Slide 1: Aygaz Investor Presentation August 2025
Aygaz Investor Presentation August - 2025 1 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 2: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2025 Q2 Updates Sustainability & ESG Topics Appendix 2 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 3: Aygaz at a Glance
Aygaz at a Glance General Information Core Business LPG Joint Venture United Aygaz – Bangladeş Founded in 1961 LPG sourcing, storage, filling and distribution in Procurement, storage, filling and Koç Group’s first company Bangladesh distribution of LPG in energy sector Opet Aygaz Gayrimenkul A.Ş. Re
Slide 4: Aygaz in Figures
Aygaz in Figures Key Operating Figures of 2024 Facilities in Turkey The largest LPG storage Aygaz total LPG sales Aygaz Doğal Gaz total LNG 5 Filling plants**** in Turkey volume* & PNG sales volume 178 thousand m3 2.4 million tons 88 mcm 8 Distribution centers Cylinder gas sales Cylinder gas dealers
Slide 5: Aygaz Strategic Goals
Aygaz Strategic Goals Creating sustainable value by Broadening its international expansion strengthening its current position in through LPG investments in LPG and Natural Gas Segment in developed and developing countries Turkey Assessing the opportunities in core and adjacent businesses with a focu
Slide 6: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2025 Q2 Updates Sustainability & ESG Topics Appendix 6 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 7: Turkish LPG Market
Turkish LPG Market LPG as a commodity Turkish LPG Market Ranking** (2023) → Mixture of hydrocarbons (butane and propane) # 4 in European domestic LPG # 2 in Global autogas market market → Portable and versatile Italy 1,5 Russia 3,7 → Low GHG emission, eco-friendly Spain 0,9 Turkey 3,5 Russia 0,9 Sou
Slide 8: Aygaz's Core Business
Aygaz’s Core Business Highlights → Leader; → Generic brand for LPG ✓ LPG distributor of Turkey → Most preferred LPG brand in Turkey since its foundation ✓ Of the 2nd largest autogas market in the World → Market leader with 2 brands ✓ Of the 4th largest domestic LPG market in Europe LPG Sales Volume*
Slide 9: Cylinder Gas Market
Cylinder Gas Market Cylinder Gas Market (k ton) Cylinder Gas Market Shares Turkish Cylinder Market Aygaz Sales 718 699 612 621 573 41,6% 297 287 29,7% 252 255 238 18,0% 10,7% 2020 2021 2022 2023 2024 Aygaz İpragaz Oyak Group Other General factors affecting Turkish cylinder market Aygaz leading cylin
Slide 10: Autogas Market
Autogas Market Autogas Market (k ton) Market Shares & Station Number Shares Turkish Autogas Market Aygaz Sales 3.519 3.447 3.065 3.117 3.098 32,7% 22,1% 16,4% 664 669 697 774 760 10,1% 9,5% 9,3% 2020 2021 2022 2023 2024 Aygaz PO Shell Oyak Group BP Other General factors affecting Turkish autogas mar
Slide 11: Autogas; 2nd most widely used passenger car fuel of Turkey
Autogas; 2nd most widely used passenger car fuel of Turkey Ratio of cars registered to traffic acc. to fuel type Turkish Car Park (mn cars) Diesel Autogas Gasoline Electric- Hybrid 16,2 15,2 13,7 14,2 0,6 13,1 0,3 0% 4% 0,1 0,1 4,4 5,0 29% 30% 3,2 3,5 3,8 42% 32% 2014 2024 4,8 4,9 5,0 5,1 5,2 29% 5,
Slide 12: Competitive Supply Chain
Competitive Supply Chain BIG PLAYER IN LPG ADVANCED MODEL ✓ #1 LPG importer and exporter in Turkey ✓ Direct imports from 5 different terminals ✓ 46% of LPG imports ✓ Most diversified supply portfolio in Turkey ✓ 80 % of LPG exports ▪ Diversified supplier & origins ✓ 5 LPG terminals and filling tempe
Slide 13: LPG Transportation Activities
LPG Transportation Activities → Aygaz is actively involved in maritime transportation of LPG, which first started in 1967. → In 2010, Aygaz assigned the management of its LPG carriers to its subsidiary Anadoluhisarı Tankercilik A.Ş. → Profitable operation adding value to supply chain processes throu
Slide 14: Gebze Facility
Gebze Facility Cylinder and Gas Appliances Production & Sales ✓ USD revenue generation through pressurized container and equipment exports. ✓ Makes Aygaz a fully integrated LPG company producing its own cylinders and gas appliances. ✓ Embraces Aygaz R&D Center, creating a synergy through its extensi
Slide 15: Bangladesh LPG Market
Bangladesh LPG Market LPG Consumption* (k ton) 2018-2023 CAGR: 14% 1,395 1,426 1,498 1,232 960 764 2018 2019 2020 2021 2022 2023 Source: WLPGA Statistical Review of Global LP Gas Report, 2023 → Bangladesh GDP growth rate** reached 6% in 2023 and it is one of the most densely populated countries in t
Slide 16: Bangladesh Investment: United Aygaz
Bangladesh Investment: United Aygaz Chittagong Plant Cumulative capital contribution: 75 mn USD Aygaz share: 37,5 mn USD 6M 2025 revenue: USD ~ 73 million 75 mn USD Total 309 capital employees Chittagong facility,6 sphere tanks with Bangladesh LPG market, which is 1.6 the storage capacity of 16 thou
Slide 17: Aygaz Doğal Gaz
Aygaz Doğal Gaz Sales Volume (mcm) Turkish Natural Gas Market LNG Pipeline Natural Gas Private Sector Market %2 Botaş Market Share %98 1,0 13 bcm 475 Housing 2024 25 bcm Industry 246 Electricity 15 bcm 17 1,5 3,5 73 82 78 77 84,5 52,2 2020 2021 2022 2023 2024 Source: EMRA → Achieved over 1.7 billion
Slide 18: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2025 Q2 Updates Sustainability & ESG Topics Appendix 18 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 19: LPG & Natural Gas Business Line – Financials (1/2)
LPG & Natural Gas Business Line – Financials (1/2) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2024, the amounts are expressed in mn TL unless otherwise stated.) Financials (mn TL) 2023 2024 Diff. % Revenue 92.231 80.874 (12) 7.978 7.154 (10) • The total LPG sales volume was
Slide 20: LPG & Natural Gas Business Line – Financials (2/2)
LPG & Natural Gas Business Line – Financials (2/2) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2024, the amounts are expressed in mn TL unless otherwise stated.) Gross Profit & Gross Profit Margin EBITDA* & EBITDA Margin Gross Profit (mn TL) Gross Profit Margin (%) EBITDA* (M
Slide 21: Consolidated Financials (1/3)
Consolidated Financials (1/3) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2024, the amounts are expressed in mn TL unless otherwise stated.) Financials (mn TL) 2023 2024 Diff. % Revenue 93.608 81.773 (13) • The operating profit, realized at TL 1,413 mn in LPG and Natural Gas
Slide 22: Consolidated Financials (2/3)
Consolidated Financials (2/3) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2024, the amounts are expressed in mn TL unless otherwise stated.) Sales Revenue (mn TL) Gross Profit & Gross Profit Margin Net Sales (mn TL) Brüt Kar (M TL) Brüt Kar Marjı (%) 93.608 7.165 6.874 81.773
Slide 23: Consolidated Financials – Net Working Capital and Net Financial Debt
Consolidated Financials – Net Working Capital and Net Financial Debt (3/3) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2024, the amounts are expressed in mn TL unless otherwise stated.) Working Capital** (mn TL) Net Financial Debt** (mn TL) Net cash position 2.284 2.478 4.637
Slide 24: Consolidated Income Statement - Summary
Consolidated Income Statement - Summary (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2024, the amounts are expressed in mn TL unless otherwise stated.) Income Statement (mn TL) 2023 12M 2024 12M Diff (%)*** 2023 Q4 2024 Q4 Diff (%)*** Revenue 93.608 81.773 (13) 22.961 20.151 (
Slide 25: Consolidated Balance Sheet - Summary
Consolidated Balance Sheet - Summary (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2024, the amounts are expressed in mn TL unless otherwise stated.) Balance Sheet (mn TL) 31.12.2023 31.12.2024 Diff. Diff (%) Cash & Cash Eq. 5.084 3.844 (1.240) (24) Trade Receivables 5.819 4.14
Slide 26: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2025 Q2 Updates Sustainability & ESG Topics Appendix 26 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 27: Market Information
Market Information Turkish LPG Market (‘000 ton) Aygaz Market Shares Cylinder May’24 May’25 -6% Jan-May'24 Jan-May'25 1.644 -6% 1.549 41.2% 40.8% 1.368 1.288 225 211 k tons k tons -6% -4% 225 211 52 50 Autogas May’24 May’25 Total Autogas Cylinder gas Bulk Source: EMRA 21.9% 22.8% 1,368 1,288 k tons
Slide 28: Operational indicators – Q2 2025
Operational indicators – Q2 2025 2Q 2025 Compared 6M 2025 Compared (‘000 ton) to 2Q 2024 (‘000 ton) to 6M 2024 Wholesale and International Sales* (‘000 ton) Wholesale International Total Domestic Retail 265 -3% 496 -3% LPG Sales 335 333 153 Wholesale and 204 International 333 -1% 672 8% LPG Sales 18
Slide 29: LPG & Brent World Prices
LPG – Brent Prices LPG & Brent World Prices LPG - SP (Algeria) Brent 700 00:00:00 600 583 599 585 590 578 568 560 555 573 557 00:00:00 531 534 547 500 493 515 490 00:00:00 446 438 438 USD/Barrel USD/ton 400 00:00:00 300 00:00:00 200 90 00:00:00 80 84 85 82 83 85 81 74 76 74 79 75 100 74 73 72 00:00:
Slide 30: LPG & Natural Gas - Financials – 2025 Q2
LPG & Natural Gas - Financials – 2025 Q2 (Based on purchasing power of Turkish Lira ("TL") as of 30 June 2025, the amounts are expressed in mn TL unless otherwise stated.) Financials (mn TL) Q2 2025 Quarterly / YoY 6M 2025 6M / YoY Revenue 19,967 -14% 40,496 -12% Gross Profit 2,020 13% 3,957 1% EBIT
Slide 31: Consolidated Financials – 2025 Q2
Consolidated Financials – 2025 Q2 (Based on purchasing power of Turkish Lira ("TL") as of 30 June 2025, the amounts are expressed in mn TL unless otherwise stated.) Financials (mn TL) Q2 2025 Quarterly / YoY 6M 2025 6M / YoY Revenue 19,967 -16% 40,496 -14% Gross Profit 2,020 23% 3,957 10% EBITDA (ex
Slide 32: Forward Looking Statements for 2025
Forward Looking Statements for 2025 Cylinder: 220 - 230 k tons Sales Volume Autogas: 755 - 785 k tons Cylinder: 41.0% - 43.0% Market Share Autogas: 22.0% - 23.0% 32 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 33: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2025 Q2 Updates Sustainability & ESG Topics Appendix 33 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 34: Sustainability Efforts
Sustainability Efforts Aygaz has established its Sustainability Strategy and set up a Policies adopted to further improve the Company’s sustainability governance structure. compliance risk management and to comply with corporate As a Koç Group company, Aygaz has committed to becoming carbon governan
Slide 35: R&D Center
R&D Center Our R&D Center; while developing products and systems that will increase LPG usage and improve customer experience, it works on visionary and value-added solutions that will support the sustainability and digital transformation of our company. Practical Barbeque Demand Regulator GreenOdor
Slide 36: Work Culture in Aygaz
Work Culture in Aygaz Agile and Productive Organization • Aygaz Competence Model • Integrated and digital processes • New generation work methods Employee Experience • Work climate that supports Gaining Qualified cooperation, agile working that Supports Loyalty Human Resource and open communication
Slide 37: Risk Policy
Risk Policy FX & Interest Rate Risk • Zero FX exposure target after natural hedges • Portfolio with fixed/variable interest rates • Proactive management of FX and interest rate with derivatives Leverage & Liquidity Risk • Limits for financial ratios and active liquidity risk management: ✓ Net Financ
Slide 38: Corporate Governance & Credit Rating
Corporate Governance & Credit Rating Corporate Governance Rating June’25 Rating Score Main Sections: Avg. 96.74 Board of Directors 95,76 Stakeholders 99,51 Public Disclosure & Transparency 97,28 Shareholders 95,90 0 10 20 30 40 50 60 70 80 90 100 Source: SAHA Corporate Governance and Rating Services
Slide 39: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2025 Q2 Updates Sustainability & ESG Topics Appendix 39 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 40: Competitive Advantages of Aygaz
Competitive Advantages of Aygaz Brand Power & ✓ Generic brand – name of LPG in Turkey ✓ Market leader in all segments of the market Consistent Market ✓ Market maker Leader ✓ Advantages of economies of scale ✓ More than 4,000 dealers all over Turkey Strong Sales & Logistics ✓ 5 filling plants, 7 dist
Slide 41: The LPG Value Chain
The LPG Value Chain ~316 1,874 auto gas stations tankers Moving&floating storage capacity of Fixed storage ~ 75,200 m3 capacity of 178,200 m3 ~2,000 bulk gas customers 2.3 million 4 LPG ships belonging to tons of LPG supply the fleet of Anadoluhisarı Tankercilik Gebze Facility; exports of cylinders
Slide 42: Participation Portfolio
Participation Portfolio Subsidiaries Share Ratio (%) Anadoluhisarı Tankercilik A.Ş. 100 Kandilli Tankercilik A.Ş. 100 Kuleli Tankercilik A.Ş. 100 Kuzguncuk Tankercilik A.Ş. 100 * 100% of the company shares are owned by Aygaz A.Ş.’s full Bebek Shipping S.A. 100 subsidiary Kuleli Tankercilik A.Ş. Bal
Slide 43: Share Value
Share Value Aygaz Share Price Dividend-Nominal (mn TL) BIST-30 Aygaz 400 300 200 100 BIST Code: AYGAZ 0 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Bloomberg Code: AYGAZ.TI • As of 2025 June-end, Aygaz's company
Slide 44: Koç Holding at a Glance
Koç Holding at a Glance Turkey’s Leading Investment Holding Company o Turkey’s largest industrial and services group ~8% ~7% ~7% Combined Revenues/ Total Exports/ R&D expenditure/ o Sustainability oriented business model GDP 1 Turkey’s Exports Total private sector R&Ds2 focusing on profitable growth
Slide 45: Contact
Contact investorrelations@aygaz.com.tr Gökhan Dizemen, CFO gokhan.dizemen@aygaz.com.tr +90 212 354 1764 Kozan Nabi Çiftçi, Corporate Finance kozan.ciftci@aygaz.com.tr +90 212 354 1667 and Investor Relations Manager Dalya Hasanca, Investor Relations dalya.hasanca@aygaz.com.tr +90 212 354 1659 Leader
Slide 46: Glossary
Glossary LPG Liquid Petroleum Gas EMRA Energy Market Regulatory Authority WLPGA World LPG Association SP Sonatrach Price PETDER Petroleum Industry Association FOB Free On Board CIF Cost, Insurance & Freight Med Mediterranean VLGC Very Large Gas Carrier EYAŞ Enerji Yatırımları A.Ş. LNG Liquid Natural
Slide 47: Disclaimer
Disclaimer • With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions.