Slides
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Galata Wind Enerji A.Ş. Investor Presentation Q3 / 2026 1. Q3 2026 Highlights 2. Energy Market in Türkiye 3. Operational Data 4. Financial Data 5. Appendices
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2 1. Q3 2026 Highlights Steady progress toward medium- and long-term goals Steady progress toward Healthy capacity factor and production in line with budget targets Steady progress toward The YEKDEM share of revenue averaged 45% over the past 12 months. The period of lowest prices in USD terms is now behind. The YEKDEM share of revenue MCP , which fell to as low as USD 13 during the year, increased as expected in Q3, averaging USD 58 for the quarter. The period of lowest prices in USD terms MCP , which fell to as low as USD 13 As expected, the second half of the year is shaping up to be a period of price recovery and continued production growth.
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2. Energy Market in Türkiye
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4 Türkiye Installed Capacity | Dec 2025/Sep 2026 Source: TEİAŞ Installed Capacity Report - Sep 2026 122,128 MW Total Installed Capacity (Dec 2025) Total Installed Capacity (Sep 2026) 127,239 MW +5,111 MW 23,603 24,487 +884 22,307 22,405 +98 INSTALLED CAPACITY BY ENERGY RESOURCES (MW) INSTALLED CAPACITY BY ENERGY UTILITIES (MW) 31 Dec 2025 30 Sep 2026 TOOR 3,278 3,278 0 BOT 16 16 0 UNLICENSED 22,989 25,826 +2,837 17% 12% 20% 22% 25% 3% 61%16% 3% 20% EÜAŞ 20,841 20,830 -11 PRODUCTION COMPANIES 75,004 77,288 +2,284HYDRO 32,294 32,302 +8 NATURAL GAS COAL GEO/BIO 4,100 4,218 +118 FUEL 260 151 -108 WIND 14,769 15,564 +795 SOLAR 24,795 28,111 +3,316
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210,482 197,141 -13,341 34,842 48,232 +13,390 25,258 28,238 +2,980 4,556 5,894 +1,338 126 31 -95 5 Türkiye Energy Generation | Sep 2025/Sep 2026 Source: TEİAŞ Installed Capacity Report - Sep 2026 275,265 GWh Total Energy Production (2025 9M) Total Energy Production (2026 9M) 279,536 GWh +4,271 GWh 88,640 77,493 -11,148 47,394 83,404 +36,009 60,692 33,870 -26,822 30,740 34,196 +3,456 30,987 34,040 +3,053 571 540 -31 16,240 15,994 -246 GENERATION BY ENERGY RESOURCES (GWH) 30 Sep 2025 30 Sep 2026 COAL HYDRO NATURAL GAS WIND SOLAR FUEL 28% 30% 11% 12% 5% 13% GENERATION BY ENERGY UTILITIES (GWH) EÜAŞ UNLICENSED TOOR BOT 70% 17% 11% 2% GEO/BIO PRODUCTION COMPANIES
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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 (9M) 277 2025 (9M) 262 2026 (9M) 274 4.6% 0.8%
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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 2,908 2,742 Electricity Prices (2024-2026) 7 Average Prices (TRY) Year PTF Annual (%) 2024 2,233 1.9 2025 2,607 16.7 Period PTF 9M (%) 2025 9M 2,532 16.3 2026 9M 1,966 -22.3 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 9M (%) 2025 9M 66 -2.6 2026 9M 43 -34.6 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 65 67 48 37 21 13 27 58 61 57 64 69 55 64 79 77 71 65 68 72 7071 69 59 65 60 56 74 72 66 66 66 70
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3. Operational Data
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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 effi cient operation (Unlicensed) Mersin WPP Among the best WPP in Türkiye in terms of effi ciency 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
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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 (Sep) 2026 (Sep) 212 181 255 647 689 191 247 251 6.4% 2025 (Sep) 2026 (Sep) 44 41 11 33 11 30 -8.4%
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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 verifi ed carbon credit inventory as of Q3 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 2025 (Sep) 2026 (Sep) 11 729 251 191 11 692 255 212 181 247 33 30 5.4%
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Ongoing Investments 354.2MW 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 Q1 2027 Q1 2027 2026 2027 - 2030 Prices MCP MCP Tender or PPA New $ FIT CUR 36% 34% - - 33 2010 2015 2020 2021 2022 2023 2024 2025 2027 2030-2035 135 207 269 269 290 297 354 550+ 1,000+ PP Installed Capacity Growth (MW) SPP with Storage 60 MW 12
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Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 30 September 2026. 4. Financial Data
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Financial Performance 14 REVENUE (million TRY) -29.3% -29.6% 2025 9M 2026 9M 2,895 2,038 2025 Q3 2026 Q3 1,229 869 CAPEX (million TRY) Purchase of PPE & Intangible Assets 49.9% -3.0% 2025 9M 2026 9M 1,674 1,624 2025 Q3 2026 Q3 473 709 EBITDA - EBITDA MARGIN (million TRY - %) -37.3% -41.7% 2025 9M 2026 9M 2,028 1,182 2025 Q3 2026 Q3 861 540 70.1% 70.1% 62.2%58.0% PROFIT BEFORE TAX (million TRY) -43.1% -45.3% 2025 9M 2026 9M 1,531 838 2025 Q3 2026 Q3 659 375 NET PROFIT (million TRY) -17.4% 129.6% 2025 9M 2026 9M 953 2,189 2025 Q3 2026 Q3 378 313 GROSS MARGIN (%) 2025 9M 2026 9M 48.3 37.0 2025 Q3 2026 Q3 45.2 51.2
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Balance Sheet & Leverage 15 0.61 0.09 * Liquid funds included in fi nancial investments have been included in the net fi nancial debt calculation. TOTAL ASSETS (million TRY) FREE CASH (million TRY) EQUITY (million TRY) NET FINANCIAL DEBT*/EQUITY * Liquid funds included in fi nancial investments have been included in the net fi nancial debt calculation. ** EBITDA has been calculated on an annualized basis. NET FINANCIAL DEBT*/EBITDA** -0.8% 2025 12M 25,284 2026 9M 25,085 2025 12M 2026 9M 9.8% 17,565 19,285 2025 9M 2026 9M2025 9M 2026 9M 1.52 0.12 2025 9M 91 2026 9M -1,275
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16 Balance Sheet & Leverage CASH AND CASH EQUIVALENTS BY CURRENCY (%) DEBT MATURITY PROFILE (%) 14% 26% 26% 28% 7% 14% 26% 26% 28% Q3 2026 TRY 3.0 billion 3 years 4 years 1-2 years Up to 1 year >5 years Average Maturity 2.5 years NET FX POSITION (million TRY) 2025 12M -2,550 2026 9M -2,645 54% 12% 34% TL EUR USD 54% 12% 34% Q3 2026 TRY 602.4 million GROSS DEBT BY CURRENCY (%) EUR USD 25% 75% 25% 75% Q3 2026 TRY 3.0 billion
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Balance Sheet - 31 Dec 2025/30 Sep 2026 Current Assets: Due to the impact of capital expenditures and loan principal and interest payments, current assets declined by 54% to TRY 1,264 million as of 30 September 2026. Non-Current Assets: Driven by the licensing rights acquired in Germany and Italy and capital expenditures, our intangible assets increased by TRY 536 million, property, plant and equipment increased by TRY 632 million, and total non-current assets increased by TRY 1,259 million. Liabilities: Total liabilities decreased by 25% due to principal repayments on short- and long-term bank loans, together with the impact of the announced change in the corporate tax rate for 2027 on deferred tax liabilities. Long Term Liabilities: Long-term liabilities include TRY 2 billion in deferred tax liabilities arising from temporary differences calculated under IAS 29. Due to the corporate tax rate change scheduled for 2027, our deferred tax liability decreased by TRY 1.4 billion. 17 Consolidated Financial Statement (m TRY) 31 Dec 2025 30 Sep 2026 Change compared to 31 Dec 2025 Total Assets 25,284 25,085 -1% Current Assets 2,722 1,264 -54% Cash and Cash Equivalents 2,289 602 -74% Non-current Assets 22,562 23,821 %6 Property, Plant & Equipment 14,281 14,913 4% Intangible Assets 7,580 8,116 7% Total Liabilities 7,719 5,800 -25% Current Liabilities 1,101 1,468 33% Non-Current Liabilities 6,618 4,333 -35% Bank Borrowings 3,950 2,997 -24% Equity 17,565 19,285 10% Net Debt 5,431 5,198 Net Financial Debt 1,661 2,394 Investment Amount (CapEx) -2,006 -1,624
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P&L Table - 30 Sep 2025/2026 Gross Profit: Consolidated revenues in the first nine months of 2026 stood at TRY 2,038 million, down 30% year-on-year, as a 22% drop in MCP and an indexing rate of 30% offset a 5% increase in production. Cost of sales decreased by 14% year-on-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 46% year-on-year to TRY 755 million. In a period where MCP-driven revenues remained limited, consolidated EBITDA dropped by 42% to TRY 1,182 million, primarily due to the impact of fixed expenses (2025: TRY 2,028 million). Finance Expenses: Finance expenses increased by TRY 69 million, primarily due to higher interest expenses resulting from an increase in total borrowings. Compared to the same period last year, interest expenses rose by TRY 109 million. Net Profit: Galata Wind’s pre-tax profit for the third quarter of 2026 amounted to TRY 838 million, compared to TRY 1,531 million in the same period of 2025. Following the corporate tax rate change expected to take effect in 2027, a deferred tax income of TRY 1,692 million 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 TRY 1.4 billion. As a result, Galata Wind’s net profit for the third quarter of 2026 amounted to TRY 2,189 million. * 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. 18 Consolidated Income Statement (m TRY) 2025 9M 2026 9M Yearly Change Revenue 2,895 2,038 -30% Gross Profit 1,398 755 -46% Operating Profit/Loss (-) -243 -236 -3% General Administrative Expenses (-) -200 -219 10% Marketing Expenses (-) -43 -17 -61% Other Operating Income/(Expense), net 511 524 2% Operating Profit Before Finance Expense 1,666 1,042 -37% EBITDA (*) 2,028 1,182 -42% Finance Income/(Expense), net -135 -205 51% Net Profit 953 2,189 130% Earning/(Loss) Per Share 1.77 4.05
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5. Appendices
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Revised 2026 Guidance 20 2025 Actual Previous 2026 Targets Revised 2026 Targets CAPEX TRY 1.6 billion TRY 6.1 billion TRY ~5 billion Annual Generation 880,937 MWh 950,000 - 1,000,000 MWh 900,000 - 950,000 MWh EBITDA Margin 68% ~60% ~60%
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Financial Data | Quarters before TAS 29 Infl ation Adjustments* 21 Income Statement (TRY) Q3-2025 Q2-2026 Q3-2026 Quarterly % Yearly % Revenue 920,712,162 363,933,932 852,363,231 134% -7% Gross Profit/(Loss) 659,576,083 144,666,257 557,126,652 285% -16% Operating Profit/(Loss) 716,259,009 274,371,992 623,866,078 127% -13% Profit / (Loss) Before Taxation from Continued Operations 568,597,711 70,447,472 413,785,169 487% -27% Profit/(Loss) for the Period 432,489,705 -125,511,102 387,082,043 a.d. -10% EBITDA (million TRY) 654 111 536 381% -18% Energy Generation (GWh) 288.1 188.2 274.4 46% -5% * This information does not include infl ation 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 fi nancial reporting solely to enable investors to update previously shared expectations and assumptions.
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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. 22