ALFAS FINANCIAL STATEMENTS

Alfa Solar Enerji Sanayi ve Ticaret A.S. — balance sheet, income statement and cash flow trends

ALFASAlfa Solar Enerji Sanayi ve Ticaret A.S.

🇹🇷 Turkey · IS · Technology · Solar

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

Revenue7.7 B ₺-21.0%

Gross Profit725.6 M ₺-48.6%

Operating Income336.8 M ₺-63.7%

EBITDA574.3 M ₺-47.0%

Net Income60.9 M ₺-90.4%

Peer Comparison· Solar

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ALFAS	-21.0%	9.5%	7.5%	0.8%
ARRY	13.2%	23.7%	2.5%	-5.6%
SHLS	37.8%	33.5%	13.0%	6.3%
FTCI	73.0%	3.5%	-29.1%	-42.1%
SEDG	39.2%	18.2%	-16.4%	-28.6%
RUN	52.4%	30.4%	23.7%	17.9%
Industry median	16.7%	23.8%	18.0%	3.5%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ALFAS	-21.0%	9.5%	7.5%	0.8%
SMRTG	-28.7%	23.9%	19.8%	-0.9%
KLYPV	-20.1%	22.7%	33.9%	14.6%
MOGAN	-13.1%	-11.7%	54.2%	-66.6%
CWENE	41.3%	25.2%	22.2%	14.7%
Industry median	16.7%	23.8%	18.0%	3.5%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity5.9 B ₺45%
Current Liabilities4.9 B ₺37%
Long-term Liabilities2.3 B ₺17%

Key Figures

YoY change

Total Assets13.1 B ₺+67.4%

Total Liabilities7.2 B ₺+97.8%

Total Equity5.9 B ₺+41.0%

Cash & ST Investments1.2 B ₺+101.6%

Total Debt3.2 B ₺+102.4%

Net Debt2.1 B ₺+90.4%

Peer Comparison· Solar

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ALFAS	1.29	55.0%	3.57	45.0%
ARRY	2.25	284.9%	19.02	18.2%
SHLS	1.84	36.5%	3.13	58.4%
FTCI	1.32	-380.9%	-0.64	-6.3%
SEDG	2.02	98.4%	0.85	18.2%
RUN	1.45	445.2%	18.90	14.7%
Industry median	1.38	55.5%	3.13	38.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ALFAS	1.29	55.0%	3.57	45.0%
SMRTG	0.86	226.5%	5.07	17.6%
KLYPV	1.20	121.2%	10.49	36.4%
MOGAN	0.22	32.2%	4.03	61.0%
CWENE	1.19	55.7%	2.00	44.3%
Industry median	1.38	55.5%	3.13	38.4%

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 Flow868.4 M ₺+15.6%

Capital Expenditures52.9 M ₺—

Free Cash Flow345.8 M ₺—

Dividends Paid-78.4 M ₺—

Peer Comparison· Solar

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ALFAS	11.3%	4.5%	0.7%	1,426.2%
ARRY	7.1%	4.8%	2.3%	-127.5%
SHLS	-7.5%	-14.5%	7.0%	-119.0%
FTCI	-39.2%	-40.6%	1.4%	93.2%
SEDG	7.4%	6.1%	1.3%	-26.0%
RUN	-9.7%	-23.6%	59.6%	-54.0%
Industry median	12.5%	-3.9%	6.2%	65.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ALFAS	11.3%	4.5%	0.7%	1,426.2%
SMRTG	14.8%	-16.0%	30.8%	-1,657.2%
KLYPV	87.8%	-60.9%	148.7%	602.3%
MOGAN	51.0%	50.1%	5.5%	-76.6%
CWENE	14.6%	-12.4%	27.8%	99.6%
Industry median	12.5%	-3.9%	6.2%	65.9%

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.