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 (August 2026)
35 slides from Emlak Konut Gayrimenkul Yatirim Ortakligi A.s. 0 % Certificates 2025-31.12.2199's investor presentation, August 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION AUGUST 2026 · DATA AS OF 30 JUNE 2026 Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. · BIST: EKGYO
Slide 2: Disclaimer
Disclaimer Disclaimer This presentation provides only a general overview of the current position, targets and strategies of Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. This document should not form the basis of your investment decisions. The information presented is as stated in the relevant repo
Slide 3: Emlak Konut at a glance
01 EMLAK KONUT AT A GLANCE 01 02 MACRO AND SECTOR 03 PORTFOLIO AND PROJECTS 04 FINANCIAL HIGHLIGHTS 05 CAPITAL MARKETS EMLAK KONUT at a glance 06 SUSTAINABILITY Incorporation, shareholding structure, business models and the risk architecture of the revenue-sharing model. EMLAK KONUT REIC · INVESTOR
Slide 4: Türkiye's largest REIC – built on risk transfer
EMLAK KONUT AT A GLANCE Türkiye’s largest REIC – built on risk transfer Türkiye's largest real estate investment company · 30.06.2026 TOTAL ASSETS EQUITY NET ASSET VALUE PRESALES (LAND + UNITS) 440 152.8 216.6 50.70 billion TL · 30.06.2026 billion TL · 30.06.2026 billion TL · 30.06.2026 billion TL ·
Slide 5: Strengths and valuation dynamics
EMLAK KONUT AT A GLANCE STRENGTHS AND VALUATION DYNAMICS Every statement is based on the 2026 Q2 cumulative Activity Report (AR), the PwC-reviewed financial statements or PDP (KAP) disclosures. LAND SOURCING WITHOUT COMPETITIVE RISK RISK OUT, REVENUE IN VALUE CREATED BUT NOT YET RECOGNISED VALUATION
Slide 6: Capital and shareholding structure
EMLAK KONUT AT A GLANCE CAPITAL AND SHAREHOLDING STRUCTURE Item Amount / Ratio Note Issued Capital 3,800,000,000 TL Fully Paid Number Of Shares 380,000,000,000 Shares Each With A Nominal Value Of 1 Kuruş (0.01 TL) The controlling shareholder TOKİ is a public institution operating under the Class A (
Slide 7: Business models
EMLAK KONUT AT A GLANCE Business models From developer to ecosystem — five business models, three funding models REVENUE SHARING MODEL (RSM) TURNKEY MODEL COMPLEMENTARY MODELS Under the Revenue Sharing Model, Emlak The Turnkey Model aims to prepare the Master Developer and Project Management: Konut
Slide 8: Funding models
EMLAK KONUT AT A GLANCE FUNDING MODELS REAL ESTATE CERTIFICATE PRESALES REAL ESTATE INVESTMENT FUND The real estate certificate lets investors While offering investors value appreciation Enables asset liquidity to be increased and the participate in large projects even with small potential from an e
Slide 9: Six reasons why the credit profile is resilient
EMLAK KONUT AT A GLANCE SIX REASONS WHY THE CREDIT PROFILE IS RESILIENT STRATEGIC PARTNERSHIP WITH TOKİ 1 Priority access to large and valuable land at independent appraisal prices; zoning approvals accelerate development processes. PLAYER OF STRATEGIC IMPORTANCE 2 The commercial and visionary arm o
Slide 10: Milestones in Türkiye's real estate finance
EMLAK KONUT AT A GLANCE MILESTONES IN TÜRKİYE'S REAL ESTATE FINANCE 1953 2002 2010 2013 2017 2025 2026 Ankara İmar and REIC status obtained IPO — 25% capital SECONDARY PUBLIC Türkiye's first Real REAL ESTATE INTERNATIONAL SUKUK Türkiye İnşaat following the transfer increase · 1.73 billion OFFERING —
Slide 11: Macro and sector
01 EMLAK KONUT AT A GLANCE 02 02 MACRO AND SECTOR 03 PORTFOLIO AND PROJECTS 04 FINANCIAL HIGHLIGHTS 05 CAPITAL MARKETS MACRO AND SECTOR 06 SUSTAINABILITY Structural demand in the Turkish housing market and its low sensitivity to interest rates. EMLAK KONUT REIC · INVESTOR RELATIONS PRESENTATION · AU
Slide 12: Turkish housing market – house sales
MACRO AND SECTOR TURKISH HOUSING MARKET – HOUSE SALES Source: TurkStat NEW AND RESALE HOUSE SALES 1400 YEAR NEW RESALE TOTAL BUILDING PERMITS 1200 2020 470 1030 1500 563,733 1000 2021 462 1030 1492 742,364 800 2022 460 1026 1486 721,597 600 400 2023 380 846 1226 924,822 200 2024 484 994 1478 854,052
Slide 13: Turkish housing market – residential unit prices per sqm
MACRO AND SECTOR TURKISH HOUSING MARKET – RESIDENTIAL UNIT PRICES PER SQM Source: Endeksa TÜRKİYE İSTANBUL 60000 Actual Price Trend Forecast 90000 Actual Price Trend Forecast 41,703 65,078 TL/sqm 80000 TL/sqm 50000 70000 40000 60000 50000 30000 40000 20000 30000 20000 10000 10000 0 0 Nov 25 Nov 21 M
Slide 14: Portfolio and projects
01 EMLAK KONUT AT A GLANCE 03 02 MACRO AND SECTOR 03 PORTFOLIO AND PROJECTS 04 FINANCIAL HIGHLIGHTS 05 CAPITAL MARKETS PORTFOLIO AND PROJECTS 06 SUSTAINABILITY Land portfolio, tender performance, presale results and rent- generating assets. EMLAK KONUT REIC · INVESTOR RELATIONS PRESENTATION · AUGUST
Slide 15: Q2 2026 cumulative presale results
PORTFOLIO AND PROJECTS Q2 2026 CUMULATIVE PRESALE RESULTS 01.01.2026 – 30.06.2026 · cumulative · PDP 17.07.2026 UNITS GROSS AREA (SQM) VALUE EXCL. VAT (TL) TL/SQM Units 2,598 353,861 45,171,163,737 127,652 PRESALE VALUE (BILLION TL) Land sales 25 464,130 5,524,077,630 11,902 120,00 TOTAL 2,623 817,9
Slide 16: The multiple in the revenue sharing model
PORTFOLIO AND PROJECTS THE MULTIPLE IN THE REVENUE SHARING MODEL The conversion factor from land value to revenue committed to the company COMPLETED PROJECTS ONGOING PROJECTS 8.75 122,54 BILLION TL 29,87 COMPLETED TENDER VALUE X3.41 31.65 X3.87 BILLION TL 16,70 ONGOING 16.7 X1.79 TENDER VALUE 8,75 B
Slide 17: 2026 targets and realisation
PORTFOLIO AND PROJECTS 2026 TARGETS AND REALISATION Targets announced in the PDP disclosure dated 13.01.2026 FULL-YEAR TARGETS UNIT SALES (TL) 33.4% Full - Year Target 135.25 Billion TL · 45.17 Billion TL Realised NUMBER OF UNITS 33.3% Full - Year Target 7,801 Units · 2,598 Units Realised EXPLANATIO
Slide 18: 2026 revenue sharing tenders
PORTFOLIO AND PROJECTS 2026 REVENUE SHARING TENDERS Two-stage tender · technical and financial qualification in the first stage, invited bids in the second TENDER MINIMUM COMPANY TOTAL SALES PROJECT MULTIPLIER BIDDERS 2026(1) 2025 2024 DATE SHARE REVENUE 1 BEŞİKTAŞ DİKİLİTAŞ SOUTH* 21.01.2026 8,730,
Slide 19: Ongoing revenue sharing projects
PORTFOLIO AND PROJECTS ONGOING REVENUE SHARING PROJECTS TOTAL UNITS (%) (%) COMPLETION PROJECT NAME MIN. GUARANTEED REVENUE BOOK VALUE MIN. GUARANTEED PROFIT UNITS SOLD SOLD PROGRESS DATE 1 MERKEZ ANKARA 3,447,848,612 1,834,507,734 1,613,340,878 3306 2574 78 80.4 2026 2 NİDAPARK İSTİNYE 9,783,430,70
Slide 20: Ongoing revenue sharing projects
PORTFOLIO AND PROJECTS ONGOING REVENUE SHARING PROJECTS TOTAL UNITS (%) (%) COMPLETION PROJECT NAME MIN. GUARANTEED REVENUE BOOK VALUE MIN. GUARANTEED PROFIT UNITS SOLD SOLD PROGRESS DATE 21 ATAŞEHİR 173 1,712,499,528 522,532,999 1,189,966,529 173 42 24 21.43 2028 22 TUAL GÖLYAKA 2,556,695,767 1,275
Slide 21: Portfolio of tendered land
PORTFOLIO AND PROJECTS PORTFOLIOunOF TENDERED LAND APPRAISAL LAND PLOTS UNITS SQM BOOK VALUE LAND PLOTS UNITS SQM BOOK VALUEAPPRAISAL VALUE VALUE 1 ARNAVUTKÖY PARCELS 26 1,007,151 1,971,621,200 5,374,101,294 19 AYDIN DİDİM PARCELS 5 437,636 1,766,540,473 1,500,138,763 2 ATAŞEHİR PARCELS 3 2,381 1,75
Slide 22: Portfolio of tendered land
PORTFOLIO AND PROJECTS PORTFOLIOunOF TENDERED LAND LAND (TRANSFERRED TO ASSET LEASING) UNITS SQM BOOK VALUE APPRAISAL VALUE 1 İSTANBUL AVCILAR PARCELS 19 358,593 6,592,426,072 8,298,213,888 2 İSTANBUL ESENLER PARCELS 4 116,947 6,028,939,361 5,593,433,960 TOTAL 23 475,540 12,621,365,433 13,891,647,84
Slide 23: Financial highlights
01 EMLAK KONUT AT A GLANCE 04 02 MACRO AND SECTOR 03 PORTFOLIO AND PROJECTS 04 FINANCIAL HIGHLIGHTS 05 CAPITAL MARKETS FINANCIAL HIGHLIGHTS 06 SUSTAINABILITY Income statement, balance sheet, ratios, debt structure and off- balance sheet items. EMLAK KONUT REIC · INVESTOR RELATIONS PRESENTATION · AUG
Slide 24: Net asset value
FINANCIAL HIGHLIGHTS NET ASSET VALUE TOTAL ASSETS 440,012,804,000 TL APPRAISAL VALUE OF UNTENDERED BOOK VALUE OF LAND AND LAND STOCK HOUSING INVENTORIES 128,367,940,000 TL 290,551,982,000 TL TOTAL COMPANY SHARE REVENUE FROM RSM PROJECTS BOOK VALUE OF INVESTMENT AND OTHER 131,518,596,000 TL PROPERTIE
Slide 25: 440.0 bn TL assets, 2.1x current ratio
FINANCIAL HIGHLIGHTS 440.0 BN TL ASSETS, 2.1x CURRENT RATIO TL thousand · 30 June 2026 reviewed · 31 December 2025 audited · full statements: PDP TL thousand 30.06.2026 31.12.2025 TL thousand 30.06.2026 30.06.2025 Cash And Cash Equivalents 40,620,757 17,373,743 Revenue 53,300,863 63,268,133 Trade Re
Slide 26: Presale collections
FINANCIAL HIGHLIGHTS PRESALE COLLECTIONS TL thousand · 1 January – 30 June TL thousand 2020 2021 2022 2023 2024 2025 Q2 2026 TL thousand 30.06.2026 30.06.2025 Net Cash Before Working Capital Changes 10,496,954 8,749,711 Net sales 4.731 6.738 8.123 28.496 31.899 99.829 53.300 Working Capital Changes
Slide 27: Development of balance sheet items
FINANCIAL HIGHLIGHTS DEVELOPMENT OF BALANCE SHEET ITEMS 1 January – 30 June EQUITY (BILLION TL) NET PROFIT FOR THE PERIOD (BILLION TL) 180 16 152,8 13,20 160 14 140 130 12 10,33 10 120 96 8 100 6 80 2,99 57 4 2,36 60 0,84 1,33 2 0,78 40 0 14 14 16 18 20 -2 2019 2020 2021 2022 2023 * 2024 2025 Q2 202
Slide 28: Development of balance sheet items
FINANCIAL HIGHLIGHTS DEVELOPMENT OF BALANCE SHEET ITEMS 1 January – 30 June TOTAL ASSETS (BILLION TL) ANNUAL EBITDA MARGIN (%) 500 45 41 440 450 40 400 35 335 350 29 30 26 24 25 24 300 23 25 250 205 20 200 14 121 15 150 100 10 47 24 29 31 50 5 0 0 2019 2020 2021 2022 2023 2024 2025 Q2 2026 2019 2020
Slide 29: Ratios
FINANCIAL HIGHLIGHTS ratios 1 January – 30 June EQUITY / TOTAL ASSETS NET SALES RETURN ON EQUITY 53.301 0.06 0.35 billion TL · 30.06.2026 30.06.2026 30.06.2026 CASH AND CASH EQUIVALENTS NET DEBT / EQUITY 40.621 0.41 billion TL · 30.06.2026 Net debt: total borrowings and other Cash and cash equivalen
Slide 30: Dividend track record and profit expectations
FINANCIAL HIGHLIGHTS DIVIDEND TRACK RECORD AND PROFIT EXPECTATIONS 2025 DIVIDEND PERFORMANCE Under the articles of association, a 5% first legal reserve and 2.28 7.75 6 0.60 the first dividend at the rate set by the CMB are appropriated BILLION TL BILLION TL BILLION TL TL from net profit; the second
Slide 31: Capital markets
01 EMLAK KONUT AT A GLANCE 05 02 MACRO AND SECTOR 03 PORTFOLIO AND PROJECTS 04 FINANCIAL HIGHLIGHTS 05 CAPITAL MARKETS CAPITAL MARKETS 06 SUSTAINABILITY International sukuk issuance, real estate certificate and credit ratings. EMLAK KONUT REIC · INVESTOR RELATIONS PRESENTATION · AUGUST 2026 31
Slide 32: The widening of funding channels
CAPITAL MARKETS THE WIDENING OF FUNDING CHANNELS Equity (2010) → secondary offering (2013) → real estate certificate (2025) → international sukuk (2026) INTERNATIONAL SUKUK · 21.05.2026 VALUE REAL ESTATE CERTIFICATE · 16.07.2026 VALUE Issuing entity Emlak Konut Varlık Kiralama A.Ş. Project / code Da
Slide 33: Sustainability
01 EMLAK KONUT AT A GLANCE 06 02 MACRO AND SECTOR 03 PORTFOLIO AND PROJECTS 04 FINANCIAL HIGHLIGHTS 05 CAPITAL MARKETS SUSTAINABILITY 06 SUSTAINABILITY Environmental performance, governance structure and international operations. EMLAK KONUT REIC · INVESTOR RELATIONS PRESENTATION · AUGUST 2026 33
Slide 34: Environmental performance and international operations
SUSTAINABILITY ENVIRONMENTAL PERFORMANCE AND INTERNATIONAL OPERATIONS tCO2eq 2025 2024 Hayat Makkah · Saudi Arabia Value Scope 1 Scope 2 Scope 1 Scope 2 Partner National Housing Company (NHC) Emlak Konut 1,000.952 tCO2e 770.904 tCO2e 1,681.5 tCO2e 846.117 tCO2e Number of villas 1,014 villas EPP 867.
Slide 35: Investor Relations
INVESTOR RELATIONS yatirimciiliskileri@emlakkonut.com.tr · emlakkonut.com.tr · kap.org.tr · @ekgyoas Barbaros Mahallesi, Mor Sümbül Sokak No: 7/2 B · Ataşehir / İstanbul
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