Alarko Holding A.s. · BIST:ALARK
Alarko Holding A.s — Q1 2026 Earnings Presentation
35 slides from Alarko Holding A.s's earnings presentation, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation
Slide 2: Alarko Holding Overview
Alarko Holding Overview Energy Tourism Industry Land Construction Agriculture Investment & Development Trade Service In All Strong Brand Sector Leading Experience Quality In Service Healthy Adding Value To Areas of Energy & Services With & & Production & The Sector Quality In Service Perfectionist P
Slide 3: Powerful and Reputable Holding Rising Worldwide
Alarko Holding Powerful and Reputable Holding Rising Worldwide • Founded in 1954 by İshak Alaton and Üzeyir Garih • One of the pioneers in the stock exchange listed since 1974 • Leading industrial experience with 70 years • 7 different fields of activity • Energy • Construction • Land Development •
Slide 4: Alarko Holding
Alarko Holding Last 3 Month Avg Market Cap* Listed Companies Free Float Volume (in TL mn)* (in TL mn)* Alarko %34.95 41.178 892 Alarko Carrier %15,9 9.091 33 Alarko GYO %48,8 8.622 187 **31.03.2026 itibarıyla İzzet Garih %17,7 Free Float %34,95 Vedat A. Alaton %14,3 Alarko Holding %5,3 Leyla Alaton
Slide 5: Current Operations
Current Operations Power Production & Construction Land Development Industry & Trade Distribution Altek (%100) Alcen (%50) Alen (%100) Alsim (%100) Alarko GYO (%51) Alarko Carrier (%7) 2025 Share in Combined Revenue: %72 2025 Share in Combined Revenue : %7 2025 Share in Combined Revenue : %0 2025 Sh
Slide 6: Access to full potential via Generation & Distribution
Current Operations Power Access to full potential via Generation & Distribution… Generation • Total of 1.539 MW installed capacity, implying 3% of Turkey’s installed capacity • Power Plants; • 2 Hydro (86 MW -%100 Ownership) • 1 Solar (51 MW- %50 Ownership) • 1 Imported Coal Power Plant (1,320 MW- %
Slide 7: Focused on serving the entire energy sector
Current Operations Power Focused on serving the entire energy sector… Distribution & Retail • Took over Meram through privatization in 2009 by paying 440 mn USD (License Expiry: August 2036) • Covers 6 provinces- 10% of Turkey’s total area • Reaching close to 2,4 mn electricity subscribers every day
Slide 8: Accumulated experience of over 50 years
Current Operations Land Development Accumulated experience of over 50 years… • First listed REIT in the stock exchange • Negotiates the contracts with landowners on a revenue or profit-sharing basis • Seeks hotels and resorts with high potential • Sustainable rental revenue of c. 10 mn USD per year
Slide 9: Dedicated to making people feel good
Current Operations Tourism Dedicated to making people feel good… • Operates city club and hotels in Turkey, under the brand “Hillside’’ • Hillside beach club – introduced the leisure concept in Turkey with 330 rooms & 781 bed capacity • Occupancy rate of 76% in 2025 • Repeat guest rate of 78% • Targ
Slide 10: Raises the bar in the industry with a perfectionist approach
Current Operations Industry & Trade Raises the bar in the industry with a perfectionist approach… • Formed an Equal- share partnership with Carrier in 1998 (%42 each) • Fields of business include heating, cooling, ventilation, and water pressurization • Extensive and strong sales and service network
Slide 11: The power that transforms into the future
Current Operations Construction The power that transforms into the future… • Expertise covers airports, rail systems, infrastructure works, industrial facilities, business centers, hotels, and hospitals • Aims to be the first choice in international projects by leveraging its know-how and quality in
Slide 12: 360 Degree Value Creation
Current Operations Agriculture 360 Degree Value Creation… • Alarko Holding, as of 2023, has designated “Agriculture” as a strategic and priority sector • Alarko Tarım conducts its operations under 4 segments: Greenhouses, Fertilizers, Seeds, and Food Processing • Aiming to be in the top 3 in the wor
Slide 13: Investment
Current Operations Investment Public Equity Private Equity Venture Capital − Founded in 2023, Public Equity − Private Equity strategy focuses on − Venture Capital strategy strategy focuses on investing direct investments, private equity underscores Alarko Capital’s Türkiye’s capital markets with a f
Slide 14: Strategy
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Slide 15: Absolute Value Creation through the Proper Use of Capital
Absolute Value Creation through the Proper Use of Capital Increase in the Value of Existing Operations Preservation of Defensive Companies' Assets Supporting Cash-Generating Companies 01 Balanced Portfolio and New Investments for Sustainable Growth 02 Planned Growth in New Investment Areas Optimal S
Slide 16: Organic & Inorganic Growth
Growth Opportunities Organic & Inorganic Growth… Power Land Development Industry & Trade Portfolio Development Leisure Focused Investments Water Pressurization Plans Leveraging Hillside Brand via System, Water Pump, and BESS Investments New Acq. Broiler Investments Agriculture Investment Aviation Ov
Slide 17: In 2028: portfolio management center, value of 4 bn USD
In 2028 The goal is for the Holding to become a portfolio management 2028 center and to increase its value to 4 bn USD Balanced Portfolio 17 | Alarko Q1 2026 Investor Presentation
Slide 18: In 2028: Existing Operations, New Business Lines, Alarko Investment
In 2028 Existing Operations New Business Lines Alarko Investment %60 %30 %10 18 | Alarko Q1 2026 Investor Presentation
Slide 19: Land Portfolio
Land Portfolio Assets that will uncover… Alarko Holding Land Portfolio (TL mn) – 31.12.2025 Düz Defter Değeri Ekspertiz Değeri Land – Antalya - 431,8 Land- Sarıyer – İstanbul - 1,046.8 Offices- İstanbul - 34.3 Investment Properties Land- Büyükçekmece – İstanbul - 11,6 Office- Adana - 12,6 Toplam - 1
Slide 20: Financials
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Slide 21: Combined Financial Results: Revenue
Combined Financial Results Combined Revenue (TL mn)* 57.483 55.379 3.588 5.977 6.378 3.933 13.047 29.748 29.293 10.544 709 932 670 1.104 4.508 7.374 13.913 10.654 3.605 2.958 Q1 2025 Q1 2026 2024 2025 Power Gen. Power Dist&Retail Construction Land Dev. Industrial Holding Tourism Agriculture 21 | Ala
Slide 22: Combined Financial Results: EBITDA
Combined Financial Results Combined EBITDA (TL mn)* 16.320 14.885 685 433 285 8.925 8.639 4.322 2.307 113 7.801 65 3.070 5.734 508 1.911 1.319 -232 -241 -158 Q1 2025 Q1 2026 2024 2025 Power Gen. Power Dist&Retail Construction Land Dev. Industrial Holding Tourism Agriculture 22 | Alarko Q1 2026 Inves
Slide 23: Combined Financial Results: Net Profit
Combined Financial Results Combined Net Profit (TL mn)* 2.739 117 651 744 2.035 111 (2.909) 1.739 (1.569) 1.275 1 -674 -1.138 -1.942 -1.639 -1.111 -137 -88 -388 -155 -95 -1.181 Q1 2025 Q1 2026 2024 2025 Power Gen. Power Dist&Retail Construction Land Dev. Industrial Holding Tourism Agriculture 23 | A
Slide 24: Power Generation Operations in the Quarter
Power Generation Operations in the Quarter Net Power Generation (KWh)* Revenue (TL mn)* 13.913 9,882,099 9.844,186 82.769 62.059 10.654 2,504,276 9.659.066 9.661.754 2,470,267 17.584 67.984 3.605 2.958 2.457.244 2.356.559 Q1 2025 Q1 2026 2024 2025 Cenal Karakuz HES Gonen HES Solar Q1 2025 Q1 2026 20
Slide 25: Power Distribution & Retail Operations in the Quarter
Power Distribution & Retail Operations in the Quarter EBITDA (TL mn)* 8.925 8.639 Revenue (TL mn)* 29.748 29.293 3.070 508 Q1 2025 Q1 2026 2024 2025 Net Profit (TL mn)* 2.459 7.374 4.508 1.739 1.434 Q1 2025 Q1 2026 2024 2025 Q1 2025 Q1 2026 2024 2025 25 | Alarko Q1 2026 Investor Presentation -1.111
Slide 26: Construction Operations in the Quarter
Construction Operations in the Quarter EBITDA (TL mn)* 172 Revenue (TL mn)* Q1 2025 Q1 2026 2024 2025 -160 -183 5.977 3.933 -1.052 Net Profit (TL mn)* 40 1.104 Q1 -8 2025 Q1 2026 2024 2025 932 -606 Q1 2025 Q1 2026 2024 2025 -2.258 26 | Alarko Q1 2026 Investor Presentation The figures represent the c
Slide 27: Land Development Operations in the Quarter
Land Development Operations in the Quarter EBITDA (TL mn)* 423 Revenue (TL mn)* 253 214 165 134 Q1 2025 Q1 2026 2024 2025 -18 94 Net Profit (TL mn)* 1.275 46 Q1 2025 Q1 2026 2024 2025 111 1 Q1 2025 Q1 2026 2024 2025 27 | Alarko Q1 2026 Investor Presentation -388 The figures represent the combined fi
Slide 28: Industry Operations in the Quarter
Industry Operations in the Quarter EBITDA (TL mn)* 106 Revenue (TL mn)* 6.378 2 Q1 2025 Q1 2026 2024 2025 -43 -48 3.588 Net Profit (TL mn)* Q1 2025 Q1 2026 2024 2025 670 709 -82 Q1 2025 Q1 2026 2024 2025 -141 -274 28 | Alarko Q1 2026 Investor Presentation -365 The figures represent the combined figu
Slide 29: Tourism Operations in the Quarter
Tourism Operations in the Quarter EBITDA (TL mn)* 685 Revenue (TL mn)* 433 2.677 2.518 -232 -241 Q1 2025 Q1 2026 2024 2025 Net Profit (TL mn)* 549 57 58 245 Q1 2025 Q1 2026 2024 2025 -269 -356 29 | Alarko Q1 2026 Investor Presentation Q1 2025 Q1 2026 2024 2025 The figures represent the combined figu
Slide 30: Agriculture Operations in the Quarter
Agriculture Operations in the Quarter EBITDA (TL mn)* 47 Revenue (TL mn) -50 1.877 -256 1.322 -383 Q1 2025 Q1 2026 2024 2025 745 Net Profit (TL mn)* 487 744 651 Q1 2025 Q1 2026 2024 2025 -155 -1.181 30 | Alarko Q1 2026 Investor Presentation Q1 2025 Q1 2026 2024 2025 The figures represent the combine
Slide 31: Combined & Consolidated Financial Results
Combined & Consolidated Financial Results… Combined P&L (TL mn)* Q1 2026 Q1 2025 Change 13,047 10,544 24% Revenue 4,322 2,307 87% EBITDA 33% 22% EBITDA Margin 117 (2,909) Net Profit The figures represent the combined figures with considering Alarko’s stake in JV’s after eliminations, TAS-29 Applied
Slide 32: Sustainability at Alarko & Responsible Communications Policy
Sustainability at Alarko & Responsible Communications Policy Across all our Group companies, we are committed to building resilient and future-proof business Responsible Communications Policy models, guided by the principle of generating long- term environmental and social value in both our ▪ Creati
Slide 33: Sustainability Focus Areas at Alarko
Sustainability Focus Areas at Alarko By nurturing capabilities, we are reshaping the meaning of value, Through a circular economy achieving sustainable success on a approach, sustainable business human-focused path of impact. models, and renewable energy With a strong focus on creating value for inv
Slide 34: BIST-25 Sustainability Index Outperformance
Sustainability Index Outperformance BIST-25 SUSTAINABILITY INDEX Source: ESG Scores | Data Analytics
Slide 35: Disclaimer
Disclaimer Alarko Holding A.S. (the“Company”) has prepared this presentation (the “Presentation”) in order to provide investors with general information about the Company. The contents of this Presentation is based on public information and on data provided by the Company’s management. Neither the C