BULGS FINANCIAL STATEMENTS

Bulls GSYO — balance sheet, income statement and cash flow trends

BULGSBulls GSYO

🇹🇷 Turkey · IS · Financial Services · Asset Management

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.8 B ₺+181.5%

Gross Profit476.3 M ₺+72.5%

Operating Income1.6 B ₺-12.5%

EBITDA1.6 B ₺-12.6%

Net Income1.4 B ₺-24.8%

Peer Comparison· Asset Management

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BULGS	—	—	—	75.2%
LGEN	—	—	—	4.0%
SMT	—	—	—	97.4%
KFS	—	—	—	-6.8%
III	—	—	—	1,236.9%
ALTI	—	—	—	-41.8%
Industry median	22.3%	3.0%	127.9%	16.7%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BULGS	—	—	—	75.2%
GOZDE	—	—	—	-1,340,136.1%
INVEO	—	—	—	-34.3%
METRO	—	—	—	-11.8%
HDFGS	—	—	—	45.3%
VERUS	-45.9%	-3.2%	83.3%	-66.7%
Industry median	22.3%	3.0%	127.9%	16.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity7.5 B ₺100%
Current Liabilities9.8 M ₺0%
Long-term Liabilities703 K ₺0%

Key Figures

YoY change

Total Assets7.5 B ₺+219.3%

Total Liabilities10.5 M ₺-21.3%

Total Equity7.5 B ₺+220.7%

Cash & ST Investments1.2 B ₺+2,440.4%

Total Debt7.4 M ₺-39.1%

Net Debt-1.8 M ₺—

Peer Comparison· Asset Management

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BULGS	123.95	0.1%	-0.73	99.9%
LGEN	59.08	1,100.0%	7.25	0.4%
SMT	0.31	11.6%	0.51	89.4%
KFS	4.61	266.0%	9.51	12.7%
III	131.80	4.1%	0.12	95.5%
ALTI	11.66	12.5%	-0.45	54.4%
Industry median	3.81	18.1%	0.18	64.6%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BULGS	123.95	0.1%	-0.73	99.9%
GOZDE	0.76	0.0%	0.00	95.2%
INVEO	0.12	44.4%	35.23	69.1%
METRO	4.84	0.0%	0.19	97.8%
HDFGS	4.46	0.1%	-0.01	99.9%
VERUS	3.82	14.0%	-5.71	82.6%
Industry median	3.81	18.1%	0.18	64.6%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow940.8 M ₺-50.7%

Capital Expenditures-4 M ₺—

Free Cash Flow-234.5 M ₺—

Dividends Paid0 ₺—

Peer Comparison· Asset Management

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BULGS	52.2%	-13.0%	0.2%	69.4%
LGEN	36.3%	35.9%	0.4%	913.3%
SMT	-2.2%	-2.2%	0.0%	-2.2%
KFS	1.2%	-0.2%	1.4%	-17.9%
III	34.3%	34.1%	0.2%	2.8%
ALTI	-5.9%	-5.9%	0.3%	14.0%
Industry median	18.7%	17.4%	0.6%	68.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BULGS	52.2%	-13.0%	0.2%	69.4%
GOZDE	795,919.6%	825,794.0%	76.3%	-59.4%
INVEO	446.0%	-918.6%	0.0%	-1,300.6%
METRO	26.4%	5.9%	1.7%	-224.2%
HDFGS	7.2%	20.7%	0.0%	15.8%
VERUS	-69.7%	-3.2%	5.0%	104.5%
Industry median	18.7%	17.4%	0.6%	68.9%

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.