HEPS Income Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2018 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2018 - 2019
Revenue	62,563	57,047	51,339	38,229	24,792	15,172	Upgrade
Revenue Growth (YoY)	56.77%	11.12%	34.29%	54.20%	63.41%	482.69%	Upgrade
Cost of Revenue	46,564	42,258	40,878	34,199	22,062	12,649	Upgrade
Gross Profit	15,999	14,788	10,461	4,030	2,730	2,522	Upgrade
Selling, General & Admin	11,605	10,512	8,361	8,036	8,009	2,817	Upgrade
Research & Development	689.81	740.63	595.1	436.34	204.24	75.45	Upgrade
Other Operating Expenses	2,240	1,470	1,051	1,705	310.01	154.47	Upgrade
Operating Expenses	17,004	14,771	11,703	11,397	9,160	3,349	Upgrade
Operating Income	-1,004	16.96	-1,242	-7,367	-6,430	-826.61	Upgrade
Interest Expense	-4,017	-2,866	-1,989	-809.26	-579.19	-339.74	Upgrade
Interest & Investment Income	3,328	3,104	1,267	777.26	248.54	94.18	Upgrade
Currency Exchange Gain (Loss)	334.15	334.15	2,337	2,481	5,257	32.04	Upgrade
Other Non Operating Income (Expenses)	-1,708	-2,322	-802.41	-1,875	-1,363	104.61	Upgrade
EBT Excluding Unusual Items	-3,066	-1,733	-428.98	-6,794	-2,867	-935.53	Upgrade
Gain (Loss) on Sale of Investments	127.62	127.62	342.92	-108.26	-116.68	-	Upgrade
Legal Settlements	-	-	195.11	-14.81	-346.56	-1.06	Upgrade
Pretax Income	-2,939	-1,605	109.05	-6,917	-3,330	-936.59	Upgrade
Net Income	-2,939	-1,605	109.05	-6,917	-3,330	-936.59	Upgrade
Net Income to Common	-2,939	-1,605	109.05	-6,917	-3,330	-936.59	Upgrade
Shares Outstanding (Basic)	328	328	325	326	305	284	Upgrade
Shares Outstanding (Diluted)	328	328	325	326	305	284	Upgrade
Shares Change (YoY)	2.07%	1.09%	-0.36%	6.97%	7.19%	-	Upgrade
EPS (Basic)	-8.96	-4.89	0.34	-21.22	-10.93	-3.29	Upgrade
EPS (Diluted)	-8.96	-4.89	0.34	-21.22	-10.93	-3.29	Upgrade
Free Cash Flow	6,096	3,687	5,581	-990.82	-692.48	852.27	Upgrade
Free Cash Flow Per Share	18.58	11.23	17.18	-3.04	-2.27	3.00	Upgrade
Gross Margin	25.57%	25.92%	20.38%	10.54%	11.01%	16.63%	Upgrade
Operating Margin	-1.60%	0.03%	-2.42%	-19.27%	-25.94%	-5.45%	Upgrade
Profit Margin	-4.70%	-2.81%	0.21%	-18.09%	-13.43%	-6.17%	Upgrade
Free Cash Flow Margin	9.74%	6.46%	10.87%	-2.59%	-2.79%	5.62%	Upgrade
EBITDA	-280.19	320.59	-976.08	-6,147	-5,793	-524.99	Upgrade
EBITDA Margin	-0.45%	0.56%	-1.90%	-16.08%	-23.37%	-3.46%	Upgrade
D&A For EBITDA	724.18	303.63	265.75	1,220	637.01	301.62	Upgrade
EBIT	-1,004	16.96	-1,242	-7,367	-6,430	-826.61	Upgrade
EBIT Margin	-1.60%	0.03%	-2.42%	-19.27%	-25.94%	-5.45%	Upgrade
Advertising Expenses	-	4,292	3,505	4,200	4,862	1,527	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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