Our Value Creatıon

Our integrated business model combines a multi-technology power generation portfolio, energy trading and digital energy capabilities. Together, these capabilities enable us to create value not only through electricity generation, but also by improving system flexibility, optimizing market opportunities and supporting Türkiye’s energy transition. They operate across an integrated value chain spanning upstream inputs and strategic dependencies, operational activities, and downstream markets and stakeholders, creating financial, system, social and environmental value.

Our value chain includes the key resources, partnerships and relationships that support our business, from securing energy resources, technology, financing and grid access to generating electricity, managing commercial activities and delivering digital energy solutions. It also provides the framework through which we assess the current and potential impacts of sustainability-related risks and opportunities on our business model and identify where these impacts are most significant.

Our upstream activities depend on reliable access to energy resources, fuel, grid infrastructure, technology, financing and strategic partnerships. Together, these inputs support operational continuity and future growth. Our portfolio depends on natural gas, domestic lignite resources at the Tufanbeyli Energy Base, and the availability of water, wind and solar resources. These factors influence both operational performance and exposure to climate-related risks. Technology providers, EPC contractors and long-term service partners play an important role in project delivery and asset performance. Grid connection capacity and supplier management also support reliable system integration.

Our operations are centered on the integrated management of a multi-technology generation portfolio, trading and commercial optimization activities, digital and data-driven capabilities, and innovation initiatives supporting the energy transition. Key sustainability-related risks and opportunities relate to asset performance, generation reliability and renewable capacity growth. They also include emissions intensity, energy price volatility, physical climate risks, regulatory developments and digital resilience. Operational performance depends on a skilled and engaged workforce. We strengthen asset reliability through health and safety, technical capability development and effective contractor management across our generation, trading and digital operations. Our operations are guided by our Net Zero 2040 commitment. The Climate Transition Plan outlines how we will reduce emissions intensity, expand renewable capacity and transform our thermal assets over time.

Trading and commercial optimization activities are one of the primary mechanisms through which our generation portfolio creates value under changing market conditions. Our trading activities include domestic and international energy markets, price risk management, renewable energy certificates, carbon markets and cross-border trading. Together, these activities support cash flow, profitability and market resilience.

Digital and data-driven transformation supports all stages of our value chain. The Senkron Remote Operations Center connects advanced analytics, AI, digital twin technologies and remote monitoring across our operations. Together with OT/SCADA integration and cybersecurity capabilities, these tools improve operational efficiency, strengthen asset reliability and support better decision-making.

Our downstream activities represent the stage where generated electricity, commercial products and digital energy services reach markets, customers and system stakeholders.

Our downstream activities serve wholesale energy buyers, industrial customers, PPA counterparties and international trading partners. We also provide renewable energy certificates and other solutions that support our customers’ decarbonization goals. System-level outputs include security of supply, balancing and ancillary services, and renewable integration. Together, these channels create financial, system and sustainability value.

The activities across our value chain are guided by our governance framework, strategic priorities, risk and opportunity management processes, and standards of business conduct. Together, these mechanisms help ensure that value creation remains aligned with our long-term objectives while supporting operational resilience, financial discipline and responsible growth.

We assess sustainability-related risks and opportunities across our business model, portfolio and operations. Our assessments consider both current and potential impacts over the short, medium and long term, including their effects on investments and financial performance. Assessments are informed by our double materiality analysis and consider potential effects on revenues, operating costs, cash flows, asset values and capital allocation decisions.

Risk and opportunity considerations are integrated into strategy development, portfolio management, investment planning, trading activities, operations, financial planning and sustainability governance processes. This enables us to identify emerging challenges and opportunities across the value chain while strengthening our ability to respond to evolving market, regulatory, technological and environmental conditions.

The governance of our value chain is supported by our commitment to ethical business conduct, regulatory compliance and responsible decision-making. These principles shape stakeholder relationships, support operational integrity and reinforce consistent business practices across the organization. Our approach is further shaped by our six Strategic Priorities: We Ensure System Reliability, We Allocate Capital with Discipline, We Optimize Value

Across Markets, We Run the Business on Data, We Empower Human Potential and We Drive the Energy Transition Responsibly. Together, these priorities connect strategy, investment decisions, risk management and sustainability objectives, providing the foundation for long-term value creation. Each priority is most concentrated at a particular stage of the value chain: System Reliability in operations; Capital Discipline across upstream investment and operations; Value Optimization in trading and downstream markets; Run the Business on Data as a cross-cutting capability; Human Potential across the workforce and supply chain; and Responsible Energy Transition spanning the entire value chain.

Looking ahead, our value chain is expected to evolve significantly toward our 2030 and 2040 milestones. Renewable generation capacity is targeted to increase substantially, supported by the commissioning of the YEKA-2 and YEKA-2024 wind projects, hybrid renewable-plus-storage configurations and the technological transformation of thermal assets. Trading capabilities are set to expand across European markets, digital infrastructure to deepen through AI-driven analytics, and upstream dependencies to shift toward renewable technology supply chains and critical mineral sourcing.

Stakeholder engagement is a core element of our governance and decision-making and long-term value creation approach. Through structured dialogue with stakeholders across our value chain and the broader ecosystem in which we operate, we not only seek to understand expectations, impacts, risks and opportunities, but also translate stakeholder insights into concrete business, investment and sustainability decisions. In this respect, stakeholder engagement serves as an important feedback mechanism that helps us strengthen resilience, improve project design, manage environmental and social risks, and ensure that our activities remain responsive to local needs, regulatory expectations and societal priorities.

Stakeholder engagement supports our ability to maintain strong relationships, strengthen resilience and respond effectively to changing markets, regulatory, environmental and societal conditions. The perspectives gathered through engagement activities contribute to the identification and assessment of sustainability-related matters and provide an important input to our Double Materiality Assessment.

In 2025, stakeholder engagement continued to generate tangible outcomes across our operations and investment planning. Feedback received through site surveys, consultations with local communities, engagement with public authorities, beneficiary feedback and dialogue with other stakeholder groups helped us better understand local sensitivities, expectations and potential impacts. These inputs were reflected in project design reviews, environmental and social management measures, cultural heritage risk management, social contribution planning and selected investment decisions.

Examples of stakeholder engagement outcomes in 2025 included:

We identify stakeholders across the upstream, operational and downstream stages of our value chain, as well as within the broader regulatory, financial, academic and social ecosystem that influences or is influenced by our activities. Stakeholders are prioritized based on their level of influence, dependency, exposure to impacts and strategic relevance to our business.

Stakeholder identification and engagement are supported through a formal Stakeholder Engagement Plan (SEP), maintained in alignment with international environmental and social standards and summarized publicly in a non-technical format.

Our key stakeholder groups include employees, shareholders, customers and commercial counterparties, suppliers and contractors, financial institutions and lenders, regulators and policymakers, local communities, universities and industry organizations, and assurance, certification and ESG evaluation bodies.

Our Most Strategic Stakeholders

We prioritize stakeholders based on their influence on our business, exposure to our impacts, and strategic relevance to our long-term success. While we engage with a broad range of stakeholders across our value chain, the following groups play a particularly significant role in shaping our strategic direction, business resilience and long-term value creation.

Priority 1 – Most Strategic Stakeholders
Employees: Drive operational excellence, strengthen our safety culture and enable the successful execution of our long-term strategy.
Shareholders (Sabancı Holding & E.ON): Provide strategic direction, governance oversight and capital support.
Financial Institutions & Lenders: Enable access to capital and support our sustainable finance journey.
Regulators & Policymakers: Shape the regulatory environment and the energy transition agenda.
Local Communities: Key stakeholders in the responsible development and operation of our assets.

Priority 2 – Other Important Stakeholders
All other stakeholder groups remain important to our business and are engaged through ongoing dialogue, collaboration and project-specific interactions across the value chain.

We engage with a broad range of stakeholders across our value chain and the wider ecosystem in which we operate.

Stakeholder prioritization reflects the relative strategic importance of stakeholder groups to our business and decision-making processes. It does not diminish the importance of other stakeholders, all of whom continue to be engaged through appropriate mechanisms based on the nature of our activities, project lifecycle and business needs. This prioritization is reviewed periodically and may evolve over time in response to changes in our business, stakeholder expectations, regulatory developments and the broader operating environment.

We maintain ongoing dialogue with stakeholders through a combination of formal and informal engagement mechanisms tailored to stakeholder needs, business priorities and the nature of the relationship.

Employees are engaged through training and development programs, performance and feedback processes, employee surveys, safety mechanisms, internal communication platforms and Ethics Hotline channels. Customers and commercial counterparties engage with us through bilateral meetings, digital platforms, customer service channels and satisfaction assessments.

Shareholders, financial institutions and lenders receive regular updates through integrated reporting, sustainability disclosures, financial briefings and project-specific communications where relevant. Regulators and policymakers are engaged through compliance processes, licensing and permitting activities, consultations and sector dialogue platforms.

Suppliers and contractors are engaged through procurement processes, onboarding requirements, audits, contract management activities and technical coordination meetings. Local communities are engaged through environmental and social assessment processes, project-level consultations, community communication channels, grievance mechanisms and social investment programs. Universities, industry organizations, assurance providers, certification bodies and ESG evaluation organizations are engaged through partnerships, assessments, reviews, industry platforms and reporting processes.

Engagement activities are documented and linked to relevant management and governance processes to ensure that stakeholder feedback can be assessed, escalated and acted upon where appropriate.

Enerjisa Üretim’s engagement frequency varies by stakeholder group, stakeholder needs, regulatory requirements, project phase and business priorities. Annual integrated reports, sustainability disclosures and ESG disclosures provide comprehensive updates to shareholders, financial institutions, lenders, regulators, auditors, rating agencies and certification bodies. Quarterly briefings, financial calls and Leadership Team reviews support ongoing dialogue on financial performance, strategic priorities and emerging risks and opportunities. Monthly operational updates and supplier coordination meetings and contractor reviews help maintain alignment across subsidiaries, affiliates, suppliers, contractors and other partners across the value chain. Continuous channels, including digital communication platforms, safety monitoring processes, feedback mechanisms, ethics channels, customer and community communication lines, provide real-time feedback loops. Local communities are engaged at key project milestones, including licensing, construction, environmental and social assessments, as well as through site-level dialogue and social investment programs.

Engagement may also intensify in response to incidents, regulatory developments, project milestones, stakeholder grievances, materiality assessment cycles or changes in transition-related expectations.

Stakeholder priorities are captured through surveys, workshops, focus groups, consultations, engagement meetings, grievance channels and satisfaction assessments. These inputs help us understand stakeholder expectations and identify themes that are relevant to both stakeholders and the business, including renewable capacity growth, emissions intensity reduction, energy security, system reliability, water and biodiversity management, occupational health and safety, responsible transition, supply chain resilience, digital and operational resilience, customer decarbonization needs and local community impacts. Stakeholder perspectives are also considered alongside external ESG assessments, sustainability indices, sector developments and reporting standards, providing additional context for evaluating sustainability-related impacts, risks and opportunities.

Stakeholder input is integrated into our risk and opportunity analysis and enterprise risk management processes and informs decision-making across the business. Investor and lender expectations related to decarbonization, transition planning, sustainable finance and disclosure quality contribute to the ongoing development of our renewable growth strategy, emissions intensity reduction efforts and broader portfolio transformation activities. Community priorities relating to employment, environmental stewardship, biodiversity, land use and local development are considered in project design, environmental and social management processes and just transition initiatives, particularly in transition-sensitive regions. Supplier and contractor engagement contributes to the continuous development of procurement standards, ESG risk management approaches, occupational health and safety practices, technology deployment and supply chain resilience planning. Together, these insights help validate priorities, strengthen implementation approaches and support informed decision-making across the business.

In 2025, stakeholder and beneficiary engagement provided valuable perspectives that supported the continued development and refinement of a number of strategic and social initiatives. Community engagement around the Tufanbeyli Energy Base contributed to the shaping of our just transition approach, while an independent social impact assessment covering five thematic areas across eastern and western operational regions provided additional insights that informed program design, capacity-building components and the development of a long-term social contribution roadmap aligned with our 2040 ambitions. Investor dialogue on decarbonization and transition-related expectations helped inform the ongoing evolution of the Climate Transition Plan, while employee feedback gathered through satisfaction surveys and town halls contributed to enhancements in talent development and wellbeing programs.

Together, these engagement processes helped validate priorities, strengthen implementation approaches and ensure that initiatives remained responsive to stakeholder expectations and local needs.

Sustainability-related impacts, risks and opportunities identified through stakeholder engagement are integrated into relevant governance, risk management and decision-making processes according to their nature and significance. This supports a continuous feedback loop in which stakeholder dialogue informs assessment and prioritization; assessment informs governance and strategy; strategy guides implementation; and outcomes are communicated back to stakeholders through ongoing engagement and reporting processes.

Stakeholder engagement forms a key input into our Double Materiality Assessment. Through ongoing dialogue and structured engagement activities, stakeholder perspectives help identify and assess sustainability-related impacts, risks and opportunities across our own operations, upstream and downstream value chain, and the wider energy system in which we operate.

These insights are considered alongside internal assessments, sector developments, regulatory trends, peer benchmarks, reporting standards and business priorities to support the identification and prioritization of material topics. This process helps ensure that our Double Materiality Assessment reflects both impact materiality, how our activities affect people and the environment, and financial materiality, how sustainability-related matters affect our business, strategy and financial performance.

The outcomes of the assessment inform our governance, strategy, risk management, target-setting, investment planning and reporting processes, helping ensure that sustainability-related impacts, risks and opportunities are integrated into our long-term value creation approach and communicated transparently to stakeholders.

For a detailed description of the Double Materiality Assessment materiality assessment methodology, including the stakeholder groups consulted, assessment criteria applied and material topics identified, please refer to the Double Materiality Assessment section of this report.