Mazhar Zorlu 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	2,246	2,032	2,156	1,483	431.02
Revenue Growth (YoY)	10.53%	-5.75%	45.34%	244.17%	60.62%
Cost of Revenue	1,904	1,933	1,755	1,283	333.02
Gross Profit	342.44	99.22	400.91	200.87	97.99
Selling, General & Admin	461.31	423.54	319.79	180.73	51.16
Research & Development	0.6	-	-	-	-
Other Operating Expenses	6.93	-26.97	26.98	20	18.89
Operating Expenses	468.83	396.57	346.77	200.72	70.05
Operating Income	-126.4	-297.35	54.14	0.15	27.94
Interest Expense	-43.62	-26.64	-9.53	-5.9	-2.1
Interest & Investment Income	143.93	106.89	54.02	55.57	18.48
Currency Exchange Gain (Loss)	27.17	16.47	18.89	15.07	1.51
Other Non Operating Income (Expenses)	-171.1	-221.26	-125.21	-17.64	-15.46
EBT Excluding Unusual Items	-170.01	-421.89	-7.69	47.24	30.38
Gain (Loss) on Sale of Investments	-8.27	-40.01	-24.93	-9.19	-0.08
Legal Settlements	-0.69	-1.37	28.91	93.49	-85.23
Pretax Income	-178.97	-463.27	-3.71	131.54	-54.93
Income Tax Expense	5.87	40.97	-68.11	134.49	3.99
Earnings From Continuing Operations	-184.83	-504.24	64.4	-2.95	-58.91
Minority Interest in Earnings	138.71	191.58	-71.89	-9.59	31.67
Net Income	-46.12	-312.66	-7.49	-12.54	-27.25
Net Income to Common	-46.12	-312.66	-7.49	-12.54	-27.25
Shares Outstanding (Basic)	109	109	109	109	109
Shares Outstanding (Diluted)	109	109	109	109	109
EPS (Basic)	-0.42	-2.88	-0.07	-0.12	-0.25
EPS (Diluted)	-0.42	-2.88	-0.07	-0.12	-0.25
Free Cash Flow	-215.33	20.72	-226.64	-44.19	-183.66
Free Cash Flow Per Share	-1.98	0.19	-2.09	-0.41	-1.69
Gross Margin	15.25%	4.88%	18.59%	13.54%	22.74%
Operating Margin	-5.63%	-14.63%	2.51%	0.01%	6.48%
Profit Margin	-2.05%	-15.38%	-0.35%	-0.84%	-6.32%
Free Cash Flow Margin	-9.59%	1.02%	-10.51%	-2.98%	-42.61%
EBITDA	-27.56	-186.39	100.14	30.62	33.7
EBITDA Margin	-1.23%	-9.17%	4.64%	2.06%	7.82%
D&A For EBITDA	98.84	110.96	46	30.47	5.76
EBIT	-126.4	-297.35	54.14	0.15	27.94
EBIT Margin	-5.63%	-14.63%	2.51%	0.01%	6.48%
Effective Tax Rate	-	-	-	102.24%	-
Advertising Expenses	2.08	4.45	13.71	15.97	2.51

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