Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (December 2025)
37 slides from Aksa Enerji Uretim A.s's investor presentation, December 2025
Slide 1: Investor Presentation December 2025
1 Investor Presentation DECEMBER 2025
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
Slide 3: 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%
Slide 4: Power Generation by Fuel Type
Power Generation by Fuel Type TURKISH ENERGY SECTOR – 55% OF ELECTRICITY GENERATED FROM NON-RENEWABLE SOURCES 35% 34% 22% 21% 18% 16% 11% 10% 11% 8% 4% 3% 3% 3% Lignite & Coal Hydro Natural Gas Wind Solar Geothermal Other Source: TEİAŞ 11M2024 11M2025 4
Slide 5: Price Evolution in Turkish Market
Price Evolution in Turkish Market Price SPOT PRICES IN Evolution in Turkish TURKIYE INCREASED Market BY 17% Y/Y IN 11M 25 Average Spot Electricity Prices (TL/MWh) 3.500 2.878 2.750 2.520 2.415 2.390 2.371 2.000 3Q24 4Q24 1Q25 2Q25 3Q25 Average Spot Electricity Prices • As of November, the 11-month a
Slide 6: Monthly Change in Power Consumption
Monthly Change in Power Consumption TURKISH ENERGY SECTOR – 3% AVERAGE GROWTH IN 11 MONTHS OF 2025 11% 5% 5% 4% 4% 3% 3% 2% 0,5% -2% -8% January February March April May June July August September October November Source: TEİAŞ 6
Slide 7: Financial & Operational Highlights 9M2025
FINANCIAL & OPERATIONAL HIGHLIGHTS 9M2025
Slide 8: Key Highlights – 9M25
Key Highlights – 9M25 STRONG OPERATIONAL PROFITABILITY ACROSS THE BOARD TL million 3Q25 2Q25 q/q Quarterly - 3Q25 vs 2Q25 Net Sales 9,533 10,601 -10% EBITDA 3,484 3,160 10% Net Income 957 999 -4% 9M25 9M24 y/y Cumulative – 9M25 vs 9M24 Net Sales 31,109 28,835 8% EBITDA 9,823 7,068 39% Net Income 2,4
Slide 9: Regional Breakdown
Regional Breakdown FOREIGN OPERATIONS’ CONTRIBUTION TO EBITDA AT 78% TL million Domestic Foreign Share of Foreign %30 Cumulative- 9M25 Net Sales 21,863 9,246 %70 %22 EBITDA 2,118 7,705 %78 Profit Before Tax -1,050 5,486 TL million Domestic Foreign Share of Foreign %29 Cumulative- 9M24 Net Sales 20,5
Slide 10: Domestic Operations
DOMESTIC OPERATIONS Antalya 900 MW Combined Cycle Natural Gas Power Plant
Slide 11: 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 11
Slide 12: 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 Plant Overview ◼ Installed Capacity: 900 MW CCGT ◼ CoD: 2008
Slide 13: 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
Slide 14: 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
Slide 15: 891.41 MW Storage-Based Wind and Solar Power Plants (I/II)
Renewable Energy Projects - Key Highlights 891.41 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 Balıkesi
Slide 16: 891.41 MW Storage-Based Wind and Solar Power Plants (II/II)
Renewable Energy Projects - Key Highlights 891.41 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
Slide 17: Foreign Operations
FOREIGN OPERATIONS Bukhara 298 MW Combined Cycle Natural Gas Power Plant
Slide 18: 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 18
Slide 19: 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
Slide 20: 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
Slide 21: Central Asia Projects
2 1 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
Slide 22: 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 430 MW 119 MW GHANA Tema 370 MW Kumasi 350 MW GABON Libreville 100 MW UNDER Port Gentil 45 MW CONSTRUCTION REPUBLIC OF CONGO 50 MW MADAGASCAR (2
Slide 23: 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,
Slide 24: 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
Slide 25: 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
Slide 26: Africa Projects – Pipeline (I/II)
2 6 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
Slide 27: Africa Projects – Pipeline (II/II)
2 7 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,
Slide 28: Sustainability
SUSTAINABILITY
Slide 29: 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
Slide 30: We Are 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. •
Slide 31: Annex
ANNEX
Slide 32: Consolidated Summary Income Statement
Annex CONSOLIDATED SUMMARY INCOME STATEMENT 9M25 9M24 Change MM TL Net sales 31,109 28,835 8% Cost of sales (23,379) (23,088) 1% Gross Profit 7,730 5,747 35% General & administrative costs (1,255) (1,332) -6% Marketing expenses (48) (81) -41% Other operating income 664 629 5% Other operating expense
Slide 33: Consolidated Summary Balance Sheet
Annex CONSOLIDATED SUMMARY BALANCE SHEET 9M25 YE24 YTD MM TL Cash and cash equivalents 7,992 1,323 504% Trade receivables 10,329 12,517 -17% Inventories 1,907 1,729 10% Total Current Assets 23,156 18,582 25% PP&E 84,756 77,506 9% Intangibles 2,971 2,032 46% Total Non-current Assets 93,077 85,241 9%
Slide 34: Consolidated Summary Quarterly Income Statement
Annex CONSOLIDATED SUMMARY QUARTERLY INCOME STATEMENT 3Q2025 3Q2024 Y/Y 2Q2025 Q/Q MM TL Net sales 9,533 10,929 -13% 10,601 -10% Cost of sales (6,752) (8,799) -23% (8,257) -18% Gross Profit 2,781 2,130 31% 2,344 19% General & administrative costs (420) (456) -8% (442) -5% Marketing expenses (21) (18
Slide 35: 2025 Guidance Revised as of November 2025
Annex 2025 2024GUIDANCE REVISED AS OF NOVEMBER 2025 BEKLENTİLERİ FINANCIAL 2024 ACTUAL 2025 GUIDANCE COMPOSITION COMPOSITION INDICATOR (MM TL) (MM TL) 24% 30% 76% 70% NET SALES 31,639 Domestic Foreign 38,000 Domestic Foregin 27% 22% 73% 78% EBITDA 7,560 Domestic Foreign 12,000 Domestic Foreign 16% 3
Slide 36: 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 36
Slide 37: 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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