MILLIRE ENG2024

2024 Financial Results The Company’s financial investments are made in accordance with the Asset Investment Guidelines formulated under the provisions of the “Regulation Amending the Regulation on the Financial Structures of Insurance, Reinsurance and Pension Companies” published in the Official Gazette issue 27877 dated 17 March 2011. The Company prefers to invest in liquid instruments with high yield and minimum risk, while part of the portfolio is managed by İş Portföy Yönetimi A.Ş. (İş Asset Management). The Company’s financial results are presented in detail below. Investment Income As of 31 December 2024, the investment portfolio includes Turkish lira time deposits (36%) and FC securities (20%). The remaining portion of the portfolio is comprised of TL mutual funds, equity stock, TL securities, FC mutual funds, FC time deposits, FC demand deposits and TL demand deposits. In 2024, the highest return generators were TL time deposits, FC securities owing mainly to the rise in exchange rates, and TL mutual funds. The investment instruments with the highest rate of return were TL time deposits, TL- denominated corporate bonds and TL mutual funds. Compared to the previous year, the main factor affecting the increase in “Income from Financial Assets” was the interest income derived on TL time deposits. On the other hand, in 2024, there was a decline in “Income from Disposal of Financial Assets” due to the decrease in mutual fund sales income, despite the rise in income from the disposal of Treasury and corporate Eurobonds. The increase in the “Valuation of Financial Assets” item in the comparison period resulted from the rise in the amount of the valuation of TL mutual funds as well as interest rediscount amounts for TL time deposits. Due to the appreciation of USD and Euro against TL, income from FC-denominated investment instruments and FC deposit accounts contributed to the total investment portfolio return. As a result of the fluctuations in foreign exchange rates in 2024, a foreign exchange gain of TL 450,091,248 was booked. In the comparison period, income from Anadolu Hayat Emeklilik A.Ş. increased by TL 180,917,570, income from Anadolu Anonim Türk Sigorta Şirketi increased by TL 2,790,046,184, and income from Miltaş Turizm İnşaat Ticaret A.Ş. increased by TL 1,397,480,902 as the result of the equity method of accounting of the company’s associates and subsidiaries. The transfer of the company’s real properties to Miltaş Tur. İnş. Tic. A.Ş. in December 2023 by way of partial demerger led to a decline in the “Income from Property, Plant and Equipment” item in the comparison period. The “Income from Derivative Transactions” item decreased in connection with the termination of the FX-protected TL deposit account scheme as of January 2024. (TL) 2024 2023 Change (%) Investment Income 10,495,454,452 7,817,832,550 34.25 Income from Financial Assets 1,254,247,652 361,117,238 247.32 Income from Disposal of Financial Assets 357,202,721 399,078,515 (10.49) Valuation of Financial Assets 315,063,094 30,178,754 943.99 Foreign Exchange Gains 450,091,248 1,593,897,170 (71.76) Income from Subsidiaries 536,502,944 355,585,374 50.88 Income from Subsidiaries and Joint Ventures 7,555,428,109 3,367,901,023 124.34 Income from Property Plant and Equipment (70,620) 1,596,134,475 - Income from Derivative Transactions 24,073,923 113,940,001 (78.87) Other Investments 2,915,381 - + GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION 77 2024 Annual Report