DOFER FINANCIAL STATEMENTS

Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. — balance sheet, income statement and cash flow trends

DOFERDofer Yapi Malzemeleri Sanayi ve Ticaret A.S.

🇹🇷 Turkey · IS · Basic Materials · Steel

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

Revenue7.5 B ₺+53.3%

Gross Profit301.7 M ₺+124.2%

Operating Income116.8 M ₺—

EBITDA215.3 M ₺+597.5%

Net Income741.3 K ₺—

Peer Comparison· Steel

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
DOFER	53.3%	4.0%	2.9%	0.0%
FEAM	980.0%	-223.3%	-308.6%	-609.3%
MNDI	1.5%	16.4%	13.1%	2.2%
TSE	-14.1%	5.6%	12.2%	-20.0%
CRDA	4.4%	35.8%	20.6%	3.6%
AVD	-1.0%	29.8%	-1.2%	-8.7%
Industry median	1.6%	13.1%	8.7%	0.2%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
DOFER	53.3%	4.0%	2.9%	0.0%
YKSLN	-27.2%	44.8%	34.9%	5.7%
BMSCH	-12.2%	8.2%	2.1%	-1.5%
OZYSR	-7.5%	13.5%	7.4%	-1.9%
ERCB	-26.6%	21.5%	-1.0%	-3.1%
CEMTS	-4.0%	15.9%	16.1%	-3.6%
Industry median	1.6%	13.1%	8.7%	0.2%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.6 B ₺49%
Current Liabilities1.6 B ₺49%
Long-term Liabilities67 M ₺2%

Key Figures

YoY change

Total Assets3.2 B ₺+63.7%

Total Liabilities1.6 B ₺+74.5%

Total Equity1.6 B ₺+53.7%

Cash & ST Investments279.6 M ₺+12.8%

Total Debt180.9 M ₺-35.5%

Net Debt49.4 M ₺-80.7%

Peer Comparison· Steel

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
DOFER	1.18	11.7%	-0.46	48.8%
FEAM	6.50	0.2%	1.15	93.5%
MNDI	1.53	60.9%	2.63	46.6%
TSE	0.27	-231.7%	7.64	-53.0%
CRDA	1.99	31.9%	1.50	64.1%
AVD	2.32	149.3%	-33.97	28.5%
Industry median	1.49	35.8%	1.19	56.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
DOFER	1.18	11.7%	-0.46	48.8%
YKSLN	1.37	48.6%	0.93	47.3%
BMSCH	0.85	42.2%	9.15	56.4%
OZYSR	1.06	78.5%	3.19	44.1%
ERCB	1.74	110.8%	-91.75	32.3%
CEMTS	4.41	25.9%	-0.28	71.5%
Industry median	1.49	35.8%	1.19	56.2%

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 Flow314.1 M ₺—

Capital Expenditures-148.9 M ₺-4,461.8%

Free Cash Flow268.2 M ₺—

Dividends Paid0 ₺—

Peer Comparison· Steel

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
DOFER	4.2%	3.6%	2.0%	42,367.8%
FEAM	-280.9%	-393.8%	112.9%	46.1%
MNDI	12.3%	2.8%	9.4%	569.7%
TSE	-7.7%	-9.9%	2.2%	38.7%
CRDA	17.0%	10.1%	6.9%	466.9%
AVD	-6.9%	-7.8%	0.9%	79.1%
Industry median	7.9%	3.5%	4.2%	69.6%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
DOFER	4.2%	3.6%	2.0%	42,367.8%
YKSLN	25.4%	24.8%	6.2%	447.9%
BMSCH	0.2%	-1.8%	1.4%	-10.4%
OZYSR	12.7%	7.9%	4.8%	-671.9%
ERCB	-10.8%	-12.2%	0.7%	352.9%
CEMTS	2.1%	-0.5%	4.0%	-60.0%
Industry median	7.9%	3.5%	4.2%	69.6%

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.