IST:GEREL 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	131.02	33.72	78.08	98.24	58.36	46.82
Cash & Short-Term Investments	131.02	33.72	78.08	98.24	58.36	46.82
Cash Growth	359.61%	-56.81%	-20.53%	68.33%	24.66%	257.92%
Accounts Receivable	696.09	449.84	439	273.42	146.71	66.99
Other Receivables	14.32	6.75	0.02	0.22	0.06	1.88
Receivables	710.41	456.59	439.03	273.64	146.77	68.88
Inventory	1,164	884.77	340.12	316.32	103.53	70.69
Prepaid Expenses	22.09	49.79	32.98	4.06	0.36	0.29
Restricted Cash	-	-	-	1.56	0.52	0.24
Other Current Assets	321.68	333.27	91.04	68.06	13.03	8.94
Total Current Assets	2,349	1,758	981.24	761.89	322.58	195.86
Property, Plant & Equipment	1,740	1,390	592.13	412.28	105.57	84.85
Other Intangible Assets	9.75	9.51	1.63	1.53	0.2	0.18
Long-Term Deferred Tax Assets	112.83	44.98	30.74	13.55	29.13	16.89
Other Long-Term Assets	24.5	6.72	10.6	20.91	12.5	7.16
Total Assets	4,235	3,209	1,616	1,210	469.99	304.93
Accounts Payable	372.19	410.25	352.55	182.75	79.85	38.92
Accrued Expenses	81.01	48.06	90.03	21.97	9.18	5.45
Short-Term Debt	287.34	120.71	85.52	78.04	55.23	2.63
Current Portion of Long-Term Debt	302.34	352.25	209.84	125.34	79.81	50.94
Current Portion of Leases	11.17	-	-	-	-	-
Current Income Taxes Payable	0.77	12.97	23.12	10.52	1.89	-
Current Unearned Revenue	95.09	44.45	73.26	132.35	16.61	6.72
Other Current Liabilities	10.09	12.22	17.72	13.58	1.28	0.91
Total Current Liabilities	1,160	1,001	852.05	564.55	243.86	105.59
Long-Term Debt	145.28	176.15	48.54	80.7	64.43	88.26
Long-Term Leases	13.41	-	-	-	-	-
Pension & Post-Retirement Benefits	144.46	109.29	22.37	13.13	2.17	0.97
Other Long-Term Liabilities	-	1,042	45.43	51.84	27.05	-
Total Liabilities	1,463	2,328	968.39	710.23	337.52	194.82
Common Stock	372.48	240	80	80	80	80
Additional Paid-In Capital	1,948	198.59	363.86	252.02	47.5	47.5
Retained Earnings	59.47	189.5	-896.67	-505.68	14.58	7.59
Comprehensive Income & Other	402.94	261.04	1,101	674.66	-8.73	-24.04
Total Common Equity	2,783	889.13	647.87	501	133.35	111.05
Minority Interest	-10.66	-8.59	0.07	-1.07	-0.87	-0.94
Shareholders' Equity	2,772	880.54	647.94	499.94	132.47	110.11
Total Liabilities & Equity	4,235	3,209	1,616	1,210	469.99	304.93
Total Debt	759.53	649.11	343.9	284.08	199.48	141.84
Net Cash (Debt)	-628.51	-615.39	-265.82	-185.84	-141.11	-95.02
Net Cash Per Share	-1.85	-2.56	-1.11	-0.77	-0.59	-0.40
Filing Date Shares Outstanding	372.48	240	240	240	240	240
Total Common Shares Outstanding	372.48	240	240	240	240	240
Working Capital	1,189	757.22	129.19	197.33	78.72	90.27
Book Value Per Share	7.47	3.70	2.70	2.09	0.56	0.46
Tangible Book Value	2,773	879.62	646.24	499.47	133.14	110.87
Tangible Book Value Per Share	7.45	3.67	2.69	2.08	0.55	0.46
Land	4.82	3.99	5.76	4.17	12.17	11.3
Buildings	686.73	540.84	576.83	403.78	79.68	58.15
Machinery	680.31	521.34	491.99	340.08	63.18	49.76
Construction In Progress	1,059	839.25	41.54	19.61	4.89	4.88
Leasehold Improvements	-	-	-	1.34	0.24	0.19

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.