Ic Enterra Yenilenebilir Enerji As · BIST:ENTRA
Ic Enterra Yenilenebilir Enerji As — H1 2025 Earnings Presentation
27 slides from Ic Enterra Yenilenebilir Enerji As's earnings presentation, 2025
Slide 1: Consolidated Financial Results 1H 2025
Consolidated Financial Results 1H 2025 1
Slide 2: Page Reference
Page Reference 1 Company Overview 3 2 Sector Overview 9 3 Operational Results 12 4 Financial Results 15 5 Investments & Strategy 18 6 Supporting Materials 22 [FITCH] 2
Slide 3: Company Overview
Company Overview Geographically diverse portfolio Strong Operational Performance 100% Renewable Energy based on 3 different water basins and Cash Conversion Shareholding Structure Solar Free Float 20% 20.03% ◼ 813 Gwh 1H 2025 Electricity Generation 488 MW ◼ US$51mn 1H 2025 EBITDA Hydro IC İçtaş Ener
Slide 4: IC Enterra Timeline
IC Enterra Timeline Generation by Years GWh 1,210 1,302 1,172 835 161 29 2005 2012 2015 Avg. 2016 - 2018 Avg. 2019 - 2021 Avg. 2022 - 2024 Our History Stepping into Diversification of Foundation 1 Renewables 2 Further Portfolio Expansion 3 International Partnerships 4 Becoming a Part of Capital Mark
Slide 5: Our Renewable Energy Portfolio
Our Renewable Energy Portfolio ÇİLEKLİTEPE HEPP ÜÇHARMANLAR HEPP ÜÇHANLAR HEPP 23.1 Mwe / 23.6 MWm 16.6 Mwe / 17.4 MWm 11.9 Mwe / 12.6 MWm KEMERÇAYIR HEPP NİKSAR HEPP 15.5 Mwe / 16.1 MWm HEPP Portfolio Breakdown 40.2Mwe / 41.6MWm Other 21% Bağıştaş-1 HEPP 36% YUKARI MERCAN HEPP 14.0 Mwe / 14.2 MWm T
Slide 6: Annual Generation from our HEPP portfolio
Annual Generation from our HEPP portfolio GWh 1,642 1,417 1,301 1,271 1,253 1,195 1,189 1,076 1,050 835 847 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 Y Avg. 6
Slide 7: High-quality and Well-invested Asset Base
High-quality and Well-invested Asset Base Remaining License Life Existing Portfolio Age Availabilty Rate and Capacity Utilization Years 33.7 years Years 19.8 years %, 2020 – 2024 average Average 98.9% 34% Weighted Average Weighted Average Kadıncık-2 HPP 40.6 Kadıncık-1 HPP 53.7 Kadıncık-1 HPP 99.5%
Slide 8: Page Reference
Page Reference 1 Company Overview 3 2 Sector Overview 9 3 Operational Results 12 4 Financial Results 15 5 Investments & Strategy 18 6 Supporting Materials 22 [FITCH] 8
Slide 9: Sector Overview
Sector Overview 000 TL Total Installed Capacity Electricity Demand CAGR Generation 30 Hazıran 2025 WPP WPP 11.1% 12.2% 2004-2024 CAGR (%) 2024-2029 CAGR (%) SPP 10.6% SPP Fuel 18.4% 39.7% 4.3% Fuel 3.8% 50.5% HEPP 21.2% HEPP Other Renewables 27.3% Other Renewables 3.5% 5.5% 9
Slide 10: Sector Overview
20.000.000 25.000.000 30.000.000 35.000.000 40.000.000 Ja n. M 23 ar M . 23 ay .2 Ju 3 l Se . 23 p. N 23 ov . Ja 2 3 Sector Overview n M . 24 ar M . 24 ay .2 Ju 4 l Se . 24 p. N 24 ov . Ja 2 4 n Consumption (MWh) M . 25 ar Türkiye Monthly Electricity M . 25 ay .2 Ju 5 l. 2 5 0 50 100 150 200 Ja n M
Slide 11: Page Reference
Page Reference 1 Company Overview 3 2 Sector Overview 9 3 Operational Results 12 4 Financial Results 15 5 Investments & Strategy 18 6 Supporting Materials 22 [FITCH] 11
Slide 12: Operational Results
Operational Results Generation (Mwh) Unit Price TL/MWh Q2 2024 Q2 2025 1H 2024 1H 2025 1H 2024 1H 2025 ~%24 Increase ~%13 Increase 2,854 813,020 2,319 ~%27 Increase 721,769 555,080 114,842 Mwh positive impact contribution from of Erzin SPP 438,577 71,859 Mwh Erzin SPP contribution from Erzin SPP 12
Slide 13: Operational Results (cont'd)
Operational Results (cont’d) Capacity Utilization Rates 2023 2024 2025 80% 60% 40% 20% 0% January February March April May June July August September October November December 13
Slide 14: Page Reference
Page Reference 1 Company Overview 3 2 Sector Overview 9 3 Operational Results 12 4 Financial Results 15 5 Investments & Strategy 18 6 Supporting Materials 22 [FITCH] 14
Slide 15: Financial Results
Financial Results Gross Profit (Mn Tl) Revenue (Mn Tl) EBITDA (Mn Tl) 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 ~12% Increase ~7% Increase 2,420 2,414 1,931 1,040 1,730 969 %43.1 %40 %71.5 %80 Gross Profit EBITDA Margin Margin 15
Slide 16: Financial Results (cont'd)
Financial Results (cont’d) Gross Financial Debt Development Net Profit (Mn Tl) TLmn 1H 2024 1H 2025 5,30 2,579 4,96 5,18 Gross Debt 13,491 3,89 874 11,093 756 negative impact of one-off and non-cash revaluation Net Debt 12,616 loss of 978 mn Tl 10,337 -561 -877 2024 2025 1H Gross Debt/EBITDA Net Deb
Slide 17: Page Reference
Page Reference 1 Company Overview 3 2 Sector Overview 9 3 Operational Results 12 4 Financial Results 15 5 Investments & Strategy 18 6 Supporting Materials 22 [FITCH] 17
Slide 18: Local Investments
Local Investments 546 Mw Bağıştaş Hybrid SPP (61 MW) ✓ Connection permit & EIA positive decision received ✓ Electricity generated will be included in the scope of Bağıştaş HEPP license ✓ Investment is planned to kick off following the receipt of final regulatory approvals Storage Integrated Plants (
Slide 19: Investments in Italy
Investments in Italy 108 Mw Grid connection rights have been secured and EIA & AU applications were done for Troia ✓ Wind PP (64.8 MW) and Bovino Wind PP (43.2 MW) projects. They are expected to reach ready to build status by end of 2026. These two power plants are expected to produce c. 323 MWh / y
Slide 20: Our Strategic Priorities
Our Strategic Priorities Growth Financial Stability Sustainability & People ✓ renewable Becoming one of the leading energy producers in ✓ Improving credit profile with efficient leverage planning ✓ Becoming a prominent energy company with best-in-class Türkiye sustainability practices Keeping resili
Slide 21: Page Reference
Page Reference 1 Company Overview 3 2 Sector Overview 9 3 Operational Results 12 4 Financial Results 15 5 Investments & Strategy 18 6 Supporting Materials 22 [FITCH] 21
Slide 22: IC Holding Overview
IC Holding Overview 1 Energy 2 Construction Pure-play renewable energy generation One of the leading investors and EPC company operating 9 hydro and 1 solar power contractors domestically and plant with 488 MW total capacity internationally Established Sectors Operated 1969 5 Operations in energy ge
Slide 23: Key Investment Highlights
Key Investment Highlights 1 Supportive Turkish Macro Backdrop and Energy Market Fundamentals 2 Leading Profitability Profile and Robust Cash Conversion 3 High-quality and Well-invested Asset Base 4 Energy Transition and Sustainability are Part of IC Enterra’s DNA 5 Sustainable Growth Potential with
Slide 24: Energy Transition and Sustainability is Part of IC Enterra's DNA
Energy Transition and Sustainability is Part of IC Enterra’s DNA Contributing to Türkiye's Targeting Net Zero by 2053, Aim to develop a calculation carbon-neutral economy 650K tons of carbon emissions 157K tons of carbon in line with Türkiye's framework for Scope 3 through I-REC certification preven
Slide 25: IC Enterra Balance Sheet (1/2)
IC Enterra Balance Sheet (1/2) ASSETS (‘000 TL) 30 June 2025 31 December 2024 Current Assets: 30 June 2025 31 December 2024 Cash and Cash Equivalents 756.060 874.195 Financial Investments - 561.185 Derivative Financial Instruments 104.223 194.344 Trade Receivables 191.985 252.167 -Due from Related P
Slide 26: IC Enterra Balance Sheet (2/2)
IC Enterra Balance Sheet (2/2) (‘000 TL) 30 Haz 2025 31 Ara 2024 Current liabilities: Short-term borrowings 1.293.903 1.319.540 Current portion of long-term borrowings 2.659.778 3.449.438 Lease liabilities 17.022 18.125 Trade payables 261.517 362.227 - Trade payables to related parties 48.127 46.400
Slide 27: IC Enterra Income Statement
IC Enterra Income Statement (‘000 TL) 1 January - 30 June 2025 1 January - 30 June 2024 Revenue 2.413.879 2.420.246 Cost of sales (-) (1.374.279) (1451238) Gross profit 1.039.600 969.008 General administrative expenses (-) (134.508) (202771) Other income from operating activities 79.881 7.823 Other
IC Enterra Yenilenebilir Enerji A.Ş. — H1 2025 Earnings Presentation on 6ix