Earnings release
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Public FORD OTOSAN 20 25 YE EARNING S RELEASE REVENUE OPERATING PROFIT PROFIT BEFORE TAX NET INCOME Domestic 21 % Export 79 % TL 830 . 8 Bi l lion 5 . 1 % Margin TL 42 . 6 Bil l ion 8 . 0 % Margin TL 6 6 . 6 Bil l ion 4 . 8 % Margin TL 39 . 5 Bil l ion 3 rd in Domestic Market 8. 3 % T ürkiye 71 % Romania 8 3 % 7 5 % Solid per vehicle profitability MARKET SHARE CAPACITY UTILIZATION NET DEBT / ADJ. EBITDA (1) CAPEX (2) Capex / Sales 3 . 0 % 1 . 49 x GÜVEN ÖZYURT Ford Otosan Leader GÜL ERTUĞ GERİŞKOVAN Finance & Accounting Leader (CFO) In 2025, Ford Otosan delivered strong financial and operational results, aligned with our guidance. We improved our profitability, achieved record sales and production volumes, and maintained healthy revenue growth. Disciplined working capital management supported a significant improvement in our cash cycle and drove robust cash generation. At the same time, our leverage ratio improved meaningfully, further strengthening our balance sheet. As we near the end of our intensive investment cycle, capital expend itures will begin to normalize in 2026, supporting a more balanced and resilient cash profile alongside operational and financial performance that is expected to remain broadly consistent with this year. ADJ. EBITDA (1) ADJ. EBITDA (1) per VEHICLE Capped at 3.5x TL 3 4 . 0 Bil l ion 4. 1 % Margin € 410 M il l ion € 1 , 8 21 2025 represented a period of solid operational advancement for Ford Otosan. With the early - year ramp - up of our 1 - ton CV program under the Ford – VW strategic partnership, our capacity utilization improved steadily throughout the year . We entered 2026 with strong momentum, marked by the inclusion of our Yeniköy Plant in the Global Lighthouse Network, a prestigious recognition of our digital manufacturing excellence. Looking ahead, our 2026 guidance remains broadly in line with 2025, except for the export volumes supported by t he continued ramp - up of the 1 - ton CV program . Ford Otosan remains focused on operational discipline and creating long‑term value to all stakeholders. (1) Ford Otosan reports company EBITDA as ‘Adjusted EBITDA’. Adjusted EBITDA includes Operating Profit rather than EBIT (“Other Income/Expense from Operating Activities” in P&L are considered as part of the Company’s core operations), the embedded lease impact and depreciation & amortization . (2) Includes only fixed asset investment.
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FORD OTOSAN 2025YE EARNINGS RELEASE Operational Overview 2025 2024 YoY % 4 Q’25 4 Q’24 YoY% Domestic Performance Türkiye Automotive Market 1,408,135 1,279,267 10% 453,304 400,179 13% Ford Otosan Domestic Retail Sales 117,048 113,538 3% 40,836 38,795 5% Ford Otosan Market Share 8.3% 8.9% - 0.6 pp 9.0% 9.7% - 0.7 pp Export Performance E U + UK PC Market (3) Volume 12,843,354 12,584,124 2% 3,207,847 3,082,853 4% E U + UK CV Market (3) Volume 2,124,698 2,321,266 - 8% 547,274 592,757 - 8% Ford CV Market Share in Europe 17.2% 15.4% 1.8 pp 15. 7 % 15.6% 0.1 pp Wholesale Performance Ford Otosan Total Wholesale 724,497 661,007 10% 198,141 190,334 4% Ford Otosan Total Domestic Sales 121,655 114,778 6% 41,080 39,430 4% Ford Otosan Total Export Sales 602,842 546,229 10% 157,061 150,904 4% Production Performance Türkiye Automotive Production ( 4 ) 1,419,464 1,365,296 4% 387,937 364,673 6% Romania Automotive Production ( 4 ) 545,510 560,102 - 3% 146,311 151,926 - 4% Ford Otosan Türkiye Production 451,846 382,013 18% 122,541 103,813 18% Ford Otosan Romania Production 248,328 250,670 - 1% 63,650 71,135 - 11% Ford Otosan Total Production 700,174 632,683 11% 186,191 174,948 6% Ford Otosan Total CUR 75% 81% 80% 79% Domestic Performance Contrary to early 2025 contraction expectations , T ü r kiye automotive market grew 10 % YoY and reached to a new record of 1.4 mn units , with monthly sales surpassing 100k from March onwards. This strong performance was primarily driven by i) intense price competition stemming from aggressive sales campaigns , ii ) shifting macroeconomic concerns , iii) front - loaded demand ahead of SCT hikes , iv) the wealth effect created by rising gold prices , v) improved vehicle availability , vi) the upward revision of the EV SCT base threshold . ( 3 ) Source: European Automobile Manufacturers’ Association (ACEA). Including 26 markets in Europe and UK. (click for PC Data , CV Data ) (4) Source: Automotive Manufacturers Association (AMA) (for Türkiye), ACAROM (for Romania)
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FORD OTOSAN 2025YE EARNINGS RELEASE Türkiye automotive industry sales were as follows : 2025 2024 YoY% 4 Q'2 5 4 Q'2 4 YoY% PC 1,084,496 980,341 11% 341,809 305,068 12% LCV 151,319 137,278 10% 54,038 43,932 23% M CV 132,585 120,890 10% 44,906 39,617 13% Truck (>16 t) 32,949 34,047 - 3% 10,192 9,020 13% Other H CV (6 - 16t) 6,786 6,711 1% 2,359 2,542 - 7% Total (5) 1,408,135 1,279,267 10% 453,304 400,179 13% During this period, Ford Otosan recorded domestic retail sales of 117,048 units, marking the highest level achieved in the past decade. W e maintained 3 rd place in the overall market with an 8. 3 % (8. 9 %) market share. We strengthened our undisputed leadership in the CV segment, capturing a 2 8 . 6 % (2 8 . 7 %) market share. Our market share stood at 2 4 . 0 % ( 20 . 6 %) in LCV , thanks to higher availability in Courier , 3 5 . 3 % (3 8 . 8 %) in MCV , and 2 2 . 7 % ( 6 ) (2 5 . 4 %) in HCV. In the PC segment , our market share was 2. 4 % (3. 0 %), impacted by changes in SCT exemption criteria ( 7 ) and intensified pricing competition . Export Performance In 2025, The European and UK automotive market s, our key export markets faced a mixed environment. Commercial vehicle demand was constrained by a challenging economic setting , with limited fleet investment and structural factors such as high production costs and insufficient charging infrastructure weighing on growth. While government support measures like grants and depot charging schemes offered support , the overall pace of transition toward electrification remained below targeted levels , adding pressure to industry dynamics . P assenger car demand showed relative stability . Registrations increased modestly, supported by improved vehicle supply, government incentives, and rising consumer interest in electric vehicles. Despite ongoing economic and geopolitical headwinds, the sector benefited from policy support and a gradual recovery in consumer confidence. As a result, the EU + UK PC market (3) grew modestly by 2 .1 % YoY, reaching 12.8 mn units. Meanwhile, CV registrations declined by 8.5% to 2.1 mn units, reflecting ongoing economic pressures and last year’s high base. The strength in PC demand helped offset the downturn in CV, keeping the overall market (3) increased slightly to 15 mn units. ( 5 ) Covers all passenger and commercial vehicles excluding buses and midibuses. / Source: ODMD , TAID and TURKSTAT. ( 6 ) Only HCV ≥ 16 - ton data is taken into consideration. TURKSTAT data is taken as basis for brands that are not members of TAID. ( 7 ) The upper limit has been increased from 1.6 million TL to 2.3 million TL and the vehicles to be exempted must be 40% domest ically produced. Data inside the parenthesis represents 2024 FY numbers.
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FORD OTOSAN 2025YE EARNINGS RELEASE Amidst the contraction in the EU CV market , Ford increased its market share by 1.8% to reach 17.2% and remained Europe ’ s No.1 CV brand for the 1 1 th consecutive year in 2025. This performance was primarily driven by strong sales from its refreshed product lineup and value - added services by Ford Pro . Ford Otosan was instrumental in this performance, accounting for 79 % of Ford’s CV sales in Europe . Furthermore, Ford Otosan reinforced its strategic importance by representing 41% of Ford’s PC sales . In 2025 , Türkiye 's total vehicle exports rose 4 % YoY to 1,058 k units, driven by a 28% surge in CV exports to 458 k units, offsetting an 8 % decline in PC exports to 600 k units. Ford Otosan’s exports increased by 1 0 % YoY, reaching 603 k units - comprising 400 k units from Türkiye and 203 k from Romania. With this performance , Ford Otosan represented 3 8 % of Türkiye’s total vehicle exports and 8 7 % of its CV exports. Wholesale Performance Our wholesale volumes by model were as follows: 202 5 202 4 YoY% 4 Q ’ 25 4 Q ’ 24 YoY% Total Domestic 121,655 114,778 6% 41,080 39,430 4% PC 25,370 29,335 - 14% 7,149 10,003 - 29% Ford Puma 7,212 9,121 - 21% 2,759 2,954 - 7% Other 18,158 20,214 - 10% 4,390 7,049 - 38% LCV 37,435 28,735 30% 13,448 9,802 37% Ford Courier 37,302 28,384 31% 13,348 9,796 36% Ford Connect 133 351 - 62% 100 6 1567% MCV 51,596 48,137 7% 18,037 17,141 5% 1 Ton CV ( 8 ) 16,541 7,991 107% 6,151 3,060 101% 2 Ton CV ( 9 ) 31,911 34,630 - 8% 11,394 12,180 - 6% Ford Ranger 3,144 5,516 - 43% 492 1,901 - 74% Truck 7,254 8,571 - 15% 2,446 2,484 - 2% ( 8 ) Ford Custom & VW 1 Ton CV, ( 9 ) Ford Transit 2025 2024 % PC (3) 12,843,354 12,584,124 2.1% 2025 2024 % CV (3) 2,124,698 2,321,266 - 8.5% 2025 2024 % LCV & MCV (3) 1,763,119 1,939,673 - 9.1% 2025 2024 % HCV (3) 361,579 381,593 - 5.2%
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FORD OTOSAN 2025YE EARNINGS RELEASE Total Export (10) 602,842 546,229 10% 157,061 150,904 4% 1 Ton CV ( 8 ) 282,255 203,705 39% 77,479 63,075 23% 2 Ton CV ( 9 ) 115,026 122,628 - 6% 28,143 26,307 7% Ford Courier 54,744 57,206 - 4% 12,338 16,253 - 24% Ford Trucks 3,049 3,919 - 22% 951 1,261 - 25% Puma 147,768 158,749 - 7% 38,150 44,008 - 13% Other 0 22 - 100% 0 0 Total Wholesale 724,497 661,007 10% 198,141 190,334 4% In 2025, Ford Otosan's export volumes rose by 1 0 % YoY to 603 k ( 546 k) while domestic wholesale volumes grew 6 % to 122 k ( 11 5 k) units. As a result , total sales reached a historical high level of 725 k ( 661 k) , up by 1 0 % . The share s of our main export markets in total sales are England - 2 7 %, Germany - 1 8 %, Italy - 1 2 %, France - 8 %, Spain – 6 % , W. Europe – 13 %, E. Europe – 9 % and other - 7 %. Production and Capacity In 2025 , Türkiye’s vehicle production ( 4 ) increased 4 % YoY , reaching 1 . 4 mn units. PC production declined 4 % to 873 k units, while CV production rose 1 9 % to 547 k units. In Romania ( 4 ) , vehicle production exhibited a decrease, falling by 3 % YoY to 546 k units . Ford Otosan's total production in 2025 increased by 1 1 % YoY to 700 k units, driven by the accelerated ramp - up of 1 - ton CV in Türkiye . Of the total production, 452 k (6 5 %) units were made at Türkiye - based facilities, while the remaining 248 k (3 5 %) units were produced at the Craiova Plant. Consequently, Ford Otosan accounted for 3 2 % of Türkiye's total vehicle production and 8 3 % of its CV production . Ford Otosan also represented 4 6 % of Romania's total vehicle production. Our production volumes by model were as follows: 2025 2024 YoY % 4 Q ’ 25 4 Q ’ 24 YoY % Gölcük - 2 Ton CV (9) 146,668 156,604 - 6% 39,155 36,936 6% Yeniköy - 1 Ton CV (8) 294,929 212,925 39% 80,609 63,956 26% Eskişehir - Ford Trucks 10,249 12,484 - 18% 2,777 2,921 - 5% Craiova 248,328 250,670 - 1% 63,650 71,135 - 11% - Puma 155,073 166,376 - 7% 39,275 46,496 - 16% - Courier 93,255 84,294 11% 24,375 24,639 - 1% Total 700,174 632,683 11% 186,191 174,948 6% In 2025, Yeniköy P lant closed the year with a CUR of 73% supported by the gradual ramp - up of 1 - ton CV . Meanwhile, our Romania P lant , which completed the launches of the new Puma Gen - E and E - Courier models in Q1’25 , completed the year with a CUR of 83%. Moreover, CUR stood at 71 % at Gölcük and 4 6 % at Eskişehir Plants . As a result, Ford Otosan achieved a total CUR of 75% in 2025, in line with both industry and European averages. ( 1 0 ) Export volumes include exports from Ford Otosan & Ford Otosan Romania SRL . Data inside the parenthesis represents 2024 FY numbers.
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FORD OTOSAN 2025YE EARNINGS RELEASE Financial Overview Revenue In 2025 , domestic sales volumes rose by 6 %, yet domestic revenues declined 6 % YoY, to TL 170.6 bn (TL 180 . 7 bn). This contraction was mainly due to, i) sales mix effect and ii) competitive pricing pressures . In contrast , robust export performance mitigated domestic pressure , with export revenues rising 10% YoY to TL660.2 b n (TL598.1 bn) , supported by the 1 0 % YoY rise in sales volumes and a more favorable EUR/TL exchange rate movement compared to the same period last year ( € /TL Change in 2025: 3 7 %; 2024 : 1 3 %). Overall, total revenues grew 7% YoY to TL830.8 b n (TL 778.8 bn) , underscoring the company’s resilience and its ability to deliver on full - year revenue growth guidance despite challenging market dynamics. On a regional basis, revenue distribution is as follows: i) 21% (23%) from sales in Türkiye, ii) 79% (77%) from exports (59% from Türkiye, 20% from Romania). Ford Otosan Romania SRL's solo revenue was TL207 bn in 2025. Gross Profit Gross profit came in at TL 69 . 4 bn (TL 71 . 5 bn), representing a modest 3% YoY decline . Accordingly, gross margin stood at 8.4% ( 9 . 2 %) in 2025 . The margin movement primarily reflects the i) impact of competitive pricing from ongoing sales campaigns, ii) a higher share of exports in the revenue mix, and iii) increased COGS driven by the growing share of EV production amid inflationary pressures and FX - related import costs. The composition of COGS is i) 8 2 . 4 % raw material, ii) 7 . 0 % trade goods sold, iii) 4.5% labor and overhead, iv) 2.1% amortization , v) 0 . 8 % c hanges in finished good and v i ) 3.2% other . Operating Profit (12) EBIT (11) declined 9% YoY to TL34.9 bn, reflec tin g softer gross profit and a 4% increase in operating expenses driven by higher warranty costs linked to new model launches , which totaled TL34. 5 b n . However, net FX gains from operating activities rose strongly by 76% to TL6.7 b n reflecting the impact of increase in EUR/TL exchange rate . As a result, last year’s net other expenses of TL224 m n from operating activities turned in to net other income from operating activities of TL7 .7 b n in 2025. Consequently , operating profit (12) rose by 12% YoY to TL42.6 b n ( TL37.9 b n). 11) EBIT is calculated as Gross Profit less Operating Expenses (including Marketing, General Administrative and R&D expenses ). 12) Operating Profit Impact on Adjusted EBITDA Calculation : Export sales mainly consist of sales to Ford Motor Company. Payment terms and conditions are specified in the business agreements (EUR - Denominated Cost - Plus Agreements) with Ford Motor Company. Group’s export vehicle receivables from Ford Motor Company sa les made from Türkiye are due in 14 days and sales made from Romania are due in 30 days . Therefore, income or expenses arising from exchange rate movements during that collection period (which are recorded under “Other Income/Expense from Operating Activities” in P&L ) are considered as part of the Company’s core operations. In addition to exchange rate movements, “ Other Income/Expense from Operating Activities” also includes i) interest income/expenses arising from trading activities and ii) other incomes/expenses like ( t ax debt offset ; r ent al, c ommission , licencing income etc.). As a result, Ford Otosan adjusts its EBITDA by adding back the “ Other Income/Expense from Operating Activities”. Data inside the parentheses represents 2024 FY numbers.
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FORD OTOSAN 2025YE EARNINGS RELEASE Adjusted EBITDA (1 4 ) In 2025, the embedded lease impact (1 3 ) and net other income from operating activities reached to TL6.8 b n (TL3.9 b n ) and TL7.7 b n (TL‑0.2 b n ), respectively. As a result, Adjusted EBITDA (1 4 ) rose to TL66.6 b n (TL 55 .9 b n ), marking a robust 19% YoY increase. In this period, adjusted EBITDA margin ( 14 ) expanded to 8.0% from 7.2%. This performance came in above the upper end of Ford Otosan ’s a dj . EBITDA (1 4 ) guidance. On a per‑vehicle basis, a dj usted EBITDA ( 1 4 ) reached €1,821 (€1,758) . Ford Otosan Romania SRL’s solo adj usted EBITDA was TL10.9 bn in 2025. The adj usted EBITDA bridge (1 4 ) is stated in mn TL as follows: Profit Before Tax PBT declined by 19% YoY to TL39.5 bn reflecting the 13% increase in net financial expenses, which rose to TL30.9 bn (mainly driven by a 52% increase in net FX losses including cash flow hedge - related releases ). In addition, as the company nears the end of its intensive investment cycle and relatively lower impact of inflation accounting , monetary gains — recorded at TL 15.9 bn — provided a more limited contribution to PBT. PBT per vehicle was €1,080 (€1,524) in 2025. Ford Otosan Romania SRL’s solo PBT was TL 4.7 bn in 2025. Net Income In 2024, Ford Otosan recorded TL4.1 bn in deferred tax income. Following the suspension of inflation accounting in statutory/tax reporting, this position shifted to deferred tax expenses of TL4. 4 bn in 2025, reflecting Ford Otosan’s asset‑heavy balance sheet structure . In addition, the deferred tax income related to the investment incentive tax asset was realized at a lower level compared to the previous period. As a result, n et income for the period declined by 3 3 % YoY to TL3 4 . 0 bn (TL50.9 bn). Ford Otosan Romania SRL’s solo net income was TL3.9 bn in 2025. (1 3 ) The embedded lease impact : In line with IFRS 16, Ford Otosan identifies fixed assets used exclusively for the 1 Ton commercial vehicles (Yeniköy Plant) and Puma (Craiova Plant) and reclassifies them from “F ixed A ssets ” to “Other Receivables” as the lessor. These assets are no longer depreciated or included in the fixed asset register, as they are considered to be owned by Ford Motor Company. The reclassified lease receivables are amortized over the life of t he projects based on the planned vehicle sales volumes. Instead of recording depreciation, Ford Otosan offsets these receivables against export revenue, reflecting the recovery of investment through veh icle sales invoices under its cost - plus model. Since the reduction in export revenue effectively represents depreciation, Ford Otosan adjusts its EBITDA by adding back the amount deducted from revenue. (1 4 ) Ford Otosan report s company EBITDA as ‘ Adjusted EBITDA’ . A djusted EBITDA i ncludes Operating Profit (12) rather than EBIT (11) (“Other Income/Expense from Operating Activities” in P&L are considered as part of the Company’s core operations ) , the embedded lease impact and depreciation & amortization . Data inside the parenthesis represent 2024 FY numbers.
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FORD OTOSAN 2025YE EARNINGS RELEASE Financial Tables Please click to access all tables in excel format. Income Statement (Mn TL) 2025 2024 YoY % 4Q'25 4Q'24 YoY % Total Revenues 830,828 778,801 7% 223,105 215,914 3% Export (1 5 ) 660,241 598,056 10% 167,867 158,404 6% Domestic 170,587 180,745 - 6% 55,239 57,510 - 4% Gross Profit 69,384 71,473 - 3% 18,510 15,465 20% Op E x - 34,484 - 33,311 4% - 9,028 - 7,701 17% EBIT (1 1 ) 34,900 38,162 - 9% 9,482 7,763 22% Oth. income from oper. act. 24,231 16,778 44% 5,508 2,935 88% Oth. expense from oper. act. - 16,528 - 17,002 - 3% - 3,744 - 4,673 - 20% Operating Profit (12) 42,603 37,938 12% 11,246 6,025 87% Net oth. inc. /(exp.) from inv. act. 11,935 8,278 44% 1,985 4,235 - 53% Operating income before financi ng income / (expense) 54,538 46,217 18% 13,231 10,261 29% Net Financial Income / (Expense) - 30,945 - 27,477 13% - 4,857 - 5,572 - 13% Monetary Gain / (Loss) 15,873 29,700 - 47% 2,414 6,277 - 62% Profit Before Tax 39,467 48,440 - 19% 10,788 10,965 - 2% Tax income/(expense) - 5,481 2,430 N/M - 139 4,203 N/M Net Income 33,986 50,869 - 33% 10,649 15,169 - 30% Other Financial Data Depreciation & Amortization 17,205 14,022 23% 4,283 3,627 18% The Embedded Lease Impact (1 3 ) 6,758 3,933 72% 2,095 1,323 58% Adjusted EBITDA (exc. other items) 58,863 56,117 5% 15,860 12,713 25% Net Oth. income from oper. act. 7,704 - 224 N/M 1,764 - 1,738 N/M Adjusted EBITDA (1 4 ) 66,566 55,893 19% 17,623 10,975 61% Margins 2025 2024 Δ 4Q'25 4Q'24 Δ Gross Margin 8.4% 9.2% - 0.8 pp 8.3% 7.2% 1.1 pp Operating Profit (12) Margin 5.1% 4.9% 0. 2 pp 5.0% 2.8% 2.2 pp Adj. EBITDA Margin (exc. other items) 7.1% 7.2% - 0.1 pp 7.1% 5.9% 1.2 pp Adj usted EBIT DA ( 14 ) Margin 8.0% 7.2% 0.8 pp 7.9% 5.1% 2.8 pp PBT Margin 4.8% 6.2% - 1. 4 pp 4.8% 5.1% - 0. 3 pp Net Margin 4.1% 6.5% - 2.4 pp 4.8% 7.0% - 2. 2 pp (1 5 ) Export revenues include exports from Ford Otosan and Ford Romania SRL.
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FORD OTOSAN 2025YE EARNINGS RELEASE Balance Sheet (Mn TL) 2025 2024 Δ Current Assets 223,457 201,532 11% Cash and Cash Equivalents 63,974 29,228 119% Trade Receivables 88,853 89,303 - 1% Other Receivables du e from related parties 4,354 3,778 15% Inventor ies 49,331 57,576 - 14% Other Current Assets 16,945 21,647 - 22% Fixed Assets 227,324 226,184 1% Financial I nvestments 674 731 - 8% Tangible Assets 137,163 127,334 8% Intangible Assets 31,664 28,585 11% Other Receivables d ue from related parties 21,483 22,436 - 4% Other Fixed Assets 36,341 47,097 - 23% TOTAL ASSETS 450,780 427,716 5% Short - Term Liabilities 180,624 161,522 12% Short - Term Financial Debt (1 6 ) 63,345 58,715 8% Trade Payables 102,458 86,584 18% Other Short - Term Liabilities 14,821 16,224 - 9% Long - Term Liabilities 114,136 115,375 - 1% Long - Term Financial Debt (1 7 ) 99,823 103,273 - 3% Other Long - Term Liabilities 14,313 12,103 18% Shareholders' Equity 156,021 150,818 3% TOTAL LIABILITIES & SHAREHOLDER EQUITY 450,780 427,716 5% (1 6 ) S/T Financial Debt Calculation : S/T B ank borrowings + S/T portion of L/ T borrowings ( Bank borrowings + Issued debt instruments + Lease liabilities + S /T portions of other L/T debit ) (1 7 ) L/T Financial Debt Calculation : L/T ( Bank borrowings + Issued debt instruments + Lease liabilities + Other long - term provisions ) Debt Position ( Million TL ) 2025 2024 Δ Total Financial Debt 163,167 161,988 1% Cash and Cash Equivalents 63,974 29,228 119% Net Financial Debt 99,194 132,759 - 25% Payment Ability 2025 2024 Net Debt / Adjusted EBITDA (1 4 ) 1.49 2.38 Net Debt / Adjusted EBITDA ratio capped at 3.5x Debt Ratios 2025 2024 Δ ST & LT Liabilities / Total Assets 65.4% 64.7% 0.7 pp ST & LT Liabilities / Shareholders' Equity 188.9% 183.6% 5.3 pp Total Financial Debt / Shareholders' Equity 104.6% 107.4% - 2.8 pp Net Debt / Shareholders' Equity 63.6% 88.0% - 24.4 pp
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FORD OTOSAN 2025YE EARNINGS RELEASE Cash Flow Statement (Mn TL) 2025 2024 Δ A. Net Cash Generated from Operating Activities 105,100 43,990 139% Cash flows generated from operating activities 108,723 47,540 129% - Net profit or loss for the period 33,986 50,869 - 33% - Adjustments to reconcile net profit or loss 42,142 10,086 318% - Change in working capital requirement 32,595 - 13,416 N/M Net interest paid/received - 1,669 - 835 100% Payments related with provisions for employee benefits - 233 - 1,495 - 84% Payments related with other provisions - 150 - 82 83% Taxes paid - 1,571 - 1,137 38% B. Net Cash Flow from Investing Activities - 23,730 - 42,591 - 44% Proceeds from sales of property, plant and equipment 1,389 1,158 20% Purchase of property, plant and equipment - 25,367 - 48,108 - 47% Purchase of intangible assets - 5,761 - 5,404 7% Cash advances given and payables 6,110 10,036 - 39% Dividend income received 0 7 - 100% Cash outflows from capital inc . /share purc hase of subs . - 101 - 281 - 64% C. Net Cash Flow from Financing Activities - 34,770 10,792 N/M Proceeds from borrowings 52,097 106,098 - 51% Cash outflows related to borrowings - 53,766 - 52,566 2% Dividend s paid - 28,555 - 30,799 - 7% Net interest received/paid - 3,452 - 11,034 - 69% Cash outflows on debt payments from leasing agreements - 1,094 - 907 21% 2025 2024 Δ CapEx (1 8 ) - 25,018 - 43,475 - 42% Free Cash Flow (19) 80,082 516 15429% CapEx (1 8 ) / Sales 3.0% 5.6% (1 8 ) CapEx Calculation includes purchase of property, plant and equipment ; purchase of intangible assets and cash advances given and payables . ( 19 ) FCF Calculation includes Net Cash Generated from Operating Activities ; and CapEx (18) Profitability Ratios 2025 2024 Δ ROE (20) 21.7% 35.6% - 13.9 pp (20) ROE Calculation : Trailing 12M Net Income / Average Equity C ash C onversion C ycle (21) 2025 2024 Δ Inventory Days 28 35 7 days Receivable Days 38 41 3 days Payable Days 49 48 1 days Cash Conversion Cycle 17 28 11 days (2 1 ) CCC Calculation : Trailing 12M figure s are use d for Revenue & COGS ; average figures are use d for Inventories (Inv entories + Advances given for inv.) , Trade Rec . and Trade Payable s
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FORD OTOSAN 2025YE EARNINGS RELEASE FX Position (2 2 ) (mn TL) 2025 2024 Δ Net FX Position (Balance Sheet) - 93,613 - 92,957 1% Cash Flow Hedge 86,222 70,789 22% Natural Hedge 16,514 24,447 - 32% Net FX Position (Incl. Hedge) 9,123 2,279 (2 2 ) This statement is detailed under footnote 28 in the financial report . The Group’s net foreign exchange position is mainly due to long - term EUR denominated loans obtained to fund its investments. The Group is hedging for the foreign currency exchange risk arising from its EUR denominate d long - term loans with export agreements signed with Ford Motor Company. The TRY equivalent of such loans amount to T L 86,22 2 mn as of 31 December 2025 (31 December 2024: T L 70,78 9 mn ). As of 31 December 2025, the Group has a total of T L 16,514 mn (31 December 2024: T L 24,447 mn ) of the finished goods to be used in vehicles to be exported. Guidance Ford Otosan provides guidance 4 times a year as part of quarterly financial statements. This is the first guidance issued for 202 6 as part of the 2025 YE results in February . 2025 2026 Actuals Guidance Total Türkiye Automotive Market 1,408k 1, 30 0 k - 1, 40 0 k Retail Domestic Vol ume 117k 9 0k - 10 0k Export Volume 603k 5 8 0k - 6 3 0k Türkiye 400 k 3 9 0k - 4 2 0k Romania 203 k 1 9 0k - 2 1 0k Wholesale Volume 725k 6 7 0k - 7 3 0k Total Production Vol ume 700k 6 9 0k - 7 4 0k Türkiye 452 k 4 6 0k - 4 9 0k Romania 248 k 2 3 0k - 2 5 0k Revenue Growth 7% High Single Digit Adjusted EBITDA ( 2 3 ) Margin 8.0% 7% - 8% Capex (Fix Assets) € 410 mn € 3 0 0 - 4 0 0 mn General € 125 mn € 8 0 - 1 0 0 mn Product Related € 285 mn € 2 2 0 - 30 0 mn ( 23 ) Ford Otosan report s company EBITDA as ‘ Adjusted EBITDA’ . A djusted EBITDA i ncludes Operating Profit (12) rather than EBIT (11) (“Other Income/Expense from Operating Activities” in P&L are considered as part of the Company’s core operations ), the embedded lease impact and depreciation & amortization .
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FORD OTOSAN 2025YE EARNINGS RELEASE About Ford Otosan Ford Otosan (Ford Otomotiv Sanayi A.Ş.), a publicly traded company with Ford Motor Company and Koç Holding each holding a 41% share, has been Türkiye’s automotive export leader for 1 4 years and Türkiye’s goods export champion for 10 years. In 202 5 , it generated $1 5 .4 bn in export revenues from more than 86 countries. Operating in five locations, including plants in Gölcük, Yeniköy, Eskişehir, and Craiova, as well as an R&D center in Istanbul, Ford Otosan employs over 25 k people. With the largest R&D team in Türkiye’s automotive sector, it is also the most valuable automotive company on Borsa Istanbul. Ford Otosan is the largest commercial vehicle production hub in Ford Europe, with a 202 5 production capacity of 934.5k vehicles, 430k engines, and 112k rear axles. Special Note Regarding Forward - Looking Statements This document may contain forward - looking statements and figures that reflect the Company management’s current views with respect to certain future events based on the base - case assumptions. Although it is believed that the expectations reflected in these statements are reasonable under current conditions, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ. Accounting Principles With the Capital Markets Board of Türkiye’s Bulletin dated December 28, 2023, numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on December 31, 2023, or later, in accordance with IAS 29 inflationary accounting provisions. Therefore, the consolidated financial statements of Ford Otosan are prepared in accordance with Türkiye Financial Reporting Standards (“TFRS”) as per regulations of the Capital Markets Board of Türkiye (“CMB” ). Accordingly, this documents on 2025 YE financial results contain Ford Otosan’s audited financial information prepared according to Türkiye Accounting / Financial Reporting Standards by application of IAS 29 inflation accounting provisions, in accordance with CMB’s decision dated December 28, 2 023.
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Public CONTACT INFO : Bahar E FEOĞLU AĞAR Head of Invest or Relations bagar@ford.com.tr For more information please visit our investor relations page www.fordotosan.com.tr Duygu YALINKILINÇ BAŞARAN Investor Relatio ns Senior Specialist dyalinki @ford.com.tr Hamza SÜMER Investor Relatio ns Senior Specialist h s u mer 1 @ford.com.tr