SECTION 3
Financial Data
Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 31 March 2026.
Financial Performance
Margins
Balance Sheet - 31 Mar 2026/31 Dec 2025
Current Assets:
As of March 31, 2026, current assets decreased by 17% to TRY 1,992 million. The main reason for the decrease is the principal and interest payments on loans and capital expenditure.
Non-Current Assets:
As a result of the license rights that we acquired in Germany and Italy, our intangible fixed assets increased by TRY 347 million, and our total fixed assets increased by TRY 276 million.
Liabilities:
Short- and long-term bank loans decreased by 12% due to principal payments on loans.
Long Term Liabilities:
Within long-term liabilities, there is a deferred tax liability of TRY 3.1 billion due to temporary differences calculated under IAS 29.
P&L Table - 31 Mar 2026/2025
Gross Profit:
Galata Wind’s consolidated revenues decreased 5% compared to last year, reaching TRY 692 million in the first quarter of 2026. Despite a 38% increase in production, our revenues decreased 5% compared to last year due to 8% decrease in TL based MCP and indexation rate of 31%.
When comparing the cost of sales with the first quarter of 2025 and the first quarter of 2026, it has remained at the same level. Although the system transmission charges increased, our depreciation expenses have decreased as a result of extending turbine useful life from 20 to 30 years. With sales revenues decreased 5%, gross profit decreased by 10% compared with same period last year, amounting to TRY 329 million. Consolidated Earnings Before Interest, Depreciation, and Taxes (EBITDA) decreased by 12% to TRY 457 million (2025: TRY 517 million).
Other Operating Income & Expenses:
Despite the increase in our average deposits compared with the same period last year, our income decreased by 20% due to a indexation rate and declined in return rates, which followed market trends.
Finance Expenses:
The main reason for the TRY 15 million increase in finance costs is the increasing interest expenses, along with our increasing loan balances. Compared with the same period last year, our interest expenses have risen by TRY 34 million.
Net Profit:
Galata Wind’s profit before tax for the first quarter of 2026 amounted to TRY 329 million (March 2025: TRY 412 million). In first quarter of 2026, the total tax expense and deferred tax expense was TRY 73 million lower than previous year, and net profit decreased by 6% to TRY 164 million.
Financial Data | Quarters before TAS 29 Inflation Adjustments
