FORTE FINANCIAL STATEMENTS

Forte Bilgi Iletisim Teknolojileri ve Savunma Sanayi A.S. — balance sheet, income statement and cash flow trends

FORTEForte Bilgi Iletisim Teknolojileri ve Savunma Sanayi A.S.

🇹🇷 Turkey · IS · Technology · Software - Application

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

Revenue3.2 B ₺+37.9%

Gross Profit1.1 B ₺+144.7%

Operating Income689.4 M ₺+245.1%

EBITDA739.7 M ₺+196.7%

Net Income2.4 B ₺—

Peer Comparison· Software - Application

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FORTE	37.9%	34.3%	23.2%	74.5%
DOMO	0.3%	74.9%	-7.9%	-17.4%
DHX	-9.4%	84.8%	10.8%	-1.8%
EXFY	-1.3%	49.6%	-7.1%	-14.7%
NRDY	-2.2%	60.0%	-25.2%	-18.6%
SSTI	-4.8%	51.3%	-5.0%	-14.9%
Industry median	13.4%	68.1%	16.0%	8.1%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FORTE	37.9%	34.3%	23.2%	74.5%
LINK	49.2%	35.8%	30.4%	29.7%
HTTBT	12.8%	47.7%	42.8%	22.5%
LOGO	14.8%	96.5%	33.8%	14.4%
INTEK	30.1%	68.0%	39.7%	-25.5%
NETCD	-20.8%	91.6%	80.4%	72.9%
Industry median	13.4%	68.1%	16.0%	8.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity2.7 B ₺40%
Current Liabilities2.2 B ₺32%
Long-term Liabilities1.9 B ₺28%

Key Figures

YoY change

Total Assets6.8 B ₺+418.8%

Total Liabilities4 B ₺+723.8%

Total Equity2.7 B ₺+235.7%

Cash & ST Investments488.3 M ₺+955.3%

Total Debt2.2 B ₺+1,263.9%

Net Debt1.7 B ₺+1,388.6%

Peer Comparison· Software - Application

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FORTE	1.36	80.0%	2.30	40.4%
DOMO	0.31	-79.6%	-4.57	-94.8%
DHX	0.44	45.6%	2.89	48.2%
EXFY	3.48	4.0%	8.10	72.7%
NRDY	2.41	100.8%	0.56	26.4%
SSTI	0.77	8.6%	1.68	53.8%
Industry median	1.45	32.2%	-0.05	46.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FORTE	1.36	80.0%	2.30	40.4%
LINK	3.74	0.0%	-1.36	78.9%
HTTBT	2.64	1.9%	-0.31	85.0%
LOGO	0.74	0.6%	-0.60	50.9%
INTEK	0.35	2.6%	-0.12	43.2%
NETCD	10.07	1.2%	-0.54	94.0%
Industry median	1.45	32.2%	-0.05	46.5%

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 Flow3 B ₺—

Capital Expenditures-338.1 M ₺—

Free Cash Flow2.6 B ₺—

Dividends Paid0 ₺—

Peer Comparison· Software - Application

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FORTE	95.0%	83.1%	10.6%	127.5%
DOMO	2.9%	0.1%	2.8%	-16.5%
DHX	21.8%	16.3%	5.4%	-1,224.3%
EXFY	11.0%	8.9%	2.2%	-74.9%
NRDY	-7.9%	-10.9%	3.0%	42.3%
SSTI	9.7%	4.4%	5.3%	-64.6%
Industry median	22.3%	18.6%	1.9%	145.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FORTE	95.0%	83.1%	10.6%	127.5%
LINK	18.0%	2.4%	15.6%	60.4%
HTTBT	39.2%	5.4%	45.4%	174.0%
LOGO	29.7%	18.2%	16.9%	206.6%
INTEK	28.1%	3.9%	25.3%	-110.1%
NETCD	65.5%	35.2%	32.4%	89.9%
Industry median	22.3%	18.6%	1.9%	145.3%

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