Message from the CEO

Dear Stakeholders,

We have left behind a year marked by heightened volatility in the energy sector. Global geopolitical developments, fluctuations in natural gas and carbon prices, and regulatory dynamics led industry players to adopt a more cautious, disciplined, and strategically focused approach throughout 2025.

In Türkiye, the tight monetary policy environment, pressures on energy costs, and the impact of the price cap mechanism created particularly challenging operating conditions for natural gas power plants. At the same time, we experienced a year in which the effects of climate change were felt more strongly. Drought conditions led to a decline in hydroelectric generation, once again underscoring the critical importance of supply security and system resilience.

Against this backdrop, our priority at Akenerji has been clear: to respond swiftly to changing market conditions, manage risks effectively, and maintain our strategic focus while strengthening our operational and financial resilience.

Balance and System Security in the Energy Transition

The global energy transition continues to accelerate. The expansion of Türkiye’s renewable energy capacity represents meaningful progress toward a low-carbon future. Yet, the success of this transition depends not only on capacity growth, but also on the ability of the energy system to operate in a secure and balanced manner.

As the share of renewable generation increases, the role of flexible baseload power plants capable of responding rapidly to maintain grid stability becomes increasingly vital. Energy systems are, by nature, architectures of balance. Their sustainability depends on the complementary and synchronized operation of diverse generation sources.

In this context, baseload plants in Türkiye—particularly our Erzin Natural Gas Combined Cycle Power Plant—should not be viewed as an alternative to the energy transition, but rather as a critical enabler of it. With their ability to ramp up and down flexibly, these facilities support frequency stability and help balance fluctuations in renewable generation, thereby safeguarding security of supply.

At Akenerji, our perspective on the energy transition is clear: meaningful transformation can only be achieved through balance. And balance requires a strong, reliable, and resilient system infrastructure. Guided by this approach, we support the expansion of renewable investments while maintaining a portfolio structure that upholds the core pillars of system reliability.

Operational Resilience and a Balanced Portfolio

In 2025, we operated with a capacity utilization rate of 42.59%. While generation at our natural gas power plant increased, hydroelectric production declined due to drought conditions. This development once again highlighted the importance of resource diversification and a balanced generation portfolio.

Supported by our advanced commercial optimization capabilities and disciplined risk management framework, we successfully maintained our operational resilience in a highly volatile market environment.

Financial Sustainability

Despite challenging market conditions, we generated TRY 23 billion in revenue and TRY 777 million in EBITDA in 2025. Financial sustainability remains at the core of our strategy. Through effective cash and debt management, we preserved our financial flexibility while streamlining our organizational structure to accelerate decision-making processes. Our focus remains firmly on creating long-term and sustainable value.

Strategic Expansion into Europe

2025 also marked an important milestone for our international trading activities. Through the 20-year electricity trading license obtained in Greece by our Netherlands-based subsidiary, Aken Europe B.V., we established a local and physical presence in the European energy market.

This step places our cross-border trading strategy on a stronger institutional footing while also contributing to our long-term financial resilience.

Looking Ahead: Resilience, Selectivity and Value Creation

Looking ahead, our priorities will be to further enhance the availability of our generation portfolio, sustain efficiency gains, and pursue selective growth opportunities while maintaining our strong financial position.

We will continue to create value through hybrid projects at our existing power plants and advance our corporate sustainability initiatives with determination.

As Akenerji, in this new era of accelerating energy transition, we remain committed to creating long-term value for our stakeholders through our strong system infrastructure, disciplined financial approach, and strategic clarity.

Sincerely,

Hakan Yıldırım

Chief Executive Officer