Suspension of trading

Financials Koza Altin Isletmeleri

Equities

Market Closed - Borsa Istanbul Other stock markets 10:09:56 2025-12-05 EST			5-day change	1st Jan Change
40.48 ^TRY	+3.90%		+15.86%	+79.27%

11-11	Turk Altin Q3 net profit up at 2.76 bln lira y/y	RE
11-11	Turk Altin Isletmeleri A.S. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,250	4,002	5,737	8,107	8,736	20,537	37,575	58,250
Change	-	23.16%	43.33%	41.32%	7.76%	135.09%	82.96%	55.02%
EBITDA ¹	1,927	2,165	3,024	2,517	1,878	5,657	13,788	17,912
Change	-	12.33%	39.69%	-16.77%	-25.39%	201.26%	143.74%	29.91%
EBIT ¹	1,702	1,946	2,736	1,784	-	3,754	10,564	14,868
Change	-	14.31%	40.63%	-34.8%	-	-	181.41%	40.74%
Interest Paid	-	-	-	-	-	-	-1,491	-3,430
Earnings before Tax (EBT) ¹	2,351	4,017	4,758	133.1	-	3,852	5,890	7,015
Change	-	70.86%	18.45%	-97.2%	-	-	52.91%	19.1%
Net income ¹	1,810	3,004	4,010	406.1	604	3,179	8,419	4,443
Change	-	65.93%	33.5%	-89.87%	48.73%	426.33%	164.82%	-47.22%
Announcement Date	3/1/21	3/1/22	3/1/23	5/9/24	3/14/25	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	939	848.8	1,122	890.7	1,141	1,409	1,271	1,968	1,088	1,631	1,438	2,032	3,006	2,929	2,087	1,858	1,145	4,220	2,752	5,589
Change	-	-9.61%	32.16%	-20.6%	28.12%	23.45%	-9.74%	54.81%	-44.71%	49.84%	-11.78%	41.26%	47.94%	-2.55%	-28.74%	-10.99%	-38.36%	268.52%	-34.8%	103.09%
EBITDA ¹	413	413.2	613.5	415	568.2	839.4	665.6	1,073	455.3	352.1	329.9	936.4	927.9	789.7	858.1	631.9	-260.3	650.4	809.4	2,169
Change	-	0.05%	48.48%	-32.36%	36.92%	47.73%	-20.71%	61.24%	-57.57%	-22.66%	-6.3%	183.82%	-0.9%	-14.89%	8.65%	-26.36%	-141.2%	349.85%	24.45%	167.99%
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	363.3	662	682.9	522	1,137	1,058	731.8	1,320	900	1,384	1,514	1,618	-4,110	-182.8	-39.41	775.6	87.18	506.1	1,140	2,764
Change	-	82.22%	3.17%	-23.56%	117.83%	-6.96%	-30.83%	80.45%	-31.85%	53.78%	9.41%	6.85%	-354.03%	95.55%	78.44%	2,068.09%	-88.76%	480.59%	125.17%	142.5%
Announcement Date	3/1/21	4/29/21	8/9/21	11/1/21	3/1/22	4/29/22	8/9/22	10/31/22	3/1/23	5/2/23	8/9/23	10/30/23	5/9/24	7/9/24	9/20/24	11/21/24	3/14/25	5/23/25	8/12/25	11/12/25

¹TRY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-9,245	-	-10,496	-13,299	-18,311
Change	-	-	-	-	-	-	-26.71%	-37.69%
Announcement Date	3/1/21	3/1/22	3/1/23	5/9/24	3/14/25	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	299.9	491.5	1,257	4,382	4,312	4,736	4,502
Change	-	63.88%	-	248.56%	-1.6%	9.83%	-4.94%
Free Cash Flow (FCF) ¹	-	1,823	-2,387	-1,261	202	3,102	4,677
Change	-	-	-	47.18%	116.02%	1,435.64%	50.77%
Announcement Date	3/1/21	3/1/22	5/9/24	3/14/25	-	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	59.31%	54.09%	52.71%	31.05%	21.5%	27.55%	36.7%	30.75%
EBIT Margin (%)	52.38%	48.61%	47.69%	22%	-	18.28%	28.11%	25.52%
EBT Margin (%)	72.35%	100.37%	82.94%	1.64%	-	18.76%	15.68%	12.04%
Net margin (%)	55.71%	75.06%	69.9%	5.01%	6.91%	15.48%	22.41%	7.63%
FCF margin (%)	-	45.54%	-	-29.44%	-14.43%	0.98%	8.26%	8.03%
FCF / Net Income (%)	-	60.68%	-	-587.76%	-208.75%	6.35%	36.85%	105.27%
Profitability
ROA	24.58%	29.33%	-	1.65%	-	-	-	-
ROE	27.18%	33.14%	-	1.85%	2.04%	14.9%	19%	15.8%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	9.23%	12.28%	-	15.51%	50.16%	21%	12.6%	7.73%
CAPEX / EBITDA (%)	15.56%	22.7%	-	49.95%	233.37%	76.22%	34.35%	25.13%
CAPEX / FCF (%)	-	26.97%	-	-52.67%	-347.57%	2,134.65%	152.68%	96.26%
Items per share
Cash flow per share ¹	0.4086	0.7226	-	-0.3528	-	1.82	3.21	3.55
Change	-	76.86%	-	-	-	-	76.37%	10.59%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	2.362	3.3	-	-	-	11.6	16.1	20.8
Change	-	39.72%	-	-	-	-	38.79%	29.19%
EPS ¹	0.5653	0.938	0.263	0.127	-	0.99	1.26	1.39
Change	-	65.94%	-71.97%	-51.71%	-	-	27.27%	10.32%
Nbr of stocks (in thousands)	3,202,500	3,202,500	3,202,500	3,202,500	3,202,500	3,202,500	3,202,500	3,202,500
Announcement Date	3/1/21	3/1/22	3/1/23	5/9/24	3/14/25	-	-	-