Key Highlights from the 2025 Financial Reports (English Translation)
• Change to Special Fiscal Period: The company has transitioned to a special fiscal year covering April 1 – March 31; therefore, the 2025 reporting reflects the nine-month interim period from April 1 to December 31, 2025.
• Revenue and Profitability: As of the nine-month period ending December 31, 2025, the total revenue reached 25,761,240,828 TL. However, the company closed this period with a net loss of 924,765,834 TL.
• Assets and Liabilities: The group’s total assets stand at 12,205,836,797 TL. Total liabilities were recorded at 9,963,120,926 TL. The company’s total equity is 2,242,715,871 TL.
• Strategic Sales and Transfers:
◦ 100% of the shares of the subsidiary Paynet Payment Services were transferred to iyzico on February 13, 2025, for approximately 89.3 million USD.
◦ Arena Connect’s device distribution contract with Vodafone was transferred to Datagate Computer for 8 million USD + VAT.
• R&D and AI-Oriented Transformation: The company was approved as an R&D Center by the Ministry of Industry and Technology, focusing on Artificial Intelligence, Large Language Models (LLM), and Robotic Process Automation (RPA). Additionally, the business scope of the subsidiary “Arena Labs” was changed to AI-related activities.
• Financial Resources: For the purpose of securitizing receivables, the company received approval for an Asset-Backed Securities (ABS) issuance ceiling of 10 billion TL.

Identifying a 30-Year-Old Tech Giant’s Secret Pivot to AI and Global Scale

In the hyper-dynamic technology sector, a 30-year tenure is a rare milestone. For Arena Bilgisayar, a cornerstone of the Turkish market since its founding in 1991, longevity has not bred complacency. Instead, the company has navigated the shift from legacy hardware distribution to a software-defined ecosystem by adhering to a foundational principle: “sürekli değişim” (continuous change). According to their latest fiscal reporting, this is no longer a company merely moving units; it is a sophisticated entity undergoing a fundamental pivot toward AI-driven services and global integration, successfully avoiding the “low-margin hardware distribution” trap that claims many of its peers.

Takeaway 1: Not Just a Distributor, But a Certified R&D Powerhouse

The most significant signal of Arena’s evolution is its official certification as an Ar-Ge (R&D) Center by the Ministry of Industry and Technology under Law No. 5746. This status represents a critical valuation lever. By internalizing technical expertise to develop proprietary solutions in Artificial Intelligence (AI), Large Language Models (LLM), and Robotic Process Automation (RPA), Arena is transitioning from a logistics partner to an intellectual property (IP) innovator.

From an analyst’s perspective, this shift is a direct contributor to bottom-line efficiency. Law No. 5746 provides substantial tax incentives, including income tax and social security support for R&D personnel. These incentives, combined with the higher EBITDA margins typically associated with proprietary tech services versus wholesale trading, position Arena for a significant re-rating in market valuation.

Takeaway 2: The “Ingram Micro” Effect—A Leadership Dream Team

Arena’s strategic roadmap is being guided by global heavyweights, most notably Chairman Keith William Frederick Bradley. Bradley’s tenure as President of Ingram Micro North America—where he oversaw massive US and Canadian operations—provides Arena with world-class institutional memory.

Furthermore, his background as an operating advisor for Clearlake Capital, a private equity firm managing $85 billion in assets, signals an aggressive focus on capital allocation and M&A (Birleşme & Satınalma). For investors, this level of expertise suggests that Arena is being prepared to play on an international stage, utilizing M&A as a tool for rapid scaling and value creation.

“Arena’nın başarısının temelinde ‘sürekli değişim’ ilkesi yatmaktadır. Bu ilke… içinde bulunduğu ortamın değişimine liderlik etmekle tarif edilebilir.”

Takeaway 3: The 9-Month Year—A Strategic Accounting Bridge

Institutional investors will note a technical transition in the current reporting: the document covers a special accounting period from April 1 to December 31, 2025. This shortened fiscal year serves as a transitionary bridge to align Arena’s calendar with its majority shareholder, Redington Turkey Holdings S.a.r.l. (49.40%), and the broader Redington Limited group.

Beginning in 2026, the company will adopt a permanent April-March fiscal cycle. This synchronization is more than a clerical update; it streamlines global consolidated reporting and dividend policies. For international investors, this alignment enhances institutional transparency and makes Arena a more predictable and “transparent” asset within a global portfolio.

Takeaway 4: Portfolio Rationalization: The Rise of Arena Labs

Arena has demonstrated a ruthless commitment to portfolio rationalization by rebranding and restructuring its subsidiary, formerly “Online Elektronik Ticaret Hizmetleri A.Ş.” (the operator of the B2C site yukko.com). As of March 3, 2025, the entity was transformed into Arena Labs Teknoloji Çözümleri A.Ş.

This restructuring involved a strategic exit from the low-margin consumer retail (perakende) space to focus exclusively on high-value B2B AI activities. To support this pivot, the subsidiary’s capital was increased to 17.5 Million TL. By cutting ties with price-sensitive retail and doubling down on “Arena Labs,” the company is effectively shifting capital from high-churn commerce to high-retention technology services.

Takeaway 5: The Sustainability Leap and Access to Green Capital

Arena is proactively navigating the TSRS (Turkish Sustainability Reporting Standards). While the company already exceeded the previous reporting thresholds (500 Million TL active total / 1 Billion TL net sales), it is now preparing for the stricter requirements effective January 1, 2025. These new thresholds—1 Billion TL in active total and 2 Billion TL in net sales—are benchmarks Arena comfortably surpasses.

Under the leadership of the “Sürdürülebilirlik Komitesi” (Sustainability Committee), chaired by Independent Board Member Barış Özenoğlu, the company is treating ESG (Environmental, Social, and Governance) compliance not just as a regulatory hurdle, but as a strategic gateway. Rigorous external audits and TSRS alignment are essential for maintaining access to “green capital” and meeting the increasingly stringent mandates of global institutional funds.

Conclusion: The Future is “Value-Added”

As Arena Bilgisayar concludes this unique transitionary period, its identity as a traditional wholesaler is fading. In its place is a company positioning itself as a “vazgeçilmez platform” (indispensable platform) that marries logistical scale with R&D sophistication. By leveraging tax-advantaged innovation and a globalized leadership structure, Arena is attempting to redefine the very nature of technology provision in the region.

Final Ponderable: In a world where hardware is becoming a commodity, will Arena’s pivot to AI and R&D-driven services redefine what it means to be a “technology provider” in the next decade?

Arena Bilgisayar Sanayi ve Ticaret A.Ş.: Operational and Strategic Briefing (April–December 2025)

Executive Summary

This briefing document synthesizes the operational activities, organizational structure, and strategic positioning of Arena Bilgisayar Sanayi ve Ticaret A.Ş. (“Arena”) for the period between April 1, 2025, and December 31, 2025. Established in 1991, Arena serves as a leading technology provider in Turkey, specializing in the wholesale trade of computer hardware, consumer electronics, and telecommunications products.

The reporting period marks a significant transition to a special fiscal year (April 1 – March 31). Key takeaways include:

• Market Leadership: Arena maintains a robust distribution network reaching Turkey and the Turkish Republic of Northern Cyprus, supported by a diverse portfolio of international brands.
• Strategic Ownership: The company is significantly influenced by the Redington Group, with Redington Turkey Holdings S.a.r.l. holding a 49.40% stake.
• Technological Evolution: Arena has transitioned its “Arena Labs” subsidiary toward Artificial Intelligence (AI) and has received official certification as an R&D Center, focusing on Robotics Process Automation (RPA) and Large Language Models (LLM).
• Sustainability Commitment: The company has aligned its reporting with Turkish Sustainability Reporting Standards (TSRS) and maintains a dedicated Sustainability Committee to oversee ESG integration.

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1. Corporate Profile and Organizational Structure

1.1 General Information

Arena operates as a bridge between global technology manufacturers and local retail/commercial points. The company is headquartered in Kağıthane, Istanbul (following a registered address change in early 2026), with a regional branch in Ankara.

1.2 Ownership and Capital Distribution

As of December 31, 2025, the capital structure remains stable, with nearly half of the company owned by the Redington Group.

• Redington Turkey Holdings S.a.r.l.: 49.40% (49,400,000 TL)
• Free Float/Other: 50.60% (50,600,000 TL)
• Total: 100.00% (100,000,000 TL)

1.3 Subsidiary Ecosystem

Arena operates through five key subsidiaries, each targeting specific segments of the technology and financial services value chain:

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2. Leadership and Corporate Governance

2.1 Board of Directors

The Board consists of five members, characterized by extensive international experience in IT distribution, finance, and digital transformation.

• Keith William Frederick Bradley (Chairman): Former Senior VP at Ingram Micro North America; brings expertise in M&A and private equity.
• Cüneyt Genç (Vice Chairman – Independent): Over 38 years of experience in banking and management consultancy.
• Krishnan Srinivasan Venkata: CFO of Redington Group; recipient of the “Great Indian CFO Leader of the Year” award in 2024.
• Barış Özenoğlu (Independent): Specialist in AI and digital transformation; previously CEO of Mudo and CDO of Turkcell.
• Serkan Çelik: Regional CEO for Redington (Turkey, Africa, Egypt, and Central Asia).

2.2 Executive Management

The day-to-day operations are led by a specialized upper management team:

• Kerem Günay (General Manager): Appointed in April 2025; holds a PhD in Banking and Finance.
• Naim Fırat Dernek (CFO): Specialized in tax and financial consultancy within the IT sector.
• Departmental VPs: Covers Sales (Erdal Hergüner), Operations (Tolga İldaşer), IT & Digital Transformation (Barış Yeniçeri), and Human & Culture (Günışığı Geçgil).

2.3 Committee Activities

The Board maintains five specialized committees to ensure regulatory compliance and risk management. Notable among these is the Sustainability Committee, which works with external consultants to integrate ESG factors into business strategies.

Between April and December 2025, the committees met with the following frequencies:

• Audit Committee: 9 meetings
• Early Detection of Risk Committee: 12 meetings
• Corporate Governance Committee: 7 meetings
• Sustainability Committee: 5 meetings
• Remuneration and Nomination Committee: 3 meetings

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3. Strategic Directives and Principles

3.1 Vision and Mission

Arena’s core philosophy is built on the principle of “continuous change.” This involves not just adapting to technology trends but actively leading the environmental change within the Turkish market. The company aims to provide a value-added platform that ensures technology is delivered efficiently, economically, and in line with global trends.

3.2 Ethical Standards

A cornerstone of Arena’s operations is the adherence to high ethical standards, transparency, and accountability. This policy governs relationships between employees, investors, suppliers, and the state.

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4. Research, Development, and Digital Transformation

Arena has successfully secured status as an Official R&D Center under Law No. 5746. This allows the company to benefit from corporate tax incentives and insurance premium supports while fostering innovation in:

• Artificial Intelligence (AI): Developing proprietary models for internal and external use.
• Large Language Models (LLM): Enhancing natural language processing capabilities.
• Robotic Process Automation (RPA): Streamlining operational workflows through automation.

This R&D focus is primarily funneled through Arena Labs, which was strategically renamed and restructured in early 2025 to move away from retail e-commerce toward AI-driven technology solutions.

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5. Financial and Regulatory Compliance

5.1 Management Compensation

For the period ending December 31, 2025, the financial benefits provided to senior management and board members were as follows:

Note: Benefits include gross salary, bonuses, and severance payments. No loans or credits were extended to board members or executives.

5.2 Sustainability Reporting (TSRS)

Arena is subject to mandatory sustainability reporting based on its asset size, net sales, and employee count.

• The company published its first TSRS-compliant Sustainability Report on August 12, 2025, covering the 2024 period.
• A subsequent report for the transition period (January–March 2025) was released on December 31, 2025, following a “limited assurance” audit.
• The company is currently preparing for the 2025-2026 financial year under updated reporting thresholds (1 billion TL assets / 2 billion TL net sales / 500 employees).

5.3 Legislative and Operational Changes

• Fiscal Year Change: Transitioned to an April 1 – March 31 accounting period.
• Articles of Association: Amended in May 2025 to update the company’s “Purpose and Subject” and “Activity Period.”
• Personnel Rights: Employees receive standard benefits including meal and travel allowances and private health insurance. There are no collective bargaining agreements in place.