2025 Performance And Outlook

Enerjisa Üretim delivered a strong and resilient performance in 2025, continuing to strengthen its position as one of Türkiye’s largest private-sector electricity producers and a pioneer in the country’s energy transition, through its integrated generation, trading and digital platform. During the year, we further advanced our long-term growth strategy by expanding our renewable operating base, maintaining high availability across our diversified generation portfolio, strengthening earnings visibility and scaling our platforms. Despite weak hydrological conditions, continued volatility across energy markets, reduced profitability in natural gas under the ongoing regulatory hardcap regime and lower contribution from trading due to unfavorable market conditions, our integrated business model enabled us to deliver solid operational and financial results while advancing our energy transition roadmap.

Our operational performance reflected the strength of our diversified, multi-technology portfolio and centralized operating model. As of year-end 2025, we operated approximately 4.33 GW of installed capacity across 32 revenue-generating power plants, covering hydroelectric, wind, solar, natural gas and lignite technologies. Total electricity generation increased by 15% year-over-year to approximately 15.0 TWh, equivalent to roughly 4–5% of Türkiye’s total electricity generation. Renewables delivered approximately 4.15 TWh, while natural gas plants provided 7.62 TWh of flexible and price-responsive generation and Tufanbeyli Energy Base achieved its highest historical annual output with 3.62 TWh of domestic baseload generation.

The year also marked further progress in portfolio transformation. Renewable energy accounted for approximately 53% of operational installed capacity, compared to 47% in 2024, while domestic and renewable resources together represented approximately 63% of the portfolio. Wind generation increased significantly, supported by newly commissioned YEKA-2 WPP capacities as well as the Balıkesir WPP and Dağpazarı WPP extension projects. This renewable-led growth strengthened our generation base, enhanced future earnings visibility and supported our role in Türkiye’s energy transition. At the same time, our hydroelectric, natural gas and domestic thermal assets continued to provide flexibility, baseload generation and system reliability, enabling us to manage resource variability, market dynamics and security of supply requirements through an integrated portfolio approach.

Financial performance remained solid in 2025, reflecting the progressive ramp-up of commissioned capacity, higher generation volumes, disciplined financial management and the increasing contribution of FX-linked and price-protected revenue streams. EBITDA and net income both increased in real terms, reaching TL 16.1 billion and TL 6.5 billion, respectively. Total assets expanded to TL 252.5 billion, supported by continued investment in renewable growth, particularly YEKA-2 WPP and early-stage YEKA-2024 WPP development, alongside fleet modernization and maintenance. Net debt increased in line with the Company’s planned investment cycle, reflecting the accelerated build-out of its renewable portfolio. As commissioned assets progressively contribute to earnings and cash flows, leverage is expected to moderate while strengthening long-term financial resilience.

A key development during the year was the increasing role of contracted and FX-linked revenues in strengthening earnings visibility and resilience.

The Electricity Sales Agreement signed with EÜAŞ in October 2025 secured fixed-price sales from Tufanbeyli Energy Base and is expected to make a more meaningful earnings contribution from 2026 onward. Together with the USD-indexed pricing of our YEKA-backed assets, this structure reduces exposure to merchant price volatility, supports a higher-quality earnings profile and provides a natural hedge against foreign currency-denominated borrowings. This evolution is particularly important as merchant power prices continue to normalize following the 2022 energy crisis.

Commercial and trading performance further strengthened portfolio optimization, diversification and risk management across our generation portfolio. Through Enerjisa Commodities, we achieved approximately 110 TWh of electricity trading volume, including 32 TWh in Türkiye and 76 TWh in Europe, executed through approximately 32.5 thousand transactions. The platform operated in more than 30 countries in power, gas and environmental commodities markets and maintained high trading activity, with more than 30,000 deals in Europe and over 1,500 deals in Türkiye. During the year, we expanded into new markets and products, including the Italian gas market, intraday power trading in Germany and the Netherlands, Swiss power and gas markets, gas trading licenses in Hungary, Serbia, Bulgaria and Austria, and access to Nordic power markets through Nord Pool registration. These developments strengthened cross-border optimization capabilities, increased optionality across markets and supported disciplined risk management across the portfolio.

Digital and data-driven capabilities further strengthened operational excellence and created additional value across and beyond our own generation portfolio. Through the Remote Operations Center, Mobile Operations Center, OnePact Suite, CyberPact and the Security Operations Center, we further enhanced centralized operational oversight, real-time monitoring, predictive maintenance, dispatch optimization and operational technology cybersecurity. The centralized operating model delivered measurable improvements in ancillary services performance, monitoring and control quality, response speed to operational events and imbalance management. Senkron Digital also expanded its international footprint, managing and securing more than 9 GW of generation capacity for over 30 customers across 15 countries and four continents, demonstrating that the operational standards and technology capabilities developed within Enerjisa Üretim are competitive at a global industrial scale.

The execution of our sustainable growth and energy transition strategy also advanced during 2025. Continued renewable expansion, the increasing contribution of YEKA-backed assets, hybrid and storage-enabled development, and the use of sustainable finance instruments supported the ongoing transformation of our portfolio toward a more flexible, resilient and lower-carbon generation platform. We also advanced our responsible growth agenda through continued implementation of our Climate Transition Plan, advancement of portfolio-wide biodiversity management, expanded circularity and resource efficiency initiatives, and implementation of our Just Transition approach, supporting responsible portfolio transformation and long-term sustainable value creation. Bandırma Energy Base further strengthened its role as an innovation and experimentation hub for next-generation energy solutions, combining natural gas, wind, solar, hydroelectric, battery storage and green hydrogen capabilities. At the same time, Tufanbeyli Energy Base continued to demonstrate our approach to a balanced and orderly energy transition, where operational efficiency, emissions intensity reduction, technology transformation, regional value creation and long-term community resilience are advanced together through Türkiye’s first site-specific Just Transition Roadmap aligned with our 2040 net-zero pathway.

Together, these achievements demonstrate the strength of Enerjisa Üretim’s integrated business model, combining operational excellence, disciplined capital allocation, commercial optimization, digital innovation, our people and responsible growth. We entered 2026 with a larger, more renewable, more digital and increasingly resilient platform, well positioned to translate our expanding asset base into stronger earnings visibility, sustainable cash generation and long-term value creation for shareholders, employees, communities and the broader energy system.

Enerjisa Üretim delivered a solid set of results in 2025, reflecting ongoing execution of its growth strategy, with an increase in scale, profitability and earnings visibility. The year was characterized by the progressive ramp-up of commissioned capacity, the increasing contribution of FX-linked and fixed-price revenue capacities as well as sustained discipline in financial management.

As of year-end, Enerjisa Üretim operates 32 revenue-generating power plants with approximately 4.33 GW of installed capacity, generating around 15.0 TWh of electricity, equivalent to roughly 4–5% of Türkiye’s total electricity generation. This performance reflects a clear and consistent upward trajectory, with total generation rising from 12.3 TWh in 2023 to 13.1 TWh in 2024, and 15.0 TWh in 2025, as both existing assets and new capacity increasingly contribute to overall output and earnings base. Enerjisa Üretim maintained high operational availability across its generation fleet during the year, supporting reliable electricity generation and reflecting the quality of its asset base, effective maintenance practices and strong operational execution.

From a financial perspective, the Company delivered strong growth across key metrics despite the weak hydrology in the country, reduced profitability in natural gas under the ongoing regulatory hardcap regime and lower contribution from the trading business due to unfavorable market conditions. In 2025, both EBITDA and Net Income recorded double-digit increases in real terms, reaching TL 16.1 billion and TL 6.5 billion, respectively. This performance was driven by higher generation volume supported by newly commissioned wind capacity alongside portfolio optimization, an increasing contribution from price-protected and FX-linked revenue streams, and disciplined financial management. As of February 2026, Enerjisa Üretim became the first company in Türkiye to exceed 1 GW of installed wind power capacity through 16 wind power plants.

While net debt increased in line with the ongoing investment cycle, the Company’s Net debt to EBITDA ratio rose to 3.2x, reflecting the current phase of elevated capital expenditure. This increase is temporary in nature, with the ratio expected to gradually decline to below 3x as newly commissioned assets continue to ramp up and contribute to earnings and cash flow generation.

This portfolio diversification supports both market responsiveness and earnings resilience, allowing the Company to navigate different pricing environments more effectively than less diversified generation portfolios. The combination of baseload, flexible and renewable assets contributes to a stable earnings profile by reducing dependence on any single technology, fuel source or market condition.

A notable development in 2025, with a more meaningful earnings impact from 2026 onwards, was the increasing role of contracted and FX-linked price-protected revenues. The Electricity Sales Agreement signed with EÜAŞ in October 2025, effective until the end of 2029, represented a key milestone. Under this agreement, 0.5 TWh of generation from Tufanbeyli Energy Base was committed for the remainder of 2025 and 2.3 TWh annually until the end of the agreement period. This structure secures fixed pricing above prevailing market levels and together with the USD-indexed pricing of our YEKA-backed assets, materially reduces exposure to merchant price volatility, supporting a more stable, predictable and highner quality earnings profile despite the normalization and downward trend in merchant power prices following the 2022 energy crisis. Together, these contracted and USD-linked structures are expected to secure more than 50% of EBITDA by the end of 2027, with more than 50% of EBITDA also USD-linked, while creating a natural hedge against foreign currency-denominated borrowings, strengthening debt servicing capacity and balance sheet resilience and limiting exposure to FX fluctuations in a volatile macro environment.

This structural shift was primarily driven by wind generation, which surged from 1.23 TWh in 2024 to 2.06 TWh in 2025, supported directly by newly commissioned YEKA-2 WPP capacities alongside the Balıkesir WPP and Dağpazarı WPP extension projects. This transition is not only improving the Company’s renewable footprint; it is also enhancing earnings visibility, reducing exposure to market volatility and supporting a more durable portfolio mix over time.

Taken together, Enerjisa Üretim’s 2025 performance highlights the strength of a business model that combines scalable growth, disciplined capital allocation and investment execution, a resilient portfolio mix and an increasingly visible and higher-quality earnings profile as well as a demonstrated capacity to return cash to shareholders, evidenced by the uninterrupted dividend distribution since 2020, including in 2025.

Operationally, 2025 was marked by high availability and record generation performance across our hydroelectric, wind, solar, natural gas, and domestic thermal generation portfolio. Total installed capacity grew 12% year-over-year while 4 new plants became operational in 2025. Our diversified multi-technology asset base strengthened operational resilience and reliability while enabling us to optimize performance amid fluctuating market dynamics, fuel costs, and hydrological conditions. In 2025, we supplied approximately 4–5% of Türkiye’s electricity demand.

The portfolio was strategically balanced across baseload, flexible, and variable renewable assets. Installed capacity comprised approximately 1,350 MW of hydroelectric power (31.2% share), 937 MW of wind power (21.6% share), 9 MW of solar capacity (0.2% share), 1,587 MW of natural gas combined-cycle generation (36.6% share), and the 450 MW Tufanbeyli Energy Base (10.4% share). Renewable sources accounted for approximately 53% of operational installed capacity in 2025 compared to 47% in 2024. Domestic and renewable resources together represented approximately 63% of the total in 2025.

Total electricity generation increased by 15% year-over-year to 14.98 TWh, including 4.15 TWh from renewable sources. Natural gas plants contributed approximately 7.62 TWh, reinforcing their role as flexible, price-responsive balancing assets, while Tufanbeyli Energy Base achieved its highest historical annual generation performance, producing 3.62 TWh in 2025. Hydroelectric plants produced approximately 2.07 TWh despite hydrological variability, and wind and solar assets together generated approximately 2.08 TWh, reflecting the contribution of the 2025 renewable operating base. Overall, this balanced generation mix demonstrated the portfolio’s capacity to mitigate the effects of hydrological and market volatility, with performance in one technology partially offsetting pressure in another, thereby enhancing resilience and supporting disciplined capital allocation.

From an operational standpoint, we sustained strong asset reliability and high technical availability across our generation portfolio. Capacity factors varied across technologies and were driven predominantly by external market and resource conditions rather than by technical constraints. Hydroelectric plants delivered robust performance through preventive maintenance programs and digital monitoring capabilities. Natural gas and domestic thermal assets demonstrated market-responsive utilization, adjusting dynamically to spark and dark spread economics, system demand, and balancing requirements, while maintaining the operational readiness to ramp up rapidly when conditions were favorable. Wind and solar assets showed high availability, with capacity factors primarily determined by wind regimes and solar irradiation rather than operational limitations.

Impact of Asset-Level Role Differentiation on Performance

Hydroelectric assets served as the backbone of portfolio flexibility, enabling both intraday and seasonal optimization through reservoir management and run-of-river operations, peak-period dispatch, and participation in ancillary services. Their ability to shift generation across time horizons created portfolio-level value beyond pure energy volumes.

Natural gas power plants operated as flexible and marginal units, reinforcing system reliability during periods of peak demand, while compensating for intermittency in renewable generation. Their operational performance was closely integrated with portfolio optimization and fuel procurement strategies, ensuring economic dispatch under volatile market conditions.

Tufanbeyli Energy Base served as a domestic baseload asset, contributing to system adequacy and overall portfolio stability. Its strategic role is best viewed within our balanced portfolio model, where domestic resource utilization, operational discipline and managed transition are addressed together.

Wind and solar assets were predominantly volume-driven, supporting decarbonization objectives and increasing the renewable share of generation. Hybrid plant configurations and the integration of storage solutions enhanced their contribution to system flexibility and overall portfolio balancing.

Impact of Portfolio-Level Optimization on Performance

At the portfolio level, all assets were managed within a centralized optimization and dispatch framework integrating market price forecasts, technical constraints, fuel positions and risk limits. This structure enabled Enerjisa Üretim to maximize asset value, navigate volatility and sustain consistent operational performance across varying market conditions.

The diversified generation mix also provided a natural hedge across technologies, whereby lower output or margins in one segment could be mitigated by stronger performance in others. This portfolio approach enhanced EBITDA resilience, supported cash flow stability, and reinforced disciplined capital allocation. Accordingly, operational performance was assessed not only through individual asset metrics, but also through the portfolio’s ability to deliver reliable, optimized, and value-accretive generation at the system level.

Enerjisa Üretim delivered strong commercial and trading performance in 2025 through its subsidiary Enerjisa Commodities, supporting the portfolio optimization, diversification and risk management of Enerjisa Üretim’s generation portfolio.

Commercial Performance and Electricity Sales Structure

In 2025, Enerjisa Commodities achieved a total electricity trading volume of approximately 110 TWh, consisting of 32 TWh in Türkiye, corresponding to approximately one-third of forward contracts in the Turkish electricity market, and 76 TWh in Europe. European activities were the main growth driver.

Enerjisa Commodities maintained a balanced commercial model combining physical bilateral trading and exchange-based transactions. In Europe, around 6 TWh was traded physically, while approximately 70 TWh was executed through organized power exchanges. This hybrid structure enabled Enerjisa Commodities to benefit from market liquidity and transparent price formation while ensuring physical deliveries and capturing additional value through bilateral structures.

Trading Activity and Market Reach

Enerjisa Commodities maintained a high level of trading activity, with approximately 32.5 thousand transactions and more than 120 active commercial contracts across its markets, demonstrating strong market access and execution capabilities.

The Company further expanded its geographic footprint, operating across more than 30 countries in power, gas, and environmental commodities markets, with an active presence in 18 markets across 9 countries. This broad presence increased trading opportunities, enhanced cross-border optimization capabilities, and provided access to diversified liquidity across key European hubs.

Natural Gas Trading Activities

Natural gas trading continued to be an important component of Enerjisa Commodities’ portfolio. The business maintained a clear distinction between physical and financial trading activities.

Physical gas trading volumes reached approximately 600 GWh, while financial gas trading exceeded 30 TWh, primarily supporting hedging, price risk management and portfolio optimization across the natural gas portfolio.

Portfolio Optimization and Strategic Expansion

During 2025, Enerjisa Commodities significantly strengthened its portfolio optimization capabilities through targeted geographic expansion, product diversification and enhanced service offerings. Key developments included:

Entry into the Italian gas market (PSV) and management of gas storage positions.

Launch of intraday power trading activities in Germany and the Netherlands.

Expansion into Swiss power and gas markets.

Acquisition of gas trading licenses in Hungary, Serbia, Bulgaria, and Austria.

Execution of the Company’s first physical storage optimization.

Execution of its first cross-border gas transportation transaction.

Registration with Nord Pool, providing access to Nordic power markets.

Commercial management of over 1,100 MW of renewable energy capacity, representing an approximately 45% increase compared to 2024, including power plant management services.

These initiatives enhanced cross-border trading opportunities, increased optionality within the portfolio, and improved the Company’s ability to optimize positions across multiple markets and time horizons, supporting improved commercial outcomes.

Market Positioning and Risk Management

Enerjisa Commodities continued to strengthen its position as a regional energy trading platform with a growing European presence. Its risk management framework remained centered on diversification, disciplined exposure management and strong liquidity access, supported by clearly defined risk limits and structured governance practices. Key principles include:

Maintaining a balanced mix of physical and financial trading activities.

Diversifying exposures across markets, products, and counterparties.

Actively utilizing organized exchanges to ensure liquidity and transparent price discovery.

Employing financial instruments for hedging and price risk management.

Ensuring the integration between Enerjisa Commodities’ trading activities and Enerjisa Üretim’s generation portfolio to maximize overall portfolio value.

Overall, Enerjisa Commodities delivered a diversified and well-optimized trading performance in 2025, expanding its European footprint while maintaining a disciplined approach to risk management. Trading continued to serve as a key enabler for managing market complexity, optimizing commercial value and supporting the performance of Enerjisa Üretim’s diversified generation portfolio.

Digital capabilities continued to strengthen operational performance across Enerjisa Üretim’s generation portfolio in 2025 by improving operational visibility, supporting data-driven decision-making and strengthening coordination across our hydro, wind, solar, natural gas and lignite assets. Originally developed to optimize the performance of Enerjisa Üretim’s own operations, these capabilities increasingly support operational excellence across our portfolio while also enabling the commercialization of digital solutions through Senkron Digital.

During 2025, the Senkron ROC continued to provide centralized, 24/7 operational oversight across Enerjisa Üretim’s diversified generation portfolio. Through centralized monitoring and control, the ROC ensured consistency in operational standards and disciplined execution across all assets. Standardized operating procedures, unified KPIs and clear governance structures supported transparent performance management and rapid response to operational deviations, strengthening operational resilience, supporting high availability and enhancing decision quality across geographically dispersed sites. Reliability was ensured through real-time monitoring, advanced Supervisory Control and Data Acquisition (SCADA) systems and centralized alarm management. Asset health, operational limits and grid conditions were continuously monitored, enabling early identification of anomalies and proactive operational interventions that helped minimize unplanned outages, protect asset integrity and support stable and predictable generation performance. Operational efficiency was driven through data-based performance management, continuous improvement and coordinated root cause analysis, contributing to dispatch efficiency, equipment performance improvement, cost control and long-term asset value. Safety remained a non-negotiable priority, with centralized operational control integrating permit-to-work systems, isolation procedures and operational risk controls into day-to-day decision-making.

The Senkron MOC further extended these capabilities by providing ROC-equivalent monitoring and operational support for remote locations, construction sites and maintenance activities, strengthening coordination between centralized operations and field teams across the portfolio.

The centralized operating model also delivered measurable operational improvements during 2025, including an 88.2% improvement in ancillary services performance, a 72.3% improvement in monitoring and control quality, a 90% improvement in response speed to operational events and the elimination of imbalance penalties. Using innovative methods, over 188.5 MWh in energy losses was prevented. Across the wind portfolio, emergency stop commands were transmitted within 7 seconds, turbines were ready for restart within 10 seconds following alarm reset and 100% command-response compliance was achieved across recorded events.

During 2025, digital capabilities also continued to strengthen the integration between operations and commercial activities. Through the OnePact Suite, real-time monitoring, predictive maintenance, production forecasting and energy trading continued to support the operational and commercial lifecycle of renewable generation assets within a single digital ecosystem. During the year, OnePact Monetize was launched to support intelligent participation in Türkiye’s day-ahead, intraday and balancing power markets through automated bid preparation, AI-supported market analysis and real-time dispatch optimization, while integrations with Nord Pool and EPEX further strengthened alignment with European energy markets. OnePact EMS, also introduced during the year, strengthened the operation of hybrid generation and storage-integrated power plants through real-time dispatch optimization, storage coordination and commercial management within a unified operational environment. These capabilities supported the operation of Türkiye’s first licensed hybrid power plant at Bandırma Energy Base while strengthening the digital capabilities supporting our expanding hybrid renewable and storage portfolio.

Operational technology resilience remained a key priority throughout 2025. Through CyberPact and the Senkron Security Operations Center (SOC), we continued to strengthen cybersecurity across our operational technology environment through continuous monitoring, OT security assessments, penetration testing, compliance audits and managed SOC services designed specifically for critical infrastructure. More than 15,000 OT/IoT data points across our generation portfolio were continuously monitored and secured, supporting operational continuity and reliable plant operations. During the year, Türkiye’s first live operational technology cybersecurity drill was conducted on an operating hydroelectric power plant, further strengthening cyber preparedness across critical infrastructure. Senkron Digital also continued to strengthen its digital governance framework through internationally recognized information security, industrial cybersecurity and asset management standards.

Beyond supporting Enerjisa Üretim’s own operations, the Senkron ROC also continued to provide selected remote monitoring and operational coordination services for third-party power plants through its ROC as a Service approach, reinforcing the operational maturity of capabilities developed within our own portfolio. Senkron Digital further expanded as a scalable digital business during 2025. The OnePact Suite and CyberPact, originally developed to meet the operational demands of Enerjisa Üretim’s generation portfolio, are now deployed across more than 30 customers in 15 countries on four continents, managing and securing more than 9 GW of generation capacity. Beyond the energy sector, CyberPact is actively deployed across utilities, cement, aviation and oil & gas industries, demonstrating the applicability of these capabilities across the broader critical infrastructure ecosystem where operational continuity and cyber resilience are mission-critical. The digital model developed for Enerjisa Üretim now underpins service delivery across the Americas, Europe, the Middle East and Africa. During the year, Senkron Digital expanded its international brand presence through participation in leading global industry events, including WindEurope 2025, where the renewed brand identity was introduced; GISEC Global 2025 and MEICA Expo 2025, marking a strong entry into the Middle East cybersecurity market; and TÜREK 2025, where OnePact EMS was launched to support integrated management of solar, wind and battery assets. This international footprint confirms that the operational standards and technology capabilities developed within our own operations are not only fit for our own portfolio but are also competitive at a global industrial scale.

Looking ahead, digital capabilities will continue to support Enerjisa Üretim as we commission additional renewable capacity, expand hybrid generation and storage applications and manage a larger and more diversified generation portfolio. Centralized operations, predictive analytics, AI-supported decision-making, integrated commercial optimization and operational technology cybersecurity will continue to strengthen operational excellence, portfolio optimization and system reliability. At the same time, Senkron Digital will continue to build on capabilities developed and validated through Enerjisa Üretim’s own operations, expanding their application across international markets while creating additional long-term value through scalable digital solutions for both our own assets and third-party operators.

Sustainable growth at Enerjisa Üretim is driven by the execution of our long-term transition strategy. During 2025, we continued advancing renewable energy investments, implementing our Climate Transition Plan, investing in emerging energy technologies, integrating nature into project development, supporting a just transition and mobilizing sustainable finance, hence strengthening our transition pathway while supporting system reliability and financial discipline.

Executing the Climate Transition Plan

During 2025, implementation of our Climate Transition Plan continued to inform investment decisions, operational priorities and long-term portfolio transformation. The Climate Transition Plan stands out as a science-based transition framework aligned with the IPCC AR6 C2 (1.5°C high-overshoot) scenario, the IEA Net Zero by 2050 roadmap and the EU 2040 greenhouse gas reduction target, and structurally consistent with Türkiye’s 2053 net-zero vision. What differentiates the plan is its probabilistic treatment of transition uncertainties: rather than relying on deterministic projections, our emissions intensity trajectory is built on Monte Carlo scenario analysis simulating 1,000 independent realizations across simultaneous uncertainty parameters, including renewable technology cost dynamics, Türkiye’s power market evolution, carbon regulatory timelines, hydrological variability and energy-sector bottlenecks such as grid capacity constraints, supply chain lead times and critical mineral exposure. This methodology enables risk-adjusted decision-making across long investment cycles and interdependent infrastructures, providing greater visibility into decarbonization outcomes under realistic system conditions.

The Climate Transition Plan is structured around four interdependent pillars, renewable energy expansion, technological innovation and operational optimization, repurposing of fossil-based generation and nature-based solutions and ecosystem regeneration. Our transition pathway combines renewable energy expansion, emissions intensity reduction, operational efficiency improvements and responsible resource management while maintaining electricity system reliability as a fundamental requirement of the transition.

Rather than pursuing abrupt asset exits, we continue to manage decarbonization through a phased and system-oriented approach that balances environmental ambition with energy security, affordability and system flexibility. Renewable investments, operational improvements and portfolio optimization collectively support our commitment to achieve net-zero Scope 1 and 2 emissions by 2040 shaped as a scenario-informed pathway rather than a fixed end point. The trajectory advances from a 2024 baseline of 463 gCO₂e/kWh toward 218 gCO₂e/kWh by 2030, 191 gCO₂e/ kWh by 2035 and below 40 gCO₂e/kWh at net zero in 2040, with each milestone grounded in structural portfolio change rather than accounting adjustment. During 2025, Scope 1 emission intensity improved from 463 to 458 gCO₂e/kWh, marking early progress toward the trajectory.

In parallel, portfolio transformation advanced through the increasing share of renewables in our generation base, reaching approximately 53% of operational installed capacity in 2025 and progressing toward our 2028 target of approximately 70% domestic and renewable resources in the generation mix. EU Taxonomy-aligned CapEx reached 83.5% in the latest assured period, supporting our long-term trajectory of 85% by 2030, 90% by 2035 and 95% by 2040.

Throughout the year, implementation activities continued to strengthen emissions management, operational efficiency, resource optimization and climate resilience while supporting alignment with evolving climate-related policies, including the EU Taxonomy, the Carbon Border Adjustment Mechanism (CBAM) whose definitive phase begins in 2026, the Türkiye ETS pilot expected to launch in 2027 with full compliance obligations from 2028, carbon pricing mechanisms and sustainable finance developments. Continued readiness for these frameworks strengthens our long-term competitiveness while positioning our portfolio for evolving climate-aligned market conditions.

The credibility of this framework was reinforced by international recognition when the Climate Transition Plan was shortlisted as a finalist at the Reuters Events: Net-Zero Awards 2025 in London placing Enerjisa Üretim among a select group of global companies recognized for advancing measurable, credible and science-based net-zero pathways.

Investing in Sustainable Growth

Delivering the energy transition requires disciplined investment supported by robust financing structures. In 2025, we advanced our transition investments through a combination of contracted renewable growth, landmark green financing transactions and environmental capital deployment across our portfolio.

Sustainable finance is treated as part of the transition architecture rather than as a separate funding label. Our Green Finance Framework rated “Dark Green” in the Second Party Opinion, the highest sustainability classification, provides the structural backbone for our sustainable capital access, linking financing directly with verified low-carbon and transition-enabling activities through eligible investment definition, use-of-proceeds discipline and independent impact reporting.

Two landmark transactions during the current investment cycle underscore the strength of this framework:

In 2024, we signed an approximately USD 1 billion Green Loan with a consortium led by J.P. Morgan and including DFC, HSBC, KfW IPEX-Bank, DEG, Proparco and Akbank. Backed by an Euler Hermes export credit guarantee, the financing supports the 750 MW YEKA-2 WPP portfolio and represents the largest financing transaction in Türkiye’s wind energy sector.

In 2025, we became the first company in Türkiye to secure EBRD financing dedicated specifically to a YEKA wind project, with up to USD 200 million supporting approximately 250 MW of additional wind capacity in Muğla. The three new wind power plants are expected to generate approximately 630 GWh of renewable electricity annually and avoid around 393,000 tons of CO₂ emissions per year based on Türkiye’s grid emission factor for solar and wind published by the Ministry of Energy and Natural Resources.

Together with our Green Finance Framework, sustainability-linked instruments and long-standing relationships with international development finance institutions, these transactions strengthen our access to diversified and competitively priced capital aligned with our long-term transition pathway.

Our YEKA-based investments contribute not only to renewable capacity growth but also to strengthening portfolio earnings visibility.
The YEKA-2 WPP portfolio provides a 15-year USD-linked revenue capacity, while the YEKA-2024 WPP projects offer market-based pricing during an initial six-year period supported by a defined price floor of 49.5 USD/MWh, followed by a 20-year USD-linked support mechanism. These structures materially reduce merchant price exposure, support financing bankability and reinforce the natural hedge against foreign currency-denominated obligations.

During 2025, mandatory and voluntary environmental capital expenditures and operating expenditures continued to support renewable energy investments, environmental protection, biodiversity management, emissions reduction, operational improvements and environmental compliance across our portfolio, complementing the growth-related capital allocation and reinforcing the transition-aligned nature of our investment programme.

Together, disciplined capital allocation and sustainable finance continue to strengthen the Company’s ability to execute long-term growth investments while maintaining financial resilience throughout the investment cycle.

Advancing Future Energy Solutions

Alongside renewable generation, Enerjisa Üretim continued investing in technologies expected to support the next phase of the energy transition. During 2025, our innovation agenda advanced along three complementary tracks: scaling storage and hybrid solutions, exploring next-generation renewable and transition technologies, and strengthening our integrated innovation platform at the Bandırma Energy Base.

Energy storage and hybrid systems moved further from pilot to scalable deployment. Building on Türkiye’s first ministry-approved, grid-integrated

2 MW / 4 MWh Battery Energy Storage System at Bandırma, which began commercial balancing operations during the year, we advanced a broader pipeline of 500 MW of pre-licensed wind capacity paired with 500 MWh of battery storage across three projects. Hybrid solar capacity across existing wind and thermal generation sites reached approximately

90 MW since 2022, with a target of approximately 157 MW by 2028, supporting higher capacity utilization and long-term decarbonization objectives.

Innovation activities also continued across next-generation technologies, including Archimedean turbine solutions piloted at Hacınınoğlu HEPP for low flow rate operation and perovskite solar cells as an emerging photovoltaic technology. A small-scale green hydrogen unit at Bandırma continued to support internal operational learning, positioning hydrogen as a long-term optionality pathway rather than a near-term deployment priority. A Carbon Capture, Utilization and Storage (CCUS) pilot at the Tufanbeyli Energy Base is advancing toward commissioning, targeted for 2026, as a material decarbonization technology pathway.

Preparations were also completed for participation in EU Horizon projects covering advanced perovskite photovoltaics recycling, photovoltaic-battery optimization, wind system reliability and AI-driven smart energy systems. Together with advanced digital capabilities, analytics and operational optimization, these initiatives strengthen the flexibility, efficiency and long-term resilience of our generation portfolio.

The Bandırma Energy Base continued to serve as Enerjisa Üretim’s integrated innovation and experimentation platform, co-locating natural gas combined cycle, wind, solar, hydroelectric, battery storage and green hydrogen capabilities in a single multi-technology environment. During 2025, Bandırma also hosted the commissioning of the 6 MW Enercon E-175 EP5, which is Türkiye’s first prototype of Enercon’s next-generation onshore platform, featuring one of the world’s largest onshore rotors at 175 meters, as well as Türkiye’s first operational agrivoltaic application at a power generation site. Innovation delivery is supported by our New Technologies Department, which bridges Enerjisa Üretim’s strategic priorities with the global innovation ecosystem, while capital-disciplined deployment is ensured through our internal Innovation Committee. In 2025, Enerjisa Üretim was also selected as a reference site for integrated digital operations, hosting peer companies from more than 20 countries and organizing the international “Digitalization in Hydropower 2025” event with VGBE in Türkiye.

Integrating Nature into Future Growth

Environmental considerations increasingly shape how renewable energy projects are planned, designed and developed. Our approach embeds the mitigation hierarchy directly into project execution, aligned with IFC Performance Standard 6 and EBRD Performance Requirement 6, and reinforced through IUCN, CITES and Bern Convention references in species prioritization. During 2025, biodiversity continued to be integrated into new investment projects through Biodiversity Action Plans, Critical Habitat Assessments, biodiversity risk and impact assessments, species and habitat inventories, bird and bat monitoring, and Shutdown on Demand systems.

The year also marked important progress in implementing biodiversity net gain approaches for critical habitat trigger species across new investment projects. The nature-positive transformation programme was rolled out, including bat curtailment, Shutdown on Demand systems, plant translocation, seed collection and dispersal, while net gain measures for the Dalmatian pelican were initiated and species and habitat inventories were established for new investment projects.

Nature-based innovation also continued to expand. Agrivoltaic applications are being explored to enhance land-use efficiency by combining solar generation with agricultural activity, creating additional environmental and social value while demonstrating how renewable energy production and sustainable land use can coexist.

Supporting a Just and Inclusive Transition

Our transition strategy recognizes that long-term success depends not only on technological transformation but also on supporting people, communities and regional economies throughout the transition.

During 2025, implementation of Türkiye’s first site-specific Just Transition Roadmap for a privately operated lignite facility continued at the Tufanbeyli Energy Base, structured as a formal programme with milestones, accountability mechanisms and reporting cycles rather than a set of aspirational commitments. Developed through structured engagement with employees, local communities, public institutions, universities, labor unions and other stakeholders, and comprising 20 project proposals across two pathways covering employment and skills transformation, and rural and regional economic revitalization, the roadmap provides a framework for supporting workforce transition, regional economic diversification and long-term community resilience.

The programme governs the site’s transformation across four interconnected dimensions: physical site transition, including renewable energy development potential on the existing footprint; community economic diversification, anchored by the Tufanbeyli Academy green skills training programme and rural economic diversification through medicinal and aromatic plant cultivation, beekeeping, women’s cooperatives and local producer support; workforce reskilling and redeployment pathways; and environmental remediation and rehabilitation. Its design principle is explicit: workforce transition support precedes any structural change, and community economic development runs in parallel with the asset transformation timeline. A distinctive long-term commitment is the Community Benefit Sharing model, a renewable plant whose revenues are allocated to community benefit through transparent governance, with planning and partnership development progressing toward 2030 and full operation targeted by 2040.

A dedicated EBRD technical assistance programme continued to support workforce reskilling, regional economic diversification and women’s participation in the energy transition. Through a nationally accredited Vocational Qualification and Certification Centre committed under the EBRD’s Muğla YEKA-2 investment framework, we support the reskilling of coal workers for future employment in renewables, agriculture and tourism.

Complementary initiatives include renewable energy skills certification, targeted reskilling for workers and local youth, and the REDKA programme, launched in 2023 in alignment with the UN Global Compact and the Women’s Empowerment Principles, which has enabled 25 women engineers and technicians to assume active field roles across our wind operations.

Through continued collaboration with public institutions, universities and local organizations, we seek to strengthen regional resilience while supporting an inclusive and responsible energy transition. The credibility of this approach was reinforced during 2025 through external recognition, including the Communitas Awards for Corporate Social Responsibility, the Green World Awards for Corporate Social Responsibility and shortlisting at the Edie Awards in the Social Sustainability — Thriving Communities category.

Transition Outlook

Looking ahead, Enerjisa Üretim will continue executing its Climate Transition Plan by advancing the low-carbon transformation of its multi-technology generation portfolio while maintaining system reliability, contributing to energy security and maintaining disciplined capital allocation. Renewable portfolio expansion, operational efficiency, generation flexibility and portfolio optimization will remain central to the next phase of execution, supporting the Company’s commitment to achieve net zero Scope 1 and 2 emissions by 2040.

Innovation, digitalization and technology development will continue to strengthen this transition. Hybrid renewable applications, storage readiness, digital and AI-enabled operational capabilities and emerging technologies will further enhance portfolio flexibility and operational resilience, while the Bandırma Energy Base will continue serving as the Company’s innovation platform for testing, integrating and scaling next-generation energy solutions.

Responsible growth will remain integral to Enerjisa Üretim’s transition pathway. Environmental stewardship, biodiversity management, responsible resource use, sustainable finance, responsible supply chain management and stakeholder engagement will continue supporting project development and operational decision-making. At the same time, implementation of the Just Transition Roadmap at the Tufanbeyli Energy Base will continue supporting workforce transition, regional development and long-term community resilience, reinforcing the Company’s integrated approach to sustainable growth and long-term value creation.

Enerjisa Üretim’s outlook for 2026–2027 is shaped by a market environment characterized by tightening reserve margins and evolving market dynamics. In this context, price dynamics, system constraints and higher renewable penetration are expected to create both challenges and value opportunities for flexible and well-positioned generation portfolios. Within this environment, Enerjisa Üretim’s near-term outlook is defined by three core priorities: (i) disciplined delivery of a visible renewable commissioning schedule, (ii) active management of market volatility through commercial and operational measures, and (iii) maintaining financial resilience through the peak investment phase, together supporting earnings visibility and positioning the portfolio to capture value in increasingly dynamic market conditions.

The 2026–2027 period marks a transition from a construction-heavy investment cycle toward operational scale-up, as newly commissioned assets begin to contribute more meaningfully and consistently to earnings and cash generation. This transition is accompanied by a gradual shift toward a more visible earnings base, supported by the growing contribution of FX-linked, fixed-price contracted renewable assets. Execution excellence remains the primary focus during this period. Board-level priorities include the completion of commissioning for the 1,000 MW YEKA-2 WPP portfolio in 2026 and readiness for the proportional commissioning of YEKA-2024 WPP projects from 2027 onward, providing greater visibility over the Company’s long-term growth trajectory.

Beyond YEKA-2 WPP and YEKA-2024 WPP projects, Enerjisa Üretim continues to create additional value through extensions and new pre-license initiatives. Construction of Karaburun WPP, located near Uygar WPP, as well as capacity extensions at Aydos and Dikili WPPs, is planned for the 2026–2027 period. In parallel, Enerjisa Üretim is actively evaluating hybrid solar and wind opportunities across its existing generation portfolio, supporting incremental growth with disciplined capital deployment.

From an operational perspective, the Turkish power market is expected to experience continued renewable expansion, growing storage ambitions and evolving grid constraints, resulting in more complex price formation dynamics. In this context, price volatility is expected to remain elevated, while the value of flexibility, system balancing capabilities and commercial optimization continues to increase.

Against this backdrop, Enerjisa Üretim positions itself to balance growth, resilience and flexibility through a structured and disciplined approach. The Company benefits from a portfolio structure that combines contracted revenues, providing downside protection, with merchant exposure that preserves upside potential during high-price periods, supporting both earnings stability and value capture. As a result, commercial optimization, including hedging strategies, bilateral contracting and active market participation, becomes as critical as physical asset execution in ensuring resilient earnings performance. Enerjisa Commodities further strengthens this positioning by enabling Enerjisa Üretim to actively manage price risk and systematically capture volatility-driven opportunities across Türkiye and European markets, leveraging its expanding presence and advanced trading capabilities.

As renewable penetration rises, Enerjisa Üretim prioritizes improving dispatchability, strengthening integration across day-ahead, intraday and balancing markets, and enhancing operational performance through analytics and digital tools. This approach allows the Company to maximize the value of its assets under increasingly dynamic market conditions.

At the same time, portfolio management increasingly focuses on quality, flexibility and system contribution rather than capacity growth alone. Operationally, the Company prioritizes availability and reliability across both renewable and thermal fleets, supported by enhanced asset management practices, maintenance optimization and cost discipline. These efforts aim to ensure that new capacity is not only delivered on time but also performs consistently once operational. Through Senkron Digital, Enerjisa Üretim continues to extend its capabilities beyond internal operations by providing digital services to third parties, creating additional value not only for Enerjisa Üretim but also for the energy sector both within and beyond Türkiye.