ARASE FINANCIAL STATEMENTS

Dogu Aras Enerji Yatirimlari AS — balance sheet, income statement and cash flow trends

ARASEDogu Aras Enerji Yatirimlari AS

🇹🇷 Turkey · IS · Utilities · Utilities - Independent Power Producers

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

Revenue37 B ₺-22.5%

Gross Profit13.2 B ₺+10.6%

Operating Income8.5 B ₺+13.0%

EBITDA8.9 B ₺+12.8%

Net Income2.5 B ₺+374.1%

Peer Comparison· Utilities - Independent Power Producers

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ARASE	-22.5%	35.6%	24.0%	6.8%
HNRG	10.0%	4.3%	17.8%	5.0%
GNE	1.6%	15.6%	17.3%	5.5%
AGL	-1.6%	12.6%	10.9%	-0.7%
TA	-16.7%	32.4%	31.3%	-7.7%
CPX	29.6%	-3.9%	25.6%	0.7%
Industry median	-1.6%	15.6%	24.0%	5.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ARASE	-22.5%	35.6%	24.0%	6.8%
IZENR	-2.2%	15.0%	21.8%	5.0%
CANTE	-2.6%	4.0%	19.3%	-34.8%
TRCAS	—	—	—	—
AKSEN	-0.6%	25.8%	31.7%	8.9%
Industry median	-1.6%	15.6%	24.0%	5.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity22.4 B ₺74%
Current Liabilities5.6 B ₺18%
Long-term Liabilities2.4 B ₺8%

Key Figures

YoY change

Total Assets30.4 B ₺+25.0%

Total Liabilities8 B ₺-8.8%

Total Equity22.4 B ₺+44.0%

Cash & ST Investments2 B ₺+91.4%

Total Debt3 B ₺-1.2%

Net Debt1 B ₺-49.2%

Peer Comparison· Utilities - Independent Power Producers

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ARASE	2.06	13.2%	0.11	73.7%
HNRG	0.80	3.0%	-0.46	45.8%
GNE	0.89	51.9%	2.49	49.1%
AGL	1.02	115.8%	3.32	30.0%
TA	0.76	317.2%	5.96	16.0%
CPX	0.69	146.0%	7.43	30.8%
Industry median	0.96	74.5%	2.77	40.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ARASE	2.06	13.2%	0.11	73.7%
IZENR	7.58	5.9%	0.16	89.9%
CANTE	3.01	2.1%	-1.09	93.7%
TRCAS	36.58	0.0%	3.18	99.7%
AKSEN	0.63	81.8%	3.91	50.4%
Industry median	0.96	74.5%	2.77	40.2%

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 Flow7 B ₺+6.6%

Capital Expenditures-22.5 M ₺—

Free Cash Flow3.2 B ₺+27.2%

Dividends Paid-604.6 M ₺—

Peer Comparison· Utilities - Independent Power Producers

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ARASE	18.9%	8.7%	0.1%	277.9%
HNRG	14.0%	-0.4%	14.4%	280.1%
GNE	10.9%	5.7%	5.2%	196.1%
AGL	6.5%	-1.9%	8.4%	-920.8%
TA	34.6%	23.3%	11.3%	-448.0%
CPX	28.1%	4.9%	23.2%	4,245.8%
Industry median	14.9%	4.9%	11.2%	202.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ARASE	18.9%	8.7%	0.1%	277.9%
IZENR	21.0%	12.2%	7.7%	420.4%
CANTE	-67.5%	9.9%	77.5%	194.3%
TRCAS	—	—	—	-42.8%
AKSEN	26.6%	-26.0%	45.8%	297.6%
Industry median	14.9%	4.9%	11.2%	202.3%

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

Go deeper on ARASE

Run a DCF valuation

Full DCF model with editable assumptions

Start a head-to-head duel

Compare two stocks metric by metric

Filter in the stock screener

Build your own universe with 400+ metrics

Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.