Reported Earnings • Apr 12
Third quarter 2026 earnings released Third quarter 2026 results: Revenue: ₺4.51b (up 65% from 3Q 2025). Net loss: ₺762.4m (loss widened ₺660.7m from 3Q 2025). Announcement • Oct 27
Galatasaray Sportif Sinai ve Ticari Yatirimlar A.S., Annual General Meeting, Nov 28, 2025 Galatasaray Sportif Sinai ve Ticari Yatirimlar A.S., Annual General Meeting, Nov 28, 2025. Location: huzur mahallesi metin oktay caddesi, ali sami yen spor kompleksi rams park no:9a, istanbul Turkey Reported Earnings • Oct 12
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺4.26b (up 109% from 1Q 2025). Net income: ₺47.0m (down 65% from 1Q 2025). Profit margin: 1.1% (down from 6.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Aug 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). New Risk • Jul 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺1.82b (US$44.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (₺1.82b market cap, or US$44.9m). New Risk • Jul 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (9.8% average weekly change). Reported Earnings • Apr 11
Third quarter 2025 earnings released: ₺0.006 loss per share (vs ₺0.56 profit in 3Q 2024) Third quarter 2025 results: ₺0.006 loss per share (down from ₺0.56 profit in 3Q 2024). Revenue: ₺2.72b (up 83% from 3Q 2024). Net loss: ₺101.7m (down 118% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Mar 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 16% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks High level of debt (236% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Reported Earnings • Mar 05
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺2.56b (up 60% from 2Q 2024). Net income: ₺577.2m (up ₺641.8m from 2Q 2024). Profit margin: 23% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Feb 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 400% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (19% average weekly change). High level of non-cash earnings (116% accrual ratio). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). New Risk • Dec 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (19% average weekly change). High level of non-cash earnings (116% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺2.24b market cap, or US$63.3m). Announcement • Nov 28
Galatasaray Sportif Sinai ve Ticari Yatirimlar A.S., Annual General Meeting, Dec 20, 2024 Galatasaray Sportif Sinai ve Ticari Yatirimlar A.S., Annual General Meeting, Dec 20, 2024. Location: huzur mahallesi metin oktay caddesi, ali sami yen spor kompleksi, rams park, Turkey Reported Earnings • Nov 22
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺1.89b (up 27% from 1Q 2024). Net income: ₺123.0m (up 24% from 1Q 2024). Profit margin: 6.5% (down from 6.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Oct 10
Full year 2024 earnings released Full year 2024 results: Revenue: ₺7.95b (up 351% from FY 2023). Net income: ₺2.78b (up ₺3.73b from FY 2023). Profit margin: 35% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₺944m). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺8.12, the stock trades at a trailing P/E ratio of 48.6x. Average trailing P/E is 25x in the Entertainment industry in Asia. Total returns to shareholders of 318% over the past three years. Reported Earnings • Apr 11
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺1.49b (up 270% from 3Q 2023). Net income: ₺573.7m (up ₺844.3m from 3Q 2023). Profit margin: 39% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. New Risk • Jan 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₺1.5b). Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Reported Earnings • Jan 21
Second quarter 2024 earnings released: ₺0.001 loss per share (vs ₺0.49 loss in 2Q 2023) Second quarter 2024 results: ₺0.001 loss per share (improved from ₺0.49 loss in 2Q 2023). Revenue: ₺1.60b (up 362% from 2Q 2023). Net loss: ₺64.6m (loss narrowed 76% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Oct 13
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺1.49b (up ₺1.24b from 1Q 2023). Net income: ₺98.9m (up ₺87.2m from 1Q 2023). Profit margin: 6.6% (up from 4.8% in 1Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Jul 30
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.76b (up 48% from FY 2022). Net loss: ₺952.3m (loss widened 152% from FY 2022). Reported Earnings • Apr 12
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺402.2m (up 62% from 3Q 2022). Net loss: ₺270.6m (loss widened 137% from 3Q 2022). Reported Earnings • Jan 20
Second quarter 2023 earnings released: ₺0.49 loss per share (vs ₺0.18 loss in 2Q 2022) Second quarter 2023 results: ₺0.49 loss per share (further deteriorated from ₺0.18 loss in 2Q 2022). Revenue: ₺346.2m (up 18% from 2Q 2022). Net loss: ₺266.1m (loss widened 177% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Vice Chairman Bikem Kanik is the most experienced director on the board, commencing their role in 2021. Independent Director Murat Tacir was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 12
First quarter 2023 earnings released: EPS: ₺0.022 (vs ₺0.068 in 1Q 2022) First quarter 2023 results: EPS: ₺0.022 (down from ₺0.068 in 1Q 2022). Revenue: ₺246.2m (down 13% from 1Q 2022). Net income: ₺11.7m (down 68% from 1Q 2022). Profit margin: 4.8% (down from 13% in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 123 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 12
Full year 2022 earnings released: ₺0.70 loss per share (vs ₺0.81 loss in FY 2021) Full year 2022 results: ₺0.70 loss per share (up from ₺0.81 loss in FY 2021). Revenue: ₺1.19b (up 92% from FY 2021). Net loss: ₺377.5m (loss narrowed 13% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 142 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Vice Chairman Bikem Kanik is the most experienced director on the board, commencing their role in 2021. Independent Director Murat Tacir was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 16
Third quarter 2022 earnings released: ₺0.20 loss per share (vs ₺0.20 loss in 3Q 2021) Third quarter 2022 results: ₺0.20 loss per share (vs ₺0.20 loss in 3Q 2021). Revenue: ₺247.9m (up 50% from 3Q 2021). Net loss: ₺114.4m (loss widened 2.2% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 22
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: ₺292.3m (up 176% from 2Q 2021). Net loss: ₺96.2m (loss narrowed 43% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 128 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 13
First quarter 2022 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₺284.2m (up 87% from 1Q 2021). Net income: ₺37.0m (up ₺76.5m from 1Q 2021). Profit margin: 13% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Full year 2021 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: ₺618.7m (down 31% from FY 2020). Net loss: ₺434.5m (loss widened ₺387.9m from FY 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 13
Third quarter 2021 earnings released The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ₺164.8m (down 32% from 3Q 2020). Net loss: ₺112.0m (loss widened 56% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 26
New 90-day high: ₺4.27 The company is up 13% from its price of ₺3.79 on 27 November 2020. The Turkish market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 9.0% over the same period. Reported Earnings • Jan 21
Second quarter 2021 earnings released: ₺0.31 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2021 results: Revenue: ₺105.9m (down 61% from 2Q 2020). Net loss: ₺169.7m (loss widened ₺166.0m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 14
First quarter earnings released Over the last 12 months the company has reported total losses of ₺165.8m, with earnings decreasing by ₺394.2m from the prior year. Total revenue was ₺859.5m over the last 12 months, down 17% from the prior year. 