| Schedule of transactions with 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 |
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. |
| | | | | | | 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. |
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. |
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 |
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 |
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 |
|