IST:MERIT Balance Sheet

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	5.73	6.5	1.58	2.69	2.27	0.05
Cash & Short-Term Investments	5.73	6.5	1.58	2.69	2.27	0.05
Cash Growth	292.97%	312.46%	-41.34%	18.20%	4872.62%	14.81%
Accounts Receivable	21.25	75.62	46.61	70.52	26	7.46
Other Receivables	89.59	43.43	6.56	-	7.14	-
Receivables	110.84	119.05	53.17	70.52	33.14	7.46
Prepaid Expenses	8.31	30.74	15.6	8.29	5.56	0.48
Other Current Assets	9.99	10.21	2.85	-	-	0.01
Total Current Assets	134.87	166.5	73.19	81.5	40.97	8
Property, Plant & Equipment	-	0.29	-	-	-	-
Long-Term Investments	18,926	17,174	12,749	6,221	2,616	947.39
Other Intangible Assets	0.3	-	-	-	-	-
Long-Term Deferred Tax Assets	1.52	1.94	1.18	1.8	1.15	0.22
Other Long-Term Assets	9.79	1.33	11.05	9.8	7.57	1.37
Total Assets	19,073	17,344	12,834	6,314	2,666	956.97
Accounts Payable	3.34	0.2	0.31	0.55	2.58	0.09
Accrued Expenses	6.25	1.6	1.62	0.69	0.51	3.43
Current Income Taxes Payable	4.05	49.07	20.55	14.89	10.98	1.32
Other Current Liabilities	3.33	2.07	1.51	32.63	0.13	-
Total Current Liabilities	16.98	52.95	24.01	48.76	14.22	4.84
Pension & Post-Retirement Benefits	7.64	6.69	5.38	2.66	3.21	0.92
Long-Term Deferred Tax Liabilities	4.87	4.16	0.19	282.19	137.36	34.68
Total Liabilities	29.5	63.8	29.57	333.61	154.78	40.44
Common Stock	336.6	336.6	336.6	28.05	28.05	28.05
Additional Paid-In Capital	930.9	845.96	845.96	954.86	661.35	194.48
Retained Earnings	7,761	7,027	5,001	256.8	133.71	30.02
Comprehensive Income & Other	10,015	9,071	6,621	4,741	1,688	663.99
Total Common Equity	19,043	17,281	12,805	5,981	2,511	916.53
Minority Interest	0	0	0	0	0	-
Shareholders' Equity	19,043	17,281	12,805	5,981	2,511	916.53
Total Liabilities & Equity	19,073	17,344	12,834	6,314	2,666	956.97
Net Cash (Debt)	5.73	6.5	1.58	2.69	2.27	0.05
Net Cash Growth	292.97%	312.46%	-41.34%	18.20%	4872.62%	14.81%
Net Cash Per Share	-	0.02	0.00	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	117.89	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	19,043	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	-	-	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.