BARMA FINANCIAL STATEMENTS

Barem Ambalaj Sanayi ve Ticaret Anonim Sirketi — balance sheet, income statement and cash flow trends

BARMABarem Ambalaj Sanayi ve Ticaret Anonim Sirketi

🇹🇷 Turkey · IS · Consumer Cyclical · Packaging & Containers

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

Revenue3.8 B ₺+13.9%

Gross Profit1 B ₺+19.4%

Operating Income277.2 M ₺-48.0%

EBITDA570.7 M ₺-25.2%

Net Income-84.8 M ₺-128.2%

Peer Comparison· Packaging & Containers

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BARMA	13.9%	26.8%	15.0%	-2.2%
TCL-A	-29.8%	38.6%	14.2%	17.3%
PACK	8.1%	24.4%	13.1%	-9.3%
KRT	11.7%	35.7%	12.9%	6.6%
MYE	-6.3%	33.2%	15.5%	5.4%
ORA	-39.0%	25.3%	18.7%	5.7%
Industry median	6.7%	20.3%	13.8%	3.9%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BARMA	13.9%	26.8%	15.0%	-2.2%
LILAK	-12.8%	30.4%	22.1%	11.3%
KARTN	-13.7%	-25.6%	-25.6%	-25.4%
KAPLM	6.5%	9.7%	-1.4%	-17.1%
MNDTR	7.8%	15.2%	2.1%	-10.1%
BAKAB	14.1%	11.4%	8.8%	-0.7%
Industry median	6.7%	20.3%	13.8%	3.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity4.8 B ₺32%
Current Liabilities4.6 B ₺31%
Long-term Liabilities5.4 B ₺37%

Key Figures

YoY change

Total Assets14.7 B ₺+56.3%

Total Liabilities10 B ₺+74.6%

Total Equity4.8 B ₺+28.2%

Cash & ST Investments55.5 M ₺-40.0%

Total Debt7.5 B ₺+74.8%

Net Debt7.4 B ₺+77.3%

Peer Comparison· Packaging & Containers

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BARMA	0.45	157.6%	13.03	32.3%
TCL-A	0.79	115.0%	1.57	32.2%
PACK	1.73	81.9%	7.21	47.4%
KRT	2.29	51.9%	0.68	52.2%
MYE	1.65	124.7%	2.60	34.5%
ORA	1.54	33.6%	1.58	57.9%
Industry median	1.37	64.6%	2.41	46.6%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BARMA	0.45	157.6%	13.03	32.3%
LILAK	3.64	7.3%	-1.52	79.5%
KARTN	1.02	43.3%	-1.01	57.4%
KAPLM	1.68	5.6%	-2.77	67.3%
MNDTR	1.36	14.6%	2.76	59.1%
BAKAB	1.21	38.0%	1.10	47.2%
Industry median	1.37	64.6%	2.41	46.6%

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 Flow1.8 B ₺-13.4%

Capital Expenditures-2.9 B ₺—

Free Cash Flow-1.1 B ₺—

Dividends Paid0 ₺—

Peer Comparison· Packaging & Containers

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BARMA	46.1%	-30.0%	76.2%	-2,073.8%
TCL-A	10.3%	7.0%	3.3%	59.4%
PACK	7.0%	-0.7%	7.7%	-75.3%
KRT	6.9%	5.9%	1.0%	104.6%
MYE	13.1%	11.3%	1.8%	245.3%
ORA	18.8%	9.7%	9.2%	331.6%
Industry median	8.0%	3.6%	3.9%	77.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BARMA	46.1%	-30.0%	76.2%	-2,073.8%
LILAK	30.7%	18.2%	5.7%	270.6%
KARTN	-13.2%	-14.2%	2.1%	51.8%
KAPLM	-1.3%	-1.6%	1.0%	7.6%
MNDTR	3.1%	2.6%	2.9%	-31.0%
BAKAB	4.2%	2.9%	1.6%	-627.4%
Industry median	8.0%	3.6%	3.9%	77.8%

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