IST:ARASE 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
Cash & Equivalents	651.36	1,145	1,140	716.41	167.03
Accounts Receivable	9,632	8,217	6,943	4,033	995.04
Other Receivables	37.01	116.01	24.37	0.97	1.66
Inventory	262.06	281.78	234.94	157.92	34.98
Prepaid Expenses	6.03	1.74	51.68	7.52	6.94
Other Current Assets	31.65	434.89	136.81	331.01	373.42
Total Current Assets	10,620	10,196	8,531	5,247	1,579
Property, Plant & Equipment	606.04	666.13	432.73	215.17	17.95
Other Intangible Assets	2,145	2,332	1,930	1,440	182.19
Long-Term Deferred Tax Assets	3,823	4,557	5,422	211.66	59.19
Long-Term Accounts Receivable	11,096	10,548	7,480	4,062	1,086
Other Long-Term Assets	36.42	3.66	0.98	1.42	0.99
Total Assets	28,327	28,303	23,796	11,177	2,926
Accounts Payable	2,450	3,280	1,672	1,981	707.06
Accrued Expenses	227.55	304.1	414.5	205.04	38.82
Short-Term Debt	513.33	-	-	164.77	-
Current Portion of Long-Term Debt	603.66	777.39	634.02	166.07	32.79
Current Unearned Revenue	204.99	123.91	179.32	62.78	35.28
Current Portion of Leases	115.54	120.96	47.92	34.01	5.31
Current Income Taxes Payable	20.13	16.88	9.11	166.6	1.28
Other Current Liabilities	1,974	1,901	1,493	1,311	391.29
Total Current Liabilities	6,110	6,525	4,450	4,091	1,212
Long-Term Debt	1,775	2,932	3,944	1,857	178.61
Long-Term Leases	103.63	216.1	148.74	118.41	6.29
Long-Term Unearned Revenue	0.09	0.18	0.26	-	-
Pension & Post-Retirement Benefits	71.82	62.93	20.86	28.13	7.18
Long-Term Deferred Tax Liabilities	-	-	728.99	142.65	5.08
Other Long-Term Liabilities	314.5	267.26	434.15	284.61	118.26
Total Liabilities	8,375	10,003	9,727	6,523	1,527
Common Stock	250	250	250	67	67
Retained Earnings	18,202	16,550	12,733	4,143	1,332
Comprehensive Income & Other	1,500	1,500	1,087	444.87	-
Shareholders' Equity	19,952	18,300	14,070	4,655	1,399
Total Liabilities & Equity	28,327	28,303	23,796	11,177	2,926
Total Debt	3,111	4,046	4,775	2,341	223
Net Cash (Debt)	-2,460	-2,902	-3,634	-1,624	-55.97
Net Cash Per Share	-9.84	-11.61	-14.54	-6.50	-0.22
Filing Date Shares Outstanding	250	250	250	250	250
Total Common Shares Outstanding	250	250	250	250	250
Working Capital	4,511	3,672	4,081	1,155	367.24
Book Value Per Share	79.81	73.20	56.28	18.62	5.59
Tangible Book Value	17,807	15,967	12,140	3,214	1,216
Tangible Book Value Per Share	71.23	63.87	48.56	12.86	4.87
Buildings	32.31	32.31	24.68	17.09	3.94
Machinery	68.35	65.88	39.72	26.17	4.9
Construction In Progress	-	-	5.15	-	-

Source: S&P Global Market Intelligence. Utility template. Financial Sources.