Slides
Page 1
Galata Wind Enerji A.Ş. Investor Presentation Q2 / 2026 Dogan 1. Q2 2026 Highlights 2. Energy Market in Türkiye 3. Operational Data 4. Financial Data 5. Appendices GALATAWIND
Page 2
2 MCP hit its lowest level in May with an average of $13, and recovered in July to reach an average around $60. Signals of recovery are positive following a challenging quarter. The period of lowest prices in USD terms is now behind. 1. Q2 2026 Highlights The share of YEKDEM (Renewable Energy Support Mechanism) in revenues stood at 64% in the last quarter, compared to a 12-month average of 47%. EBITDA margin seasonally impacted by high fixed costs. Production volumes remaining within budget during a quarter that saw the lowest MCP levels of recent years Steady progress toward long-term targets
Page 3
2. Energy Market in Türkiye
Page 4
4 INSTALLED CAPACITY BY ENERGY RESOURCES (MW) INSTALLED CAPACITY BY ENERGY UTILITIES (MW) 31 Dec 2025 30 Jun 2026 Türkiye Installed Capacity | Dec 2025/Jun 2026 Source: TEİAŞ Installed Capacity Report - Jun 2026 126,055 MW Total Installed Capacity HYDRO NATURAL GAS COAL WIND SOLAR GEO/BIO FUEL 32,294 32,314 +20 23,603 24,778 +1,175 22,307 22,026 -281 14,769 15,311 +542 4,100 4,238 +138 260 235 -25 24,795 27,152 +2,357 PRODUCTION COMPANIES EÜAŞ UNLICENSED TOOR BOT 75,004 76,750 +1,746 20,841 20,830 -11 22,989 25,181 +2,192 3,278 3,278 0 16 16 0 17% 12% 20% 22% 26% 3% 61%17% 3% 20%
Page 5
5 Türkiye Energy Generation | Jun 2025/Jun 2026 GENERATION BY ENERGY RESOURCES ( GWh) 176,443 GWh Total Energy Production 30 Jun 2025 30 Jun 2026 COAL 55,076 44,925 -10,151 HYDRO 33,937 56,981 +23,044 NATURAL GAS 35,052 22,451 -12,601 WIND 18,790 21,457 +2,667 GEO/BIO 11,104 11,078 -26 SOLAR 18,196 19,186 +990 FUEL 376 365 -11 25% 32% 13% 12% 6% 11% GENERATION BY ENERGY UTILITIES ( GWh) EÜAŞ UNLICENSED TOOR BOT 133,634 127,057 +6,577 20,716 29,385 +8,669 14,990 16,279 +1,289 3,089 3,722 +633 103 0 -103 72%17% 9% 2% PRODUCTION COMPANIES Source: TEİAŞ Installed Capacity Report - Jun 2026
Page 6
Türkiye Energy Market | Electricity Consumption Total Consumption (thousand GWh) 6 361 2008 2013 2016 2019 2022 2025 198 210 246 279 303 331 2010 3.6% CAGR 2024 (6M) 175 2025 (6M) 165 2026 (6M) 172 4.1% 2.0%
Page 7
Electricity Prices (2024-2026) 7 Average Prices (TRY) Year PTF Annual (%) 2024 2,233 1.9 2025 2,607 16.7 Period PTF 6M (%) 2025 6M 2,359 18.0 2026 6M 1,558 -34.0 1,943 2,509 2,895 2,478 2,184 1,958 2,190 1,764 2,047 2,095 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 2,078 1,620 921 591 1,240 2,700 TRY/MWh Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3,000 2,500 2,000 1,500 1,000 500 0 3,500 2024 2025 2026 Average Prices (USD) Year MCP Annual (%) 2024 68 -29.6 2025 66 -2.8 Period MCP 6M (%) 2025 6M 63 -0.2 2026 6M 35 -44.1 65 67 48 37 21 13 27 58 64 69 55 64 79 77 71 65 68 72 7071 69 59 65 60 56 74 72 66 66 66 70 USD/MWh 90 80 70 60 50 40 0 100 30 20 10 2024 2025 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Page 8
3. Operational Data
Page 9
Galata Wind Portfolio Mersin WPP Şah WPP Taşpınar WPP + Hybrid SPP 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) 342,000 330,000 270,000 14,000 40,000 996,000 Feed-in-Tariff End Year 2020 2021 2030 2027 2028 Feed-in-Tariff Price - - 2020-2025 $94/ MWh 2026-2030 $73/ MWh $133/MWh $133/MWh Çorum SSP Good location and efficient operation (Unlicensed) Mersin WPP Among the best WPP in Türkiye in terms of efficiency Erzurum SSP Best generation in its distribution zone (Unlicensed) Şah WPP (Balıkesir) Among the biggest WPPs in Türkiye Taşpınar WPP & Hybrid SPP (Bursa) Operational since March 2021 Hybrid Solar added Dec. 2023 9
Page 10
Key Operational Figures - WPP & SPP 10 Capacity Usage Factor WPP Capacity Usage Factor SPP 2021 30% 25% 20% 15% 10% 5% 2022 2023 2024 2025 Türkiye Çorum SPP Erzurum SPP Çorum+Erzurum SPP Galata Wind SPP Generation - GWh 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 2021 50% 45% 40% 35% 30% 25% 20% 2022 2023 20252024 Türkiye Mersin RES Şah RES Taşpınar RES Şah+Mersin+Taşpınar RES Galata Wind WPP Generation - GWh 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 690 741 678 758 827 311281 235 2025 (Jun) 2026 (Jun) 119 113 145 377 431 125 151 154 14% 2025 (Jun) 2026 (Jun) 27 24 7 20 6 18 -11%
Page 11
Operation | Generation CO2 Sale of Carbon Emission Certificates No carbon credit sales were made as prices in the voluntary market remained low. Galata Wind holds 1.7 million tonnes of verified carbon credit inventory as of Q2 2026. 11 Generation Growth 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 6 2025 (Jun) 2026 (Jun) 455 154 125 7 403 145 119 113 151 20 18 13%
Page 12
Ongoing Investments 354.2 MW 1,000+ MW550+ MW Alapınar WPP (New License) 16 MW Şah WPP (Capacity expansion) 8 MW European SPP Investments 200 MW • Germany Agri PV 63 MW • Germany BESS 60 MW • Italy PV 10 MW Total Installed Capacity - Present 2027 2030-2035 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 50 MW PPs with Storage Şah WPP (Capacity expansion) Alapınar WPP (New License) Europe SPP PPs with Storage Project Size 1 Turbine (8 MW) 2 Turbines (16 MW) 2 Phases (200 MW + 100 MW) 4-year 410 MW (300 WPP + 110 SPP) COD Q2 2027 Q2 2027 2027 + 2028 2027 - 2030 Construction Start Q4 2026 Q4 2026 2026 2027 - 2030 Prices MCP MCP Tender or PPA New $ FIT CUR 36% 34% - - 33 2010 2015 2020 2021 2022 2023 2024 2025 2027 2030 135 207 269 269 290 297 354 578 1,000+ PP Installed Capacity Growth (MW) SPP with Storage 60 MW 12
Page 13
Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 30 June 2026. 4. Financial Data
Page 14
Financial Performance 14 REVENUE (million TRY) -54.0% -29.8% 2025 6M 2026 6M 1,578 1,107 2025 Q2 2026 Q2 799 367 CAPEX (million TRY) Purchase of PPE & Intangible Assets -7.2% -23.9% 2025 6M 2026 6M 1,138 866 2025 Q2 2026 Q2 390 362 EBITDA - EBITDA MARGIN (million TRY - %) -78.3% -45.0% 2025 6M 2026 6M 1,106 608 2025 Q2 2026 Q2 552 120 70.1% 69.1% 32.6%54.9% GROSS MARGIN (%) 2025 6M 2026 6M 46.2 30.9 PROFIT BEFORE TAX (million TRY) -77.5% -46.9% 2025 6M 2026 6M 826 438 2025 Q2 2026 Q2 385 86 NET PROFIT (million TRY) 348.2% 226.3% 2025 6M 2026 6M 545 1,778 2025 Q2 2026 Q2 357 1,602 2025 Q2 2026 Q2 -2.7 42.2
Page 15
Balance Sheet & Leverage 15 * Liquid funds included in financial investments have been included in the net financial debt calculation. TOTAL ASSETS (million TRY) -1.4% 2025 12M 23,951 2026 6M 23,622 FREE CASH (million TRY) EQUITY (million TRY) 8.0% 2025 12M 16,639 2026 6M 17,975 NET FINANCIAL DEBT*/EQUITY 2025 12M 0.09 2026 6M 0.11 * Liquid funds included in financial investments have been included in the net financial debt calculation. ** EBITDA has been calculated on an annualized basis. NET FINANCIAL DEBT*/EBITDA** 2025 6M 0.71 2026 6M 1.59 1,658.5% 2025 6M -41 2026 6M -721
Page 16
16 Balance Sheet & Leverage GROSS DEBT BY CURRENCY (%) 26% 74% EUR USD Q2 2026 TRY 3.1 billion CASH AND CASH EQUIVALENTS BY CURRENCY (%) 70% 27% 3% TRY EUR USD Q2 2026 TRY 1.1 billion DEBT MATURITY PROFILE (%) NET FX POSITION (million TRY) 2025 12M 2026 6M 13.7% -2,415 -2,747 18% 24% 24% 26% 8% 3 years 4 years 1-2 years Up to 1 year >5 years Q2 2026 TRY 3.1 billion Average Maturity 2.6 years
Page 17
Balance Sheet - 31 Dec 2025/30 Jun 2026 Current Assets: Due to the impact of capital expenditures and loan principal and interest payments, current assets declined by 36% to TRY 1,658 million as of 30 June 2026. Non-Current Assets: Driven by the licensing rights acquired in Germany and Italy, our intangible assets increased by TRY 442 million and total non- current assets increased by TRY 592 million. Liabilities: Total liabilities fell 23% due to H1 principal payments on short- and long-term bank debt, combined with the deferred tax liability impact of the corporate tax rate change announced for 2027. Long Term Liabilities: Long-term liabilities include TRY 1.8 billion in deferred tax liabilities arising from temporary differences under IAS 29. Due to the corporate tax rate revision set for 2027, our deferred tax liability was reduced by TRY 1.3 billion. 17 Consolidated Financial Statement (m TRY) 31 Dec 2025 30 Jun 2026 Change compared to 31 Dec 2025 Total Assets 23,951 23,622 -1% Current Assets 2,579 1,658 -36% Cash and Cash Equivalents 2,168 1,144 -47% Non-current Assets 21,372 21,964 3% Property, Plant & Equipment 13,528 13,605 1% Intangible Assets 7,180 7,622 6% Total Liabilities 7,312 5,648 -23% Current Liabilities 1,043 1,324 27% Non-Current Liabilities 6,269 4,324 -31% Bank Borrowings 3,741 3,084 -18% Equity 16,639 17,975 8% Net Debt 5,144 4,504 Net Financial Debt 1,573 1,941 Investment Amount (CapEx) -1,138 -866
Page 18
P&L Table - 30 Jun 2025/2026 Gross Profit: Consolidated revenues in the first half of 2026 stood at TL 1,107 million, down 30% year-on-year, as a 34% drop in MCP and an indexing rate of 32% offset a 13% increase in production. Cost of sales decreased by 10% compared to the first half of the previous year. Despite an increase in system transmission fees, depreciation expenses fell following the extension of turbine useful lives from 20 to 30 years. Driven by the 30% contraction in sales revenues, gross profit declined by 53% year-on-year to TL 343 million. In a period where MCP-driven revenues remained limited, consolidated EBITDA dropped by 45% to TL 608 million due to the impact of fixed expenses (2025: TL 1,106 million). Other Operating Income & Expenses: Interest and index-driven income rose 8% year-on-year due to higher average deposits, which offset the negative impact of lower index coefficients and interest rates. Finance Expenses: Finance expenses increased by TRY 27 million primarily due to higher interest charges following the growth in total credit amount. Compared to H1 last year, interest expenses were up by TRY 91 million. Net Profit: Galata Wind’s pre-tax profit for the first half of 2026 amounted to TL 438 million, compared to TL 826 million in the same period of 2025. Following the change in the corporate tax rate expected to take effect in 2027, a deferred tax income of TL 1.574 billion was recognized in the consolidated income statement. Together with the deferred tax effects arising from other temporary differences, this resulted in a net deferred tax income of TL 1.3 billion. As a result, Galata Wind’s net profit for the first half of 2026 amounted to TL 1.778 billion. * EBITDA = Calculated with the formula gross profit-operating expense+depreciation and inter-segment eliminations are included. Depreciation of right-of-use assets included in the statement of financial position within the scope of TFRS 16 is also included in depreciation. 18 Consolidated Income Statement (m TRY) 2025 6M 2026 6M Yearly Change Revenue 1,578 1,107 -30% Gross Profit 729 343 -53% Operating Profit/Loss (-) -151 -153 -3% General Administrative Expenses (-) -141 -142 -2% Marketing Expenses (-) -10 -11 -16% Other Operating Income/(Expense), net 331 358 8% Operating Profit Before Finance Expense 908 548 -40% EBITDA (*) 1,106 608 -45% Finance Income/(Expense), net -82 -110 -33% Net Profit 545 1,778 226% Earning/(Loss) Per Share 1.01 3.29
Page 19
5. Appendices
Page 20
Revised 2026 Guidance 20 2025 Actual Previous 2026 Targets Revised 2026 Targets CAPEX TRY 1.6 billion TRY 6.8 billion TRY 6.1 billion Annual Generation 880,937 MWh 950,000 - 1,000,000 MWh 950,000 - 1,000,000 MWh EBITDA Margin 68% 65-70% range ~60%
Page 21
Financial Data | Quarters before TAS 29 Inflation Adjustments* 21 Income Statement (TRY) Q2-2025 Q1-2026 Q2-2026 Quarterly % Annual % Revenue 598,238,715 671,986,017 363,933,932 -46% -39% Gross Profit/(Loss) 410,946,176 456,288,687 144,666,257 -68% -65% Operating Profit/(Loss) 464,875,876 521,553,935 274,371,992 -47% -41% Profit / (Loss) Before Taxation from Continued Operations 394,477,602 357,651,163 70,447,472 -80% -82% Profit/(Loss) for the Period 419,569,010 332,107,880 -125,511,102 -138% -130% EBITDA (million TRY) 401 437 111 -75% -72% Energy Generation (GWh) 210.6 266.5 188.2 -29% -11% * This information does not include inflation adjustment under the relevant regulations of the Capital Markets Board, has not been audited by an independent auditor, and is presented under the responsibility of our Board of Directors and executives responsible for financial reporting solely to enable investors to update previously shared expectations and assumptions.
Page 22
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 confidential, 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 figures. These reflect 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 figures. 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. 22