"Income Statement of GMYO's: Striking Change Between the Past and Today"

Profitability Transformation in the REIT Sector

The latest reporting period has clearly revealed the financial resilience and profitability profiles of companies in the Real Estate Investment Trusts (REIT) sector. In the 2024/09 period, while some companies attracted attention by raising their profits to the level of billion TL in 2025/09, others faced significant losses in profitability. This situation indicates that profitability in the sector is associated not only with asset size but also with cash generation capacity.

Operating Revenues and Loss Situation

Companies that achieved strong rental incomes and successfully delivered their projects experienced remarkable net profit jumps. For example, Sur Holiday Homes REIT (SURGY) increased its profit from 85.4 million TL in 2024/09 to 1.352 billion TL in 2025/09, achieving a growth of %1,483. In contrast, the losses deepened among companies with high debt ratios and increasing financing costs.

Company-Specific Profitability Changes

When evaluating profitability changes between the periods of 2024/09 and 2025/09:

• Ahes REIT (AHSGY): from 139.1 million TL to 1.142 billion TL (+%720)
• Ziraat REIT (ZRGYO): from 392.8 million TL to 2.810 billion TL (+%615)
• Torunlar REIT (TRGYO): from -2.153 billion TL loss to 6.729 billion TL profit (+%412)
• Reysaş REIT (RYGYO): from 2.496 billion TL to 10.449 billion TL (+%319)
• Egeyapı Avrupa REIT (EGEGY): from -287.3 million TL to 390.1 million TL (+%236)
• Fuzul REIT (FZLGY): from -319.1 million TL to 209.7 million TL (+%166)

In the majority of companies that transitioned from loss to profit, a significant increase in operating revenues has been observed. On the other hand, companies with increasing financing costs that suppressed revenue growth have seen their losses deepen.

Balance Sheet Quality Divergence in the Sector

This scenario clearly illustrates the divergence in balance sheet quality within the REIT sector. Future performance indicators will be shaped not only by financial figures but also by the healthy management of the business model and the efficient use of resources.