ZRGYO FINANCIAL STATEMENTS

Ziraat Gayrimenkul Yatirim Ortakligi A.S. — balance sheet, income statement and cash flow trends

ZRGYOZiraat Gayrimenkul Yatirim Ortakligi A.S.

🇹🇷 Turkey · IS · Real Estate · REIT - Diversified

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

Revenue3.8 B ₺-21.0%

Gross Profit3 B ₺-0.1%

Operating Income10.6 B ₺+10.3%

EBITDA10.6 B ₺+10.2%

Net Income7.8 B ₺+93.0%

Peer Comparison· REIT - Diversified

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZRGYO	-21.0%	80.7%	282.5%	207.3%
CLW	—	—	—	—
AAT	-3.9%	60.8%	53.1%	5.1%
GNL	-29.9%	70.5%	70.3%	-8.7%
ESRT	1.5%	-10.3%	46.6%	5.1%
HR-UN	-2.4%	61.8%	-101.3%	-97.6%
Industry median	5.9%	60.1%	62.5%	25.5%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZRGYO	-21.0%	80.7%	282.5%	207.3%
TEHOL	7,651.1%	7.5%	37.7%	80.1%
PEKGY	434.3%	16.2%	165.4%	131.0%
TRGYO	-1.9%	74.0%	80.0%	51.7%
RGYAS	31.0%	70.8%	103.8%	129.2%
ISGYO	-45.2%	55.6%	55.3%	-22.5%
Industry median	5.9%	60.1%	62.5%	25.5%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity87.7 B ₺82%
Current Liabilities4.3 B ₺4%
Long-term Liabilities14.6 B ₺14%

Key Figures

YoY change

Total Assets106.6 B ₺+52.3%

Total Liabilities18.9 B ₺+103.9%

Total Equity87.7 B ₺+44.4%

Cash & ST Investments345.6 M ₺+18.2%

Total Debt9.2 B ₺+76.8%

Net Debt8.9 B ₺+80.3%

Peer Comparison· REIT - Diversified

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZRGYO	0.99	10.5%	0.83	82.3%
CLW	0.48	55.2%	—	62.4%
AAT	1.95	150.1%	6.83	39.2%
GNL	1.45	160.4%	7.13	37.6%
ESRT	1.45	220.6%	6.28	24.2%
HR-UN	0.53	62.0%	-3.08	50.5%
Industry median	1.95	22.5%	0.88	67.9%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZRGYO	0.99	10.5%	0.83	82.3%
TEHOL	1.27	11.5%	-1.20	50.9%
PEKGY	0.53	26.4%	0.92	59.7%
TRGYO	3.39	8.2%	-0.45	77.7%
RGYAS	1.88	22.5%	1.52	67.9%
ISGYO	1.84	2.5%	0.49	83.2%
Industry median	1.95	22.5%	0.88	67.9%

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 Flow1.4 B ₺-52.6%

Capital Expenditures-59.9 K ₺—

Free Cash Flow-912.2 M ₺-146.9%

Dividends Paid-397.7 M ₺—

Peer Comparison· REIT - Diversified

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZRGYO	37.2%	-24.2%	0.0%	18.0%
CLW	—	—	—	—
AAT	38.5%	21.1%	17.4%	753.8%
GNL	43.1%	37.7%	5.3%	-494.0%
ESRT	30.2%	7.7%	22.4%	592.7%
HR-UN	21.3%	17.0%	4.7%	-21.9%
Industry median	33.1%	8.5%	1.1%	41.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZRGYO	37.2%	-24.2%	0.0%	18.0%
TEHOL	75.3%	-25.3%	134.6%	94.0%
PEKGY	-78.5%	-13.7%	1.1%	-59.9%
TRGYO	96.9%	-25.1%	0.0%	187.6%
RGYAS	29.7%	7.0%	0.5%	23.0%
ISGYO	-23.4%	16.4%	0.3%	104.1%
Industry median	33.1%	8.5%	1.1%	41.8%

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.