Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (September 2026)
47 slides from Aksa Enerji Uretim A.s's investor presentation, September 2026
Slide 1: Analyst Meeting 2026
ANALYST MEETING 2026 A GLOBAL POWER IN ENERGY
Slide 2: Cemil Kazancı, Chairman
CEMİL KAZANCI CHAIRMAN
Slide 3: Aksa Energy at a Glance
AKSA ENERGY AT A GLANCE 3,700 30+ 11 MW Installed Capacity Years of Experience Countries 15 50+ ~20 Active Power Plants Reference Projects Remaining Average Contract Years
Slide 4: Aksa Energy at a Glance
AKSA ENERGY AT A GLANCE Türkiye & Central Asia Africa Northern 1,466MW 1,484MW 725MW Cyprus Bolu, Göynük Mali 270MW 60MW Kyzylorda Kazakhstan Ghana 264MW Uzbekistan Kumasi Tema Bukhara 179MW 370MW Antalya 298MW Tashkent A 900MW Şanlıurfa 240MW Gaziantep 50MW 58MW Tallimarjon Tashkent B Congo Madagas
Slide 5: Naci Ağbal, CEO
NACİ AĞBAL CEO
Slide 6: Our New Investments
OUR NEW INVESTMENTS Burkina Faso Ghana | Takoradi 119MW 825MW
Slide 7: 2024-2026 Investment Projects Totalling 2,800 MW
2024-2026 15 INVESTMENT PROJECTS TOTALLING 2,800 MW IN 7 COUNTRIES MANAGED SUCCESSFULLY
Slide 8: 2024-2026 Investment Projects Totalling 2,800 MW
2024-2026 15 INVESTMENT PROJECTS TOTALLING 2,800 MW IN 7 COUNTRIES MANAGED SUCCESSFULLY Kazakhstan Uzbekistan Kyzylorda Tallimarjon Natural Gas-fired Combined Heat And Power Plant Natural Gas-fired Combined Power Plant 264MW 430MW
Slide 9: 2024-2026 Investment Projects Totalling 2,800 MW
2024-2026 15 INVESTMENT PROJECTS TOTALLING 2,800 MW IN 7 COUNTRIES MANAGED SUCCESSFULLY Senegal Burkina Faso Ghana Gabon Saint Louis Ouagadougou Kumasi Takoradi Libreville Port-Gentil Natural Gas-fired Combined Power Plant Fuel Oil Power Plant Natural Gas-fired Combined Power Plants Natural Gas-fire
Slide 10: 2024-2026 Investment Projects Totalling 2,800 MW
2024-2026 15 INVESTMENT PROJECTS TOTALLING 2,800 MW IN 7 COUNTRIES MANAGED SUCCESSFULLY Kırşehir - Alıç Bolu - Kayseri - Fatih SPP with Storage Göynük SPP with Storage SPP 50MW 13MW Şanlıurfa - RASA 35MW ISF Manisa 50MW WPP with Storage 88MW Mersin WPP with Storage Gaziantep - Pamuk SPP with Storage
Slide 11: Important Milestone in Our Investment Cycle
Important Milestone İn Our Investment Cycle 2024 - 2026 Billion USD Investment
Slide 12: 2026: Year of Transition to Commercial Operations
2026: YEAR OF TRANSITION TO COMMERCIAL OPERATIONS Ghana - Kumasi Kazakistan Senegal Natural Gas Natural Gas Combined Heat and Electricity Natural Gas Combined Cycle Combined Cycle 179MW 264MW 160MW Gabon Natural Gas 5 Projects 748MW Totalling 45MW+100MW
Slide 13: 2026: Year of Transition to Commercial Operations
2026: YEAR OF TRANSITION TO COMMERCIAL OPERATIONS Bolu Göynük SPP Kırşehir Kayseri SPP with Storage SPP with Storage 35 MW 13 50 MW MW Şanlıurfa ISF Mersin 50 WPP with Storage 112 MW MW 6 Renewable Gaziantep Energy Projects Totalling SPP with Storage 58 MW 318MW
Slide 14: Our Medium-Term Growth Plan
OUR MEDIUM-TERM GROWTH PLAN 68% GROWTH IN INSTALLED CAPACITY 6,178MW 375 392 621 386 214 210* 3,675MW 305 108 2,667 900 September 2026 2026 2027 2028 2029 Türkiye (Spot) Feed-in Tariff Foreign currency-based PPAs * 35 MW of this capacity consist of Bolu Göynük Solar Power Plant, which is not under F
Slide 15: 4 Fold EBITDA Increase in 5 Years
4 FOLD EBITDA INCREASE IN 5 YEARS COMPLETED INVESTMENTS ARE TRANSLATING INTO SUSTAINED EBITDA GROWTH EBITDA points X + EBITDA MARGIN 42% 841M $ 41% 664M $ 33% 21% 310M $ 240M $ 2024 2025 2028 2029 2024 2025 2028 2029
Slide 16: Net Financial Debt / EBITDA
NET FINANCIAL DEBT / EBITDA Declining leverage ratio as the investment cycle is 4.3 completed 3.5 3.5 3.1 2.8 1.7 682M $ 575M $ 521M $ 569M $ 441M $ 59M $ 2024 2025 2026 2027 2028 2029 Net Fin. Debt / EBITDA (x) INVESTMENT(M $)
Slide 17: Distribution of Dividends from 2027 Profits Planned
Distribution of From 2027 Profits Planned!
Slide 18: S4/HANA System Successfully Went Live
S4/HANA System Succesfully Went Live!
Slide 19: S4/HANA System: Digital Foundation of Growth
THE DIGITAL FOUNDATION OF A GROWTH-SUPPORTING BUSINESS S4/HANA System Succesfully went live! Operational Single Data Single Standard Excellence and Visibility Shared business processes Standard maintenance Real-time, integrated and data structure and asset management management data Centralized mast
Slide 20: Serdar Nişli, Vice Chairman
SERDAR NİŞLİ Vice Chairman
Slide 21: The Age of Electrification
THE AGE OF ELECTRIFICATION 35 AT 35 SHARE OF ELECTRICITY IN TOTAL ENERGY CONSUMPTION RISING TO 35% BY 2035 Electrification Data Centers Climate Change Renewable Energy Investments Electric Transportation Uninterrupted, Increasing need for Supportive, flexible, reliable power cooling and heating and
Slide 22: Expansions in Existing Countries
EXPANSIONS IN EXISTING COUNTRIES Ghana Kumasi Ghana Takoradi
Slide 23: Expansions in Existing Countries and New Countries
EXPANSIONS IN EXISTING COUNTRIES NEW COUNTRIES IN EXISTING Kazakhstan REGION Ghana Kumasi Ghana Takoradi
Slide 24: Expansions, New Countries and New Focus Regions
Kazakhstan Ghana Kumasi Ghana EXPANSIONS IN EXISTING Takoradi COUNTRIES NEW COUNTRIES IN EXISTING REGION NEW FOCUS REGIONS
Slide 25: Energy Solutions Portfolio
ENERGY SOLUTIONS PORTFOLIO OFFERED TO OUR STAKEHOLDERS Long-term electricity/capacity Capacity leasing and Build-Operate, Build- sale agreements operation Operate-Transfer, and Public-Private with take-or-pay agreements Operating Rights Partnerships commitments Transfer Models End-to-end energy Tran
Slide 26: Soner Yıldız, Chief Investment Officer
SONER YILDIZ Chief Investment Officer
Slide 27: Our Investments
Our Investments Kazakhstan Ghana Kumasi Ghana Takoradi
Slide 28: Our Investments: Kazakhstan
Our Investments Kazakhstan Natural Gas-fired Combined Heat And Power Plant 264MW KURULU INSTALLED GÜÇ CAPACITY Kızılorda COMMERCIAL OPERATION DATE June 2026 CONTRACT 15-year guaranteed capacity sales agreement denominated in Tenge, along with electricity and heat sales
Slide 29: Our Investments: Ghana - Kumasi
Our Investments Ghana - Kumasi Natural Gas-fired Combined Power Plant 350MW KURULU INSTALLED GÜÇ CAPACITY COMMERCIAL OPERATION DATE Phase 1 – Simple Cycle January 2026 (130MW) Combined Cycle - July 2026 (179MW) Phase 2 – 2nd Quarter 2028 (171MW) Kumasi CONTRACT 20-year guaranteed sales agreement den
Slide 30: Our Investments: Ghana - Takoradi
Our Investments Ghana - Takoradi Natural Gas-fired Combined Power Plant 825MW KURULU INSTALLED GÜÇ CAPACITY COMMERCIAL OPERATION DATE Phase 1 – 1st Quarter 2028 (450MW) Phase 2 – 1st Quarter 2029 (375MW) Kumasi CONTRACT TERMS A 20-year guaranteed sales agreement denominated in U.S. dollars
Slide 31: Our Investments: Senegal, Burkina Faso, Gabon
Our Investments Senegal 255MW ❑PROJECT Burkina Faso Saint-Louis (Natural Gas Combined Cycle Power Plant) 119MW ❑ PROJECT ❑CONTRACT TERMS Ouagadougou (Fuel Oil Power Plant) 25-year PPA with guaranteed energy sales and ❑ CONTRACT TERMS fuel costs will be passed through. ❑COMMERCIAL OPERATION DATE Gabo
Slide 32: Erinç Kısa, Aksa Renewable Energy
ERİNÇ KISA AKSA RENEWABLE ENERGY VİCE PRESİDENT
Slide 33: Gaziantep – Pamuk SPP with Storage
Our Renewable Energy Investments Gaziantep – Pamuk SPP with Storage ‘‘One of the first power ‘‘ The first and largest ‘‘ SPP with storage plants with storage to SPP with energy featuring the highest rate become operational in storage in the region of locally sourced Türkiye. components in Türkiye 58
Slide 34: Şanlıurfa – RASA Independent Storage Facility
Our Renewable Energy Investments Şanlıurfa – RASA Independent Storage Facility ‘‘Türkiye’s First and Only ‘‘The first Storage Facility in Independent Storage Türkiye to provide services Facility. in the Ancillary Services Market. 50 MWe / 61.93 MWh INSTALLED CAPACITY COMMERCIAL OPERATION DATE June 2
Slide 35: Kırşehir – Alıç SPP with Storage
Our Renewable Energy Investments Kırşehir – Alıç SPP with Storage ‘‘ The first and largest ‘‘ SPP with storage SPP with energy featuring the highest rate storage in the Region of locally sourced components in Türkiye 50 MWp / 61.93 MWh INSTALLED CAPACITY COMMERCIAL OPERATION DATE 4th Quarter 2026 EL
Slide 36: Mersin – WPP with Storage
Our Renewable Energy Investments Mersin – WPP with Storage ‘‘ One of the first WPP ‘‘The highest-capacity with storage in Türkiye wind turbine in operation in Türkiye. 112 MWm / 110.7 MWh INSTALLED CAPACITY COMMERCIAL OPERATION DATE 4th Quarter 2026 ELECTRICITY SALES MODEL 10-Year FIT
Slide 37: Kayseri – Fatih Mersin – SPP with Storage
Our Renewable Energy Investments Kayseri – Fatih Mersin – SPP with Storage ‘‘ SPP with storage featuring the highest rate of locally sourced components in Türkiye 13.2 MWp / 10.1 MWh INSTALLED CAPACITY COMMERCIAL OPERATION DATE 4th Quarter 2026 ELECTRICITY SALES MODEL 10-Year FIT
Slide 38: Manisa WPP with Storage
Yenilenebilir Enerji Yatırımlarımız Manisa WPP with Storage ‘‘ The first WPP with energy storage in the Region 88 MWm / 90.58 MWh INSTALLED CAPACITY COMMERCIAL OPERATION DATE 2nd Quarter 2027 ELECTRICITY SALES MODEL 10-Year FIT
Slide 39: Senlav Güner, Chief Operations Officer
SENLAV GÜNER Chief Operations Officer
Slide 40: Efficiency Guaranteed Revenues
ANTALYA Efficiency Guaranteed Revenues TALLİMARJON OPERATIONAL GUARANTEED HYBRID Hybrid EXCELLENCE REVENUES CONVERSION Antalya and Tallimarjon Bolu Göynük Power Bolu Göynük Power Conversion Power Plants Plant Plant EFFICIENCY 75USD/MWh 35MW SPP UNPLANNED Guaranteed Electricity Hybrid Conversion DOWN
Slide 41: Cevdet Yalçın, Chief Financial Officer
CEVDET YALÇIN Chief Financial Officer
Slide 42: EBITDA Margin at Historic High of 36%
EBITDA MARGIN AT HISTORIC HIGH OF 36% Key Performance Indicators 6M’26 vs 6M’25 6M’26 vs 6M’25 Net Fin. Debt / Net Fin. Net Sales EBITDA Net Income Net Financial Debt Gross Margin EBITDA Margin EBITDA Debt / Equity 31% 36% 3.87x 80% 6M’26 6M’26 19,988M ₺ 7,257M ₺ 1,173M ₺ 59,478M ₺ -% 25 -% 7 -% 34
Slide 43: As of September, We Maintain Our 2026 Expectations
AS OF SEPTEMBER, WE MAINTAIN OUR 2026 EXPECTATIONS Net Sales EBITDA CAPEX 2026 GUIDANCE 2026 GUIDANCE 2026 GUIDANCE 50,825M ₺ 17,942M ₺ 28,477M ₺ 2025 2025 2025 46,640M ₺ (2) 14,875M ₺ (2) 23,951M ₺ (2) 1) The 2026 capital expenditure guidance does not include the Takoradi investment. 2) 2025 financ
Slide 44: EBITDA and EBITDA Margin 2025-2029
EBITDA EBITDA Margin 841M $ 42% 33% 310M $ 2025 2029 2025 2029
Slide 45: Strong Financing Capacity
Strong Financing Capacity Backed By Sinosure* 450M $ 124M $ 65M $ 92M $ *Sinosure: China Export & Credit Insurance Corporation
Slide 46: Q&A
Q&A A GLOBAL POWER IN ENERGY
Slide 47: Thank You
THANK YOU A GLOBAL POWER IN ENERGY
Aksa Enerji Uretim A.S. — Investor Presentation (September 2026) on 6ix