| Summary of recognized deferred tax assets and liabilities |
| | | | | | | | | | | | | | | Assets | | Liabilities | | Net | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | Depreciation & Capitalization and revaluation difference under Property, plant and equipment and intangible assets (*) | | 7,782,328 | | 1,106,277 | | (33,367,949) | | (14,146,064) | | (25,585,621) | | (13,039,787) | Derivative instruments | | 159,887 | | 50,573 | | (37,234) | | (587,642) | | 122,653 | | (537,069) | Reserve for defined benefit plan and provisions | | 2,320,514 | | 2,873,058 | | (15,641) | | (745) | | 2,304,873 | | 2,872,313 | Tax losses carried forward | | 3,431,552 | | 1,385,541 | | — | | — | | 3,431,552 | | 1,385,541 | Tax allowances (***) | | 5,195,964 | | 2,763,246 | | (3,139) | | — | | 5,192,825 | | 2,763,246 | Other assets and liabilities (**) | | 7,208,085 | | 4,778,455 | | (400,378) | | (1,772,324) | | 6,807,707 | | 3,006,131 | Deferred tax assets/(liabilities) | | 26,098,330 | | 12,957,150 | | (33,824,341) | | (16,506,775) | | (7,726,011) | | (3,549,625) | Offsetting | | (18,017,497) | | (9,635,262) | | 18,017,497 | | 9,635,262 | | — | | — | Net deferred tax assets/(liabilities) | | 8,080,833 | | 3,321,888 | | (15,806,844) | | (6,871,513) | | (7,726,011) | | (3,549,625) |
(*) | 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. |
(**) Mainly comprises of loans, bonds, prepaid expenses and lease liabilities’ deferred tax effects. (***) Tax exemptions consist of deferred taxes arising from investment incentive certificates and R&D exemptions.
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| Summary of movement in deferred tax assets/ (liabilities) |
| | | | | | | 2025 | | 2024 | Opening balance, net | | (3,549,625) | | (2,187,291) | Income statement charge | | (4,784,299) | | (2,046,491) | Tax charge relating to components of other comprehensive income | | (757,837) | | (843,583) | Tax charge related to equity items | | 1,365,750 | | 1,527,740 | Closing balance, net | | (7,726,011) | | (3,549,625) |
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| Summary of expiration of unused tax losses |
| | | | | | | 31 December | | 31 December | Expiration Date | | 2025 | | 2024 | 2025 | | — | | 5,578,042 | 2026 | | 304,911 | | 235,165 | 2027 | | 3,727,680 | | 3,172,164 | 2028 | | 2,128,973 | | 828,929 | 2029 | | 6,649,571 | | 5,546,666 | 2030 | | 6,463,909 | | 355,136 | 2031 | | 490,921 | | 441,281 | Indefinite | | 46,751 | | 61,193 | Total | | 19,812,716 | | 16,218,576 |
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