IST:ARFYE 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	542.13	1.46	19.66	33.96	44.79
Short-Term Investments	0.32	0.14	0.26	0.27	0.04
Accounts Receivable	160.75	671.67	538.48	214.7	149.89
Other Receivables	2.23	0.03	2.8	0.06	0
Inventory	26.34	16.53	22.89	6.19	1.14
Prepaid Expenses	39.03	4.98	-	-	-
Other Current Assets	0.14	2.22	1	1.5	1.02
Total Current Assets	770.94	697.03	585.09	256.69	196.89
Property, Plant & Equipment	1,214	1,024	864.44	401.01	271.14
Other Intangible Assets	0.95	0.76	0.58	0.18	0.03
Long-Term Accounts Receivable	-	-	-	41.13	-
Other Long-Term Assets	105.69	89.99	53.46	18.52	13.41
Total Assets	2,092	1,812	1,504	717.54	481.47
Accounts Payable	26.79	23.87	7.14	10.81	1.32
Accrued Expenses	0.72	2.07	0.73	2.23	0.91
Short-Term Debt	118.9	89.19	18.71	13.08	3.85
Current Portion of Long-Term Debt	123.56	52.13	48.33	32.71	24.58
Current Unearned Revenue	0.76	1.78	2.08	4.11	1.77
Current Income Taxes Payable	-	-	31.05	2.55	6.04
Other Current Liabilities	135.07	32.95	23.35	13.13	9.64
Total Current Liabilities	405.79	201.99	131.4	78.62	48.12
Long-Term Debt	133.16	100.33	114.43	94	87.55
Pension & Post-Retirement Benefits	3.07	1.78	0.53	0.24	0.04
Long-Term Deferred Tax Liabilities	168.07	141.15	129.64	59.97	32.89
Other Long-Term Liabilities	44.35	158.89	139.43	40.08	18.23
Total Liabilities	754.44	604.14	515.43	272.92	186.82
Common Stock	147.34	147.34	147.34	105.24	105.24
Additional Paid-In Capital	32.26	32.26	32.26	72.26	32.26
Retained Earnings	92.8	214.27	206.3	105.11	100.1
Comprehensive Income & Other	1,065	813.72	602.24	162.01	57.05
Shareholders' Equity	1,337	1,208	988.14	444.62	294.65
Total Liabilities & Equity	2,092	1,812	1,504	717.54	481.47
Total Debt	375.62	241.65	181.48	139.8	115.98
Net Cash (Debt)	166.84	-240.05	-161.55	-105.56	-71.15
Net Cash Per Share	1.13	-1.63	-1.10	-1.00	-1.73
Filing Date Shares Outstanding	150.5	147.34	147.34	110.5	41.2
Total Common Shares Outstanding	150.5	147.34	147.34	110.5	41.2
Working Capital	365.15	495.04	453.69	178.06	148.77
Book Value Per Share	8.89	8.20	6.71	4.02	7.15
Tangible Book Value	1,336	1,207	987.56	444.44	294.62
Tangible Book Value Per Share	8.88	8.19	6.70	4.02	7.15
Land	-	213.95	161.15	2.04	0.63
Machinery	-	901.41	747.73	353.63	252.01
Construction In Progress	-	0.49	0.11	59.01	22.76

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