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Sağlama record · BIST: PNSUT

Pınar Süt

Pınar Süt (PNSUT) 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.

Dated October 17, 2026No. SGL-2026-04-PNSUT

The reading of all three ratios in the financial statements for the period ending April 2026 is not complete; the 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
29.1%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 6,341,094,692÷TRY 21,787,674,725 (total assets)× 100

RatioInterest-bearing loans / total assets

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 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; nothing was deducted in this measurement.) Balance sheet sub-lines (page 4): “- İlişkili Taraflara Diğer Borçlar” TRY 33,932,766: undetermined, kept in the numerator; “- İlişkili Olmayan Taraflara Diğer Borçlar” TRY 48,274,326: undetermined, kept in the numerator. Notes that could not be used: Note 8 (Short-term borrowings): an amount in the note is not a whole number. Note 8 (Current portion of long-term borrowings): an amount in the note is not a whole number. Note 8 (Long-term borrowings): an amount in the note is not a whole number. On the items read, the measured range is 0.00% to 29.10%.

KAFİF declaration 28.2% (first half 2026) · Sağlama measurement on the items read 0.0% to 29.1% (period ending April 2026) · the statements will be read again · View the form on KAP

Source: company financial report, period ending April 2026 statements · Apr 30, 2026

View the documentMethod

Interest-bearing assets

statements to be read again
11.8%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 2,568,385,951÷TRY 21,787,674,725 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

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 rests on the items read from the financial statements; the statements will be read again. Note 4: “Gerçeğe uygun değer farkı diğer kapsamlı gelire kaydedilen varlıklar” TRY 815,832,684: undetermined, kept in the numerator. Notes that could not be used: Cash and cash equivalents: no note was found for this item (condensed interim report). On the items read, the measured range is 0.00% to 11.79%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Gerçeğe uygun değer farkı diğer kapsamlı gelire kaydedilen varlıklar · Financial investments, note 4815,832,684undetermined, kept in the numeratorTKBB Guideline 4.1

KAFİF declaration 0.8% (first half 2026) · Sağlama measurement on the items read 0.0% to 11.8% (period ending April 2026) · the statements will be read again · View the form on KAP

Source: company financial report, period ending April 2026 statements · Apr 30, 2026

View the documentMethod

Excluded income

statements to be read again
9.7%

On the items read: 2.3% to 9.7%

Calculation and source

Calculation: numerator ÷ denominatorTRY 372,758,944÷TRY 3,864,737,358 (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 13: “Ticari borçlara ilişkin reeskont faiz geliri” TRY 209,094,622: undetermined, kept in the numerator; “Faiz ve vade farkı geliri” TRY 32,619,815: undetermined, kept in the numerator; “Kur farkı geliri” TRY 17,697,094: not counted (proven); “Diğer” TRY 43,537,712: undetermined, kept in the numerator. Note 15: “Faiz geliri” TRY 87,365,661: counted in the ratio (proven); “Kur farkı geliri” TRY 15,630,982: not counted (proven). Note 14: “Temettü gelirleri” TRY 126,219: undetermined, kept in the numerator; “Menkul kıymet satış karı” TRY 14,915: undetermined, kept in the numerator; “Maddi duran varlık satış karı” TRY 7,437: not counted (proven). On the items read, the measured range is 2.26% to 9.65%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ticari borçlara ilişkin reeskont faiz geliri · Other income from operating activities, note 13209,094,622undetermined, kept in the numerator
Faiz ve vade farkı geliri · Other income from operating activities, note 1332,619,815undetermined, kept in the numerator
Kur farkı geliri · Other income from operating activities, note 1317,697,094not counted (proven)TKBB Guideline 4.2
Diğer · Other income from operating activities, note 1343,537,712undetermined, kept in the numeratorTKBB Guideline 4.1
Faiz geliri · Finance income, note 1587,365,661counted in the ratio (proven)TKBB Guideline 4.1
Kur farkı geliri · Finance income, note 1515,630,982not counted (proven)TKBB Guideline 4.2
Temettü gelirleri · Income from investing activities, note 14126,219undetermined, kept in the numeratorTKBB Guideline 4.2
Menkul kıymet satış karı · Income from investing activities, note 1414,915undetermined, kept in the numeratorTKBB Guideline 4.1
Maddi duran varlık satış karı · Income from investing activities, note 147,437not counted (proven)TKBB Guideline 4.2

KAFİF declaration 3.3% (first half 2026) · Sağlama measurement on the items read 2.3% to 9.7% (period ending April 2026) · the statements will be read again · View the form on KAP

Source: company financial report, period ending April 2026 statements · Apr 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
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

5 entries

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

  1. Earlier measurementTKBB rules, August 2025, version 1 · period ending April 2026: at least one ratio above the threshold. Income 10.51% · assets 11.79% · loans 29.10%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · period ending April 2026: depends on the company's declaration. Income 10.51% · assets 11.79% · loans 29.10%.
  3. Earlier measurementTKBB rules, August 2025, version 1 · period ending April 2026: depends on the company's declaration. Income 9.65% · assets 11.79% · loans 29.10%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · period ending April 2026: depends on the company's declaration. Income 9.65% · assets 11.79% · loans 29.10%.
  5. MeasurementTKBB rules, August 2025, version 3 · period ending April 2026: statements to be read again. Income 2.26% to 9.65% · assets 0.00% to 11.79% · loans 0.00% to 29.10%. 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

  • PNSUT financial report, Apr 30, 2026 (company investor relations site)Apr 30, 2026 · Fingerprint 088aa66881cb… · fingerprint of the downloaded file b709e11c79eb…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 3.3%, interest-bearing assets 0.8%, interest-bearing loans 28.2%. The three declared ratios are within the thresholds. 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 SLIPPNSUT · period ending April 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
9.7%
Purification amount
TRY 115.80

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 2.26% to 9.65%; the purification amount is calculated with the 9.65% 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.

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Companies in the same index

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