SECTION 3
Financial Data
Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 30 September 2025.
Financial Performance
Margins
Balance Sheet 30 Sep 2025/31 Dec 2024
Current Assets:
As of September 30, 2025, current assets decreased by 21% to TRY 1,598 million. The main reasons for the decrease are loan principal repayments and domestic and foreign investment expenditures.
Non-Current Assets:
As a result of the license rights that we acquired in Germany and Italy, our intangible fixed assets increased by TRY 753 million, and our total fixed assets increased by TRY 685 million.
Liabilities:
Short- and long-term bank loans decreased by 26% due to loan repayments.
Long Term Liabilities:
Within long-term liabilities, there is a deferred tax liability of TRY 2.5 billion due to temporary differences calculated under IAS 29
P&L Table - 30 Sep 2025/2024
Gross Profit:
Galata Wind’s consolidated revenues remained at the same level as last year, reaching TRY 2,231 million in the third quarter of 2025. Despite a 17% increase in PTF and a 15% increase in production, our revenues remained at the same level as last year as a result of the indexation rate being 33%.
The cost of sales increased by 13% in the third quarter of 2025 compared to the same period in 2024, reaching TRY 1,154 million. The most significant reason for the increase in the cost of sales was the realization of depreciation expenses of TRY 666 million (September 2024: TRY 578 million) as a result of the commissioning of Phase 1 and Phase 2 of our Taşpınar Hybrid Power Plant and the Mersin RES additional capacity project. With sales revenues remaining at the same level, gross profit decreased by 11% compared to the same period last year, amounting to TRY 1,078 million. Consolidated Earnings Before Interest, Depreciation, and Taxes (EBITDA) decreased by 4% to TRY 1,563 million (September 2024: TRY 1,620 million).
Other Operating Income & Expenses:
Compared to last year, our interest and exchange rate difference income has increased due to a 320% increase in our average deposits..
Finance Expenses:
The main reason for the decrease of TRY 211 million in our financing income is the increase in our interest and exchange rate difference expenses along with our increased loan amount. Compared to the same period last year, our interest expenses increased by TRY 40 million, while our exchange rate difference expenses increased by TRY 132 million.
Net Profit:
Galata Wind’s profit before tax for the September 2025 period amounted to TRY 1,180 million (September 2024: TRY 1,234 million). In 2025, the total of period tax expense and deferred tax expense was TRY 18 million higher than in the same period of the previous year, and net period profit decreased by 9% to TRY 735 million.
Financial Data | Quarters before TAS 29 Inflation Adjustments
