IST:RAYSG 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
Premiums & Annuity Revenue	23,215	10,374	3,820	1,487	800.38
Total Interest & Dividend Income	6,283	2,278	632.62	176.98	128.34
Gain (Loss) on Sale of Investments	406.03	357.97	236.36	1.46	-0.32
Other Revenue	-114.91	-197.78	36.93	-11.94	-14.44
Total Revenue	29,789	12,812	4,726	1,653	913.95
Revenue Growth (YoY)	132.51%	171.09%	185.87%	80.89%	41.60%
Policy Benefits	18,214	7,544	2,775	1,035	641.24
Depreciation & Amortization	113.62	81.23	50.5	19.87	11.49
Selling, General & Administrative	5,982	2,112	1,104	391.6	234.1
Other Operating Expenses	754.75	313.31	189.15	74.06	47.76
Total Operating Expenses	25,064	10,050	4,119	1,520	934.59
Operating Income	4,725	2,762	607.48	133.04	-20.64
Currency Exchange Gain (Loss)	413.2	139.35	419.73	83.2	109.49
Other Non Operating Income (Expenses)	13.87	9.37	10.35	3	1.73
EBT Excluding Unusual Items	5,152	2,911	1,038	219.24	90.59
Legal Settlements	-6.65	-1.73	-1.48	-0.26	-0.13
Other Unusual Items	1.34	7.47	1.08	-	-
Pretax Income	5,147	2,916	1,037	218.98	90.46
Income Tax Expense	1,409	704.33	135.22	39.26	22.14
Net Income	3,737	2,212	901.94	179.72	68.32
Net Income to Common	3,737	2,212	901.94	179.72	68.32
Net Income Growth	68.95%	145.25%	401.86%	163.07%	15.94%
Shares Outstanding (Basic)	163	163	163	163	163
Shares Outstanding (Diluted)	163	163	163	163	163
EPS (Basic)	22.92	13.56	5.53	1.10	0.42
EPS (Diluted)	22.92	13.56	5.53	1.10	0.42
EPS Growth	68.95%	145.25%	401.86%	163.07%	15.94%
Free Cash Flow	7,201	7,389	-482.54	1,093	-65.82
Free Cash Flow Per Share	44.16	45.31	-2.96	6.70	-0.40
Operating Margin	15.86%	21.56%	12.85%	8.05%	-2.26%
Profit Margin	12.55%	17.27%	19.08%	10.87%	7.47%
Free Cash Flow Margin	24.17%	57.67%	-10.21%	66.10%	-7.20%
EBITDA	4,837	2,842	637.74	149.98	-10.33
EBITDA Margin	16.24%	22.18%	13.49%	9.07%	-1.13%
D&A For EBITDA	112.42	80.01	30.26	16.94	10.31
EBIT	4,725	2,762	607.48	133.04	-20.64
EBIT Margin	15.86%	21.56%	12.85%	8.05%	-2.26%
Effective Tax Rate	27.39%	24.15%	13.04%	17.93%	24.48%

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