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Sağlama record · BIST: AYEN

Ayen Enerji

Ayen Enerji (AYEN) 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 6.38%, against a threshold of 5%.

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

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
23.5%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 6,853,551,359÷TRY 29,221,562,530 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. Of the lease liabilities shown on the balance sheet, TRY 505,688,425 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 5). As a precaution, financial liabilities other than leases shown on separate lines outside the main debt total were added once, after they were confirmed against their section total. This is an assumption: it is not proven that these items carry interest. Because extra items are included, the ratio is an upper bound for the items shown in the financial statements. Note 5: “Kısa vadeli finansal borçlanmalar” TRY 1,125,031,097: undetermined, kept in the upper bound. Note 5: “Uzun vadeli finansal borçlanmaların kısa vadeli kısımları” TRY 1,115,571,113: undetermined, kept in the upper bound. Note 5: “Uzun vadeli finansal borçlanmalar” TRY 5,051,992,697: undetermined, kept in the upper bound. Notes that could not be used: Other payables: no note was found for this item (condensed interim report). The ratio is in the range 0.00% to 23.45%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kısa vadeli finansal borçlanmalar · Short-term borrowings, note 51,125,031,097undetermined, kept in the upper bound
Uzun vadeli finansal borçlanmaların kısa vadeli kısımları · Current portion of long-term borrowings, note 51,115,571,113undetermined, kept in the upper bound
Uzun vadeli finansal borçlanmalar · Long-term borrowings, note 55,051,992,697undetermined, kept in the upper bound

KAFİF declaration 23.2% (first half 2026) · Sağlama range 0.0% to 23.5% (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

Interest-bearing assets

within the threshold
0.1%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 28,130,339÷TRY 29,221,562,530 (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 18: “Kasa” TRY 731,845: not counted (proven); “Bankadaki nakit / Vadesiz mevduatlar” TRY 479,284,652: not counted (proven); “Bankadaki nakit / Vadesi üç aydan kısa vadeli mevduatlar” TRY 26,816,890: counted in the ratio (proven); “Diğer (*)” TRY 395,662: undetermined, kept in the upper bound. Notes that could not be used: Financial investments (current and non-current): no note was found for this item (condensed interim report). The ratio is in the range 0.09% to 0.10%; 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 18731,845not counted (proven)TKBB Guideline 5.2
Bankadaki nakit / Vadesiz mevduatlar · Cash and cash equivalents, note 18479,284,652not counted (proven)TKBB Guideline 5.2
Bankadaki nakit / Vadesi üç aydan kısa vadeli mevduatlar · Cash and cash equivalents, note 1826,816,890counted in the ratio (proven)TKBB Guideline 5.1
Diğer (*) · Cash and cash equivalents, note 18The company's note says: “POS makineleri ile yapılan tahsilatlardan oluşmaktadır.”395,662undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 0.1% (first half 2026) · Sağlama range 0.1% 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

Excluded income

above the threshold
6.7%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 254,943,543÷TRY 3,814,278,914 (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 10: “Faaliyetlerden kaynaklanan kur farkı geliri” TRY 18,824,987: not counted (proven); “Finans market geliri (*)” TRY 11,899,697: undetermined, kept in the upper bound; “Karbon satış geliri” TRY 3,690,557: undetermined, kept in the upper bound; “Sigorta hasar tazminatı geliri” TRY 1,321,295: not counted (proven); “Diğer” TRY 11,678,787: undetermined, kept in the upper bound. Note 12: “Kur farkı gelirleri” TRY 485,555,241: not counted (proven); “Faiz gelirleri” TRY 212,243,453: counted in the ratio (proven). Note 11: “Yatırım faaliyetlerine ilişkin kur farkı gelirleri” TRY 30,378,310: not counted (proven); “Faiz gelirleri” TRY 15,431,049: counted in the ratio (proven); “Kira gelirleri” TRY 2,897,903: not counted (proven). The ratio is in the range 5.97% to 6.68%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Faaliyetlerden kaynaklanan kur farkı geliri · Other income from operating activities, note 1018,824,987not counted (proven)TKBB Guideline 4.2
Finans market geliri (*) · Other income from operating activities, note 10The company's note says: “Fiziksel olmayan elektrik satışlarından elde edilen gelirler.”11,899,697undetermined, kept in the upper bound
Karbon satış geliri · Other income from operating activities, note 103,690,557undetermined, kept in the upper bound
Sigorta hasar tazminatı geliri · Other income from operating activities, note 101,321,295not counted (proven)TKBB Guideline 4.2
Diğer · Other income from operating activities, note 1011,678,787undetermined, kept in the upper boundTKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 12485,555,241not counted (proven)TKBB Guideline 4.2
Faiz gelirleri · Finance income, note 12212,243,453counted in the ratio (proven)TKBB Guideline 4.1
Yatırım faaliyetlerine ilişkin kur farkı gelirleri · Income from investing activities, note 1130,378,310not counted (proven)TKBB Guideline 4.2
Faiz gelirleri · Income from investing activities, note 1115,431,049counted in the ratio (proven)TKBB Guideline 4.1
Kira gelirleri · Income from investing activities, note 112,897,903not counted (proven)TKBB Guideline 4.2

KAFİF declaration 6.4% (first half 2026) · Sağlama range 6.0% to 6.7% (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 and BIST Participation Dividend indices 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 14.66% · assets 2.28% · loans 25.36%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 5.31% · assets 2.28% · loans 25.36%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 5.31% · assets 2.28% · loans 25.36%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: at least one ratio above the threshold. Income 6.68% · assets 0.10% · loans 25.18%.
  5. Removed from the indexRemoved from the BIST Participation All Shares and BIST Participation Dividend indices 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 5.97% to 6.68% · assets 0.09% to 0.10% · loans 0.00% to 23.45%.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

  • AYEN financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 9597393710f0…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 6.4%, interest-bearing assets 0.1%, interest-bearing loans 23.2%. 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 SLIPAYEN · 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
6.7%
Purification amount
TRY 80.16

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 5.97%); 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.