[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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The preparations for the initial public offering (IPO) of Ral Gayrimenkul Yatırım Ortaklığı A.Ş., which is fully owned by Ral Yapı Mühendislik A.Ş., a 100% subsidiary of our Company, have been completed. As of today (May 12, 2025), an application for the IPO has been submitted to the Capital Markets Board of Turkey (CMB).

The IPO is planned to be completed within 2025.