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Sağlama record · BIST: ZEDUR

Zedur Enerji

Zedur Enerji (ZEDUR) 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-2024Y-ZEDUR

Based on the financial statements for the full year 2024, 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
14.3%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 312,292,915÷TRY 2,181,712,863 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. Of the lease liabilities shown on the balance sheet, TRY 9,743,511 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 10). Deductions on line 6J of the company's KAFİF declaration are taken only when the financial statements or notes confirm them. 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; none of them was deducted in this measurement.) Note 7: “İlişkili taraflara diğer borçlar (Not 4)” TRY 2,900,000: undetermined, kept in the upper bound; “Diğer borçlar” TRY 1,638,998: undetermined, kept in the upper bound; “Yapılandırılmış vergi borçları” TRY 0: undetermined, kept in the upper bound. Notes that could not be used: Note 6 (Short-term borrowings): the note's amounts could not be matched to this item automatically. Note 6 (Current portion of long-term borrowings): a subtotal in the note could not be matched to the lines read automatically. Note 6 (Long-term borrowings): the note's amounts could not be matched to this item automatically. The ratio is in the range 0.00% to 14.31%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
İlişkili taraflara diğer borçlar (Not 4) · Other payables, note 72,900,000undetermined, kept in the upper boundTKBB Guideline 6.1
Diğer borçlar · Other payables, note 71,638,998undetermined, kept in the upper boundTKBB Guideline 4.1
Yapılandırılmış vergi borçları · Other payables, note 70undetermined, kept in the upper bound

KAFİF declaration 14.9% (first half 2026) · Sağlama upper bound 14.3% (full year 2024) · the company declares a higher ratio; the periods differ · View the form on KAP

Source: company financial report, full year 2024 statements · Dec 31, 2024

View the documentMethod

Interest-bearing assets

within the threshold
0.1%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 2,148,583÷TRY 2,181,712,863 (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 3: “Kasa” TRY 61,188: not counted (proven); “Alınan çekler (*)” TRY 8,800,000: not counted (proven); “- Vadeli mevduatlar / TL” TRY 1,250,000: counted in the ratio (proven); “- Vadesiz mevduatlar / TL” TRY 414,356: not counted (proven); “- Vadesiz mevduatlar / Avro” TRY 183,980: not counted (proven); “- Vadesiz mevduatlar / ABD doları” TRY 64,982: not counted (proven); “Altın” TRY 898,583: undetermined, kept in the upper bound. The ratio is in the range 0.06% 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 361,188not counted (proven)TKBB Guideline 5.2
Alınan çekler (*) · Cash and cash equivalents, note 3The company's note says: “Alınan çekler vadesi 3 aydan kısa olan çeklerden oluşmaktadır.”8,800,000not counted (proven)TKBB Guideline 5.2
- Vadeli mevduatlar / TL · Cash and cash equivalents, note 31,250,000counted in the ratio (proven)TKBB Guideline 5.1
- Vadesiz mevduatlar / TL · Cash and cash equivalents, note 3414,356not counted (proven)TKBB Guideline 5.2
- Vadesiz mevduatlar / Avro · Cash and cash equivalents, note 3183,980not counted (proven)TKBB Guideline 5.2
- Vadesiz mevduatlar / ABD doları · Cash and cash equivalents, note 364,982not counted (proven)TKBB Guideline 5.2
Altın · Cash and cash equivalents, note 3898,583undetermined, kept in the upper bound

KAFİF declaration 0.0% (first half 2026) · Sağlama range 0.1% to 0.1% (full year 2024) · the declaration is inside the range · View the form on KAP

Source: company financial report, full year 2024 statements · Dec 31, 2024

View the documentMethod

Excluded income

depends on the declaration
at most7.0%

Proven lower bound 0.4% · cautious upper bound 7.0%

Calculation and source

Calculation: numerator ÷ denominatorTRY 10,861,108÷TRY 156,014,382 (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: “Vazgeçilen borçlardan kaynaklanan gelirler (*)” TRY 9,968,461: undetermined, kept in the upper bound; “Konusu kalmayan tahsili mümkün olmayan avanslar” TRY 731,415: not counted (proven); “Ticari işlemlerden kaynaklanan kur farkı gelirleri” TRY 250,834: not counted (proven); “Konusu kalmayan şüpheli alacaklar (Not 5)” TRY 172,325: not counted (proven); “Kira gelirleri” TRY 25,000: not counted (proven); “Diğer gelirler” TRY 215,114: undetermined, kept in the upper bound. Note 22: “Vadeli mevduat faiz gelirleri” TRY 665,882: counted in the ratio (proven); “Kur farkı gelirleri” TRY 0: not counted (proven). Note 21: “Duran varlık satış karları” TRY 2,323,423: not counted (proven); “Yatırım amaçlı gayrimenkul değer artışı (Not 11)” TRY 1,739,716: not counted (proven); “Menkul kıymet satış karları” TRY 11,651: undetermined, kept in the upper bound. The ratio is in the range 0.43% to 6.96%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Vazgeçilen borçlardan kaynaklanan gelirler (*) · Other income from operating activities, note 20The company's note says: “Şirket ortağı Zekai Dursun 9.968.461 TL tutarındaki alacağından feragat etmiştir. b) Esas faaliyetlerden diğer giderler (devamı)”9,968,461undetermined, kept in the upper bound
Konusu kalmayan tahsili mümkün olmayan avanslar · Other income from operating activities, note 20731,415not counted (proven)TKBB Guideline 4.2
Ticari işlemlerden kaynaklanan kur farkı gelirleri · Other income from operating activities, note 20250,834not counted (proven)TKBB Guideline 4.2
Konusu kalmayan şüpheli alacaklar (Not 5) · Other income from operating activities, note 20172,325not counted (proven)TKBB Guideline 4.2
Kira gelirleri · Other income from operating activities, note 2025,000not counted (proven)TKBB Guideline 4.2
Diğer gelirler · Other income from operating activities, note 20215,114undetermined, kept in the upper boundTKBB Guideline 4.1
Vadeli mevduat faiz gelirleri · Finance income, note 22665,882counted in the ratio (proven)TKBB Guideline 4.1
Kur farkı gelirleri · Finance income, note 220not counted (proven)TKBB Guideline 4.2
Duran varlık satış karları · Income from investing activities, note 212,323,423not counted (proven)TKBB Guideline 4.2
Yatırım amaçlı gayrimenkul değer artışı (Not 11) · Income from investing activities, note 211,739,716not counted (proven)TKBB Guideline 4.2
Menkul kıymet satış karları · Income from investing activities, note 2111,651undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 2.6% (first half 2026) · Sağlama range 0.4% to 7.0% (full year 2024) · the declaration is inside the range · View the form on KAP

Source: company financial report, full year 2024 statements · Dec 31, 2024

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 · full year 2024: at least one ratio above the threshold. Income 10.32% · assets 0.54% · loans 13.91%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · full year 2024: depends on the company's declaration. Income 6.96% · assets 0.10% · loans 13.91%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · full year 2024: depends on the company's declaration. Income 6.96% · assets 0.10% · loans 13.91%.
  4. MeasurementTKBB rules, August 2025, version 3 · full year 2024: depends on the company's declaration. Income 0.43% to 6.96% · assets 0.06% to 0.10% · loans 0.00% to 14.31%. The range crosses the threshold; the outcome depends on the company's declaration.
  5. MeasurementCorrection note. Other short-term borrowings (TRY 8,766,867) were missing from the debt numerator. In the same release, the lease liabilities on the balance sheet (TRY 9,743,511 in total) were deducted as debts that do not count under TKBB Guideline 6.2 (rules version 3). The upper bound of the ratio is 14.31%, not 13.91%. Below the threshold (33%); the result does not change.THIS RECORD

Corrections log

  • Note added · closed

    Other short-term borrowings (TRY 8,766,867) were missing from the debt numerator. In the same release, the lease liabilities on the balance sheet (TRY 9,743,511 in total) were deducted as debts that do not count under TKBB Guideline 6.2 (rules version 3). The upper bound of the ratio is 14.31%, not 13.91%. Below the threshold (33%); the result does not change.

    In Turkish, as published.31.12.2024 konsolide finansal durum tablosu (sayfa 10) «Diğer kısa vadeli borçlanmalar» (8.766.867 TL) ve «Kiralama işlemlerinden borçlar» (kısa vadeli 2.955.465 TL, uzun vadeli 6.788.046 TL) satırlarını borçlanma satırlarının yanında ayrı kalem olarak gösterir. Önceki okuma bu satırları borç payına almamıştı. Kısa ve uzun vadeli bölümlerin ana satırları bu satırlarla birlikte bölüm toplamlarına (152.897.304 TL ve 280.074.713 TL) birebir eşittir; satırlar başka bir kalemin alt satırı değildir. Dipnot 6 (sayfa 43) bu tutarları finansal borçlar tablosunda ayrı satırlar olarak gösterir («Diğer mali borçlar» 8.766.867 TL, kiralama yükümlülükleri 2.955.465 TL ve 6.788.046 TL). Yenilenen okuma aracı satırları okur; kural seti sürüm 3 ile kiralama borçları (9.743.511 TL) Rehber 6.2 gereği uygun borç olarak düşülür. Pay 312.292.915 TL / toplam varlıklar 2.181.712.863 TL ≈ %14,31; eşik altında kalır.

    Closing note: The corrected measurement was published in the same release as this note. The upper bound of the debt ratio was updated from 13.91% to 14.31%; it is below the threshold (33%), and the result did not change.

    Evidence: zedur-31122024-konsolide-bdr.pdf · PDF p. 10, 43 · Fingerprint d69d75b5c4ba…

Documents and sources

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

  • ZEDUR financial report, Dec 31, 2024 (company investor relations site)Dec 31, 2024 · Fingerprint d69d75b5c4ba…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 2.6%, interest-bearing assets 0.0%, interest-bearing loans 14.9%. 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 SLIPZEDUR · full year 2024
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
7.0%
Purification amount
TRY 83.52

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 0.43%); 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 All Shares.