Our Strategy

With a diversified generation portfolio spanning 5 technologies across 32 power plants, Enerjisa Üretim is one of Türkiye’s largest private electricity producers, operating in one of Europe’s largest and fastest-growing electricity markets. The energy sector is changing rapidly as decarbonization, electrification, digitalization and evolving market conditions reshape how electricity is produced, traded and consumed. According to Türkiye’s National Energy Plan, electricity demand is expected to increase from 361 TWh in 2025 to approximately 455 TWh by 2030, supported by industrial growth, manufacturing investments linked to nearshoring, accelerating electrification, expanding data center capacity and rising cooling demand. Maintaining system reliability while increasing renewable energy capacity is therefore becoming important. Flexible and dispatchable generation assets play a central role in supporting system reliability and enabling the energy transition.

In this environment, the ability to deliver reliable, flexible and lower-carbon generation is increasingly critical for both system stability and long-term value creation.

As of December 31, 2025, we operate 4,333 MW of installed capacity, providing a balanced portfolio of renewable, flexible and baseload generation assets with renewables representing 53% and flexible capacity respresenting 63% of the total. Alongside electricity generation, we continue to expand our capabilities in energy trading, digital operations and data-driven decision-making to support long-term value creation and operational performance.

Our strategy is based on an integrated operating model that brings together generation, trading, digital operations and sustainability priorities under a single management approach. Through centralized operations, advanced analytics and integrated commercial capabilities, we improve portfolio performance, strengthen operational resilience and support the increasing integration of renewable energy into the electricity system. In 2025, this approach supported top-quartile availability levels across generation technologies as verified by EPİAŞ;

24/7 centralized remote operations monitoring and dispatching our full generation portfolio across five technologies through the Senkron Remote Operations Center (ROC); active energy trading across 18 European markets and 30 countries in power, gas and environmental products through Enerjisa Commodities; and an externally offered digital operations and cybersecurity platform managing more than 9 GW of installed capacity across 15 countries and four continents, covering over 50 critical sites and 40,000 assets, through Senkron Digital.

We see the energy transition as a long-term shift that requires operational flexibility, technological capability and disciplined capital allocation. Our strategic direction is organized around six priorities that guide investment decisions, risk management and value creation. Together, these priorities enable us to balance growth, financial discipline, portfolio resilience and our contribution to Türkiye’s energy transition.

What differentiates our business model is the integration of diversified generation assets, trading capabilities and centralized digital operations within a single platform.

Our portfolio spans five generation technologies, including natural gas, domestic lignite, hydro, wind and solar. This diversity provides flexibility across different market and system conditions. Enerjisa Commodities and Senkron further strengthen our operating model by improving portfolio visibility, operational coordination and decision-making.

As Türkiye’s electricity system evolves, flexibility and resilience are becoming increasingly important. The combination of dispatchable and renewable generation, integrated trading capabilities and centralized operations helps us maintain system reliability and optimize value across the portfolio.

Our long-term growth is supported by one of Türkiye’s largest private renewable investment programs, anchored by YEKA-scale wind projects, providing both capacity expansion and earnings visibility. At the same time, our Net Zero 2040 commitment provides a clear direction for portfolio transformation and decarbonization, aligned with evolving regulatory expectations and stakeholder priorities.

Our approach to transition extends beyond asset transformation and emission reduction. Through our Tufanbeyli Just Transition Roadmap, we are strengthening workforce reskilling, supporting regional development and enhancing community resilience, ensuring that the transition is both operationally viable and socially sustainable.

Operational Excellence

We ensure operational excellence across our diversified generation portfolio through an operating model built on reliability, efficiency, safety and disciplined governance. As energy systems become more dynamic and market patterns more volatile, we manage our generation portfolio as an integrated portfolio through centralized coordination, advanced asset management practices and digitalized operational infrastructure that support system reliability, operational continuity and adequacy across all operating conditions.

We operate a large-scale and diversified power generation portfolio designed to balance energy security, operational flexibility and sustainability. Our portfolio is structured to reflect Türkiye’s generation needs while gradually shifting toward a higher share of renewable and domestic resources. Each generation technology plays a distinct role in supporting portfolio resilience and value creation. Reservoir hydroelectric assets provide flexibility and optimization opportunities across varying hydrological and market conditions, while run-of-river hydro plants contribute reliable renewable generation linked to natural river flows. Wind and solar assets support long-term growth in renewable capacity and position the portfolio to capture growing electricity demand from electrification while supporting system decarbonization. Our Bandırma Energy Base provides the flexibility required to balance intermittent renewable generation and respond to changing market conditions. Tufanbeyli Energy Base contributes domestic baseload generation and system adequacy, supporting system reliability during Türkiye’s energy transition.

Centralized operational management is a core component of this operating model. Through Senkron ROC, we provide centralized, 24/7 oversight across all five generation technologies, enabling reliable, efficient and safe operations at portfolio scale. Standardized operating procedures, unified KPIs and centralized monitoring systems support consistent operating standards and portfolio-wide visibility across geographically dispersed assets. Beyond our own portfolio, the ROC extends these capabilities to third-party asset owners through a ROC-as-a-Service approach, positioning Enerjisa Üretim as a managed operations partner rather than a technology vendor.

Reliability is reinforced through real-time monitoring, advanced SCADA systems and centralized alarm management infrastructure. Operational conditions, asset health and grid conditions are continuously monitored to support early identification of anomalies, proactive intervention and continuity. This centralized model supports high availability levels and consistent operating standards across the portfolio.

We manage our generation portfolio with a lifecycle perspective spanning development, commissioning, operations and long-term optimization. By combining technical expertise, data-driven asset management and proactive maintenance practices, we balance operational performance, reliability, risk management and capital efficiency across different technologies and market conditions. This approach supports investment decisions, extends asset value, maximizes asset availability and helps maintain portfolio resilience as the energy system continues to evolve.

Integrated governance processes provide visibility across the portfolio, enabling a more consistent assessment of priorities, investment needs and performance improvement opportunities. By connecting asset management with capital allocation and operational planning, we optimize long-term portfolio performance while supporting reliability, flexibility and growth. Technical, operational and business teams work together to identify risks, evaluate technical priorities and strengthen continuity across different technologies and operating environments, while technical risks and priorities are reviewed regularly through structured governance mechanisms involving executive leadership, supporting alignment between operational decisions, technical standards and long-term resilience objectives.

Process safety and operational risk management are integrated into daily operational decision-making through Hazard and Operability (HAZOP) analyses, technical risk reviews and integrity management processes. OT/ICS governance and cybersecurity management are delivered through a dedicated Security Operations Center (Senkron SOC) that operates in real-time coordination with the ROC shift team, supporting continuity and infrastructure reliability through structured lifecycle management practices aligned with internationally accepted models.

Operational excellence is further reinforced through a culture of continuous improvement, organizational learning and employee participation. Through the Üretenler Suggestion System, our employees contribute improvement ideas through structured technical, operational and financial evaluation processes, while knowledge-sharing platforms, best-practice dissemination and cross-functional collaboration strengthen organizational learning across sites and business functions. A dedicated ESG Compliance function operates as a second line of defense, independently evaluating project performance and site-level practices to support alignment with internal standards and international requirements.

Portfolio and Capital Optimization

We optimize and strengthen our generation portfolio through a strategy built on scale, diversification and disciplined capital allocation, ensuring resilient performance and sustainable long-term value creation across an evolving energy system. Portfolio optimization is approached as a continuous process that balances reliability, flexibility, decarbonization and financial and operational sustainability, rather than capacity growth alone. This approach explicitly incorporates transition-related risks, including carbon pricing exposure, asset repositioning risks and the long-term transformation of legacy generation within a decarbonizing energy system. Each investment is subject to a disciplined evaluation framework, prioritizing risk-adjusted returns and strategic portfolio fit, while ensuring earnings visibility, system contribution, regulatory feasibility and balance-sheet resilience before capital is committed.

At the center of our operating model is a diversified generation portfolio with 4,333 MW of installed capacity, combining baseload, flexible and renewable generation assets. Baseload generation provides continuity and earnings stability, flexible assets support balancing requirements and market responsiveness, while renewable assets, primarily hydro, wind and solar, form the backbone of our long-term decarbonization pathway. This balanced structure mitigates volatility, enhances operational optionality and enables us to perform consistently under changing market conditions.

Portfolio optimization is supported by integrated operational and commercial decision-making, with generation planning, dispatch and trading positions continuously evaluated to maximize asset utilization and portfolio performance.

We prioritize investments that enhance portfolio quality, resilience and long-term visibility, with a focus on expanding renewable capacity while maintaining operational flexibility, rather than pursuing volume-driven expansion. Capital is allocated selectively to projects that meet defined strategic and financial criteria, including attractive risk-adjusted returns, long-term earnings visibility and strong alignment with our portfolio architecture. This framework applies across greenfield investments, brownfield expansions, including but not limited to hybrid capacity, and optimization of existing assets.

Renewable energy expansion remains a key component of our long-term portfolio strategy. We prioritize organic growth through renewable expansions, including wind and hybrid solar investments, alongside storage-supported solutions designed to strengthen long-term system flexibility and asset utilization. Renewable investments developed under Türkiye’s YEKA tender framework and supported by the YEKDEM feed-in mechanism support long-term portfolio growth while maintaining balanced portfolio development principles. In parallel, we monitor developments related to capacity remuneration mechanisms in Türkiye, which may provide financial support for flexible and baseload generation assets supporting system adequacy.

Financial resilience supports our investment approach and long-term portfolio strategy. A diversified revenue base, including contracted and USD-linked revenues, provides visibility over future earnings and reduces exposure to market volatility. By the end of 2027, more than 50% of EBITDA is expected to be secured. While leverage is expected to peak during the current investment cycle, Net Debt/EBITDA stood at 3.2x at year-end 2025 and is projected to decline below 3.0x as newly commissioned assets ramp up.

Commercial and Trading Excellence

Our integrated trading structure, operated through Enerjisa Commodities, allows us to optimize our diversified generation portfolio across both organized power markets and bilateral (OTC) transactions, spanning power, natural gas and environmental products. By combining physical generation assets with advanced portfolio optimization capabilities and structured commercial solutions such as price fixation, supply contracts, imbalance management and capacity leasing, we enhance portfolio performance, improve earnings quality and reduce exposure to market volatility.

In addition, active participation in international electricity and gas markets across Europe, supported by cross-border capacity trading and European market access, provides optionality and arbitrage opportunities that extend beyond our own generation portfolio. Trading decisions are supported by advanced market analytics, forecasting models and real-time market intelligence. These capabilities help us respond to changing market conditions, seasonal trends, regulatory developments and macroeconomic volatility.

Managing market risk is a core component of our commercial strategy. Risk is managed holistically across credit, market, liquidity and operational dimensions through disciplined frameworks embedded into daily trading operations, with all activities linked to physical asset positions and governed by daily position limits, stress testing protocols and hedging policies. Advanced Value-at-Risk (VaR) models and daily P&L tracking provide transparency over portfolio exposure, trading performance and counterparty risk, ensuring that value creation is achieved within a clearly defined risk appetite and financial discipline.

We provide electricity, natural gas and environmental market products to customers and counterparties, including renewable energy certificates and carbon-related products. In parallel, origination and commercial management services position us as a commercial partner to renewable asset owners, extending our platform beyond our own generation portfolio. These services support industrial customers in managing Scope 2 emissions, carbon pricing exposure and broader energy transition requirements, while creating additional revenue capacities and strengthening our commercial positioning.

Integrated trading operations, advanced analytics and a mature risk management culture enable us to transform market volatility into value-creating opportunities. This disciplined yet flexible approach supports sustainable earnings, enhances value creation and enables us to capture upside across increasingly dynamic and multi-dimensional market conditions, reinforcing our competitive positioning in both domestic and international energy markets.

Digital and Data-Driven Transformation

We leverage digital technologies and data-driven decision-making to improve operational performance, strengthen coordination and enable scalable portfolio management across our business. As the energy system shifts toward higher renewable penetration, the ability to manage operational complexity, respond to real-time market signals and coordinate a multi-technology portfolio from a single digital platform becomes a defining competitive capability. We are expanding these capabilities to ensure that our portfolio can scale without proportional increases in cost or organizational complexity, improving efficiency, responsiveness and overall financial performance.

At the center of this approach is Senkron Digital, which supports real-time monitoring, predictive optimization and centralized decision-making across our generation portfolio. Through integrated digital systems and unified data architecture, we strengthen visibility, coordination and data accessibility across operations, maintenance, commercial activities and asset management.

Alongside supporting our own portfolio, Senkron Digital also serves external customers through a dedicated operating model. Customer information is maintained in separate operational and data environments, supported by robust access controls and information security practices. This ensures that customer data remains segregated and is used only for the respective customer’s operations and decision-making.

The Senkron ROC is a key component of our digital operating model, consolidating real-time data from all five generation technologies within a single monitoring and coordination platform. This structure enables standardized performance tracking, faster response capability and portfolio-wide situational awareness across geographically dispersed assets. Cloud and edge computing infrastructure supports increasing data processing requirements and scalability, ensuring secure and uninterrupted data flows across assets and decision-making processes.

Advanced data analytics, AI-supported models and performance monitoring systems are embedded into decision-making across the organization. Through predictive analytics, forecasting models and integrated monitoring systems, including predictive maintenance and reliability-centered maintenance frameworks, we enhance asset behavior analysis, production forecasting and predictive maintenance capabilities. These analytical capabilities extend into commercial operations, where digital trading systems, automated tools and market intelligence infrastructure support portfolio positioning and real-time decision-making across electricity, natural gas and environmental markets. These capabilities enable more efficient resource allocation and improved value capture across the portfolio.

Cybersecurity and digital resilience are core components of our digital strategy. Through the CyberPact platform and internationally aligned frameworks, we protect critical infrastructure, operational technology systems and digital assets against evolving cyber risks, supported by a dedicated Security Operations Center (Senkron SOC) operating in real-time coordination with the Senkron ROC shift team. Originally developed to support our own portfolio, the Senkron Digital product family, including the OnePact performance analytics suite, the CyberPact cybersecurity platform and a broader set of managed service offerings, has evolved into scalable digital offerings deployed across more than 15 countries and four continents, managing and securing more than 9 GW of generation capacity for both Enerjisa Üretim and third-party asset owners. Senkron Digital now operates as a software and managed services business, generating revenue through platform licensing and managed service agreements, positioning digital capability not only as an operational enabler but as an adjacent growth vector.

Our Human Focus

We build a high-performance organization through continuous learning, safety, collaboration and accountability, developing the capabilities needed for long-term success. We define high performance not only through operational and financial results, but through the organization’s ability to sustain execution over time and deliver impact together with employees, teams, suppliers and business partners while protecting people, empowering participation and supporting continuous improvement.

Empowering the workforce to build a future-ready organization is a core priority. We invest in reskilling and upskilling initiatives to equip employees with the capabilities needed for the energy transition and digitalization, while supporting a just and inclusive transition for employees and communities connected to our operations. Employee development is delivered through leadership, technical, digital and artificial intelligence training programs, field-based experiences, cross-functional projects and digital platforms. We also invest in early talent programs, university partnerships and initiatives that support a more diverse workforce, including efforts to increase the participation of women in engineering and technical roles. Through structured learning ecosystems, employees at all levels access technical, functional and behavioral development opportunities aligned with evolving operational and business needs.

Our Employer Value Proposition, “This Is Our Impact”, reflects our belief that the future of energy will be shaped not only by technology and investment, but also by people. Through our EVP, we aim to create an environment where individuals can take ownership, develop new skills and contribute to meaningful outcomes for business, society and the energy system. These principles shape how we work across the organization through open communication, a field-oriented management approach and a culture of participation, learning and continuous improvement.

Ensuring the highest standards of occupational health and safety remains a non-negotiable priority across our operations and value chain. Through our “OHS Always” approach, every employee and contractor has the right and responsibility to identify risks, report unsafe conditions and stop work when necessary. We position safety as a shared organizational responsibility supported by proactive risk management, employee involvement and operational accountability across all business activities.

Alongside physical safety, we recognize the importance of psychological and social wellbeing in supporting a healthy working environment. Through preventive health practices, psychosocial support mechanisms and targeted wellbeing programs, we promote long-term workforce health across our operations. Inclusion, equal opportunity and psychological safety are embedded into our culture through structured diversity, equality and inclusion initiatives, inclusive communication practices and employee voice mechanisms. Gender-Based Violence and Harassment (GBVH) and Human Rights trainings support awareness around violence, harassment, discrimination and equal opportunity, reinforcing a respectful and inclusive working environment. Further information on our people, health, safety, wellbeing and inclusion practices is provided in Our Human Focus chapter of this report.

Occupational health and safety extends across the value chain, with OHS competence treated as a decisive criterion in supplier selection, onboarding and evaluation, reinforcing safety as a shared responsibility beyond our own operations. Through supplier training and development programs, we support the enhancement of operational, safety and ESG-related capabilities across our value chain. In regions where our power plants operate, we contribute to local economic development by enabling small businesses and local partners to become part of our growth journey.

Through this integrated approach, we build a future-ready organization capable of sustaining performance, supporting operational continuity and enabling long-term value creation. In a sector where attracting and retaining specialized talent is increasingly competitive, our ability to develop capabilities internally, sustain a high-performance culture and foster ownership and participation is a strategic differentiator.

Sustainable Growth and Energy Transition

We support sustainable growth through a transition strategy that balances environmental responsibility, reliable energy supply and long-term value creation.

Our approach is built around four interdependent pillars: renewable energy expansion, technological innovation and operational optimization, repurposing of fossil-based generation, and nature-based solutions and ecosystem stewardship. Together, these pillars translate decarbonization objectives into a resilient pathway while maintaining electricity system stability as a core constraint.

Renewable expansion constitutes the primary growth vector of our strategy. We scale wind, hydro and solar generation through a combination of greenfield investments, capacity additions at existing assets, hybrid applications and storage integration, ensuring both operational efficiency and capital allocation discipline. YEKA projects serve as a cornerstone of disciplined and competitive renewable growth, enabling us to expand wind capacity at scale while aligning investment decisions with long-term system needs and regulatory design. The YEKA-2 WPP and YEKA-2024 WPP projects, in particular, support portfolio decarbonization, strengthen renewable capacity and strengthen long-term earnings visibility within our renewable-led growth pathway. YEKA-2 WPP provides a 15-year USD-linked revenue stream, while YEKA-2024 WPP offers 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. Together, these structures reduce market exposure and earnings volatility, enhance long-term cash flow predictability and support the balance-sheet resilience required throughout the investment cycle. Upon completion, these new wind investments are expected to displace approximately 3.75 million tons of CO₂ annually.

We pursue decarbonization through a phased and system-oriented transition rather than abrupt asset exits. Alongside renewable growth, we focus on the gradual repositioning of thermal assets into lower-emitting and more flexible generation platforms, ensuring that existing assets continue to support grid stability, adequacy and flexibility during the transition to higher renewable penetration. This pathway explicitly manages the tension between decarbonization and system requirements such as affordability and system reliability. Where fossil-based assets are repositioned or retired, our transition plan includes support for affected employees and communities, reflecting our commitment to a just and inclusive transition aligned with regional economic development. Guided by our Climate Transition Plan, our 2040 Net-Zero ambition for Scope 1 and 2 emissions serves as a directional anchor for portfolio, technology and capital allocation decisions, positioned more than a decade ahead of Türkiye’s 2053 national commitment and shaped as a scenario-informed pathway rather than a fixed end point. Our transition pathway focuses on reducing emission intensity, improving operational efficiency, optimizing resource use and expanding renewable generation while maintaining system reliability. Further information on our Climate Transition Plan, emissions trajectory and climate targets is provided in 2025 Performance and Outlook section of this report.

We integrate responsible resource management into project development and operations through water stewardship, waste management and circular economy practices. Ecosystem stewardship is embedded into investment planning and project development, applying internationally recognized approaches to avoid, minimize and manage environmental impacts while supporting long-term ecosystem resilience. In parallel, we advance nature-based solutions and land-use practices that contribute to biodiversity conservation, climate resilience and sustainable development. We also strengthen sustainable supply chain management, with supplier assessment and development practices supporting ESG compliance and responsible business standards across the value chain, helping extend sustainability expectations beyond our own operations. Detailed information on resource management, biodiversity and environmental performance is presented in 2025 Performance and Outlook section of this report.

The transition strategy incorporates social and regional dimensions of transformation, recognizing that long-term value creation is closely linked to community alignment and social stability. We have published Türkiye’s first site-specific Just Transition Roadmap for a privately operated lignite facility, developed for the Tufanbeyli Energy Base through structured engagement with local communities, academic institutions, labor unions and government bodies. The roadmap comprises 20 project proposals across two pathways: employment and skills transformation, and rural and regional economic revitalization.

Regional development initiatives, renewable energy skills certification programs and support mechanisms for women’s participation and broader inclusion in the energy transition workforce are designed to prepare employees, contractors and local communities for future opportunities. Through stakeholder partnerships and collaboration with public institutions, universities and local organizations, we support long-term regional resilience alongside decarbonization objectives.

Sustainable finance is treated as part of the transition architecture rather than as a separate funding label. Our Green Finance Framework, sustainability-linked instruments and relationships with international development finance institutions support access to diversified and competitively priced funding sources aligned with verified low-carbon and transition-enabling activities, linking financing directly with eligible investments, impact reporting, lender expectations and our long-term transition pathway. We align our transition strategy with evolving ESG expectations and regulatory frameworks by actively monitoring and responding to climate-related policy developments, including the EU Taxonomy, CBAM, carbon pricing mechanisms and sustainable finance requirements.

By integrating renewable expansion, decarbonization, responsible resource management and just transition principles within a coherent strategic framework, we strengthen our role as a contributor to Türkiye’s energy transition. With a net-zero target more than a decade ahead of the national commitment, the country’s first private-sector just transition roadmap and one of Türkiye’s largest renewable investment programs, we aim to lead the transition not only in scale but in credibility, responsibility and long-term value creation.