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Executive summary

• Revenue for Q1 2026 reached 1,519M TL, up 11% year-over-year, with net income at 131M TL (9% margin), impacted by lower investment gains and higher net monetary losses.

• Achieved 11% EBITDA growth and strong operational profitability with 536M TL EBITDA (35% margin).

• SaaS revenues saw double-digit growth, driven by subscription model transition and higher ARPU.

• Gross profit margin remained strong at 98%, reflecting a SaaS-driven business model and low cost of sales.

• Total assets decreased to TL 8,054,156 from TL 9,157,905 at year-end 2025, mainly due to lower cash and receivables.

Financial highlights

• Revenue: 1,519M TL in Q1 2026, up 11% year-over-year.

• EBITDA: 536M TL, up 11% year-over-year, with a 35% margin.

• Net income: 131M TL (9% margin), up 282% year-over-year excluding a one-off gain in Q1 2025.

• Recurring revenues grew 13% year-over-year, now 88% of total invoiced revenue.

• SaaS revenues up 19% year-over-year, now 66% of total revenues.

Outlook and guidance

• 2026 guidance unchanged: 12.2% invoiced revenue real growth, 11.6% IFRS revenue real growth, and ~31% EBITDA margin (all with IAS29 adjustment).

• 2026 year-end inflation expected at 23%; average USD/TL rate for 2026 projected at 48.5 (+23% y/y).

• The fintech subsidiary received its payment institution license in February 2026, expected to boost SaaS revenues.

• Management expects continued SaaS growth and increased subscription-based revenue streams.