ARFYE FINANCIAL STATEMENTS

Arf Bio Enerji — balance sheet, income statement and cash flow trends

ARFYEArf Bio Enerji

🇹🇷 Turkey · IS · Utilities · Utilities - Renewable

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

Revenue581.5 M ₺+33.8%

Gross Profit185.5 M ₺+26.8%

Operating Income65.8 M ₺+12.8%

EBITDA135.3 M ₺+16.2%

Net Income-102.7 M ₺-196.7%

Peer Comparison· Utilities - Renewable

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ARFYE	-5.2%	31.9%	23.3%	-17.7%
STEM	0.7%	36.3%	143.7%	94.2%
VGAS	-100.0%	—	—	—
NRGV	362.0%	21.0%	-40.0%	-53.0%
FLNC	10.9%	11.5%	-0.4%	-1.6%
BLX	10.7%	38.3%	60.5%	-3.6%
Industry median	1.9%	27.1%	36.8%	-1.9%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ARFYE	-5.2%	31.9%	23.3%	-17.7%
NATEN	57.3%	23.9%	20.8%	-32.5%
ESEN	-5.2%	26.7%	37.5%	-8.5%
CATES	17.0%	1.3%	10.8%	15.7%
ENDAE	-20.1%	-20.9%	32.7%	-79.7%
HUNER	-15.3%	44.0%	74.5%	-24.5%
Industry median	1.9%	27.1%	36.8%	-1.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity2.1 B ₺77%
Current Liabilities290 M ₺11%
Long-term Liabilities327.7 M ₺12%

Key Figures

YoY change

Total Assets2.7 B ₺—

Total Liabilities617.6 M ₺—

Total Equity2.1 B ₺—

Cash & ST Investments790.6 M ₺—

Total Debt328.3 M ₺—

Net Debt71.8 M ₺—

Peer Comparison· Utilities - Renewable

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ARFYE	4.52	15.9%	-3.42	77.0%
STEM	0.84	-123.6%	1.33	-94.5%
VGAS	35.93	1.6%	5.40	50.5%
NRGV	1.44	570.5%	-1.21	10.2%
FLNC	1.43	109.2%	1.01	15.7%
BLX	1.24	310.0%	7.98	19.7%
Industry median	1.07	51.3%	3.22	50.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ARFYE	4.52	15.9%	-3.42	77.0%
NATEN	0.28	50.5%	25.57	54.9%
ESEN	0.28	50.7%	13.64	55.3%
CATES	4.26	0.8%	-1.03	82.2%
ENDAE	4.50	2.6%	-6.05	85.0%
HUNER	0.27	40.2%	2.62	52.3%
Industry median	1.07	51.3%	3.22	50.5%

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 Flow-177.9 M ₺-3,700.3%

Capital Expenditures-21.5 M ₺—

Free Cash Flow-199.5 M ₺—

Dividends Paid0 ₺—

Peer Comparison· Utilities - Renewable

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ARFYE	-30.6%	-34.3%	3.7%	173.2%
STEM	-6.5%	-6.4%	4.5%	-6.9%
VGAS	—	—	—	112.8%
NRGV	-26.1%	-45.2%	19.1%	49.3%
FLNC	-9.2%	-10.5%	1.3%	568.2%
BLX	38.2%	-11.7%	49.9%	-1,071.9%
Industry median	18.8%	-0.4%	10.4%	33.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ARFYE	-30.6%	-34.3%	3.7%	173.2%
NATEN	66.7%	40.3%	3.6%	-205.4%
ESEN	79.8%	38.3%	5.1%	-935.4%
CATES	6.1%	5.0%	0.7%	39.0%
ENDAE	-54.8%	-115.3%	63.7%	68.7%
HUNER	85.0%	-11.2%	106.0%	-346.3%
Industry median	18.8%	-0.4%	10.4%	33.3%

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 6, 26. This content is for informational purposes only and is not investment advice.