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Sağlama record · BIST: AHSGY

AHES GYO

AHES GYO (AHSGY) shares were removed from Borsa Istanbul's participation index list (BIST Participation All Shares) as of October 1, 2026 (Borsa Istanbul announcement, Sep 29, 2026). Borsa Istanbul does not state the reason for a removal in its announcement. In the company's KAFİF declaration for the first half of 2026, the excluded income ratio is 18.36%, against a threshold of 5%.

Dated October 17, 2026No. SGL-2026-6A-AHSGY

Based on the financial statements for the first half of 2026, the excluded income ratio is above the threshold.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
0.1%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 19,704,025÷TRY 13,832,643,286 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. Debts proven not to count (line 6J of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 9: “Ortaklara borçlar (Not 5)” TRY 135,910: undetermined, kept in the upper bound; “İlişkili taraflara borçlar (Not 5)” TRY 18,035,415: undetermined, kept in the upper bound; “Ödenecek vergi ve fonlar” TRY 10,589,505: not counted (proven); “Alınan depozito ve teminatlar” TRY 1,532,700: undetermined, kept in the upper bound. Note 7: “Kiralamalardan kaynaklanan borçlar (*)” TRY 65,506: not counted (proven). Note 7: “Kiralamalardan kaynaklanan borçlar (*)” TRY 6,735: not counted (proven). The ratio is in the range 0.00% to 0.14%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ortaklara borçlar (Not 5) · Other payables, note 9135,910undetermined, kept in the upper boundTKBB Guideline 6.1
İlişkili taraflara borçlar (Not 5) · Other payables, note 918,035,415undetermined, kept in the upper boundTKBB Guideline 6.1
Ödenecek vergi ve fonlar · Other payables, note 910,589,505not counted (proven)TKBB Guideline 6.2
Alınan depozito ve teminatlar · Other payables, note 91,532,700undetermined, kept in the upper boundTKBB Guideline 6.1
Kiralamalardan kaynaklanan borçlar (*) · Current portion of long-term borrowings, note 765,506not counted (proven)TKBB Guideline 6.2
Kiralamalardan kaynaklanan borçlar (*) · Long-term borrowings, note 76,735not counted (proven)TKBB Guideline 6.2

KAFİF declaration 0.0% (first half 2026) · Sağlama range 0.0% to 0.1% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Interest-bearing assets

within the threshold
18.2%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 2,523,614,073÷TRY 13,832,643,286 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

Upper bound. Asset items that may count as interest-bearing (line 5F of the KAFİF form) were taken in full from the public statements. Assets proven not to count (line 5G of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 6: “Kasa” TRY 1,108: not counted (proven); “Bankalar / Vadeli mevduat (Katılım hesapları)” TRY 829,486,012: not counted (proven); “Bankalar / Vadesiz mevduat” TRY 17,921,438: not counted (proven); “Likit fonlar” TRY 161,645,089: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 18.24%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kasa · Cash and cash equivalents, note 61,108not counted (proven)TKBB Guideline 5.2
Bankalar / Vadeli mevduat (Katılım hesapları) · Cash and cash equivalents, note 6829,486,012not counted (proven)TKBB Guideline 5.1
Bankalar / Vadesiz mevduat · Cash and cash equivalents, note 617,921,438not counted (proven)TKBB Guideline 5.2
Likit fonlar · Cash and cash equivalents, note 6161,645,089undetermined, kept in the upper boundTKBB Guideline 5.1

KAFİF declaration 0.0% (first half 2026) · Sağlama range 0.0% to 18.2% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Excluded income

above the threshold
27.5%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 96,699,642÷TRY 351,930,118 (total income)× 100

RatioExcluded income / total income

On the KAP form this item is titled “Katılım Finans İlkelerine Uygun Olmayan Gelir”, which means income not in line with participation finance principles.

Measured on the items we can calculate. Income items that may count as excluded (line 4C of the KAFİF form) were taken in full from the public statements. Income that the notes prove does not count (line 4D of the KAFİF form) was deducted. Items that could not be separated stayed in the numerator, as a precaution. For these income lines (line 4C), the ratio is an upper bound. Excluded income from business activities (line 4B of the KAFİF form) does not appear in the financial statements; it is only in the company's KAFİF declaration on KAP. This measurement sets it to 0. If there is a declaration, the record shows it separately, with a link. Note 26.1: “Reeskont gelirleri” TRY 1,473,783: undetermined, kept in the upper bound; “Konusu kalmayan karşılıklar (Not 20)” TRY 0: not counted (proven); “Diğer gelirler” TRY 141,984: undetermined, kept in the upper bound. Note 28.1: “Kar payı (Katılım hesapları) gelirleri” TRY 167,635,344: not counted (proven); “Kur farkı gelirleri” TRY 937,676: not counted (proven). Note 27.1: “Ticari olmayan alacaklardan adat gelirleri” TRY 64,599,857: counted in the ratio (proven); “Likit fon satış kar ve değerleme farkları” TRY 30,484,018: undetermined, kept in the upper bound. The ratio is in the range 18.36% to 27.48%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Reeskont gelirleri · Other income from operating activities, note 26.11,473,783undetermined, kept in the upper boundTKBB Guideline 4.1
Konusu kalmayan karşılıklar (Not 20) · Other income from operating activities, note 26.10not counted (proven)TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 26.1141,984undetermined, kept in the upper boundTKBB Guideline 4.1
Kar payı (Katılım hesapları) gelirleri · Finance income, note 28.1167,635,344not counted (proven)TKBB Guideline 4.2
Kur farkı gelirleri · Finance income, note 28.1937,676not counted (proven)TKBB Guideline 4.2
Ticari olmayan alacaklardan adat gelirleri · Income from investing activities, note 27.164,599,857counted in the ratio (proven)TKBB Guideline 4.1
Likit fon satış kar ve değerleme farkları · Income from investing activities, note 27.130,484,018undetermined, kept in the upper boundTKBB Guideline 4.2

KAFİF declaration 18.4% (first half 2026) · Sağlama range 18.4% to 27.5% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

The three ratios are calculated from the financial statements, and each bar is scaled to its own threshold. The measurement uses the company's latest published statements, and every record states the period. The official review uses audited six- and twelve-month statements (Standard 3.4), so the periods can differ. Method

This record is produced by Sağlama's calculation from the financial statements the company publishes. The method and the corrections log are public. Responsible for this record: Savaş Tutumlu, founder.

Official list record

Official list
Not on the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
Latest official change

Removed from the BIST Participation All Shares index as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

All changes for the period from October 2026 to April 2027

Next period
Starts on May 1, 2027. Borsa Istanbul is expected to announce the new list by April 29, 2027 at the latest (Ground Rules 2.17).

Status history

6 entries

Each period's record and every correction are kept with their dates. Method

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 73.31% · assets 26.05% · loans 0.20%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 9.96% · assets 18.36% · loans 0.19%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 9.96% · assets 18.36% · loans 0.19%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: at least one ratio above the threshold. Income 27.48% · assets 18.24% · loans 0.14%.
  5. Removed from the indexRemoved from the BIST Participation All Shares index for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  6. MeasurementTKBB rules, August 2025, version 3 · first half 2026: at least one ratio above the threshold. Income 18.36% to 27.48% · assets 0.00% to 18.24% · loans 0.00% to 0.14%.THIS RECORD

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • AHSGY financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 5f9db2c6fb49…View the document
  • Sağlama's calculation and methodTKBB rules, August 2025, version 3Read the method

If a figure looks wrong, write to bilgi@saglama.com. We correct it and record the correction with its date in the corrections log.

What this measurement covers

This result says nothing about the quality of the company. It only shows where a measured ratio stands against the threshold.

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 18.4%, interest-bearing assets 0.0%, interest-bearing loans 0.0%. View the form on KAP

The company's answers to the four yes/no questions on the form:

Do the articles of association of the company, its corporate shareholders or its affiliates include an activity that does not follow participation finance principles?
No
Do the company's articles of association grant a privilege that does not follow participation finance principles?
No
Has the company made a statement or decision supporting the actions defined in Standard 1.5 and TKBB Guideline 1.D?
No
Does the company have activities or income directly contrary to participation finance principles?
No

Purification calculation

Dividend-based method · CALCULATOR (DIVIDEND-BASED METHOD)

Purification calculator

A company within the threshold can still have a small amount of excluded income (interest income and other income the standard excludes). Under the TKBB standard, the part of this income that falls to your shares is given to charitable causes. This duty applies whether the company made a profit or a loss, and whether or not it paid a dividend. The amount set aside does not replace zakat or sadaqa.

CALCULATION SLIPAHSGY · first half 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
27.5%
Purification amount
TRY 329.76

Purification amount = gross dividend × excluded income ratio

The number of shares and the dividend are sample inputs. The ratio comes from the company's measurement. To calculate with your own figures, use the purification page.

Purification amount = gross dividend × excluded income ratio (dividend-based method). Under TKBB Standard 3.6.1, purification is needed even if the company makes a loss or pays no dividend. The method page quotes TKBB Standard 3.6, including the inflation deduction under 3.6.2. This is a cautious calculation. The amount may be higher than the true figure, because it uses all of the interest income, not only the part above inflation. The ratio is the upper bound of the measurement (the lower bound is 18.36%); the purification amount is calculated on the upper bound, as a precaution.

  • Excluded income is the part of a company's earnings that is not in line with participation finance principles. On the KAP form it is called “income not in line with participation finance principles.”
  • Purification is done even if the company makes a loss.
  • Purification is needed even if no dividend is paid. The calculation here uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method), which this calculator does not do yet.
  • The purification amount does not replace zakat or sadaqa. Under the TKBB standard, it is given away, not kept.
  • You give the amount yourself, to a charitable cause of your choice. Sağlama does not direct donations.

This calculation uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method). The standard is quoted on the method page.

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Other companies not on the list

The 12 companies just before and after this one in alphabetical order among the companies not on the BIST Participation All Shares list. All companies: Company list.