Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — Investor Presentation (March 2026)

39 slides from Aksa Enerji Uretim A.s's investor presentation, March 2026

  1. Slide 1: Investor Presentation March 2026

    1 Investor Presentation MARCH 2026

  2. Slide 2: Key Investment Highlights

    Key Investment Highlights AKSA ENERGY: AN OUTLIER IN TURKISH ENERGY SECTOR Deep Expertise in Energy Sector Diversified Portfolio Guaranteed Long-term Hard Currency Based Revenues Sustainable Growth Resilient Business Model 2

  3. Slide 3: Aksa Energy at a Glance

    AKSA ENERGY AT A GLANCE 25+ 7 3.000+ MW 11 40+ YEARS OF COUNTRIES INSTALLED CAPACITY POWER PLANTS POWER PLANT EXPERIENCE DEVELOPMENT & OPERATION TRACK RECORD 3

  4. Slide 4: Shareholding Structure

    Shareholding Structure AKSA ENERGY: LISTED IN BIST SUSTAINABILITY, CORPORATE GOVERNANCE, MSCI & FTSE INDICES AKSA ENERGY SHAREHOLDING STRUCTURE KAZANCI HOLDING SHAREHOLDING STRUCTURE Tülay Kazancı Mehmet Kazancı 4,8% Free Float 5,9% 20% Ali Metin Kazancı 29,0% Kazancı Holding A.Ş. Cemil Kazancı 80%

  5. Slide 5: Power Generation by Fuel Type

    Power Generation by Fuel Type TURKISH ENERGY SECTOR – 52% OF ELECTRICITY GENERATED FROM NON-RENEWABLE SOURCES 36% 34% 27% 21% 18% 15% 16% 10% 6% 6% 3% 3% 3% 2% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other 2M2025 2M2026 Source: TEİAŞ 5

  6. Slide 6: Price Evolution in Turkish Market

    Price Evolution in Turkish Market Price SPOT PRICES IN Evolution in Turkish TURKIYE INCREASED Market BY 17% Y/Y Average Spot Electricity Prices (TL/MWh) • In 2025, average spot prices increased by 17% y/y and reached 2,618 TL/MWh. • Effective from April 5, 2025, spot price ceiling was increased from

  7. Slide 7: Monthly Change in Power Consumption

    Monthly Change in Power Consumption TURKISH ENERGY SECTOR – 2% AVERAGE GROWTH IN 2M 2026 11% 6% 5% 5% 4% 4% 3% 3% 2% 2% 0,5% -2% -1% January February -8% 2026 2025 Source: TEİAŞ 7

  8. Slide 8: Financial & Operational Highlights YE'25

    FINANCIAL & OPERATIONAL HIGHLIGHTS YE’25

  9. Slide 9: Key Highlights – YE'25

    Key Highlights – YE’25 IMPROVING PROFITABILITY DESPITE AN INTENSIVE INVESTMENT CYCLE TL million 4Q’25 3Q’25 Q/Q Quarterly - 4Q’25 vs 3Q’25 Net Sales 9,920 9,949 -0.3% EBITDA 3,266 3,636 -10% Net Income 1,137 998 14% YE’25 YE’24 Y/Y Cumulative – YE’25 vs YE’24 Net Sales 42,385 41,412 2% EBITDA 13,518

  10. Slide 10: Regional Breakdown

    Regional Breakdown FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 73% TL million Domestic Foreign Share of Foreign %30 Cumulative- YE’25 Net Sales 29,660 12,726 %70 %27 EBITDA 3,711 9,807 %73 %5 Profit Before Tax 344 7,173 %95 TL million Domestic Foreign Share of Foreign %29 Cumulative- YE’24 Net Sal

  11. Slide 11: Domestic Operations

    DOMESTIC OPERATIONS Antalya 900 MW Combined Cycle Natural Gas Power Plant

  12. Slide 12: Domestic Operations at a Glance

    Domestic Operations at a Glance MAJORITY OF DOMESTIC INSTALLED CAPACITY BASED ON NATURAL GAS Bolu-Göynük DOMESTIC 270 MW INSTALLED CAPACITY 1,358 MW Natural Gas (1 power plant) 900 MW Fuel-Oil (1 power plant) 188 MW Lignite (1 power plant) 270 MW Antalya 900 MW Northern Cyprus 188 MW 12

  13. Slide 13: Antalya PP - Key Highlights

    Antalya PP - Key Highlights ANTALYA- 900 MW NATURAL GAS CCGT Ali Metin ACTIVE ROLEKazancı Antalya IN PRIMARY Power Plant AND SECONDARY – Key Highlights MARKETS Antalya Power Plant Location Technical Overview ◼ Energy Source: Natural Gas Overview ◼ Installed Capacity: 900 MW CCGT ◼ CoD: 2008 ◼ 2 Siem

  14. Slide 14: Bolu PP - Key Highlights

    Bolu PP - Key Highlights BOLU GÖYNÜK- 270 MW LOCAL LIGNITE POWER PLANT Bolu Göynük SUPPORTED PERFORMANCE Power Plant – Key Highlights BY INCENTIVES FOR LOCAL FUEL Bolu Göynük Power Plant Location Technical Overview ◼ Energy Source: Local Lignite Plant Overview ◼ Installed Capacity: 270 MW (2x 135 MW

  15. Slide 15: Northern Cyprus PP Key Highlights

    Northern Cyprus - PP Key Highlights NORTHERN CYPRUS 188 MW COMBINED CYCLE HFO POWER PLANT USD BASED GUARANTEED ENERGY SALES Northern Cyprus Power Plant Location Technical Overview ◼ Energy Source: Liquid Fuel ◼ Installed Capacity: 188 MW Combined Cycle Plant Overview ◼ CoD: 2003 ◼ Contract Expiry: 2

  16. Slide 16: 891 MW Storage-Based Wind and Solar Power Plants (I/II)

    Renewable Energy Projects - Key Highlights 891 MW STORAGE-BASED WIND and SOLAR POWER PLANTS (I/II) Key Highlights Power Plant Locations • Aksa Energy holds pre license / license for 13 renewable power Sivas 25 MW Eskişehir plant projects with storage in 10 cities, corresponding to 891.41 Balıkesir 1

  17. Slide 17: 891 MW Storage-Based Wind and Solar Power Plants (II/II)

    Renewable Energy Projects - Key Highlights 891 MW STORAGE-BASED WIND and SOLAR POWER PLANTS (II/II) Key Highlights Power Plant Commissioning Dates ▪ Mersin Wind Power Plant with storage, which completed Location Project Name Resource Capacity (MW) License Process Expected COD Kırşehir Alıç Solar 50

  18. Slide 18: Foreign Operations

    FOREIGN OPERATIONS Bukhara 298 MW Combined Cycle Natural Gas Power Plant

  19. Slide 19: Central Asia Installed Capacity

    Contribution to the Energy Transition ACTIVE IN CENTRAL ASIA SINCE 2022… ASIA INSTALLED CAPACITY KAZAKHSTAN 1,220 MW Kyzylorda 240 MW UNDER UZBEKISTAN Tashkent A CONSTRUCTION 240 MW Tashkent B CAPACITY 252 MW Bukhara 240 MW 298 MW Tallimarjon 430 MW 19

  20. Slide 20: Country Snapshots – Central Asia

    Country Snapshots – Central Asia ATTRACTIVE REGION WITH STRONG GROWTH POTENTIAL… Uzbekistan Kazakhstan Population 36.4 mn Population 20.6 mn Area 447,400 km2 Area 2,724,900 km2 GDP $ 114.9 bn GDP $ 288.4 bn GDP per capita $ 3,161 GDP per capita $ 14,005 Installed Capacity 17,659 MW Installed Capacit

  21. Slide 21: Tashkent, Bukhara & Tallimarjon PP – Key Highlights

    Tashkent, Bukhara & Tallimarjon PP – Key Highlights OUR TOTAL INSTALLED CAPACITY REACHED 1,220 MW IN UZBEKISTAN WITH Tashkent COMPLETION A, B and Bukhara OF COMBINED Power CYCLE PP IN Plants – Key Highlights TALLIMARJON Uzbekistan Power Plants’ Locations Technical Overview ◼ Energy Source: Natural G

  22. Slide 22: Central Asia Projects

    2 2 Central Asia Projects STRENGTHENING POSITION IN CENTRAL ASIA WITH FIRST INVESTMENT IN KAZAKHSTAN KAZAKHSTAN ◼ Project Name: Kyzylorda (Natural Gas Combined Heat and Power Plant) ◼ Installed Capacity : 240 MW CCGT (CHP) ◼ 2 GE 6FA GTG + Skoda Doosan ST ◼ Contract Terms: 15-year capacity payments

  23. Slide 23: Africa Installed Capacity

    Attractive Region with Strong Growth Potential ACTIVE IN AFRICA SINCE 2017… MALI AFRICA 60 MW INSTALLED SENEGAL 255 MW CAPACITY(1) BURKINA FASO Ouagadougou 560 MW 119 MW GHANA Tema 370 MW Kumasi (3) 350 MW GABON Libreville 100 MW UNDER Port Gentil 45 MW CONSTRUCTION REPUBLIC OF CONGO 50 MW MADAGASCA

  24. Slide 24: Country Snapshots – Africa (I/II)

    Country Snapshots – Africa CONTRIBUTION TO ENERGY ACCESS (I/II) Gana Mali Senegal Population 34.4 mn Population 24.5 mn Population 18.5 mn Area 238,537 km2 Area 1,240,190 km2 Area 196,161 km2 GDP $ 82.8 bn GDP $ 26.6 bn GDP $ 32.27 bn GDP per capita $ 1,086 GDP per capita $ 1,744 GDP per capita $ 2,

  25. Slide 25: Country Snapshots – Africa (II/II)

    Country Snapshots – Africa CONTRIBUTION TO ENERGY ACCESS (II/II) Gabon Burkina Faso Population 2.5 mn Population 24.1 mn Area 267,668 km2 Area 274,223 km2 GDP $ 20.87 bn GDP $ 27.06 bn GDP per capita $ 8,218 GDP per capita $1,110 Installed Capacity 780 MW Installed Capacity 749 MW Electricity 1,084

  26. Slide 26: Africa Operations – Key Highlights

    Africa Operations – Key Highlights LONG TERM GUARANTEED ENERGY SALES IN HARD CURRENCY & Mali FUEL Power Plant – Key IS PASS THROUGH Highlights IN ALL OF OUR OVERSEAS OPERATIONS Africa Power Plants’ Locations Technical Overview ◼ Energy Source: Natural Gas + Liquid Fuel ◼ Installed Capacity: 370 MW P

  27. Slide 27: Africa Projects – Pipeline (I/II)

    2 7 Africa Projects Africa Projects – Pipeline WE CONTINUE TO GROW IN AFRICA WITH GHANA, SENEGAL, GABON & BURKINA FASO INVESTMENTS (I/II) GHANA ◼ Location: Kumasi ◼ Installed Capacity: 350 MW - (Natural Gas Combined Cycle Power Plant) ◼ Siemens gas and steam turbines (Phase I) ◼ Contract Terms: 20-y

  28. Slide 28: Africa Projects – Pipeline (II/II)

    2 8 Africa Projects Africa Projects – Pipeline WE CONTINUE TO GROW IN AFRICA WITH GHANA, SENEGAL, GABON & BURKINA FASO INVESTMENTS (II/II) GABON ◼ Location : Libreville & Port Gentil ◼ Installed Capacity: 100 + 45 MW (Natural Gas Power Plants) ◼ Contract Terms: 10 year guaranteed contract to build,

  29. Slide 29: 2028 Installed Capacity Target: 5 GW

    2028 INSTALLED CAPACITY TARGET: 5 GW Installed Capacity 20% 3.188 MW – CURRENT 4.068 MW - 2026 5.212 MW - 2028 Share of renewables in 2028 installed capacity 19% 38% 43% 24% 29% 47% AFRICA CENTRAL ASIA TÜRKİYE* AFRICA CENTRAL ASIA TÜRKİYE* *Including TRNC 29

  30. Slide 30: EBITDA Expected to Reach USD 660 Million by 2028

    EBITDA EXPECTED TO REACH USD 660 MILLION BY 2028 EBITDA 2025 EBITDA 2028 EBITDA EBITDA MARGIN +10 pp 17% 21% >x2 EBITDA EBITDA 3% 83% 90% (1) 660 Contracted Contracted 42% 32% 315 76% 83% Capacity Agreement Spot Feed-in Tariff 2025 2028 2025 2028 USD million (1)The Kazakhstan project is excluded fro

  31. Slide 31: Sustainability

    SUSTAINABILITY

  32. Slide 32: Sustainable Business Model

    SUSTAINABILITY AT AKSA ENERGY SUSTAINABLE BUSINESS MODEL • The Company acts with the Responsibility of a Sustainable Business Model for a safe future. • The Company' sustainability approach is based on three pillars - Environmental Sustainability, Employees and Social Responsibility. • As a signator

  33. Slide 33: Committed to Sustainable Development Goals

    SUSTAINABILITY AT AKSA ENERGY WE ARE COMMITTED TO SUSTAINABLE DEVELOPMENT GOALS! • Aksa Energy prioritizes identifying and managing the significant environmental impacts of the industry, respecting human and employee rights, and contributing to social development in the regions where it operates. •

  34. Slide 34: Annex

    ANNEX

  35. Slide 35: Consolidated Summary Income Statement

    Annex-1 CONSOLIDATED SUMMARY INCOME STATEMENT YE’25 YE’24 Change MM TL Net sales 42,385 41,412 2% Cost of sales (31,841) (32,658) -3% Gross Profit 10,545 8,754 20% General & administrative costs (1,752) (1,946) -10% Marketing expenses (36) (52) -32% Other operating income 1,009 492 105% Other operat

  36. Slide 36: Consolidated Summary Balance Sheet

    Annex-2 CONSOLIDATED SUMMARY BALANCE SHEET YE’25 YE’24 Change MM TL Cash and cash equivalents 6.520 1.380 372% Trade receivables 7.648 13.062 -41% Inventories 2.224 1.804 23% Total Current Assets 19.991 19.391 3% PP&E 102.179 80.880 26% Intangibles 3.454 2.121 63% Total Non-current Assets 109.600 88

  37. Slide 37: Consolidated Summary Quarterly Income Statement

    Annex-3 CONSOLIDATED SUMMARY QUARTERLY INCOME STATEMENT 4Q2025 4Q2024 Y/Y 3Q2025 Q/Q MM TL Net sales 9.920 11,320 -12% 9,949 -0% Cost of sales (7,443) (8,563) -13% (7,046) 6% Gross Profit 2,478 2,757 -10% 2,902 -15% General & administrative costs (442) (556) -21% (438) 1% Marketing expenses 14 32 -5

  38. Slide 38: Investor Relations

    Contact Information INVESTOR RELATIONS Pınar Saatcıoğlu Investor Relations and Sustainability Director investorrelations@aksaenerji.com.tr +90 216 681 1053 Rüzgarlıbahçe Mh . Özalp Çıkmazı No:10 Kavacık / Beykoz Istanbul Aksa Enerji Üretim A.Ş. https://www.aksaenerji.com.tr/investor-relations 38

  39. Slide 39: Disclaimer

    DISCLAIMER Aksa Energy has prepared this presentation for the sole purpose of providing information, which contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these s

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