IST:ARASE Balance Sheet

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
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
Cash & Equivalents	1,418	874.58	1,140	716.41	167.03
Accounts Receivable	6,813	6,278	6,943	4,033	995.04
Other Receivables	63.78	88.63	24.37	0.97	1.66
Inventory	319.44	215.28	234.94	157.92	34.98
Prepaid Expenses	17.32	1.33	51.68	7.52	6.94
Other Current Assets	290.71	332.25	136.81	331.01	373.42
Total Current Assets	8,922	7,790	8,531	5,247	1,579
Property, Plant & Equipment	546.07	508.92	432.73	215.17	17.95
Other Intangible Assets	2,093	1,782	1,930	1,440	182.19
Long-Term Deferred Tax Assets	5,886	4,760	5,422	211.66	59.19
Long-Term Accounts Receivable	10,837	8,058	7,480	4,062	1,086
Other Long-Term Assets	48.14	2.8	0.98	1.42	0.99
Total Assets	28,332	22,902	23,796	11,177	2,926
Accounts Payable	2,176	2,506	1,672	1,981	707.06
Accrued Expenses	229.59	232.33	414.5	205.04	38.82
Short-Term Debt	513.33	-	-	164.77	-
Current Portion of Long-Term Debt	600.6	593.91	634.02	166.07	32.79
Current Unearned Revenue	63.47	94.66	179.32	62.78	35.28
Current Portion of Leases	112.56	92.41	47.92	34.01	5.31
Current Income Taxes Payable	178.01	12.9	9.11	166.6	1.28
Other Current Liabilities	1,760	1,452	1,493	1,311	391.29
Total Current Liabilities	5,633	4,985	4,450	4,091	1,212
Long-Term Debt	1,901	2,240	3,944	1,857	178.61
Long-Term Leases	116.5	165.1	148.74	118.41	6.29
Long-Term Unearned Revenue	0.36	0.14	0.26	-	-
Pension & Post-Retirement Benefits	30.86	48.08	20.86	28.13	7.18
Long-Term Deferred Tax Liabilities	1,789	1,279	728.99	142.65	5.08
Other Long-Term Liabilities	303.19	204.18	434.15	284.61	118.26
Total Liabilities	9,775	8,921	9,727	6,523	1,527
Common Stock	250	250	250	67	67
Retained Earnings	16,880	12,644	12,733	4,143	1,332
Comprehensive Income & Other	1,427	1,087	1,087	444.87	-
Shareholders' Equity	18,558	13,981	14,070	4,655	1,399
Total Liabilities & Equity	28,332	22,902	23,796	11,177	2,926
Total Debt	3,244	3,091	4,775	2,341	223
Net Cash (Debt)	-1,826	-2,217	-3,634	-1,624	-55.97
Net Cash Per Share	-7.30	-8.87	-14.54	-6.50	-0.22
Filing Date Shares Outstanding	250	250	250	250	250
Total Common Shares Outstanding	250	250	250	250	250
Working Capital	3,290	2,805	4,081	1,155	367.24
Book Value Per Share	74.23	55.92	56.28	18.62	5.59
Tangible Book Value	16,465	12,199	12,140	3,214	1,216
Tangible Book Value Per Share	65.86	48.80	48.56	12.86	4.87
Buildings	30.96	24.68	24.68	17.09	3.94
Machinery	65.5	50.33	39.72	26.17	4.9
Construction In Progress	-	-	5.15	-	-

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