IST:ARASE Balance Sheet

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,956	651.36	1,145	1,140	716.41	167.03
Accounts Receivable	8,775	9,632	8,217	6,943	4,033	995.04
Other Receivables	37.36	37.01	116.01	24.37	0.97	1.66
Inventory	287.87	262.06	281.78	234.94	157.92	34.98
Prepaid Expenses	174	6.03	1.74	51.68	7.52	6.94
Other Current Assets	291.88	31.65	434.89	136.81	331.01	373.42
Total Current Assets	11,522	10,620	10,196	8,531	5,247	1,579
Property, Plant & Equipment	710.07	606.04	666.13	432.73	215.17	17.95
Other Intangible Assets	2,312	2,145	2,332	1,930	1,440	182.19
Long-Term Deferred Tax Assets	3,623	3,823	4,557	5,422	211.66	59.19
Long-Term Accounts Receivable	12,182	11,096	10,548	7,480	4,062	1,086
Other Long-Term Assets	38.56	36.42	3.66	0.98	1.42	0.99
Total Assets	30,388	28,327	28,303	23,796	11,177	2,926
Accounts Payable	1,254	2,450	3,280	1,672	1,981	707.06
Accrued Expenses	148.06	227.55	304.1	414.5	205.04	38.82
Short-Term Debt	513.33	513.33	-	-	164.77	-
Current Portion of Long-Term Debt	597.6	603.66	777.39	634.02	166.07	32.79
Current Unearned Revenue	617.11	204.99	123.91	179.32	62.78	35.28
Current Portion of Leases	113.78	115.54	120.96	47.92	34.01	5.31
Current Income Taxes Payable	52.55	20.13	16.88	9.11	166.6	1.28
Other Current Liabilities	2,307	1,974	1,901	1,493	1,311	391.29
Total Current Liabilities	5,604	6,110	6,525	4,450	4,091	1,212
Long-Term Debt	1,633	1,775	2,932	3,944	1,857	178.61
Long-Term Leases	99.14	103.63	216.1	148.74	118.41	6.29
Long-Term Unearned Revenue	0.94	0.09	0.18	0.26	-	-
Pension & Post-Retirement Benefits	57.1	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	598.49	314.5	267.26	434.15	284.61	118.26
Total Liabilities	7,993	8,375	10,003	9,727	6,523	1,527
Common Stock	250	250	250	250	67	67
Retained Earnings	20,468	18,202	16,550	12,733	4,143	1,332
Comprehensive Income & Other	1,676	1,500	1,500	1,087	444.87	-
Shareholders' Equity	22,394	19,952	18,300	14,070	4,655	1,399
Total Liabilities & Equity	30,388	28,327	28,303	23,796	11,177	2,926
Total Debt	2,957	3,111	4,046	4,775	2,341	223
Net Cash (Debt)	-1,002	-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	5,918	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	20,082	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	-	-