Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Aksa Energy — Investor Presentation (October 2025)
36 slides from Aksa Enerji Uretim A.s's investor presentation, October 2025
Slide 1: Investor Presentation October 2025
1 Investor Presentation October 2025
Slide 2: Key Investment Highlights
Key Investment Highlights AKSA ENERGY: AN OUTLIER IN TURKISH ENERGY SECTOR Deep Expertise in Energy Sector Diversified Portfolio Guaranteed Long-term Hard Currency Based Revenues Sustainable Growth Resilient Business Model 2
Slide 3: Shareholding Structure
Shareholding Structure AKSA ENERGY: LISTED IN BIST SUSTAINABILITY, CORPORATE GOVERNANCE, MSCI & FTSE INDICES AKSA ENERGY SHAREHOLDING STRUCTURE KAZANCI HOLDING SHAREHOLDING STRUCTURE Tülay Kazancı Mehmet Kazancı 4,8% Free Float 5,9% 20% Ali Metin Kazancı 29,0% Kazancı Holding A.Ş. Cemil Kazancı 80%
Slide 4: Power Generation by Fuel Type
Power Generation by Fuel Type TURKISH ENERGY SECTOR – 54% OF ELECTRICITY GENERATED FROM NON-RENEWABLE SOURCES 34% 33% 24% 21% 18% 17% 11% 12% 10% 9% 3% 3% 3% 3% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other Renewables Source: TEİAŞ 9M2024 9M2025 4
Slide 5: Price Evolution in Turkish Market
Price Evolution in Turkish Market Price SPOT PRICES IN Evolution in Turkish TURKIYE INCREASED Market BY 19% Y/Y IN 1H25 Average Spot Electricity Prices (TL/MWh) 3.000 2.520 2.390 2.371 2.250 2.415 2.030 1.969 1.500 750 0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Average Spot Energy Prices • In 1H25, average spo
Slide 6: Monthly Change in Power Consumption
Monthly Change in Power Consumption TURKISH ENERGY SECTOR – 3% AVERAGE GROWTH IN FIRST NINE MONTHS OF 2025 11% 5% 5% 4% 4% 3% 3% 0,5% -8% January February March April May June July August September Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights 1H2025
FINANCIAL & OPERATIONAL HIGHLIGHTS 1H2025
Slide 8: Key Highlights – 1H25
Key Highlights – 1H25 STRONG IMPROVEMENT IN EBITDA MAINLY DRIVEN BY CONTRIBUTION FROM TALLIMARJON PP TL million 1H25 1H24 y/y 1H25 vs 1H24 Net Sales 20,070 16,656 20% EBITDA 5,896 4,246 39% Net Income 1,352 2,037 -34% (1) Net Financial Debt 36,572 31,600 16% 1H25 1H24 y/y KPIs-1H25 vs 1H24 Gross Mar
Slide 9: Regional Breakdown
Regional Breakdown FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 80% TL million Domestic Foreign Share of Foreign Cumulative- 1H25 28% Net Sales 14,352 5,718 72% 20% EBITDA 1,184 4,712 80% Profit Before Tax -601 3,375 TL million Domestic Foreign Share of Foreign Cumulative- 1H24 33% Net Sales 11,206
Slide 10: Shares of Regions in EBITDA
Shares of Regions in EBITDA FOREIGN OPERATIONS’ CONTRIBUTION AT 80% Shares of Regions in EBITDA 82% 80% 18% 20% 1H24 1H25 Domestic Foreign 1H24 1H25 • Foreign operations’ contribution at 80% • Contribution of domestic operations (including Turkey and Northern Cyprus) to EBITDA increased slightly to
Slide 11: Domestic Operations
DOMESTIC OPERATIONS Antalya 900 MW Combined Cycle Natural Gas Power Plant
Slide 12: Domestic Operations at a Glance
Domestic Operations at a Glance MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS Bolu-Göynük DOMESTIC 270 MW INSTALLED CAPACITY 1,358 MW Natural Gas (1 power plant) 900 MW Fuel-Oil (1 power plant) 188 MW Lignite (1 power plant) 270 MW Antalya 900 MW Northern Cyprus 188 MW 12
Slide 13: Antalya PP - Key Highlights
Antalya PP - Key Highlights ANTALYA- 900 MW NATURAL GAS CCGT Ali Metin Kazancı SIGNIFICANT Antalya RECOVERY Power Plant – Key Highlights IN GENERATION Antalya Power Plant Location Technical Overview < ◼ Energy Source: Natural Gas Plant Overview ◼ Installed Capacity: 900 MW CCGT ◼ CoD: 2008 ◼ 2 Sieme
Slide 14: Bolu PP - Key Highlights
Bolu PP - Key Highlights BOLU GÖYNÜK- 270 MW LOCAL LIGNITE POWER PLANT Bolu Göynük SUPPORT FROM Power CAPACITYPlant – Key Highlights PAYMENTS Bolu Göynük Power Plant Location Technical Overview ◼ Energy Source: Local Lignite Plant Overview ◼ Installed Capacity: 270 MW (2x 135 MW) ◼ CoD: 2015 ◼ 2 uni
Slide 15: Northern Cyprus - PP Key Highlights
Northern Cyprus - PP Key Highlights NORTHERN CYPRUS 188 MW COMBINED CYCLE HFO POWER PLANT USD BASED GUARANTEED ENERGY SALES Northern Cyprus Power Plant Location Technical Overview ◼ Energy Source: Liquid Fuel ◼ Installed Capacity: 188 MW Combined Cycle Plant Overview ◼ CoD: 2003 ◼ Contract Expiry: 2
Slide 16: Renewable Energy Projects - Key Highlights (I/II)
Renewable Energy Projects - Key Highlights 891.41 MW STORAGE-BASED WIND and SOLAR POWER PLANTS (I/II) Key Highlights Power Plant Locations • Aksa Energy holds pre license / license for 13 renewable power Sivas 25 MW Eskişehir plant projects with storage in 10 cities, corresponding to 891.41 Balıkesi
Slide 17: Renewable Energy Projects - Key Highlights (II/II)
Renewable Energy Projects - Key Highlights 891.41 MW STORAGE-BASED WIND and SOLAR POWER PLANTS (II/II) Key Highlights Power Plant Commissioning Dates Location Project Name Technology Capacity (MW) EIA Process Expected COD • Mersin Wind Power Plant with storage, which completed Kırşehir Alıç Solar 50
Slide 18: Foreign Operations
FOREIGN OPERATIONS Bukhara 298 MW Combined Cycle Natural Gas Power Plant
Slide 19: Asia Installed Capacity
Contribution to the Energy Transition ACTIVE IN CENTRAL ASIA SINCE 2022… ASIA INSTALLED CAPACITY KAZAKHSTAN 1,220 MW Kyzylorda 240 MW UNDER UZBEKISTAN Tashkent A CONSTRUCTION 240 MW Tashkent B CAPACITY 252 MW Bukhara 240 MW 298 MW Tallimarjon 430 MW 19
Slide 20: Country Snapshots – Central Asia
Country Snapshots – Central Asia ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Uzbekistan Kazakhstan Population 36.4 mn Population 20.6 mn Area 447,400 km2 Area 2,724,900 km2 GDP $ 114.9 bn GDP $ 288.4 bn GDP per capita $ 3,161 GDP per capita $ 14,005 Installed Capacity 17,659 MW Installed Capacit
Slide 21: Tashkent, Bukhara & Tallimarjon PP – Key Highlights
Tashkent, Bukhara & Tallimarjon PP – Key Highlights OUR TOTAL INSTALLED CAPACITY REACHED 1,220 MW IN UZBEKISTAN WITH Tashkent COMPLETION A, B and Bukhara OF COMBINED Power CYCLE PP IN Plants – Key Highlights TALLIMARJON Uzbekistan Power Plants’ Locations Technical Overview ◼ Energy Source: Natural G
Slide 22: Central Asia Projects
2 2 Central Asia Projects STRENGTHENING POSITION IN CENTRAL ASIA WITH FIRST INVESTMENT IN KAZAKHSTAN KAZAKHSTAN ◼ Project Name: Kyzylorda (Natural Gas Combined Heat and Power Plant) ◼ Installed Capacity : 240 MW CCGT (CHP) ◼ 2 GE 6FA GTG + Skoda Doosan ST ◼ Contract Terms: 15-year capacity payments
Slide 23: Africa Installed Capacity
Attractive Region with Strong Growth Potential ACTIVE IN AFRICA SINCE 2017… MALI AFRICA 60 MW INSTALLED SENEGAL 255 MW CAPACITY(1) 430 MW GHANA Tema 370 MW Kumasi 350 MW GABON Libreville Port Gentil UNDER 145 MW CONSTRUCTION REPUBLIC OF CONGO 50 MW MADAGASCAR (2) 66 MW CAPACITY 750 MW (1) Excludes C
Slide 24: Country Snapshots – Africa
Country Snapshots – Africa CONTRIBUTION TO ENERGY ACCESS Ghana Mali Senegal Gabon Population 34.4 mn Population 24.5 mn Population 18.5 mn Population 2.5 mn Area 238,537 km2 Area 1,240,190 km2 Area 196,161 km2 Area 267,668 km2 GDP $ 82.8 bn GDP $ 26.6 bn GDP $ 32.27 bn GDP $ 20.87 bn GDP per capita
Slide 25: Africa Operations – Key Highlights
Africa Operations – Key Highlights LONG TERM GUARANTEED ENERGY SALES IN HARD CURRENCY & Mali FUEL Power Plant – Key IS PASS THROUGH Highlights IN ALL OF OUR OVERSEAS OPERATIONS Africa Power Plants’ Locations Technical Overview ◼ Energy Source: Natural Gas + Liquid Fuel ◼ Installed Capacity: 370 MW P
Slide 26: Africa Projects – Pipeline
2 6 Africa Projects Africa Projects – Pipeline WE CONTINUE TO GROW IN AFRICA WITH GHANA, SENEGAL & GABON INVESTMENTS GHANA ◼ Project Name: Kumasi (Natural Gas Combined Cycle Power Plant) ◼ Installed Capacity: 350 MW ◼ Siemens gas and steam turbines (Phase I) ◼ Contract Terms: 20-year PPA, guaranteed
Slide 27: Sustainability
SUSTAINABILITY
Slide 28: Sustainable Business Model
SUSTAINABILITY AT AKSA ENERGY SUSTAINABLE BUSINESS MODEL • The Company acts with the Responsibility of a Sustainable Business Model for a safe future. • The Company' sustainability approach is based on three pillars - Environmental Sustainability, Employees and Social Responsibility. • As a signator
Slide 29: We Are Committed to Sustainable Development Goals
SUSTAINABILITY AT AKSA ENERGY WE ARE COMMITTED TO SUSTAINABLE DEVELOPMENT GOALS! • Aksa Energy prioritizes identifying and managing the significant environmental impacts of the industry, respecting human and employee rights, and contributing to social development in the regions where it operates. •
Slide 30: Annex
ANNEX
Slide 31: Consolidated Summary Income Statement
Annex CONSOLIDATED SUMMARY INCOME STATEMENT 1H25 1H24 y/y MM TL Net sales 20,070 16,656 20% Cost of sales (15,467) (13,292) 16% Gross Profit 4,604 3,364 37% General & administrative costs (777) (815) -5% Marketing expenses (25) (58) -57% Other operating income 445 431 3% Other operating expenses (58
Slide 32: Consolidated Summary Quarterly Income Statement
Annex CONSOLIDATED SUMMARY QUARTERLY INCOME STATEMENT 2Q2025 2Q2024 y/y 1Q2025 q/q MM TL Net sales 9,862 8,075 22% 10,208 -3% Cost of sales (7,681) (6,166) 25% (7,786) -1% Gross Profit 2,181 1,909 14% 2,423 -10% General & administrative costs (411) (405) 2% (366) 12% Marketing expenses (13) (40) -68
Slide 33: Consolidated Summary Balance Sheet
Annex CONSOLIDATED SUMMARY BALANCE SHEET 1H25 YE24 YTD MM TL Cash and cash equivalents 6,640 1,230 440% Trade receivables 10,646 11,643 -9% Inventories 1,752 1,608 9% Total Current Assets 22,030 17,284 27% PP&E 77,258 72,093 7% Intangibles 2,796 1,890 48% Total Non-current Assets 85,977 79,288 8% To
Slide 34: 2025 Guidance Maintained as of Oct'25
Annex 2025 2024GUIDANCE MAINTAINED AS OF OCT’25 BEKLENTİLERİ FINANCIAL 2024 ACTUAL 2025 GUIDANCE COMPOSITION COMPOSITION INDICATOR (MM TL) (MM TL) 24% 40% 60% 76% NET SALES 31,639 Domestic Foreign 36,850 Domestic Foregin 27% 14% 73% 86% EBITDA 7,560 Domestic Foreign 11,005 Domestic Foreign 16% 26% 2
Slide 35: Investor Relations
Contact Information INVESTOR RELATIONS Pınar Saatcıoğlu Investor Relations and Sustainability Director investorrelations@aksaenerji.com.tr +90 216 681 1053 Rüzgarlıbahçe Mh . Özalp Çıkmazı No:10 Kavacık / Beykoz Istanbul Aksa Enerji Üretim A.Ş. https://www.aksaenerji.com.tr/investor-relations 35
Slide 36: Disclaimer
DISCLAIMER Aksa Energy has prepared this presentation for the sole purpose of providing information, which contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these s