PDP

KIZILBÜK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş.

KZBGY

Publish Date

11.03.202618:11:56

Disclosure Type

Year

2025

Period

Annual

Notification Attachments (2)

KIZILBUK_GYO_Bireysel_Finansal_Rapor_31122025.pdf KIZILBUK_GYO_Standalone_Financial_Statements_31122025.pdf

Financial Report

Independent Audit Firm	Audit Type	Opinion Type
ARSEN BAĞIMSIZ DENETİM HİZMETLERİ A.Ş.	Audit	Unqualified Opinion

(Convenience translation of a report and financial statements originally issued in Turkish)

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Kızılbük Gayrimenkul Yatırım Ortaklığı A.Ş.

A) Report on the Audit of the Financial Statements

1) Opinion

We have audited the standalone financial statements of Kızılbük Gayrimenkul Yatırım Ortaklığı A.Ş. ("the Company"), which comprise the standalone statement of balance sheet as at December 31, 2025, and the standalone statement of income and other comprehensive income, standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying standalone financial statements present fairly, in all material respects, the standalone financial position of the Company as at December 31, 2025, and its standalone financial performance and its cash flows for the year then ended in accordance with the Turkish Financial Reporting Standards (TFRS).

2) Basis for Opinion

We conducted our audit in accordance with the Independent Auditing Standards (InAS) which are part of the Turkish Auditing Standards as issued by the Public Oversight Accounting and Auditing Standards Authority of Turkey (POA) and adopted within the framework of Capital Markets Board (CMB) regulations. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics for Independent Auditors (including International Independence Standards) (Code of Ethics) issued by the POA, as applicable to audits of standalone financial statements of public interest entities, and other ethical principles included in CMB legislation, together with the ethical requirements that are relevant to the audits of the standalone financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

3) Other Matter

Although it does not affect our opinion, in accordance with TAS 27, the financial statements of companies with affiliated companies must be prepared. The Company's has prepared its consolidated financial statements as of December 31, 2025, and an unqualified audit opinion has been issued on these standalone financial statements dated March 11, 2026. The accompanying separate standalone financial statements have been prepared to meet the reporting requirements imposed by the Capital Markets Board (CMB). Therefore, the separate standalone financial statements may not be suitable for other purposes.

4) Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matters

How the Key Audit Matter Was Addressed in the Audit

Application of the hyperinflationaryaccounting

As stated in Note 2.1.2 to the standalone financial statements, the Company continued to apply "TAS 29 Financial Reporting in Hyperinflation Economies" since the functional currency of the Company is the currency of a hyperinflationary economy as per TAS 29 as of December 31,2025.

Our audit procedures included the following;

- We inquired of management responsible for financial reporting regarding the principles considered in applying TAS 29, the identification of non?monetary accounts, and tested the TAS 29 models designed by

management,

In accordance with TAS 29, standalone financial statements and corresponding figures for previous periods have been restated for the changes in the general purchasing power of Turkish Lira and, as a result, are expressed in terms of purchasing power of Turkish Lira as of the reporting date.

- We have tested the inputs and indices used, to ensure completeness and accuracy of the calculations,

- We audited the restatements of corresponding figures as required by TAS 29,

In line with the TAS 29 guidance, the Company utilised the Turkish consumer price indices to prepare inflation adjusted financial statements. The principles applied for inflation adjustment is explained in Note 2.1.2.

- We assessed the adequacy of the disclosures in inflation adjusted financial statements for compliance with TAS 29.

Given the significance of the impact of TAS 29 on the reported result and financial position of the Company, we have assessed the hyperinflation accounting as a key audit matter.

Key Audit Matters

How the Key Audit Matter Was Addressed in the Audit

Appraisal studies conducted to determine the fair value of investment properties

Procedures performed

As stated in Notes 2 and 11, the Company accounts for its investment properties at fair value. As of December 31, 2025, investment properties constitute 79.64% of the Company's total assets and have a total value of TL 28,256,158,744.

Evaluation of controls

We tested the design and implementation of controls performed by the Company's senior management on the valuation report prepared by the Valuation Expert appointed by the Company.

As of December 31, 2025, the fair values of investment properties determined by an independent valuation expert are reviewed by the Investor Relations Manager, Project Director, and Budget Manager, and the final approval of the valuation reports is made by the Land Development Manager. These values are used as the fair values of investment properties in the financial statements.

The valuation of the Company's investment properties involves significant judgment and requires subjective assumptions.

Evaluation of experts selected by management

We evaluated the Appraisal Expert's competence, qualifications, and impartiality. We also evaluated their independence, considering the scope of the work performed and the terms of the agreement.

Evaluation of inputs and assumptions used in valuation work

We evaluated the Company's Valuation Expert's valuation report, the appropriateness of the valuation method applied, and the assumptions used. We compared the assumptions used with market data and discussed our findings with the Company's Valuation Expert.

The values of all real estate in the Company's portfolio were determined using the income approach method.

The work performed to determine the fair value of investment properties has been identified as a key audit matter due to the subjective nature of the valuations and the significant assumptions and judgments involved.

Evaluation of financial statement disclosures

We examined the consistency of the disclosures regarding the fair values of investment properties in Notes 2 and 11 with the information in the valuation expert report and whether the note disclosures were sufficient in terms of IFRS.

5) Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

Management is responsible for the preparation and fair presentation of the standalone financial statements in accordance with TFRS, and for such internal control as management determines is necessary to enable the preparation of standalone financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

6) Auditor's Responsibilities for the Audit of the Standalone Financial Statements

In an independent audit, our responsibilities as the auditors are:

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with standards on auditing as issued by the Capital Markets Board of Turkey and InAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with standards on auditing as issued by the Capital Markets Board of Turkey and InAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Plan and perform the Company audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the Company financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the Company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

B) Report on Other Legal and Regulatory Requirements

1) Auditors' report on Risk Management System and Committee prepared in accordance with paragraph 4 of Article 398 of Turkish Commercial Code ("TCC") 6102 is submitted to the Board of Directors of the Company on March 11, 2026.

2) In accordance with paragraph 4 of Article 402 of the TCC, no significant matter has come to our attention that causes us to believe that the Company's bookkeeping activities for the period 1 January - 31 December 2025 and financial statements are not in compliance with laws and provisions of the Company's articles of association in relation to financial reporting.

3) In accordance with paragraph 4 of Article 402 of the TCC, the Board of Directors submitted to us the necessary explanations and provided required documents within the context of audit.

The name of the engagement partner who supervised and concluded this audit is Ali ORDULU.

Arsen Bağımsız Denetim Hizmetleri A.Ş.

An Independent Member of SFAI GLOBAL

Ali ORDULU

Partner

March 11, 2026

İstanbul, Türkiye

Notification Attachments (2)

KIZILBUK_GYO_Bireysel_Finansal_Rapor_31122025.pdf KIZILBUK_GYO_Standalone_Financial_Statements_31122025.pdf

Notifications Financial Statements Corporate Actions

PDF

WORD

EXCEl

Presentation Currency	TL
Nature of Financial Statements	Unconsolidated

Presentation Currency	TL
Nature of Financial Statements	Unconsolidated

Presentation Currency	TL
Nature of Financial Statements	Unconsolidated

Presentation Currency	TL
Nature of Financial Statements	Unconsolidated