IST:ARSAN Balance Sheet

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

Millions TRY. Fiscal year is Jan - Dec.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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	1,885	1,686	2,644	1,278	157.84	43.01
Short-Term Investments	50	-	193.35	631.25	95.61	-
Cash & Short-Term Investments	1,935	1,686	2,837	1,909	253.45	43.01
Cash Growth	-15.23%	-40.58%	48.64%	653.12%	489.22%	-37.02%
Accounts Receivable	685.59	295.62	3.83	64.03	269.08	111.29
Other Receivables	54.48	79.15	35.77	15.02	4.15	0.02
Receivables	740.07	374.76	39.6	79.05	273.23	111.31
Inventory	54.37	77.4	84.13	1.61	292.76	70.09
Prepaid Expenses	21.84	5.55	0.92	-	2.58	0.17
Other Current Assets	81.28	117.98	54.97	37.49	31.55	7.57
Total Current Assets	2,833	2,262	3,017	2,027	853.57	232.15
Property, Plant & Equipment	4,816	4,030	2,317	1,704	1,122	299.69
Long-Term Investments	6,041	3,376	2,124	1,501	1,035	181.62
Goodwill	-	36.49	-	-	-	-
Other Intangible Assets	10.68	9.02	10.62	8.18	0.47	0.08
Long-Term Deferred Tax Assets	63.08	160.01	-	-	249.48	14.53
Long-Term Deferred Charges	-	-	-	-	8.61	5.29
Other Long-Term Assets	3,644	2,993	2,830	2,138	794.69	349.06
Total Assets	17,408	12,866	10,298	7,378	4,064	1,082

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Accounts Payable	217.82	14.95	6.39	31.78	114.16	34.94
Accrued Expenses	25.73	36.17	94.62	25.6	27.29	18.98
Short-Term Debt	166.75	16.26	59.98	90.42	131.84	0.06
Current Portion of Long-Term Debt	-	-	2.62	84.72	114.9	32.52
Current Portion of Leases	6.39	2.26	0.95	20.6	16.32	10.21
Current Income Taxes Payable	10.09	20.86	-	9.99	3.03	1.45
Current Unearned Revenue	23.53	12.51	8.93	2.67	14.08	6.75
Other Current Liabilities	424	2.95	6.57	5.64	22.55	3.12
Total Current Liabilities	874.29	105.96	180.05	271.41	444.18	108.04
Long-Term Debt	6.41	19.11	1.31	15.97	17.13	18
Long-Term Leases	-	-	-	0.82	14.96	14.1
Long-Term Unearned Revenue	-	-	-	-	-	0
Pension & Post-Retirement Benefits	11.62	7.2	8.56	7.24	35.24	6.26
Long-Term Deferred Tax Liabilities	2,470	1,528	657.59	650.08	-	29.47
Total Liabilities	3,363	1,660	847.51	945.52	511.51	175.88

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Common Stock	1,762	1,762	204.45	204.45	204.45	204.45
Retained Earnings	9,154	6,980	6,086	3,840	2,214	474.64
Comprehensive Income & Other	1,507	1,879	2,561	1,933	870.79	169.52
Total Common Equity	13,377	10,621	8,852	5,978	3,289	848.61
Minority Interest	667.73	584.47	598.92	455.07	263.04	57.92
Shareholders' Equity	14,045	11,206	9,451	6,433	3,552	906.53
Total Liabilities & Equity	17,408	12,866	10,298	7,378	4,064	1,082

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Total Debt	179.54	37.63	64.86	212.52	295.16	74.9
Net Cash (Debt)	1,756	1,648	2,772	1,696	-41.72	-31.89
Net Cash Growth	-21.67%	-40.55%	63.44%	-	-	-
Net Cash Per Share	-	0.94	1.57	0.96	-0.02	-0.02
Filing Date Shares Outstanding	-	1,762	1,762	1,762	1,762	1,762
Total Common Shares Outstanding	-	1,762	1,762	1,762	1,762	1,762
Working Capital	1,958	2,156	2,837	1,755	409.4	124.11
Book Value Per Share	-	6.03	5.02	3.39	1.87	0.48
Tangible Book Value	13,367	10,576	8,841	5,969	3,289	848.53
Tangible Book Value Per Share	-	6.00	5.02	3.39	1.87	0.48
Land	-	3,085	1,770	1,296	420.9	152.77
Buildings	-	462.37	8.13	6.21	556.69	126.82
Machinery	-	758.76	751.68	532.93	3,297	254.01
Construction In Progress	-	254.16	67.05	39	-	0.03
Leasehold Improvements	-	-	167.38	126.17	87.33	5.75