GLRMK FINANCIAL STATEMENTS

Gulermak Aglr Sanayi Insaat ve Taahhut A.S. — balance sheet, income statement and cash flow trends

GLRMKGulermak Aglr Sanayi Insaat ve Taahhut A.S.

🇹🇷 Turkey · IS · Industrials · Engineering & Construction

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

Revenue29.5 B ₺+11.6%

Gross Profit3.4 B ₺+20.7%

Operating Income3.3 B ₺+7.8%

EBITDA4 B ₺-0.5%

Net Income2 B ₺+21.6%

Peer Comparison· Engineering & Construction

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
GLRMK	9.8%	11.4%	13.5%	6.8%
WLDN	14.9%	38.2%	9.5%	8.2%
AMRC	8.6%	15.6%	11.8%	1.6%
BDGI	26.2%	23.1%	21.8%	7.1%
MND	26.7%	7.5%	6.3%	4.1%
GLDD	16.5%	22.9%	21.0%	8.3%
Industry median	13.4%	19.5%	12.1%	4.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
GLRMK	9.8%	11.4%	13.5%	6.8%
GESAN	16.2%	27.7%	21.1%	2.8%
YEOTK	96.7%	28.5%	20.6%	8.5%
ANELE	12.8%	-2.1%	-21.5%	-15.4%
HRKET	48.1%	21.7%	27.3%	-20.2%
ORGE	-10.8%	58.8%	54.9%	19.5%
Industry median	13.4%	19.5%	12.1%	4.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity17.7 B ₺27%
Current Liabilities26.1 B ₺40%
Long-term Liabilities21.2 B ₺33%

Key Figures

YoY change

Total Assets65.1 B ₺+115.5%

Total Liabilities47.3 B ₺+90.7%

Total Equity17.7 B ₺+229.9%

Cash & ST Investments14.9 B ₺+117.8%

Total Debt14.2 B ₺+367.6%

Net Debt-206 M ₺—

Peer Comparison· Engineering & Construction

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
GLRMK	2.19	80.0%	-0.17	27.3%
WLDN	1.68	22.4%	0.55	60.7%
AMRC	1.49	184.7%	8.29	23.9%
BDGI	1.35	101.9%	1.39	36.8%
MND	1.48	19.3%	-1.34	48.9%
GLDD	0.97	88.6%	2.38	39.0%
Industry median	1.31	66.0%	1.39	37.0%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
GLRMK	2.19	80.0%	-0.17	27.3%
GESAN	2.38	24.2%	0.92	55.2%
YEOTK	1.04	174.7%	1.69	18.3%
ANELE	0.89	83.0%	-1.30	18.4%
HRKET	0.99	83.1%	3.23	40.5%
ORGE	5.18	2.7%	-0.09	63.7%
Industry median	1.31	66.0%	1.39	37.0%

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 Flow6.4 B ₺+29.4%

Capital Expenditures-406.9 M ₺—

Free Cash Flow5.8 B ₺+66.6%

Dividends Paid0 ₺—

Peer Comparison· Engineering & Construction

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
GLRMK	21.7%	19.7%	1.4%	321.7%
WLDN	7.7%	6.3%	1.3%	92.9%
AMRC	-0.8%	-12.7%	11.8%	-52.9%
BDGI	19.4%	4.0%	15.4%	272.9%
MND	6.2%	5.0%	1.2%	149.9%
GLDD	27.8%	11.2%	16.6%	335.7%
Industry median	8.9%	5.8%	2.0%	149.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
GLRMK	21.7%	19.7%	1.4%	321.7%
GESAN	-7.1%	-10.1%	5.9%	-251.2%
YEOTK	9.7%	-14.4%	24.1%	114.8%
ANELE	3.8%	3.7%	0.0%	-24.5%
HRKET	18.1%	-17.2%	53.0%	-89.9%
ORGE	5.4%	4.7%	0.7%	27.7%
Industry median	8.9%	5.8%	2.0%	149.4%

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.