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Sağlama record · BIST: MERKO

Merko Gıda

Merko Gıda (MERKO) 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 full year 2025, the excluded income ratio is 8.63%, against a threshold of 5%.

Dated October 17, 2026No. SGL-2026-06-MERKO

The reading of the interest-bearing assets and interest-bearing loans ratios in the financial statements for the period ending June 2026 is not complete; these ratios rest 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

statements to be read again
12.0%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 373,975,678÷TRY 3,116,133,226 (total assets)× 100

RatioInterest-bearing loans / total assets

Of the lease liabilities shown on the balance sheet, TRY 63,406,333 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 4). Deductions on line 6J of the company's KAFİF declaration are taken only when the financial statements or notes confirm them. The ratio rests on the items read from the financial statements; the statements will be read again. (Loans from participation banks and lease certificates (sukuk) are deducted only when a note shows them separately; none of them was deducted in this measurement.) Note 8: “İlişkili Taraflara Diğer Borçlar (Not 4)” TRY 0: undetermined, kept in the numerator; “İlişkili Olmayan Taraflara Diğer Borçlar” TRY 66,052: undetermined, kept in the numerator; “Diğer Borçlar” TRY 317,418: undetermined, kept in the numerator. Note 6: “Banka Kredileri (*)” TRY 306,993,911: undetermined, kept in the numerator; “Kredi Kartı Borçları” TRY 1,771: undetermined, kept in the numerator. Notes that could not be used: Note 6 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. Note 6 (Long-term borrowings): the note's amounts could not be matched to this item automatically. On the items read, the measured range is 0.00% to 12.00%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
İlişkili Taraflara Diğer Borçlar (Not 4) · Other payables, note 80undetermined, kept in the numeratorTKBB Guideline 6.1
İlişkili Olmayan Taraflara Diğer Borçlar · Other payables, note 866,052undetermined, kept in the numeratorTKBB Guideline 4.1
Diğer Borçlar · Other payables, note 8317,418undetermined, kept in the numeratorTKBB Guideline 4.1
Banka Kredileri (*) · Short-term borrowings, note 6The company's note says: “TL Kredi faiz oranları %26- %47 arasındadır.”306,993,911undetermined, kept in the numeratorTKBB Guideline 6.1
Kredi Kartı Borçları · Short-term borrowings, note 61,771undetermined, kept in the numeratorTKBB Guideline 6.1

KAFİF declaration 7.5% (full year 2025) · Sağlama measurement on the items read 0.0% to 12.0% (period ending June 2026) · the statements will be read again · View the form on KAP

Source: company financial report, period ending June 2026 statements · Jun 30, 2026

View the documentMethod

Interest-bearing assets

statements to be read again
1.4%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 44,713,012÷TRY 3,116,133,226 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

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 rests on the items read from the financial statements; the statements will be read again. Note 30: “Finansal Yatırım (Frigo-Pak Hisse Senedi)” TRY 10,242,797: undetermined, kept in the numerator; “Frigo Pak Gıda” TRY 0: undetermined, kept in the numerator. Note 5: “Kasa” TRY 104: not counted (proven); “Bankalar- Vadesiz Mevduat” TRY 87,767,588: not counted (proven); “Bankalar- Vadeli Mevduat” TRY 34,470,215: counted in the ratio (proven); “Bankalar- Bloke Mevduat (*)” TRY 0: counted in the ratio (proven). On the items read, the measured range is 1.11% to 1.43%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Finansal Yatırım (Frigo-Pak Hisse Senedi) · Financial investments, note 3010,242,797undetermined, kept in the numeratorTKBB Guideline 5.2
Frigo Pak Gıda · Financial investments, note 300undetermined, kept in the numerator
Kasa · Cash and cash equivalents, note 5104not counted (proven)TKBB Guideline 5.2
Bankalar- Vadesiz Mevduat · Cash and cash equivalents, note 587,767,588not counted (proven)TKBB Guideline 5.2
Bankalar- Vadeli Mevduat · Cash and cash equivalents, note 534,470,215counted in the ratio (proven)TKBB Guideline 5.1
Bankalar- Bloke Mevduat (*) · Cash and cash equivalents, note 5The company's note says: “Şirket’in bloke hesapları bulunmamaktadır. (30 Haziran 2025: 5.152 TL)”0counted in the ratio (proven)TKBB Guideline 5.1

KAFİF declaration 1.4% (full year 2025) · Sağlama measurement on the items read 1.1% to 1.4% (period ending June 2026) · the statements will be read again · View the form on KAP

Source: company financial report, period ending June 2026 statements · Jun 30, 2026

View the documentMethod

Excluded income

depends on the declaration
at most9.1%

Proven lower bound 4.9% · cautious upper bound 9.1%

Calculation and source

Calculation: numerator ÷ denominatorTRY 84,395,433÷TRY 927,078,195 (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 25: “Karşılık İptalleri” TRY 471,311: not counted (proven); “Ertelenmiş Finansman Gelirleri” TRY 14,357,117: undetermined, kept in the upper bound; “Kambiyo Gelirleri” TRY 15,073,041: not counted (proven); “İhracat Teşvik Gelirleri” TRY 38,356,208: not counted (proven); “Diğer Gelirler” TRY 4,431,381: undetermined, kept in the upper bound. Note 28: “Kur Farkı Geliri” TRY 8,511,181: not counted (proven); “Faiz Geliri” TRY 28,057,153: counted in the ratio (proven); “Adat Faizi geliri” TRY 17,623,141: counted in the ratio (proven). Note 26: “İştiraklerden Temettü Gelirleri” TRY 7,272,067: undetermined, kept in the upper bound; “Hisse Senedi Değerleme” TRY 12,654,574: undetermined, kept in the upper bound; “Yatırım Amaçlı Gayrimenkul Değer Artış Kazançları” TRY 130,162,509: not counted (proven). The ratio is in the range 4.93% to 9.10%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Karşılık İptalleri · Other income from operating activities, note 25471,311not counted (proven)TKBB Guideline 4.2
Ertelenmiş Finansman Gelirleri · Other income from operating activities, note 2514,357,117undetermined, kept in the upper boundTKBB Guideline 4.1
Kambiyo Gelirleri · Other income from operating activities, note 2515,073,041not counted (proven)TKBB Guideline 4.2
İhracat Teşvik Gelirleri · Other income from operating activities, note 2538,356,208not counted (proven)TKBB Guideline 4.2
Diğer Gelirler · Other income from operating activities, note 254,431,381undetermined, kept in the upper boundTKBB Guideline 4.1
Kur Farkı Geliri · Finance income, note 288,511,181not counted (proven)TKBB Guideline 4.2
Faiz Geliri · Finance income, note 2828,057,153counted in the ratio (proven)TKBB Guideline 4.1
Adat Faizi geliri · Finance income, note 2817,623,141counted in the ratio (proven)TKBB Guideline 4.1
İştiraklerden Temettü Gelirleri · Income from investing activities, note 267,272,067undetermined, kept in the upper boundTKBB Guideline 4.2
Hisse Senedi Değerleme · Income from investing activities, note 2612,654,574undetermined, kept in the upper boundTKBB Guideline 4.2
Yatırım Amaçlı Gayrimenkul Değer Artış Kazançları · Income from investing activities, note 26130,162,509not counted (proven)TKBB Guideline 4.2

KAFİF declaration 8.6% (full year 2025) · Sağlama range 4.9% to 9.1% (period ending June 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, period ending June 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

3 entries

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

  1. Earlier measurementTKBB rules, August 2025, version 2 · period ending June 2026: depends on the company's declaration. Income 9.10% · assets 1.43% · loans 14.04%.
  2. 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.
  3. MeasurementTKBB rules, August 2025, version 3 · period ending June 2026: statements to be read again. Income 4.93% to 9.10% · assets 1.11% to 1.43% · loans 0.00% to 12.00%. 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

  • MERKO financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 5a8b38437d11…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 (full year 2025): excluded income 8.6%, interest-bearing assets 1.4%, interest-bearing loans 7.5%. 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 SLIPMERKO · period ending June 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
9.1%
Purification amount
TRY 109.20

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 4.93%); 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.