| Related parties |
38.Related parties | | | | | | | 31 December | | 31 December | Receivables from related party | | 2025 | | 2024 | Enerji Piyasaları İşletme A.S. (“EPIAS”) | | 89,078 | | — | TT Mobil | | 68,126 | | 81,744 | Türk Hava Yolları AŞ (“THY”) | | 46,425 | | 87,304 | Güneş Express Havacılık A.Ş.(“Sun Express”) | | 41,834 | | 53,014 | Türksat Uydu Haberleşme Kablo TV ve İşletme AŞ | | 34,843 | | 17,396 | TVF IFM Gayrimenkul İnşaat Ve Yönetim A.Ş. (“TVF IFM”) | | 31,637 | | — | Ziraat Bankası | | 25,376 | | 24,597 | T.C. Posta ve Telgraf Teşkilatı Genel Müdürlüğü (“PTT”) | | 201 | | 8,111 | AJET Hava Taşımacılığı A.Ş. | | — | | 13,941 | Others | | 30,019 | | 36,581 | | | 367,539 | | 322,688 |
| | | | | | | 31 December | | 31 December | Due from receivables from financial services | | 2025 | | 2024 | T.C. Posta ve Telgraf Teşkilatı Genel Müdürlüğü (“PTT”) | | 14,472 | | — | Turkiye Sigorta | | 189 | | — | | | 14,661 | | — |
| | | | | | | 31 December | | 31 December | Payables to related party | | 2025 | | 2024 | TOGG | | 367,801 | | 2,058 | Türkiye Sigorta A.Ş. | | 337,286 | | 666,072 | Türk Telekom | | 289,054 | | 250,478 | Enerji Piyasaları İşletme A.Ş. (“EPİAŞ”) | | 211,117 | | 82,224 | TT Mobil | | 198,116 | | 175,078 | Others | | 117,142 | | 80,851 | | | 1,520,516 | | 1,256,761 |
38.Related parties (continued) Transactions with key management personnel Key management personnel comprise the Group’s members of the Board of Directors and chief officers. There are no loans to key management personnel as of 31 December 2025 and 2024. The Group provides additional benefits to key management personnel and contributions to retirement plans based on a pre-determined ratio of compensation. | | | | | | | 31 December | | 31 December | | | 2025 | | 2024 | Short-term benefits | | 406,432 | | 443,652 | Share based payments | | 324,039 | | 478,883 | Long-term benefits | | 1,366 | | 486 | Termination benefits | | 535 | | 869 | | | 732,372 | | 923,890 |
The following transactions occurred with related parties: | | | | | | | 31 December | | 31 December | Revenue from related parties | | 2025 | | 2024 | Türk Telekom Mobil Iletisim Hizmetleri A.S. (“TT Mobil”) (*) | | 1,486,858 | | 1,460,836 | Ziraat Bankası A.S. (“Ziraat Bankası”) (*) | | 1,301,157 | | 260,696 | Enerji Piyasaları İşletme A.S. (“EPIAS”) (*) | | 818,396 | | 486,705 | Türk Hava Yolları A.S. (“THY”) (*) | | 453,123 | | 562,794 | Gunes Express Havacilik A.S. (“Sun Express”) (*) | | 311,578 | | 329,396 | Turkiye Halk Bankası A.S. (“Halkbank”) (*) | | 221,955 | | 56,962 | Turk Telekomunikasyon A.S. (“TT”)(*) | | 196,232 | | 177,380 | TOGG (**) | | 176,333 | | 102,065 | Turksat Uydu Haberlesme Kablo TV ve Isletme A.S. (“Turksat”)(*) | | 171,925 | | 222,061 | Turkiye Hayat ve Emeklilik A.S.(*) | | 84,119 | | 100,947 | Türkiye Sigorta A.Ş. (“Türkiye Sigorta”)(*) | | 73,336 | | 106,076 | TVF IFM Gayrimenkul Insaat ve Yonetim A.S. (*) | | 68,990 | | 30,771 | Turkiye Vakiflar Bankası TAO (“Vakifbank”)(*) | | 63,766 | | 51,642 | Ziraat Katılım Bankasi A.S. (“Ziraat Katilim”)(*) | | 25,086 | | 14,393 | BIST (*) | | 22,536 | | 9,525 | Others | | 142,193 | | 100,299 | | | 5,617,583 | | 4,072,548 |
(*) | Related parties, which TVF directly and / or indirectly has control or joint control or significant influence. |
38.Related parties (continued) | | | | | | | 31 December | | 31 December | Related party expenses | | 2025 | | 2024 | Türk Telekomünikasyon A.S (*) | | 3,127,323 | | 2,726,491 | EPIAS (*) | | 3,166,701 | | 990,142 | TT Mobil (*) | | 1,646,773 | | 1,413,051 | Vakifbank (*) | | 1,080,415 | | 724,963 | Istanbul Takas ve Saklama Bankasi A.S. (“Takasbank”) (*) | | 294,219 | | 722,427 | PTT (*) | | 193,356 | | 173,269 | T.C. Hazine ve Maliye Bakanlığı | | 330,249 | | 276,475 | Turksat (*) | | 122,627 | | 87,282 | Others | | 638,657 | | 800,445 | | | 10,600,320 | | 7,914,545 |
(*) | Related parties, which TVF directly and / or indirectly has control or joint control or significant influence. |
TVF becomes the largest shareholder of Turk Telekom with 61.68% of the shares as of 31 March 2022. Therefore, companies of Turk Telekom have been reported as related party as of 31 March 2022. Transactions between the Group and Turk Telekom are related with telecommunication services. 38.Related parties (continued) Details of the financial assets and liabilities with related parties as of 31 December 2025 and 2024 are as follows: | | | | | | | 31 December | | 31 December | | | 2025 | | 2024 | Banks - Time deposits | | 56,651,371 | | 33,568,984 | Banks - Demand deposits | | 1,190,045 | | 1,062,233 | Receivables from reverse repo | | - | | 16,196,571 | Financial investment (*) | | 14,830,012 | | 6,318,753 | Bank borrowings | | (283,585) | | (12,634,338) | Debt securities issued | | (1,181,611) | | (1,211,543) | Lease liabilities (**) | | (9,404,433) | | (146,563) | Impairment loss provision associated with bank deposits and other financial assets | | (2,336) | | (4,871) | | | 61,799,463 | | 43,149,226 |
(*) | Financial investments consist of bonds and currency protected time deposit. |
(**) | As of 31 December 2025, the Group has recognized a right-of-use asset amounting to TRY 9,089,499 and a lease liability amounting to TRY 9,172,660 in its statement of financial position in accordance with the lease agreement signed with BOTAŞ. |
As of 31 December 2025, the amounts of letters of guarantee given to the related parties is TL 2,964,625 (31 December 2024:TL 766,388). Details of the time deposits at related parties as of 31 December 2025 and 2024 are as follows: | | | | | | | 31 December | | 31 December | | | 2025 | | 2024 | Ziraat Bankasi | | 50,443,208 | | 8,261,993 | Ziraat Katılım | | 2,764,074 | | 5,509,008 | Vakifbank | | 3,286,482 | | 11,463,011 | Halkbank | | 157,607 | | 8,334,972 | | | 56,651,371 | | 33,568,984 |
Details of the time deposits at related parties | | | | | | | | | Amount in | | | | | | | | | Original | | | | | | | | 31 December | Currency | | Currency | | Effective Interest Rate | | Maturity | | 2025 | 43,354 | | USD | | 2.9 | % | February 2026 | | 1,862,358 | 440,974 | | EUR | | 1.1 | % | January 2026 | | 22,250,871 | 32,501,410 | | TL | | 39.7 | % | February 2026 | | 32,538,142 | | | | | | | | | 56,651,371 |
| | | | | | | | | Amount in | | | | | | | | | Original | | | | | | | | 31 December | Currency | | Currency | | Effective Interest Rate | | Maturity | | 2024 | 233,940 | | USD | | 2.1 | % | January 2025 | | 10,787,614 | 196,070 | | EUR | | 2.3 | % | January 2025 | | 9,438,095 | 9,828,355 | | TL | | 47.4 | % | January - May 2025 | | 13,343,275 | | | | | | | | | 33,568,984 |
38.Related parties (continued) Details of the bank borrowings at related parties | | | | | | | | | | | | | | | | | 31 December | Principle Amount | | Currency | | Effective Interest Rate | | Maturity | | 2025 | 40,000 | | TL | | 38.5% | | January 2026 | | 40,425 | 235,000 | | TL | | TLREF+2% | | August 2027 | | 243,160 | | | | | | | | | 283,585 |
| | | | | | | | | | | | | | | | | 31 December | Principle Amount | | Currency | | Effective Interest Rate | | Maturity | | 2024 | 8,273,981 | | TL | | 28.8% - 58.0% | | January 2025 - August 2027 | | 12,634,338 | | | | | | | | | 12,634,338 |
Details of the debt securities issued at related parties | | | | | | | | | Principle | | | | | | | | 31 December | Amount | | Currency | | Effective Interest Rate | | Maturity | | 2025 | 1,150,000 | | TL | | 37.0% - 38.3% | | February 2026- March 2026 | | 1,181,611 | | | | | | | | | 1,181,611 |
| | | | | | | | | Principle | | | | | | | | 31 December | Amount | | Currency | | Effective Interest Rate | | Maturity | | 2024 | 900,000 | | TL | | 42.0% - 44.5% | | March - May 2025 | | 1,211,543 | | | | | | | | | 1,211,543 |
38.Related parties (continued) Details of the lease liabilities at related parties | | | | | | | | | | | | | 31 December | Currency | | Effective Interest Rate | | Maturity | | 2025 | TL | | 12.8% - 62.5% | | 2026 - 2035 | | 231,774 | USD | | 8.9% - 9.7% | | 2040 | | 9,172,659 | | | | | | | 9,404,433 |
| | | | | | | | | | | | | 31 December | Currency | | Effective Interest Rate | | Maturity | | 2024 | TL | | 12.5% - 62.0% | | 2025 - 2033 | | 146,563 | | | | | | | 146,563 |
Interest income from related parties: | | | | | | | | | 31 December | | 31 December | | 31 December | | | 2025 | | 2024 | | 2023 | Vakifbank | | 1,559,397 | | 4,847,490 | | 4,032,524 | Ziraat Bankasi | | 1,392,048 | | 1,432,733 | | 635,863 | Halkbank | | 488,985 | | 1,158,210 | | 927,215 | Ziraat Katilim | | 100,553 | | 177,054 | | 267,620 | Other | | 143 | | 42,964 | | 548 | | | 3,541,126 | | 7,658,451 | | 5,863,770 |
Interest expense to related parties: | | | | | | | | | 31 December | | 31 December | | 31 December | | | 2025 | | 2024 | | 2023 | Vakifbank | | 1,444,657 | | 2,413,280 | | 1,217,634 | Halk Varlık Kiralama A.S. (“Halk Varlık Kiralama”) | | 395,364 | | 429,201 | | 503,413 | Ziraat Bankasi | | 38,382 | | 121,425 | | 304,172 | Halkbank | | 2,621 | | 23,019 | | 27,194 | Other | | 304 | | 6,452 | | 16,939 | | | 1,881,328 | | 2,993,377 | | 2,069,352 |
The revenues obtained from the related parties of the Group generally consist of telecommunications services, call center services, and other services. The transactions between the Group and EPİAŞ involve the provision of energy services; the transactions with BOTAŞ involve the provision of infrastructure services; the transactions with Halk Bank, Ziraat Bank, Ziraat Investment, and Vakıfbank involve banking services; the transactions with Türksat involve telecommunications services; and the transactions with BIST arise from stock exchange activities. The receivables from related parties are unsecured. As of 31 December 2025, the Group has recognized a right-of-use asset amounting to TRY 9,089,499 and a lease liability amounting to TRY 9,172,660 in its statement of financial position in accordance with the lease agreement signed with BOTAŞ. In relation to this agreement, an interest expense of TRY 576,026 is included in the consolidated statement of profit or loss for the year ended 31 December 2025.
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