ADGYO FINANCIAL STATEMENTS

Adra Gayrimenkul Yatirim Ortakligi Anonim Sirketi — balance sheet, income statement and cash flow trends

ADGYOAdra Gayrimenkul Yatirim Ortakligi Anonim Sirketi

🇹🇷 Turkey · IS · Real Estate · REIT - Residential

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue878.8 M ₺+8.7%

Gross Profit566.3 M ₺+1.6%

Operating Income499.6 M ₺-1.6%

EBITDA505.1 M ₺-1.1%

Net Income-768.5 M ₺-158.6%

Peer Comparison· REIT - Residential

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ADGYO	8.7%	64.4%	57.5%	-87.4%
NXRT	-0.7%	84.6%	150.3%	-12.7%
CSR	3.1%	38.3%	63.0%	3.1%
AIV	-36.5%	53.3%	74.1%	452.1%
UMH	9.1%	41.7%	45.7%	11.0%
IIP-UN	-0.0%	68.6%	27.3%	1.9%
Industry median	3.8%	45.5%	46.6%	13.1%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ADGYO	8.7%	64.4%	57.5%	-87.4%
FZLGY	188.1%	-22.3%	-28.7%	-18.6%
SNGYO	70.8%	32.9%	47.5%	8.5%
EKGYO	30.4%	32.0%	29.6%	4.6%
ZERGY	-52.4%	15.0%	5.4%	-5.4%
Industry median	3.8%	45.5%	46.6%	13.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity15.9 B ₺83%
Current Liabilities463.9 M ₺2%
Long-term Liabilities2.7 B ₺14%

Key Figures

YoY change

Total Assets19.1 B ₺+128.4%

Total Liabilities3.2 B ₺+595.0%

Total Equity15.9 B ₺+101.5%

Cash & ST Investments820.5 M ₺+4.7%

Total Debt122.8 M ₺—

Net Debt-697.7 M ₺—

Peer Comparison· REIT - Residential

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ADGYO	16.59	0.8%	-1.38	83.4%
NXRT	0.33	574.7%	4.00	14.5%
CSR	0.05	144.9%	5.89	37.1%
AIV	0.70	66.6%	2.71	49.2%
UMH	55.15	85.0%	5.71	53.0%
IIP-UN	0.08	74.3%	24.80	55.4%
Industry median	0.37	74.3%	4.64	49.0%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ADGYO	16.59	0.8%	-1.38	83.4%
FZLGY	4.42	43.1%	-1.83	30.3%
SNGYO	2.57	10.2%	2.13	74.0%
EKGYO	2.05	38.1%	1.67	41.2%
ZERGY	2.02	34.9%	10.03	27.1%
Industry median	0.37	74.3%	4.64	49.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow1.6 B ₺-28.3%

Capital Expenditures-50.9 M ₺—

Free Cash Flow550.5 M ₺—

Dividends Paid0 ₺—

Peer Comparison· REIT - Residential

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ADGYO	178.7%	62.6%	5.8%	-204.4%
NXRT	31.2%	31.2%	0.0%	-246.5%
CSR	34.8%	25.8%	12.7%	1,134.0%
AIV	6.6%	-172.2%	178.8%	1.5%
UMH	41.7%	32.5%	41.2%	377.9%
IIP-UN	32.1%	32.1%	8.2%	1,710.6%
Industry median	41.8%	23.5%	11.9%	178.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ADGYO	178.7%	62.6%	5.8%	-204.4%
FZLGY	-28.7%	-31.0%	0.1%	154.1%
SNGYO	-22.6%	-8.1%	0.1%	-266.3%
EKGYO	-54.0%	-55.4%	0.3%	-1,175.5%
ZERGY	-100.3%	-116.1%	0.5%	1,874.9%
Industry median	41.8%	23.5%	11.9%	178.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.