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Sağlama record · BIST: EKGYO

Emlak Konut GYO

Emlak Konut GYO (EKGYO) shares are on Borsa Istanbul's participation index list (BIST Participation All Shares) for the period from October 1, 2026 to April 30, 2027. Source: Borsa Istanbul's list of participation index constituents, Oct 1, 2026. The shares are also in the BIST Participation 30, BIST Participation 30 Equal Weighted Return, BIST Participation 50 and BIST Participation 100 indices.

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

Based on the financial statements for the first half of 2026, the excluded income ratio depends on the company's declaration: the proven amount alone gives a ratio below the threshold, and the cautious upper bound is above it.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
28.7%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 126,425,458,000÷TRY 440,012,804,000 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. TRY 2,478,303 thousand that is proven not to count was deducted from the debt numerator (source: Note 7; Note 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 7: “Ödenecek vergi ve fonlar” TRY 2,320,519 thousand: not counted (proven); “İlişkili taraflara diğer borçlar (Dipnot 25)” TRY 739 thousand: undetermined, kept in the upper bound; “Diğer” TRY 605,043 thousand: undetermined, kept in the upper bound. Note 5: “İhraç edilmiş borçlanma araçları” TRY 24,328,390 thousand: counted in the ratio (proven); “Kısa vadeli banka kredileri” TRY 6,475,238 thousand: undetermined, kept in the upper bound. Note 5: “Uzun vadeli kredilerin kısa vadeli kısmı” TRY 403,841 thousand: undetermined, kept in the upper bound; “Uzun vadeli ihraç edilmiş borçlanma araçlarının kısa vadeli kısımları” TRY 2,207,887 thousand: counted in the ratio (proven); “Kiralama işlemlerinden kaynaklanan yükümlülükler” TRY 82,018 thousand: not counted (proven). Note 5: “Uzun vadeli krediler” TRY 33,843,021 thousand: undetermined, kept in the upper bound; “İhraç edilmiş borçlanma araçları” TRY 27,856,232 thousand: counted in the ratio (proven); “Kiralama işlemlerinden kaynaklanan yükümlülükler” TRY 75,766 thousand: not counted (proven). The ratio is in the range 12.36% to 28.73%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
İhraç edilmiş borçlanma araçları · Short-term borrowings, note 524,328,390counted in the ratio (proven)TKBB Guideline 6.1
Kısa vadeli banka kredileri · Short-term borrowings, note 56,475,238undetermined, kept in the upper boundTKBB Guideline 6.1
Uzun vadeli kredilerin kısa vadeli kısmı · Current portion of long-term borrowings, note 5403,841undetermined, kept in the upper boundTKBB Guideline 6.1
Uzun vadeli ihraç edilmiş borçlanma araçlarının kısa vadeli kısımları · Current portion of long-term borrowings, note 52,207,887counted in the ratio (proven)TKBB Guideline 6.1
Kiralama işlemlerinden kaynaklanan yükümlülükler · Current portion of long-term borrowings, note 582,018not counted (proven)TKBB Guideline 6.2
Uzun vadeli krediler · Long-term borrowings, note 533,843,021undetermined, kept in the upper boundTKBB Guideline 6.1
İhraç edilmiş borçlanma araçları · Long-term borrowings, note 527,856,232counted in the ratio (proven)TKBB Guideline 6.1
Kiralama işlemlerinden kaynaklanan yükümlülükler · Long-term borrowings, note 575,766not counted (proven)TKBB Guideline 6.2

KAFİF declaration 9.3% (first half 2026) · Sağlama proven lower bound 12.4% (first half 2026) · the declaration is below the proven lower bound, a question for the KAFİF Committee · 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
9.6%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 42,043,935,000÷TRY 440,012,804,000 (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 4: “Sertifika ve fon yatırımları” TRY 2,701,267 thousand: undetermined, kept in the upper bound. Note 3: “Kasa” TRY 433 thousand: not counted (proven); “Banka / - Vadesiz mevduat” TRY 1,281,115 thousand: not counted (proven); “Banka / - Vadesi üç aydan kısa vadeli mevduatlar” TRY 37,041,067 thousand: counted in the ratio (proven); “Diğer hazır değerler” TRY 2,298,142 thousand: undetermined, kept in the upper bound. The ratio is in the range 8.42% to 9.56%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Sertifika ve fon yatırımları · Financial investments, note 42,701,267undetermined, kept in the upper bound
Kasa · Cash and cash equivalents, note 3433not counted (proven)TKBB Guideline 5.2
Banka / - Vadesiz mevduat · Cash and cash equivalents, note 31,281,115not counted (proven)TKBB Guideline 5.2
Banka / - Vadesi üç aydan kısa vadeli mevduatlar · Cash and cash equivalents, note 337,041,067counted in the ratio (proven)TKBB Guideline 5.1
Diğer hazır değerler · Cash and cash equivalents, note 32,298,142undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 7.9% (first half 2026) · Sağlama proven lower bound 8.4% (first half 2026) · the declaration is below the proven lower bound, a question for the KAFİF Committee · View the form on KAP

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

View the documentMethod

Excluded income

depends on the declaration
at most12.3%

Proven lower bound 2.7% · cautious upper bound 12.3%

Calculation and source

Calculation: numerator ÷ denominatorTRY 7,484,108,000÷TRY 61,042,796,000 (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.

The measurement is a range. The lower bound counts only the amounts that the statements and notes prove; the upper bound also counts, as a precaution, every item that could not be proven. The threshold falls inside this range, so the outcome depends on the company's KAFİF declaration.

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 20: “Projelerden gecikme faizi ve güncelleme gelirleri” TRY 1,728,613 thousand: undetermined, kept in the upper bound; “Vadeli satışlar finansman gelirleri” TRY 1,005,967 thousand: undetermined, kept in the upper bound; “Devir komisyon ve harç gelirleri” TRY 224,914 thousand: undetermined, kept in the upper bound; “Değer düşüklüğü karşılık iptalleri” TRY 14,398 thousand: not counted (proven); “Ticari işlemlerden kaynaklanan kur farkları” TRY 391 thousand: not counted (proven); “Diğer” TRY 307,334 thousand: undetermined, kept in the upper bound. Note 21: “Faiz ve güncelleme gelirleri” TRY 2,426,081 thousand: undetermined, kept in the upper bound; “Vadeli mevduat faiz gelirleri” TRY 1,638,789 thousand: counted in the ratio (proven); “Kur farkı gelirleri” TRY 243,036 thousand: not counted (proven). Note 22: “Menkul kıymet satış karı” TRY 99,350 thousand: undetermined, kept in the upper bound; “Sertifika ve yatırım fonları karları” TRY 53,060 thousand: undetermined, kept in the upper bound. The ratio is in the range 2.68% to 12.26%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY thousand)ClassBasis
Projelerden gecikme faizi ve güncelleme gelirleri · Other income from operating activities, note 201,728,613undetermined, kept in the upper boundTKBB Guideline 4.2
Vadeli satışlar finansman gelirleri · Other income from operating activities, note 201,005,967undetermined, kept in the upper boundTKBB Guideline 4.1
Devir komisyon ve harç gelirleri · Other income from operating activities, note 20224,914undetermined, kept in the upper bound
Değer düşüklüğü karşılık iptalleri · Other income from operating activities, note 2014,398not counted (proven)TKBB Guideline 4.2
Ticari işlemlerden kaynaklanan kur farkları · Other income from operating activities, note 20391not counted (proven)TKBB Guideline 4.2
Diğer · Other income from operating activities, note 20307,334undetermined, kept in the upper boundTKBB Guideline 4.1
Faiz ve güncelleme gelirleri · Finance income, note 212,426,081undetermined, kept in the upper bound
Vadeli mevduat faiz gelirleri · Finance income, note 211,638,789counted in the ratio (proven)TKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 21243,036not counted (proven)TKBB Guideline 4.2
Menkul kıymet satış karı · Income from investing activities, note 2299,350undetermined, kept in the upper boundTKBB Guideline 4.1
Sertifika ve yatırım fonları karları · Income from investing activities, note 2253,060undetermined, kept in the upper boundTKBB Guideline 4.2

KAFİF declaration 3.8% (first half 2026) · Sağlama range 2.7% to 12.3% (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
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
In these sub-indices
BIST Participation 30 · BIST Participation 30 Equal Weighted Return · BIST Participation 50 · BIST Participation 100
Changes this period
These shares are not among the changes Borsa Istanbul announced for this period.Source: Borsa Istanbul announcement, Sep 29, 2026
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). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.

Status history

7 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 14.54% · assets 4.96% · loans 16.13%.
  2. MeasurementCorrection note. “Other financial liabilities” were missing from the debt numerator: the ratio is between about 19.0% (with factoring) and about 24.9% (with the project issue), not 16.13%. Below the threshold (33%); the result does not change.
  3. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 11.21% · assets 4.82% · loans 15.50%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 11.21% · assets 4.82% · loans 15.50%.
  5. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 11.21% · assets 4.82% · loans 15.48%.
  6. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 12.26% · assets 9.56% · loans 28.73%.
  7. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 2.68% to 12.26% · assets 8.42% to 9.56% · loans 12.36% to 28.73%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD

Corrections log

  • Note added · open

    “Other financial liabilities” were missing from the debt numerator: the ratio is between about 19.0% (with factoring) and about 24.9% (with the project issue), not 16.13%. Below the threshold (33%); the result does not change.

    In Turkish, as published.31.03.2026 bilançosundaki «Diğer finansal yükümlülükler» (kısa vadeli 10.521.391 bin TL, dipnot 5'e göre faktoring borcu; uzun vadeli 21.408.305 bin TL, dipnot 5'e göre TOKİ Damla Kent projesi ihracından elde edilen tutar) desteklenen kaleme eşlenmediği için borç payına girmedi. Faktoring kalemi eklendiğinde oran ≈%19,0, ikisi de eklendiğinde ≈%24,9 olur; her iki hâlde de eşik altındadır. Kalem eşlemesi bir sonraki ayrıştırıcı sürümünde düzeltilecek; ölçüm bu notla yayında kalır.

    Evidence: Konsolide_Emlak_Konut_GYO_AS_31_03_2026.pdf · PDF p. 4, 19, 20 · Fingerprint c5f00ff78f4f…

Documents and sources

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

  • EKGYO financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 828b03585ee1…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 measured range crosses the threshold: the proven amount is below the threshold and the cautious upper bound is above it. The outcome depends on the company's KAFİF declaration, so this record does not count as a divergence. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 3.8%, interest-bearing assets 7.9%, interest-bearing loans 9.3%. The three declared ratios are within the thresholds; the declaration settles the open range of the measurement. 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 SLIPEKGYO · 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
12.3%
Purification amount
TRY 147.12

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 2.68%); 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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Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation 30.