IST:ARFYE 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
Cash & Equivalents	6.49	1.46	19.66	33.96	44.79	0.03
Short-Term Investments	0.14	0.14	0.26	0.27	0.04	0
Accounts Receivable	576.71	671.67	538.48	214.7	149.89	-
Other Receivables	0.42	0.03	2.8	0.06	0	0.01
Inventory	29.96	16.53	22.89	6.19	1.14	0.2
Prepaid Expenses	6.92	4.98	-	-	-	-
Other Current Assets	2.25	2.22	1	1.5	1.02	0.2
Total Current Assets	622.9	697.03	585.09	256.69	196.89	0.44
Property, Plant & Equipment	1,181	1,024	864.44	401.01	271.14	137.7
Other Intangible Assets	0.94	0.76	0.58	0.18	0.03	0
Long-Term Accounts Receivable	-	-	-	41.13	-	-
Other Long-Term Assets	102.09	89.99	53.46	18.52	13.41	10.85
Total Assets	1,907	1,812	1,504	717.54	481.47	149
Accounts Payable	27.7	23.87	7.14	10.81	1.32	17.89
Accrued Expenses	8.38	2.07	0.73	2.23	0.91	0.31
Short-Term Debt	84.3	89.19	18.71	13.08	3.85	4.6
Current Portion of Long-Term Debt	122.31	52.13	48.33	32.71	24.58	12.46
Current Unearned Revenue	0.56	1.78	2.08	4.11	1.77	-
Current Income Taxes Payable	-	-	31.05	2.55	6.04	-
Other Current Liabilities	30.07	32.95	23.35	13.13	9.64	0.17
Total Current Liabilities	273.76	201.99	131.4	78.62	48.12	35.42
Long-Term Debt	141.39	100.33	114.43	94	87.55	65.25
Pension & Post-Retirement Benefits	2.27	1.78	0.53	0.24	0.04	0.03
Long-Term Deferred Tax Liabilities	153.44	141.15	129.64	59.97	32.89	0.71
Other Long-Term Liabilities	57.8	158.89	139.43	40.08	18.23	24.22
Total Liabilities	629.1	604.14	515.43	272.92	186.82	125.64
Common Stock	147.34	147.34	147.34	105.24	105.24	2
Additional Paid-In Capital	32.26	32.26	32.26	72.26	32.26	13.06
Retained Earnings	80.08	214.27	206.3	105.11	100.1	-1.72
Comprehensive Income & Other	1,018	813.72	602.24	162.01	57.05	10.02
Shareholders' Equity	1,278	1,208	988.14	444.62	294.65	23.36
Total Liabilities & Equity	1,907	1,812	1,504	717.54	481.47	149
Total Debt	348.88	241.65	181.48	139.8	115.98	82.31
Net Cash (Debt)	-342.25	-240.05	-161.55	-105.56	-71.15	-82.28
Net Cash Per Share	-2.32	-1.63	-1.10	-1.00	-1.73	-41.14
Filing Date Shares Outstanding	147.34	147.34	147.34	110.5	41.2	2
Total Common Shares Outstanding	147.34	147.34	147.34	110.5	41.2	2
Working Capital	349.13	495.04	453.69	178.06	148.77	-34.98
Book Value Per Share	8.67	8.20	6.71	4.02	7.15	11.68
Tangible Book Value	1,277	1,207	987.56	444.44	294.62	23.36
Tangible Book Value Per Share	8.67	8.19	6.70	4.02	7.15	11.68
Land	252.07	213.95	161.15	2.04	0.63	1.27
Machinery	1,065	901.41	747.73	353.63	252.01	136.11
Construction In Progress	2.21	0.49	0.11	59.01	22.76	-

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