Dear Stakeholders,

The uncertainty and fragility of the global economy in 2024 became even more pronounced throughout 2025. The shifting global trade balances of the post-pandemic era are no longer driven solely by economic factors; instead, they are being directly shaped by geopolitical tensions, regional conflicts, and power rivalries. While the Russia-Ukraine war and Western sanctions have produced a broad ripple effect spanning from energy markets to supply chains, deepening crises in the Middle East and the conflicts centered in Gaza are redefining global security perceptions. Increased risks, particularly in the Red Sea and its surrounding strategic transit points, have driven up logistics costs in global trade and placed significant pressure on supply security.

At the same time, the accelerating pace of global technological transformation is reshaping economic and societal structures. As advances in artificial intelligence, big data, and automation are radically changing the way we do business, digitalization has expanded the frontiers of competition across the media and communication sectors. The rivalry between traditional media and digital platforms has now evolved into a multichannel, data-driven dynamic.

In this era of rapid technological progress, not all segments of society are able to adapt to this transformation at the same pace. While the digital divide is giving rise to new inequalities in terms of information access and technology utilization, social media and AI-driven content generation present both unique opportunities and emerging risks. In this context, it is clear that the world of tomorrow will become increasingly digitalized and continue to evolve into a more data-based structure.

In a period marked by intensifying global uncertainties and market fluctuations, we at İhlas Gazetecilik maintained our competitive edge and successfully sustained our operations throughout 2025. The steady circulation performance of Türkiye Newspaper has been a key indicator of our strong position in the industry. By enhancing our corporate agility under volatile global conditions, we maintained a resilient stance guided by financial discipline and strategic foresight.

Furthermore, rather than viewing competition strictly through the lens of traditional media, we have scaled up our investments across digital and visual media. As we bolstered our digital assets and broadened our international reach, we remained aligned with the media ecosystem of tomorrow through cutting-edge products and platforms.

Building on this momentum, our core printing operations continued investing in operational efficiency and production capacity. By leveraging modern printing technologies and high quality standards, we delivered fast, reliable solutions to our clients while enhancing our service offerings to reinforce our competitive edge. The steps taken in cost management and process optimization made a significant contribution to our sustainable growth targets.

Similarly, our packaging operations continued to distinguish themselves in the sector through their commitment to quality, flexibility, and a customer-centric approach. By rapidly adapting to changing market conditions, we have increased our product diversity while strengthening our market presence with innovative packaging solutions. Efficiency-enhancing investments and a sustainability-oriented production mindset remained core pillars of our long-term growth strategy.

At İhlas Gazetecilik, we are pleased to share with our valued stakeholders that we will continue to generate sustainable value across all our business segments, backed by our deeply rooted corporate structure, innovative vision, and capability to swiftly adapt to change.

Respectfully submitted,

İSMAİL KAPAN
Chairman and Editor-in-Chief