Akfen Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKFGY
Akfen Gayrimenkul Yatirim Ortakligi A.s — Investor Presentation (May 2026)
29 slides from Akfen Gayrimenkul Yatirim Ortakligi A.s's investor presentation, May 13, 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026 13 May 2026
Slide 2: Years of Experience and Strategic Partnership with Accor Group
Year of Experience Since Strategic Partnership with Accor Group Portfolio Diversification and Growth: Modern, High-Yield New Investments Strategic Partnership to Develop First Hotel Opening: Opening of Kadıköy Terminal Turkey's First International Novotel & Ibis Hotel Branded City Hotels Zeytinburnu
Slide 3: Company Profile and Capital Structure
COMPANY PROFILE AND CAPITAL STRUCTURE Mission & Vision Affiliated Companies and Subsidiaries To build a diversified real estate investment trust portfolio that generates sustainable, scalable rental income and delivers stable value to investors. Capital Structure Akfen Holding: 45.27% Open to Public
Slide 4: Geographical Distribution of Investments
GEOGRAPHICAL DISTRIBUTION OF INVESTMENTS 31 Large-Scale Investments, 26 of Which Are Operational Geographical diversity helps mitigate macroeconomic risks and supports a sustainable revenue base by expanding it. Türkiye Istanbul, Bursa, Izmir, Ankara, Adana, Eskisehir, Kayseri, Trabzon, Gaziantep, M
Slide 5: Portfolio Table
HOTELS > With a portfolio focused on city hotels, the property captures demand Location Turkiye Unit 15 Operator Accor Capacity 3.342 Room Real Estate Value (mn EUR) 385.8 from both business and leisure travel in a balanced manner, generating long-term, predictable, and inflation-protected cash flow
Slide 6: Portfolio Allocation (Valuation Date: December 31, 2025)
PORTFOLIO ALLOCATION (Valuation Date: December 31, 2025) Total Portfolio Value Breakdown 3 Countries, 7 Different Real Estate Segments Russia Hotels City Hotels in Turkey 385,8M EUR Total Room Capacity: 2,477 • 15 Hotels 11.2% Ongoing Projects Turkey Hotels And Lands 45.6% City Hotels in Russia 94,7
Slide 7: Rental Income Breakdown (December 31, 2025)
RENTAL INCOME BREAKDOWN (December 31, 2025) Rental Income for 2025 (x1,000,000 – EUR) Hotels in Turkey € 14.4 %66 Hotels in Russia €7 € 5.3 Rental Dormitories € 3.1 Income Breakdown Holiday Resort € 1.6 Office € 0.5 Factory € 0.4 Other € 0.6 TOTAL € 32.9
Slide 8: Strategy & Development
STRATEGY & DEVELOPMENT Appreciation in Value Stable Rental Strong Balance Sheet Appreciation Cash Flows &Low Leverage Potential New Investments Now in Long-Term Lease Agreements Balanced Debt Level Value Appreciation Operation New and Ongoing Investments Terminal Kadıköy Impact A foreign-currency-in
Slide 9: Summary of Consolidated Financial Indicators
December 31, 2025 SUMMARY OF CONSOLIDATED FINANCIAL INDICATORS Total Real Estate Value Net Asset Value (December 31, 2025 NAV) Total Assets & Capacity 846,1M EUR 665 M EUR 31 Assets 8% Increase Properties added as of 2025 Net Profit (2025) Revenue & EBITDA (2025) Net Debt / EBITDA 2,612M TL 1,646M T
Slide 10: Financial Performance Summary (TL)
December 31, 2025 FINANCIAL PERFORMANCE SUMMARY (TL) Financial Metric 2024 Realized 2025 Realized Change (%) Rent Revenue 1,592 Milyon TL 1,646 Million TL +%3 EBITDA 1,415 million TL 1,387 Million TL -%2 EBITDA Margin %88.5 %84.3 -4,2 yp Net Profit 1,891 Milyon TL 2,612 Million TL +%38 Key Drivers o
Slide 11: Financial Performance (Euro) & Liquidity
December 31, 2025 FINANCIAL PERFORMANCE (Euro) &LIQUIDITY Net Financial Debt Gross Financial Debt Net Debt / EBITDA 82 M EUR 105 M EUR 2.8x Liquidity & Management Strategy (Million EUR) 2024 2025 %Δ MCAP 220 199 -10% NAV 687 665 -3% EUR-Denominated Debt Discount-Premium -68% -70% 3% Since rental inc
Slide 12: Financial Development 2019–2026
FINANCIAL DEVELOPMENT / 2019–2026 120 125M EUR 100 46,4x 80 25M EUR 15,2x 60 8,9x 4,7x 40 5M EUR 2,8x 2,8x 2,9x 1,9x 20 1M EUR - 2026/12 2019/12 (a) 2020/12 2021/12 2022/12 2023/12 (b) 2024/12 2025/12 (LTM) Net Debt-M EUR 201 200 126 127 83 52 82 88 Rent Revenues-M EUR 17 8 18 29 33 30 33 35 EBITDA-
Slide 13: Financial Projections 2026–2030
FINANCIAL PROJECTIONS / 2026–2030 (Milyon Euro) (*) (**) Million EUR Million (MilyonEUR Euro) Net Asset Value Strengthens with Rising EBITDA and a Declining Debt-to-Equity Ratio - Rental income includes the projected total rental income from hotels in Turkey and - EBITDA projections include, in addi
Slide 14: Operational Performance
OPERATIONAL PERFORMANCE Türkiye Hotels Russia Hotels * ADR (EUR) Consolidated (Türkiye & Rusia) Rental Income Performance In 2025, rental income amounted to approximately 14.4 million EUR in Turkey and approximately 7 million EUR in Russia. Strong Occupancy Rates at City Hotels A city hotel operatin
Slide 15: Sustainability (ESG)
SUSTAINABILITY (ESG) BIST SUSTAINABILITY INDEX CDP NOTE One of the four real estate investment trusts listed on the BIST Sustainability Index is “AKFGY” MANAGEMENT LEVEL B Environmental Sustainability Creating Social Value Corporate Governance • We reduced the amount of hazardous • Employee satisfac
Slide 16: Latest Developments at Akfen GYO in 2025 and Q1 2026
Latest Developments at AKFEN GYO in 2025 and Q1 2026 Completion of the Merger with Karaköy > Our company’s merger with Akfen Karaköy Real Estate Investment and Construction Inc. through a simplified acquisition process was completed on March 20, 2025. > The share repurchase program will be conducted
Slide 17: Summary of Strategic Developments for 2025
SUMMARY OF STRATEGIC DEVELOPMENTS FOR 2025 The year 2025 marked a turning point for Akfen GYO, as strategic investments were implemented, the portfolio value reached record levels, and revenue-boosting operational optimizations were successfully completed despite the inflationary environment. Termin
Slide 18: Recently Completed & Ongoing Projects
RECENTLY COMPLETED & ONGOING PROJECTS
Slide 19: QNB Terminal Kadikoy
ISTANBUL / QNB TERMINAL KADIKOY QNB TERMINAL KADIKOY Construction Area : 21 sqm Leasable Area : 16 sqm 2026-2027 Rental Income: 8 M Euro+VAT (*) Opening Date : May 1, 2025 Occupancy Rate : 100% (*) A rent increase equal to the inflation rate in EUR will be applied at the start of each rental period.
Slide 20: Our Ongoing & New Projects
OUR ONGOING & NEW PROJECTS Independent and Assisted Living Projects in Yalikavak Loft / Bodrum Jacksonville, Florida / U.S. Portfolio Diversification Residential Logistics Warehouse Senior Living Tourism Gebze (Kocaeli) Logistics Kıyıkışlacık / Milas (Iasos Loft) Warehouse Site
Slide 21: Yalikavak / Bodrum
YALIKAVAK / BODRUM 2026 YALIKAVAK LOFT Number of Units : 29 Villas Total Investment Amount : 61.3M EUR (*) Actual Constr. Investment : 58.5M EUR (**) Estimated Sales Revenue : 78.4M EUR Planned Delivery Date : 2026 q3 The figures include VAT. (*) Includes a land cost of 20.4 million euros. (**) Cove
Slide 22: Kocaeli / Gebze Project
KOCAELI / GEBZE PROJECT 2028 LOGISTICS WAREHOUSE Land Area : 141,000 sqm Land Purchase Price : 28.5 million EUR Exp. Start of Construction : August 2026 Expected Opening Date : December 2028 - Investment in a logistics warehouse meeting international standards - Potential for long-term, foreign-curr
Slide 23: Kiyikislacik / Milas
KIYIKIŞLACIK / MİLAS 2029 IASOS LOFT PROJECT Land Area : 83 sqm Construction Area : 55 sqm Saleable Area : 45 sqm Actual Investment Amount : 25 M Euro (**) Est. Investment Amount : 140 M Euro (*) Total Revenue Forecast : 200 M Euro - The building permit and EIA Report processes have been completed.
Slide 24: Florida Jacksonville Independent Living
ABD/ FLORİDA JACKSONVILLE INDEPENDENT LIVING FLORIDA JACKSONVILLE INDEPENDENT LIVING PROJESİ Independent Living Center Land Area : 24,281 sqm Number of Units : 174 Project Equity Stake : 30.1%Estimated Project Investment Amount : 95 M USD Est. Net Rev. of the Project : 7 M USD/Year Actual Inv. Amoun
Slide 25: Florida Jacksonville Assisted Living
ABD/ FLORİDA JACKSONVILLE ASSISTED LIVING FLORIDA JACKSONVILLE ASSISTED LIVING PROJECT Assisted Living Center Land Area : 11,088 sqm Project Partnership Share : 32.5%Estimated Project Investment Amount : 65 M USDActual Investment Amount : 1.9 M USD (Akfen’s Share) (*) Est: Remaining Inv. Amount : 7.
Slide 26: Stock Market Performance
STOCK MARKET PERFORMANCE Stock Performance AKFGY 01.01.2025-31.12.2025 Average daily trading volume 46.2 million AKFGY 01.01.2026-31.03.2026 Average daily trading volume 31.1 million
Slide 27: AKFGY on the Istanbul Stock Exchange
AKFGY on the Istanbul Stock Exchange BIST ALL-100 Stock Market Performance MCAP STAR MARKET As of the end of the first quarter of 2026, Akfen REIT's market capitalization was 10.4 billion TL (203 million euros) Current Market Value As of May 11, 2026, PD stood at 11.8 billion TL (222 million euros)
Slide 28: Thank You
THANK YOU AKFEN REAL ESTATE INVESTMENT TRUST INVESTOR RELATIONS www.akfengyo.com.tr info@akfengyo.com.tr Tel: +90 212 371 8700 Please feel free to contact us with any questions you may have. yatirimciiliskileri@akfen.com.tr | +90 212 317 70 00
Slide 29: Disclaimer
The information contained in this presentation has been prepared by Akfen GYO A.Ş. (“Akfen GYO”) for the purpose of providing information about Akfen GYO. The content of this presentation is based on information disclosed to the public by Akfen GYO and information gathered from sources the Company b
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