Earnings release
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH KOÇ HOLDİNG A.Ş. CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2025 AND 2024 (Amounts on tables expressed in million of Turkish Lira (“TL”) in terms of purchasing power of the TL at 31 December 2025 unless otherwise indicated.) 1 Audited Audited 2025 2025 2025 2024 (*) Million (*) Million (*) Million (*) Million EUR USD TL TL ASSETS Current assets: Cash and cash equivalents 7.112 8.372 358.830 402.064 Balances with CBRT 9.163 10.785 462.288 481.630 Financial assets 1.713 2.016 86.411 75.862 Trade receivables 4.758 5.601 240.073 238.562 - Related parties 440 518 22.199 19.987 - Third parties 4.318 5.083 217.874 218.575 Receivables from finance sector operations 28.555 33.613 1.440.716 1.318.061 Derivative instruments 184 217 9.282 11.515 Inventories 3.867 4.552 195.089 217.577 Other receivables 499 588 25.197 25.248 Prepaid expenses 971 1.143 49.002 65.481 Other current assets 2.844 3.347 143.470 131.964 59.666 70.234 3.010.358 2.967.964 Assets held for sale 120 141 6.050 - Total current assets 59.786 70.375 3.016.408 2.967.964 Non-current assets: Financial assets 12.355 14.543 623.362 625.707 Investments accounted for using the equity method 2.541 2.991 128.216 130.392 Trade receivables 19 22 933 1.708 - Third parties 19 22 933 1.708 Receivables from finance sector operations 10.359 12.193 522.625 440.021 Derivative instruments 193 227 9.729 13.007 Investment properties 51 60 2.556 3.618 Property, plant and equipment 11.136 13.108 561.856 557.417 Intangible assets 4.635 5.455 233.818 199.182 - Goodwill 1.798 2.116 90.702 91.179 - Other intangible assets 2.837 3.339 143.116 108.003 Deferred tax assets 866 1.019 43.697 39.789 Prepaid expenses 2.830 3.332 142.807 106.851 Other non-current assets 626 737 31.593 29.803 Total non-current assets 45.611 53.687 2.301.192 2.147.495 Total assets 105.397 124.062 5.317.600 5.115.459 (*) Euro (“EUR”) and US Dollar (“USD”) amounts presented above have been translated from Turkish Lira (“TL”) for convenience purposes only, at the official TL bid rate announced by the Central Bank of the Republic of Turkey (“CBRT”) effective as of 31 December 2025, and therefore do not form part of these consolidated financial statements.
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH KOÇ HOLDİNG A.Ş. CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2025 AND 2024 (Amounts on tables expressed in million of Turkish Lira (“TL”) in terms of purchasing power of the TL at 31 December 2025 unless otherwise indicated.) 2 Audited Audited 2025 2025 2025 2024 (*) Million (*) Million (*) Million (*) Million EUR USD TL TL LIABILITIES Current liabilities: Short term borrowings 4.633 5.453 233.739 362.317 Short term portion of long term borrowings 10.306 12.132 519.990 326.616 Trade payables 5.856 6.893 295.438 327.985 - Related parties 393 462 19.810 19.122 - Third parties 5.463 6.431 275.628 308.863 Payables of finance sector operations 39.366 46.337 1.986.121 2.000.426 Derivative instruments 319 375 16.071 20.512 Current income tax liabilities 64 76 3.239 4.670 Short term provisions 398 469 20.105 25.291 Other payables 4.046 4.763 204.133 194.094 Other current liabilities 3.581 4.219 180.775 147.373 Total current liabilities 68.569 80.717 3.459.611 3.409.284 Non-current liabilities: Long term borrowings 11.923 14.034 601.539 462.032 Payables of finance sector operations 282 332 14.210 17.406 Derivative instruments 144 169 7.250 9.070 Deferred tax liabilities 1.344 1.582 67.814 31.669 Long term provisions 877 1.031 44.230 44.776 - Long term provisions for employee benefits 726 854 36.623 38.107 - Other long term provisions 151 177 7.607 6.669 Other payables 223 263 11.254 - Other non-current liabilities 379 446 19.119 17.301 Total non-current liabilities 15.172 17.857 765.416 582.254 Total liabilities 83.741 98.574 4.225.027 3.991.538 Equity: Paid-in share capital 50 59 2.536 2.536 Adjustment to share capital 1.804 2.123 90.995 90.995 Treasury shares (2) (3) (118) (118) Share premium 9 10 433 433 Other comprehensive income/expense not to be reclassified to profit or loss (387) (456) (19.529) (17.524) Other comprehensive income/expense to be reclassified to profit or loss (673) (793) (33.973) (21.841) Restricted reserves 395 465 19.936 19.936 Prior years’ income 11.794 13.883 595.068 615.813 Profit for the period 436 513 22.001 1.709 Equity holders of the parent 13.426 15.801 677.349 691.939 Non-controlling interest 8.230 9.687 415.224 431.982 Total equity 21.656 25.488 1.092.573 1.123.921 Total liabilities and equity 105.397 124.062 5.317.600 5.115.459 (*) EUR and USD amounts presented above have been translated from TL for convenience purposes only, at the official TL bid rate announced by the CBRT effective as of 3 1 December 2025, and therefore do not form part of these consolidated financial statements.
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH KOÇ HOLDİNG A.Ş. CONSOLIDATED INCOME STATEMENT FOR THE YEARS ENDED 31 DECEMBER 2025 AND 2024 (Amounts on tables expressed in million of Turkish Lira (“TL”) in terms of purchasing power of the TL at 31 December 2025 unless otherwise indicated.) 3 Audited Audited 2025 2025 2025 2024 (*) Million (*) Million Million Million EUR USD TL TL Revenue 36.442 42.896 1.838.618 2.109.310 Revenue from finance sector operations 18.208 21.433 918.677 924.645 Total revenue 54.650 64.329 2.757.295 3.033.955 Cost of sales (30.508) (35.911) (1.539.222) (1.814.794) Cost of finance sector operations (14.840) (17.468) (748.719) (790.051) Total costs (45.348) (53.379) (2.287.941) (2.604.845) Gross profit (non-finance) 5.934 6.985 299.396 294.516 Gross profit (finance) 3.368 3.965 169.958 134.594 Gross profit 9.302 10.950 469.354 429.110 Marketing expenses (2.748) (3.235) (138.665) (144.442) General administrative expenses (3.634) (4.277) (183.343) (173.387) Research and development expenses (186) (219) (9.376) (9.013) Other operating income 1.043 1.227 52.600 75.851 Other operating expenses (1.772) (2.086) (89.403) (90.746) Share of profit/loss of investments accounted for using the equity method 326 384 16.441 26.983 Operating profit 2.331 2.744 117.608 114.356 Gains from investment activities 50 59 2.544 4.513 Losses from investment activities (5) (6) (245) (1.237) Operating profit before financial income/(expense) 2.376 2.797 119.907 117.632 Financial income 1.513 1.781 76.328 100.638 Financial expenses (2.095) (2.464) (105.654) (133.179) Net monetary gains/(losses) (57) (67) (2.867) (50.127) Profit before tax 1.737 2.047 87.714 34.964 Tax expense (1.052) (1.238) (53.086) (41.886) - Current income tax expense (263) (310) (13.278) (18.642) - Deferred tax expense (789) (928) (39.808) (23.244) Profit/(loss) for the period 685 809 34.628 (6.922) Attributable to: Non-controlling interest 249 296 12.627 (8.631) Equity holders of the parent 436 513 22.001 1.709 Earnings per share (Kr) 8,679 0,674 (*) EUR and USD amounts presented above have been translated from TL for convenience purposes only, at the official TL bid rate announced by the CBRT effective as of 31 December 2025, and therefore do not form part of these consolidated financial statements.
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH KOÇ HOLDİNG A.Ş. COMBINED SEGMENT REPORTING FOR THE YEARS ENDED 31 DECEMBER 2025 AND 2024 (Amounts on tables expressed in million of Turkish Lira (“TL”) in terms of purchasing power of the TL at 31 December 2025 unless otherwise indicated.) 4 SEGMENT REPORTING The financial information of the Joint Ventures has been included in the segment results, prepared within the framework of the Group’s managerial approach, by full consolidation method (as 100%). The segment reporting information prepared in conformity with this approach is defined as “combined financial information”. “Combined revenue” reported below is before intra and inter segment revenue eliminations. Other financial information except for “combined revenue” represents the amounts after the related consolidation adjustments and profit eliminations. The reconciliations of the combined financial information to the amounts reported in the consolidated financial statements for the periods ended 31 December 2025 and 2024 are presented separately. Consumer 1 January - 31 December 2025 Energy Automotive durables Finance Other Total External revenue 1.236.765 1.343.138 574.929 920.182 134.768 4.209.782 Intra segment revenue 177.240 89.121 18.591 1.003 4.207 290.162 Inter segment revenue 5.037 12.727 4.387 2.607 78.775 103.533 Combined revenue 1.419.042 1.444.986 597.907 923.792 217.750 4.603.477 Combined gross profit 118.108 122.357 157.789 166.898 40.079 605.231 Operating expenses (59.364) (80.532) (147.700) (93.666) (39.535) (420.797) Other operating income/(expenses) (net) 332 3.830 498 (35.370) 1.785 (28.925) Exchange gains/(losses) and credit finance income/(charges) from operating activities (net) (9.581) 7.080 2.526 - (3.339) (3.314) Combined operating profit/(loss) 49.495 52.735 13.113 37.862 (1.010) 152.195 Gains/(losses) from investment activities (net) 1.644 12.929 (656) 1.941 484 16.342 Financial income/(expenses) (net) 1.552 (42.884) (32.242) - 10.690 (62.884) Net monetary gains/(losses) (1.375) 29.053 14.845 (18.043) (5.619) 18.861 Combined profit/(loss) before tax 51.316 51.833 (4.940) 21.760 4.545 124.514 Tax expense (net) (19.063) (7.921) (6.004) (23.120) (6.455) (62.563) Combined net profit/(loss) for the period 32.253 43.912 (10.944) (1.360) (1.910) 61.951 Net profit/(loss) for the period 13.441 17.747 (4.443) (589) (4.155) 22.001
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH KOÇ HOLDİNG A.Ş. COMBINED SEGMENT REPORTING FOR THE YEARS ENDED 31 DECEMBER 2025 AND 2024 (Amounts on tables expressed in million of Turkish Lira (“TL”) in terms of purchasing power of the TL at 31 December 2025 unless otherwise indicated.) 5 SEGMENT REPORTING (Continued) Consumer 1 January - 31 December 2024 Energy Automotive durables Finance Other Total External revenue 1.486.449 1.174.277 609.633 924.392 134.041 4.328.792 Intra segment revenue 197.353 88.904 20.622 1.770 5.279 313.928 Inter segment revenue 7.285 8.530 5.110 3.744 78.386 103.055 Combined revenue 1.691.087 1.271.711 635.365 929.906 217.706 4.745.775 Combined gross profit 121.271 117.808 161.374 123.574 38.851 562.878 Operating expenses (61.747) (77.189) (150.421) (85.788) (37.895) (413.040) Other operating income/(expenses) (net) (438) (864) 6.708 (12.618) 605 (6.607) Exchange gains/(losses) and credit finance income/(charges) from operating activities (net) (8.526) 3.747 (4.444) - (1.894) (11.117) Combined operating profit/(loss) 50.560 43.502 13.217 25.168 (333) 132.114 Gains/(losses) from investment activities (net) 106 8.791 514 2.453 1.956 13.820 Financial income/(expenses) (net) 9.740 (37.171) (36.324) - 11.812 (51.943) Net monetary gains/losses (13.878) 41.914 20.509 (50.214) (14.367) (16.036) Combined profit/(loss) before tax 46.528 57.036 (2.084) (22.593) (932) 77.955 Tax income/(expense) (net) (24.779) 614 (1.082) (13.490) (4.873) (43.610) Combined net profit/(loss) for the period 21.749 57.650 (3.166) (36.083) (5.805) 34.345 Net profit/(loss) for the period 9.219 18.750 880 (20.487) (6.653) 1.709
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH KOÇ HOLDİNG A.Ş. COMBINED SEGMENT REPORTING FOR THE YEARS ENDED 31 DECEMBER 2025 AND 2024 (Amounts on tables expressed in million of Turkish Lira (“TL”) in terms of purchasing power of the TL at 31 December 2025 unless otherwise indicated.) 6 SEGMENT REPORTING (Continued) a) Revenue 2025 2024 Energy 1.419.042 1.691.087 Automotive 1.444.986 1.271.711 Consumer durables 597.907 635.365 Finance 923.792 929.906 Other 217.750 217.706 Combined 4.603.477 4.745.775 Less: Joint Ventures (1.750.264) (1.610.711) Less: Consolidation elimination and adjustments (95.918) (101.109) Consolidated 2.757.295 3.033.955 b) Operating profit Energy 49.495 50.560 Automotive 52.735 43.502 Consumer durables 13.113 13.217 Finance 37.862 25.168 Other (1.010) (333) Combined 152.195 132.114 Less: Joint Ventures (54.006) (55.683) Less: Consolidation elimination and adjustments 2.978 10.942 Add: Net profit shares of Joint Ventures and associates 16.441 26.983 Consolidated 117.608 114.356 c) Depreciation and amortisation Energy 21.250 18.918 Automotive 47.136 51.638 Consumer durables 24.055 22.164 Finance 11.814 10.918 Other 6.468 5.191 Combined 110.723 108.829 Less: Joint Ventures (34.699) (31.537) Less: Consolidation elimination and adjustments (1.632) (1.024) Consolidated 74.392 76.268
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CONVENIENCE TRANSLATION INTO ENGLISH OF THE CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH KOÇ HOLDİNG A.Ş. COMBINED SEGMENT REPORTING FOR THE YEARS ENDED 31 DECEMBER 2025 AND 2024 (Amounts on tables expressed in million of Turkish Lira (“TL”) in terms of purchasing power of the TL at 31 December 2025 unless otherwise indicated.) 7 SEGMENT REPORTING (Continued) d) Profit before tax 2025 2024 Energy 51.316 46.528 Automotive 51.833 57.036 Consumer durables (4.940) (2.084) Finance 21.760 (22.593) Other 4.545 (932) Combined 124.514 77.955 Less: Joint Ventures (51.685) (67.761) Add: Net profit shares of Joint Ventures 14.885 24.770 Consolidated 87.714 34.964 e) Profit for the period Energy 32.253 21.749 Automotive 43.912 57.650 Consumer durables (10.944) (3.166) Finance (1.360) (36.083) Other (1.910) (5.805) Combined 61.951 34.345 Less: Joint Ventures (42.208) (66.037) Add: Net profit shares of Joint Ventures 14.885 24.770 Less: Non-controlling interests (12.627) 8.631 Consolidated (attributable to the equity holders of the parent) 22.001 1.709 f) Capital expenditures Energy 28.647 24.862 Automotive 85.397 122.833 Consumer durables 20.065 32.752 Finance 6.665 8.162 Other 16.600 14.683 Combined 157.374 203.292 Less: Joint Ventures (54.468) (75.116) Consolidated 102.906 128.176