Slides
Page 1
1H'26 Earnings Presentation 5 August 2026 Koç FORD OTOSAN Ford E - TRANSIT fordotosan.com.tr PUMA TOI MVI Most Honored Company in Emerging EMEA Consumer Extel 2026
Page 2
1H’26 Evaluation 01 Domestic Sales Performance 02 Export Performance 03 Agenda Financial Results & Guidance 04
Page 3
1H’26 Evaluation 04 Macro 1H’26 Highlights 05 Ford Otosan 1H’26 Highlights 06 Ford Otosan in Numbers
Page 4
Public 4 1H’26 Evaluation Domestic Sales Performance Export Performance Macro 1H’26 Highlights Financial Results & Guidance June’26 March’26 June’25 March’25 Consumer Confidence Index -17.0 -15.8 -14.0 -13.3 Inflation 2.8% 2.6% 2.0% 2.2% Interest Rate 2.40% 2.15% 2.15% 2.65% 1H’26 vs 1H’25 ∆ 1H’26 YTD ∆ 1H’25 YTD ∆ 2Q’26 ∆ 2Q’25 ∆ 1Q’26 YTD ∆ 1Q’25 YTD ∆ € / TL Appreciation 14% 5% 27% 4% 14% 1% 11% Inflation 32% 18% 17% 7% 6% 10% 10% June’26 March’26 June’25 March’25 Auto Loan Rates 45.9% 32.6% 46.5% 36.8%
Page 5
Public 5 1H’26 Evaluation Domestic Sales Performance Export Performance Ford Otosan 1H’26 Highlights position in the domestic market(1) with 6.6% share5th in the total CV market with 24.6% share#1 Domestic volumes decreased by 18% & revenues were down by 21% Ongoing profitability headwinds as inflation continued to exceed €/TL appreciation 6.0% Adj. EBITDA (2) Margin € 1,438 Adj. EBITDA (2) per vehicle Financial Debt Net Debt / Adjusted EBITDA (2) reached from 1.49x in 2025YE to 1.76x ➢ Export volumes decreased 4% YoY due to lower-than-expected demand in our main export markets ➢ Export revenues decreased by 9% Domestic Performance Profitability 293k Export Sales Export Performance (1) Includes PC, LCV, MCV & HCV markets (2) Ford Otosan reports company EBITDA as ‘Adjusted EBITDA’. Adjusted EBITDA= Gross Profit – Opex + depreciation & amortization + ’Other Income/Expense from Operating Activities’+ ’The embedded lease impact’ Financial Results & Guidance Total Capacity Utilization73% 70% Türkiye 79% Romania Capacity Utilization Since We Last Met ➢ Koç Finansman A.Ş. share transfer transactions have been completed for a total consideration of USD 130.6 mn following closing adjustments. ➢ EUR 364 mn investment approved for Ford Trucks New-Cab Program under April 2026 incentive scheme
Page 6
Public 6 Ford Otosan in Numbers (1H’26) of Türkiye’s Total Vehicle Production (1) of Türkiye’s Commercial Vehicle Production (1) of Türkiye’s Commercial Vehicle Exports (1) Ford Otosan Produced Vehicles Share in Ford’s Commercial Vehicle Sales in Europe 33% 81% 75% 80%47% 42% 48% of Romania’s Total Vehicle Production (2) of Türkiye’s Total Vehicle Exports (1) Ford Otosan Produced Vehicles Share in Ford’s Passenger Car Sales in Europe (1) Source: AMA - Automotive Industry Monthly Report June 2026 (Excluding Tractor) (2) Source: ACAROM – The Association of Automobile Manufacturers of ROMANIA - Automobile Production Report June 2026 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 7
Domestic Sales Performance Türkiye Automotive Market Domestic Sales Performance 08 09 - 10
Page 8
Public Türkiye Automotive Market 76.7% 11.6% 9.0% 2.3% 0.6% PC LCV MCV Truck Other HCV 77.9% 10.1% 9.1% 2.5% 0.6% PC LCV MCV Truck Other HCV 1H’26 1H’25 8 (1) The Turkish Automotive Industry covers all PC & CVs, excluding buses and midibuses. Source: Automotive Distributors’ and Mobility Association (ADMA), Heavy Commercial Vehicles Association (TAID), and TürkSTAT. 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance Segments 1H'26 1H'25 Δ Passenger Cars 440,234 488,003 -9.8% Light Com. Vehicle 66,492 63,213 5.2% Medium Com. Vehicle 51,453 56,761 -9.4% Truck (>16 t) 13,449 15,385 -12.6% Other HCV (6-16t) 2,505 2,821 -11.2% Total(1) 574,133 626,183 -8.3% 2Q'26 2Q'25 Δ 229,546 264,210 -13.1% 36,219 36,307 -0.2% 27,016 31,176 -13.3% 7,342 8,607 -14.7% 1,519 1,605 -5.4% 301,642 341,905 -11.8%
Page 9
Public Domestic Sales Performance 5th Position in Total Automotive Market PC Rank Brand 1H'26 1H'25 Change (%) Market Share % in 1H'26 ∆, pps 1 Renault 74,916 58,959 27 13.0 3.6 2 Fiat 47,250 52,180 -9 8.2 -0.1 3 VW 45,165 46,716 -3 7.9 0.4 4 Toyota 40,774 43,455 -6 7.1 0.2 5 Ford 37,902 50,109 -24 6.6 -1.4 Total Industry (1) 9 Rank Brand 1H'26 1H'25 Change (%) Market Share % in 1H'26 ∆, pps 1 Renault 69,236 54,502 27 15.7 4.6 2 VW 36,071 36,334 -1 8.2 0.7 3 Toyota 34,829 36,495 -5 7.9 0.4 4 Hyundai 31,109 30,443 2 7.1 0.8 5 Peugeot 25,166 29,855 -16 5.7 -0.4 23 Ford 5,533 12,854 -57 1.3 -1.3 Passenger Car 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance (1) The Turkish Automotive Industry covers all PC & CVs, excluding buses and midibuses. Source: Automotive Distributors’ and Mobility Association (ADMA), Heavy Commercial Vehicles Association (TAID), and TürkSTAT.
Page 10
Public Domestic Sales Performance Rank Brand 1H'26 1H'25 Change (%) Market Share % in 1H'26 ∆, pps 1 Ford 16,210 19,503 -17 31.5 -2.9 2 Fiat 8,601 8,152 6 16.7 2.4 3 Mercedes 3,795 4,526 -16 7.4 -0.6 4 Ssangyong 3,447 1,732 99 6.7 3.6 5 VW 3,386 4,933 -31 6.6 -2.1 Truck (2) MCV LCV #1 #2 #2 Leader in the total CV market with 24.6%(1) share (1) Excluding other HCV (6-16t). (2) Only HCV ≥ 16-ton data is taken into consideration. TürkSTAT data is taken as basis for brands that are not members of TAID. 10 Rank Brand 1H'26 1H'25 Change (%) Market Share % in 1H'26 ∆, pps 1 Fiat 14,514 10,424 39 21.8 5.3 2 Ford 13,041 14,180 -8 19.6 -2.8 3 Citroen 9,501 8,834 8 14.3 0.3 4 Peugeot 9,426 9,692 -3 14.2 -1.2 5 Opel 8,097 9,033 -10 12.2 -2.1 Rank Brand 1H'26 1H'25 Change (%) Market Share % in 1H'26 ∆, pps 1 Mercedes 5,900 6,251 -6 43.9 3.2 2 Ford 3,118 3,572 -13 23.2 0.0 3 Scania 1,164 1,327 -12 8.7 0.0 4 Volvo 879 1,114 -21 6.5 -0.7 5 MAN 805 1,190 -32 6.0 -1.7 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 11
Export Performance 12 European PC & CV Market Outlook 13 Export Breakdown
Page 12
Public European PC & CV Market Outlook In 1H'26, the EU automotive market showed signs of recovery, with both PC and CV segments expanding YoY, although the pace of improvement varied across countries and segments. 1H'26 1H'25 % EU+UK 7,034,612 6,618,341 6.3% 1H'26 1H'25 % EU+UK 198,369 181,256 9.4% #7 #6 #3 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 European PC Market European Truck Market Ford’s European CV Market Share 1H'26 1H'25 % EU+UK 901,232 885,381 1.8% European Van Market Ford is Europe’s No.1 CV brand for the 12th consecutive year European CV Market 8.5 10.0 11.5 12.6 13.2 13.5 14.1 13.8 14.6 14.7 15.0 14.2 15.4 17.2 15.5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H'26 Source: European Automobile Manufacturers’ Association (ACEA). Including 26 markets in Europe and UK. (click for PC Data , CV Data) 1H'26 1H'25 % EU+UK 1,099,601 1,066,637 3.1% #1 12 #1 15% of Ford’s Global Sales Ford Otosan produces 81% of Ford’s CV sales in the EU 47% of Ford’s PC sales in the EU 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 13
Public 13 Export Breakdown of Türkiye Export Breakdown of Romania Türkiye’s Goods Export Champion & 2nd Largest Auto Exporter of Romania UK 22% 1H’26 1H’26 Ford Otosan exports to 83 countries. All export sales to Ford are Euro-denominated regardless of the end market Export Breakdown Source: Ford Otosan’s management exports data reported to AMA and ACAROM 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance Germany 20% Italy 8% France 10% Spain 6% W. Europe 16% E. Europe 9% Other 9% UK 28% Germany 10% Italy 15% France 6% Spain 9%W. Europe 9% E. Europe 7% Other 3% Türkiye 13%
Page 14
Financial Results & Guidance 15 16 17 18 19 20 21 23 Financial Highlights of 1H’26 Reconciliation of Adjusted EBITDA Adjusted EBITDA Bridge Sales Volume by Model Income Statement 22 Balance Sheet Financial Situation Analysis Cash Flow Statement 24 Other Financial Indicators Margins of 1H’26 25 2026 Guidance
Page 15
Public Financial Highlights of 1H’26 Gross Profit, mn TL Profit Before Tax, mn TL Net Income, mn TLAdjusted EBITDA(2) , mn TL The embedded lease impact and net other income from operating activities amounted to TL3.5 bn (1H’25: TL3.6 bn) and TL1.9 bn (1H’25: TL6.1 bn), respectively Timing mismatch between €/TL movements & export sales Higher proportion of EVs in production (1H’26 : 19.6% vs 1H’25: 15.8%) 40,409 25,579 1H'25 1H'26 40,696 29,325 1H'25 1H'26 15 Operating Profit, mn TL Total Volume Export Volume (1) -18% Domestic Volume -6% -4% -21% -12% -9% 21,440 10,192 1H'25 1H'26 17,158 10,337 1H'25 1H'26 12% (1) Export revenues includes exports from Ford Otosan and Ford Romania SRL. (2) Ford Otosan reports company EBITDA as ‘Adjusted EBITDA’. Adjusted EBITDA= Gross Profit – Opex + depreciation & amortization + ’Other Income/Expense from Operating Activities’+ ’The embedded lease impact’ 26,724 11,645 1H'25 1H'26 -37% 12% -52% 12% -40% 12% -56% 12% -28% Widening gap between €/TL appreciation and inflation (YoY Δ €/TL: 14% vs CPI: 32%) Increase in purchased services and raw material prices with respect to geographical tension Constrained pricing environment in the domestic and truck business Higher proportion of export revenues in the total (1H’26 : 84% vs 1H’25: 82%) Net financial expense amounted to TL16.4 bn, improving by 38% YoY, primarily driven by lower net FX losses, while net monetary gain remained broadly stable at TL11.9 bn. However, income from investing activities declined to TL3.0 bn from TL9.0 bn due to limited impact from the FX valuation of assets subject to embedded lease arrangements The total tax expense of TL4.3 bn recorded in 1H'25 turned into tax income of TL0.1 bn in 1H'26, supported by TL2.8 bn of deferred tax income recognized in the 2Q’26 following the regulation, establishing a 12.5% corporate income tax rate for manufacturing income 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance 482,673 427,069 395,927 358,816 86,747 68,254 1H'25 1H'26 Total Export (1) Domestic Revenues, mn TL
Page 16
Public (1) Ford Otosan reports company EBITDA as ‘Adjusted EBITDA’. Adjusted EBITDA= Gross Profit – Opex + depreciation & amortization + ’Other Income/Expense from Operating Activities’+ ’The embedded lease impact’ (2) All figures adjusted with 53.0950 €/TL for 1H’26 and 61.5002 €/TL for 1H’25. 16 Margins of 1H’26 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance Operating Margin Adjusted EBITDA (1) and PBT per Vehicle (2) Profit Before Tax Margin Net Margin Adj. EBITDA, EUR 1H 2Q 2025 1,839 1,941 2026 1,438 1,409 PBT, EUR 1H 2Q 2025 976 724 2026 573 181 5.5% 2.7% 1H'25 1H'26 6.2% 2.9% 2Q'25 2Q'26 8.4% 6.0% 1H'25 1H'26 8.9% 5.9% 2Q'25 2Q'26 -0.6 pps 4.4% 2.4% 1H'25 1H'26 3.3% 0.8% 2Q'25 2Q'26 -2.5 pps -2.0 pps -0.6 pps 3.6% 2.4% 1H'25 1H'26 3.1% 2.0% 2Q'25 2Q'26 -1.1 pps -1.2 pps 8.2% 6.8% 2Q'25 2Q'26 Adjusted EBITDA (1) MarginGross Margin -0.6 pps -1.4 pps -0.6 pps -3.3 pps -2.8 pps -0.6 pps -3.0 pps -2.4 pps 8.4% 6.9% 1H'25 1H'26 -1.5 pps
Page 17
Public 17 Reconciliation of Adjusted EBITDA (1) Other Income/Expense from Operating Activities 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 sales 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 (tax debt offset; rental, commission, licencing income etc.). As a result, Ford Otosan adjusts its EBITDA by adding back the “Other Income/Expense from Operating Activities”. (2) 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 fixed assets 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 the 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 vehicle 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. 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance mn TL Note 1H'26 1H'25 Δ 2Q'26 2Q'25 Δ Gross profit 29,325 40,696 -28% 15,096 21,222 -29% Marketing expenses (-) -9,431 -9,638 -2% -5,329 -4,831 10% G&A expenses (-) -5,409 -5,626 -4% -2,545 -2,605 -2% R&D expenses (-) -4,723 -4,827 -2% -2,240 -2,352 -5% Depreciation and Amortization (+) 15 10,404 10,129 3% 4,919 5,219 -6% EBITDA before Adjustments 20,167 30,734 -34% 9,900 16,652 -41% Other income from operating activities (+) 16 10,007 16,529 -39% 5,726 9,538 -40% Other expense from operating activities (-) 16 -8,125 -10,409 -22% -4,347 -5,128 -15% Embedded Lease Impact (+) 3,530 3,555 -1% 1,749 1,865 -6% Adjusted EBITDA 25,579 40,409 -37% 13,027 22,927 -43%
Page 18
Public Adjusted EBITDA Bridge (mn TL) Timing mismatch between €/TL movements & export sales Constrained pricing environment in the domestic and truck business Widening gap between EUR/TL appreciation and inflation Higher proportion of export revenues in the total Higher proportion of EVs in production Increase in purchased services and raw material prices amid inflationary pressures Main Drivers of Profitability 18 (1) Ford Otosan reports company EBITDA as ‘Adjusted EBITDA’. Adjusted EBITDA= Gross Profit – Opex + depreciation & amortization + ’Other Income/Expense from Operating Activities’+ ’The embedded lease impact’ 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance 40,409 -11,325 93 212 428 -4,238 25,579 Adj. EBITDA (1) 1H'25 Gross Profit Research & Development Sales & Marketing General Administration Other Op. Income (Loss) Adj. EBITDA (1) 1H'26 Includes embedded lease adjustment Total Impact from Opex: 733 FX impact on short-term EUR receivables
Page 19
Public Sales Volume by Model Total Sales Total Sales Exports by Model Domestic Sales Domestic 12% Exports 88% Imports 9% From Production 91% Imports 1% From Production 99% 1 Ton CV (1) 46% Courier 10% Puma 25% Truck 0.4% 2 Ton CV (2) 19% (1) Ford Custom & VW 1 Ton CV (2) Ford Transit (3) Export volumes include exports from Ford Otosan and Ford Otosan Romania SRL 19 1H'26 1H'25 Δ 2Q'26 2Q'25 Δ Total Domestic 41,557 50,890 -18% 20,949 25,649 -18% PC 4,929 11,943 -59% 1,603 6,061 -74% Ford Puma 1,724 2,666 -35% 562 1,462 -62% Other 3,205 9,277 -65% 1,041 4,599 -77% LCV 13,478 15,016 -10% 7,011 8,010 -12% Ford Courier 13,415 14,993 -11% 6,948 7,988 -13% Ford Connect 63 23 174% 63 22 186% MCV 20,126 20,537 -2% 10,665 9,956 7% 1 Ton CV (1) 7,718 5,692 36% 4,383 2,957 48% 2 Ton CV (2) 11,877 13,033 -9% 6,113 5,922 3% Ford Ranger 531 1,812 -71% 169 1,077 -84% Ford Trucks 3,024 3,394 -11% 1,670 1,622 3% Total Export (3) 293,431 306,468 -4% 153,137 166,429 -8% 1 Ton CV (1) 136,073 139,622 -3% 73,743 74,299 -1% 2 Ton CV (2) 55,369 59,812 -7% 30,558 30,739 -1% Ford Courier 28,178 31,032 -9% 14,211 17,302 -18% Ford Trucks 1,164 1,455 -20% 473 922 -49% Ford Puma 72,626 74,547 -3% 34,152 43,167 -21% Other 21 - - - Total Wholesale 334,988 357,358 -6% 174,086 192,078 -9% 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 20
Public 20 Income Statement (1) Export revenues include exports from Ford Otosan and Ford Romania SRL. mn TL 1H'26 1H'25 Δ 2Q'26 2Q'25 Δ Total Revenues 427,069 482,673 -12% 221,129 257,341 -14% Export (1) 358,816 395,927 -9% 186,855 213,959 -13% Domestic 68,254 86,747 -21% 34,274 43,382 -21% Gross Profit 29,325 40,696 -28% 15,096 21,222 -29% Marketing expenses (-) -9,431 -9,638 -2% -5,329 -4,831 10% General administrative expenses (-) -5,409 -5,626 -4% -2,545 -2,605 -2% Research and development expenses (-) -4,723 -4,827 -2% -2,240 -2,352 -5% Other income from operating activities (+) 10,007 16,529 -39% 5,726 9,538 -40% Other expense from operating activities (-) -8,125 -10,409 -22% -4,347 -5,128 -15% Operating Profit 11,645 26,724 -56% 6,360 15,843 -60% Net other income from investing activities (+) 3,034 9,037 -66% 1,763 5,553 -68% Operating income before financial income & expense 14,679 35,761 -59% 8,123 21,396 -62% Net financial expense (-) -16,370 -26,497 -38% -9,804 -17,540 -44% Monetary gain (+) 11,883 12,176 -2% 3,355 4,696 -29% Profit Before Tax 10,192 21,440 -52% 1,675 8,551 -80% Tax income (+) / expense (-) 144 -4,282 N/M 2,778 -478 N/M Net Income 10,337 17,158 -40% 4,452 8,073 -45% 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 21
Public 21 Balance Sheet (1) Other Items in Current Assets: Assets arising from customer contracts + prepaid expenses + current tax assets + derivative financial instruments + other current assets (2) Other Fixed Assets: Financial investments + trade receivables due from third parties + investments in subsidiaries, joint ventures & affiliated companies + derivative financial instruments (3) S/T Financial Debt Calculation: S/T Bank borrowings + S/T portion of L/T borrowings (Bank borrowings+ Issued debt instruments + Lease liabilities + S/T portions of other L/T debit) (4) L/T Financial Debt Calculation: L/T (Bank borrowings + Issued debt instruments + Lease liabilities + Other long-term provisions) (5) Other Items in S. Equity: Inflation adjustments on capital + share premium + losses on remeasurements of defined benefit plans + gains from financial assets measured at fair value through other comprehensive income + losses on hedges of net investments in foreign operations Assets, mn TL 1H'26 2025 Δ Current Assets 238,889 263,138 -9% Cash and Cash Equivalents 56,042 75,334 -26% Trade Receivables 83,065 104,632 -21% Other Receivables due from related parties 7,828 5,127 53% Other Receivables due from third parties 813 274 197% Inventories 68,560 58,091 18% Other Items (1) 22,581 19,680 15% Fixed Assets 250,348 267,692 -6% Tangible Assets 153,339 161,520 -5% Intangible Assets 35,583 37,287 -5% Other Receivables due from related parties 20,807 25,297 -18% Deferred Tax Assets 27,524 28,682 -4% Prepaid Expenses 8,714 10,549 -17% Right of Use Assets 2,545 2,698 -6% Other Fixed Assets (2) 1,836 1,659 11% TOTAL ASSETS 489,237 530,830 -8% Liabilities & S. Equity, mn TL 1H'26 2025 Δ Short - Term Liabilities 186,133 212,699 -12% Short - Term Financial Debt (3) 57,627 74,593 -23% Trade Payables 109,979 120,653 -9% Other Short-Term Liabilities 18,528 17,453 6% Long - Term Liabilities 123,912 134,405 -8% Long - Term Financial Debt (4) 110,398 117,549 -6% Other Long-Term Liabilities 13,515 16,855 -20% Shareholders' Equity 179,191 183,727 -2% Paid-in Capital 3,509 3,509 0% Currency Translation Differences -17,700 -11,779 50% Losses on Cash Flow Hedges -32,936 -38,855 -15% Restricted Reserves 17,785 16,437 8% Retained Earnings 193,025 168,020 15% Net profit for the period 10,337 40,021 -74% Other Items (5) 5,171 6,374 -19% TOTAL LIABILITIES & SHAREHOLDER EQUITY 489,237 530,830 -8% 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 22
Public 22 Financial Situation Analysis (1) Invested Capital = Capital Employed. Cash and Cash Equivalents + Working Capital Requirement (WCR) + Fixed Assets = Short Term Financial Debt + Long Term Liabilities + Shareholders' Equity (2) S/T Financial Debt Calculation: S/T Bank borrowings + S/T portion of L/T borrowings (Bank borrowings+ Issued debt instruments + Lease liabilities + S/T portions of other L/T debit) (3) WCR / Sales Calculation: Last 4 quarter average WCR / Trailing 12M Revenue Executive Balance Sheet, mn TL (1) 1H'26 2025 Δ Invested Capital 360,730 392,725 -8% Cash and Cash Equivalents 56,042 75,334 -26% Working Capital Requirement (WCR) 54,340 49,698 9% Fixed Assets 250,348 267,692 -6% Capital Employed 360,730 392,725 -8% Short-Term Financial Debt (2) 57,627 74,593 -23% Long-Term Financing 303,104 318,131 -5% Long Term Liabilities 123,912 134,405 -8% Shareholders' Equity 179,191 183,727 -2% Operational Efficiency 1H'26 2025 Δ WCR (3) / Sales 5.8% 5.5% 0.3 pp Debt Position, mn TL 1H'26 2025 Δ Total Financial Debt (4) 168,024 192,143 -13% Cash and Cash Equivalents 56,042 75,334 -26% Net Financial Debt 111,982 116,808 -4% Payment Ability 1H'26 2025 Net Debt / Adjusted EBITDA 1.76 1.49 Debt Ratios 1H'26 2025 Δ ST & LT Liabilities / Total Assets 63.4% 65.4% -2.0 pp ST & LT Liabilities / S. Equity 173.0% 188.9% -15.9 pp Total Financial Debt / S. Equity 93.8% 104.6% -10.8 pp Net Debt / S. Equity 62.5% 63.6% -1.1 pp Liquidity Ratios 1H'26 2025 Δ Liquidity Ratio (5) 97.1% 101.5% -4.4 pp Current Ratio (6) 1.28 1.24 Acid Test Ratio (7) 0.92 0.96 Net Debt / Trailing 12M Adjusted EBITDA. Net Debt / Adjusted EBITDA ratio capped at 3.5x (4) Total Financial Debt Calculation: S/T Financial Debt (2) + L/T Financial Debt (L/T (Bank borrowings + Issued debt instruments + Lease liabilities + Other long-term provisions)) (5) Liquidity Ratio: Net Long - Term Financing / Working Capital Requirement (WCR) : (Long Term Financing – Fixed Assets) / Working Capital Requirement (WCR) : (Long Term Liabilities + Owners Equity – Fixed Assets) / WCR (6) Current Ratio: Current Assets / Short - Term Liabilities (7) Acid Test Ratio: (Current Assets – Inventory) / Short - Term Liabilities 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 23
Public 23 Cash Flow Statement (1) CapEx Calculation includes purchase of property, plant and equipment; purchase of intangible assets and cash advances given and payables. (2) FCF Calculation includes Net Cash Generated from Operating Activities, and CapEx (1) Free Cash Flow (mn TL) 1H'26 1H'25 Δ Net cash generated from oper. act. 19,219 78,693 -76% CapEx (1) -8,311 -12,864 -35% FCF (2) 10,908 65,828 -83% CapEx (1) / Sales 1.9% 2.7% Cash Flow Statement (Mn TL) 1H'26 1H'25 Δ A. Net Cash Generated from Operating Activities 19,219 78,693 - 76% Cash flows generated from oper. act. 24,209 83,811 - 71% - Net profit or loss for the period 10,337 17,158 - 40% - Adj. to reconcile net profit/ loss 16,257 33,220 - 51% - Change in WCR - 2,385 33,433 N/M Net interest paid/received - 1,546 - 339 356% Payments related with provisions for employee benefits - 85 - 145 - 41% Payments related with other provisions - 2,371 - 3,368 - 30% Taxes paid - 987 - 1,267 - 22% Cash Flow Statement (Mn TL) 1H'26 1H'25 Δ B. Net Cash Flow from Investing Activities -6,441 -12,198 -47% Proceeds from sales of property, plant and equipment 2,204 686 221% Purchase of property, plant and equipment -7,149 -14,383 -50% Purchase of intangible assets -2,983 -2,695 11% Cash advances given and payables 1,820 4,213 -57% Dividend income received 0 0 Cash outflows from capital inc./share purchase of subs. -334 -19 1644% Cash Flow Statement (Mn TL) 1H'26 1H'25 Δ C. Net Cash Flow from Financing Activities -23,266 -18,535 26% Proceeds from borrowings 28,799 32,814 -12% Cash outflows related to borrowings -33,657 -39,657 -15% Dividends paid -13,668 -8,403 63% Net interest received/paid -4,104 -2,671 54% Cash outflows on debt payments from leasing agreements -635 -618 3% 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 24
Public Other Financial Indicators 24 (3) This statement is detailed under footnote 23 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-denominated long- term loans with export agreements signed with Ford Motor Company. The TL equivalent of such loans amounts to TL88,154,222k as of 31 December 2025 (31 December 2025: TL101,532,803k). The Group has designated EUR-denominated borrowings with a TL equivalent of TL41,233,895k (31 December 2025: None) as hedging instruments in order to hedge the foreign exchange risk arising from the translation of its net investment in a foreign operation. As of 31 December 2025, the Group has a total of TL22,690,081 k (31 December 2025: TL19,446,852k) of finished goods to be used in vehicles for export. Cash Conversion Cycle (2) 1H'26 2025 Δ Inventory Days 29 28 1 day Receivable Days 36 38 -2 days Payable Days 48 49 -1 day Cash Conversion Cycle 17 17 0 day FX Position (3) (mn TL) 1H'26 2025 Δ Net FX Position (Balance Sheet) -95,782 -110,237 -13% Cash Flow Hedge 88,154 101,533 -13% Net Investment Hedge 41,234 0 Natural Hedge 22,690 19,447 17% Net FX Position (Incl. Hedge) 56,297 10,743 424% Profitability Ratios 1H'26 2025 ROE (1) 18.1% 21.7% ROIC 8.0% 10.4% - EBIT Margin 3.3% 4.2% - Capital Turnover 2.44 2.49 Financial Multiplier 2.40 2.41 - Financial Cost 1.16 1.13 - Financial Leverage 2.06 2.13 Tax Effect 0.94 0.86 (1) ROE Calculation: Return on Invested Capital (ROIC) x Financial Multiplier X Tax Effect ROIC: EBIT/Revenue (EBIT Margin) x Revenue/ Invested Capital (Capital Turnover) Financial Multiplier: PBT/EBIT (Financial Cost) X Invested Capital/Equity (Financial Leverage) Tax Effect: Net Income / PBT Trailing 12M figures are used for P&L figures (Revenue, EBIT, PBT & Net Income) The last 4 quarter average figures are used for invested capital & equity EBIT refers to gross profit – opEX (marketing, general administrative, and R&D expenses) (2) CCC Calculation: Inventory Days + Receivable Days - Payable Days Inventory Days: (Last 4 quarter average “Inventories”) / (Trailing COGS / 365) Receivable Days: (Last 4 quarter average “Trade Receivables”) / (Trailing Revenue / 365) Payable Days: (Last 4 quarter average “Trade Payables”) / (Trailing COGS / 365) 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance
Page 25
Public 25 2026 Guidance Ford Otosan provides guidance four times a year as part of its quarterly financial reporting. This is the third guidance update for 2026, issued alongside the 1H’26 results. Total Turkish Automotive Market volume guidance has been revised downward to reflect a lower-than-expected demand environment in the domestic market. In line with this outlook and our continued focus on profitable growth over market share, we have also lowered our domestic retail sales volume guidance and, consequently, our wholesale volume expectations. Following the downward revision of our revenue growth outlook to ‘Flat’ from “High Single Digit Growth” in the previous quarter. Macroeconomic pressures remained largely unchanged during the period, particularly due to the sustained divergence between EUR/TL movements and inflation (1H’26 YTD EUR/TL: +5% vs. CPI: +18%). Given the export- oriented nature of our business, we revise our revenue growth outlook from ‘Flat’ to ‘Mid-to- High Single-Digit Decline’. In addition, persistent cost inflation, competitive market dynamics in the domestic and truck business, and continued pressure from exchange rate movements relative to inflation have weighed on profitability. Accordingly, we have revised our Adjusted EBITDA margin guidance to “6%–7%”. (1) Ford Otosan reports company EBITDA as ‘Adjusted EBITDA’. Adjusted EBITDA = Gross Profit – Opex + depreciation & amortization + ’Other Income/Expense from Operating Activities’+ ’The embedded lease impact’ 1H’26 Evaluation Domestic Sales Performance Export Performance Financial Results & Guidance 2025 Actuals 2026 Previous Guidance 2026 Current Guidance (5 May 2026) (4 Aug 2026) Total Türkiye Automotive Market 1,408k 1,300k-1400k 1,200k-1300k Retail Domestic Volume 117k 90k-100k 75k-85k Export Volume 603k 580k-630k 580k-630k Türkiye 400k 390k-420k 390k-420k Romania 203k 190k-210k 190k-210k Wholesale Volume 725k 670k-730k 655k-715k Total Production Volume 700k 690k-740k 690k-740k Türkiye 452k 460k-490k 460k-490k Romania 248k 230k-250k 230k-250k Revenue Growth 7% Flat Mid-to-High Single-Digit Decline Adj. EBITDA (1) Margin 8.0% 7% - 8% 6% - 7% Capex (Fixed Assets) €410 mn €300-400 mn €300-400 mn General Investments €125 mn €80-100 mn €80-100 mn Product-Related Investment €285 mn €220-300 mn €220-300 mn
Page 26
Disclaimer 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 1H’26 financial results contain the Ford Otosan’s audited financial information prepared according to the Türkiye Accounting / Financial Reporting Standards by application of IAS 29 inflation accounting provisions, in accordance with CMB’s decision dated December 28, 2023. 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.
Page 27
Contact Us For more information, please visit our investor relations page Bahar Efeoğlu Ağar Head of Investor Relations bagar@ford.com.tr Duygu Yalınkılınç Başaran Investor Relations Senior Specialist dyalinki@ford.com.tr Hamza Sümer Investor Relations Senior Specialist hsumer1@ford.com.tr fordotosan.com.tr