GALATA WIND ENERJİ A.Ş.

Regulatory Filings • Mar 28, 2025

RATING ANNOUNCEMENT FORM

Rating Agency	: :JCR AVRASYA DERECELENDİRME A.Ş.
Rated Institution	: :Galata Wind Enerji A.Ş.
Address	: Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat: :: 2 34485 Sarıyer, İstanbul- Türkiye
Telephone and Fax No	: :0212 352 56 73 – 0212 352 56 75
Date	: :28/03/2025
Subject	: :Article 26 of the CMB Serial VIII, No. 51 Communiqué on Principles

To the CMB- Department of Accounting Standards Central Securities Depository of Turkey- Public Disclosure Platform

"Galata Wind Enerji A.Ş." has been evaluated by JCR Eurasia.

• Short-term net cash position as of FYE2024 supported by conformity to meet financing needs with international sources,
• Strong revenue and operating profitability, despite slight decrease in FY2024,
• Solid equity to total asset ratio, despite regular dividend payments pressuring equity growth,

• Positive cash flow metrics in FY2024,

• Harnessing wind and solar energy potential in an optimum location,

• Expected business volume growth thanks to new investments,
• Sectoral authority encouraging the use of renewable energy sources together with advantages of WPPs and SPPs, especially low carbon foot printing,
• Compliance with corporate governance principles thanks to having publicly traded shares,
• Well-known brand name with a proven track record in various countries and operational strength of Doğan Holding,
• Short FX position mainly stemming from long-term weighted project loans, despite mitigating with derivative instruments to a certain extent,
• Dependency of renewable energy sources on weather conditions,
• As actions for a global soft-landing gain prominence, decisions with the potential to adversely affect global trade are engendering considerable uncertainty

Essentially, the Long-Term National Issuer Credit Rating of "Galata Wind Enerji A.Ş." has been affirmed at 'AA (tr)' and rating notes are determined as follows considering the above issues.

Long-Term National Issuer Credit Rating	:	AA (tr) / (Stable Outlook)
Short-Term National Issuer Credit Rating		J1+ (tr) / (Stable Outlook)
Long-Term International Foreign Currency Issuer Credit Rating	:	BB (tr) / (Stable Outlook)
Long-Term International Local Currency Issuer Credit Rating	:	BB (tr) / (Stable Outlook)

NOTE: JCR Eurasia Rating ratings are objective and independent opinions as to the creditworthiness of a security and issuer and not to be considered a recommendation to buy, hold or sell any security or to issue a loan. Rating reports are valid for 1 year from the date of publication unless otherwise stated. The validity date of interim reviews cannot exceed the validity date of the original report.

Regards, JCR AVRASYA DERECELENDİRME A.Ş.

Zeki Metin ÇOKTAN Executive Vice President Prof. Dr. Feyzullah YETGİN General Manager

Copyright © 2007 by JCR Eurasia Rating Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, Istanbul- Türkiye Telephone: +90 212 352 56 73 Fax: +90 (212) 352 56 75 Reproduction is prohibited except by permission. All rights reserved. All of the information has been obtained from sources JCR ER believes are reliable and information/clarifications provided by the Company. However, JCR-ER does not guaranty the truth, accuracy, adequacy of this information. A JCR ER Rating is an objective and independent opinion as to the creditworthiness of a security and issuer, not a recommendation to buy, hold, sell any security and to issue a loan. This rating report has been composed within the frameworks of SPK (Capital Markets Board of Turkey) regulations and internationally accepted rating principles and guidelines but is not covered by the NRSRO regulations. http://www.jcrer.com.tr