GMYO's Profit Table: Striking Change Between the Past and Today

Profitability Transformation in the REIT Sector

The latest accounting period 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 drew attention by raising their profits to the billion TL level by 2025/09, others experienced significant losses in profitability. This situation indicates that profitability in the sector is related not only to asset size but also to cash generation capacity.

Operating Income and Loss Situation

In companies that generated strong rental income and successfully delivered their projects, significant jumps in net profit were observed. For instance, Sur Tatil Evleri GMYO (SURGY) increased its profit from 85.4 million TL in 2024/09 to 1.352 billion TL in 2025/09, achieving a %1,483 increase. On the other hand, in companies with high debt ratios and increasing finance expenses, losses deepened.

Company-Specific Profitability Changes

When we evaluate the profitability changes that occurred between the periods 2024/09 and 2025/09:

• Ahes GMYO (AHSGY): from 139.1 million TL to 1.142 billion TL (+%720)
• Ziraat GMYO (ZRGYO): from 392.8 million TL to 2.810 billion TL (+%615)
• Torunlar GMYO (TRGYO): from -2.153 billion TL loss to 6.729 billion TL profit (+%412)
• Reysaş GMYO (RYGYO): from 2.496 billion TL to 10.449 billion TL (+%319)
• Egeyapı Avrupa GMYO (EGEGY): from -287.3 million TL to 390.1 million TL (+%236)
• Fuzul GMYO (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 income was observed. On the other hand, in companies with increasing finance expenses that suppressed revenue growth, the deepening of losses is noteworthy.

Balance Sheet Quality Divergence in the Sector

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