BOD Report 2025-12

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(Convenience Translation of Independent Auditor's Report on The Management's Annual Report Originally Issued In Turkish)

INDEPENDENT AUDITOR'S REPORT ON THE ANNUAL ACTIVITY REPORT OF THE BOARD OF DIRECTORS

TO THE GENERAL MEETING OF ASELSAN ELEKTRONIK SANAYI VE TICARET ANONIM §IRKETI

1. Opinion

   ASELSAN ELEKTRONIK SANAYI VE TICARET ANONIM §IRKETI ('Company") and its subsidiaries (collectively referred to as the "Group") We have audited the complete set of consolidated financial Statements for the accounting period from January 1, 2025 to December 31, 2025, and we have also audited the annual activity report for this accounting period

   In our opinion, the consolidated financial information included in the annual activity report of the board of directors and the board of directors' analysis of the Group's situation are, in all material respects, consistent with and accurately reflect the audited full Set of consolidated financial statements and the information obtained during the independent audit

2. Basis of Opinion

   Our independent audit was conducted in accordance with the International Standard on Auditing ("ISA"), which are part of the Turkish Auditing Standards published by the Public Oversight, Accounting and Auditing Standards Authority ("POA") and accepted within the framework of the Capital Markets Board (CMB) regulations. Our responsibilities under these Standards are detailed in the Section of our report entitled "Responsibility for the Independent Audit of the Independent Auditor's Annual Activity Report" We declare that we are independent of the Group in accordance with the Ethical Rules for Independent Auditors (Including Independence Standards) ("Ethical Rules") published by the POA and the ethical principles related to independent auditing contained in the Capital Markets Board (CMB) legislation and other relevant legislation. We have also fulfilled other ethical responsibilities under the Ethical Rules and legislation. We believe that the independent audit evidence obtained during the independent audit provides a sufficient and appropriate basis for our opinion.

3. Our Auditor's Opinion on the Complete Set of Consolidated Financial Statements

   We have expressed an unmodified opinion in our auditor's report dated 24 February 2026 on the complete set of cOOSOlidated financial statements Of the Group for the accounting period from 1 January 2025 to 31 December 2025.

4. Responsibility for the Annual Activity Report of the Board of Directors

   Group management is responsible for the following with regard to the annual activity report in accordance with ArticleS 514 and 516 of the Turkish Commercial Code

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   1. Prepares the annual activity report within the first three months following the reporting date and submits it to the general assembly.

   2. Prepare the annual activity report in a manner that accurately, completely, straightforwardly, truthfully, and honestly reflects the flow of the Group's activities for that year and its consolidated financial position in all respects. In this report, the financial position is assessed based on the consolidated financial Statements. The report also clearly indicates the Group's development and the risks it may encounter. The board of directors' assessment of these issues is also included in the report.

   3. The activity report also includes the following:

      • Events of particular importance that occurred in the Group after the end of the activity year,

      • The Group's research and development activities

      • Financial benefits such as salaries, bonuses, gratuities, allowances, travel, accommodation and representation expenses, in-kind and cash benefits, insurance and similar guarantees paid to members of the board of directors and senior executives.

        When preparing the activity report, the board of directors also takes into account the secondary legislation regulations issued by the Ministry of Trade and relevant institutions.

5. Responsibility for the Independent Audit of the Independent Auditor's Annual Activity Report

Our objective is to express an opinion on whether the consolidated financial information included in the annual activity report and the analyses performed by the Board of Directors are consistent with the Group's audited consolidated financial statements and the information obtained during our independent audit, and whether they accurately reflect the truth, and to prepare a repos containing this opinion

Our independent audit was conducted in accordance with ISAs. These standards require that the independent audit be planned and performed to obtain reasonable assurance that the consolidated financial information included in the activity report and the Board of Directors' analysis are consistent with the complete set of consolidated financial statements and the information obtained during the audit, and that they accurately reflect the truth, while ensuring compliance with ethical requirements.

The engagement partner who supervised and concluded this independent aud it is Ali 0sman EFLATUN.

24 §ubat 2026

ALI OS,MAbI- FLATUN

Enga"gt§fn" é,nyt ParMer

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KARAft.I.ND I?,TNDENT AUDIT AND CONSULTANCY INC.

Member Firm of Abacus Ankara,

Page No Page No

2 Vision - Mission

3 Principles of Preparation

3 Company Information and Organizational Structure

5 The Company's Shareholder Structure

8 Main Factors That Affect the Performance, Investment and Dividend Policy of the Company

9 Enterprise Risk Management

11 Financial Information of the Company

1. Changes in the Legislation Which Would Have Significant Impact on the Activities of the Company

2. Compliance Report on Corporate Governance Principles and Sustainability Principles Compliance Framework Report

1. Information Regarding the Lawsuits of the Group

2. Information Regarding the Transactions Made within the Reporting Period

To be a reliable, competitively preferred, environment-friendly and human conscious technology firm which preserves its sustainable growth in the global market via the values created for stakeholders, as well as serving its establishment purposes.

By focusing primarily on the needs of the Turkish Armed Forces; to provide high-value-added, innovative and reliable products and solutions to both local and foreign customers in the fields of electronic technologies and system integration; continuing activities in line with global targets as well as increasing brand awareness and contributing to the technological independence of Türkiye.

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