IST:AGESA Balance Sheet

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Investments in Equity & Preferred Securities	4.17	3.95	3.74	0.88	0.9	0.87
Policy Loans	766.8	679.16	569.56	376.79	297.74	204.74
Other Investments	4,371	1,249	1,912	757.34	195.49	56.6
Total Investments	9,605	4,532	3,502	1,994	878.01	503.6
Cash & Equivalents	8,299	5,752	2,115	1,079	844.56	846.77
Reinsurance Recoverable	1,071	867.08	-	-	-	-
Other Receivables	346,864	228,391	141,575	75,721	43,538	30,521
Separate Account Assets	32,891	22,950	15,363	7,357	4,258	1,876
Property, Plant & Equipment	555.2	305.02	133.5	98.45	79.85	52.77
Other Intangible Assets	1,093	693.27	420.27	236.64	139.22	79.04
Restricted Cash	270.06	195.33	80	13.56	201	147.27
Other Current Assets	2,989	4,183	1,680	949.65	214.12	116.27
Long-Term Deferred Tax Assets	695.9	376.79	203.28	115.62	43.04	10.5
Other Long-Term Assets	773.45	540.79	208.62	67.48	40.25	16.07
Total Assets	405,105	268,786	165,281	87,633	50,236	34,169
Accounts Payable	41.03	280.93	182.85	48.07	26.23	11.15
Accrued Expenses	1,996	1,107	603.46	261.12	136.13	69.25
Insurance & Annuity Liabilities	386,031	256,057	159,695	84,983	48,862	33,099
Unpaid Claims	832.35	460.85	156.85	124.67	82.39	72.66
Unearned Premiums	5,624	4,373	1,005	211.51	71.66	61.68
Current Portion of Leases	101.78	64.34	9.92	10.37	6.19	5.05
Current Income Taxes Payable	640.46	315.78	136.29	14.81	37.1	13.37
Long-Term Leases	221.39	160.29	50.83	29.14	26.7	25.29
Other Current Liabilities	803.61	363.06	234.53	81.97	49.14	88.39
Other Long-Term Liabilities	48.61	31.85	21	14.5	13.13	11.37
Total Liabilities	396,501	263,337	162,181	85,906	49,343	33,480
Common Stock	180	180	280	180	180	180
Retained Earnings	8,365	5,293	2,808	1,558	756.83	471.61
Comprehensive Income & Other	58.68	-24.14	11.63	-11.53	-43.8	37.44
Shareholders' Equity	8,604	5,449	3,100	1,726	893.03	689.05
Total Liabilities & Equity	405,105	268,786	165,281	87,633	50,236	34,169
Filing Date Shares Outstanding	179.98	179.98	179.99	180	180	180
Total Common Shares Outstanding	179.98	179.98	179.99	180	180	180
Total Debt	323.17	224.63	60.75	39.51	32.89	30.34
Net Cash (Debt)	7,975	5,527	2,055	1,039	811.67	816.43
Net Cash Growth	108.17%	169.02%	97.72%	28.03%	-0.58%	209.48%
Net Cash Per Share	44.31	30.71	11.41	5.77	4.51	4.54
Book Value Per Share	47.80	30.27	17.22	9.59	4.96	3.83
Tangible Book Value	7,511	4,756	2,680	1,490	753.81	610
Tangible Book Value Per Share	41.73	26.42	14.89	8.28	4.19	3.39
Machinery	264.3	152.19	115.41	89.22	64.75	40.41

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.