Slide 1: Koç Holding 2025 Earnings Presentation
KOÇ HOLDING 2025 EARNINGS PRESENTATION 11 FEBRUARY 2026 2025 Earnings Presentation
Slide 2: 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. Ac
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 3 2025 Earnings Presentation
Slide 4: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 4 2025 Earnings Presentation
Slide 5: Koç Group 2025 Financial Performance
Koç Group 2025 Financial Performance Solid Execution And Financial Discipline 1 Combined Revenue Combined Operating Profit Consolidated Net Income TL trilion TL billion TL billion 4.7 4.6 22.0 155.5 143.2 US$ bn 102.9 4% y/y 107.4 1.7 2024 2025 2024 2025 2024 2025 Combined Operating Profit by Segmen
Slide 6: Focus on Resilience: Sectoral & Geographical Diversification
Focus on Resilience Sectoral & Geographical Diversification Net Asset Value Breakdown by Sector1 International Revenues / Total Combined Revenues Auto Auto 46% (PC & CV (Other) including FX linked Manufacturing) 13% 31% revenues of Tüpraş 23% 30% Refining 18% Finance Oil & Gas 22% Distribution 4% Co
Slide 7: Focus on Resilience: Solid Liquidity
Focus on Resilience Solid Liquidity Net Cash Bridge As of 31 December 2024: Solo, TL Million As of 31 December 2025: 33,406 = USD 911mn = USD 815mn Net cash Net cash as of 2025YE as of 2024YE - 17,505 1 1 + USD 1.68bn 32,103 - 13,086 34,917 Gross cash as of 2024YE - USD 0.75bn Total debt -- 1 Eurobo
Slide 8: Key Metrics
Key Metrics Fundamentals Remain Intact On The Back Of Prudent Management Strong Cash Position Solid Liquidity FX Position USD 815mn 1.2x +USD 526mn Solo Current Ratio Solo Net Cash on Combined Basis1 long FX Position Hard Currency - USD 45mn TL 69% Consolidated short FX position 31% after natural he
Slide 9: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 9 2025 Earnings Presentation
Slide 10: Energy
Energy Capturing Strong Margins Through High Utilization Domestic Market Sales Volume Crack Margins 2025 Highlights Million Tonnes USD/bbl Favorable crack margins y/y +3% +15% +16% -5% Growth High-capacity utilization 23.1 23.9 24.7 23.0 Improved white product yield 17.6 16.0 11M24 Well balanced rev
Slide 11: Automotive
Automotive Robust Domestic Market With Heightened Competition Monthly Trend 2025 Highlights Sales Volume Thousand Units Thousand Units Total Turkey Exports Record domestic market size (exceeding 1 mn for 3 consecutive years) Koç 21% 64% 22% 30% 43% Passenger Cars (Turkey) Market Share Light Commerci
Slide 12: Consumer Durables
Consumer Durables A Year Of Steady Progress Amid Challenging Market Conditions Sales Volumes Across Markets 1 Monthly Trend 2025 Highlights Million Units Million Units Favorable EUR/USD parity " Koç Market Share 20% 68% 26% 30% 41% Easing raw material costs Synergy and cost savings following Whirlpo
Slide 13: Finance
Finance Solid Core Banking Revenue Streams Support Profitability TL Lending Growth Sector’s Loans & Deposits 2025 Highlights 13 Weeks Annualized TL Billion, USD Billion Robust core revenue margin powered by NIM & fee performance Private State Sector 110% 2025 q/q y/y Selective lending strategies con
Slide 14: Koç Group 2025 Financial Performance: Performance Varies Across Segments
Koç Group 2025 Financial Performance Performance Varies Across Segments Financial Performance Consumer TL Million Energy Automotive Finance Other TOTAL Durables Combined Revenues1 1,419,042 1,444,986 597,907 923,792 217,750 4,603,477 Change (y/y) -16% 14% -6% -1% 0.02% -3% Segment Share in Total 31%
Slide 15: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 15 2025 Earnings Presentation
Slide 16: Value within Unlisted Companies
Value within Unlisted Companies Key Metrics of Unlisted Companies Entek: An integrated player in the electricity market Summary Financials • ~77% of Entek’s 490MW total installed capacity is zero carbon electricity TL Million • In 2025, 1.0 TWh of zero carbon electricity was sold • 178.5 Mwe solar p
Slide 17: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 17 2025 Earnings Presentation
Slide 18: Historical NAV Discount
Historical NAV Discount NAV Discount Highly Correlated With Sentiment Relative Share Performance of Koç Holding vs. Koç Group1 NAV Discount/Premium2 Rebased at 2024YE 13% 60% 8% 50% 3% 40% 45% -2% 30% 20% -7% Historical 15% -12% Avg NAV discount since 2009: -14% Average 10% -1% -17% 0% -10% -1% -22%
Slide 19: Q&A
Q&A 2025 Earnings Presentation
Slide 20: Appendix - Focus on Resilience: Dividend Income
Appendix - Focus on Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income 1 Dividend Payments1 TL Billion TL Billion Dividend 2022 2023 2024 2025 Dividend 15% 6% 28% 1336% Tüpraş (inc. EYAŞ) - 10.3 16.5 15.3 Payout 2 38.5 Ford Otosan 2.5 6.0 7.8 10.5 33.4 Tofaş 1.2 1.1
Slide 21: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 2024 2025 y/y Revenues 3,033,955 2,757,295 -9% 2,498 Gross Profit 429,110 469,354 9% 4,222 - 1,003 Operating Profit 114,356 117,608 3% 19,898 22,001 - 5,323 Profit Befor
Slide 22: Appendix - 2026 Guidance of the Listed Group Companies
Appendix - 2026 Guidance of the Listed Group Companies TÜPRAŞ 2025A 2026E TOFAŞ 2025A 2026E TÜRKTRAKTÖR 2025A 2026E Tüpraş Net Refining Margin ($/bbl) 7.0 6.0-7.0 Sector ('000) Sector ('000) Total TR LV Sales (PC+LCV) 1,368 1,300-1,400 Total TR Tractor Sales 40 27-33 CUR 94% 95-100% Tofaş ('000) Pro
Slide 23: Appendix - Our ESG Journey
Appendix - Our ESG Journey ✓ Committed to be carbon neutral by 2050 ✓ International Platforms ➢ United Nations Global Compact The Koç Group Carbon Transition Roadmap: ➢ CEO Water Mandate 17% reduction in 2024 vs. 2017 baseline year ➢ CFO Coalition For the SDGs 49% by 2040 ➢ WEF - Stakeholder Capital
Slide 24: Appendix - Shareholding Structures
Appendix - Shareholding Structures Koç Holding Koç Family: 63.48%1 Free Float: 26.85% Vehbi Koç Foundation: 7.29% Koç Pension Fund: 2.35% Share Buyback: 0.04% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Yapı Kredi Bank EYAŞ: 46.4% KH: 20.22% Koçtaş KH: 39% KH: 49% KH
Slide 25: Contact Koç Holding Investor Relations
Contact Koç Holding Investor Relations investorrelations@koc.com.tr Visit our website at: www.koc.com.tr/investor-relations +90 850 756 23 23 Helin S. Çelikbilek, Coordinator Investor Relations Cansev Atak, Manager Investor Relations İsmail Özer, Manager Investor Relations 25 2025 Earnings Presentat