| Summary of income tax expense |
| | | | | | | | | 31 December | | 31 December | | 31 December | | | 2025 | | 2024 | | 2023 | Current income tax expense | | (8,614,543) | | (4,322,773) | | (1,290,850) | Deferred income tax expense | | (4,784,299) | | (2,046,491) | | 10,127,383 | Total income tax expense | | (13,398,842) | | (6,369,264) | | 8,836,533 |
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| Summary of reconciliation of effective income tax expense |
| | | | | | | | | 31 December | | 31 December | | 31 December | | | 2025 | | 2024 | | 2023 | Profit from continuing operations before income tax expense | | 31,190,252 | | 20,881,165 | | 11,124,691 | Profit before income tax expense | | 31,002,849 | | 37,148,415 | | 14,846,998 | | | | | | | | Tax at the Turkiye’s tax rate | | (7,750,712) | | (5,220,291) | | (2,781,173) | Difference in overseas tax rates | | (139,052) | | 144,421 | | 192,727 | Effect of exemptions (*) | | 4,559,479 | | 4,097,475 | | 3,729,553 | Effect of amounts which are not deductible and permanent differences | | (305,532) | | 887,389 | | (1,190,358) | Change in unrecognized deferred tax assets (**) | | (273,014) | | (491,509) | | 403,740 | Adjustments for current tax of prior years | | 5,771 | | 1,363,663 | | 157,579 | Effect of increase in corporate tax rate in Turkiye | | — | | — | | (2,015,933) | Tax effect of investment in associate | | (883,281) | | (714,705) | | (775,809) | Tax effect of Law No 7440 | | — | | — | | (534,025) | Current period revaluation effect (***) | | 7,767,678 | | — | | — | Inflation adjustments | | (16,388,192) | | (6,344,842) | | 11,643,353 | Other | | 8,013 | | (90,865) | | 6,879 | Total income tax expense | | (13,398,842) | | (6,369,264) | | 8,836,533 |
(*) | Effect of exemptions mainly consist of R&D discounts and exemptions due to capital investments. |
(**) | The net deferred tax assets not recognized in the statement of financial position mainly consist of unused current period losses for which no deferred tax asset has been calculated. |
(***) As of 2025, inflation adjustment to be applied under the Turkish Tax Procedure Law has been postponed for the 2025, 2026 and 2027 fiscal years pursuant to Law No. 7571. Within this scope, the Company revalued its depreciable assets in accordance with Article 298/Ç of the Turkish Tax Procedure Law, and the resulting revaluation increase has been recognized in a reserve account in the statutory records.
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