Skip to content
Menu

Sağlama record · BIST: KCHOL

Koç Holding

Koç Holding (KCHOL) shares are not 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. In the company's KAFİF declaration for the first half of 2026, the excluded income ratio is 31.54%, against a threshold of 5%.

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

The reading of the excluded income ratio in the financial statements for the first half of 2026 is not complete; the ratio rests on the items read. The statements will be read again, and the record's result will be given after that.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

depends on the declaration
at most65.7%

Proven lower bound 0.0% · cautious upper bound 65.7%

Calculation and source

Calculation: numerator ÷ denominatorTRY 4,096,603,000,000÷TRY 6,233,515,000,000 (total assets)× 100

RatioInterest-bearing loans / total assets

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.

Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. The deductions the company declares on line 6J of its KAFİF form are not used in the measurement; they could not be confirmed from the financial statements and notes, so the deduction was set to 0. The ratio is therefore an upper bound for the items shown in the financial statements. (Loans from participation banks and lease certificates (sukuk) are deducted only when a note shows them separately; nothing was deducted in this measurement.) Note 13: “1-2 yıl arası” TRY 192,784 million: undetermined, kept in the upper bound; “2-3 yıl arası” TRY 189,619 million: undetermined, kept in the upper bound; “3-4 yıl arası” TRY 88,360 million: undetermined, kept in the upper bound; “4-5 yıl arası” TRY 78,404 million: undetermined, kept in the upper bound; “5 yıl ve üzeri” TRY 222,367 million: undetermined, kept in the upper bound. Notes that could not be used: Note 17 (Other payables): the current-period amounts of the note's lines could not be read automatically. Note 17 (Other payables): the note's amounts could not be matched to this item automatically. Note 13 (Short-term borrowings): the columns of the note's table could not be read reliably. Note 13 (Current portion of long-term borrowings): the columns of the note's table could not be read reliably. The ratio is in the range 0.00% to 65.72%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY million)ClassBasis
1-2 yıl arası · Long-term borrowings, note 13192,784undetermined, kept in the upper bound
2-3 yıl arası · Long-term borrowings, note 13189,619undetermined, kept in the upper bound
3-4 yıl arası · Long-term borrowings, note 1388,360undetermined, kept in the upper bound
4-5 yıl arası · Long-term borrowings, note 1378,404undetermined, kept in the upper bound
5 yıl ve üzeri · Long-term borrowings, note 13222,367undetermined, kept in the upper bound

KAFİF declaration 65.7% (first half 2026) · Sağlama range 0.0% to 65.7% (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

Interest-bearing assets

depends on the declaration
at most58.0%

Proven lower bound 0.0% · cautious upper bound 58.0%

Calculation and source

Calculation: numerator ÷ denominatorTRY 3,617,990,000,000÷TRY 6,233,515,000,000 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

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.

Upper bound. Asset items that may count as interest-bearing (line 5F of the KAFİF form) were taken in full from the public statements. The deductions the company declares on line 5G of its KAFİF form are not used in the measurement; they could not be confirmed from the financial statements and notes, so the deduction was set to 0. The ratio is therefore an upper bound for the items shown in the financial statements. Notes that could not be used: Note 6 (Financial investments (current and non-current)): the columns of the note's table could not be read reliably. Note 5 (Cash and cash equivalents): the columns of the note's table could not be read reliably. There is no usable evidence from the notes, so the proven amount was set to 0 and the lower bound is 0%. The ratio is in the range 0.00% to 58.04%; the outcome depends on the company's declaration.

KAFİF declaration 55.9% (first half 2026) · Sağlama range 0.0% to 58.0% (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

statements to be read again
31.3%

On the items read: 1.6% to 31.3%

Calculation and source

Calculation: numerator ÷ denominatorTRY 552,817,000,000÷TRY 1,768,412,000,000 (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.

This range rests on the items read from the financial statements, and the statements will be read again.

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. The ratio rests on the items read from the financial statements; the statements will be read again. 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 21: “Ticari işlemlere ilişkin kur farkı gelirleri” TRY 11,766 million: not counted (proven); “Ticari işlemlere ilişkin vade farkı gelirleri” TRY 9,986 million: not counted (proven); “Koşullu yükümlülüklerin sonlandırılması kaynaklı kazançlar (*)” TRY 6,662 million: undetermined, kept in the numerator; “Diğer” TRY 4,365 million: undetermined, kept in the numerator. Note 23: “Faiz gelirleri” TRY 25,752 million: counted in the ratio (proven); “Kur farkı gelirleri” TRY 12,856 million: not counted (proven); “Türev araçlardan karlar” TRY 1,974 million: counted in the ratio (proven); “Diğer finansman gelirleri” TRY 148 million: undetermined, kept in the numerator. Note 22: “Temettü gelirleri” TRY 448 million: undetermined, kept in the numerator; “Kira gelirleri” TRY 340 million: not counted (proven); “Sabit kıymet ve hurda satış karları” TRY 151 million: not counted (proven); “Bağlı ortaklık satış karı” TRY 0 million: undetermined, kept in the numerator. Notes that could not be used: Revenue from finance-sector activities: no note was found for this item (condensed interim report). On the items read, the measured range is 1.57% to 31.26%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY million)ClassBasis
Ticari işlemlere ilişkin kur farkı gelirleri · Other income from operating activities, note 2111,766not counted (proven)TKBB Guideline 4.2
Ticari işlemlere ilişkin vade farkı gelirleri · Other income from operating activities, note 219,986not counted (proven)TKBB Guideline 4.2
Koşullu yükümlülüklerin sonlandırılması kaynaklı kazançlar (*) · Other income from operating activities, note 21The company's note says: “Grup’un Bağlı Ortaklıkları’ndan Arçelik, IHP Appliances JSC ve IHP Appliances Sales LLC şirketlerinin satın alma işleminden doğan, koşullu satın alma bedeli yükümlülüğünün sona erdirilmesi amacıyla Whirlpool EMEA Holdings LLC ile bir tadil sözleşmesi imzalamıştır. Sözleşme kapsamında Arçelik tarafından ödenen bedel karşılığında ilgili koşullu yükümlülüklere ilişkin mevcut ve gelecekte doğabilecek tüm ödeme yükümlülükleri sona ermiştir. 2.124 milyon TL tutarındaki ödeme ile 7.032 milyon TL tutarındaki koşullu satın alma bedeli yükümlülüğünün arasındaki fark konsolide finansal tablolarda “Esas faaliyetlerden diğer gelirler” altında muhasebeleştirilmiştir.”6,662undetermined, kept in the numerator
Diğer · Other income from operating activities, note 214,365undetermined, kept in the numeratorTKBB Guideline 4.1
Faiz gelirleri · Finance income, note 2325,752counted in the ratio (proven)TKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 2312,856not counted (proven)TKBB Guideline 4.2
Türev araçlardan karlar · Finance income, note 231,974counted in the ratio (proven)TKBB Guideline 4.1
Diğer finansman gelirleri · Finance income, note 23148undetermined, kept in the numeratorTKBB Guideline 4.1
Temettü gelirleri · Income from investing activities, note 22448undetermined, kept in the numeratorTKBB Guideline 4.2
Kira gelirleri · Income from investing activities, note 22340not counted (proven)TKBB Guideline 4.2
Sabit kıymet ve hurda satış karları · Income from investing activities, note 22151not counted (proven)TKBB Guideline 4.2
Bağlı ortaklık satış karı · Income from investing activities, note 220undetermined, kept in the numeratorTKBB Guideline 4.2

KAFİF declaration 31.5% (first half 2026) · Sağlama measurement on the items read 1.6% to 31.3% (first half 2026) · the statements will be read again · 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
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).

Status history

2 entries

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

  1. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 31.26% · assets 58.04% · loans 65.72%.
  2. MeasurementTKBB rules, August 2025, version 3 · first half 2026: statements to be read again. Income 1.57% to 31.26% · assets 0.00% to 58.04% · loans 0.00% to 65.72%. The ratios rest on the items read.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

  • KCHOL financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 6c6968f35d42…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 record's financial statements will be read again. The ratios rest on the items read; the record's result will be given after the new reading. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 31.5%, interest-bearing assets 55.9%, interest-bearing loans 65.7%. 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?
Yes
Do the company's articles of association grant a privilege that does not follow participation finance principles?
Yes
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?
Yes

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 SLIPKCHOL · 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
31.3%
Purification amount
TRY 375.12

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. The ratio rests on the items read; the statements will be read again, so the ratio and the amount may change. On the items read, the measured range is 1.57% to 31.26%; the purification amount is calculated with the 31.26% found from the items read.

  • 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.

Get an alert if it changes

Your address is kept so that we can tell you when the status of KCHOL changes. Alerts start when the sending service goes live. At most one or two e-mails a month. You can unsubscribe with one click.

Your address is used only for these alerts.

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.