Emlak Konut Gayrimenkul Yatirim Ortakligi A.s. 0 % Certificates 2025-31.12.2199 · BIST:DMLKT
Emlak Konut Gayrimenkul Yatirim Ortakligi A.s. 0 % Certificates 2025-31.12.2199 — Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (May 2026)
39 slides from Emlak Konut Gayrimenkul Yatirim Ortakligi A.s. 0 % Certificates 2025-31.12.2199's investor presentation, May 2026
Slide 1: Investor Presentation
EMLAK KONUT REAL ESTATE INVESTMENT COMPANY INVESTOR PRESENTATION EKGYO INVESTOR PRESENTATION – MAY 2026 1
Slide 2: Important notice
IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. (the “Company”) or any person on behalf of the Company, and any question-and-answer session th
Slide 3: Executive Management & Participant Profiles
EXECUTIVE MANAGEMENT & PARTICIPANT PROFILES ERTAN KELEŞ YASİR YILMAZ ERCAN ALİOĞLU MUSTAFA BUĞA Chairman of the Board Chief Executive Officer Chief Fınancıal Officer Chief Investor Relations Officer Emlak Konut Emlak Konut Emlak Konut Emlak Konut A graduate of Middle East Technical Yasir Yılmaz hold
Slide 4: Emlak Konut Intro
EMLAK KONUT INTRO EMLAK KONUT INTRO MACRO BACKROUND PORTFOLIO & PROJECTS FINANCIAL HIGHLIGHTS SUSTAINABILITY & GOVERNANCE APPENDIX EKGYO INVESTOR PRESENTATION – MAY 2026 4
Slide 5: Emlak Konut Overview
EMLAK KONUT OVERVIEW 335 BILLION TL Tracing its origins to since 1953, Emlak Konut is one of Turkyie’s oldest TOTAL ASSET EBITDA1 enterprises whose main field of experience is in the Turkish real estate sector, empowered by the advantages of being State-affiliated. With its unique business 335 BILLI
Slide 6: Capital and Ownership Structure
OWNERSHIP - TOKI CAPITAL AND OWNERSHIP STRUCTURE Corporate Identity and Shareholding Structure Emlak Konut’s main shareholder is the Housing Development Administration of Türkiye (“TOKİ”), the leading public institution under the T.C. Ministry of Environment, Urbanization and Climate Change. This ow
Slide 7: Business & Financial Models
BUSINESS & FINANCIAL MODELS BUSINESS MODELS FINANCIAL MODELS Average Delivery Time: 3-4 years Micro-Investment Profit Distribution by model % Market-Bridge Model 2025 2024 2023 REAL ESTATE Dual-Option RSM 40% 93% 80% CERTIFICATES Turnkey 60% 7% 20% REVENUE PARTNERSHIP ON PRIVATE SECTOR LAND. REVENUE
Slide 8: Business Models
BUSINESS MODELS REVENUE SHARING MODEL (“RSM”) THE TURNKEY MODEL Objective Objective To maximize profit with minimum risk and capital commitment by developing To lay the groundwork for future RSM projects in less developed and less high-quality, branded projects that constitute the core business of t
Slide 9: Revenue Sharing Model Overview
REVENUE SHARING MODEL OVERVIEW Tender, Pre-qualification, Risk Mitigation and Project Execution and Cash Revenue Distribution and and Bidding Phase Transfer of Responsibility Flow Management Project Closure The process commences with a The winning developer assumes All project revenues are ▪ Guarant
Slide 10: Milestones
MILESTONES The transfer of shares controlled Law no. 5664 was passed and Establishment of Emlak Konut Türkiye İnşaat Emlak Planlama merges by Emlak Bankası to TOKİ grants specific exemption to Global LLC as a strategic Malzemeleri (TİMLO) was with Ankara İmar (Housing Development Emlak Second Public
Slide 11: Credit Highlights
CREDIT HIGHLIGHTS 1. EXCLUSIVE RELATIONSHIP WITH TOKI PROVIDES COMPETITIVE ADVANTAGES IN THE DOMESTIC MARKET ➢ The strategic partnership with TOKI allows Emlak Konut to acquire large, prime land directly from its main shareholder, Türkiye's Housing Development Association (TOKI), with priority and a
Slide 12: Macro Background
MACRO BACKROUND EMLAK KONUT INTRO MACRO BACKROUND PORTFOLIO & PROJECTS FINANCIAL HIGHLIGHTS SUSTAINABILITY & GOVERNANCE APPENDIX EKGYO INVESTOR PRESENTATION – MAY 2026 12
Slide 13: Turkiye Statistics
TURKIYE STATISTICS HOMEOWNERSHIP DISTRIBUTION (%) AND ANNUAL CHANGE NUMBER OF HOUSEHOLDS BY HOUSEHOLD SIZE Tenure status (%) 7.000.000 15,0% 15,0% 6.000.000 5.000.000 0,9% 0,9% 4.000.000 3.000.000 56,1% 57,1% 2.000.000 28,0% 27,0% 1.000.000 - 1 2 3 4 5 6 7 8 Owner Tenant Lodging Other 2017 TÜRKİYE 2
Slide 14: Turkiye Statistics
TURKIYE STATISTICS RESIDENTIAL UNIT SALES IN FIRSTHAND- SECOND HAND -’000- TÜRKİYE RESIDENTIAL M² UNIT PRICES FOR SALE FIRST HAND SECOND HAND 60000 Trend Forecast Monthly Avg. 1400 1200 50000 1000 40000 Mar 2026 40.380 ₺/m2 800 30000 600 20000 400 200 10000 0 0 Eki.21 Eki.22 Eki.23 Eki.24 Eki.25 Eki
Slide 15: Portfolio & Projects
FINANCIAL HIGHLIGHTS EMLAK KONUT INTRO MACRO BACKROUND PORTFOLIO & PROJECTS FINANCIAL HIGHLIGHTS SUSTAINABILITY & GOVERNANCE APPENDIX EKGYO INVESTOR PRESENTATION – MAY 2026 15
Slide 16: Land Development
LAND DEVELOPMENT BREAKDOWN OF TENDERED PLOTS BY BOOK LAND ACQUISITION 2003 - 2025 (SQM) LAND ACQUISITION 2003 – 2025 (TL) VALUE (SQM) 4.0 B 10.7 M 8.5 M 23.1 M 13.3 M 89.7 B Ministry of Environment, Urbanization Ministry of Environment, Urbanization RSM TurnKey Others Others BREAKDOWN OF APPRAISAL V
Slide 17: Unrealised RSM Profit
UNREALISED RSM PROFIT PROGRESS OF GUARANTEED PROFIT IN RSM PROJECTS (BILLION TL) RECEIVABLES BY YEAR (‘000) TL1 OFF-BALANCE SHEET TRADE RECEIVABLES TOTAL TRADE RECEIVABLES 43,7 1 YEAR 16.353.689.000 23.169.922.000 39.523.611.000 43,9 42,2 2 YEARS 8.021.028.000 9.284.351.000 17.305.379.000 62,9 29,8
Slide 18: Ongoing Revenue Sharing Model Projects
ONGOING REVENUE SHARING MODEL PROJECTS OUR REVENUE SHARING MODEL TENDERS 5,39 This chart illustrates the operational efficiency of Emlak Konut’s RSM projects by comparing 68.210 the appraisal values of the land plots in the portfolio at the time of tender against the 4,06 "Company’s Share Total Reve
Slide 19: Revenue Sharing Model Multipliers
REVENUE SHARING MODEL MULTIPLIERS MULTIPLIER FOR COMPLETED REVENUE SHARING MODEL (BILLION TL) MULTIPLIER FOR ON GOING REVENUE SHARING MODEL (BILLION TL) 89,74 24,60 15,41 8,02 23,63 BASE VALUE OF LAND AT COMPANY'S SHARE IN COMPANY'S SHARE IN BASE VALUE OF LAND AT COMPANY'S SHARE IN THE TIME OF THE T
Slide 20: Our Headline RSM Projects
OUR HEADLINE RSM PROJECTS Total Sales Revenue 7,221,000,000 TL Units 831 Total Sales Revenue 9,006,288,393 TL Units 205 Min. Company Share 2,527,350,000 TL Land Area 94,585 sqm Min. Company Share 4,052,829,776 TL Land Area 17,194 sqm Company Share Ratio %35.00 Company Share Ratio %45.00 Total Sales
Slide 21: Our Headline Turnkey Projects
OUR HEADLINE TURNKEY PROJECTS Current Contract Value 7,770,928,031 TL Units 2,592 Current Contract Value 12,429,976,782 TL Units 2,303 Last Registered Cost and Land Area 180,969 m² Total Registered Cost and Land Area 519,657 m² Progress Payment 2,231,406,506 TL Progress Payment * 4,086,712,402 TL Cu
Slide 22: Leased Properties
LEASED PROPERTIES PROJECTS RENTAL INCOME (TL) 1 BÜYÜKYALI AVM 98.004.035 2 İSTMARİNA AVM 98.081.923 3 SARPHAN FİNANSPARK 17.504.844 4 AĞAOĞLU MASLAK 1453 10.265.855 5 ESENLER EMLAK KONUTLARI 265.617 6 ANKARA SARAÇOĞLU 43.788.663 7 MUHTELİF ARSALAR 14.968.881 TOTAL 282.879.817 RENTAL INCOME BY YEAR L
Slide 23: Financial Highlights
FINANCIAL HIGHLIGHTS EMLAK KONUT INTRO MACRO BACKROUND PORTFOLIO & PROJECTS FINANCIAL HIGHLIGHTS SUSTAINABILITY & GOVERNANCE APPENDIX EKGYO INVESTOR PRESENTATION – MAY 2026 23
Slide 24: 2025 Sales Status
2025 SALES STATUS TOTAL PRESALES 2025 PROJECT SALES TARGET We achieved 104.05 BILLION TL GROSS SQM SALES 995 K SQM VALUE 77 Billion TL approximately %135 LAND SALES TARGET of our Year-End FOREIGN SALES 1.05 BILLION TL UNIT SALES 8.044 PIECES 5 Billion TL Sales Target UNIT SALES EBITDA MARGIN (%) 10.
Slide 25: Financial Highlights
FINANCIAL HIGHLIGHTS NET DEBT1-2 / EQUITY / EQUITY RATIO TOTAL ASSETS NET SALES RETURN ON CASH AND CASH INCOME EQUITY (%) EQUIVALENTS4 31% 39% 99,829 B TL 14.252 7,878 B TL NET ASSET TOTAL ASSETS VALUE3 335 B TL 195 B TL 1 Net Debt: Represents total borrowings and other interest-bearing liabilities,
Slide 26: Debt Profile
DEBT PROFILE DEBT / EQUITY DEBT / EBITDA (Measures a company's financial leverage and risk) (Evaluates a company's ability to pay off its incurred debt) 37% 1,89x 1,38x 1,17x 13% 8% 2025 2024 2023 2025 2024 2023 DEBT MATURITY PROFILE ( TL BN) CAPITAL STRUCTURE (TL BN) 1 (Assesses liquidity risk and
Slide 27: Sustainability & Governance
APPENDIX EMLAK KONUT INTRO MACRO BACKROUND PORTFOLIO & PROJECTS FINANCIAL HIGHLIGHTS SUSTAINABILITY & GOVERNANCE APPENDIX EKGYO INVESTOR PRESENTATION – MAY 2026 27
Slide 28: Board Members
BOARD MEMBERS ERTAN KELEŞ VEDAD GÜRGEN Chairman of the Board (Executive) Independent Board Member (Non-Executive) Education: Graduate of METU, Department of Civil Engineering. Education: Graduate of Istanbul Technical University, Faculty of Engineering Experience: Since 1998, he has held various rol
Slide 29: Sustainability
SUSTAINABILITY ENERGY INSULATION WASTE WASTEWATER MANAGEMENT MANAGEMENT MANAGEMENT 15.690 UNITS Wasteoilseparation 56.298 Savings equivalent to one year of residential consumption. 156.876 182TON/YEAR Residencewith greywatersystem 15.690 Naturalgassavings 146 Waste used in Watersavings Production eq
Slide 30: Sustainability
SUSTAINABILITY OUR BUILDINGS WITH AN A-CLASS ENERGY OUR BUILDINGS WITH LEED CERTIFICATION PERFORMANCE CERTIFICATE (EPC) Source: Emlak Konut Activity Report 2025 EKGYO INVESTOR PRESENTATION – MAY 2026 30
Slide 31: Appendix
APPENDIX EMLAK KONUT INTRO MACRO BACKROUND PORTFOLIO & PROJECTS FINANCIAL HIGHLIGHTS SUSTAINABILITY & GOVERNANCE APPENDIX EKGYO INVESTOR PRESENTATION – MAY 2026 31
Slide 32: Financials
FINANCIALS ASSETS (‘000) LIABILITIES (‘000) 31 December 2025 31 December 2024 31 December 20231 31 December 2025 31 December 2024 31 December 20231 ASSETS TL TL TL LIABILITIES AND EQUITY TL TL TL Current assets 302,689,071 247,041,997 215,172,496 Current liabilities 155,801,289 141,434,957 117,597,0
Slide 33: Financials
FINANCIALS INCOME STATEMENT (‘000) 31 December 2025 31 December 2024 31 December 2023 TL TL TL Revenue 99,829,173 41,753,570 53,851,609 Cost of sales (-) (72,006,439) (30,488,708) (37,800,462) Gross profit 27,822,734 11,264,862 16,051,147 General administrative expenses (-) (4,881,669) (4,500,493) (
Slide 34: Financials
FINANCIALS CASH FLOW (‘000) 31 December 2025 31 December 2024 31 December 2023 TL TL TL Cash flows from operating activities Profit for the period 6,002,283 17,274,359 (7,699,669) Adjustments related to reconcile of net profit for the period Adjustments related to depreciation and amortization expen
Slide 35: Financials
FINANCIALS CASH FLOW (‘000) 31 December 2025 31 December 2024 31 December 2023 TL TL TL Cash flows from operating activities Interest received 673,047 249,620 2,423,206 Payments related to provisions for employee benefits (38,410) (55,284) (38,973) Tax paid (1,645,076) (206,107) (9,109) Cash flows f
Slide 36: Ongoing RSM Projects Table
ONGOING RSM PROJECTS TABLE Base Value of Land at Time of Tender EMLAK KONUT’s Share in Total Total Sales Revenue Growth PROJECT Revenue Share Ratio Multiplier (TL) Revenue (TL) (TL) 1 NIDAPARK ISTINYE 1.062.270.000 1.876.392.000 4.871.700.056 51 4,59 2 MERKEZ ANKARA 622.000.000 1.258.365.000 5.352.0
Slide 37: Ongoing RSM Projects Table
ONGOING RSM PROJECTS TABLE Base Value of Land at Time of Tender EMLAK KONUT’s Share in Total Total Sales Revenue Growth PROJECT Revenue Share Ratio Multiplier (TL) Revenue (TL) (TL) 22 NEXT LEVEL BODRUM 602.681.860 3.496.500.000 3.496.500.000 45 5,80 23 VADI PANORAMA 600.000.000 2.571.000.000 2.571.
Slide 38: Untendered Land Plots
UNTENDERED LAND PLOTS BOOK VALUE APPRAISAL BOOK VALUE APPRAISAL LANDS SQM LANDS SQM (TL) VALUE (TL) (TL) VALUE (TL) 22 ANTALYA ALANYA PARCELS 110.954 1.277.307.022 1 İSTANBUL ARNAVUTKÖY PARCELS 1.007.151 1.647.169.370 1.277.307.022 5.056.885.363 23 ANTALYA KONYAALTI PARCELS 28.331 218.164.536 237.98
Slide 39: EKGYO Investor Presentation – May 2026
05.2026 Made From Recycled Paper EKGYO INVESTOR PRESENTATION – MAY 2026 39
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