IST:MERIT 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	6.5	1.58	2.69	2.27	0.05
Cash & Short-Term Investments	6.5	1.58	2.69	2.27	0.05
Cash Growth	312.46%	-41.34%	18.20%	4872.62%	14.81%
Accounts Receivable	75.62	46.61	70.52	26	7.46
Other Receivables	43.43	6.56	-	7.14	-
Receivables	119.05	53.17	70.52	33.14	7.46
Prepaid Expenses	30.74	15.6	8.29	5.56	0.48
Other Current Assets	10.21	2.85	-	-	0.01
Total Current Assets	166.5	73.19	81.5	40.97	8
Property, Plant & Equipment	0.29	-	-	-	-
Long-Term Investments	17,174	12,749	6,221	2,616	947.39
Long-Term Deferred Tax Assets	1.94	1.18	1.8	1.15	0.22
Other Long-Term Assets	1.33	11.05	9.8	7.57	1.37
Total Assets	17,344	12,834	6,314	2,666	956.97
Accounts Payable	0.2	0.31	0.55	2.58	0.09
Accrued Expenses	1.6	1.62	0.69	0.51	3.43
Current Income Taxes Payable	49.07	20.55	14.89	10.98	1.32
Other Current Liabilities	2.07	1.51	32.63	0.13	-
Total Current Liabilities	52.95	24.01	48.76	14.22	4.84
Pension & Post-Retirement Benefits	6.69	5.38	2.66	3.21	0.92
Long-Term Deferred Tax Liabilities	4.16	0.19	282.19	137.36	34.68
Total Liabilities	63.8	29.57	333.61	154.78	40.44
Common Stock	336.6	336.6	28.05	28.05	28.05
Additional Paid-In Capital	845.96	845.96	954.86	661.35	194.48
Retained Earnings	7,027	5,001	256.8	133.71	30.02
Comprehensive Income & Other	9,071	6,621	4,741	1,688	663.99
Total Common Equity	17,281	12,805	5,981	2,511	916.53
Minority Interest	0	0	0	0	-
Shareholders' Equity	17,281	12,805	5,981	2,511	916.53
Total Liabilities & Equity	17,344	12,834	6,314	2,666	956.97
Net Cash (Debt)	6.5	1.58	2.69	2.27	0.05
Net Cash Growth	312.46%	-41.34%	18.20%	4872.62%	14.81%
Net Cash Per Share	0.02	0.06	0.01	0.01	0.00
Filing Date Shares Outstanding	336.6	336.6	336.6	336.6	336.6
Total Common Shares Outstanding	336.6	336.6	336.6	336.6	336.6
Working Capital	113.55	49.19	32.73	26.76	3.15
Book Value Per Share	51.34	38.04	17.77	7.46	2.72
Tangible Book Value	17,281	12,805	5,981	2,511	916.53
Tangible Book Value Per Share	51.34	38.04	17.77	7.46	2.72
Machinery	0.3	-	-	-	-

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