BIRLESIM MUHENDISLIK_AR 2025

29. NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS a) Capital Risk Management In managing capital, the Group aims to ensure the continuity of its operations while maximizing profit through the most efficient use of the balance between debt and equity. The Group’s capital structure consists of cash and cash equivalents and equity items comprising share capital and prior-year profits/ losses. The risks associated with each class of capital, together with the Group’s cost of capital, are evaluated by the Board of Directors and senior management. Based on these evaluations, decisions on capital increases or new borrowings by the Group are made with the aim of maintaining a balanced capital structure. The ratio of net debt to equity as at 31 December 2025 and 2024 is as follows: 31 December 2025 31 December 2024 Total Financial and Trade Payables 2.270.367.646 1.438.619.429 Less: Cash and Cash Equivalents (273.320.109) (101.755.649) Net Debt 1.997.047.537 1.336.863.780 Total Equity 1.598.120.158 1.813.085.059 Debt/Capital Ratio 1,25 0,74 b) Financial Risk Factors The Group’s finance department is responsible for identifying, measuring and proactively managing the financial risks to which the Group is exposed. It is also responsible for ensuring regular access to domestic and foreign financial markets and for monitoring and managing the financial risks arising from the companies’ operations through risk reports analyzing the level and magnitude of such risks. These risks include market risk (including foreign exchange risk, interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group does not trade financial instruments, including derivative financial instruments, for speculative purposes. BİRLEŞİM MÜHENDİSLİK ANNUAL REPORT 2025 163 Birleşim Mühendislik Isıtma Soğutma Havalandırma Sanayi Ticaret Anonim Şirketi and its Subsidiaries (Amounts are expressed in Turkish Lira (“TRY”) in terms of the purchasing power of TRY as at 31 December 2025 unless otherwise stated.) Notes to the Consolidated Financial Statements as at 31 December 2025