4
Financial Data
Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 30 Sep 2026.
Financial Performance
Balance Sheet & Leverage - 1
Balance Sheet & Leverage - 2
Balance Sheet - 31 Dec 2025/30 Sep 2026
Current Assets:
Due to the impact of capital expenditures and loan principal and interest payments, current assets declined by 54% to TRY 1,264 million as of 30 September 2026.
Non-Current Assets:
Driven by the licensing rights acquired in Germany and Italy and capital expenditures, our intangible assets increased by TRY 536 million, property, plant and equipment increased by TRY 632 million, and total non-current assets increased by TRY 1,259 million.
Liabilities:
Total liabilities decreased by 25% due to principal repayments on short- and long-term bank loans, together with the impact of the announced change in the corporate tax rate for 2027 on deferred tax liabilities.
Long Term Liabilities:
Long-term liabilities include TRY 2 billion in deferred tax liabilities arising from temporary differences calculated under IAS 29. Due to the corporate tax rate change scheduled for 2027, our deferred tax liability decreased by TRY 1.4 billion.
P&L Table - 30 Sep 2025/2026
Gross Profit:
Consolidated revenues in the first nine months of 2026 stood at TRY 2,038 million, down 30% year-on-year, as a 22% drop in MCP and an indexing rate of 30% offset a 5% increase in production.
Cost of sales decreased by 14% year-on-year. Despite an increase in system transmission fees, depreciation expenses fell following the extension of turbine useful lives from 20 to 30 years.
Driven by the 30% contraction in sales revenues, gross profit declined by 46% year-on-year to TRY 755 million.
In a period where MCP-driven revenues remained limited, consolidated EBITDA dropped by 42% to TRY 1,182 million, primarily due to the impact of fixed expenses (2025: TRY 2,028 million).
Finance Expenses:
Finance expenses increased by TRY 69 million, primarily due to higher interest expenses resulting from an increase in total borrowings. Compared to the same period last year, interest expenses rose by TRY 109 million.
Net Profit:
Galata Wind’s pre-tax profit for the third quarter of 2026 amounted to TRY 838 million, compared to TRY 1,531 million in the same period of 2025. Following the corporate tax rate change expected to take effect in 2027, a deferred tax income of TRY 1,692 million was recognized in the consolidated income statement. Together with the deferred tax effects arising from other temporary differences, this resulted in a net deferred tax income of TRY 1.4 billion. As a result, Galata Wind’s net profit for the third quarter of 2026 amounted to TRY 2,189 million.