IST:HOROZ 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	582.03	1,027	81.78	44.46	32.88
Cash & Short-Term Investments	582.03	1,027	81.78	44.46	32.88
Cash Growth	-43.30%	1155.30%	83.93%	35.24%	-
Accounts Receivable	2,223	1,268	1,519	718.06	511.87
Other Receivables	38.91	104.94	86.98	152.35	112.97
Receivables	2,262	1,373	1,606	870.41	624.84
Inventory	13.22	-	-	-	-
Prepaid Expenses	366.24	61.42	48.88	26.12	21.32
Other Current Assets	328.86	141.66	231.23	84.05	72.07
Total Current Assets	3,552	2,603	1,968	1,025	751.11
Property, Plant & Equipment	4,924	4,047	2,952	1,546	1,471
Long-Term Investments	-	-	-	69.51	71.11
Other Intangible Assets	77.94	30.61	23.02	12.24	14.83
Long-Term Deferred Tax Assets	-	-	12.94	56.12	60.8
Other Long-Term Assets	195.66	134.03	171.76	112.7	119.23
Total Assets	8,749	6,814	5,128	2,822	2,488
Accounts Payable	1,300	935.22	1,209	709.79	613.62
Accrued Expenses	190.41	169.03	166.73	101.12	72.43
Short-Term Debt	1,387	81.23	536.55	263.03	333.15
Current Portion of Long-Term Debt	33.13	38.79	22.17	39.89	42.53
Current Portion of Leases	-	620.86	378.22	341.17	284.87
Current Income Taxes Payable	-	2.47	8.82	8.53	5.21
Current Unearned Revenue	49.85	23.87	59.36	29.94	17.98
Other Current Liabilities	89.54	71.03	85.25	136.19	153.32
Total Current Liabilities	3,050	1,942	2,466	1,630	1,523
Long-Term Debt	37.41	54.73	46.5	18.26	20.01
Long-Term Leases	1,598	1,642	1,270	418.46	407.22
Long-Term Unearned Revenue	56.66	-	0.81	25.51	-
Pension & Post-Retirement Benefits	97.58	-	-	-	-
Long-Term Deferred Tax Liabilities	148.92	102.29	-	-	-
Other Long-Term Liabilities	-	97.68	134.92	80.11	120.94
Total Liabilities	4,988	3,839	3,918	2,172	2,071
Common Stock	90.49	90.49	72.49	100	100
Additional Paid-In Capital	1,381	1,055	-	-	-
Retained Earnings	1,989	546.99	-153.12	-163.43	-468.63
Comprehensive Income & Other	300.24	1,283	1,291	689.28	759.5
Total Common Equity	3,761	2,976	1,210	625.85	390.87
Minority Interest	-	-	0	24.24	25.53
Shareholders' Equity	3,761	2,976	1,210	650.1	416.4
Total Liabilities & Equity	8,749	6,814	5,128	2,822	2,488
Total Debt	3,056	2,437	2,253	1,081	1,088
Net Cash (Debt)	-2,474	-1,411	-2,171	-1,036	-1,055
Net Cash Per Share	-	-15.59	-29.95	-10.36	-10.55
Filing Date Shares Outstanding	-	90.49	72.49	100	100
Total Common Shares Outstanding	-	90.49	72.49	100	100
Working Capital	501.9	660.58	-497.99	-604.62	-772.02
Book Value Per Share	-	32.88	16.69	6.26	3.91
Tangible Book Value	3,683	2,945	1,187	613.62	376.04
Tangible Book Value Per Share	-	32.55	16.37	6.14	3.76
Land	-	131.52	131.52	91.1	107.08
Buildings	-	69.93	69.93	48.43	44.52
Machinery	-	1,817	1,545	336.36	289.48
Construction In Progress	-	-	-	0.42	-
Leasehold Improvements	-	231.83	195.99	-	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.