Selcuk Ecza Deposu Ticaret Ve Sanayi A.s. · BIST:SELEC

Selcuk Ecza Deposu Ticaret Ve Sanayi A.s — Investor Presentation (March 2026)

37 slides from Selcuk Ecza Deposu Ticaret Ve Sanayi A.s's investor presentation, March 2026

1. Slide 1: Investor Presentation March 2026

   MARCH 2026 INVESTOR PRESENTATION

2. Slide 2: Contents

   March 2026 / Investor Presentation 2 Contents  Market Structure  Pharmaceutical Market  Pharmaceutical Warehouses  Pharmacies  Fundamental Regulation Facts  Selçuk Ecza  In the Turkish Pharmaceutical Market for 65 Years  Shareholder Structure  General View  Non-Pharmaceutical Products  Cr

3. Slide 3: Market Structure

   March 2026 / Investor Presentation 3 Market Structure •Suppliers •Wholesalers •Pharmacies  A significant portion of pharmaceutical spending in Türkiye is financed through the public reimbursement system.

4. Slide 4: Market Structure: Pharmaceutical Market - I

   March 2026 / Investor Presentation 4 Market Structure: Pharmaceutical Market- I GLOBAL PHARMACEUTICAL MARKET – TOP 10 COUNTRIES & TÜRKİYE’S POSITION (2024) SALES MARKET # COUNTRY GROWTH (BILLION DOLLARS) SHARE 1 USA 812.5 46.4% 9.6% 2 China 165.9 9.5% 0.1% 3 Germany 69.8 4.0% 7.8% 4 Japan 68.3 3.9%

5. Slide 5: Market Structure: Pharmaceutical Market - II

   March 2026 / Investor Presentation 5 Market Structure: Pharmaceutical Market- II Pharmaceutical Market Size by Country (2024) * Reference countries under Türkiye’s pharmaceutical pricing regulations Source: IQVIA analysis, Türkiye Pharmaceutical Industry Report 2025 (sponsored by AIFD & EFPIA)  Tür

6. Slide 6: Market Structure: Pharmaceutical Market - III

   March 2026 / Investor Presentation 6 Market Structure: Pharmaceutical Market- III Türkiye Pharmaceutical Market Size (2020-2024) Source: IQVIA analysis, Türkiye Pharmaceutical Industry Report 2025 (sponsored by AIFD & EFPIA)  While the market grew rapidly in value terms during 2020–2024, volume (un

7. Slide 7: Market Structure: Pharmaceutical Market - IV

   March 2026 / Investor Presentation 7 Market Structure: Pharmaceutical Market- IV Growth Drivers in the Regulated Market (2024) * Other / Rounding: classification and rounding differences Source: IQVIA analysis, Türkiye Pharmaceutical Industry Report 2025 (sponsored by AIFD & EFPIA)  In 2024, 90.6%

8. Slide 8: Market Structure: Pharmaceutical Warehouses

   March 2026 / Investor Presentation 8 Market Structure: Pharmaceutical Warehouses  There are approximately 15 National Nationals pharmaceutical wholesalers operating at an economic scale.  Economies of scale create a competitive advantage for Multinationalslarger players. International  The market

9. Slide 9: Market Structure: Pharmacies

   March 2026 / Investor Presentation 9 Market Structure: Pharmacies  The pharmacy channel is protected by regulations and provides a sustainable customer base for distribution companies.  Approximately 30,000 pharmacies operate across Türkiye  There is approximately one pharmacy per 3,000 people. 

10. Slide 10: Fundamental Regulation Facts - I

    March 2026 / Investor Presentation 10 Fundamental Regulation Facts - I Sale Price to Reference Pricing Periodic Euro Value3 Reference Price Factor Warehouse The lowest Sale Price to Non-Equivalent Warehouse (SPW) in the 100% Reference Drugs source countries is taken as basis. The reference euro pric

11. Slide 11: Fundamental Regulation Facts - I (Periodic Euro Value)

    March 2026 / Investor Presentation 11 Fundamental Regulation Facts - I Periodic Euro Value (PEV) Decision Effective Current Exchange PEV PEV Increase Ratio of PEV to Current  The Periodic Euro Date Date Rate with Decision Rate (%) Exchange Rate as of Value is one of the Date Decision Date (%) key p

12. Slide 12: Fundamental Regulation Facts - II

    March 2026 / Investor Presentation 12 Fundamental Regulation Facts - II Warehouse Profit Rates Company Selling Price; Warehouse Profit (%) For the portion up to TRY 406.76 (including TRY 406.76) 8 For the portion between TRY 406.76 and TRY 814.77 (including TRY 814.77) 6 For the portion exceeding TR

13. Slide 13: Fundamental Regulation Facts - III

    March 2026 / Investor Presentation 13 Fundamental Regulation Facts - III Reimbursement – Social Security Institution (SSI)  The SSI reimbursement system provides a predictable cash flow and collection structure for the sector. Upper Limit for Reimbursement Price Retail Price Public Discount Reimbur

14. Slide 14: Selçuk Ecza: In the Turkish Pharmaceutical Market for 65 Years

    March 2026 / Investor Presentation 14 Selçuk Ecza: In the Turkish Pharmaceutical Market for 65 Years

15. Slide 15: Selçuk Ecza: Shareholder Structure

    March 2026 / Investor Presentation 15 Selçuk Ecza: Shareholder Structure  The Company’s majority stake is controlled through Selçuk Ecza Holding A.Ş. Ahmet & Nezahat Ahmet Keleşoğlu Nezahat Keleşoğlu Keleşoğlu Foundation Heirs Heirs %51 %19,6 %29,4 Selçuk Ecza Holding A.Ş. Free Float* Gürgen Family

16. Slide 16: Selçuk Ecza: General View

    March 2026 / Investor Presentation 16 Selçuk Ecza: General View  The Company holds a leading position in Türkiye’s pharmaceutical distribution sector, standing out with its scale advantage and strong cash generation capacity.  Slogan: Trust, Balance, Stability  Business Model: Integrated structur

17. Slide 17: Selçuk Ecza: Non-Pharmaceutical Products

    March 2026 / Investor Presentation 17 Selçuk Ecza: Non-Pharmaceutical Products  The non-pharmaceutical products segment represents a complementary growth area with limited additional investment requirements, leveraging the existing infrastructure.  Since 2009, the Company has been engaged in the s

18. Slide 18: Selçuk Ecza: Investment Highlights

    March 2026 / Investor Presentation 18 Selçuk Ecza: Investment Highlights  Leading position in Türkiye’s pharmaceutical distribution sector (~38% market share)  Predictable business model within a regulated framework  Strong operational structure supported by an extensive warehouse network and sca

19. Slide 19: Selçuk Ecza: Credit Rating

    March 2026 / Investor Presentation 19 Selçuk Ecza: Credit Rating Long Term National Institution Credit Rating AA (tr) / (Stable Outlook) Short Term National Institution Credit Rating J1+ (tr) / (Stable Outlook) Long Term International Foreign Currency Institution Credit Rating BB / (Stable Outlook)

20. Slide 20: Leading Market Share

    March 2026 / Investor Presentation 20 Leading Market Share  The Company has maintained its industry leadership for many years. Source: IQVIA, TRY-based market share data

21. Slide 21: Profitability Metrics

    March 2026 / Investor Presentation 21 Profitability Metrics (Million TRY) 2025 2024 Change Revenue 172,011.11 168,353.23 %2.17 Gross Profit 14,198.77 17,034.93 -%16.65 Gross Profit Margin 8.25% 10.12% –187 bps EBITDA 4,751.08 8,032.08 -%40.85 EBITDA Margin 2.76% 4.77% -201 bps Net Profit -379.80 2,6

22. Slide 22: Revenue

    March 2026 / Investor Presentation 22 Revenue 2.17% (Million TRY)

23. Slide 23: Gross Income

    March 2026 / Investor Presentation 23 Gross Income -16.65% (Million TRY)

24. Slide 24: EBITDA

    March 2026 / Investor Presentation 24 EBITDA -40.85% * EBITDA represents the reported figure based on the Company’s financial statements.

25. Slide 25: Net Profit

    March 2026 / Investor Presentation 25 Net Profit -114.09% (Million TRY) * Changes in profitability are largely attributable to periodic regulatory effects and the implementation of IAS 29 inflation accounting.

26. Slide 26: Cash and Liquidity Overview

    March 2026 / Investor Presentation 26 Cash and Liquidity Overview (Milllion TRY) 2025 2024 Cash and Financial Investments 7,566.53 17,930.79 Financial Debt 795.86 10,513.23 Net Cash * 6,771.00 7,418.00 * Net Cash = Cash and Financial Investments – Financial Debt  The Company maintains a net cash po

27. Slide 27: Working Capital

    March 2026 / Investor Presentation 27 Working Capital (Million TRY) 2025 2024 Trade Receivables 42,564.25 42,031.71 Inventories 16,683.30 16,413.28 Trade Payables 47,325.65 46,516.51 Working Capital 11,921.90 11,928.49 Working Capital / Sales (%) 6.93 7.09  The Company maintains a disciplined worki

28. Slide 28: Operational Data

    March 2026 / Investor Presentation 28 Operational Data 110 warehouses | ~2,400 vehicles | ~6,000 employees

29. Slide 29: Extensive Warehouse Network & Distribution Infrastructure

    March 2026 / Investor Presentation 29 Extensive Warehouse Network & Distribution Infrastructure Main Regional Total Warehouse Warehouse Selçuk Ecza 23 73 96 As Ecza 4 10 14 Group Total 27 84 110

30. Slide 30: Operational Efficiency Metrics

    March 2026 / Investor Presentation 30 Operational Efficiency Metrics 2025 2024 Change Revenue (Million TRY) 172,011.11 168,353.23 %2.17 # of Employees 5,971 6,157 -%3.02 # of Warehouses 110 112 -%1.79 OpEx / Revenue (%) 6.21 6.08 +13 bps Personnel Expense / Sales (%) 4.18 3.91 +26 bps # of Employees

31. Slide 31: Operating Expense Breakdown

    March 2026 / Investor Presentation 31 Operating Expense Breakdown Operating Expenses 2025 % 2024 % Change (%) Personnel expense 7,198,535,152 67.40 6,589,719,714 64.33 9.24 Depreciation and amortization expense 891,214,191 8.34 816,299,106 7.97 9.18 Fuel expense 454,591,091 4.26 519,402,745 5.07 -12

32. Slide 32: Capital Expenditures and Free Cash Flow

    March 2026 / Investor Presentation 32 Capital Expenditures and Free Cash Flow 2025 2024 Revenue (Million TRY) 172,011.11 168,353.23 Cash Flows From Operating Activities (Million TRY) 7,098.70 -11,485.54 CapEx (Million TRY) * 729.15 736.03 Free Cash Flow 6,369.55 - 12,221.57 CapEx / Revenue (%) 0.42

33. Slide 33: Capital Increases and Dividend Payments

    March 2026 / Investor Presentation 33 Capital Increases and Dividend Payments Capital Increases Date Previous Capital Increase Amount Increase Rate(%) Capital After Increase 31.05.2010 517,500,000 103,500,000 20 621,000,000 20.06.2007 225,000,000 292,500,000 130 517,500,000 Divident Payments  A sus

34. Slide 34: Appendix: Financial Summary

    March 2026 / Investor Presentation 34 Appendix: Financial Summary Consolidated Income Statement (Million TRY) 2025 2024 REVENUE 172,011.11 168,353.23 Cost Of Sales (-) -157,812.34 -151,318.30 GROSS PROFIT 14,198.77 17,034.93 OPEX -10,679.66 -10,244.15 Other Operating Income / Expenses (Net) -1,449.3

35. Slide 35: Appendix: Financial Summary

    March 2026 / Investor Presentation 35 Appendix: Financial Summary Consolidated Balance Sheet (Million TRY) ASSETS 31.12.2025 31.12.2024 LIABILITIES AND EQUITY 31.12.2025 31.12.2024 Cash And Cash Equivalents & 7,566.53 17,930.79 Short-Term Payables 670.41 9,714.28 Financial Investments Trade Receivab

36. Slide 36: Notice

    March 2026 / Investor Presentation 36 Notice IAS 29 Application Pursuant to the resolution of the Capital Markets Board of Türkiye (CMB) dated 28 December 2023 and numbered 81/1820, issuers applying Turkish Financial Reporting Standards (TFRS), which are fully compliant with IFRS, are required to ap

37. Slide 37: Investor Relations & Capital Markets Department

    Selçuk Ecza Deposu Tic. ve San. A.Ş. Borsa İstanbul: SELEC Investor Relations & Capital Markets Department www.selcukecza.com.tr Reuters: SELEC.IS yiselec@selcukecza.com.tr Tel: +90 216 554 0554 Bloomberg: SELEC.TI Tel: +90 216 554 0554 Fax: +90 216 554 0517

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