IST:AGESA Balance Sheet

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Investments in Equity & Preferred Securities	4.17	3.95	3.74	0.88	0.9
Policy Loans	790.13	679.16	569.56	376.79	297.74
Other Investments	5,696	1,249	1,912	757.34	195.49
Total Investments	12,278	4,532	3,502	1,994	878.01
Cash & Equivalents	9,218	5,752	2,115	1,079	844.56
Reinsurance Recoverable	1,574	867.08	-	-	-
Other Receivables	401,886	228,391	141,575	75,721	43,538
Separate Account Assets	36,153	22,950	15,363	7,357	4,258
Property, Plant & Equipment	912.13	305.02	133.5	98.45	79.85
Other Intangible Assets	1,724	693.27	420.27	236.64	139.22
Restricted Cash	-	195.33	80	13.56	201
Other Current Assets	2,376	4,183	1,680	949.65	214.12
Long-Term Deferred Tax Assets	343.69	376.79	203.28	115.62	43.04
Other Long-Term Assets	387.3	540.79	208.62	67.48	40.25
Total Assets	466,853	268,786	165,281	87,633	50,236
Accounts Payable	160.64	280.93	182.85	48.07	26.23
Accrued Expenses	1,672	1,107	603.46	261.12	136.13
Insurance & Annuity Liabilities	445,858	256,057	159,695	84,983	48,862
Unpaid Claims	814.69	460.85	156.85	124.67	82.39
Unearned Premiums	6,115	4,373	1,005	211.51	71.66
Current Portion of Leases	116.83	64.34	9.92	10.37	6.19
Current Income Taxes Payable	409.69	315.78	136.29	14.81	37.1
Long-Term Leases	207.14	160.29	50.83	29.14	26.7
Long-Term Deferred Tax Liabilities	7.63	-	-	-	-
Other Current Liabilities	1,087	363.06	234.53	81.97	49.14
Other Long-Term Liabilities	56.62	31.85	21	14.5	13.13
Total Liabilities	456,763	263,337	162,181	85,906	49,343
Common Stock	180	180	280	180	180
Retained Earnings	9,777	5,293	2,808	1,558	756.83
Comprehensive Income & Other	133.9	-24.14	11.63	-11.53	-43.8
Shareholders' Equity	10,090	5,449	3,100	1,726	893.03
Total Liabilities & Equity	466,853	268,786	165,281	87,633	50,236
Filing Date Shares Outstanding	179.98	179.98	179.99	180	180
Total Common Shares Outstanding	179.98	179.98	179.99	180	180
Total Debt	323.96	224.63	60.75	39.51	32.89
Net Cash (Debt)	8,894	5,527	2,055	1,039	811.67
Net Cash Growth	60.91%	169.02%	97.72%	28.03%	-0.58%
Net Cash Per Share	49.42	30.71	11.41	5.77	4.51
Book Value Per Share	56.06	30.27	17.22	9.59	4.96
Tangible Book Value	8,367	4,756	2,680	1,490	753.81
Tangible Book Value Per Share	46.49	26.42	14.89	8.28	4.19
Machinery	422.57	152.19	115.41	89.22	64.75

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.