IST:MERIT 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	324.83	197	149.41	112.6	11.37
Revenue Growth (YoY)	64.89%	31.86%	32.68%	890.58%	135.82%
Cost of Revenue	12.41	12.54	24.82	37.94	1.43
Gross Profit	312.42	184.46	124.58	74.66	9.94
Selling, General & Admin	112.09	89.85	47.01	27.36	4.96
Other Operating Expenses	19.11	-2.94	1.96	0.49	-0.25
Operating Expenses	131.21	86.91	48.97	27.85	4.71
Operating Income	181.21	97.55	75.61	46.81	5.23
Interest & Investment Income	22.11	21.94	9.24	2.56	0.3
Earnings From Equity Investments	468	25.64	-	-	-
Currency Exchange Gain (Loss)	1.03	0.47	0.2	0.11	0
Other Non Operating Income (Expenses)	131.56	-14.49	-13.48	-8.03	-0.09
EBT Excluding Unusual Items	803.91	131.12	71.58	41.45	5.45
Gain (Loss) on Sale of Investments	-0.01	-10.98	-4.13	-0.5	-0.22
Pretax Income	803.9	120.14	67.44	40.95	5.23
Income Tax Expense	48.94	-347.76	-54.21	25.4	1.33
Earnings From Continuing Operations	754.96	467.9	121.66	15.55	3.9
Minority Interest in Earnings	0	0	-	-	-
Net Income	754.96	467.9	121.66	15.55	3.9
Net Income to Common	754.96	467.9	121.66	15.55	3.9
Net Income Growth	61.35%	284.61%	682.10%	299.01%	59.78%
Shares Outstanding (Basic)	337	337	337	337	136
Shares Outstanding (Diluted)	337	337	337	337	136
Shares Change (YoY)	-	-	-	147.08%	345.20%
EPS (Basic)	2.24	1.39	0.36	0.05	0.03
EPS (Diluted)	2.24	1.39	0.36	0.05	0.03
EPS Growth	61.15%	284.59%	682.10%	61.50%	-64.11%
Free Cash Flow	238.56	69.8	59.2	10.7	13.03
Free Cash Flow Per Share	0.71	0.21	0.18	0.03	0.10
Dividend Per Share	-	0.140	0.083	0.083	-
Dividend Growth	-	68.07%	-	-	-
Gross Margin	96.18%	93.64%	83.38%	66.31%	87.45%
Operating Margin	55.78%	49.52%	50.61%	41.57%	45.98%
Profit Margin	232.41%	237.51%	81.43%	13.81%	34.29%
Free Cash Flow Margin	73.44%	35.43%	39.63%	9.50%	114.62%
EBITDA	181.22	-	-	46.81	5.23
EBITDA Margin	55.79%	-	-	41.57%	45.98%
D&A For EBITDA	0.01	-	-	0	0
EBIT	181.21	97.55	75.61	46.81	5.23
EBIT Margin	55.78%	49.52%	50.61%	41.57%	45.98%
Effective Tax Rate	6.09%	-	-	62.02%	25.40%
Advertising Expenses	56.33	44.65	17.44	11.19	1.69

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