Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY
Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (December 2025)
32 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's investor presentation, December 2025
Slide 1: Akiş REIT Investor Presentation
AKİŞ REIT INVESTOR PRESENTATION December 2025
Slide 2: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Sahrayıcedit Project Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 2 Akiş Real Estate Investment Trust
Slide 3: Portfolio
Portfolio TL 44,4 bilion 67,5% 25,8% 6,0% Other Akasya Shopping Mall Akbatı Shopping Mall Erenköy Boyner Opening Date: 2014 Opening Date: 2011 Opening Date: 2021 Number of Stores: 253 Number of Stores: 171 Number of Stores: 3 Total Leasable Area: 80.322 Total Leasable Area: 64.264 Total Leasable Are
Slide 4: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Sahrayıcedit Project Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 4 Akiş Real Estate Investment Trust
Slide 5: Overview
Overview OPERATIONAL* FINANCIAL Total Debt ➢ High Occupancy (~98%) ➢ September 2025: US$64mn ➢ 28 November 2025: US$57mn ➢ Store Turnover Growth (2025-9M vs 2024-9M) Net Debt ➢ Akasya +32% YoY ➢ Akbatı +28% YoY ➢ September 2025: US$19mn ➢ 28 November 2025: US$7mn ➢ High Collection Rate (>99%) Short
Slide 6: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Sahrayıcedit Project Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 6 Akiş Real Estate Investment Trust
Slide 7: Footfall
Footfall 47,1% 44,9% 42,5% 35,1% 14,5% 11,6%11,7% 12,5%12,9% 10,6% 7,1% 6,7% 1,0% 0,2% 0,5% 1,4% 1,3% -0,2% -0,5% -3,0% -3,4% -3,6%-3,5% -6,1% -46,8%-45,2%-47,0% -46,3% 2019 2020 2021 2022 2023 2024 2025-9A 2025-9M Akasya Akbatı AYD -- Total CSC Toplam AYD--İstanbul CSC İstanbul CSC: Council of Shop
Slide 8: Occupancy Rate
Occupancy Rate Due to the planned downsizing of cinema areas in Akasya and Akbatı, the occupancy rate was slightly decreased. For the vacant areas in Akasya cinema floor, projects are being developed to diversify the brand mix, create experience areas, and attract more visitors. Also, the developmen
Slide 9: Store Turnover Growth
Store Turnover Growth 165,3% 145,4% 147,9% 136,6% 101,4% 97,8% 94,4% 84,6% 80,1% 77,7% 72,3%72,4% 64,3% 64,8% 65,8% 65,3% 61,4% 59,7% 44,4% 36,1% 33,3% 31,9% 28,4%30,0% 25,0% 17,1%17,4%15,2% 16,1% 14,6% 0,7% -18,6% -20,9% -22,0% -28,7% 2019 2020 2021 2022 2023 2024 2025-9A 2025-9M Akasya Akbatı CSC
Slide 10: Shopping Mall Turnover
Shopping Mall Turnover Store Turnover (TL mn) Store Turnover (US$ mn) 10,6% CAGR-TRY 22-24: 83% 31,9% CAGR-USD 22-24: 30% 16.067 28,4% CAGR-TRY 22-24: 77% CAGR-USD 22-24: 26% 7,7% 14.532 490 407 377 11.017 341 9.676 290 8.416 7.546 249 257 219 5.879 204 196 5.215 182 4.810 162 137 143 123 2.682 90 1
Slide 11: Income Breakdown
Income Breakdown Akasya Akbatı 6,0% 6,1% 5,9% 5,8% 6,7% 7,9% 8,0% 7,3% 7,3% 7,8% 7,2% 7,3% 7,9% 7,9% 8,8% 9,1% 7,4% 18,2% 12,5% 13,8% 19,7% 15,3% 26,5% 22,1% 29,8% 28,8% 27,3% 23,8% 30,0% 31,2% 31,0% 31,1% 86,6% 80,2% 78,9% 76,9% 74,2% 75,9% 67,6% 69,1% 67,1% 63,5% 62,1% 63,2% 65,5% 61,6% 61,0% 61,0
Slide 12: Expense Breakdown
Expense Breakdown Akasya Akbatı 9,1% 10,4% 10,0% 9,2% 10,0% 11,7% 11,4% 11,5% 10,8% 10,3% 11,8% 12,8% 12,4% 13,1% 13,1% 13,7% 24,6% 29,6% 28,3% 25,9% 30,1% 31,3% 30,5% 29,8% 32,3% 32,5% 31,1% 32,2% 36,2% 32,2% 33,0% 34,6% 14,4% 17,1% 15,0% 28,7% 15,8% 17,4% 12,2% 12,6% 14,4% 17,1% 27,7% 10,4% 14,6%
Slide 13: Consumptions
Consumptions +5% Electricity Consumption (kWh) -1% Water Consumption (m3) 74.407 75.341 73.095 -2% 10.739.418 71.554 -6% 64.146 8.642.427 8.408.056 56.773 55.638 7.886.615 7.971.359 50.288 7.523.417 6.220.030 5.829.070 5.481.360 61.426 5.024.419 45.571 42.776 4.686.383 34.216 4.614.972 4.635.345 4.4
Slide 14: Rent/Turnover Ratio
Rent/Turnover Ratio 15% 14% 13% 12% 10,72% 11% 10% 9,52% 9% 8% 7% 6% Akasya Akbatı Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 14 Akiş Real Estate Investment Trust
Slide 15: Leasing Strategies
Leasing Strategies Leasing stores that will Introducing new brands Leasing in sectors with high sqm Experience-oriented stores in Focusing on restaurant/food & create attraction points with high potential efficiency line with new trends beverage areas in Akasya Investor Presentation – December 2025
Slide 16: Annual Rent Increase on Monthly Basis
Annual Rent Increase on Monthly Basis 160% 140% 120% 100% 38% 38% 80% 36% 33% 60% 40% 20% 0% Akasya Income Akbatı Income 12M Average CPI Annual CPI Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 16 Akiş Real Estate Investment Trust
Slide 17: Sustainability Reports
Sustainability Reports Sustainability Report Fitch Ratings Integrated Report ESG Report Carbon Footprint Report TCFD Report Carbon Footprint Supplier Code of Conduct Verification Report Sustainable Finance CDP Report Framework Corporate Governance CoP Report Rating Report Decarbonization GRESB Repor
Slide 18: Sustainability Achievements
Sustainability Achievements One of the 3 Turkish companies in the World’s The first institution The only Turkish REIT Best Companies in outside the financial sector with an to receive an ESG rating A- Leadership score in Sustainable Growth 2025 CDP Climate Change from Sustainable Fitch list, and the
Slide 19: Collaboration with the Credit Bureau
Collaboration with the Credit Bureau Akiş REIT is launching an initiative in collaboration with Greendeks in order to measure the ESG performance of tenants and suppliers for the first time in the shopping mall sector. The project not only provides financial and strategic advantages to business part
Slide 20: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Sahrayıcedit Project Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 20 Akiş Real Estate Investment Trust
Slide 21: Financials of the Shopping Malls (IAS29 Applied)
Financials of the Shopping Malls (IAS29 Applied) Akasya Shopping Mall - IAS29 applied (TLmn) 9M23 9M24 9M25 YoY Akasya Shopping Mall 9M-2025 Revenue 1.823,5 1.897,8 1.944,4 2,5% Net Operational Income 1.499,9 1.542,6 1.572,4 1,9% Compared with 9M-2024 EBITDA 1.512,1 1.554,3 1.585,3 2,0% +%32 EBITDA
Slide 22: Profitability (IAS29 Applied)
Profitability (IAS29 Applied) 3.009 3.110 2.283 2.076 2.070 1.299 9M24 9M25 Total Revenue EBITDA Net Income • Although strong occupancy rates continued as of 9M25, domestic demand remained weak compared to the previous period due to the current macroeconomic environment, and with the loss of momentu
Slide 23: Net Debt and Short Position
Net Debt and Short Position ➢ As of 28 November 2025, the short position is US$40mn ➢ As of 28 November 2025, net debt is US$7mn 323 312 297 254 243 197 170 98 90 40 45 35 35 19 2019-12 2020-12 2021-12 2022-12 2023-12 2024-12 2025-09 Net Borç Net Debt ShortPozisyon Açık Position Investor Presentatio
Slide 24: Financial Debt Breakdown
Financial Debt Breakdown* 4,6% 4,2% 4,6% 5% 8,6% 9,9% 6,1% 70,9% 59,9% 39,9% 83,0% 75,3% 87,2% 95% 45,4% 35,6% 29,1% 12,8% 14,8% 7,2% 2019-12 2020-12 2021-12 2022-12 2023-12 2024-12 2025-09 TL TLKrediler Loans YP FX Krediler Loans Leasing Leasing Sermaye PiyasasıInstruments Capital Market Araçları *
Slide 25: Financial Debt Breakdown
Financial Debt Breakdown 5% 12% 17% 25% 29% 40% 60% 95% 88% 83% 75% 71% 60% 40% 2019-12 2020-12 2021-12 2022-12 2023-12 2024-12 2025-09 YP FX TL TL Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 25 Akiş Real Estate Investment Trust
Slide 26: Financial Debt Breakdown
Financial Debt Breakdown* 42% 100% 100% 58% TL USD EUR Sabit Fixed Değişken Floated *As of 28 November 2025 Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 26 Akiş Real Estate Investment Trust
Slide 27: Debt Repayment Schedule
Debt Repayment Schedule* Cash level: TL2,1 bn (~US$50mn) 88,9 17,4 7,0 6,4 9,9 5,6 7,5 7,5 7,5 4,4 - - - - - - - - 2025 2025 Aralık December 2026 2027 2028 2029 2030 US$ mn TL mn € mn *As of 28 November 2025 Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 27 Akiş Real E
Slide 28: Net Debt/EBITDA
Net Debt/EBITDA 13,6x 11,3x 6,4x 5,4x 1,7x 0,5x 0,4x 2019-12 2020-12 2021-12 2022-12 2023-12 2024-12 2025-09 Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 28 Akiş Real Estate Investment Trust
Slide 29: Stock Performance
Stock Performance 230,11 187,98 143,16 AKSGY XU100 XU100 XGMY0 XGMYO XGMY0 XU100 Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 29 Akiş Real Estate Investment Trust
Slide 30: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Sahrayıcedit Project Investor Presentation – December 2025 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 30 Akiş Real Estate Investment Trust
Slide 31: Sahrayıcedit Project
Sahrayıcedit Project • It is planned to be developed in 4 phases on 2 parcels with a total land area of 100.000 m². Akasya • The project will primarily focus on residential development, with a limited number of commercial areas. • No shopping mall function is envisaged. • Regarding the mixed-use pro
Slide 32: Contacts
Contacts • Mehmet Arıkan Strategy, Investments and Sustainability Manager Strategy, Investments and Sustainability Department E-mail: mehmet.arikan@akisgyo.com • Şiar Keskin Investments and Strategy Executive Strategy, Investments and Sustainability Department E-mail: siar.keskin@akisgyo.com • Pelin
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