BIRLESIM MÜHENDISLIK ISITMA SOGUTMA HAVALANDIRMA SANAYI VE TICARET ANONIM SIRKETI

Cash flow Birlesim Mühendislik Isitma Sogutma Havalandirma Sanayi ve Ticaret Anonim Sirketi

Equities

BRLSM

TREBLSM00027

Construction & Engineering

Market Closed - Borsa Istanbul Other stock markets 15:08:56 14/01/2026 GMT			5-day change	1st Jan Change
14.77 ^TRY	+6.26%		+6.41%	+12.15%

11-10	Birlesim Mühendislik Isitma Sogutma Havalandirma Sanayi ve Ticaret Anonim Sirketi Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI
02/09/25	Birlesim Mühendislik Isitma Sogutma Havalandirma Sanayi ve Ticaret Anonim Sirketi Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2025	CI

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Published financial data: BIRLESIM MÜHENDISLIK ISITMA SOGUTMA HAVALANDIRMA SANAYI VE TICARET ANONIM SIRKETI

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	578M	620M	1.36B	3.97B	4.02B
Total Revenues	578M	620M	1.36B	3.97B	4.02B
Cost of Goods Sold, Total	483M	547M	1.19B	3.56B	2.98B
Gross Profit	94.7M	72.93M	172M	408M	1.04B
Selling General & Admin Expenses, Total	19.92M	34.72M	49.04M	169M	271M
Other Operating Expenses	120K	136K	-5.35M	-19.15M	-30.86M
Other Operating Expenses, Total	20.04M	34.85M	43.69M	150M	241M
Operating Income	74.66M	38.07M	128M	258M	798M
Interest Expense, Total	-9.4M	-19.95M	-19.21M	-8.13M	-98.72M
Interest And Investment Income	17.69M	53.55M	68.62M	114M	43.73M
Net Interest Expenses	8.29M	33.6M	49.42M	106M	-54.98M
Currency Exchange Gains (Loss)	-2.5M	-9.96M	24.5M	127M	60.01M
Other Non Operating Income (Expenses)	-633K	-1.72M	-6.22M	-690M	-234M
EBT, Excl. Unusual Items	79.82M	60M	196M	-199M	569M
Gain (Loss) On Sale Of Investments	-2.31M	-3.4M	-1.21M	-3M	-41.35M
Legal Settlements	-851K	-776K	-1.44M	-	-
EBT, Incl. Unusual Items	76.65M	55.82M	193M	-202M	528M
Income Tax Expense	16.66M	24.12M	17.76M	14.18M	90.78M
Earnings From Continuing Operations	59.99M	31.71M	175M	-216M	437M
Net Income to Company	59.99M	31.71M	175M	-216M	437M
Minority Interest	-269K	-	-	15.67M	8.38M
Net Income - (IS)	59.72M	31.71M	175M	-200M	445M
Net Income to Common Incl Extra Items	59.72M	31.71M	175M	-200M	445M
Net Income to Common Excl. Extra Items	59.72M	31.71M	175M	-200M	445M
Per Share Items
Net EPS - Basic	0.34	0.17	0.78	-0.89	1.99
Basic EPS - Continuing Operations	0.34	0.17	0.78	-0.89	1.99
Basic Weighted Average Shares Outstanding	176M	186M	224M	224M	224M
Net EPS - Diluted	0.34	0.17	0.78	-0.89	1.99
Diluted EPS - Continuing Operations	0.34	0.17	0.78	-0.89	1.99
Diluted Weighted Average Shares Outstanding	176M	186M	224M	224M	224M
Normalized Basic EPS	0.28	0.2	0.55	-0.48	1.63
Normalized Diluted EPS	0.28	0.2	0.55	-0.48	1.63
Dividend Per Share	-	-	0.12	-	-
Payout Ratio	-	-	2.56	-17.83	-
Supplemental Items
EBITDA	80.39M	41.56M	133M	282M	834M
EBITA	74.77M	38.43M	128M	264M	804M
EBIT	74.66M	38.07M	128M	258M	798M
EBITDAR	-	42.26M	-	-	-
Effective Tax Rate - (Ratio)	21.74	43.2	9.19	-7.04	17.2
Total Current Taxes	25.74M	12.45M	3.59M	59.38M	77.28M
Total Deferred Taxes	-9.08M	11.67M	14.18M	-45.19M	13.5M
Normalized Net Income	49.62M	37.5M	122M	-108M	364M
Interest on Long-Term Debt	518K	147K	-	-	-
Supplemental Operating Expense Items
Advertising Expense	180K	315K	22.9K	3.82M	2.25M
Marketing Expenses	392K	236K	-	-	-
Selling and Marketing Expenses	572K	552K	22.9K	3.82M	2.25M
General and Administrative Expenses	19.34M	32.25M	49.02M	165M	269M
Net Rental Expense, Total	-	700K	-	-	-
Imputed Operating Lease Interest Expense	-	1.25M	-	-	-
Imputed Operating Lease Depreciation	-	-552K	-	-	-
Maintenance & Repair Expenses, Total	-	2.95M	483K	2.4M	1.73M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	49.06M	180M	356M	338M	77.74M
Short Term Investments	-	1.84M	69.08M	428M	288M
Total Cash And Short Term Investments	49.06M	182M	425M	766M	365M
Accounts Receivable, Total	185M	358M	757M	1.44B	1.18B
Other Receivables	122M	25.86M	70.19M	30.25M	169M
Total Receivables	307M	384M	827M	1.47B	1.35B
Inventory	58.86M	100M	252M	296M	308M
Prepaid Expenses	373K	376K	1.6M	4.74M	6.47M
Other Current Assets, Total	91.22M	148M	375M	615M	787M
Total Current Assets	507M	815M	1.88B	3.15B	2.82B
Gross Property Plant And Equipment	28.07M	81.14M	90.51M	367M	560M
Accumulated Depreciation	-11.85M	-6.77M	-10.52M	-66.72M	-124M
Net Property Plant And Equipment	16.22M	74.37M	80M	300M	436M
Goodwill	-	-	-	-	-
Other Intangibles, Total	923K	562K	26.27M	39.17M	50.05M
Deferred Tax Assets Long-Term	-	-	-	3.66M	10.17M
Other Long-Term Assets, Total	184K	303K	-	-	-
Total Assets	524M	890M	1.99B	3.5B	3.31B
Liabilities
Accounts Payable, Total	140M	300M	581M	783M	487M
Accrued Expenses, Total	5.43M	10.98M	22.51M	51.44M	68.93M
Short-term Borrowings	105M	64.2M	23.96M	510K	475M
Current Portion of Long-Term Debt	1.2M	4.31M	364K	45.18M	59.92M
Current Portion of Leases	2.35M	21.68K	-	-	-
Current Income Taxes Payable	-	-	1.18M	-	-
Unearned Revenue Current, Total	69.6M	122M	716M	1.91B	657M
Other Current Liabilities	41.99M	23.37M	49.7M	32.48M	60.17M
Total Current Liabilities	365M	526M	1.4B	2.83B	1.81B
Long-Term Debt	164K	772K	-	5.75M	77.64M
Long-Term Leases	671K	-	-	-	-
Unearned Revenue Non Current	-	119K	2.01M	1.17M	-
Pension & Other Post Retirement Benefits	4.69M	5.79M	9.6M	12.22M	22.27M
Deferred Tax Liability Non Current	3.55M	15.08M	28.61M	-	18.9M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	374M	547M	1.44B	2.84B	1.93B
Common Stock, Total	11.1M	102M	224M	224M	224M
Additional Paid In Capital	-	168M	46.37M	332M	480M
Retained Earnings	142M	106M	289M	-316M	-10.32M
Treasury Stock	-	-29.88M	-1.99M	-	-
Comprehensive Income and Other	-3.55M	-4.11M	-6.69M	426M	719M
Total Common Equity	150M	342M	550M	667M	1.41B
Minority Interest	-	-	1.2M	-14.38M	-27.79M
Total Equity	150M	342M	552M	653M	1.39B
Total Liabilities And Equity	524M	890M	1.99B	3.5B	3.31B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	176M	186M	224M	224M	224M
ECS Total Common Shares Outstanding	176M	186M	224M	224M	224M
Book Value / Share	0.85	1.84	2.46	2.98	6.31
Tangible Book Value	149M	342M	524M	628M	1.36B
Tangible Book Value Per Share	0.85	1.84	2.34	2.8	6.08
Total Debt	109M	69.31M	24.32M	51.44M	612M
Net Debt	60.02M	-113M	-401M	-714M	247M
Debt Equivalent Oper. Leases	-	5.6M	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-	-	1.2M	-14.38M	-27.79M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	58.25M	100M	252M	296M	308M
Inventories - Finished Goods, Total	484K	-	-	-	-
Inventories - Others	126K	35.28K	-	-	-
Land - (BS)	-	38.27M	38.27M	136M	196M
Buildings, Total	-	25.16M	25.16M	110M	168M
Machinery, Total	11.72M	17.08M	26.63M	119M	193M
Full Time Employees	406	417	466	400	364
Accumulated Allowance for Doubtful Accounts (Supple)	6.53M	7.12M	5.12M	5.12M	6.58M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	59.72M	31.71M	175M	-200M	445M
Depreciation & Amortization - CF	8.2M	4.93M	4.14M	18.34M	29.82M
Amortization of Goodwill and Intangible Assets - (CF)	111K	361K	283K	5.41M	6.5M
Depreciation & Amortization, Total	8.31M	5.3M	4.42M	23.75M	36.32M
(Gain) Loss From Sale Of Asset	-3.63M	-5.2M	-12.95M	2.15M	41.22M
(Gain) Loss on Sale of Investments - (CF)	-	43.23K	-	-	-8.9M
Provision and Write-off of Bad Debts	-150K	587K	-2M	-	1.47M
Other Operating Activities, Total	16.59M	12.3M	-33.92M	387M	137M
Change In Accounts Receivable	-45.54M	-165M	-351M	-604M	841M
Change In Inventories	11.79M	-41.64M	-151M	143M	119M
Change In Accounts Payable	871K	161M	280M	202M	-644M
Change in Unearned Revenues	-89.79M	52.87M	588M	524M	-2.11B
Change in Other Net Operating Assets	14.63M	-102M	-177M	-536M	660M
Cash from Operations	-27.19M	-50.21M	321M	-58.97M	-477M
Capital Expenditure	-5M	-10.36M	-10.49M	-54.98M	-291M
Sale of Property, Plant, and Equipment	88.35K	8.14M	1.92M	1.62M	14.03M
Cash Acquisitions	-	-	-26.1M	-	-
Divestitures	16.9M	-	-	-	-
Sale (Purchase) of Real Estate properties	-5.12M	29.93M	-29.57M	14.57M	-
Investment in Marketable and Equity Securities, Total	-	-1.88M	-67.24M	54.31M	-
Other Investing Activities, Total	1.05M	6.43M	20.7M	32.32M	13.27M
Cash from Investing	7.92M	32.25M	-111M	47.84M	-264M
Long-Term Debt Issued, Total	166M	178M	68.63M	53.41M	641M
Total Debt Issued	166M	178M	68.63M	53.41M	641M
Long-Term Debt Repaid, Total	-134M	-217M	-114M	-26.29M	-72.58M
Total Debt Repaid	-134M	-217M	-114M	-26.29M	-72.58M
Issuance of Common Stock	-	190M	116M	55.23M	-
Repurchase of Common Stock	-	-30.08M	-88.25M	-49.86M	-
Common Dividends Paid	-	-	-4.48M	-35.68M	-
Common & Preferred Stock Dividends Paid	-	-	-4.48M	-35.68M	-
Other Financing Activities, Total	-74.61M	27.83M	-12.1M	-2.25M	-188M
Cash from Financing	-43.29M	149M	-33.67M	-5.44M	380M
Foreign Exchange Rate Adjustments	-	-	-	-1.97M	9.37M
Miscellaneous Cash Flow Adjustments	-	-	-	-231M	-58.5M
Net Change in Cash	-62.57M	131M	176M	-249M	-410M
Supplemental Items
Cash Interest Paid	9.4M	19.95M	19.21M	8.13M	98.72M
Cash Income Tax Paid (Refund)	6.82M	25.1M	55.35M	34.09M	56.52M
Levered Free Cash Flow	-151M	31.35M	153M	346M	-1.56B
Unlevered Free Cash Flow	-146M	43.81M	165M	352M	-1.5B
Change In Net Working Capital	196M	-25.08M	-91.14M	-221M	1.74B
Net Debt Issued / Repaid	31.32M	-39.13M	-44.98M	27.12M	568M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	8.67	3.37	5.57	4.61	11.93
Return on Total Capital	21.45	7.1	16.22	19.59	33.09
Return On Equity %	49.62	12.89	39.25	-27.74	37.56
Return on Common Equity	49.93	12.89	39.3	-25.52	37.5
Margin Analysis
Gross Profit Margin %	16.38	11.76	12.62	10.28	25.84
SG&A Margin	3.45	5.6	3.6	4.26	6.76
EBITDA Margin %	13.91	6.7	9.73	7.1	20.76
EBITA Margin %	12.93	6.2	9.43	6.64	20.02
EBIT Margin %	12.92	6.14	9.41	6.5	19.86
Income From Continuing Operations Margin %	10.38	5.11	12.88	-5.44	10.88
Net Income Margin %	10.33	5.11	12.88	-5.04	11.09
Net Avail. For Common Margin %	10.33	5.11	12.88	-5.04	11.09
Normalized Net Income Margin	8.58	6.05	8.99	-2.73	9.06
Levered Free Cash Flow Margin	-26.19	5.05	11.24	8.73	-38.83
Unlevered Free Cash Flow Margin	-25.18	7.06	12.13	8.86	-37.3
Asset Turnover
Asset Turnover	1.07	0.88	0.95	1.13	0.96
Fixed Assets Turnover	23.74	13.69	17.65	13.98	9.25
Receivables Turnover (Average Receivables)	3.61	2.28	2.44	2.95	2.46
Inventory Turnover (Average Inventory)	7.46	6.87	6.76	9.69	8.1
Short Term Liquidity
Current Ratio	1.39	1.55	1.35	1.12	1.56
Quick Ratio	0.98	1.08	0.9	0.79	0.95
Operating Cash Flow to Current Liabilities	-0.07	-0.1	0.23	-0.02	-0.26
Days Sales Outstanding (Average Receivables)	101.46	159.77	149.37	123.69	148.59
Days Outstanding Inventory (Average Inventory)	49.09	53.13	54.02	37.65	45.17
Average Days Payable Outstanding	110.48	136.4	119.95	92.97	103.49
Cash Conversion Cycle (Average Days)	40.08	76.51	83.43	68.37	90.27
Long Term Solvency
Total Debt/Equity	72.87	20.24	4.41	7.88	44.2
Total Debt / Total Capital	42.15	16.83	4.22	7.31	30.65
LT Debt/Equity	0.56	0.23	-	0.88	5.6
Long-Term Debt / Total Capital	0.32	0.19	-	0.82	3.89
Total Liabilities / Total Assets	71.42	61.52	72.25	81.34	58.17
EBIT / Interest Expense	7.94	1.91	6.67	31.75	8.08
EBITDA / Interest Expense	8.83	2.17	6.9	34.67	8.45
(EBITDA - Capex) / Interest Expense	8.29	1.65	6.36	27.91	5.5
Total Debt / EBITDA	1.31	1.6	0.18	0.18	0.73
Net Debt / EBITDA	0.72	-2.6	-3.03	-2.53	0.3
Total Debt / (EBITDA - Capex)	1.4	2.1	0.2	0.23	1.13
Net Debt / (EBITDA - Capex)	0.77	-3.41	-3.29	-3.15	0.45
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.14	7.31	119.62	50.39	-29.88
Gross Profit, 1 Yr. Growth %	37.96	-22.92	135.65	83.26	76.33
EBITDA, 1 Yr. Growth %	39.56	-47.88	209.94	98.27	104.94
EBITA, 1 Yr. Growth %	41.69	-48.16	223.97	105.26	111.37
EBIT, 1 Yr. Growth %	41.75	-48.57	226.23	102.74	114.06
Earnings From Cont. Operations, 1 Yr. Growth %	63.87	-47.15	453.35	24.39	-240.33
Net Income, 1 Yr. Growth %	65.78	-46.91	453.35	15.35	-254.23
Normalized Net Income, 1 Yr. Growth %	53.75	-24.42	226.43	63.88	-332.63
Diluted EPS Before Extra, 1 Yr. Growth %	65.78	-49.79	453.35	15.35	-254.23
Accounts Receivable, 1 Yr. Growth %	36.09	93.95	111.18	15.72	-43.4
Inventory, 1 Yr. Growth %	-16.86	70.73	150.59	-32.51	-27.9
Net Property, Plant and Equip., 1 Yr. Growth %	-50.04	358.43	7.56	12.16	0.58
Total Assets, 1 Yr. Growth %	-5.21	69.87	123.36	-0.06	-34.42
Tangible Book Value, 1 Yr. Growth %	69.84	129.79	53.31	-26.72	50.36
Common Equity, 1 Yr. Growth %	67.22	128.74	60.73	-25.96	46.73
Cash From Operations, 1 Yr. Growth %	-149.68	84.65	-738.72	-109.95	460.48
Capital Expenditures, 1 Yr. Growth %	71.55	107.03	1.22	53.19	266.69
Levered Free Cash Flow, 1 Yr. Growth %	1.97K	-120.66	387.2	-8.98	-371.06
Unlevered Free Cash Flow, 1 Yr. Growth %	-16.43K	-130.02	270.58	-12.95	-357.06
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	27.15	10.67	53.51	152.93	23.39
Gross Profit, 2 Yr. CAGR %	81.84	3.07	34.77	136.49	116
EBITDA, 2 Yr. CAGR %	170.51	-15.05	28.94	156.69	142.21
EBITA, 2 Yr. CAGR %	204.81	-14.66	31.62	157.82	150.28
EBIT, 2 Yr. CAGR %	205.05	-14.98	31.58	156.33	150.31
Earnings From Cont. Operations, 2 Yr. CAGR %	151.06	-6.94	71.01	160.84	58.75
Net Income, 2 Yr. CAGR %	165.59	-6.19	71.4	151.19	60.26
Normalized Net Income, 2 Yr. CAGR %	162.15	7.8	57.07	70.03	134.62
Diluted EPS Before Extra, 2 Yr. CAGR %	165.59	-8.76	51.79	151.19	60.27
Accounts Receivable, 2 Yr. CAGR %	39.21	62.46	102.38	100.66	-2.76
Inventory, 2 Yr. CAGR %	15.2	19.14	106.84	71.61	-16.18
Net Property, Plant and Equip., 2 Yr. CAGR %	-25.41	51.33	122.06	100.86	27.62
Total Assets, 2 Yr. CAGR %	19.98	26.89	94.78	98.24	-2.72
Tangible Book Value, 2 Yr. CAGR %	69.42	97.55	87.69	35.52	26.13
Common Equity, 2 Yr. CAGR %	66.81	95.58	91.74	39.57	25.24
Cash From Operations, 2 Yr. CAGR %	-47.59	-4.22	243.42	8.37	-10.28
Capital Expenditures, 2 Yr. CAGR %	-37.07	88.46	44.76	130.36	184.78
Levered Free Cash Flow, 2 Yr. CAGR %	-	107.02	0.46	231.96	102.45
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	601.19	6.39	180.83	92.62
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	20.16	39.07	90.05	86.4
Gross Profit, 3 Yr. CAGR %	-	36.56	35.79	62.75	142.37
EBITDA, 3 Yr. CAGR %	-	55.83	32.04	52.32	169.15
EBITA, 3 Yr. CAGR %	-	68.4	34.51	52.61	172.72
EBIT, 3 Yr. CAGR %	-	68.04	34.5	51.64	172.82
Earnings From Cont. Operations, 3 Yr. CAGR %	-	49.35	68.6	53.2	139.77
Net Income, 3 Yr. CAGR %	-	55.29	69.5	49.62	141.3
Normalized Net Income, 3 Yr. CAGR %	-	73.18	55.96	29.76	113.34
Diluted EPS Before Extra, 3 Yr. CAGR %	-	52.43	56.32	37.98	141.3
Accounts Receivable, 3 Yr. CAGR %	-	55.48	77.3	98.4	48.74
Inventory, 3 Yr. CAGR %	-	31.34	52.65	71.32	45.27
Net Property, Plant and Equip., 3 Yr. CAGR %	-	36.63	35.05	164.46	80.27
Total Assets, 3 Yr. CAGR %	-	34.73	53.21	88.29	54.96
Tangible Book Value, 3 Yr. CAGR %	-	87.54	81.54	61.6	58.57
Common Equity, 3 Yr. CAGR %	-	85.32	83.19	64.55	60.4
Cash From Operations, 3 Yr. CAGR %	-	-20.25	80.28	29.44	111.82
Capital Expenditures, 3 Yr. CAGR %	-	-6.4	53.19	122.31	204
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	175.64	31.67	267.47
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	470.17	34.05	222.74
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	61.82	51.32
Gross Profit, 5 Yr. CAGR %	-	-	-	70.1	72.17
EBITDA, 5 Yr. CAGR %	-	-	-	91.36	70.67
EBITA, 5 Yr. CAGR %	-	-	-	100.92	72.42
EBIT, 5 Yr. CAGR %	-	-	-	100.21	72.21
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	86.67	64.21
Net Income, 5 Yr. CAGR %	-	-	-	88.23	65.36
Normalized Net Income, 5 Yr. CAGR %	-	-	-	71.91	62.36
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	79.3	57.52
Accounts Receivable, 5 Yr. CAGR %	-	-	-	72.19	54.08
Inventory, 5 Yr. CAGR %	-	-	-	46.17	34.19
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	59.4	68.09
Total Assets, 5 Yr. CAGR %	-	-	-	57.23	43.06
Tangible Book Value, 5 Yr. CAGR %	-	-	-	64.68	73.14
Common Equity, 5 Yr. CAGR %	-	-	-	65.45	73.64
Cash From Operations, 5 Yr. CAGR %	-	-	-	-9.84	54.2
Capital Expenditures, 5 Yr. CAGR %	-	-	-	34.19	151.08
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	192.28
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	341.71