MOGAN FINANCIAL STATEMENTS

Mogan Enerji — balance sheet, income statement and cash flow trends

MOGANMogan Enerji

🇹🇷 Turkey · IS · Industrials · Solar

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

Revenue13.8 B ₺-13.1%

Gross Profit-1.6 B ₺-966.7%

Operating Income-2.9 B ₺—

EBITDA7.5 B ₺-12.0%

Net Income-9.2 B ₺—

Peer Comparison· Solar

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MOGAN	-13.1%	-11.7%	54.2%	-66.6%
ARRY	13.2%	23.7%	2.5%	-5.6%
SHLS	37.8%	33.5%	13.0%	6.3%
SEDG	39.2%	18.2%	-16.4%	-28.6%
RUN	52.4%	30.4%	23.7%	17.9%
ENPH	-1.6%	44.2%	16.2%	9.6%
Industry median	16.7%	23.8%	18.0%	3.5%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MOGAN	-13.1%	-11.7%	54.2%	-66.6%
CWENE	41.3%	25.2%	22.2%	14.7%
KLYPV	-20.1%	22.7%	33.9%	14.6%
SMRTG	-28.7%	23.9%	19.8%	-0.9%
ALFAS	-21.0%	9.5%	7.5%	0.8%
Industry median	16.7%	23.8%	18.0%	3.5%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity97.8 B ₺61%
Current Liabilities13.1 B ₺8%
Long-term Liabilities49.4 B ₺31%

Key Figures

YoY change

Total Assets160.3 B ₺+24.8%

Total Liabilities62.5 B ₺+12.7%

Total Equity97.8 B ₺+33.9%

Cash & ST Investments1.4 B ₺+22.3%

Total Debt31.5 B ₺-3.3%

Net Debt30.1 B ₺-4.2%

Peer Comparison· Solar

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MOGAN	0.22	32.2%	4.03	61.0%
ARRY	2.25	284.9%	19.02	18.2%
SHLS	1.84	36.5%	3.13	58.4%
SEDG	2.02	98.4%	0.85	18.2%
RUN	1.45	445.2%	18.90	14.7%
ENPH	3.80	55.5%	-1.40	40.5%
Industry median	1.38	55.5%	3.13	38.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MOGAN	0.22	32.2%	4.03	61.0%
CWENE	1.19	55.7%	2.00	44.3%
KLYPV	1.20	121.2%	10.49	36.4%
SMRTG	0.86	226.5%	5.07	17.6%
ALFAS	1.29	55.0%	3.57	45.0%
Industry median	1.38	55.5%	3.13	38.4%

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 Flow7 B ₺-15.0%

Capital Expenditures-752 M ₺—

Free Cash Flow6.9 B ₺-23.3%

Dividends Paid0 ₺—

Peer Comparison· Solar

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MOGAN	51.0%	50.1%	5.5%	-76.6%
ARRY	7.1%	4.8%	2.3%	-127.5%
SHLS	-7.5%	-14.5%	7.0%	-119.0%
SEDG	7.4%	6.1%	1.3%	-26.0%
RUN	-9.7%	-23.6%	59.6%	-54.0%
ENPH	13.6%	10.4%	3.3%	141.5%
Industry median	12.5%	-3.9%	6.2%	65.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MOGAN	51.0%	50.1%	5.5%	-76.6%
CWENE	14.6%	-12.4%	27.8%	99.6%
KLYPV	87.8%	-60.9%	148.7%	602.3%
SMRTG	14.8%	-16.0%	30.8%	-1,657.2%
ALFAS	11.3%	4.5%	0.7%	1,426.2%
Industry median	12.5%	-3.9%	6.2%	65.9%

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.