| Financial assets |
24.Financial assets The details of financial assets as of 31 December 2025 and 2024 are as follows: | | | | | | | | | | | 31 December 2025 | | 31 December 2024 | | | Non- | | | | Non- | | | | | current | | Current | | current | | Current | Fair value through profit or loss | | 8,620,841 | | 2,485,526 | | 7,803,449 | | 4,677,683 | - Investment funds (*) | | 8,620,841 | | 2,485,526 | | 7,803,449 | | — | - Currency protected time deposits | | — | | — | | — | | 4,677,683 | Fair value through other comprehensive income | | 29,152,733 | | 9,524,555 | | 15,513,584 | | 2,933,859 | - Listed debt securities (**) | | 29,152,733 | | 9,524,555 | | 15,513,584 | | 2,933,859 | Amortized cost | | — | | 2,148,886 | | — | | 1,395,180 | - Time deposits with maturity of more than three months | | — | | 2,148,886 | | — | | 1,395,180 | | | 37,773,574 | | 14,158,967 | | 23,317,033 | | 9,006,722 |
(*) | Investment funds mainly consist of money market funds and Turkcell Venture Capital Investment Fund (GSYF), established by Re-Pie Portfolio Management Inc., as well as the shares and financial assets related to this fund. These funds are measured at fair value, and the corresponding changes in value are recognized in profit or loss. |
(**) | Listed debt securities are classified as financial assets at fair value through other comprehensive income. |
| | | | | | | | | | | Fair Values | | | 31 December | | 31 December | | Fair value | | | | | 2025 | | 2024 | | hierarchy | | Valuation technique | Financial assets at fair value through other comprehensive income | | 38,677,288 | | 18,447,443 | | Level 1 | | Pricing models based on quoted market prices at the end of the reporting period, | Financial assets at fair value through profit or loss | | 10,602,314 | | 7,104,182 | | Level 1 | | Pricing models based on quoted market prices at the end of the reporting period, | Financial assets at fair value through profit or loss | | — | | 4,677,683 | | Level 2 | | Forward exchange rates at the reporting date | Financial assets at fair value through profit or loss | | 504,053 | | 699,267 | | Level 3 | | Pricing models based on discounted cash flow | | | 49,783,655 | | 30,928,575 | | | | |
24.Financial assets (continued) The movement of the financial assets which is shown in Level 3 are as follows: | | | | | | | 31 December | | 31 December | | | 2025 | | 2024 | Opening balance | | 699,267 | | 867,759 | Addition | | 71,891 | | 190,760 | Disposal | | — | | (124,465) | Remeasurement recognised in profit or loss | | (260,217) | | (189,231) | Monetary gain/(loss) | | (6,888) | | (45,556) | Closing balance | | 504,053 | | 699,267 |
As of 31 December 2025, and 2024, the notional and fair value amounts of listed debt securities are as follows: | | | | | | | 31 December 2025 | | | Notional amount | | Fair value | | | Currency | | (original currency) | | (in TL) | | Maturity | USD | | 100,000 | | 4,404,161 | | Indefinite | USD | | 69,135 | | 3,709,651 | | 17 August 2031 | TRY | | 2,914,000 | | 3,227,414 | | 10 February 2027 | TRY | | 2,400,000 | | 2,548,556 | | 12 September 2029 | USD | | 50,000 | | 2,295,357 | | 31 July 2030 | USD | | 46,500 | | 2,225,938 | | 16 October 2028 | USD | | 50,000 | | 2,206,618 | | 13 August 2026 | USD | | 50,000 | | 2,205,265 | | 22 July 2026 | USD | | 50,000 | | 2,174,117 | | 5 April 2026 | TRY | | 1,500,000 | | 1,621,220 | | 27 September 2034 | USD | | 35,000 | | 1,584,491 | | 26 February 2035 | EUR | | 24,500 | | 1,375,937 | | 21 May 2030 | USD | | 30,000 | | 1,374,649 | | 4 February 2030 | EUR | | 23,945 | | 1,244,558 | | 14 September 2026 | USD | | 22,500 | | 1,020,877 | | 12 November 2026 | USD | | 21,000 | | 937,916 | | Indefinite | USD | | 20,000 | | 892,514 | | Indefinite | EUR | | 15,000 | | 755,646 | | 31 October 2035 | USD | | 11,500 | | 535,734 | | 5 October 2034 | USD | | 11,000 | | 518,575 | | 16 January 2029 | USD | | 10,000 | | 475,348 | | 17 January 2034 | USD | | 7,421 | | 411,330 | | 14 September 2027 | TRY | | 250,000 | | 258,297 | | 8 November 2028 | EUR | | 5,000 | | 251,908 | | 28 January 2026 | EUR | | 3,000 | | 154,286 | | 1 April 2026 | EUR | | 2,500 | | 128,220 | | 8 October 2026 | TRY | | 100,000 | | 92,968 | | 16 March 2026 | TRY | | 50,000 | | 45,737 | | 17 April 2026 | Total listed debt securities | | | | 38,677,288 | | |
24.Financial assets (continued) As of 31 December 2025, and 2024, the notional and fair value amounts of listed debt securities are as follows: (continue) | | | | | | | 31 December 2025 | | | Notional amount | | Fair value | | | Currency | | (original currency) | | (in TL) | | Maturity | USD | | 113,235 | | 4,853,525 | | Indefinite | EUR | | 50,000 | | 2,522,660 | | Indefinite | EUR | | 50,000 | | 2,268,762 | | Indefinite | TRY | | 116,497 | | 255,508 | | Indefinite | USD | | 5,000 | | 216,764 | | 15 March 2026 | USD | | 4,992 | | 213,952 | | 19 November 2027 | TRY | | 174,131 | | 174,131 | | Indefinite | USD | | 2,006 | | 85,975 | | 24 February 2027 | TRY | | 2,144 | | 8,655 | | 1 January 2090 | TRY | | 769 | | 2,132 | | Indefinite | TRY | | 134 | | 134 | | Indefinite | TRY | | 117 | | 116 | | Indefinite | Total investment funds | | | | 10,602,314 | | |
| | | | | | | 31 December 2024 | | | Notional amount | | Fair value | | | Currency | | (original currency) | | (in TL) | | Maturity | USD | | 135,000 | | 6,168,766 | | 15 May 2034 | USD | | 54,500 | | 2,760,739 | | 16 October 2028 | TRY | | 988,000 | | 1,450,591 | | 12 August 2026 | TRY | | 1,001,000 | | 1,396,346 | | 12 September 2029 | EUR | | 24,500 | | 1,289,686 | | 21 May 2030 | USD | | 22,500 | | 1,116,306 | | 12 November 2026 | USD | | 20,000 | | 946,948 | | 23 January 2025 | USD | | 15,000 | | 740,589 | | 1 October 2025 | USD | | 13,000 | | 613,384 | | 12 December 2025 | USD | | 11,500 | | 557,994 | | 5 October 2034 | USD | | 11,000 | | 544,520 | | 16 January 2029 | USD | | 10,000 | | 463,994 | | 3 December 2025 | USD | | 4,500 | | 228,637 | | 19 October 2028 | USD | | 3,620 | | 168,943 | | 31 March 2025 | Total listed debt securities | | | | 18,447,443 | | |
As of 31 December 2024, the notional and fair value amounts of currency protected time deposits are as follows: | | | | | | | 31 December 2024 | | | Notional amount | | Fair value | | | Currency | | (original currency) | | (in TL) | | Maturity | TRY | | 1,644,192 | | 2,885,065 | | 25 April 2025 | TRY | | 505,259 | | 851,078 | | 26 February 2025 | TRY | | 246,418 | | 417,007 | | 21 February 2025 | TRY | | 155,895 | | 262,354 | | 28 February 2025 | TRY | | 155,646 | | 262,179 | | 27 February 2025 | Total currency protected time deposits | | | | 4,677,683 | | |
24.Financial assets (continued) During the year, the following gains (losses) were recognized in other comprehensive income. | | | | | | | 31 December | | 31 December | | | 2025 | | 2024 | Gains / (Losses) recognized in other comprehensive income | | | | | Related to financial assets | | 714,892 | | 132,109 | Related to financial assets, tax effect | | (178,723) | | (33,027) | | | 536,169 | | 99,082 |
|