Galata Wind Enerji A.s. · BIST:GWIND
Galata Wind Enerji A.s — Investor Presentation (2026)
57 slides from Galata Wind Enerji A.s's investor presentation, Oct 20, 2026
Slide 1: Galata Wind Enerji A.Ş. Corporate Profile Presentation 2026
Galata Wind Enerji A.Ş. Corporate Profile Presentation 2026
Slide 2: Agenda
Agenda Company Financial Briefs Data Energy Market Corporate in Türkiye Governance Operational Data Sustainability Galata Wind’s Corporate Strategy Annex
Slide 3: Company Briefs
i Company Briefs GALATAWIND 97
Slide 4: Doğan Holding at a Glance
Doğan Holding at a Glance Driven by its innovative vision, Doğan Group has played a pioneering role in a wide range of sectors—from energy to industry, finance, tourism, automotive and real estate—for more than 65 years. Strategic Focus Areas Key Strengths Listed Companies USD 2.8 bn NAV, mostly inve
Slide 5: Galata Wind at a Glance
Galata Wind at a Glance Galata Wind, which generates 100% renewable electricity, aims to reduce Türkiye’s dependence on energy imports by efficiently utilizing renewable resources, and to become a reliable and sustainable provider of clean electricity through an environmentally responsible business mo
Slide 6: Galata Wind Portfolio
Galata Wind Portfolio Strategic placement to capture the most efficient generation. Çorum SPP Taşpınar WPP & Good location and Erzurum SPP Hybrid SPP (Bursa) efficient operation Best generation in its Latest commercially operational distribution zone turbine technology Şah WPP (Balıkesir) Among the bigg
Slide 7: Galata Wind Portfolio | Business Segments
Galata Wind Portfolio | Business Segments Carbon Emission Certificate WIND POWER Şah WPP Mersin WPP Taşpınar WPP Right Sales PLANTS Installed Capacity 105 MW 99.9 MW 79 MW Number of Turbines 35 26 16 Thanks to renewable electricity generation, an annual reduction Turbine Supplier Vestas Vestas Norde
Slide 8: Milestones
Milestones 2023 2025 Mersin WPP capacity Taşpınar Hybrid SPP was commissioned: extension of 39 MW 36.2 MW approved. Mersin WPP capacity expansion completed: Pre licensing of 350 MW 99.9 MWm approved for electricity Project rights for a total of 72 MW of agri- storage power generation 2021
Slide 9: Energy Market in Türkiye
i Energy Market in Turkiye GALATAWIND 97
Slide 10: Türkiye Installed Capacity | Dec 2024/2025
Türkiye Installed Capacity | Dec 2024/2025 Total Installed Capacity 122,128 MW INSTALLED CAPACITY BY ENERGY RESOURCES (MW) INSTALLED CAPACITY BY ENERGY UTILITIES (MW) 32,203 PRODUCTION 72,006 HYDRO +91 +2,998 32,294 COMPANIES 75,004 24,675 NATURAL GAS -696 23,979 21,573 EÜAŞ -732 21,879 20,841 COAL
Slide 11: Türkiye Energy Generation | Dec 2024/2025
Türkiye Energy Generation | Dec 2024/2025 Total Energy Production 362,992 GWh GENERATION BY ENERGY RESOURCES (GWh) GENERATION BY ENERGY UTILITIES (GWh) 122,749 PRODUCTION 266,571 COAL -838 +14,638 121,911 COMPANIES 281,209 74,867 HYDRO -17,436 57,431 54,774 EÜAŞ -9,955 44,819 66,006 NATURAL GAS +17,
Slide 12: Türkiye Energy Market - Electricity Consumption
Türkiye Energy Market - Electricity Consumption Türkiye Total Consumption (thousand MWh) Per Capita Consumption by Country (MWh) 400 30 361.2 347.9 350 24.3 25 300 19.2 20 250 15.7 13.4 200 15 12.9 12.8 12.1 150 10 8.2 8.2 7.1 7.1 100 6.2 4.6 4.0 3.8 5 3.6 50 1.4 0 0 2008 2009 2010 2011 2012 2013 20
Slide 13: Electricity Prices (2023-2025)
Electricity Prices (2023-2025) TRY/MWh USD/MWh Average MCP (TRY) Average MCP (USD) 4,500 2023 2,191 2024 2,236 2025 2,607 250 2023 97 2024 68 2025 66 4,000 3,431 3,500 200 183 2,965 2,939 2,973 2,803 2,729 2,740 2,784 3,000 149 2,509 2,453 2,184 2,327 150 2,500 2,202 2,589 2,463 2,446 112 2,478 2,39
Slide 14: Türkiye’s Energy Transition
Türkiye’s Energy Transition Türkiye is accelerating investments in renewable energy to strengthen energy security and support low-carbon growth. The rapid expansion of solar and wind capacity is a key driver of the country’s energy transition. Electricity Demand on a Strong Ambitious capacity target
Slide 15: Türkiye’s Energy Roadmap 2035
Türkiye’s Energy Roadmap 2035 2035 Roadmap (Türkiye National Energy Plan, 2022) Targeted installed capacity and share of renewable energy Investment pace / New capacity requirements Türkiye’s installed power capacity is projected to increase A total of 96.9 GW of new capacity is expected to be f
Slide 16: YEKDEM - Renewable Energy Resources Support Mechanism
YEKDEM - Renewable Energy Resources Support Mechanism Overview of the Mechanism Pricing Model Purpose of YEKDEM: Hybrid Indexation Structure: To promote renewable energy investments by providing price Prices are updated monthly using a hybrid indexation mechanism guarantees and incentives. to pr
Slide 17: Operational Data
i Operational Data GALATAWIND 7°
Slide 18: Generation Growth
Generation Growth Galata Wind aims to increase its total installed capacity in renewable energy to 550+ MW in the short term and to over 1,000 MW in the medium term. (GWh) Growth in total 900 881 14 generation over 800 Mersin WPP Şah WPP Taşpınar WPP Erzurum SPP Çorum SPP 793 810 14 40 the last two
Slide 19: Carbon Emission Certificate Rights Sales
Carbon Emission Certificate Rights Sales Carbon Emission Reduction Certificate Sales Emission Reduction Certificates 1,000,000 7 6 Sales Price (USD) 800,000 5 Plants Ton CO2 600,000 4 400,000 3 Taşpınar WPP (Bursa) 2 200,000 1 Şah WPP (Balıkesir) 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 20: Key Operational Figures | WPPs
Key Operational Figures | WPPs Wind Capacity Usage Ratio (%) Galata Wind WPP Generation - GWh 50% 900 827 827 800 741 758 758 45% 690 678 700 123 218 40% 600 500 35% 218 281 400 322 333 317 322 311 281 30% 300 222 225 218218 235 183 192 169 200 147 25% 322 311 100 20% 0 2021 2022 2023 2024 2025 2021
Slide 21: Key Operational Figures | SPPs
Key Operational Figures | SPPs Solar Capacity Usage Ratio (%) Galata Wind SPP Generation - GWh 30% 60 54.1 54.0 54 51.9 51.1 52.0 52 25% 50 40.6 39.1 40.0 37.4 38.0 20% 40 38 40 30 15% 20 14.0 13.5 12.9 13.8 14.0 10% 10 14 14 5% 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2024 2025 Türkiye Ç
Slide 22: Corporate Strategy
i Corporate Strategy GALATAWIND 7°
Slide 23: Corporate Strategy
Corporate Strategy Keeping revenue Increasing and costs carbon Strategic Goal predictable credit sales revenues To become one of the Maintaining a strong capital Optimizing operational leading structure and low efficiency renewable leverage energy Corporate Strategy generators in Becoming an exemplary
Slide 24: How We Make Money? | Galata Wind (GWIND.IS)
How We Make Money? | Galata Wind (GWIND.IS) Revenue Model & Key Levers 1 3 Generate renewable Sell power via 3 Cost and other value electricity 2 routes levers Wind + solar operating portfolio Spot market sales at PTF (MCP / Cost predictability: with installed capacity 354.2 MW, market clearin
Slide 25: Investment Thesis | Galata Wind (GWIND.IS)
Investment Thesis | Galata Wind (GWIND.IS) Galata Wind is a pure-play renewable electricity generator in Türkiye (wind & solar). The company has been listed since April 2021. 1 2 3 Operating renewable platform Visible growth Revenue framework: (wind & solar) pathway FiT/YEKDEM + Market exposure Op
Slide 26: Growth Plan
Growth Plan Galata Wind aims to increase its installed capacity to over 1,000 MW and become a global player in the long term. Portfolio growth Expansion Optimum portfolio Becoming a diversification global player Focus 1,000+ MW National & Doubling the First Green IPO international Explore capacity i
Slide 27: Investment Pipeline - Türkiye
Investment Pipeline - Türkiye In the first half Capacity of 2027 Extensions and New Acquisitions Commissioning of a total of 24 MW of Şah WPP 8 MW (2027) investments in the first half of 2027 Alapınar WPP 16 MW (2027) Between New EMRA 2027-2035 Fulacık WPP Legislation: Power 50 MW Akbelen WPP Plants
Slide 28: Investment Pipeline - Europe
Investment Pipeline - Europe Activities in Europe European HQ in the Netherlands established in July 2023. Target: CfD tenders, technology incentives and long-term PPAs. Subsidiaries in Germany and Italy established in 2024. Focus regions: Bavaria in Germany / Puglia, Basilicata, Sicily in I
Slide 29: Investment Pipeline
Investment Pipeline Total Installed Capacity - Present 2027 2030-2035 Alapınar WPP (New License) 16 MW Mersin WPP 99.9 MW Şah WPP (Capacity Expansion) 8 MW Şah WPP 105 MW European SPP Investments 100 MW European SPP Investments 200 MW Taşpınar WPP + Hybrid SPP 115.2 MW • Germany Agri-PV 63 MW PPs wi
Slide 30: Financial Data
Financial Data GALATAWIND 7°
Slide 31: Financial Performance (2025)
Financial Performance (2025) REVENUE EBITDA - EBITDA MARGIN CAPEX GREEN INVESTMENT (million TRY) (million TRY - %) (million TRY) (million TRY) Purchase of PPE & Intangible Assets -5.0% -38.5% -40.0% 3,095 -6.0% 2,940 2,624 2,603 2,141 2,012 1,614 1,562 69.2% 68.4% 2024 2025 2024 2025 2024 2025 2024
Slide 32: Balance Sheet & Leverage (2025)
Balance Sheet & Leverage (2025) TOTAL ASSETS EQUITY (million TRY) (million TRY) 4.9% 20,339 3.2% 19,385 13,687 14,129 2024 2025 2024 2025 FREE CASH NET FINANCIAL DEBT*/EBITDA NET FINANCIAL DEBT*/EQUITY (million TRY) 0.66 0.09 0.08 476 0.54 2024 -73 2024 2025 2024 2025 2025 * Liquid funds included in
Slide 33: Balance Sheet & Leverage (2025)
Balance Sheet & Leverage (2025) NET FX POSITION CASH AND CASH EQUIVALENTS BY CURRENCY (million TRY) (%) 2024 2025 TRY 36% 2025 -2,051 USD 47% TRY 1.8 billion -2,730 17% 24.9% EUR DEBT MATURITY PROFILE GROSS DEBT BY CURRENCY (%) (%) >5 years 13% Up to 1 year 22% 2025 2025 Average maturity 75% USD 4 y
Slide 34: Distribution of Cost of Sales (2025)
Distribution of Cost of Sales (2025) Cost Distribution by Nature Cost Distribution by Currency Personnel expenses Consultancy expenses 7% 2% Distribution expenses 37% 93% 91% Fixed Costs Repair & 41% maintenance expenses Variable Costs 7% 9% 5% Foreign Local Currency Currency Insurance 5% expenses 3
Slide 35: Revised 2026 Guidance
Revised 2026 Guidance 2025 Actual Previous 2026 Targets Revised 2026 Targets CAPEX TRY 1.6 billion TRY 6.8 billion TRY 6.1 billion Annual Generation 880,937 MWh 950,000 - 1,000,000 MWh 950,000 - 1,000,000 MWh EBITDA Margin 68% 65-70% range ~60% 35
Slide 36: Corporate Governance
Corporate Governance GALATAWIND 7°
Slide 37: Governance Structure
Governance Structure Galata Wind’s management structure is designed to bring together the competencies, expertise, and industry experience necessary to ensure effective oversight of the Company’s strategy and to support long-term value creation, complemented by strong executive leadership and corpor
Slide 38: Board Committees
Board Committees The committees within Galata Wind support the Board of Directors in effectively fulfilling the duties and responsibilities outlined in the Corporate Governance Principles, and the duties, responsibilities, and operating procedures of these committees have been approved by the Board o
Slide 39: Sustainability
Sustainability
Slide 40: Sustainability
Sustainability At Galata Wind, we continue to contribute to sustainable development by generating electricity from environmentally friendly renewable sources. We view sustainability as environmental impact management with responsibility to be part of social and economic transformation. Sustainabilit
Slide 41: Corporate Sustainability Strategy
Corporate Sustainability Strategy TRANSPARENT AND CLIMATE LEADERSHIP AND ETHICAL GOVERNANCE 07 01 ENERGY TRANSFORMATION We foster a strong governance culture grounded By increasing our renewable energy generation, in high ethical standards, transparency, and we are leading the transition toward a ca
Slide 42: Galata Wind Sustainable and Resilient Business Model
Galata Wind Sustainable and Resilient Business Model Climate Leadership and Energy Transition Risks and Opportunities 1. Low-Carbon Sustainable Growth Transition Risks Physical Risks and Opportunities We continue to advance our low-carbon growth with 354.2 MW of renewable energy capacity, contributi
Slide 43: Environment and Community Impact
Environment and Community Impact Biodiversity and Ecosystem Programs Biodiversity Management and Nature-Positive Approach Taşpınar WPP/SPP Hybrid Power Plant Activities in the Bursa-Karacabey Ovakorusu 1. Systematic Biodiversity Management Supporting Natural Life, Conserving Biodiversity, Wildlife C
Slide 44: Creating Social Value and Social Impact
Creating Social Value and Social Impact Corporate Volunteer Programs and Sponsorships Memberships and Partnerships Support for Sports and Furry Friends Industry Memberships As a company that always champions youth and sports, Galata Wind became Through its memberships in TÜREB, EÜD, GÜYAD, GÜNDE
Slide 45: Sustainability Rating
Sustainability Rating Among 19 Galata Wind Enerji A.Ş. companies in Türkiye 1. Corporates I Utilities - Non US I Türkiye I ESG Entry Rating Among 160+ ESG Rating Type ESG Ratinga Score Analysis Type companies in the sector 15% Entity 2 78 Full Entity Instrument Not Applicable Not Applicable Not Appl
Slide 46: Sustainability Rating
Sustainability Rating Global ESG Score: 65 28% Global Average: 41 ESG Profile 63 Preparedness +2 Environmental Governance: 74 11% Global Industry Average: 46 Low Emerging Adequate Strong Best in class ESG Evaluation 75% 65 Galata Wind ranked as the Social Governance: 64 Global Industry Average: 41 s
Slide 47: Sustainability Rating
Sustainability Rating Galata Wind successfully completed the assessment process conducted by B Lab on April 28, 2026, and has PROVISIONAL (p) AA achieved Certified B Corporation™ (B Corp™) status. ESG RATINGS This certification demonstrates compliance with (p) CCC (p) B (p) BB (p) BBB (p) A (p) AA (
Slide 48: Stock Performance
Stock Performance 2024-2025 Performance Review Indices it is Included in Metric 2024 2025 Note / Calculation BIST ELECTIRICTY / BIST STARS / BIST ALL SHARES Year-opening close (TRY) 21.7680 Jan 2, 2024 31.2166 Jan 2, 2025 Closing share price on the first trading day of the year / BIST BALIKESİR / BI
Slide 49: Annex
Annex GALATAWIND 7° i
Slide 50: Financial Performance (2026 Q2)
Financial Performance (2026 Q2) REVENUE EBITDA - EBITDA MARGIN CAPEX (million TRY) (million TRY - %) (million TRY) Purchase of PPE & Intangible Assets -29.8% -45.0% -23.9% 1,578 -54.0% 1,107 1,106 -78.3% 1,138 866 -7.2% 799 608 552 70.1% 54.9% 69.1% 32.6% 367 390 362 120 2025 6M 2026 6M 2025 Q2 2026
Slide 51: Balance Sheet & Leverage (2026 Q2)
Balance Sheet & Leverage (2026 Q2) TOTAL ASSETS EQUITY (million TRY) (million TRY) -1.4% 8.0% 23,951 23,622 17,975 16,639 2025 12M 2026 6M 2025 12M 2026 6M FREE CASH NET FINANCIAL DEBT*/EBITDA NET FINANCIAL DEBT*/EQUITY (million TRY) 1.59 0.11 41 2026 6M 0.09 2025 6M -721 0.71 2025 6M 2026 6M 2025 1
Slide 52: Balance Sheet & Leverage (2026 Q2)
Balance Sheet & Leverage (2026 Q2) NET FX POSITION CASH AND CASH EQUIVALENTS BY CURRENCY (million TRY) (%) 2025 12A 2026 6A USD 3% TRY Q2 2026 70% TRY 1.1 27% billion -2.415 -2.747 EUR %13,7 DEBT MATURITY PROFILE GROSS DEBT BY CURRENCY (%) (%) >5 years 8% Up to 1 year 4 years 26% 18% USD Q2 2026 Q2
Slide 53: Distribution of Cost of Sales (2026 Q2)
Distribution of Cost of Sales (2026 Q2) Cost Distribution by Nature Cost Distribution by Currency Personnel expenses Consultancy expenses 8% 3% Distribution expenses 42% 95% 78% Fixed Costs Repair & 34% maintenance expenses 22% Variable Costs 5% Foreign Local Currency Currency 6% 2% 6% Insurance Oth
Slide 54: Balance Sheet - 31 Dec 2025/30 Jun 2026
Balance Sheet - 31 Dec 2025/30 Jun 2026 Current Assets: Consolidated Financial Statement Change compared 31 Dec 2025 30 Jun 2026 Due to the impact of capital expenditures and loan principal and (m TRY) to 31 Dec 2025 interest payments, current assets declined by 36% to TRY 1,658 Total Assets 23,951
Slide 55: P&L Table - 30 Jun 2025/2026
P&L Table - 30 Jun 2025/2026 Gross Profit: Consolidated Income Statement 2025 6M 2026 6M Yearly Change (m TRY) Consolidated revenues in the first half of 2026 stood at TRY 1,107 million, down 30% year-on-year, as a 34% drop in MCP and an indexing Revenue 1,578 1,107 -30% rate of 32% offset a 13% inc
Slide 56: Investor Relations
Investor Relations Visit Our WEBSITE https://www.galatawindenerji.com/ Eren Öner Director of Investor Relations Corporate Governance Committee Member Sustainability Committee Member Address Burhaniye Mahallesi, Kısıklı Caddesi No: 65 34676 Üsküdar/İstanbul Contact ir@galatawind.com.tr +90 216 556 94
Slide 57: Disclaimer
Disclaimer All information contained in this presentation (“Presentation”), which consists of documents and appendices, is provided by Galata Wind Enerji A.Ş. It has been prepared by GWIND to present information, insights and statements about the company (GWIND). The accuracy, adequacy and completen
Galata Wind Enerji A.Ş. — Investor Presentation (2026) on 6ix