Ihlas Holding A.S. Income Statement

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
Revenue	17,160	13,540	10,925	6,535	2,823
Revenue Growth (YoY)	26.73%	23.94%	67.17%	131.51%	153.44%
Cost of Revenue	18,168	13,202	10,483	6,656	2,379
Gross Profit	-1,008	338.22	441.69	-121.61	443.24
Selling, General & Admin	3,187	2,981	2,595	1,482	340.34
Research & Development	17.82	55.77	29.59	15.74	1.61
Other Operating Expenses	16.22	144.6	-319.47	-312.07	-22.23
Operating Expenses	3,221	3,181	2,305	1,186	319.72
Operating Income	-4,228	-2,843	-1,863	-1,307	123.51
Interest Expense	-1,018	-224.97	-108.71	-74.17	-45.32
Interest & Investment Income	266.75	1,044	765.69	1,207	336.37
Currency Exchange Gain (Loss)	314.11	192.34	357.38	121.59	37.45
Other Non Operating Income (Expenses)	1,983	-123.51	1,523	-1,976	-
EBT Excluding Unusual Items	-2,682	-1,954	674.68	-2,029	452.02
Gain (Loss) on Sale of Investments	-522.44	-571.49	-173.24	-257.67	-20.59
Legal Settlements	-	-	-	-47.05	-10.25
Pretax Income	-3,205	-2,526	501.44	-2,333	421.18
Income Tax Expense	-419.88	294.16	388.71	366.62	20.06
Earnings From Continuing Operations	-2,785	-2,820	112.73	-2,700	401.12
Minority Interest in Earnings	-446.61	1,011	2,118	1,813	-192.38
Net Income	-3,232	-1,809	2,231	-887.45	208.74
Net Income to Common	-3,232	-1,809	2,231	-887.45	208.74
Shares Outstanding (Basic)	1,500	1,500	1,500	1,500	1,356
Shares Outstanding (Diluted)	1,500	1,500	1,500	1,500	1,356
Shares Change (YoY)	-	-	-	10.64%	71.53%
EPS (Basic)	-2.15	-1.21	1.49	-0.59	0.15
EPS (Diluted)	-2.15	-1.21	1.49	-0.59	0.15
Free Cash Flow	-438.82	-527.4	-1,099	-448.21	-688.99
Free Cash Flow Per Share	-0.29	-0.35	-0.73	-0.30	-0.51
Gross Margin	-5.87%	2.50%	4.04%	-1.86%	15.70%
Operating Margin	-24.64%	-20.99%	-17.05%	-20.01%	4.38%
Profit Margin	-18.83%	-13.36%	20.42%	-13.58%	7.40%
Free Cash Flow Margin	-2.56%	-3.90%	-10.06%	-6.86%	-24.41%
EBITDA	-3,898	-2,517	-1,572	-1,186	142.1
EBITDA Margin	-22.72%	-18.59%	-14.39%	-18.15%	5.03%
D&A For EBITDA	330.13	326.06	291.01	121.44	18.59
EBIT	-4,228	-2,843	-1,863	-1,307	123.51
EBIT Margin	-24.64%	-20.99%	-17.05%	-20.01%	4.38%
Effective Tax Rate	-	-	77.52%	-	4.76%

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