.188	112.256.097
Current liabilities	757.919	5.500.409
Total debts	757.919	5.500.409
Net assets	107.409.269	106.755.689
Profit Loss for the period:
Revenue Profit / (Loss) for the period	2.223.429 (429.083)	6.334.999 (5.004.452)
Profit Loss for the period:	(429.083)	(5.004.452)
	31 March 2025	31 December 2024
	RhineGene	RhineGene
	Poland	Poland
	Solo	Solo
Current assets	41.861.035	34.609.450
Non-current assets	--	1.682.684
Total assets	41.861.035	36.292.134
Current liabilities	47.891.270	37.795.136
Total debts	47.891.270	37.795.136
Net assets	(6.030.235)	(1.503.002)
Profit Loss for the period:
Revenue	8.219.551	21.536.814
Profit / (Loss) for the period	(1.891.146)	(6.184.897)
Profit Loss for the period:	(1.891.146)	(6.184.897)

31 March 2025	31 December 2024
RhineGene	RhineGene
Germany	Germany
Solo	Solo
	3.435.642
--	2.076.364
2.579.886	5.512.006
	10.207.400
	--
	10.207.400
(17.044.251)	(4.695.394)
199.110	6.692.857
(1.454.152)	(9.062.201)
(1.454.152)	(9.062.201)
	2.579.886 1.197.717 18.426.420 19.624.137

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

4. CASH AND CASH EQUIVALENTS

The details of the Group's cash and cash equivalents for the periods are as follows:

		31 March 2025	31 December 2024
Cash in hand Cash at banks - Demand deposit - Time deposit less than 3 months Other cash and cash equıvalents		- 171.352.669 150.369.416 20.983.253 50.888	- 225.655.033 172.699.249 52.955.783 --
		171.403.557	225.655.033
Currency	Interest rate	Maturity	31 March 2025
TRY	%39,75 - %4,75- %42	02.04.2025-15.04.2025	20.794.425
USD	%3,5	30.04.2025	188.828
			20.983.253
Currency	Interest rate	Maturity	31 December 2024
TRY	%29,98-%38,97	January 2025	4.438.232
USD	%5	January 2025	41.400.068
EUR	%2,21	January 2025	7.117.483
			52.955.783

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

5. FINANCIAL INVESTMENTS

The details of the Group's financial investments for the periods are as follows:

Fair value through	31 March 2025	31 December 2024
	17.461.643	17.925.004
	17.461.643	17.925.004

6. TRADE RECEIVABLES AND PAYABLES

The details of the Group's trade receivables for the periods are as follows:

Short-term trade receivables	31 March 2025	31 December 2024
Trade receivables	123.492.710	111.701.242
- Trade receivables from third parties	123.492.710	111.701.242
Notes receivable	2.737.360	6.479.117
Income accruals	1.150.119	2.066.017
Doubtful trade receivables (*)	1.518.093	1.433.650
Provision for doubtful trade receivables (-)	(1.518.093)	(1.433.650)
	127.380.189	120.246.376

As of 31 March 2025, the average maturity of the Group's trade receivables is 90 days. (31 December 2024: 90 days).

Explanations on the nature and level of risks in trade receivables are given in Note 31.

(*) The movement of the allowance for doubtful receivables is as follows:

	1 January 31 March 2025	1 January 31 March 2024
Balance at beginning of the period	1.433.650	1.446.961
Current year additions (Note 29)	115.035	155.236
Currency translation differences	123.249	110.642
Inflation adjustments	(153.841)	(279.188)
End of the period	1.518.093	1.433.650

The details of the trade payables are as follows:

	31 March 2025	31 December 2024
Short-term trade payables
Trade payables	27.703.352	38.942.437
Expense Accruals	5.465.399	5.265.469
Related parties	--	40.440
Other trade payables	8.208.622	6.861.034
	41.377.373	51.109.380

As of 31 March 2025, the average maturity of the Group's trade receivables is 90 days. (31 December 2024: 90 day).

Explanations on the nature and level of risks in trade payables are given in Note 30.

7. RELATED PARTIES TRANSACTION

As of 31 March 2025, there are no trade receivables from organizations (31 December 2024: None). Key management compensation:

The total amount of wages and similar benefits provided to the Group's President and Vice President of the Board of Directors and other key executives as of 31 March 2025 is TRY 9.121.375 (31 December 2024: TRY 38.975.699)

8. OTHER RECEIVABLES AND PAYABLES

The details of the Group's other receivables and payables for the periods are as follows:

Short term other receivables	31 March 2025	31 December 2024
Deposits and guarantees given Other receivables(*)	884.430 10.597.058	3.023.686 8.908.101
	11.481.488	11.931.787
(*) Other receivables consist of VAT receivables.
Long term other receivables	31 March 2025	31 December 2024
Deposits and guarantees given	1.071.823	1.071.518
	1.071.823	1.071.518
Short term other payables	31 March 2025	31 December 2024
	4.914.661	4.409.114
Free zone overdue deferred tax liabilities Other payables	4.547.819	--
	9.462.480	4.409.114

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

9. INVENTORIES

The details of the Group's inventories for the periods are as follows:

	31 March 2025	31 December 2024
Raw materials	150.750.696	180.962.300
Work in Process	137.318.016	151.963.885
Trade goods	47.249.536	50.826.147
Other Inventories	17.765.916	21.636.228
Provision for impairment in inventory	(4.269.412)	(8.078.530)
	348.814.752	397.310.029
	31 March 2025	31 March 2024
Balance at beginning of the period	8.078.530	10.881.643
Current year additions	(3.540.255)	11.145.955
Currency translation differences	(268.863)	34.085
End of the period	4.269.412	22.061.683

Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

10. PREPAID EXPENSES AND DEFERRED INCOME

The details of short and long-term prepaid expense for the periods are as follows:

Short-term prepaid expenses	31 March 2025	31 December 2024
Advances given to suppliers (*)	19.173.056	15.359.538
Prepaid expenses (**)	10.897.805	932.734
	30.070.861	16.292.271

(*) Consists of personnel expenses in the Center and Free Zone.

(**) Order advances given consist of advances given for building modernization and investment to move the Group's headquarters and R&D center.

Long-term prepaid expenses	31 March 2025	31 December 2024
Prepaid expenses for the following years Advances given	1.211.348 -	8.159.931 -
	1.211.348	8.159.931
Deferred income-short term	31 March 2025	31 December 2024
Advances received	12.227.424	10.843.284
	909.649	--
	13.137.073	10.843.284

(*) Advances received consist of advances received by the Group from customers regarding sales.

Advances received consist of advances received by the Group from customers regarding sales.

11. OTHER ASSETS AND LIABILITIES

The details of other assets and liabilities for the periods are as follows:

Other current assets	31 March 2025	31 December 2024
Deferred VAT Other current assets	40.088.348 2.442.077	42.001.157 2.295.126
	42.530.414	44.296.273
Other short-term liabilities	31 March 2025	31 December 2024
Prepaid taxes and dues Other	3.940.467 47.872	10.905.484 26.459
	3.988.339	10.931.943

12. PROPERTY, PLANT AND EQUIPMENTS

Movement of property, plant, and equipment for the period 01.01.-31.12.2024 is as follows:

				Foreign currency	31 March
	1 January 2025	Additions	Disposals (-)	translation differences	2025
Cost
Land and land improvements	122.086.450	--	--	59.945	122.146.395
Buildings	305.052.371	--	--	182.916	305.235.287
Machinery and equipment	402.120.268	525.730	(3.238.662)	5.806.743	405.214.079
Vehicles	54.573.990	16.881.811	(1.957.005)	(51.462)	69.447.334
Furniture and fixtures	122.143.102	2.761.464	--	(656.247)	124.248.319
Other tangible assets	2.105.843	--	--	53.696	2.159.539
Leasehold improvements	30.017.385	150.003	--	901.278	31.068.667
Construction in progress	--	--	--	977.957	977.957
	1.038.099.409	20.319.009	(5.195.667)	7.274.826	1.060.497.577
		Current year		Foreign currency	31 March
	1 January 2025	charge	Disposals (-)	translation differences	2025
Accumulated depreciation
Buildings	(25.959.914)	(1.443.492)	--	(463.765)	(27.867.171)
Machinery and equipment	(223.448.440)	(7.895.264)	647.732	(3.904.215)	(234.600.187)
Vehicles	(30.958.375)	(3.586.635)	782.802	(571.379)	(34.333.587)
Furniture and fixtures	(53.542.461)	(4.961.038)	--	(990.092)	(59.493.591)
Other tangible assets	(410.550)	--	--	(6.948)	(417.498)
Leasehold improvements	(25.198.961)	(3.328.877)	--	(482.795)	(29.010.632)
	(359.518.700)	(21.215.306)	1.430.534	(6.419.194)	(385.722.666)
Net book value	678.580.709				674.774.911

As of 31 March 2025, property, plant, and equipment are insured for TRY 475.500.000 and there is no mortgage on it (31.12.2024: 300.553.900 TRY ).

Anatolia Tanı ve Biyoteknoloji Ürünleri Ar-Ge Sanayi Ticaret A.Ş. and Group Companies Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Movement of property, plant and equipment for the period 01.01.-31.03.2024 is as follows:

				Foreign currency conversion
	1 January 2024	Additions	Disposals (-)	differences	31 March 2024
Cost
Land and land improvements	116.497.607	6.642.350	--	--	123.139.956
Buildings	317.069.872	--	(16.480.416)	7.677.935	308.267.391
Machinery and equipment	367.536.866	24.152.785	(5.488.553)	4.909.976	391.111.075
Vehicles	53.512.205	2.439.589	(7.893.109)	3.791.954	51.850.639
Furniture and fixtures	91.861.574	2.469.951	(1.633.882)	1.121.823	93.819.467
Other tangible assets	1.917.840	1.794.927	(2.176.864)	984.744	2.520.646
	30.024.655	--	--	(13.117)	30.011.538
Leasehold improvements Construction in progress	221.878	537.579	--	3.071	762.528
	978.642.497	38.037.181	(33.672.824)	18.476.387	1.001.483.241
				Foreign currency
		Current year		conversion
	1 January 2024	charge	Disposals (-)	differences	31 March 2024
Accumulated depreciation
Buildings	(20.557.563)	(1.515.310)	6.625.959	(1.384.728)	(16.831.642)
Machinery and equipment	(176.966.893)	(7.752.603)	5.488.553	(13.713.887)	(192.944.831)

	(271.653.109)	(15.069.587)	13.412.358	(16.830.340)	(290.140.678)
Leasehold improvements	(20.591.565)	(1.035.998)	--	(74.890)	(21.702.454)
Other tangible assets	(434.252)	--	1.014.377	--	580.124
Furniture and fixtures	(32.783.366)	(3.169.459)	252.843	(712.741)	(36.412.724)
Vehicles	(20.319.469)	(1.596.216)	30.626	(944.093)	(22.829.153)
Machinery and equipment	(176.966.893)	(7.752.603)	5.488.553	(13.713.887)	(192.944.831)

Net book value 706.989.388 711.342.563

13. INTANGIBLE ASSETS

Movement of intangible fixed asset for the period 01.01.-31.03.2025 is as follows:

	1 January 2025	Additions	Disposals (-)	Transfers	Foreign currency conversion differences	31 March 2025
Cost
Rights (*) Research and development costs	72.715.363	435.434	-	(36.036.797)	32.017.912	69.131.912
(**)	454.377.947	--	--	36.036.797	--	490.414.744
Other intangible fixed assets	1.651.993		--	--	(756.274)	895.719
	528.745.303	435.434	--	--	31.261.638	560.442.375

	1 January 2025	Current year charge	Disposals (-)	Transfers	Foreign currency conversion differences	31 March 2025
Accumulated depreciation
Rights	(27.227.445)	(1.569.990)	--	--	(538.948)	(29.336.383)
Research and development costs (**)	(81.016.898)	(1.993.329)	--	--	(1.594.115)	(84.604.341)
Other intangible fixed assets	(1.809.291)	(37.724)	--	--	(34.567)	(1.881.582)
	(110.053.634)	(3.601.044)	--	--	(2.167.630)	(115.822.307)
Net book value	418.691.669					444.620.068

(*) Rights mostly consist of R&D projects of the Group that are activated by reaching the final product.

(**) Research and development costs consist of ongoing R&D projects of the Group.

The Group invested a total of TRY 36.908.750 R&D projects in the accounting period ending on 31 March 2025 (3-month period) (31 December 2024: TRY 142.502.417 TRY (12-month period))

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Movement of intangible fixed assets for the period 01.01.-31.03.2024 is as follows:

	1 January 2024	Additions	Disposals	Transfers	Foreign currency conversion differences	31 March 2024
Cost
Rights (*)	94.183.323	--	--	(32.942.536)	(44.234.161)	17.006.626
Research and development costs (**)	235.389.959	55.110.277	--	32.942.536	21.519.148	344.961.920
Other intangible fixed assets	1.192.477	80.455	--	--	1.949.023	3.221.955
	330.765.759	55.190.732	--		(20.765.989)	365.190.501

	1 January 2024	Current year charge	Disposals	Transfers	Foreign currency conversion differences	31 March 2024
Accumulated depreciation
Rights	(8.253.978)	(3.156.958)	--	--	(1.914)	(11.412.851)
Research and development costs (**)	(67.661.201)	(2.520.331)	--	--	--	(70.181.534)
Other intangible assets	(1.802.915)	(246.606)	--	--	(203.658)	(2.253.179)
	(77.718.094)	(5.923.896)	--	--	(205.572)	(83.847.564)
Net book value	253.047.665					281.342.938

(*) Rights mostly consist of R&D projects of the Group that are activated by reaching the final product. (**) Research and development costs consist of ongoing R&D projects of the Group.

14. RIGHTS OF USE ASSETS

Movement of rights of use assets for the period 01.01.-30.2024 is as follows:

	Buildings	Total
1 January 2024	26.712.515	26.712.515
Additions/(Disposals)	(990.235)	(990.235)
31 March 2025	25.722.280	25.722.280
	Buildings	Total
Accumulated depreciation
1 January 2024	(4.932.160)	(4.932.160)
Period depreciation	691.657	691.657
31 March 2025	(4.240.503)	(4.240.503)
Net book value
31 March 2025	21.481.777	21.481.777

	Buildings	Total
Cost
1 January 2024	31.861.638	31.861.638
Additions/ Disposals	(1.493.024)	(1.493.024)
31 March 2024	30.368.614	30.368.614
	Buildings	Total
Accumulated depreciation
1 January 2024	(4.932.160)	(4.932.160)
Period depreciation	(847.328)	(847.328)
Additions/ Disposals	1.493.024	1.493.024
31 March 2024	(4.286.464)	(4.286.464)
Net book value
31 March 2024	26.082.150	26.082.150

Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless

otherwise indicated) 15. LEASE LIABILITIES

The details of lease of liabilities for the periods are as follows:

	31 March 2025	31 December 2024
Short-term lease liabilities	2.782.884	2.782.000
Long-term lease liabilities	15.785.528	16.974.985
	18.568.412	19.756.985
	1 January 31 March 2025	1 January 31 March 2024
Operating lease as of January 1	19.756.985	26.789.210
Additions/ Disposals	--	1.616.609
Current operating lease liability payment	(1.971.524)	(2.301.899)
Current interest expense	(858.630)	(583.217)
Current foreign currency effects	(1.141.303)	(666.418)

Operating lease at the end of the periods 15.785.528 24.854.285

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless

otherwise indicated) 16. FINANCIAL BORROWINGS

The details of financial borrowings for the periods are as follows:

	31 March 2025	31 December 2024
Short-term borrowings	30.000.000	--
Other financial borrowings (*)	1.509.050	1.470.149
Short-term borrowings	31.509.050	1.470.149
Short term portion of long term borrowings	--	--
Short-term portion of long-term borrowings	--	--
Long-term borrowings	--	--
Long-term borrowings	--	--
Total financial borrowings	31.509.050	1.470.149
(*) Other financial borrowings consist of credit card borrowings.
The details of currency-based financial liabilities are as follows:
	Interest rate	31 March 2025
Xxx TRY bank borrowings xxx	%21,12	30.000.000
		30.000.000
	Interest rate	31 December 2024

xxx

TRY bank borrowings -- --

Xxx

--

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

17. EMPLOYEE BENEFITS

Severance pay provision

Under the Turkish Legislations, the Company and its subsidiaries which located in Turkey, is required to pay termination benefits to each employee, who has completed one year of service and whose employment is terminated without due cause, is called up for military service, dies, who retires after completing 25 years for man and 20 years for women of service and reaches the retirement age (58 for women and 60 for men). Due to the amendment of the legislation as of 8 September 1999, there are certain transitional obligations regarding the length of service due to retirement.

These payments are calculated based on the rate on the day of retirement or termination per year worked, with a maximum of TL 41.828,42 over the 30-day salary as of 31 March 2025 (31 December 2024: TL 41.828,42). The provision for severance pay is calculated on a current basis and is reflected in the Consolidated financial statements. The provision is calculated according to the severance pay ceiling announced by the Government.

Provision for termination benefits is made by calculating the present value of the possible liability to be paid in case of retirement of employees. To calculate the liabilities of the Group in accordance with TAS 19 (Employee Benefits), a calculation made with actuarial assumptions is required. Accordingly, the actuarial assumptions used in the calculation of total liabilities are given below. The basic assumption is that the maximum liability for each year of service will increase in line with inflation. Hence the discount rate applied represents the expected real interest rate after adjusting for the effects of future inflation. As a result, the liabilities in the accompanying Consolidated financial statements as of 31 March 2025 and 31 December 2024 are calculated by estimating the present value of the future probable obligation arising from the retirement of the employees.

	31 March 2025	31 December 2024
Discount rate	27,05%	27,05%
Estimated rate of salary increasing /inflation rate	23,72%	22,01%
The turnover ratio used to calculate the probability of retirement	95 %	100%

It is planned that the severance pay rights will be paid at the end of the concession agreement. Accordingly, the terms of the concession agreements are considered in calculating the present value of the liabilities to be paid in the future.

The details of long-term severance pay provisions for the periods are as follows:

Long-term provisions	31 March 2025	31 December 2024
Provision for employment termination benefits	7.611.447	8.312.779
	7.611.447	8.312.779
Movement of severance pay provisions for the periods are as follows:
	31 March 2025	31 March 2024
Balance at January 1	8.312.779	12.066.409
Provisions	5.250.407	1.099.405
Interest cost	1.309.723	1.452.745
Actuarial (gain)/ losses	262.592	(107.366)
Payments during the year	(272.286)	(1.486.218)
Inflation effect	(7.251.768)	(7.786.082)
Balance at September 31	7.611.447	5.238.893

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless

otherwise indicated) The details of short-term employee benefits provisions for the periods are as follows:

Short-term provisions	31 March 2025	31 December 2024
Provision for vacation pay liability	8.574.880	7.822.558
	8.574.880	7.822.558
Movement of vacation pay provisions as follows:
Short-term provisions	31 March 2025	31 March 2024
Balance at January 1	7.822.558	7.857.851
Current year provision expense (*)	(48.420)	(529.646)
Inflation effect	800.741	(972.008)
Balance at the end of the periods	8.574.880	6.356.197

(*) Leave provision expenses for the relevant periods are included in personnel expenses.

18. COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES

a) Guarantees received

As of 31 March 2025, the Group has no guarantees received (31 December 2024: None).

b) Guarantees given

Collaterals/ pledges/ mortgages/bill of guarantees ("CPMB") position of the Group as of 31 March 2025 and 31 December 2024 are as follows:

CPMB's given by the Group	31 March 2025	31 December 2024
A. CPMB's given for Group's own legal personality B. CPMB's given on behalf of fully consolidated companies C. CPMB's given on behalf of third parties for ordinary course of business D. Total amount of other CPMB's i) Total amount of CPMB's given on	18.012.746 -- -- --	16.365.885 -- -- --
behalf of the majority shareholder	--	--
ii) Total amount of CPMB's given on behalf of other Group companies which are not in scope of B and C	--	--
iii) Total amount of CPMB's given on behalf of third parties which are not in scope of C	--	--
	18.012.746	16.365.885

As of 31 March 2025, the ratio of other CPMs given by the Group to the Group's equity is 0% (31 December 2024: 0%).

Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

19. PAYABLES WITHIN BENEFIT TO EMPLOYEES

The details of employee benefits obligations for the periods are as follows:

	31 March 2025	31 December 2024
Due to personnel	1.682.560	291.872
Social security premiums payable	13.028.846	6.474.189
	xxx
	14.711.406	6.766.061

20. INCOME TAX

The details of current period tax assets for the periods are as follows:

	31 March 2025	31 December 2024
Tax Provisions	259.371	--
Prepaid Tax	--	217.065
	259.371	217.065

Corporation tax

As of 31 March 2025, the corporate tax rate is 25% in Turkey (31 December 2024: 25%,). Corporation tax rate is applied to net income of the companies after adjusting for certain disallowable expenses, exempt income and allowances. With the provision added to Article 35 of the Law No. 7256 and Article 32 If more than 20 percent of its shares are offered to the public for the first time in the Borsa Istanbul market, the Group pays corporate tax with a discount of 2 points for 5 years. As of April 22, 2021, the company's corporate tax rate has been calculated 18%. Accordingly, in the Group's consolidated financial statements as of December 31, 2023, when calculating deferred tax assets and liabilities for its subsidiaries residing in Turkey, the tax rate is 23% for the parts of the temporary differences that will occur. Corporate tax losses can be carried forward for a maximum period of 5 years following the year in which the losses were incurred. The tax authorities can inspect tax returns and the related accounting records for a retrospective maximum period of five years.

10% withholding applies to dividends distributed by resident real persons, those who are not liable to income and corporation tax, non-resident real persons, non-resident corporations (excluding those that acquire dividend through a permanent establishment or permanent representative in Turkey) and non-resident corporations exempted from income and corporation tax.

Dividend distribution by resident corporations to resident corporations is not subject to a withholding tax. Furthermore, in the event the profit is not distributed or included in capital, no withholding tax shall be applicable.

To benefit from the exemption, the said income must be kept in a passive fund account and not withdrawn from the business for a period of 5 years. The sales price must be collected until the end of the second calendar year following the year of sale.

There is no practice in Turkey to reach an agreement with the tax administration regarding the taxes to be paid. Corporate tax returns are submitted within four months following the end of the period. The tax inspection authorities may examine the tax returns and the accounting records underlying them for five years following the accounting period and make a reassessment because of their findings.

Income tax withholding

There is a withholding tax liability on dividend distributions, and this withholding liability is accrued in the period when the dividend payment is made. Dividend payments are subject to 15% withholding tax, excluding those made to non-resident companies that generate income through a workplace or their permanent representative in Turkey, and to companies residing in Turkey. In the application of withholding tax rates for profit distributions to non-resident companies and natural persons, the withholding tax rates in the relevant Double Taxation Agreements are also considered. The addition of retained earnings to the capital is not considered as profit distribution, so it is not subject to withholding tax.

Transfer pricing regulations

In Turkey, transfer pricing regulations are specified in Article 13 of the Corporate Tax Law, titled "Hidden income distribution through transfer pricing". The notified dated 18 November 2007 on hidden income distribution via transfer pricing regulates the details of the implementation.

If the taxpayer buys or sells goods or services with related parties at the price or price, they have determined in peer assessment, the profit is deemed to have been distributed through transfer pricing, in whole or in part. Hidden income distribution through is considered as a non-deductible expense for corporate tax.

Deferred tax assets and liabilities:

Deferred tax liability or assets are determined by calculating the tax effects of temporary differences between the values of assets and liabilities shown in the Consolidated financial statements and the amounts considered in the legal tax base calculation. Deferred tax liability or assets are reflected in the accompanying Consolidated financial statements by considering the tax rates that are expected to be valid in the future periods when the temporary differences will disappear.

In reflecting the deferred tax asset to the consolidated financial statements, the developments in the sector in which it operates, taxable profit estimates in the future, it considers factors such as the general economic and political situation in Turkey and/or the international general economic and political situation that may affect the Group.

The Group considers factors such as developments in the sector in which it operates, taxable profit estimates in the future, general economic and political situation in Turkey and/or international general economic and political situation that may affect the Group while reflecting the deferred tax asset to the consolidated financial statements. The Group estimates that it will generate sufficient taxable profits in the future.

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

Recognized deferred tax assets and liabilities

The details of deferred tax assets and liabilities for the periods are as follows:

		31 March 2025		31 December 2024
	Cumulative temporary differences	Deferred tax	Cumulative temporary differences	Deferred tax
Deferred tax assets
Provision for employment
termination benefits	12.754.263	3.188.566	12.752.369	3.188.092
Other	1.221.487	305.373	3.219.263	804.818
Financial lease liabilities	(2.680.296)	(670.074)	(1.861.500)	(465.375)
Trade receivables provisions	261.177	65.294	287.459	71.864
Financial investments	(77.956.883)	(19.489.221)	(54.833.857)	(13.708.464)
Trade payables provisions	--	--	--	--
Inventories	(18.991.166)	(4.747.792)	(67.010.531)	(16.752.633)
Property, plant and equipment
and intangible assets	(445.351.690)	(111.337.923)	(433.739.417)	(108.434.855)
Deferred tax assets	(530.743.108)	(132.685.777)	(541.186.214)	(135.296.553)
xxx Net deferred tax		(132.685.777)	-- --	-- (135.296.553)

21. SHARE CAPITAL AND NON-CONTROLLING INTERESTS

Share Capital

The paid capital structure of the Group for the periods are as follows:

	31 March		31 December
	2025	Share	2024	Share
Shareholders	TRY	%	TRY	%
Alper Akyüz	93.562.286	42,53	93.562.286	42,53
Elif Akyüz	45.603.000	20,73	45.603.000	20,73
Actual Shares Outstanding (*)	77.885.898	35,40	64.898.588	29,43
Other	2.948.816	1,34	15.936.126	7,31
Total paid-in capital	220.000.000	100	220.000.000	100

(*) The company is registered with the Capital Markets Board ("CMB") and its shares are traded on Borsa İstanbul A.Ş. ("BIST") as of 21.10.2021. As of 31 March 2025, the Company has 35,40% of shares registered in BIST.

As of 31 March 2025, the capital of the Group consists of 220.000.000 shares. (31 December 2024: TL 220.000.000). The nominal value of the shares is TL 1 per share. (31 December 2024: per share TL 1). Company shares are represented by two separate share groups as A and B group, and A group shares provide voting rights to the shareholder. The Company's shares consist of 40.000.000 Group A shares and 180.000.000 Group B shares.

Other comprehensive income not to be reclassified under profit and loss

	31 March 2025	31 March 2024
Balance at January 1	2.211.542	1.849.685
Additions	(262.592)	107.366
Deferred tax	60.396	(24.694)
	2.009.346	1.932.357
Restricted Reserves
	31 March 2025	31 March 2024
Balance at January 1	250.197.586	250.197.586
Additions
	250.197.586	250.197.586

Non- controlling interests

As of 31 March 2025, there is no non-controlling interests (31 December 2024: there is no non-controlling interests).

22. EARNINGS PER SHARE

Earnings per share for the periods are as follows:

	31 March 2025	31 March 2024
Net profit for the period of the equity holders of the parent	(105.327.317)	(83.124.283)
Weighted average number of ordinary shares with nominal value (kurus1 per value)	220.000.000	220.000.000
Earnings per share (TRY)	-0,4788	-0,3778

23. REVENUE AND COST OF SALES

Revenue for the periods are as follows:

	1 January	1 January
	31 March 2025	31 March 2024
Domestic Sales	54.576.664	73.163.621
Export Sales	83.045.525	54.094.927
Other Revenue	857.565	3.798.132
Gross Sales	138.479.754	131.056.680
Sales Returns (-)	(107.526)	(637.411)
Sales Discount (-)	(227.447)	(8.836)
Net Sales	138.144.781	130.410.432
Cost of goods sold (-)	(41.920.914)	(12.381.441)
Cost of merchandise sold (-)	(5.408.800)	(3.747.920)
Cost of services sold (-)	--	(7.203.867)
Gross Profit	90.815.067	107.077.205

	1 January -	1 January -
	31 March 2025	31 March 2024
Direct raw material and supplies expense	(20.663.780)	(10.187.103)
Depreciation and amortization expenses	(8.740.154)	(4.308.837)
Direct labor expense	(13.312.521)	(6.562.983)
Indirect labor expenses	(541.926)	(267.166)
Food expenses	(684.590)	(337.498)
Other	(3.386.742)	(1.669.641)
	(47.329.714)	(23.333.228)

24. MARKETING, SELLING AND DISTRIBUTION EXPENSES

The details of selling and marketing expenses for the periods are as follows:

	1 January 31 March 2025	1 January 31 March 2024
Personnel expenses	(19.361.124)	(22.431.860)
Tax, duty and fee expenses	(8.046.747)	(687.898)
Benefits and services provided from outside	(5.701.341)	(1.128.310)
Depreciation and amortization expenses	(5.261.976)	(5.841.681)
Transportation expenses	(4.041.436)	(4.691.394)
Export expenses	(3.049.709)	(475.265)
Travel expenses	(2.059.135)	(1.715.125)
Material usage expenses	(2.010.942)	(1.923.554)
Commission expenses	(1.391.485)	(1.615.269)
Fair expenses	(73.138)	(1.309.173)
Transportation expenses	--	(1.329.939)
Representation and hospitality expenses	--	(270.772)
Other
	(50.997.033)	(43.420.240)

25. GENERAL ADMINISTRATIVE EXPENSES

The details of general administrative expenses for the periods are as follows:

	1 January	1 January
	31 March 2025	31 March 2024
Personnel expenses	(20.632.783)	(16.537.068)
Outsourced benefits and services	(5.071.788)	(13.071.025)
Tax, fee and duty expenses	(5.510.384)	(3.469.444)
Depreciation and amortization expenses	(1.936.609)	(7.647.985)
Insurance expenses	(3.898.389)	(468.073)
Other	(4.025.270)	(6.640.015)
	(41.075.224)	(47.833.611)

26. RESEARCH AND DEVELOPMENT EXPENSES

The details of research and development expenses for the periods are as follows:

	1 January 31 March 2025	1 January 31 March 2024
Depreciation and amortization expenses	--	--
	--	--

The Group invested a total of TRY 36.908.750 R&D projects in the accounting period ending on 31 March 2025 (3-month period) (31 December 2024: TRY 129.473.773 TRY (12-month period))

27. OTHER OPERATING INCOME AND EXPENSES

The details of other operating income and expenses for the periods are as follows:

	1 January 31 March 2025	1 January 31 March 2024
Other operating income Exchange rate difference income on trade receivables and payables Other	10.299.367 2.578.349	17.239.690 777.500
	12.877.716	18.017.190
	1 January 31 March 2025	1 January 31 March 2024
Other operating income loss Foreign exchange loss on trade receivables and payables	(757.380)	(1.132.984)
Provisions for doubtful receivables (Note 7) Other (*)	(115.035) (2.208.609)	(433.342) (1.756.378)
	(3.081.024)	(3.322.704)

Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025
unless otherwise indicated)

28.		INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES

	1 January 31 March 2025	1 January 31 March 2024
Other operating income
Income from financial investments	1.588.284	9.915.601
	1.588.284	9.915.601
	1 January 31 March 2025	1 January 31 March 2024
Other operating expenses
Expenses from financial investments	--	--
Foreign exchange losses on financial assets	--	--

29. FINANCIAL INCOME AND EXPENSES

The details of finance income and expenses for the periods are as follows:

	1 January	1 January
	31 March 2025	31 March 2024
Finance income
Foreign exchange gains	2.447.006	16.941.229
Interest income	27.429	1.243.009
	2.474.435	18.184.238
	1 January	1 January
	31 March 2025	31 March 2024
Finance expenses
Interest expense	(623.162)	(248.428)
Loan interest expenses	(858.630)	(583.217)

29. FINANCIAL INSTRUMENTS

Capital Risk Management

While trying to ensure the continuity of its activities in capital management, the Group also aims to increase its profits by using the debt and equity balance in the most efficient way. The Group's capital structure consists of equity items including issued capital, reserves and retained earnings.

The gearing ratios for the periods are as follows:

	1 January 31 March 2025	1 January 31 March 2024
Total financial liabilities	50.077.462	21.227.134
Less: Cash and cash equivalents	(171.403.557)	(225.655.033)
Net debt	(121.326.095)	(204.427.898)
Total equity	1.613.954.181	1.707.475.808
Debt/equity ratio	(0,0752)	(0,1317)

Risk Management System

When calculating the Group's capital risk management, debts and equity items including cash and cash equivalents, paid-in capital, defined benefit plans remeasurement gains / losses, restricted reserves from profit and retained earnings / (losses) are considered, respectively.

The risks associated with each capital class, together with the group capital cost, are evaluated by the senior management. Based on senior management assessments, it is aimed to keep the capital structure in balance through the acquisition of new debt or repayment of existing debt, as well as through dividend payments.

31. NATURE AND LEVEL OF RISKS ARISING FROM DERIVATIVE FINANCIAL INSTRUMENTS

Risk management disclosures

The Group's activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign currency exchange rates and interest rates. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group.

Credit risk

Credit risk is the risk that a customer or a counterparty will not fulfil its contractual obligations and arises mainly from customer receivables.

	Receivables
	Trade receivables		Other receivables
			Related		Bank	Financial
31 March 2025	Related Party	Third Party	Party	Third Party	deposits	Invements
Maximum credit risk exposed as of balance
sheet date, (A+B+C+D)	--	127.380.189	--	12.553.311	171.352.669	17.461.643
- Secured portion of the maximum credit risk
by guarantees	--		--
A. Net book value of financial assets that are
neither past due nor impaired	--	127.380.189	--	12.553.311	171.352.669	17.461.643
B. Net book value of the impaired assets	--	--	--	--	--	--
- Past due (gross carrying amount)	--	1.518.093	--	--	--	--
- Impairment (-)	--	(1.518.093)	--	--	--	--
- Secured portion of the net value by guar
antees, etc.	--	--	--	--	--	--

	Receivables
	Trade receivables		Other receivables
31 December 2024	Related Party	Third Party	Related Party	Third Party	Bank deposits	Financial Investments
Maximum credit risk exposed as of balance sheet date, (A+B+C+D)	--	120.246.376	--	13.003.305	225.655.033	17.925.004
- Secured portion of the maximum credit risk by guarantees	--		--
A. Net book value of financial as sets that are neither past due nor impaired	--	120.246.376	--	13.003.305	225.655.033	17.925.004
B. Net book value of the impaired assets	--	--	--	--	--	--
- Past due (gross carrying amount)	--	1.433.650	--	--	--	--
- Impairment (-)	--	(1.433.650)	--	--	--	--
- Secured portion of the net value by guarantees, etc.	--	--	--	--	--	--

The Group monitors the collectability of its trade receivables periodically and allocates provision for doubtful receivables for possible losses that may arise from doubtful receivables based on the collection rates of previous years. Following the provision for doubtful receivables, if all or part of the doubtful receivable amount is collected, the collected amount is deducted from the doubtful receivable provision and associated with profit or loss

Liquidity risk

.

The Group manages liquidity risk by maintaining adequate funds and available borrowing by regularly monitoring forecast and actual cash flows and matching the maturities of financial assets and liabilities. Prudent liquidity risk management expresses the ability to keep sufficient cash, the availability of sufficient credit transactions, the availability of fund resources and the ability to close market positions.

The funding risk of current and prospective debt requirements is managed by maintaining the availability of sufficient number of high-quality lenders.

The table below shows the maturity distribution of the Group's non-derivative financial liabilities:

	31 March 2025
Contractual maturity	Carrying Value	Contractual cash flows	Up to 3 months	3 - 12 month	1 - 5years	More than 5 years
Non derivative financial liabilities	100.917.315	104.863.697	83.044.624	2.087.163	19.731.910	--
Loans and borrowings	31.509.050	31.509.050	31.509.050	--	--	--
Lease liabilities	18.568.412	22.514.794	695.721	2.087.163	19.731.910
Trade payables	41.377.373	41.377.373	41.377.373	--	--	--
Other payables	9.462.480	9.462.480	9.462.480	--	--	--

	31 December 2024
Contractual maturity	Carrying Value	Contractual cash flows	Up to 3 months	3 - 12 month	1 - 5years	More than 5 years
Non derivative financial liabilities	76.718.417	76.745.629	56.493.305	837.930	6.299.657	5.277.692
Loans and borrowings	1.442.937	1.470.149	695.500	--	294.077	--
Trade payables	19.756.985	19.756.985	279.310	837.930	6.005.580	5.277.692
Other payables	51.109.380	51.109.380	51.109.380	--	--	--
Other debts	4.409.114	4.409.114	4.409.114	--	--	--

For the periods, the Group's foreign currency position consists of foreign currency denominated assets and liabilities stated in the table below:

		31 March 2025			31 December 2024
		TRY			TRY
		Equivalent	USD	EUR	Equivalent	USD	EUR
1	Trade payables	11.520.914	218.862	103.424	31.831.390	77.812	709.863
2a.	Monetary financial assets	91.920.617	219.073	2.291.790	49.865.736	217.750	1.023.104
2b.	Non-Monetary financial assets	--	--	--	--	--	--
3	Other	--	--	--	--	--	--
4	Current assets (1+2+3)	103.441.530	437.935	2.395.213	81.697.126	295.562	1.732.967
5	Trade receivables	--	--	--	--	--	--
6a.	Monetary financial assets	--	--	--	--	--	--
6b.	Non-Monetary financial assets	--	--	--	--	--	--
7	Other	--	--	--	--	--	--
8	Non- Current assets (5+6+7)	--	--	--	--	--	--
9	Total assets (4+8)	103.441.530	437.935	2.395.213	81.697.126	295.562	1.732.967
10	Trade payables	(11.106.208)	208.999	(503.040)	(4.526.391)	(191.244)	66.239
11	Financial borrowings	23.997	680	--	(140.224)	(3.713)	--
12a.	Other Monetary financial liabilities Other Non-Monetary financial	--	--	--	(999.272)	--	(24.551)
12b.	liabilities	--	--	--	--	--	--
13	Current liabilities (10+11+12)	(11.082.211)	209.679	(503.040)	(5.665.887)	(194.957)	41.688
14	Trade payables	--	--	--	--	--	--
15	Financial borrowings	--	--	--	--	--	--
16a.	Other Monetary financial liabilities Other Non-Monetary financial	--	--	--	--	--	--
16b.	liabilities	--	--	--	--	--	--
17	Non-Current liabilities (14+15+16)	--	--	--	--	--	--
18	Total liabilities (13+17) . Net asset / liability position of off-balance sheet derivatives (19a	(11.082.211)	209.679	(503.040)	(5.665.887)	(194.957)	41.688
19	19b)	--	--	--	--	--	--
19a.	Total amount of assets hedged	--	--	--	--	--	--
19b.	Total amount of liabilities hedged Net foreign currency asset	--	--	--	--	--	--
20	/(liability)position (9-18+19) Net foreign currency asset / (liability) position of monetary items (1+2a+5+6a-10-11-12a-14-	114.523.741	228.256	2.898.253	87.363.013	490.519	1.691.279
21	15-16a)	114.523.741	228.256	2.898.253	87.363.013	490.519	1.691.279

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) Sensibility analysis

The Group's currency risk consists of the value changes of TL against Euro and USD. The basis of the sensitivity analysis to measure the currency risk is to make the total currency statement made throughout the organization. Total foreign currency position includes all foreign currency based short-term and long-term purchase agreements and all assets and liabilities.

The exchange rate sensitivity analysis for the periods are as follows:

	2025		2024
	Profit / (Loss)		Profit / (Loss)
	Appreciation of for	Depreciation of for	Appreciation of for	Depreciation of for
	eign currency	eign currency	eign currency	eign currency
		In case of %10 appreciation of USD against TRY
1- USD net asset/liability	379.941	(379.941)	2.284.804	(2.284.804)
2- Amount hedged for USD risk (-)	--	--	--	--
3- USD net effect (1+2)	379.941	(379.941)	2.284.804	(2.284.804)
4- EUR net asset/liability	6.683.972	(6.683.972)	10.647.080	(10.647.080)
5- Amount hedged for EUR risk (-)	--	--	--	--
6- EUR net effect (4+5)	6.683.972	(6.683.972)	10.647.080	(10.647.080)
Total net effect (3+6+9)	7.063.913	(7.063.913)	12.931.884	(12.931.884)

32. FINANCIAL INSTRUMENTS (FAIR VALUE EXPLANATION)

For the periods, the book values and fair values of assets and liabilities are shown in the table below:

		31 March 2025		31 December 2024
Financial assets	Note	Book value	Fair value	Book value	Fair value
Cash and cash equivalents	4	171.403.557	171.403.557	225.655.033	225.655.033
Financial investments	5	17.461.643	17.461.643	17.925.000	17.925.000
Trade receivables	6	127.380.189	127.380.189	120.246.376	120.246.376
Other receivables	8	12.553.311	12.553.311	13.003.305	13.003.305
Total financial assets		328.798.700	328.798.700	376.829.714	376.829.714
Financial liabilities
Financial borrowings		31.509.050	31.509.050	1.442.937	1.470.149
Trade payables	6	41.377.373	41.377.373	51.109.380	51.109.380
Other payables	8	26.847.263	26.847.263	26.401.399	26.401.399
Payables related to employment benefits		14.711.406	14.711.406	6.766.061	6.766.061
Total financial liabilities		114.445.092	114.445.092	85.719.777	85.746.989
Net		214.353.608	214.353.608	291.109.937	291.082.725

Anatolia Tanı ve Biyoteknoloji Ürünleri Ar-Ge Sanayi Ticaret A.Ş. and Group Companies Notes To The Consolidated Financial Statements For The Period Ended 31 March 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated)

33. EXPLANATIONS FOR NET MONETARY POSITION GAINS/(LOSSES)

The effects of the adjustments made by the Group within the scope of IAS 29 on an account group basis are as follows:

Monetary Loss/Gain

	1 January 31 March 2025	1 January 31 March 2024
Operating Profit Before Finance Expenses	10.127.786	40.433.441
Finance Expenses (-)	(1.481.792)	(831.645)
Finance Income (+)	2.474.435	18.184.238
Monetary Loss	(107.068.510)	(140.724.238)
Stocks	18.882.407	14.353.578
Financial Investments	31.984.465	29.151.383
Fixed Assets	78.794.258	48.113.264
Equity	(183.739.866)	(204.269.362)
Index effect on statement of profit and loss	(512.158)	(2.683.502)
Current period adjustment factor indexation effect	(52.477.616)	(25.389.599)
Profit Before Tax	(95.948.081)	(82.938.204)
Tax	(9.379.236)	(186.080)
Profit/(Loss) for the Period	(105.327.317)	(83.124.283)

34. SUBSEQUENT EVENTS

There is none.