Aksa Enerji Uretim A.s. · BIST:AKSEN
Aksa Enerji Uretim A.s — Investor Presentation (October 2025)
29 slides from Aksa Enerji Uretim A.s's investor presentation, Oct 7, 2025
Slide 1: A Global Power in Energy
A GLOBAL POWER IN ENERGY ANALYST MEETING OCTOBER 7th 2025
Slide 2: Cemil Kazancı, Chairman & CEO
CEMİL KAZANCI CHAIRMAN & CEO
Slide 3: A Fast and Intense Investment Cycle
2023 - 2025 A Fast and Intense Investment Cycle U Z B E K I S T A N K A Z A K H S T A N G H A N A S E N E G A L We have successfully implemented 4 major investment projects simultaneously
Slide 4: 2026 Projects to Start Commercial Operation
2026 10 PROJECTS TO START COMMERCIAL OPERATION Total 975 MW
Slide 5: 2026: A Year Full of New Capacity Additions (Foreign)
2026: A YEAR FULL OF NEW CAPACITY ADDITIONS April Kazakhstan/Natural Gas August Senegal/Natural Gas 240MW 160MW 5 FOREIGN PROJECTS TO START COMMERCIAL OPERATION March June Ghana Kumasi/Natural Gas Gabon/Natural Gas TOTAL 179MW 45MW + 100MW 724 MW
Slide 6: 2026: A Year Full of New Capacity Additions (Türkiye)
2026: A YEAR FULL OF NEW CAPACITY ADDITIONS June December Kırşehir/SPP Kayseri/SPP 50MW 10MW March Urfa/Independent Storage Facility 5 RENEWABLE ENERGY PROJECTS 50MW TO START COMMERCIAL OPERATION IN TÜRKİYE February TOTAL October Mersin/WPP Gaziantep/SPP 251 MW 100MW 40.5MW
Slide 7: EBITDA to Reach 660 Million USD
3X INCREASE BY 2028 EBITDA TO REACH 660 MILLION USD EBITDA 2024 EBITDA 2028 EBITDA EBITDA MARGIN +18 Points 11% 21% x3 89% FAVÖK’ün %89’u 3% 90% (1) of EBITDA is of EBITDA is guaranteed Garantili guaranteed 76% 89% Capacity Agreement Spot FIT Million USD (1) Kazakhstan project is excluded from the c
Slide 8: 2028 Installed Capacity Target: 5 GW
2028 INSTALLED CAPACITY TARGET: 5 GW Installed Capacity 20% 3 GW - CURRENT 5 GW - 2028 Renewable Energy Share in 2028 Installed Capacity 14 % 41 % 45 % 24 % 29 % 47 % AFRICA CENTRAL TÜRKİYE* AFRICA CENTRAL TÜRKİYE* ASIA ASIA *Including Northern Cyprus
Slide 9: Naci Ağbal, Vice Chairman
NACİ AĞBAL VICE CHAIRMAN
Slide 10: Key Pillars of Our Strategy
KEY PILLARS OF OUR STRATEGY OUR GROWTH STRATEGY FOCUSING ON NEW STRENGTHEN THE CORE DIVERSIFYING THE CORE TECHNOLOGIES AND BUSINESS MODELS Growing with existing products in Focusing on new markets and Implementing projects with new our existing markets renewable energy technologies and new business
Slide 11: Important Threshold in the Investment Cycle
Important Threshold in the Investment Cycle We've invested $900 million in investments in the last 3 years.
Slide 12: Corporate Transformation Projects
Corporate Transformation Projects
Slide 13: Serdar Nişli, Vice Chairman
SERDAR NİŞLİ VICE CHAIRMAN
Slide 14: Investments
INVESTMENTS KAZAKHSTAN TÜRKİYE UZBEKISTAN* SENEGAL GABON GHANA *As of 30.06.2025
Slide 15: Investments & Strategic Regions
INVESTMENTS & STRATEGIC REGIONS KAZAKHSTAN TÜRKİYE UZBEKISTAN* SENEGAL GABON GHANA *As of 30.06.2025
Slide 16: Soner Yıldız, Chief Investment Officer
SONER YILDIZ Chief Investment Officer
Slide 17: Investments
INVESTMENTS KAZAKHSTAN TÜRKİYE UZBEKISTAN* SENEGAL GABON GHANA *As of 30.06.2025
Slide 18: Investments: Uzbekistan
INVESTMENTS UZBEKISTAN ❑ INSTALLED CAPACITY Tallimarjon Natural Gas Combined Cycle Power Plant 430 MW ❑ CONTRACT TERMS 25 year US dollar-based guaranteed sales agreement for the available capacity at the power plant & fuel costs pass through ❑ EXPECTED COD Simple Cycle: January 2025 Combined Cycle:
Slide 19: Investments: Kazakhstan
INVESTMENTS KAZAKHSTAN ❑ INSTALLED CAPACITY Natural Gas Combined Heat and Power Plant 240 MW ❑ CONTRACT TERMS Capacity payments, electricity and heat sales for 15 years (LOCAL CURRENCY KZT) ❑ STATUS OF THE PROJECT The investment process has started as of 2023 ❑ EXPECTED COD April 2026 Kyzylorda
Slide 20: Investments: Senegal, Ghana, Gabon
INVESTMENTS 255 MW Continued Senegal Growth in Africa ❑PROJECT Saint-Louis (Natural Gas Combined Cycle Power Plant) Ghana ❑CONTRACT TERMS EUR-based 25-year guaranteed electricity 145 MW 350 MW ❑ PROJECT sales and fuel costs pass through Kumasi (Natural Gas Combined Cycle ❑EXPECTED COD August 2026 (S
Slide 21: Murat Kirazlı, Chief Energy Trading Officer
MURAT KİRAZLI Chief Energy Trading Officer
Slide 22: 941 MW Renewable Energy Projects
941 MW RENEWABLE ENERGY PROJECTS SİVAS ESKİŞEHİR WPP: 25 MW WPP: 141 MW KIRŞEHİR BALIKESİR SPP: 100 MW SPP: 50 MW WPP: 118,04 MW VAN SPP: 25 MW KAYSERİ ŞANLIURFA MANİSA WPP: 88.96 MW ISF: 50 MW WPP: 82,16 MW SPP: 10 MW AFYONKARAHİSAR WPP: 110,76 MW GAZİANTEP SPP: 40,5 MW MERSİN WPP: 100,08 MW
Slide 23: 941 MW Wind & Solar Power Plants with Storage
9 4 1 M W W I N D & S O L A R P O W E R P L A N T S W I T H S T O R A G E Location Project Name Technology Capacity (MW) EIA Process Expected COD Gaziantep Pamuk Solar 40.5 Completed February 2026 Kırşehir Alıç Solar 50 Completed June 2026 Kayseri Fatih Solar 10 Ongoing December 2026 Solar 50 Van Zü
Slide 24: Senlav Güner, Chief Operating Officer
SENLAV GÜNER Chief Operating Officer
Slide 25: Our Operations
OUR OPERATIONS Ghana Fuel Oil Power Plant's dual fuel With the modernization of Tashkent B and Bukhara conversion project Power Plants 10% INCREASE in EBITDA $25 Million Additional EBITDA 50 MW Increase in Installed Capacity 15 Units converted to Dual Fuel
Slide 26: Cevdet Yalçın, Chief Financial Officer
CEVDET YALÇIN Chief Financial Officer
Slide 27: Strong Improvement in EBITDA
S T R O N G I M P R O V E M E N T I N EBITDA Key Performance Indicators 6M’25 vs 6M’24 6M’25 vs 6M’24 Gross EBITDA Net Fin. Debt/Net Fin. Debt/ Net Sales EBITDA Net Income Net Financial Margin Margin EBITDA Equity Debt 6M'25 6M'25 20,070 M ₺ 5,896 M ₺ 1,352 M ₺ 36,572 M ₺ +3 +4 +7 6M'24 6M'24 (1) 16
Slide 28: EBITDA Margin
EBITDA MARGIN % EBITDA MARGIN EBITDA MARGIN 42 % 24 2024 2028
Slide 29: Guidance Maintained as of October 2025
2025 GUIDANCE MAINTAINED AS OF OCT OBER 2025 Net Sales EBITDA CAPEX 2025 2025 2025 36,850 M ₺ 11,005 M ₺ GUIDANCE 23,164 M ₺ GUIDANCE GUIDANCE 2024 31,639 M ₺ 2024 7,560 M ₺ 2024 18,265 M ₺
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