Slides
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1. Energy Market in Türkiye 2. Operational Data 3. Financial Data Galata Wind Enerji A.Ş. Investor Presentation Q4 / 2025
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SECTION 1 Energy Market in Türkiye
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3 Türkiye Installed Capacity | Dec 2024/2025 31 Dec 2024 31 Dec 2025 Kaynak: TEİAŞ Installed Capacity Report - December 2025 122,128MW Total Installed Capacity INSTALLED CAPACITY BY ENERGY RESOURCES (MW) HYDRO NATURAL GAS COAL WIND SOLAR GEO/BIO FUEL 32,203 32,294 +91 24,675 23,979 -696 21,879 21,932 +53 12,576 14,769 +2,193 4,171 4,100 -71 261 260 -1 19,618 24,795 +5,177 18% 12% 20% 20% 26% 3% INSTALLED CAPACITY BY ENERGY UTILITIES (MW) EÜAŞ TOOR BOT 72,006 75,004 +2,998 21,573 20,841 -732 18,442 22,989 +4.547 3,244 3,278 34 116 16 -100 61%17% 3% 19% UNLICENSED PRODUCTION COMPANIES
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4 Türkiye Energy Generation | Dec 2024/2025 GENERATION BY ENERGY RESOURCES (GWH) 362,992GWh Total Energy Production 31 Dec 2024 31 Dec 2025 Source: TEİAŞ Energy Generation Report - December 2025 COAL 122,749 121,911 -838 HYDRO 74,867 57,431 -17,436 NATURAL GAS 66,006 83,325 +17,319 WIND 36,191 39,438 +3,247 GEO/BIO 20,559 22,061 +1,502 SOLAR 27,806 38,069 +10,263 FUEL 728 757 +29 34% 16%22% 11% 6% 10% GENERATION BY ENERGY UTILITIES (GWH) PRODUCTION COMPANIES EÜAŞ UNLICENSED TOOR BOT 266,571 281,209 +14,638 54,774 44,819 -9,955 22,062 31,169 +9,106 5,267 5,669 +402 232 126 -106 78% 12% 8% 2%
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5 Türkiye Energy Market | Electricity Consumption Total Consumption (thousand GWh) Total consumption as of December 31, 2025 361,216 GWh As of end-Dec 2025, electricity consumption increased by 3.8% compared to the same period last year. 3.8% 2008 2009 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 198.1 194.1 210.4 230.3 242.4 246.4 257.2 265.7 279.3 296.7 304.2 303.3 306.1 332.9 331.1 347.9 330.3 2010 2024 (Dec) 2025 (Dec) 347.9 361.2
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Electricity Prices (2023-2025) 6 Average Prices (TRY) 2,191 2,233 2,607 2023 MCP 2024 MCP 2025 MCP USD/MWh Average Prices (USD) 97 68 66 2023 MCP 2024 MCP 2025 MCP TRY/MWh Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 3,431 1,943 2,509 2,478 2,184 1,958 2,190 2,803 2,126 1,771 1,907 1,624 1,977 2,251 2,007 2,250 2,067 2,075 1,764 2,047 2,095 4,500 2,589 2,574 2,396 2,336 2,463 2,446 2,453 2,327 2,202 2,965 2,939 2,729 2,740 2,784 2,973 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 250 200 150 100 50 0 183 65 64 69 55 64 79 149 112 92 97 69 75 84 74 81 72 7177 7165 68 72 7071 69 59 65 60 56 74 72 66 66 66 70
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SECTION 2 Operational Data
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Galata Wind Portfolio Mersin WPP Şah WPP Taşpınar WPP + Hybrid PV Çorum SPP Erzurum SPP TOTAL Installed Capacity 99.9 MW 105 MW 79 MW+36.2 MW 9.4 MW 24.7 MW 354.2 MW Number of Turbines 26 35 16 - - 77 Average Yearly Generation (MWh) 342,000 330,000 225,000 14,000 40,000 951,000 Feed-in-Tariff End Year 2020 2021 2030 2027 2028 Feed-in-Tariff Price MCP MCP First 5 years $94/ MWh - Following 5 years $73/MWh $133/MWh $133/MWh Local Content Price - - $21/MWh - - Çorum SPP Good location and effi cient operation (Unlicensed) Mersin WPP Among the best WPP in Türkiye in terms of effi ciency Erzurum SPP Best generation in its distribution zone (Unlicensed) Şah WPP (Balıkesir) Among the biggest WPPs in Türkiye Taşpınar WPP and Hybrid SPP (Bursa) Operational since March 2021 Hybrid Solar added Dec. 2023 8
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Key Operational Figures - WPP & SPP WPP Generation - GWh Capacity Usage Factor SPP SPP Generation - GWh 9 Türkiye Çorum SPP Erzurum SPP Çorum+Erzurum SPP 2021 30% 25% 20% 15% 10% 5% 2022 2023 2024 2025 Capacity Usage Factor WPP Türkiye Mersin WPP Şah WPP Taşpınar WPP Şah+Mersin+Taşpınar WPP 2021 50% 45% 40% 35% 30% 25% 20% 2022 2023 20252024 Total Generation (GWh) Mersin WPPŞah WPP Taşpınar WPP 2021 900 700 800 600 500 400 300 200 100 0 2022 2023 2024 2025 322 222 147 333 225183 317 192169 322 218218 690 741 678 2024 (Dec) 2025 (Dec) 322 218 218 758 827 758 827 123 281 311 311281 235 Total Generation (GWh) Erzurum SPPÇorum SPP 60 50 40 30 20 10 0 2021 2022 2023 2024 2025 54.1 14.0 40.0 13.5 40.6 12.9 39.1 13.8 14.0 37.4 38.0 51.9 51.1 54.052.0 2024 (Dec) 2025 (Dec) 52 54 14 14 38 40
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Operation | Generation 10 CO2 Carbon Emission Certificate Rights Sale Carbon credit sales were not made by the Company due to low prices in voluntary markets. Generation Growth (GWh) Çorum SPPErzurum SPPŞah WPP Taşpınar WPPMersin WPP 14 14 13 14 2 14 14 800 700 600 500 400 300 200 100 0 2010 62 2011 326 193 133 2012 386 277 109 2013 428 292 137 2014 384 273 112 2015 437 299 138 2016 463 326 137 2017 421 295 126 2018 514 317 183 2021 745 322 222 147 41 2019 556 327 187 29 2022 793 333 225 183 39 2023 730 317 37 192 169 2020 601 344 200 40 218 2024 810 322 218 38 2025 14 14 281 881 311 235 40 900
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Ongoing Investments 11 Şah WPP (Capacity expansion) Alapınar WPP (New License) Europe SPP PPs with Storage Project Size 1 Turbine (6.8 MW) 3 Turbines (15.8 MW) 2 Phases (200 MW + 100 MW) 4-year 410 MW (300 WPP + 110 SPP) COD Q4 2026 Q4 2026 2027 + 2028 2027 -2030 Construction Start 1H 2026 1H 2026 2026 2027 -2030 Prices MCP New $FIT or MCP Tender or PPA New $FIT CUR 36% - - - 354.2 MW 1,086.8MW576.8 MW Alapınar WPP (New License) 15.8 MW Şah WPP (Capacity expansion) 6.8 MW European SPP Investments 200 MW • Germany Agri PV 63 MW • Germany BESS 60 MW • Italy PV 9 MW Total Installed Capacity - Present 2027 2030 Çorum SPP 9.4 MW Erzurum SPP 24.7 MW Mersin WPP 99.9 MW Şah WPP 105 MW Taşpınar WPP + Hybrid SPP 115.2 MW European SPP Investments 100 MW WPP 300 MW SPP 110 MW PPs with Storage
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SECTION 3 Financial Data Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 31 December 2025.
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Financial Performance 13 TOTAL ASSETS (million TRY) EQUITY (million TRY) FREE CASH (million TRY) REVENUE (million TRY) EBITDA (million TRY) CapEx (million TRY) Purchase of PPE & Intangible Assets 3,095 2,940 2024 Dec 2025 Dec -5.0% 2,141 2,012 2024 Dec 2025 Dec -6.0% 2,624 1,614 2024 Dec 2025 Dec %-38.5 2,940 2,012 1,614 20,339 19,385 20,339 2024 Dec 2025 Dec 4.9% 14,129 13,687 14,129 2024 Dec 2025 Dec 3.2% -73 -73 2025 Dec 476 2024 Dec -115.4%
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Margins 14 * Liquid funds included in fi nancial investments have been included in the net fi nancial debt calculation. ROA (%) ROE (%) NET FINANCIAL DEBT*/EQUITY (%) GROSS MARGIN (%) EBITDA MARGIN (%) NET DEBT*/EBITDA (%) 45.80 52.50 45.80 2024 Dec 2025 Dec 68.43 69.19 68.43 2024 Dec 2025 Dec 0.66 0.54 0.66 2024 Dec 2025 Dec 0.08 0.09 4.16 5.63 4.16 2024 Dec 2025 Dec 5.98 7.98 5.98 2024 Dec 2025 Dec 0.09 2024 Dec 2025 Dec
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Balance Sheet 31 Dec 2025/2024 Consolidated Financial Statement (m TRY) 31 Dec 2025 31 Dec 2024 Change compared to 31 Dec 2024 Total Assets 20,338.62 19,384.52 5% Current Assets 2,189.93 2,117.10 3% Cash and Cash Equivalents 1,840.90 1,725.69 7% Non-current Assets 18,148.68 17,267.42 5% Property, Plant & Equipment 11,487.46 11,669.95 -2% Intangible Assets 6,097.48 5,025.35 21% Total Liabilities 6,209.41 5,697.56 9% Current Liabilities 885.61 1,056.21 -16% Non-Current Liabilities 5,323.81 4,641.35 15% Bank Borrowings 3,176.98 2,880.74 10% Equity 14,129.20 13,686.96 3% Net Debt 4,368.51 3,971.87 Net Financial Debt 1,336.08 1,155.05 Investment Amount (CapEx) -1,613.69 -2,624.23 Current Assets: As of December 31, 2025, current assets increased by 3% to TRY 2,190 million. The main reason for the increase is the Proparco loan used in December. Non-Current Assets: As a result of the license rights that we acquired in Germany and Italy, our intangible fi xed assets increased by TRY 1,072 million, and our total fi xed assets increased by TRY 881 million. Liabilities: Short- and long-term bank loans increased by 10% mainly due to Proparco loan used in December. Long Term Liabilities: Within long-term liabilities, there is a deferred tax liability of TRY 2.7 billion due to temporary differences calculated under IAS 29. 15
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P&L Table - 31 Dec 2025/2024 Consolidated Income Statement (m TRY) 31 Dec 2025 31 Dec 2024 Yearly Change Revenue 2,939.69 3,094.82 -5% Gross Profit 1,346.45 1,624.72 -17% Operating Profit/Loss (-) -298.60 -296.29 -1% General Administrative Expenses (-) -277.48 -275.92 -1% Marketing Expenses (-) -21.12 -20.36 -4% Other Operating Income/(Expense), net 491.00 145.05 239% Operating Profit Before Finance Expense 1,538.85 1,473.48 4% EBITDA (*) 2,011.60 2,141.15 -6% Finance Income/(Expense), net -178.41 101.22 -276% Net Profit 845.43 1,092.18 -23% Earning/(Loss) Per Share 1.566 2.023 * EBITDA = Calculated with the formula gross profi t-operating expense+depreciation and inter-segment eliminations are included. Depreciation of right-of-use assets included in the statement of fi nancial position within the scope of TFRS 16 is also included in depreciation. 16 Gross Profit: Galata Wind’s consolidated revenues decreased 5% compared to last year, reaching TRY 2,940 million in 2025. Despite a 17% increase in PTF and a 9% increase in production, our revenues decreased 5% compared to last year as a result of the indexation rate being 31%. The cost of sales increased by 8% in 2025 compared to 2024, reaching TRY 1,593 million. The most significant reason for the increase in the cost of sales was the realization of depreciation expenses of TRY 964 million (2024: TRY 813 million) as a result of the commissioning of Phase 1 and Phase 2 of our Taşpınar Hybrid Power Plant and the Mersin RES additional capacity project. With sales revenues decreased 5%, gross profit decreased by 17% compared to last year, amounting to TRY 1,346 million. Consolidated Earnings Before Interest, Depreciation, and Taxes (EBITDA) decreased by 6% to TRY 2,012 million 2024: TRY 2,141 million). Other Operating Income & Expenses: Due to the increase in our average deposits compared to last year, our interest and exchange rate difference income increased by 199% compared to last year. In addition, exchange rate gains were achieved due to funds provided from Türkiye for overseas acquisitions. Finance Expenses: The main reason for the decrease of TRY 279 million in our financing income is the increase in our interest and exchange rate difference expenses along with our increased loan amount. Compared to the same period last year, our interest expenses increased by TRY 27 million, while our exchange rate difference expenses increased by TRY 259 million. Net Profit: Galata Wind’s profit before tax for the 2025 amounted to TRY 1,360 million (September 2024: TRY 1,575 million). In 2025, the total tax expense and deferred tax expense was TRY 32 million higher than previous year, and net profit decreased by 23% to TRY 845 million.
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Financial Data | Quarters before TAS 29 Infl ation Adjustments 17 Income Statement Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Revenue 480,800,680 424,101,792 464,805,596 442,453,262 596,890,634 569,095,662 543,595,761 598,238,715 920,712,162 605,964,482 Cost of Sales (-) -120,057,639 -103,569,097 -97,925,046 -128,910,623 -150,347,064 -180,729,170 -136,695,741 -187,292,539 -261,136,079 -197,807,051 GROSS PROFIT 360,743,041 320,532,695 366,880,550 313,542,639 446,543,570 388,366,492 406,900,020 410,946,176 659,576,083 408,157,431 General Administrative Expenses (-) -11,828,230 -23,900,936 -30,288,011 -24,833,775 -42,965,354 -58,485,033 -40,741,811 -42,427,536 -47,790,053 -75,924,997 Marketing Expenses (-) -5,262,961 -9,580,421 -7,411,307 -8,115,318 -8,849,402 -22,928,219 -12,030,147 -13,532,044 -15,079,993 -27,763,222 Other Operating Income 88,886,130 55,416,309 20,211,393 24,762,911 32,688,146 50,409,683 141,309,037 111,253,935 128,312,711 118,014,834 Other Operating Expenses -3,966,021 4,626,092 -1,038,930 -8,590,513 -7,001,199 -11,972,167 -13,931,439 -1,364,655 -8,759,739 -40,199,241 OPERATING PROFIT / (LOSS) 428,571,959 347,093,739 348,353,695 296,765,944 420,415,761 345,390,756 481,505,660 464,875,876 716,259,009 382,284,805 Finance Expenses (-) -64,015,080 -70,027,790 -52,776,476 -23,006,849 -62,718,157 -32,826,596 -96,085,564 -70,398,274 -147,661,298 -131,612,838 PROFIT / (LOSS) BEFORE TAXATION FROM CONTINUED OPERATIONS 364,556,879 277,065,949 295,577,219 273,759,095 357,697,604 312,564,160 385,420,096 394,477,602 568,597,711 250,671,967 Tax Income / (Expense) for the Period -65,880,033 -29,433,011 -34,065,832 -42,871,671 -53,272,027 19,326,243 -48,222,986 -30,610,344 -109,888,469 -3,630,647 Deferred Tax Income / (Expense) 50,210,853 123,623,712 53,281,887 60,287,134 4,144,530 -14,085,008 -28,661,324 55,701,752 -26,219,537 -21,708,308 PROFIT / (LOSS) FOR THE PERIOD 348,887,699 371,256,650 314,793,274 291,174,558 308,570,107 317,805,395 308,535,786 419,569,010 432,489,705 225,333,012 EBITDA 360.48 308.16 346.63 312.76 419.56 333.30 387.48 401.20 654.43 367.10 Energy Generation - GWH 219.72 182.48 201.16 189.09 209.10 210.77 192.90 210.58 288.12 189.33
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Disclaimer All information contained in this presentation (“Presentation”), which consists of documents and appendices, is provided by Galata Wind Enerji A.Ş. It has been prepared by GWIND to present information, insights and statements about the company (GWIND). The accuracy, adequacy and completeness of the information in this Presentation is not warranted. GWIND assumes no liability for any consequences arising from the use or content of this Submission. This Presentation is subject to change without notice, does not contain any investment advice, or constitutes an offer or invitation to sell GWIND shares. This Presentation and/or all information contained in the Presentation may not be copied, disclosed or distributed to any person unless shared or sent by GWIND to the relevant party. All information in this Presentation is strictly confi dential, the forward-looking statement contained in the Presentation is mentioned only as of the date of the Presentation. This Presentation contains some forward-looking views and estimated fi gures. These refl ect the current views of the Company Management regarding the future situation and include certain assumptions. However, the realizations may differ depending on the developments and realizations in the variables and assumptions that make up the forwardlooking views and estimated fi gures. GWIND or any of its board members, directors or employees shall not be liable for any damages arising from the use of the content of this Submission. 18